It is registered
Ministry of Justice of Ukraine
January 22, 2013
No. 160/22692
of December 27, 2012 No. 1902
About approval of the Regulations on mortgage covering of regular mortgage bonds, procedure for maintaining the register of mortgage covering and management of mortgage covering of regular mortgage bonds
According to parts one and the second article 27 of the Law of Ukraine "About mortgage bonds", Item 30-1 of part two of Article 7 and Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", the Civil code of Ukraine, the Laws of Ukraine "About securities and the stock market", "About mortgage", "About pledge" the National commission on securities and the stock market SOLVED:
1. Approve Regulations on mortgage covering of regular mortgage bonds, procedure for maintaining the register of mortgage covering and management of mortgage covering of regular mortgage bonds which is applied.
2. Declare invalid the decision of State commission on securities and the stock market of September 1, 2006 No. 774 "About approval of the Regulations on mortgage covering of regular mortgage bonds, procedure for maintaining the register of mortgage covering and management of mortgage covering of regular mortgage bonds", registered in the Ministry of Justice of Ukraine on November 15, 2006 for No. 1205/13079.
3. To provide to department of joint investment and regulation of activities of institution investors (O. Simonenko) provision of this decision on state registration in the Ministry of Justice of Ukraine.
4. To department of external and internal communications of management of information technologies, external and internal communications (Yu. Zhuly) to provide publication of this decision according to the legislation of Ukraine.
5. Control over the implementation of this decision to assign to the member of the National commission on securities and the stock market O. Petrashko.
6. This decision becomes effective from the date of its official publication.
The commission chairman on securities and the stock market of Ukraine
D. Tevelev
Approved by the Decision of the National commission on securities and the stock market of Ukraine of December 27, 2012 No. 1902
1. This Provision is developed according to parts one and the second article 27 of the Law of Ukraine "About mortgage bonds" (further - the Law), Item 30-1 of part two of Article 7 and Item 13 of article 8 of the Law of Ukraine "About state regulation of the security market in Ukraine", the Civil code of Ukraine, the Laws of Ukraine "About securities and the stock market", "About mortgage", "About pledge".
Action of this provision extends to the financial institutions having the license for the right of implementation of activities for management of mortgage covering (further - managers), issuers of regular mortgage bonds (further - issuers), the auditing firms performing check of condition of mortgage covering (further - auditors).
2. This Provision determines:
2.1. Conditions of inclusion of mortgage assets in structure of mortgage covering of regular mortgage bonds.
2.2. Procedure for forming of mortgage covering of regular mortgage bonds.
2.3. Requirements to balance of mortgage covering with debt on regular mortgage bonds.
2.4. Requirements to maintaining and contents of Sections of the register of mortgage covering.
2.5. Conditions of information access which contains in the register of mortgage covering.
2.6. Procedure for test of mortgage covering and provision of extraction from the register of mortgage covering.
2.7. Disclosure of information from the register of mortgage covering.
2.8. Functions on management of mortgage covering of regular mortgage bonds.
2.9. Requirements and restrictions concerning activities of the manager, terms of replacement of the manager.
2.10. Referral terms of the contract about management of mortgage covering.
1. Mortgage covering of regular mortgage bonds mortgage assets with observance of stated below conditions can be included.
2. Mortgage assets shall belong to the issuer on the property right and can be aloof in case of failure to carry out by the issuer of obligations according to regular mortgage bonds. At the time of inclusion of mortgage assets in mortgage covering, and also during all term of stay of these assets as a part of mortgage covering the issuer shall:
2.1. Have the creditor's rights on the corresponding mortgage asset. The issuer's rights to mortgage asset cannot be limited or burdened by the rights of any other persons, except owners of regular mortgage bonds.
2.2. Keep possibility of departure of the rights on the corresponding mortgage asset for the benefit of other person for the purpose of accomplishment of obligations to owners of regular mortgage bonds.
2.3. Not limit or burden the right of owners of regular mortgage bonds to turn collection on mortgage assets as a part of mortgage covering, except for the restrictions established by the Law and the prospectus of the issue of the corresponding release of regular mortgage bonds.
3. The obligations of debtors provided with mortgage are subject to accomplishment exclusively in cash. It is not allowed to include in structure of mortgage covering mortgage assets which contractual conditions of origin provide accomplishment of obligations of debtors in natural form, by offsetting or in a different way which does not provide complete payment to the issuer of the main amount of debt and percent in cash.
4. Data that the issuer is mortgage holder according to the corresponding mortgage agreement shall be entered in the corresponding state register in the procedure established by the legislation. Data on burdening of real estate mortgage for the benefit of the issuer are documented by the statement (the reference or other document according to the legislation) from the State register of mortgages or from the State register of the corporeal rights to real estate depending on in what of these registers according to the legislation mortgages are registered.
5. Mortgage assets are not in pledge or are not burdened otherwise for ensuring accomplishment by the issuer of other obligations, than obligations on the corresponding release of regular mortgage bonds. At the time of inclusion of mortgage assets in structure of mortgage covering, and also during all term of stay of these assets as a part of mortgage covering of the right of the issuer as the creditor on the corresponding mortgage assets cannot be subject of the contractual or non-contractual restrictions or burdenings providing origin at other persons except owners of regular mortgage bonds, the rights to satisfaction of their requirements to the issuer at the expense of such mortgage assets.
6. According to the mortgage or credit agreement confirming the issuer's rights to the corresponding mortgage asset which is included mortgage covering the decision on the address of collection is not made and concerning the debtor according to such mortgage or credit agreement proceeedings about bankruptcy are not initiated. Mortgage assets are not included mortgage covering in case:
6.1. Availability requirements of the issuer about early accomplishment by the debtor of obligations for the conforming mortgage or credit agreement or judicial proceedings concerning collection from the debtor of debt on such agreement.
6.2. Addresses of collection on real estate which is mortgage subject.
6.3. Excitement concerning the debtor of proceeedings about bankruptcy.
7. Conditions of the corresponding mortgage agreement cannot provide possibility of replacement or alienation with ipotekodatel of subject of mortgage without the consent of the mortgage holder. For the purpose of ensuring control of the issuer of accomplishment by the debtor of the specified conditions of the mortgage agreement the corresponding data shall be entered in the Unified register of prohibitions of alienation of real estate units or in other state register in which according to the legislation information concerning prohibition of alienation of the real estate is subject to registration.
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