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It is registered

in the 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 of the Order of the Ministry of Finance of Ukraine of 31.01.2011 No. 47)

According to the resolution of the Cabinet of Ministers of Ukraine of 14.04.2009 N 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

1. General provisions

1. This Procedure establishes the procedure of selection of primary dealers and basis 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 of Ukraine (further - the Ministry of Finance) according to this Procedure by results of which contracts are signed with winners of tender;

assessment of activities of the primary dealer - implementation of the regular analysis of accomplishment 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 by 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 bank which signed the contract with the Ministry of Finance by results of selection.

3. The cooperation with primary dealers, the organization of selection, estimation of primary dealers, and also meetings with them are performed by Department of public debt of the Ministry of Finance.

4. The Department of public debt 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 10 working days before its carrying out.

5. The first selection of primary dealers is made not later than in two-month time from the effective date of this Procedure. If by results of the first selection of primary dealers less than six agreements are signed, selection of primary dealers is made monthly before determination of six primary dealers. After determination of six primary dealers to the conclusion of twelve agreements selection of primary dealers is made quarterly, and to the conclusion of sixteen agreements - times in half a year.

Selection can be also made according to the decision of the Minister of Finance without observance of requirements of paragraph one of this Item to the announcement of such selection at least a month before its carrying out.

6. Competition can be held in case of agreement cancelation with one or several primary dealers, but not later than in month after agreement cancelation.

7. The department of public debt at least once a month holds meetings with representatives of primary dealers for discussion of market situation and the prospects of its development.

2. Selection of primary dealers

1. For participation in selection banks which intend to sign contracts with the Ministry of Finance not later than 2 working days before date of its carrying out submit the application for participation in tender to the Ministry of Finance and provide:

the document confirming the paid authorized capital equivalent to at least 10 million euros;

the copy of the license for implementation of professional activity in the stock market - activities for the securities trading;

information on the total amount of trade in bonds of internal state loans (further - OVGS) which shall constitute at least 1 billion hryvnias.

2. Assessment of participants of selection is performed by the commission on selection and assessment of functioning of primary dealers. The result of assessment appears in the presence of representatives of participants in day of carrying out selection.

Amounts of acquisition of OVGS in the amount of 1 million hryvnias are estimated as 0, point under condition if the total amount of trade of OVGS constitutes at least 1 billion hryvnias

3. Winners of tender determine participants who meet the requirements of the resolution of the Cabinet of Ministers of Ukraine of April 14, 2009 N 363 "About implementation of institute of primary dealers in the market of government securities", filed documents according to this Procedure and got the bigger number of points.

4. By results of tender contracts are signed with winners, and the list of primary dealers in the market of government securities will be promulgated on the official website of the Ministry of Finance.

3. Conclusion of contracts with primary dealers

1. The message with the draft of the relevant agreement is sent to all banks which acquired the right to sign agreements with the Ministry of Finance to week time after carrying out tender.

2. The agreement after signing by bank is transferred to the Ministry of Finance for signing by person authorized on it.

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

4. For the first six primary dealers the commencement provision of this agreements regarding exclusive right of participation in placements of bonds after the conclusion by the Ministry of Finance of the contract with the sixth primary dealer is provided in agreements.

4. Schedule of carrying out placements of OVGS

1. The Ministry of Finance carries out placement of OVGS only according to the schedule of carrying out placements.

2. For scheduling primary dealers provide to the Ministry of Finance the offers concerning dates of placements of OVGS and amounts of their placement the next year on circulation periods.

3. Changes to the schedule can be made not more often than once a month by results of meeting with primary dealers.

4. The approved schedule or changes to it are posted on the official website of the Ministry of Finance.

5. Accomplishment of obligations by primary dealers

1. The commission on selection and assessment of functioning of primary dealers performs tracking of accomplishment by primary dealers of the undertaken obligations and estimation of their activities spends each six months.

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