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

of May 13, 2021 No. 276

About approval of Licensed conditions of implementation of professional activity in the organized goods markets - activities for the organization of trade in products at commodity exchanges

According to Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", to Items 4, the 8th Section VII of the Law of Ukraine "About commodity exchanges" the National commission on securities and the stock market RESHILA:

1. Approve Licensed conditions of implementation of professional activity in the organized goods markets - activities for the organization of trade in products at commodity exchanges (further - Licensed conditions) which are applied.

2. Determine that regulations of paragraphs two and the seventh Item 7 of Chapter 1, Chapters 4, of the paragraph of the fourth Item 3 of Chapter 6 of the Section II of Licensed conditions on availability at persons specified in them, certificates the right of implementation of the actions connected with direct implementation of professional activity in the organized goods markets - activities for the organization of trade in products at commodity exchanges, and requirements to availability of the minimum number of the certified specialists are applied since December 01, 2023.

Till December 1, 2023 the requirement about availability at them the higher education not below the sixth level according to the National frame of the qualification approved by the resolution of the Cabinet of Ministers of Ukraine of 23.11.2011 No. 1341 "About approval of the National frame of qualifications" and/or the second cycle of the higher education of the Frame of qualifications of the European space of the higher education is applied to persons specified in the paragraph the second and seventh Item 7 of Chapter 1, to Chapter 4, the paragraph the fourth Item 3 of Chapter 6 of the Section II of Licensed conditions.

3. Determine that the regulation of paragraph two of Item 8 of Chapter 1 of the Section II of Licensed conditions on availability at persons specified in this Item, the qualification certificate of the specialist in questions of financial accounting of professional participants of the capital markets and the organized goods markets is applied since December 01, 2023.

Till December 1, 2023 the requirement about availability at them the higher education not below the fifth level according to the National frame of the qualification approved by the resolution of the Cabinet of Ministers of Ukraine of 23.11.2011 No. 1341 "About approval of the National frame of qualifications" and/or the first cycle of the higher education of the Frame of qualifications of the European space of the higher education is applied to persons specified in the paragraph the second Item 8 of Chapter 1 of the Section II of Licensed conditions.

4. For the purpose of ensuring accomplishment of regulations of Item 5 of Chapter 1, of the paragraph of the tenth Item 2 of Chapter 7 of the Section II and the subitem 4 of Item 1 of the Section III of Licensed conditions concerning compliance to International accounting standards of the annual financial reporting, interim financial statements, the annual consolidated statements and intermediate consolidated financial statements, date of transition to International accounting standards of commodity exchange which till July 1, 2021 performs activities according to the Law of Ukraine "About commodity exchanges" and has intention to perform activities for the organization of trade in products at commodity exchanges according to the Law of Ukraine "About commodity exchanges", shall be no later than January 1, 2021.

5. For the purposes of Licensed conditions length of service of physical person on the leading positions / as specialist of the commodity exchange created according to the Law of Ukraine "About commodity exchanges" and the stock exchange created according to the Law of Ukraine "About securities and the stock market" is equated to length of service in the capital markets and the organized goods markets.

6. To department of methodology of regulation of professional participants of the security market () provide Kurochkin I.:

submission of this decision for implementation of examination on compliance of the Convention on human rights protection and fundamental freedoms in the Secretariat of the Representative for cases of the European Court of Human Rights of the Ministry of Justice of Ukraine;

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.

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

8. Control over the implementation of this decision to assign to the member of the National commission on securities and the stock market Ilyin A.

 

It is approved: Acting as Chairman of the Antimonopoly Committee of Ukraine

A. Muzychenko

Chairman of Public service of financial monitoring of Ukraine

I.Cherkassky

First Deputy Minister digital transformations of Ukraine

V. Vyskub

Approved by the Decision of the National commission on securities and the stock market of Ukraine of May 13, 2021 No. 276

Licensed conditions of implementation of professional activity in the organized goods markets - activities for the organization of trade in products at commodity exchanges

I. General provisions

1. These Licensed conditions establish the requirements obligatory for accomplishment in case of receipt of the license for implementation of professional activity in the organized goods markets - activities for the organization of trade in products at commodity exchanges (further - the license) and implementation of professional activity in the organized goods markets - activities for the organization of trade in products at commodity exchanges (further - activities for the organization of trade in products), the list of the documents submitted by the applicant for licensing and feature of combination of such activities with separate types of professional activity in the capital markets.

