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

of March 21, 2006 No. 187

About approval of the Regulations on order of registration of release of hypothecation certificates which are issued in paperless form, information on their release and the report on results of release of hypothecation certificates

According to Item 5 of article 50 of the Law of Ukraine "About mortgage lending, transactions with the consolidated mortgage debt and hypothecation certificates" and the Laws of Ukraine "About securities and the stock market", "About state regulation of the security market in Ukraine", "About National depositary system and features of electronic security circulation in Ukraine", "About financial accounting and the financial reporting in Ukraine" State commission on securities and the stock market SOLVED:

1. Approve Regulations on order of registration of release of hypothecation certificates which are issued in paperless form, information on their release and the report on results of release of hypothecation certificates it (is applied).

2. To provide to the chief of staff of State commission on securities and the stock market M. Nepran:

state registration of the Provision in the Ministry of Justice of Ukraine;

publication of this decision according to the current legislation.

3. This decision becomes effective with entry into force of the Law of Ukraine "About securities and the stock market".

4. Control of execution of this decision to assign to the Chief of staff of State commission on securities and the stock market Nepran M. I.

Approved by the Decision of State commission on securities and the stock market on March 21, 2006 No. 187

Regulations on order of registration of release of hypothecation certificates which are issued in paperless form, information on their release and the report on results of release of hypothecation certificates

This Provision is drafted according to Item 5 of article 50 of the Law of Ukraine "About mortgage lending, transactions with the consolidated mortgage debt and hypothecation certificates" (further the Law), the Laws of Ukraine "About securities and the stock market", "About state regulation of the security market in Ukraine", "About National depositary system and features of electronic security circulation in Ukraine" and "About financial accounting and the financial reporting in Ukraine".

This Provision establishes order of registration in State commission on securities and the stock market (further - body of registration) information on release of hypothecation certificates and release of hypothecation certificates and the report on results of release of hypothecation certificates.

1. Determination of terms

In this Provision terms are used in such value:

the cost of share of mortgage assets which is the share of one hypothecation certificate of participation is the relation of total amount of the mortgage assets providing release of hypothecation certificates of participation to the number of certificates of this release;

the owner of hypothecation certificates - physical person or legal entity to which hypothecation certificates belong on the property right;

open (public) placement of hypothecation certificates - their alienation based on publication in mass media of the message on sale of hypothecation certificates turned to in advance not certain number of persons;

issue of hypothecation certificates - set of actions of the issuer of hypothecation certificates concerning ensuring carrying out release, placement, the circulation of hypothecation certificates, payment of their nominal value and percent (according to certificates with the fixed profitability) and payments (on participation certificates);

the issuer of hypothecation certificates (further - the issuer) - financial institution which on its own behalf issues hypothecation certificates according to requirements of the Law also shall carry out obligations which follow from information on their release;

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