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Ministry of Justice of Ukraine

July 3, 2009

No. 596/16612

ORDER OF THE MINISTRY OF FINANCE OF UKRAINE

of June 10, 2009 No. 757

About approval of the Procedure for selection and functioning of primary dealers

(as amended on 31-08-2021)

According to the resolution of the Cabinet of Ministers of Ukraine of 14.04.2009 No. 363 "About implementation of institute of primary dealers in the market of government securities" PRIKAZYVAYU:

1. Approve the Procedure for selection and functioning of primary dealers which is applied.

2. This order becomes effective in ten days after its state registration.

3. To provide to department of public debt (Bashinsky O. M.) provision of this order in accordance with the established procedure on state registration in the Ministry of Justice of Ukraine.

4. To impose control over the implementation of this order on the deputy minister Kravts A. M.

 

First Deputy Minister I. Umansky

Approved by the Order of the Ministry of Finance of Ukraine of June 10, 2009, No. 757

Procedure for selection and functioning of primary dealers

I. General provisions

1. This Procedure establishes the procedure of selection of primary dealers and the principles of their functioning.

2. In this Procedure terms are used in such value:

selection of primary dealers - competition which is held by the Ministry of Finance according to this Procedure by results of which agreements on cooperation in the market of government securities are signed with winners of tender (further - the agreement);

assessment of activities of the primary dealer - implementation of the regular analysis of execution by the Ministry of Finance by the primary dealer of the undertaken agreement obligations;

the rating of the primary dealer - the place of the primary dealer in the list which is published on the official website of the Ministry of Finance by results of assessment of activities of primary dealers;

the status of the primary dealer - set of the rights and obligations which are acquired by the primary dealer who signed the contract with the Ministry of Finance by results of selection including the obligation to participate in placement of domestic government bonds (further - the OVDP) by submission of competitive and non-competitive requests for their acquisition, to provide to the Ministry of Finance on the eve of the auctions information concerning the planned purchasing amounts and rates on the OVDP, to provide purchase of the OVDP during their placement of at least 3% of total amount of their placement within each calendar year at the price of placement, accomplishment of functions of the market maker on the OVDP and maintenance of liquidity of the OVDP in the secondary market.

The term the market maker and other terms used in this Procedure are used in the values determined by the Law of Ukraine "About the capital markets and the organized goods markets" and other regulatory legal acts.

3. Cooperation with primary dealers, the organization of selection, assessment of primary dealers, telephone conferences, exchange of information and holding meetings with them for consultations by determination of needs for placements of the OVDP, their types, amounts of releases, circulation periods, schedules of placement, discussion of market situation of government securities and the prospects of its development performs division of the Ministry of Finance, responsible for the state debt policy.

4. Assessment of participants of selection of primary dealers and accomplishment of obligations by primary dealers is performed by the Commission on selection and assessment of functioning of primary dealers (further - the Commission). Commission session is competent if more than a half of its quantitative structure takes part in it.

II. Selection of primary dealers

1. The division of the Ministry of Finance, responsible for the state debt policy, declares selection of primary dealers by placement on the official website of the Ministry of Finance of information on its carrying out with indication of the list of the documents necessary for participation in selection, not later than five working days before its carrying out.

2. Selection is made in case of agreement cancelation with one or several primary dealers, in case of receipt of addresses from applicants for acquisition of the status of the primary dealer or at the initiative of the Ministry of Finance.

3. For participation in selection of primary dealers applicants who intend to sign the contract with the Ministry of Finance in the time established in the announcement before the announced date of its carrying out submit the application for participation in selection in the Ministry of Finance and provide:

copies of the license for implementation of professional activity in the stock market (security market) - activities for the securities trading (dealer and broker activities) and the license for implementation of professional activity in the stock market (security market) - depository activity of depository institution, certified of the procedure established by the legislation. Applicants who are not depository institutions shall provide the certificate of opening of the segregated account within accounts in securities of the depository institutions opened in system of depositary accounting of depositary of the National Bank of Ukraine;

information on the total amount of trade of the OVDP which shall constitute at least 1 billion hryvnias within the last year.

Amounts of acquisition of the OVDP in the amount of 1 billion hryvnias are estimated as 1 point provided that the total amount of trade of the OVDP constitutes at least 1 billion hryvnias.

4. Winners of selection determine participants who conform to the requirements determined by the resolution of the Cabinet of Ministers of Ukraine of April 14, 2009 No. 363 "About introduction of institute of primary dealers in the market of government securities" and provided complete document package according to this Procedure.

5. The result of selection is published on the official website of the Ministry of Finance.

6. By results of selection contracts are signed with winners, and the list of primary dealers in the market of government securities is published on the official website of the Ministry of Finance.

7. The primary dealer who lost the status of the primary dealer can participate in selection not earlier than in nine months after termination of the contract with it.

III. Conclusion of contracts with primary dealers

1. To all participants who acquired the right to sign agreements with the Ministry of Finance the notification with the draft of the relevant agreement goes to week time after carrying out selection.

2. The agreement after signing by the applicant returns to the Ministry of Finance for signing by person authorized on it.

3. Contracts are signed with primary dealers for unrestricted term.

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