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

of March 26, 2013 No. 429

About approval of the Regulations on clearing activities

According to Article 3 and Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", Articles 19-1 - 19-7, article 27 of the Law of Ukraine "About securities and the stock market", Articles 15, 20 and the subitem 7 of Item 5 of the Section VI "Final and transitional provisions" of the Law of Ukraine "About depositary system of Ukraine" the National commission on securities and the stock market RESHILA:

1. Approve Regulations on clearing activities which are applied.

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

3. To provide to management of information technologies, external and internal communications (A. Zaik) 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 commission O. Tarasenko.

Approved by the Decision of the National commission on securities and the stock market of Ukraine of March 26, 2013 No. 429

Regulations on clearing activities

I. General provisions

1. This Provision establishes procedure for conducting clearing activities, implementation of clearing for agreements concerning securities Settlement center on servicing of agreements in the financial markets (further - Settlement center), Central Securities Depository (further - the Central depositary) and clearing organizations (further - faces which perform clearing), including clearing procedure under agreements concerning securities persons who perform function of the central partner, procedure for creation and use of guarantee fund in the form of securities and other financial instruments, and also procedure for control of conducting clearing activities.

2. In this Provision terms are used in such values:

internal system of accounting of person who performs clearing (further - system of accounting) - system by means of which person who performs clearing records the rights and obligations of participants of clearing, their clients and under agreements of participants of clearing - dealers in securities, concluded out of stock exchange, with persons who are not professional participants of the stock market - their partners (further - partners) and the central partner (if clearing is performed with the assistance of the central partner) according to transactions concerning securities or other financial instruments, accounting of information on means, securities and other financial instruments which are reserved for accomplishment of these transactions, and also accounting of fees of participants of clearing in guarantee fund;

the clearing account - the account which opens to the participant of clearing in system of accounting by person who performs clearing, according to its internal documents for accounting by this person when implementing clearing of obligations and/or the rights of the participant of clearing on delivery and/or receipt of securities (other financial instruments) and/or means;

Clearing sub-account - the sub-account which is component of the clearing account of the participant of clearing and is kept in system of accounting of person performing clearing according to its internal documents for the client (clients) and/or the partner (partners) of the participant of clearing for accounting by this person when implementing clearing of obligations and/or the rights of this client (clients) and partner (partners) of the participant of clearing on delivery and/or receipt of securities (other financial instruments) and/or means;

rules of clearing - the internal document approved by authorized body of person who performs the clearing registered by the National commission on securities and the stock market (further - the Commission) and approved by the National Bank of Ukraine which contains the provisions determined by the law and this Provision;

the participant of clearing - person who concluded with person who performs clearing, the agreement on clearing servicing for implementation of clearing of obligations according to transactions concerning securities (other financial instruments) made to own advantage the participant of clearing and/or for the benefit of his clients and partners.

3. For conducting clearing activities the Central depositary shall obtain the license for implementation of professional activity in the stock market - clearing activities according to the procedure, established by the Commission.

For conducting clearing activities the Settlement center and person who intends to receive the status of clearing organization shall obtain the license for implementation of professional activity in the stock market - clearing activities according to the procedure, established by the Commission, and the license for implementation of separate banking activities according to the procedure, established by the National Bank of Ukraine.

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