RESOLUTION OF BOARD OF THE NATIONAL BANK OF UKRAINE

of September 25, 2013 No. 387

About establishment of features of payment under transactions concerning securities and approval of the Regulations on depository and clearing activity of the National Bank of Ukraine

According to the powers of the National Bank of Ukraine determined by Articles 13, 17 and 20 Laws of Ukraine "About depositary system of Ukraine" and for the purpose of ensuring interaction of the National Bank of Ukraine as participant of depositary system of Ukraine (further - depositary of the National Bank of Ukraine) and "SETTLEMENT CENTER ON SERVICING of AGREEMENTS IN the FINANCIAL MARKETS" PUBLIC JOINT STOCK COMPANY (further - Settlement center) concerning carrying out cash payment under transactions concerning securities which depositary accounting is only within the competence of the National Bank of Ukraine and calculations by which are carried out by the principle "delivery of securities against payment", Board of the National Bank of Ukraine DECIDES:

1. Establish the following features of payment under transactions concerning bonds of internal and external state loans of Ukraine, target bonds of internal state loans of Ukraine, treasury obligations of Ukraine and bonds of internal local loans, and also debt securities certifying the relations of loan of local government bodies which were placed outside Ukraine (further - securities) concerning which depository activity and clearing activities for transactions with which is made by the National Bank of Ukraine:

cash payment under the transactions concerning securities made by other principle than "delivery of securities against payment", namely on placement and the redemption by issuers of securities out of stock exchanges (except bonds of the external state loans and debt securities certifying the relations of the loan of local government bodies which are placed outside Ukraine), the securities redemption and payments of the income for transactions of issuers, and also for the bargains concluded out of stock exchanges in which securities are used as pledge (according to repurchase agreements without transition of the rights to securities, crediting on the security of securities, refinancing of banks by the National Bank of Ukraine on the security of securities) are performed by the National Bank of Ukraine directly through accounts of depository institutions and/or depositors of depository institutions special means of electronic payment system of the National Bank of Ukraine (further - special means of SEP). Carrying out depository operations on accounts in securities of clients of depositary of the National Bank of Ukraine on these transactions is performed by depositary of the National Bank of Ukraine based on information on money transfer obtained by means of special means of SEP;

cash payment under the transactions concerning securities made with respect for the principle "delivery of securities against payment" namely on purchase and sale of securities on the stock exchanges and/or out of stock exchange, on securities placement on the stock exchanges, is performed by Settlement center. Carrying out calculations in securities for these transactions is performed by the National Bank of Ukraine based on orders of Settlement center on delivery of securities;

the cash calculations for transactions of the National Bank of Ukraine for security purchase perfromed by Settlement center are carried out without preliminary deposition of money by the National Bank of Ukraine. The procedure of such calculations is determined by the agreement on clearing servicing signed between the National Bank of Ukraine and Settlement center;

calculations in the securities for security transactions which are in pledge as providing requirements of the National Bank of Ukraine, made in providing requirements of article 73 of the Law of Ukraine "About the National Bank of Ukraine" rather unconditional and the privilege of the National Bank of Ukraine to meet any requirement based on committed refinancing of bank according to which there came the repayment period are performed by depository institutions on the account in securities of bank only based on orders of the National Bank of Ukraine.

2. Approve Regulations on depository and clearing activity of the National Bank of Ukraine (further - the Provision) which are applied.

3. Determine that bond issuing institutions of local loans before settlement by them of the questions connected with acquisition of the status of subscribers of telecommunication network of the National Bank of Ukraine, and carrying out bench testing of interaction of program technological support of depositary of the National Bank of Ukraine, issuers and system of automation of their serving banks can temporarily, file till July 01, 2014 to depositary of the National Bank of Ukraine the documents determined by the Provision on papers.

4. Recognize invalid:

the resolution of Board of the National Bank of Ukraine of March 19, 2003 No. 114 "About approval of the Regulations on depository activity of the National Bank of Ukraine", registered in the Ministry of Justice of Ukraine on April 15, 2003 for No. 304/7625;

the resolution of Board of the National Bank of Ukraine of December 15, 2011 No. 456 "About modification of the Regulations on depository activity of the National Bank of Ukraine", registered in the Ministry of Justice of Ukraine on January 20, 2012 for No. 83/20396;

the resolution of Board of the National Bank of Ukraine of March 04, 2013 No. 76 "About modification of the Regulations on depository activity of the National Bank of Ukraine with government securities", registered in the Ministry of Justice of Ukraine on March 22, 2013 for No. 475/23007.

5. To general department of monetary policy (Scherbakova O. A.) after state registration in the Ministry of Justice of Ukraine to bring contents of this resolution to permission of territorial administrations of the National Bank of Ukraine, keepers - clients of depositary of the National Bank of Ukraine and Settlement center for use in work.

6. To impose control over the implementation of this resolution on the First Deputy Chairman of the National Bank of Ukraine Prikhodko B. V.

