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Ministry of Justice of Ukraine

June 1, 2013

No. 854/23386

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

of May 14, 2013 No. 817

About approval of the Procedure and conditions of licensing for implementation of separate types of professional activity in the stock market (security market), renewals of the license

(as amended on 10-03-2016)

According to Articles 3, 4, parts one and Items 9, 11 parts two of Article 7, Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", Articles 16, 20, 27-1, 27-2 of the Law of Ukraine "About securities and the stock market", Articles 15, 21 Law of Ukraine "About mortgage bonds", taking into account Articles 13, 19 Laws of Ukraine "About licensing of certain types of economic activity", other regulatory legal acts the National commission on securities and the stock market (further - NKTsBFR) RESHILA:

1. Approve the Procedure and conditions of licensing for implementation of separate types of professional activity in the stock market (security market), renewals of the license (further - the Procedure and conditions) which are applied.

2. Establish if the applicant intends to exercise control of mortgage covering of the structured mortgage bonds, then the statement for licensing and the relevant documents are accepted by the National commission on securities and the stock market before consideration in case of entry into force of the regulatory legal acts of the National commission on securities and the stock market regulating question of registration of release of the structured mortgage bonds, procedure for maintaining the register of mortgage covering of the structured mortgage bonds and activities of the manager mortgage covering of the structured mortgage bonds drafted according to Articles 4, of 10, 26 Laws of Ukraine "About mortgage bonds".

3. Determine that since April 1, 2014 the officials and specialists determined by Procedure and conditions of the applicant who intends to perform storage of assets of institutes of joint investment and/or storage of assets of the pension funds shall have certificates on specialization "Asset management".

4. Determine that legal entities who had licenses for implementation of depository activity by its separate types before publication of the Law of Ukraine "About depositary system of Ukraine" obtain licenses according to requirements of this Procedure and conditions on free basis.

5. Recognize invalid:

6. And stock exchanges (I. Ustenko) to provide to department of regulation of activities of dealers in securities provision of this decision on state registration in the Ministry of Justice of Ukraine.

7. This decision becomes effective from the date of its official publication, except:

item 4 of Chapter 7 of the Section ІІІ the this Procedures and conditions regarding certification of officials and applicant's specialists in specialization "Clearing activities" who becomes effective since April 1, 2014;

Item 1 of Chapter 4, Item 1 of Chapter 5, Item 1 of Chapter 6 of the Section ІІІ the presents of the Procedure and conditions regarding requirements to constituent documents of licensees which become effective since April 30, 2014.

8. To provide to management of information technologies, external and internal communications (A. Zaik) promulgation of this decision on the NKTsBFR official website.

9. Control over the implementation of this decision to assign to the member of NKTsBFR O. Tarasenko.

Commission chairman

D. Tevelev

Approved by the Decision of the National commission on securities and the stock market of Ukraine of May 14, 2013, No. 817

Procedure and conditions of licensing for implementation of separate types of professional activity in the stock market (security market), renewals of the license

І. General provisions

1. The presents the Procedure and conditions establish the procedure and conditions of licensing for implementation of separate types of professional activity in the stock market (except activities for asset management of institution investors (activities for asset management), its renewal, the list of documents which are enclosed to the application for licensing, its renewals, the basis for refusal in its issue, order of registration of internal documents (changes to them) and determine the requirements necessary for receipt of the license for implementation of separate types of professional activity in the stock market, its renewals.

2. In the presents the Procedure and conditions terms are used in such values:

the owner of the applicant (licensee) - the legal entity or physical person owning part in the authorized capital of the applicant (licensee);

equity - part in assets of the company which remains after deduction of its obligations;

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

the applicant - the legal entity submitting the application and the relevant documents for receipt of the license for separate types of professional activity in the stock market including the licensee;

the applicant who for the first time obtains the license for implementation of professional activity in the stock market, - the legal entity who for date of submission of documents for receipt of the license according to the presents Procedure and conditions, has no current license on implementation of any of types of professional activity in the stock market;

the licensee - the professional participant of the stock market having the corresponding license granted by State commission on securities and the stock market or the National commission on securities and the stock market (further - the Commission);

the licensed register - the list of subjects of managing - licensees which is created and conducted by body of licensing as the automated system of collection, accumulating, protection and accounting of information about these subjects according to the procedure, established by the legislation on this matter;

the location of the legal entity - the address of body or person who according to constituent documents of the legal entity or the law act from his name (further - executive body);

mediate control - opportunity to perform decisive influence on activities of the applicant by mediate ownership of person independently or together with other faces tied by the control relations, part in the authorized capital of the applicant which corresponds to equivalent of 50 or more percent of the authorized capital and/or voices of such applicant or irrespective of such ownership opportunity to perform such influence based on the agreement or any other image;

the mediated ownership of participation - ownership which comes if person independently or together with other persons: has immediate possession by participation in the authorized (share) capital of the owner of essential participation (legal entity) at the applicant (licensee) in such size which provides ownership through this person 10 and more percent of the authorized capital of the applicant and/or acquires possibility of considerable (decisive) impact, independent of formal ownership, on management or activities of the professional participant;

the room - the part of unobstructed capacity of the building limited to construction elements with possibility of entrance and exit which is used by the licensee when implementing professional activity in the stock market;

professional activity in the stock market - activities of joint-stock companies and limited liability companies for provision of financial and other services in the sphere of placement and turnover of securities, accounting of the rights in securities, asset managements of institution investors which meets the requirements established to such activities by the legislation;

