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Contents

  1. Monitoring compliance of professionals operating on the stock market with the requirements of securities legislation
  2. Amendments to the Rules for noncash settlements in Ukrainian currency in Ukraine
  3. Ensuring repayment of credit
  4. Interest rate of the National Bank of Ukraine

1. Monitoring compliance of professionals operating on the stock market with the requirements of securities legislation

Resolution of the State Commission for Securities and the Stock Market No. 285 of 17 March 2009 "On approval of the procedure for monitoring the compliance of professional operators on the stock market with the requirements of securities legislation"

With Resolution No. 285 of 17 March 2009, the State Commission for Securities and the Stock Market ("SCSSM") approved the procedure for monitoring the compliance of professional operators on the stock market with the requirements of securities legislation, establishing a uniform approach for the SCSSM to monitor the compliance of a professional operator on the stock market (the "Licensee") with the requirements set out in securities legislation through regular and ad hoc inspections of the premises of such Licensee and/or the SCSSM, in particular with respect to the:

  • procedure for the preparation and conduct of regular and ad hoc inspections;
  • rights and obligations of the chief executive and members of the working group appointed by the SCSSM to conduct inspections, the rights and obligations of the Licensee and its officials during an inspection;
  • procedure and permitted period for holding documents confiscated during an inspection, rights of the head of the working group when processing confiscated documents; and
  • procedure for the preparation of Act of inspection (regular/ad hoc) and of other documents connected with such inspection.

The resolution came into force on 26 June 2009.

2. Amendments to the Rules for non-cash settlements in Ukrainian currency in Ukraine

Resolution of the board of the National Bank of Ukraine No. 296 of 15 May 2009 "On approval of amendments to the Rules for non-cash settlements in Ukrainian currency in Ukraine"

With Resolution No. 296 of 15 May 2009, the board of the National Bank of Ukraine ("NBU") introduced amendments to the Rules for non-cash settlements in Ukrainian currency in Ukraine (approved by NBU Board Resolution No. 22 of 21 January 2004), stipulating that:

  • in order to make payments, a bank making such agreements may include an instruction to debit the relevant account in any form in an agreement concluded with a payer who is a physical person, and such instruction must contain certain obligatory details, stipulated by the Rules;
  • a bank has the right to transfer funds deposited to its cash-office by different payers to be transferred to the account of one beneficiary, on the basis of the agreement between the bank and the beneficiary, using one payment document for the total amount and must deliver to the beneficiary all information about the transfer of each payer's transfer by whichever method is stipulated in the agreement;
  • provided it is contemplated by the agreement between the bank and the payer, the payer may transfer funds to a bank account for further transfer of such funds by the bank to the accounts of beneficiaries under a procedure set out in the agreement; the bank will effect the transfer of such funds using its own payment documents; and
  • if an account is closed by a client in the case of reorganization or liquidation of a legal entity or such closing is initiated by a bank, the seizure of such funds is not avoided, and any document ordering such seizure must be accounted for on the relevant off-balance sheet account.

The resolution came into force on 03 July 2009.

3. Ensuring repayment of credit

Resolution of the board of the National Bank of Ukraine No. 328 of 03 June 2009 "On measures taken to ensure the repayment of credit"

Resolution of the board of the NBU No. 328 of 03 June 2009 ("Resolution No. 328") sets out the principles to be followed by banks deciding to restructure borrowers' credit debts and/or change the currency of credit debts in a foreign currency to the national currency.

Resolution No. 328 also sets out a special procedure for evaluating the financial status of borrowers and borrowers' debt service status, that may be applied by banks until 1 January 2011, for credit sums where the debt underwent restructuring/change of currency in compliance with the principles set forth in Resolution No. 328.

Resolution No. 328 came into force on 03 June 2009.

4. Interest rate of the National Bank of Ukraine

Resolution of the board of the National Bank of Ukraine No. 343 of 12 June 2009 "On monitoring of the money market"

Resolution of the board of the National Bank of Ukraine No. 343 of 12 June 2009 sets the interest rate at 11% per annum from 15 June 2009.

The resolution came into force on 12 June 2009.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.