7. The resolution becomes effective since October 12, 2013, but not earlier than day of official publication.

 

Approved by the Resolution of Board of the National Bank of Ukraine of September 25, 2013 No. 387

Regulations on depository and clearing activity of the National Bank of Ukraine

I. General provisions

1. This Provision is developed according to Articles 13, 17 and 20 Laws of Ukraine "About depositary system of Ukraine", the decision of the National commission on securities and the stock market (further - the Commission) of July 30, 2013 No. 1331 "About features of production of activities of the National Bank of Ukraine as participant of depositary system", the National Bank of Ukraine registered in the Ministry of Justice of Ukraine on August 20, 2013 for No. 1431/23963, for the purpose of ensuring production (further - National Bank) depository activity with securities (further - depository activity) and clearing activities for transactions concerning securities (further - clearing activities) according to the powers determined by the legislation of Ukraine.

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

cash clearing - determination of cross liabilities and requirements concerning money transfer for transactions on placement of government securities and their repayment in case of clash of dates of accomplishment of cash calculations for results of placement of government securities with payment due dates of the income and/or to their repayment;

depositary - National Bank as the participant of depositary system of Ukraine who according to the received depositary assets makes activities for depositary accounting and servicing of the circulation of bonds of internal and external state loans of Ukraine, target bonds of internal state loans of Ukraine, treasury obligations of Ukraine and bonds of local loans, and also the debt securities certifying the relations of the loan of the local government bodies placed outside Ukraine (further - the Central Bank), and to servicing of corporate transactions of the issuer on accounts in securities of clients;

government securities (further - GTsB) - the government bonds of Ukraine and treasury obligations of Ukraine issued according to requirements of the legislation of Ukraine which issuer authorizes state body;

additional placement of GTsB - additional placement issuers of GTsB of certain release on which there was primary placement. The additional placement is carried out if for sale GTsB which on amount of the rights granted to owners, repayment periods and the sizes of the coupon payments (if they are) match conditions of release of GTsB during primary placement are offered;

reconciliation - transaction of depositary concerning identification of coincidence of the corresponding details of notices on money transfer on transactions from the Central Bank and the sheet of skvitirovanny orders;

foreign depositaries - depositaries of other countries and the international depositary and clearing institutions;

acknowledgement - transaction of depositary concerning establishment of coincidence of the corresponding details of the order on delivery of the Central Bank of the client supplier and the order to receipt of the Central Bank of the client receiver which is performed by method of comparison of details of counter orders;

clients of depositary - foreign depositaries, issuers the Central Bank, depository institutions, clearing organizations (further - KU) and PJSC SETTLEMENT CENTER ON SERVICING of AGREEMENTS IN the FINANCIAL MARKETS (further - RTs) which use services of depositary based on the agreements determined by the legislation of Ukraine;

the client receiver - the client of depositary receiving the Central Bank or confirming carrying out other transaction with these to the Central Bank the client supplier, stipulated by the legislation Ukraine;

the client supplier - the client of depositary delivering the Central Bank to the client receiver or performing others stipulated by the legislation operations of Ukraine with these the Central Bank;

code of the client of the supplier/receiver - code of interdepositary accounting (further - the MDU code) which is provided according to the procedure, established by the legislation of Ukraine concerning depository activity;

code of the receiver/payer of means - identification code (number) necessary for filling of the detail "code payer's receiver/code" of the payment order according to the procedure, established by regulatory legal acts of National Bank concerning clearing settlements in Ukraine;

code of the Central Bank - the international identification number of the Central Bank giving the chance unambiguously to identify the Central Bank and which assignment is provided by the laws of Ukraine;

netingovy calculations - agreement settlements of purchase and sale of the Central Bank which are performed by results of carrying out neting;

the serving banks of depository institutions - clients of depositary - banks which are direct participants of electronic payment system of National Bank (further - SEP) and provide settlement services to clients suppliers/receivers and/or their depositors for implementation of cash calculations for separate transactions with the Central Bank which according to the legislation of Ukraine are carried out by special means of SEP without participation of RTs;

the serving banks of the client of depositary - the issuer of GTsB and clients of depositary - bond issuing institutions of internal local loans (further - OMZ) - Operation management of National Bank and territorial authorities of the Public treasurer service of Ukraine in the Autonomous Republic of Crimea, areas, the cities of Kiev and Sevastopol (further - territorial authorities of the State Treasury) who are direct members of SEP and provide settlement services to issuers of GTsB and OMZ for implementation of cash calculations for transactions on placement and the redemption by issuers corresponding to the Central Bank out of stock exchanges, to repayment of GTsB and OMZ and payment of the income for transactions of issuers which according to the legislation of Ukraine are carried out by special means of SEP without participation of RTs;

burdening by obligations - any restrictions concerning ownership, uses or the orders of the Central Bank connected with conditions of agreements, decisions or court orders and in other cases, stipulated by the legislation Ukraine;

single calculations - the agreement settlements of purchase and sale of the Central Bank perfromed without carrying out neting;

