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

of November 22, 2012 No. 1688

About approval of the Regulations on functioning of stock exchanges

According to the paragraph the second Articles 3, part one Items 1 and 5, Items 1, of 6, of 7, of 8, 13 and 37-2 parts two of Article 7, Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", articles 23 and 25 of the Law of Ukraine "About securities and the stock market" the National commission on securities and the stock market SOLVED:

1. Approve Regulations on functioning of stock exchanges which are applied.

2. Declare invalid the decision of State commission on securities and the stock market of December 19, 2006 No. 1542 "About approval of the Regulations on functioning of stock exchanges", registered in the Ministry of Justice of Ukraine on January 18, 2007 for No. 35/13302 (with changes).

3. To stock exchanges to bring the activities into accord with the Regulations on functioning of stock exchanges approved by this decision within six months after entry into force of this decision.

4. And stock exchanges of Naumenko O. O. to provide to the director of the department of regulation of activities of dealers in securities:

submission of this decision on implementation of examination on compliance of the Convention on human rights protection and fundamental freedoms in the Secretariat of the Government representative for cases of the European Court of Human Rights of the Ministry of Justice of Ukraine;

submission of this decision on state registration in the Ministry of Justice of Ukraine.

5. To provide to the head of department of information technologies, internal and external communications Stutterer A.L. the publication of this decision according to the legislation.

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

7. This decision becomes effective from the date of its official publication.

Approved by the Decision of the National commission on securities and the stock market of Ukraine of November 22, 2012 No. 1688

Regulations on functioning of stock exchanges

I. General provisions

1. This Provision determines the basic principles and requirements to functioning of stock exchanges in Ukraine.

2. Terms which are used in this Provision are used in such value:

algorithmic trade is trade in financial instruments which is performed by automatic (with limited intervention of the person or without such intervention) accomplishment by computer algorithm of functions by determination of individual parameters of requests or quotations, in particular, of establishment of availability of the circumstances testimonial of need of initiation of requests or quotations, determinations of the moment of initiation of requests or quotations, sendings requests or quotations, determinations of the price or the number of the financial instruments which are subject of requests or quotations, or actions which need to be made with requests or quotations after their sending;

the exchange contract (agreement) - the agreement of purchase - security sale and other financial instruments which consists between participants of the exchange biddings and is registered stock exchange;

the stock exchange rate of security - the calculated value of the price of security (market price of security) which is determined according to procedure for determination of the stock exchange rate of the security established by the National commission on securities and the stock market and is promulgated according to this Provision;

the stock exchange list - the document of stock exchange containing information concerning securities which for the corresponding date are allowed to trade in the mode of the regular biddings on the stock exchange on category of listing securities or on category of extra listing securities;

the stock exchange list of financial instruments - the document of stock exchange containing information concerning financial instruments, others, than securities which for the corresponding date are allowed to trade on the stock exchange;

the exchange register - component of the stock exchange list which contains information of rather listing securities;

the stock stock index - indicator which determines summary security price which are quoted on the stock exchange and is calculated stock exchange taking into account the requirements established by this Provision;

the exchange biddings - organized submission by bidders of requests for purchase security sale and other financial instruments which led to the conclusion on the stock exchange of exchange contracts (agreements) according to the legislation and stock exchange rules;

limiting spread of the quotation - the relation of difference of maximum price of the unaddressed request for sale expected certain timepoint as a percentage in case of which the total amount of requests of the financial instrument calculated by the accruing result in ascending order of the price makes size not smaller minimum admissible amount (further - MDO) and minimum price of the unaddressed purchasing request in case of which the total amount of requests of the financial instrument calculated by the accruing result according to the procedure of reduction of the price makes the size, not smaller MDO to minimum price of the unaddressed purchasing request in case of which the total amount of requests of the financial instrument calculated by the accruing result according to the procedure of reduction of the price makes the size, not smaller MDO;

the bilateral quotation - set of the exchange biddings of one or several unaddressed purchasing requests and one or several unaddressed requests for sale of the corresponding financial instruments provided by one participant which conforms to requirements imposed to limiting spread of the bilateral quotation;

the admission to trade - set of procedures for check of compliance of securities by stock exchange and their issuers, other financial instruments to the requirements established by the legislation and stock exchange rules for introduction on this stock exchange of the centralized conclusion of exchange contracts (agreements) concerning such securities, other financial instruments;

the request - the offer submitted the participant of the exchange biddings according to stock exchange rules on purchase or security sale or other financial instruments which contains conditions on which it is offered to perform the conclusion of the exchange contract (agreement); the request of the participant of the exchange biddings registered by stock exchange is the offer and the consent of this participant to conclude and execute the exchange contract (agreement);

the request address - the application which is submitted by the participant of the exchange biddings and is addressed to other participant of the exchange biddings;

the request anonymous - the request which conditions do not allow participants of the exchange biddings to identify the participant of the exchange biddings who exposed such request until the conclusion of the exchange contract;

the request unaddressed - the application which is submitted by the participant of the exchange biddings and is addressed to all participants of the exchange biddings;

the trade stop - the procedure which leads to prohibition during certain term to submit applications and to sign exchange contracts of rather separate or all securities and other financial instruments;

electronic trading system - set of organizational, technological and technical means which are used by stock exchange for providing the conclusion of exchange contracts (agreements) on securities and other financial instruments;

the initiator of auction - person who got access to the exchange biddings for the purpose of purchase/security sale by holding the auction and signed the agreement on the organization and holding the auction with the exchange;

information exchange - exchange of information between stock exchanges which is approved by them on structure, form and structure of data, frequency of forming and transfer;

listing securities - securities which underwent the procedure of listing on the stock exchange, entered in the exchange register as such which meet the requirements of listing, according to this Provision and stock exchange rules;

lot - the minimum quantity of securities and other financial instruments established by stock exchange which can be sold or purchased during the trading session;

the market maker - the member of stock exchange who according to stock exchange rules shall maintain liquidity of the market of the corresponding securities and other financial instruments which are admitted to exchange trading, based on the relevant contract with the issuer of securities or with stock exchange;

the minimum admissible amount (MAA) - minimum admissible amount of the unaddressed request (requests) for purchase/sale of the corresponding financial instruments;

the cumulative coupon (percentage) yield on the bond (further - NKD) - the part of the coupon (percentage) yield on the bond calculated in proportion to the number of days from payment date of the previous coupon yield, or date of placement of the bond or start date of charge of the first coupon payment before date of cash agreement settlements of purchase and sale of the bond;

the non-standard exchange contract - the contract (agreement) which does not answer stock exchange rules;

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