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

of May 26, 2006 No. 341

About approval of Licensed conditions of implementation of professional activity in the stock market of activities for asset management of institution investors (activities for asset management)

According to Articles 16, of 18, 26 Laws of Ukraine "About securities and the stock market", Articles 3, of 4, of 7, 8 Laws of Ukraine "About state regulation of the security market in Ukraine", the Law of Ukraine of 06.09.2005 of N2800-IV "About Introduction of Amendments to Some Laws of Ukraine concerning Licensing of Professional Activity in the Security Market" State commission on securities and the stock market SOLVED:

1. Approve Licensed conditions of implementation of professional activity in the stock market - activities for asset management of institution investors (activities for asset management).

2. Legal entities who obtained the license for implementation of professional activity in the security market - activities for asset management to the introduction in operation of the Law of Ukraine "About securities and the stock market" shall bring the activities into accord to requirements of this Law and these Licensed conditions within three years from the date of the introduction them in action.

3. Legal entities who obtained the license for implementation of professional activity in the security market - activities for asset management to the introduction in action of this decision, shall bring the activities into accord to Item 14 of Chapter 3 of the Section II of these Licensed conditions within year from the date of the introduction them in action.

4. To provide to the chief of staff of State commission on securities and the stock market M. Nepran:

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

publication of this decision according to the legislation.

5. This decision becomes effective according to the legislation.

6. Control over the implementation of this decision to assign to the member of State commission on securities and the stock market C. Unsociable person and Chief of staff of State commission on securities and stock market M. Nepran.

Approved by the Decision of State commission on securities and the stock market of Ukraine of May 26, 2006 No. 341

Licensed conditions of implementation of professional activity in the stock market - activities for asset management of institution investors (activities for asset management)

These Licensed conditions 8 Laws of Ukraine "About state regulation of the security market in Ukraine", Articles 16, of 18, 26 Laws of Ukraine "About securities and the stock market", the Law of Ukraine "About economic societies", article 32 of the Law of Ukraine "About institutes of joint investment (share and corporate investment funds)", article 39 of the Law of Ukraine "About non-state pension provision", article 85 of the Law of Ukraine "About obligatory national pension insurance", Articles 8, of 9, of 21 Law of Ukraine "About financial services and state regulation of the markets of financial services", the Laws of Ukraine "About prevention and counteraction of legalization (washing) of income gained in the criminal way" are drafted according to Civil and Economic codes of Ukraine, Articles 3, of 4, of 7, "About state registration of legal entities and physical persons entrepreneurs" taking into account requirements of articles 13 and 19 of the Law of Ukraine "About licensing of certain types of economic activity", and other regulatory legal acts which regulate implementation of activities for asset management of institution investors necessary for implementation of the specified type of professional activity in the stock market determine qualification, organizational, production and other special requirements.

Section I. General provisions

1. These Licensed conditions establish procedure for issue and cancellation of the license for implementation of professional activity in the stock market - activities for asset management of institution investors (activities for asset management) and the list of documents which are enclosed to the application for licensing, conditions of receipt of the license and implementation of the specified type of professional activity.

2. In these Licensed conditions the following terms are used in such value:

the applicant - the legal entity who files documents for obtaining or cancellation of the license (the copy of the license), renewal of the license or receipt of the duplicate of the license;

the certified specialist - the worker of the legal entity performing activities for asset management of institution investors who received the certificate on asset management according to the procedure, established by State commission on securities and the stock market;

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

in the professional participant on any kind of professional activity in the stock market;

as official in self-regulatory organization in the stock market which acquired the corresponding status in the procedure established by the legislation;

as government employee in State commission on securities and the stock market and/or the National commission on securities and the stock market;

the official of self-regulatory organization on share rynkerukovoditel and deputy managers of executive body of self-regulatory organization, and also heads of structural divisions, including the head of legal service;

the licensee - the legal entity (the company on asset management, bank, which made the decision concerning asset management of the corporate non-state pension fund created by it, the professional administrator, which made the decision concerning asset management of non-state pension funds, which it provides service in administration) who obtained the license for implementation of professional activity on share rynkedeyatelnost on asset management of institution investors (activities for asset management);

licensing - issue, renewal and cancellation of licenses, issue of duplicates of licenses, conducting licensed cases and licensed registers, control of observance by licensees of licensed conditions, issue of orders about elimination of violations of the law in the field of licensing;

the license - the document of the established sample which certifies the right of the licensee to perform activities for asset management of institution investors (activities for asset management) during certain term on condition of accomplishment of these Licensed conditions;

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 when implementing professional activity in the stock market;

other terms are used in these Licensed conditions according to the Laws of Ukraine "About state regulation of the security market in Ukraine", "About securities and the stock market", "About institutes of joint investment (share and corporate investment funds)", "About non-state pension provision".

3. Licensing of activities for asset management of institution investors (activities for asset management) is performed by the National commission on securities and the stock market.

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