the passive analytical account of depositary accounting (further - the passive account) - the account of depositary accounting which depositary / depository institutions open for clients/depositors according to their internal documents for the purpose of ensuring depositary accounting of the Central Bank, the rights to the Central Bank on accounts in securities, displays of the transactions connected with assignment of rights on the Central Bank and restriction concerning transfer of the Central Bank and the rights to the Central Bank;

primary placement of GTsB - distribution by the issuer of GTsB which under the terms of release and amount of the rights did not address yet;

program technological support – program technological support of National Bank with the built-in means of cryptoprotection of information by means of which the National Bank performs functions of depositary;

the register of holders of the Central Bank - the list of clients of depositary on whose accounts are considered by the Central Bank of certain release;

the order - the document containing the requirement of the client supplier/receiver to depositary or the depositor to depository institution about accomplishment of transactions on accounts in securities;

special means of SEP - means of registration and processing in SEP of electronic settlement documents of rather interbank transfers which are used by the serving banks of issuers and depository institutions - clients of depositary, for implementation of cash agreement settlements concerning the Central Bank;

transit accounts - accounts for accounting of the Central Bank, the orders blocked by results of acknowledgement or reconciliation;

participants of placement of the Central Bank - depository institutions - clients of depositary.

Other terms in this Provision are used according to the determinations established by the legislation of Ukraine.

ІІ. Application and subject of regulation

1. The National Bank is participant of depositary system who performs clearing activities and performs functions of depositary and depository institution according to the powers determined by the legislation of Ukraine.

2. The depositary serves transactions from the Central Bank on accounts in securities of clients and performs clearing activities according to the procedure, determined by the legislation of Ukraine, according to the plan of balance sheet accounts of depositary accounting (appendix 1) and the list of depositary postings on transactions with securities which accounting according to the legislation of Ukraine is within the competence of the National Bank of Ukraine (appendix 2).

3. Clients of depositary based on the agreements determined by the legislation of Ukraine receive the appropriate automated workplaces of program technological support. The procedure for obtaining, accounting, transfer, use and storage of means of cryptoprotection of National Bank and accomplishment of rules of information security is regulated by regulatory legal acts of National Bank concerning the organization of protection of electronic bank documents in the organizations included in information network of National Bank.

4. Provision to depositary of information from issuers, depository institutions, KU and RTs is performed by transfer by means of system of e-mail and/or program technological support of electronic documents in the form protected from modification and misstatement which surely contain the identifier of key of the automated workplace where this documents were created, and the digital signature.

5. Issuers, depository institutions, KU and RTs shall fulfill requirements concerning the organization of works on program technological support, including the built-in system of cryptoprotection of information, and have no right to make any changes to it.

ІІ I. Activities of National Bank as depositary and depository institution

1. National Bank as the participant of depositary system can perform such activities:

1) depositary;

2) depository institution;

3) clearing activities;

4) payment under transactions concerning securities.

2. Functions of depositary perform its such divisions:

The general department of monetary policy performing the organizational and methodological management connected with development and functioning of depositary system, control of compliance of number of the Central Bank which address, to the total amount of their release, providing the help and analytical information determined by contractual relations and this Provision, coordinating activities of other structural divisions and units of National Bank concerning accomplishment by them of the obligations connected with conducting activities of depositary, the conclusion and agreement performance about correspondence relations with foreign depositaries (appendix 3) and about servicing of issues of securities with issuers (appendix 4);

The central clearing house (further - TsRP) performing technological support of depository activity of depositary, implementation and operation of program technological support, the conclusion and accomplishment of depositary contracts with depositary organizations banks / not banks (appendices 5 and 6), contracts with KU/RTS on implementation of calculations in securities by results of clearing (appendix 7) and about servicing of KU/RTS on servicing of agreements in the financial markets (appendix 8);

The operation management performing safe custody of the temporary global certificates, global certificates and other documents determined by this Provision;

The general department of information technologies and payment systems performing development, implementation and maintenance of program technological support, completion of SEP for ensuring accomplishment of the corresponding functions connected with servicing of agreement settlements concerning the Central Bank by the principle "delivery of securities against payment" also provides development of regulatory legal acts of National Bank concerning procedure for carrying out cash agreement settlements by depositary concerning the CPU through SEP;

The management of information security which is carrying out certification of keys for system of protection and also provides other services in questions of information security;

The department of audit performing activities of depositary concerning observance of requirements of the legislation of Ukraine by it including regulatory legal acts of National Bank;

The legal department ensuring legal functioning of accomplishment by National Bank of function of depositary and depository institution;

Financial department which in accordance with the established procedure submits for consideration and approval of Board of National Bank of the offer on establishment of rates for services of depositary;

The accounting department providing development of regulatory legal acts concerning procedure for financial accounting of transactions with the Central Bank;

territorial administrations of National Bank during implementation of scheduled inspections of banks control correctness of carrying out intra bank cash agreement settlements by these banks concerning GTsB which are performed outside electronic payment system of National Bank (means of system of automation of bank or intra bank payment system of bank).

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