LAW OF UKRAINE

of September 12, 2019 No. 79-IX

About modification of some legal acts of Ukraine concerning enhancement of functions on state regulation of the markets of financial services

The Verkhovna Rada of Ukraine decides:

I. Make changes to such legal acts of Ukraine:

1. In the Code of Ukraine about administrative offenses (The sheet of the Verkhovna Rada of USSR, 1984, appendix to No. 51, the Art. 1122):

The name and paragraph one of part one of Article 163-7 to state 1) in the following edition:

"Article 163-7. Activities in the stock market or in system of accumulative provision of pensions without license

Implementation of professional activity in the stock market or activities in the system of accumulative provision of pensions which is subject to licensing according to the law without license for implementation of separate types of such activities, implementation of the part of the corresponding type of activity which is subject to licensing, other, than that on which the license, or with violation of conditions of licensing of transactions with securities which belongs to professional activity in the stock market, transactions with assets in system of accumulative provision of pensions is provided";

Article 163-11 to state 2) in the following edition:

"Article 163-11. Violation of procedure for disclosure of information in the stock market or in system of accumulative provision of pensions

Not disclosure, disclosure not in full, untimely disclosure of information and/or disclosure of unreliable information in the stock market or in system of accumulative provision of pensions

involve imposing of penalty from two hundred to five hundred free minima income of citizens.

The actions provided by part one of this Article, which are commited by person which within year was subjected to administrative punishment for the same violation,

involve imposing of penalty from five hundred to one thousand free minima of the income of citizens";

3) in Article 166-5:

state the name in the following edition:

"Article 166-5. Violation of the bank law, legislation in the field of state regulation of the markets of non-bank financial services, the foreign exchange legislation, the legislation regulating money transfer in Ukraine, regulatory legal acts of the National Bank of Ukraine or implementation of risk transactions which threaten interests of investors or other creditors of bank";

after part two to add with new part of such content:

"Violation of regulatory legal acts of the National Bank of Ukraine which regulate activities in the field of state regulation of the markets of non-bank financial services,

involves imposing of penalty on officials of non-bank financial institutions or legal entities which are not financial institutions, but have the right to provide separate financial services, state regulation and supervision of which activities is exercised by the National Bank of Ukraine, from twenty to hundred free minima income of citizens".

With respect thereto speak rapidly third - to consider the sixth respectively parts four - the seventh;

Articles 188-29 and 188-30 to state 4) in the following edition:

"Article 188-29. Failure to carry out of legal requirements of officials of national bank of Ukraine in the field of the bank law, the legislation in the field of state regulation of the markets of non-bank financial services, the legislation regulating money transfer in Ukraine

Failure to carry out of legal requirements of officials of the National Bank of Ukraine concerning elimination of violations of the bank law or the legislation regulating money transfer in Ukraine, or creation of obstacles for accomplishment of the obligations assigned to them

involve imposing of penalty on officials from twenty five to fifty free minima income of citizens.

Failure to carry out of legal requirements of officials of the National Bank of Ukraine concerning elimination of violations of the law in the field of state regulation of the markets of non-bank financial services or creation of obstacles for accomplishment of the obligations assigned to them –

involve imposing of penalty on officials of non-bank financial institutions or legal entities which are not financial institutions, but have the right to provide separate financial services, from twenty five to fifty free minima income of citizens.

Non-presentation, untimely submission of information or representation of obviously unreliable information to the National Bank of Ukraine by non-bank financial institutions or legal entities which are not financial institutions, but have the right to provide separate financial services,

involve imposing of penalty on officials from fifty to two hundred free minima income of citizens.

Article 188-30. Failure to carry out of legal requirements of the National commission on securities and stock market or its authorized persons

Failure to carry out or accomplishment not in full or untimely accomplishment of decisions of the National commission on securities and the stock market and/or orders, resolutions of authorized persons of the National commission on securities and the stock market concerning elimination of violations of the law in the security market, in system of accumulative provision of pensions

involve imposing of penalty from five hundred to seven hundred fifty free minima income of citizens.

The acts provided by part one of this Article, which are commited by person which within year was subjected to administrative punishment for one of the offenses provided by part one of this Article

involve imposing of penalty from seven hundred fifty to one thousand free minima of the income of citizens.

Preventing in carrying out by authorized persons the National commission on securities and the stock market of check of the stock market participant, and also subjects of system of accumulative provision of pensions (except investors and participants),

involves imposing of penalty from two hundred to five hundred free minima income of citizens.

The act provided by part three of this Article, which is commited by person which within year was subjected to administrative punishment for the offense provided by part three of this Article

involves imposing of penalty from five hundred to one thousand free minima of the income of citizens.

