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

of October 7, 2003 No. 414

About approval of the Regulations on procedure for bond issue of internal local loans

According to article 7 of the Law of Ukraine "About state regulation of the security market in Ukraine" for the purpose of strengthening of control of bond issue of internal local loans in Ukraine State commission on securities and the stock market RESHILA:

1. Approve Regulations on procedure for bond issue of internal local loans.

2. Abolish the decision of the Commission of 13.10.97 No. 48, which approves Regulations on procedure for bond issue of local loans.

3. Provide to the executive secretary Kaskevich M. G.:

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

publication of this decision according to the current legislation.

4. The decision becomes effective according to the current legislation.

5. Control over the implementation of this decision to assign to the Executive secretary of Kaskevich M. G.

Approved by the Decision of State commission on securities and the stock market of Ukraine of October 7, 2003 No. 414

Regulations on procedure for bond issue of internal local loans

This Provision establishes procedure of issue, the circulation of bonds of internal local loans (further - bonds), registration in the National commission on securities and the stock market (further - registering body) bond issue, the report on results of placement of bonds and cancellation of registration of bond issue.

I. Determination of terms

The main terms and concepts which are used in this Provision:

terms: "underwriting", "the basic prospectus of the issue", "open (public) securities placement", "interest bearing bonds", "issue of securities", "discount bonds", "the closed (private) securities placement", "issue", "international security identification number", "security circulation", "the bond of the local loan", "the first owner", "the prospectus of the issue of securities", "securities placement" are used in this Provision according to determinations of the Law of Ukraine "About securities and the stock market";

the terms "essential conditions of borrowing", "restructuring of debt obligations on borrowing", "local debt" are used according to the borrowing Procedure in local budgets approved by the resolution the Cabinet of Ministers of Ukraine of 24.02.2003 No. 207 (with changes);

bond buyback - acquisition by the issuer at owners of the bonds of this issuer paid by them which is performed after the end of placement of bonds;

the bondholder - physical person or legal entity to which the bond belongs on the property right;

default - inability of bond issuing institution to pay to bondholders in time, the established by placement conditions, interest income on bonds and/or to extinguish part or all-in nominal value of the bond;

early repayment of bonds - payment of nominal value of the bond before repayment periods of the bonds provided by conditions of placement of bonds;

bond issuing institution (further - the issuer) - the Verkhovna Rada of the Autonomous Republic of Crimea or city council (further - Council) which on its own behalf places bonds and undertakes the obligations following from conditions of placement of these bonds to bondholders;

bond redemption - payment of nominal value of the bond in the terms provided by conditions of placement of bonds;

bond issue registration - assignment of bond issue of registration number according to the procedure, determined by registering body;

bond series - set of bonds of one issuer within one bond issue having one registration number, identical conditions and terms of placement, the address, payment of the income and repayment and granting to their owners the identical rights;

placement conditions - placement method (open (public) or closed (private);

placement terms, price (procedure for determination of the price);

procedure and closing dates of civil contracts with the first owners, procedure, terms and payment method of bonds first owners;

the income size on the bond;

procedure, terms and payment method of the income on bonds and bond redemptions;

possibility of the redemption;

early repayment of bonds and so forth.

II. General provisions

1. The issuer has the right to placement of bonds after registration of bond issue in registering body on condition of receipt of the conclusion of the Ministry of Finance of Ukraine about draft decision compliance about borrowing implementation to the requirements established by the budget legislation.

2. The decision on implementation of borrowing in the form of placement (release) of bonds is made by Council according to the legislation.

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