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Ministry of Justice of Ukraine

April 6, 2021

No. 456/36078

DECISION OF THE NATIONAL COMMISSION ON SECURITIES AND STOCK MARKET OF UKRAINE

of February 2, 2021 No. 60

About approval of the Procedure for issue, suspension of action and cancellation of the license for implementation of separate types of professional activity in the security market and activities in system of accumulative provision of pensions

According to Articles 3, 4, to Item 11 parts two of Article 7, to Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", to Articles 16, 27, 27-1 Law of Ukraine "About securities and the stock market" and to Item 14 of the Section II "Final provisions" of the Law of Ukraine "About modification of some legal acts of Ukraine concerning enhancement of functions on state regulation of the markets of financial services" of September 12, 2019 No. 79-IX the National commission on securities and the stock market RESHILA:

1. Approve the Procedure for issue, suspension of action and cancellation of the license for implementation of separate types of professional activity in the security market and activities in system of accumulative provision of pensions which is applied.

2. To department of methodology of regulation of professional participants of the security market (Kurochkina I. Yu.) provide:

submission of this decision on state registration in the Ministry of Justice of Ukraine;

promulgation of this decision on the official website of the National commission on securities and the stock market.

3. This decision becomes effective from the date of its official publication.

4. Control over the implementation of this decision to assign to the member of the National commission on securities and the stock market Panchenko A. S.

Commission chairman

T. Hromayev

 

It is approved:

Acting as Chairman of the National Bank of Ukraine

 

Yu.Gelety

First Deputy Minister of digital transformation of Ukraine

A. Vyskub

Approved by the Decision of the National commission on securities and the stock market of February 2, 2021, No. 60

Procedure for issue, suspension of action and cancellation of the license for implementation of separate types of professional activity in the security market and activities in system of accumulative provision of pensions

I. General provisions

1. This Procedure establishes the procedure of licensing for implementation of separate types of professional activity in the security market and activities in system of accumulative provision of pensions (further - the license), namely on implementation of professional activity in the stock market - activities for administration of NPF and professional activity in the stock market - activities for property management for financing of construction objects and/or implementation of real estate transactions, the list of the documents enclosed to the application for licensing, the bases for refusal in its issue, the procedure and the bases of suspension of action and cancellation of the license.

2. In this Procedure terms are used in such values:

the administrator of non-state pension fund (further - the administrator) - the legal entity who obtained the license for implementation of professional activity in the stock market - activities for administration of non-state pension funds (further - NPF) on the terms of the Law of Ukraine "About non-state pension provision";

cancellation of the license - deprivation of the licensee by the National commission on securities and the stock market of the right to implementation of separate type of professional activity in the stock market;

the separate division of the licensee - branch, other division of the legal entity which is located out of its location and performs everything or part of its functions on implementation of professional activity in the stock market;

licensing - provision to person of the right to implementation of separate type of professional activity in the stock market, by acceptance of NKTsBFR of the decision on licensing and introduction of the corresponding record (except case of decision making of NKTsBFR about licensing of the National Bank of Ukraine) in the register of professional participants of the security market (stock market);

gross violation of requirements of the legislation - making by the licensee of violation of requirements of the legislation which led to violation of the rights of investors, including founders of property management, or members of NPF during implementation by the licensee of professional activity in the stock market and entailed significant damage to investors or members of NPF, proved by the relevant decision of court;

group of companies in relation to certain legal entity (group of companies) - the group of companies which part is certain legal entity, the mother company or its subsidiary companies consisting of mother company, its subsidiary companies, other legal entities, in which have participation;

the applicant - the legal entity, including the licensee who submits the application and the relevant documents for receipt of the license, or cancellation of the corresponding license;

the applicant who for the first time obtains the license - the legal entity who for date of submission of documents for receipt of the license according to this Procedure has no current license;

suspension of action of the license - suspension for a period of up to one year of action of the license in case of violation by the licensee of the legislation in the security market, in system of accumulative provision of pensions;

the leading officials are persons performing the executive functions and faces performing supervising functions;

the licensee - the legal entity having the license(s) received in the procedure established by the legislation;

the register of professional participants of the security market (stock market) (further - the register of professional participants of the stock market) - the list which structure includes licensees and Central Securities Depository which is created and conducted NKTsBFR as the automated system of collection, accumulating, protection and accounting of information about these subjects according to the procedure, established by the legislation on this matter;

the location of the legal entity - the address of the legal entity specified in the Unified State Register of Legal Entities, physical persons entrepreneurs and public forming;

the mediated essential participation - ownership of the applicant which comes if person or group of persons directly or indirectly owns share (shares) in the authorized capital of the legal entity - the owner of essential participation in structure of property of the applicant, and/or shares (shares) in the authorized capital of legal entities - direct owners in structure of the applicant, in such size which provides opportunity to control through this person (these persons) of 10 and more percent of the authorized capital of the applicant;

person who performs executive functions - the chairman and members of collegiate executive body, person performing powers of sole executive body or other physical person responsible for the management of the current activities of the legal entity and accountable on this matter to persons who perform supervising functions, including regarding accomplishment by the legal entity and his specialists of internal documents (rules, provisions, regulations, etc.) concerning implementation of certain type of professional activity in the stock market;

persons who perform supervising functions - the chairman and members of the supervisory board, other persons who have powers on determination of strategy, the purposes and general activity of the legal entity watch process of acceptance of management decisions and control this process;

further violation of requirements of the legislation - making by the licensee repeatedly within two years of violation of requirements of the legislation after application of sanctions for similar violation.

Violation is not considered repeated if the previous case in the relation of the licensee was is closed, the resolution on imposing of the sanction for offense in the stock market, in system of accumulative provision of pensions was cancelled at the initiative of NKTsBFR and also if the sanction was cancelled judicially or violation is made by the licensee during the period before application of the sanction;

violation of requirements of the legislation - violation by the licensee of requirements of the legislation in the security market, in system of accumulative provision of pensions in system of financial and credit mechanisms and property management in case of construction of housing and real estate transactions, in particular, regulatory legal acts NKTsBFR concerning regulation of professional activity in the stock market, including Licensed conditions of implementation of professional activity in the stock market (further - Licensed conditions);

the direct owner of the applicant - person who is the owner of shares/share in the authorized capital of the applicant;

the specialized structural division - department, management, department, the sector which is integral part of internal organizational structure of the licensee which is bank or its separate division and has other location, than the licensee or its separate division;

length of service in the stock market - general length of service of physical person:

as specialist in the professional participant of the stock market in any kind of professional activity;

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