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

of November 6, 2012 No. 1583

About approval of the Procedure for provision of coordination on creation by the professional participant of the stock market of separate division outside Ukraine

According to the paragraph the second Articles 3, Articles 4, 7 and Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", Articles 16, 17, 19 - 27 Laws of Ukraine "About securities and the stock market", the Laws of Ukraine "About banks and banking activity", "About state registration of legal entities and physical persons - entrepreneurs", "About prevention and counteraction of legalization (washing) of income gained in the criminal way or to terrorism financing" the National commission on securities and the stock market RESHILA:

1. Approve the Procedure for provision of coordination on creation by the professional participant of the stock market of separate division outside Ukraine which is applied.

2. To provide to department of regulation of depository and settlement and clearing activity (I. Kurochkin) provision of this decision on state registration in the Ministry of Justice of Ukraine.

3. To management of information technologies, external and internal communications (A. Zaik) to provide publication of this decision according to the legislation.

4. This decision becomes effective from the date of its official publication.

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

Approved by the Decision of the National commission on securities and the stock market of Ukraine of November 6, 2012, No. 1583

Procedure for provision of coordination on creation by the professional participant of the stock market of separate division outside Ukraine

I. General provisions

1. This Procedure is developed for the purpose of determination of procedure and conditions of provision by the National commission on securities and the stock market (further - the Commission) consent to creation by the professional participant of the stock market of separate division outside Ukraine, and also features of the termination of activities by such division outside Ukraine.

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

the separate division of the licensee - branch, other division of the legal entity who is out of its location and performs everything or part of its functions concerning implementation of professional activity in the stock market;

the licensee - the professional participant of the stock market having the license for separate type of professional activity in the stock market of Ukraine.

3. The licensee has the right to create separate division outside Ukraine on condition of receipt of consent of the Commission according to this Procedure.

The licensee after receipt of consent of the Commission to creation of separate division outside Ukraine in case of need of investment implementation abroad shall get permission (individual license) of the National Bank of Ukraine to investment implementation abroad according to requirements of the legislation of Ukraine.

4. Consent provided by the Commission on creation of separate division of the licensee outside Ukraine is valid within six months from the date of its provision.

In case of not making of actions by the licensee concerning creation of separate division outside Ukraine during coordination action such licensee can address for receipt of consent repeatedly.

5. The separate division of the licensee performs the activities according to requirements of the legislation of Ukraine and the legislation of the country of the location of this division on behalf of the licensee based on the licensee of regulations on separate division of the licensee approved by authorized body (further - the Provision).

The head of separate division is person which is acting on the basis of the power of attorney issued by the licensee.

6. The licensee shall provide accomplishment of requirements of the legislation of Ukraine by separate division concerning conducting financial accounting and the reporting, implementation of professional activity in the stock market, the organization and carrying out financial monitoring and so forth.

ІІ. Conditions under which consent to creation by the licensee of separate division outside Ukraine is provided

1. The commission provides to the licensee consent to creation of separate division outside Ukraine in the presence of such conditions:

1.1. The term of economic activity of the licensee by types of professional activity which according to the Provision has the right to perform separate division, shall constitute at least three years preceding date of filing of application and the relevant documents for receipt of consent in the Commission.

1.2. The licensee is not subject to application of corrective actions and/or financial sanctions (penalties) for violation of the foreign exchange legislation of Ukraine within the last two years preceding date of filing of application and the relevant documents for receipt of consent in the Commission.

1.3. The state of the location of separate division of the licensee treats the states which joined international agreements concerning prevention and counteraction of legalization of income gained in the criminal way or to terrorism financing, and also rather financial sector of which is not present the negative conclusions of the international organizations performing assessment of the countries and/or their financial sectors of compliance to the fundamental international standards in this sphere. The conclusions of Group on development of financial actions of fight against washing of means and financing of terrorism (FATF), the international, intergovernmental organizations which activities are directed to counteraction of legalization (washing) of income gained in the criminal way, or to terrorism financing, concerning the countries which are not implementing or inadequate image of the international, intergovernmental organizations implementing the recommendations performing activities in the sphere of fight against legalization (washing) of income gained in the criminal way, or terrorism financing can be such conclusions.

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