11:46 20.12.2019

Rada passes at first reading reviewed bill No. 2284 on derivatives, financial markets

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Rada passes at first reading reviewed bill No. 2284 on derivatives, financial markets

Ukraine's Verkhovna Rada passed at first reading bill No. 2284 submitted by MPs from the Servant of the People parliamentary faction, amending some Ukrainian laws with the purpose of attracting investment and introducing new financial tools, which is refined bill No. 9035 on derivatives and financial markets discussed by the parliament of the previous convocation.

An Interfax-Ukraine correspondent has reported that 244 MPs backed the document.

According to the presentation of the bill, previously published by Head of the National Commission for Securities and the Stock Market Tymur Khromaev, the bill will implement the mandatory EU requirements of MiFID II, MIFIR, EMIR acts.

In terms of financial infrastructure, the bill provides for the introduction of the institution of a regulated market operator to ensure the centralized conclusion and implementation of agreements, the creation of a trading repository (database) for the full functioning of derivatives markets and the introduction of a central agent to remove the risks of non-compliance with agreements and calculate them.

In addition, it is planned to create a model of the Multilateral Trading System (MTF) – a market for small and medium-sized businesses and introduce a flexible market for bonds and derivative contracts – the Organized Trading Facility (OTF).

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