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

of March 14, 2008 No. 241

About approval of the Regulations on procedure for appointment of the interim manager of stock exchange

According to part thirteen of Article 6 and Items 13, the 16th article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", the Law of Ukraine "About securities and the stock market" State commission on securities and the stock market RESHILA:

1. Approve Regulations on procedure for appointment of the interim manager of stock exchange which are applied.

2. To the chief of staff of State commission on securities and stock market Nazarenko Yu. M. provide:

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

the publication of this decision according to the legislation.

3. Control over the implementation of this decision to assign to the Chief of staff of State commission on securities and the stock market Nazarenko Yu. M.

Approved by the Decision of State commission on securities and the stock market of March 14, 2008 No. 241

Regulations on procedure for appointment of the interim manager of stock exchange

This Provision establishes procedure for appointment of the interim manager of stock exchange, the requirement to its appointment, the rights and obligations.

Action of this provision extends to stock exchanges in which activities violation of the law of Ukraine about securities is established.

1. General provisions

1. The state representative of stock exchange who is appointed by the National commission on securities and the stock market (further - the Commission) (further - the state representative) makes the decision on need of appointment of the interim manager of stock exchange and submits for consideration of the Commission the offer concerning the candidate for appointment of the interim manager of stock exchange.

In case of determination of the interim manager of stock exchange offers of exchange council are considered (in case of their revenues to decision date about appointment of the interim manager of stock exchange).

In case of violations by stock exchange of the legislation on securities the authorized person of the Commission which was performing check of stock exchange and found violation reports to the state representative on this stock exchange about the facts of such violation.

The state representative initiates, and the Commission makes the decision on appointment of the interim manager of stock exchange in case:

failures to carry out of the order of the authorized person of the Commission by stock exchange about elimination of violations of the law about securities or further violation of the legislation on securities;

died assistance to violation or rejection by the head of stock exchange case of violation by stock exchange of stock exchange rules or one of procedures for stock exchange rules concerning the organization and carrying out the exchange biddings; listing and delisting of securities;

the admission of members of stock exchange and other persons to the exchange biddings;

quotings of securities and promulgation of their stock exchange rate;

disclosures of information on activities of stock exchange and its promulgation;

resolution of disputes between the members of stock exchange and other persons having the right to take part in the exchange biddings according to the legislation;

control of observance by members of stock exchange and other persons who have the right to take part in the exchange biddings according to the legislation, stock exchange rules;

imposings of sanctions for abuse of regulations of stock exchange;

arrest or the introduction in legal force of conviction concerning the head of stock exchange.

2. The interim manager of stock exchange is appointed by the decision of the Commission for up to two months.

3. The stock exchange shall provide to the interim manager of stock exchange of working condition, necessary for accomplishment of functions of the head of stock exchange.

4. Within three days after appointment of the interim manager of the Commission stock exchange places information on the made decision in the official printing publication of the Commission.

2. Requirements to the interim manager of stock exchange and condition of its appointment

1. Can be the interim manager of stock exchange:

the physical person certified according to requirements of the Commission, which is performing professional activity according to the certificate issued by the Commission, at least three years, who is knowing Ukrainian, having the higher economic and/or legal education (not below the educational and qualification level of the specialist and/or the master).

2. Person who cannot be the interim manager of stock exchange:

is the owner of the securities which are in listing of stock exchange to which the interim manager is appointed;

has the outstanding or not removed in accordance with the established procedure criminal record;

works part-time at the member of stock exchange to which the interim manager is appointed.

3. The applicant for appointment shall provide in the Commission information relatively:

lack at it of the securities which are in listing of stock exchange to which the interim manager is appointed;

lack of the outstanding or not removed in accordance with the established procedure criminal record;

the relations for the last five years with any stock exchange as the connected person;

failures to carry out of any obligations in relation to stock exchange for the last five years.

Besides, the applicant for appointment of the interim manager of stock exchange provides the copy of the service record and information concerning all places of employment where he works part-time.

4. The interim manager of stock exchange has no right:

perform powers in case of availability or emergence of conflict of interest;

disclose insider information which became known to it in connection with implementation of the powers, except cases, stipulated by the legislation.

3. Rights and obligations of the interim manager of stock exchange

1. The interim manager of stock exchange in the work shall be guided by stock exchange rules, the legislation of Ukraine, including regulatory legal acts of the Commission.

2. The interim manager of stock exchange after the appointment shall carry out inventory count of all property and documentation of stock exchange, to provide their preserving during accomplishment of the obligations.

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