professional participants of the stock market - legal entities who based on the license granted by State commission on securities and the stock market or the Commission perform professional activity in the stock market;

the public company - the foreign legal entity created in the form of public joint stock company which shares are in listing of the foreign stock exchange entering into World Federation of the exchanges;

the certified specialist - the worker of the legal entity performing the separate type of professional activity and meeting the qualification requirements established by the Commission (having the qualification certificate of the established sample) and the received appropriate certificate (during the period before introduction by State commission on securities and the stock market of certificates availability of the qualification certificate of the established sample, including the qualification certificate of the specialist in questions of financial accounting of professional participants of the stock market is considered);

specialized structural divisions of the licensee - the department, management, department, the sector and so forth which are integral part of internal organizational structure of the licensee or its separate division and having other location, than the licensee or its separate division;

Length of service in the stock market - general length of service of the certified specialist in any kinds of professional activity in the professional participant of the stock market, and/or length of service as the leading official in State commission on securities and the stock market and/or the Commission and/or length of service of the certified specialist in self-regulatory organization or consolidation of professional participants of the security market;

the stock market (security market) - set of stock market participants and legal relationship between them concerning placement, the address and accounting of securities and derivative (derivatives).

The terms "associated person", "officials of the professional participant of the stock market" are used in the values determined by the Law of Ukraine "About securities and the stock market".

The terms "goodwill", "essential participation", "controller", "control", "company on provision of support services", "connected person" and "structure of property" are used in the values determined by the Law of Ukraine "About financial services and state regulation of the markets of financial services".

The term "connected persons" for professional activity in the security market - activities for management of mortgage covering is used in the value determined by the Law of Ukraine "About mortgage bonds".

Other terms used in the presents the Procedure and conditions are used in the values determined by the legislation of Ukraine and regulatory legal acts of the Commission.

3. The applicant (except bank) for implementation of professional activity in the stock market shall have in property or in use the non-residential premise which is completely separated rooms of other legal entities on the location specified in the Unified State Register of Legal Entities, physical persons entrepreneurs and public forming (license). For implementation of activities by separate division of the licensee based on corresponding or specialized structural division of the licensee which is integral part of its internal organizational structure and has other location, the licensee shall have in property or in use the non-residential premise on the location of such division which shall meet the requirements concerning the room of the licensee established for the corresponding type of activity.

The room is considered completely separated if it is not used by other persons and it is confirmed by documents which are provided according to this by Procedure and conditions.

The bank (its isolated and/or specialized structural divisions) for implementation of certain type of professional activity in the stock market shall have the certain room which is completely separated other premises of bank and provides observance by bank of the requirements established by the regulatory legal act of the Commission on the organization of activities of banks and their separate divisions when implementing of professional activity by them in the stock market.

4. The applicant (except bank) who intends to carry out activities for the securities trading, shall have in property or in use the non-residential premise at least 20 sq.m (except case of implementation only of dealer activities when the room can be at least 10 sq.m).

The applicant who intends to carry out activities for the organization of stock market trading shall have in property or in use the non-residential premise with a total area at least 100 sq.m.

The applicant (except bank) who intends to carry out activities for management of mortgage covering of regular mortgage bonds, shall have the non-residential premise with a total area at least 20 sq.m in property or use, and for implementation of activities for management of mortgage covering of the structured mortgage bonds (including in case of combination of activities for management of mortgage covering of the regular and structured mortgage bonds) - at least 50 sq.m which includes certain rooms, namely the operational hall and archive.

Such rooms shall be equipped with the security and fire-proof alarm system, are provided with the round-the-clock protection and to have degree of protection which gives the chance to keep confidentiality of information concerning all releases of mortgage bonds and their mortgage covering which are received by the manager in case of accomplishment of the functions.

The applicant (except bank) who intends to carry out depository activity of depository institution, shall have in property or in use the non-residential premise which consists of certain rooms with a total area at least 20 sq.m.

The applicant (except bank) who intends to combine depository activity of depository institution with activities for storage of assets of institutes of joint investment, shall have in property or in use the non-residential premise consisting of certain rooms with a total area at least 40 sq.m.

The applicant (except bank) who intends to combine depository activity of depository institution with activities for the securities trading, shall have in property or in use the non-residential premise consisting of certain rooms with a total area at least 40 sq.m.

The applicant (except bank) who intends to combine depository activity of depository institution with activities for storage of assets of institutes of joint investment, with activities for the securities trading, shall have in property or in use the non-residential premise consisting of certain rooms with a total area at least 60 sq.m.

The applicant (except bank, Central Securities Depository (further the Central depositary), Settlement center on servicing of agreements in the financial markets (further - Settlement center)) which intends to carry out clearing activities, shall have in property or in use the non-residential premise with a total area at least 35 sq.m.

5. Licensing of professional activity in the stock market (security market) is performed by the Commission.

6. The commission in the procedure established by it grants licenses for such types of professional activity in the stock market (security market):

1) activities for the securities trading which include:

dealer activities;

broker activities;

securities management;

underwriting;

2) activities for the organization of stock market trading;

3) activities for management of mortgage covering;

4) depository activity which includes such types of activity:

depository activity of depository institution;

activities for storage of assets of institutes of joint investment;

activities for storage of assets of the pension funds;

storage and servicing of turnover of securities on accounts in securities and transactions of the issuer of the securities which are rather issued by it (depository activity of the keeper of securities; depository activity of securities depository);

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