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It is registered

Ministry of Justice of Ukraine

August 29, 2013 

No. 1488/24020

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

of August 6, 2013 No. 1416

About approval of the Procedure for recognition of issue of securities unfair and invalid

(as amended on 30-05-2018)

According to Item 13 of Article 8, Item 3 parts two of article 7 of the Law of Ukraine "About state regulation of the security market in Ukraine" and article 36 of the Law of Ukraine "About securities and the stock market" the National commission on securities and the stock market RESHILA:

1. Approve the Procedure for recognition of issue of securities unfair and invalid which is applied.

3. And corporate finances (A. Papaik) to provide to corporate management department submission of this decision on state registration in the Ministry of Justice of Ukraine.

4. To provide to management of information technologies, external and internal communications (A. Zaik):

promulgation of this decision on the official website of the National commission on securities and the stock market;

publication of this decision in the official printing publication of the National commission on securities and the stock market.

5. This decision becomes effective since October 12, 2013, but not earlier than day of its official publication.

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

Commission chairman                                                      

D. Tevelev

 

The minutes of the Commission of August 6, 2013 No. 38

Approved by the Decision of the National commission on securities and the stock market of Ukraine of August 6, 2013 No. 1416

Procedure for recognition of issue of securities unfair and invalid

I. General provisions

1. In this Procedure terms are used in such values:

gross violation by the issuer of the rights of investors during issue of securities - making by the issuer of violation of the law about securities which led to violation of the rights of investors during the corresponding issue of securities and for which the legislation provides the financial sanction which is proved by the relevant decision of court or the National commission on securities and the stock market (further - the Commission);

numerous gross violation by the issuer of the rights of investors in case of issue of securities - making of gross violation by the issuer of the legislation on securities which led to violation of the rights of investors during the corresponding issue of securities, after application to the issuer of two and more sanctions for gross violation of the legislation on securities during issues of securities within the previous 3 years.

2. This Procedure determines the mechanism of recognition by the Commission of issue of securities unfair, suspension of securities placement and renewal of securities placement, and also procedure for recognition of issue of securities of invalid.

3. Action of this Procedure extends to issued securities which registration of release is performed by the Commission, except securities of institutes of joint investment.

4. The decision on recognition of issue of securities unfair, about refusal in registration of issue of securities, about refusal in registration of issue of securities and approval of the securities prospectus, about refusal in registration of the report on results of issue of securities, about suspension of securities placement, about renewal of securities placement, about recognition of issue of securities invalid, about cancellation of registration of issue of securities (which issue is recognized as invalid), about cancellation of registration of issue of securities and loss of validity of the prospectus (which issue is recognized as invalid) is accepted by the Commission.

II. Procedure for recognition of unfair emission

1. The bases for recognition of issue of securities unfair are:

1) violation by the issuer of requirements of the Law of Ukraine "About securities and the stock market", discrepancy of the documents filed by the issuer to requirements of the legislation and/or incompleteness of data in the submitted documents;

2) violation of the procedure for decision making established by the legislation on issue of securities;

3) introduction doubtful, with disagreements between various provisions and/or the incomplete data in the documents submitted for registration of issue of securities, issue of securities and approval of the securities prospectus, the report on results of issue of securities;

4) numerous gross violation by the issuer of the rights of investors in case of issue of securities.

2. The decision on recognition of issue of securities of unfair is made by the Commission, in particular, by results of consideration of documents submitted for registration of issue of securities, issue of securities and approval of the securities prospectus, registration of the report on results of issue of securities and/or by results of consideration of the case about offense.

3. Based on the decision of the Commission on recognition of issue of securities of unfair the order about recognition of issue of securities unfair is drawn up (appendix 1) with indication of the bases for recognition of issue of securities of unfair.

4. The decision on recognition of issue of securities of unfair is made before registration of the report on results of issue of securities.

5. The decision on recognition of issue of securities unfair, documents submitted for registration of issue of securities, issue of securities and the approval of the securities prospectus, report on results of issue of securities and/or by results of consideration of the case about offense in the security market of the issuer made by results of consideration (in case of availability), is the basis for decision making about refusal in registration of issue of securities, issue of securities and approval of the securities prospectus, report on results of issue of securities.

In that case the Commission makes the decision on recognition of issue of securities unfair and the decision on refusal in registration of issue of securities, on refusal in registration of issue of securities and approval of the securities prospectus, on refusal in registration of the report on results of issue of securities which is drawn up by one order in the form given in appendix 2 to this Procedure which goes to the issuer.

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