2. In these Licensed conditions terms are used in such values:

the multilateral trading floor (further - MTP) - multilateral system which is controlled by the operator of multilateral trading floor and in the procedure established by NKTsBFR and according to not discretionary rules determined by such operator MTP provides interaction of the third parties on purchase and sale of financial instruments (the conclusion of derivative contracts) what agreements (contracts) which are signed in the procedure established by the legislation are result of;

the separate division of the applicant/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 activities for the organization of trade in products and/or professional activity in the capital markets (in case of combination of activities for the organization of trade in products with separate types of professional activity in the capital markets), except specialized structural division;

the applicant - the legal entity created by the legislation of Ukraine which intends to perform activities for the organization of trade in products also submits to NKTsBFR the application and the relevant documents for receipt of the license;

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

the head of the applicant/licensee - person who performs function of sole executive body or the chairman of collegiate executive body of the legal entity;

the licensee - the legal entity created by the legislation of Ukraine which has the license obtained in the procedure established by the legislation;

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/licensee 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 legal entity of the applicant/licensee, and/or shares (shares) in the authorized capital of legal entities - direct owners of the applicant/licensee, 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/licensee;

the organized trading floor (further - OTP) - multilateral system which is not the controlled market or MTP of the operator of OTP provides interaction of the third parties on purchase and sale of financial instruments (the conclusion of derivative contracts) what the relevant agreements (contracts) are result of;

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 management of the current activities of the legal entity;

person performing managerial functions - physical person, which:

is part of the supervisory board of the legal entity or other body responsible for supervision implementation, or

is person who performs executive functions in such legal entity, or

is not part of the supervisory board of such legal entity or other body responsible for supervision implementation, and is not person who performs executive functions, but has continuous access to the insider information which directly or indirectly concerns the legal entity, and has powers to make the management decisions influencing further development and commercial perspectives of such legal entity;

persons who perform supervising functions - the chairman and members of the supervisory board (or other body responsible for implementation of supervision of the legal entity (exchange council / exchange committee)), 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;

officials of the professional participant of the capital markets and the organized goods markets - physical persons - the chairman and members of the supervisory board or other body responsible for supervision implementation, the chairman and members of collegiate executive body (person performing powers of sole executive body and its deputies), the corporate secretary, the chief accountant, the chairman and members of other bodies of the applicant/licensee, education and which competence are provided by its charter;

officials of internal control system - the division managers performing functions on risk managements, internal audit and komplayens and/or individuals who perform functions of the risk manager, komplayens-manager and internal auditor;

seed capital - the capital accumulated by the applicant who has intention to perform professional activity in the capital markets and/or the organized goods markets consisting of one or several elements determined by these Licensed conditions;

professional activity in the organized goods markets - activities of joint-stock companies, limited liability companies or additional liability company on provision of services on the organization of trade in products;

professional activity in the capital markets - activities of joint-stock companies, limited liability companies or additional liability company on provision of financial and other services in the capital markets during implementation of any of the following types of activity: activities for trade in financial instruments; activities for the organization of trade in financial instruments; clearing activities; depository activity; activities for asset management of institutional investors; activities for property management for financing of construction objects and/or implementation of real estate transactions; activities for administration of non-state pension funds;

professional participants of the organized goods markets - the legal entities performing activities for the organization of trade in products, namely commodity exchanges;

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

the room - the part of unobstructed capacity of the building limited to construction elements with possibility of entrance and exit which is used by the licensee (including its isolated and/or specialized structural divisions) when implementing activities for the organization of trade in products;

the public company is:

public joint stock company;

the foreign legal entity who is the issuer of the shares admitted to trading on at least one of the following controlled markets:

New York Stock Exchange (NYSE);

Hong Kong Exchanges and Clearing;

the controlled markets entering into Nasdaq, Inc.;

the controlled markets of the country entering the European Union;

London Stock Exchange (LSE);

Japan Exchange Group;

the certified specialist - physical person addressed to which the certificate of NKTsBFR on the right of making of actions which are directly connected with implementation of activities for the organization of trade in products, according to regulatory legal acts NKTsBFR which effective period did not expire is issued;

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

length of service on executive positions - length of service as the leading official and/or as deputy of the leading official and/or as the head and/or the deputy manager of structural division of the professional participant of the capital markets and the organized goods markets;

length of service in the capital markets and the organized goods markets is general length of service of physical person:

on the leading positions / as the specialist of commodity exchange performing activities for the organization of trade in products according to the Law of Ukraine "About commodity exchanges"

and/or on the leading positions / as specialist of other subject of the managing performing activities for the organization of trade in products on the authorized electronic platforms at the organized electronic biddings or with use of other special software according to the legislation of Ukraine,

and/or on the leading positions / as specialist in associations (associations) of commodity exchanges;

and/or on the leading positions / as specialist in associations (associations) of other subjects of managing performing activities for the organization of trade in products according to the legislation of Ukraine;

and/or on the leading positions / as specialist of other subjects of managing performing activities for the organization of trade in financial instruments according to the legislation of Ukraine;

and/or positions of public service in the state bodies regulating the corresponding goods market, including, the National commission performing state regulation in spheres of power and utilities and NKTsBFR to positions of the Chairman or member of these commissions;

The terms "goodwill", "essential participation", "controller", "control" are used in the values determined by the Law of Ukraine "About financial services and state regulation of the markets of financial services".

The term "structure of property of the legal entity" is used in the value determined by the Law of Ukraine "About banks and banking activity".

The terms "final beneficial owner" and "trust" are used in the values determined by the Law of Ukraine "About prevention and counteraction of legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction".

The term "force majeur circumstances" is used in the value determined by the Law of Ukraine "About Chambers of Commerce and Industry in Ukraine".

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info