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Ministry of Justice of Ukraine

February 1, 2022

No. 114/37450

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

of January 13, 2022 No. 5

About approval of the Regulations on implementation of clearing activities

(as amended on 03-02-2022)

According to Item 13 parts one of article 8 of the Law of Ukraine "About state regulation of the capital markets and the organized goods markets", the Law of Ukraine "About the capital markets and the organized goods markets" the National commission on securities and the stock market solved:

1. Approve Regulations on implementation of clearing activities which are applied.

2. To persons performing clearing activities to bring the internal documents into accord with requirements of this decision no later than six months from the date of entry into force of this decision.

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

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.

4. This decision becomes effective since March 1, 2022, but not earlier than day of its official publication, except paragraphs two - the fourth Item 16 of the Section V of this provision which become effective since January 1, 2024.

5. Control over the implementation of this decision to assign to the member of the National commission on securities and the stock market Baramiya I.

Commission chairman

R. Magomedov

Approved by the Decision of the National commission on securities and the stock market of Ukraine of January 13, 2022 No. 5

Regulations on implementation of clearing activities

I. General provisions

1. This Provision establishes procedure of clearing activities by persons performing clearing activities for determination of obligations and persons performing clearing activities of the central partner, including the requirement to clearing procedure.

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

guarantee fund - fund which is created of assets of the participants of clearing presented by them to person performing clearing activities for the purpose of decrease in risks which arise (can arise) in connection with default under derivative contracts, agreements of rather financial instruments, concerning currency values and/or to commodity transactions (further - contracts/transaction/transaction), clearing of the rights and obligations on which performs person performing clearing activities;

warranty providing - margin and fees in the guarantee funds consisting of means, securities, other financial instruments, products and other assets, tools (including letters of credit) and the means of ensuring of obligation fulfillment (including, bank guarantees) provided to person performing clearing activities for ensuring accomplishment of obligations on contracts/transactions/transactions, clearing of the rights and obligations according to which performs person performing clearing activities;

default - non-execution by the participant of clearing of obligations concerning payment (transfer/transfer), delivery, deposition, reservation (blocking) and/or making of other actions concerning money, other assets and tools in accordance with the terms, determined by the contract between the participant of clearing and person performing clearing activities and internal documents of person performing clearing activities;

obligations of the client of the participant of clearing - the obligation on the contracts / transactions/transactions concluded for the benefit of the client of the participant of clearing;

individual accounting is accounting in case of which the rights and obligations of each client of the participant of clearing, information on means, securities, other financial instruments, products and other assets, зачисленных/зарезервированных/заблокированных/предоставленных for implementation of calculations, ensuring calculations and / or delivery or the organization of carrying out calculations and/or deliveries on the contracts/conclusions/transactions concluded for the benefit of the corresponding client are considered separately from the rights and obligations, information on means, securities, other financial instruments, products and other assets of such participant of clearing and other clients;

the client of the participant of clearing - person having direct contractual relations with the participant of clearing based on which the participant of clearing for the benefit of this person makes contracts/right/transaction by the rights and obligations of the participant of clearing, arising from such contracts / transactions / transactions can be performed clearing by person performing clearing activities;

the clearing account of the participant of clearing - the account which opens to the participant of clearing in system of clearing accounting by person performing clearing activities according to its internal documents for accounting by this person of the rights and obligations of the participant of clearing on contracts/transactions/transactions and also information on availability and cash flow, securities, other financial instruments, products and other assets, зачисленных/зарезервированных/заблокированных/предоставленных for implementation of calculations, ensuring calculations and/or delivery or the organization of carrying out calculations and/or delivery according to contracts/agreements/transactions of the participant of clearing;

the clearing account of the participant of clearing - the account which opens to the participant of clearing in system of clearing accounting by person performing clearing activities according to its internal documents for accounting by this person of the rights and obligations of the participant of clearing on contracts/transactions/transactions and also information on availability and cash flow, securities, other financial instruments, products and other assets, зачисленных/зарезервированных/заблокированных/предоставленных for implementation of calculations, ensuring calculations and/or delivery or the organization of carrying out calculations and/or delivery according to contracts/agreements/transactions of the participant of clearing;

clearing services are the services provided by person performing clearing activities during implementation of clearing activities, including implementation of clearing, opening and maintaining clearing accounts of participants of clearing, clients of participants of clearing (further - clearing accounts), implementation of calculations in system of clearing accounting and/or the organization of carrying out calculations and/or deliveries, and also provisions of information and implementation of actions for risk management (including settlements of default);

collective accounting is accounting of the rights and obligations on the contracts/agreements/transactions concluded for the benefit of clients of the participant of clearing, and also information on means, securities, other financial instruments, products and other assets, зачисленных/зарезервированных/заблокированных/предоставленных for implementation of calculations, ensuring calculations and/or delivery or the organization of carrying out calculations and/or delivery under such contracts / agreements / transactions which is performed on one clearing account of clients without identification and group of obligations, the rights, information on means, securities, other financial instruments, products and other assets, which зачислены/зарезервированы/заблокированы/предоставлены for implementation of calculations, ensuring calculations and/or delivery or the organization of carrying out calculations and/or delivery on contracts/agreements/transactions by certain clients;

critical functions, systems and processes - functions, the systems and processes necessary for possibility of person performing clearing activities:

manage all risks characteristic of activities of person performing clearing activities (including to reveal such risks, to prevent and minimize their influence);

provide functioning of internal system of clearing accounting and manage hardware and software systems which ensure its normal functioning and protection;

provide continuous provision of services;

margin - the type of warranty providing consisting of highly liquid assets, зачисленных/резервированных/заблокированных/предоставленных to person performing clearing activities for ensuring accomplishment of the obligations considered on clearing accounts of participants of clearing and clients of participants of clearing (further - registered persons);

the rights and obligations of the client of the participant of clearing - the right and the obligation on the contracts/transactions/transactions made for the benefit of the client of the participant of clearing;

handling capacity is the number of contracts/transactions/transactions which person performing clearing activities is capable to process for unit of time, considering its organizational structure, the available specialists, the equipment, software and hardware complex, other systems and means providing provision of services by person performing clearing activities;

the manager of the clearing account - the physical person authorized by the participant of clearing or person having intention to become the participant of clearing, the having right to sign orders on the clearing account and transactions on such clearing account;

tendency to risk (risk appetite) - risk level which person performing clearing activities agrees to accept for the purpose of achievement of the strategic objectives before taking measures to reduction of risk;

the participant of clearing - the participant to the capital markets or the bidder who concluded with person performing clearing activities, the agreement on clearing servicing for implementation of clearing of the rights and obligations on the contracts/transactions/transactions made to own advantage the participant of clearing and/or for the benefit of his clients;

participants of the organized goods markets are professional participants of the organized goods market and bidders.

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