Note: 1. The terms "subjects of system of accumulative provision of pensions", "investors", "participants" are used in the value given in article 3 of the Law of Ukraine "About obligatory national pension insurance";

"About obligatory national pension insurance";

5) Article 234-3 part one after the words "violation by banks" to add with words "non-bank financial institutions and faces which are not financial institutions, but have the right to provide separate financial services, state regulation and supervision of which activities is exercised by the National Bank of Ukraine", words by "violation of the bank, foreign exchange legislation" shall be replaced with words "violation of the bank law, legislation in the field of state regulation of the markets of non-bank financial services, the foreign exchange legislation, the legislation regulating money transfer in Ukraine" and to add with words and figures "failure to carry out of legal requirements of officials of the National Bank of Ukraine in the field of the bank law, the legislation in the field of state regulation of the markets of non-bank financial services, the legislation regulating money transfer in Ukraine (Article 188-29)";

Article 244-16 to exclude 6);

7) in Article 244-17:

state part one in the following edition:

"The national commission on securities and the stock market considers cases on the administrative offenses connected with violation of the law about consumer protection of financial services (part five, the sixth Article 156-1-for the violations made by participants of the markets of financial services if state regulation of the market of such services is performed by the National commission on securities and the stock market), with violation of requirements of the legislation in the security market, in system of accumulative provision of pensions (Articles 163, 163-5, 163-6, part one of article 163-7, of article 163-8 - 163-11, 166-13, 188-30), violation by issuers whose securities are admitted to trading on the stock exchanges or concerning securities of which performs public offer, or professional participants of the stock market, or subjects of accumulative provision of pensions (except investors and participants) procedure for promulgation of the financial reporting together with the audit report (Article 163-16)";

add with the note of the following content:

"Note: 1. The terms "subjects of system of accumulative provision of pensions", "investors", "participants" are used in the value given in article 3 of the Law of Ukraine "About obligatory national pension insurance";

8) in Item of 1 part one of Article 255:

"The National Bank of Ukraine (Article 163-12, Article 166-8-(in the part concerning offenses in the field of banking activity and banking activities)" to state the paragraph in the following edition:

"The National Bank of Ukraine (Article 163-12, 166-8 (in the part concerning offenses in the field of banking activity and banking activities, activities for provision of other financial services which licenses (permissions) to carrying out are granted by this body)";

the paragraph "The national commission on securities and the stock market (Article 163-7, 163-12)" to state in the following edition:

"The national commission on securities and the stock market (part two of Article 163-7, to Article 163-12-, 166-8 (in the part concerning offenses in sphere of activity on provision of financial services which licenses (permissions) to carrying out are granted by this body)";

"the national commission performing state regulation in the field of the markets of financial services (Article 166-8 (in the part concerning offenses in sphere of activity on provision of financial services which licenses (permissions) to carrying out are granted by this body)" to exclude the paragraph.

2. In the Economic code of Ukraine (The sheet of the Verkhovna Rada of Ukraine, 2003, Art. No. No. 18-22, 144):

1) in the second offer of part two of Article 163 of the word "hypothecation certificates (certificates with the fixed profitability, participation certificates)" to exclude;

To exclude 2) in part two of Article 350 of the word "and the national commission performing state regulation in the field of the markets of financial services";;

3) in part two of Article 354 of the word "The National Commission Performing State Regulation in the field of the Markets of Financial Services" shall be replaced with words National Bank of Ukraine.

3. In the Law of Ukraine "About state regulation of the security market in Ukraine" (Sheets of the Verkhovna Rada of Ukraine, 1996, No. 51, Art. 292 with subsequent changes):

Article 1 to add 1) with part three of the following content:

"The terms "subjects of system of accumulative provision of pensions", "investors", "participants" are used in the value given in article 3 of the Law of Ukraine "About obligatory national pension insurance";

Article 4 to state 2) in the following edition:

"Article 4. Licensing of professional activity in the security market and activities in system of accumulative provision of pensions

The national commission on securities and the stock market in the procedure established by it grants licenses for such types of professional activity in the security market and activities in system of accumulative provision of pensions:

1) broker activities;

2) dealer activities;

3) underwriting;

4) activities for management of securities;

5) activities for asset management;

6) activities for property management for financing of construction objects and/or implementation of real estate transactions;

7) activities for management of mortgage covering;

8) depository activity of depository institution;

9) activities for storage of assets of institutes of joint investment;

10) activities for storage of assets of the pension funds;

11) activities for the organization of stock market trading;

12) clearing activities;

13) activities for provision of services in accumulative system of obligatory national pension insurance;

14) activities for administration of non-state pension funds.

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