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

of October 17, 2006 No. 1001

About approval of the Regulations on settlement and clearing activities for agreements concerning securities

According to articles 3 and 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", the paragraph third "About National depositary system and features of electronic security circulation in Ukraine" and for the purpose of enhancement of the basic concepts, rules and requirements to implementation of settlement and clearing activities for agreements concerning securities in National depositary system State commission on securities and the stock market SOLVED parts three of article 8 of the Law of Ukraine:  

1. Approve Regulations on settlement and clearing activities for agreements concerning securities it (is applied).

2. Declare invalid, the decision of State commission on securities and the stock market of 27.01.98 of N11 - and "About approval of the Regulations on settlement and clearing activities", with changes and amendments.

3. To clearing depositaries to bring the activities into accord with requirements of the Regulations on settlement and clearing activities for agreements concerning securities no later than year from the effective date of this decision.

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

state registration of this decision in the Ministry of Justice of Ukraine;

the publication of this decision according to the current legislation.

5. Control over the implementation of this decision to provide to the member of the commission V. Petrenko.

Approved by the Decision of State commission on securities and the stock market of Ukraine of October 17, 2006 No. 1001

Regulations on settlement and clearing activities for agreements concerning securities

This Provision is developed according to articles 3 and 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", article 27 of the Law of Ukraine "About securities and the stock market", the paragraph third parts three of article 8 of the Law of Ukraine "About National depositary system and features of electronic security circulation in Ukraine".

This Provision establishes rules of implementation of clearing and calculations including cash clearing and agreement settlements concerning securities in National depositary system, and also the directions of control of implementation of settlement and clearing activities.

I. Determination of terms

In this Provision terms are performed in such value:

negative balance on the technical account - the certification of the obligation of the client determined by depositary when implementing clearing to list to depositary certain number of securities or certain amount of money according to the order of depositary which perfroms clearing and agreement settlements concerning securities;

offset is process which can be component of settlement and clearing activities and is performed according to this Provision and internal documents of clearing depositary for the purpose of determination for each his participant of total amount of delivery and receipt of money and total quantity of delivery and receipt of securities by results of the biddings on the organizer of trade;

negative balance on technical deposit account hranitelyazasvidetelstvovany obligations of the depositor of the keeper to list certain number of securities or certain amount of money according to the order of the keeper which can be created according to the order of depositary which perfroms clearing and agreement settlements concerning securities;

positive remaining balance on the technical account - the certification of the right of the client of depositary determined by depositary when implementing clearing to receive certain number of securities and/or certain amount of money according to the order of depositary which perfroms clearing and agreement settlements concerning securities;

positive remaining balance on technical deposit account the hranitelyazasvidetelstvovany rights of the depositor of the keeper to receive certain number of securities and/or certain amount of money according to the order of the keeper which can be created according to the order of depositary which perfroms clearing and agreement settlements concerning securities;

reconciliation - transaction of depositary on identification of coincidence of the corresponding details of messages on money transfer and the sheet of the skvitovanny and approved orders;

acknowledgement - transaction of depositary or the organizer of trade on establishment of coincidence of the corresponding details of orders on delivery of securities of the client supplier and orders to receipt of securities of the client receiver which is performed by method of comparison of details of counter orders;

the client receiver (depositor receiver) - the client of depositary (the keeper's depositor - the client of depositary, including depositary correspondent) who receives securities;

the client supplier (depositor supplier) - the client of depositary (the keeper's depositor - the client of depositary, including depositary correspondent) which delivers securities;

settlement and clearing transaction - set of actions of depositary for implementation by it of settlement and clearing activities for agreements concerning securities according to requirements of regulatory legal acts;

skvitirovanny orders - counter orders on delivery of securities and the order to receipt of securities concerning which coincidence of the corresponding details is established;

the technical account - the account which opens depositary according to its internal documents for each client for whom he perfroms clearing and agreement settlements concerning securities for the accounting determined by depositary when implementing clearing of certification of obligations and the client's rights (when using the transit account - accounting of obligations and the client's rights by dealers can be provided), and also the client's depositors, including depositors of clients of depositary correspondent, concerning securities and money under agreements concerning securities;

the transit account - set of passive analytical accounts of depositary accounting which are account components in securities of the keeper in depositary which are grouped according to internal documents of depositary in codes of dealers in securities - members of the organizer of trade (further - the dealer) for accounting of the securities blocked by their owners having at the keeper of the account in securities, or managing accounts in securities of these owners for sale on organizers of trade in the dealer who acts for benefit of these owners, and accounting of securities, the property right to which by results of carrying out the agreement settlements by depositary concerning securities concluded by the dealer on organizers of trade is acquired to persons who have at the keeper of the account in securities and for benefit of whom the dealer acted. At the same time in case of the conclusion transit accounts can separately be operated by depositary of contracts with several organizers of trade on each organizer of trade.

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