14:52 19.06.2020

Parliament adopts law on financial markets

2 min read
Parliament adopts law on financial markets

The Verkhovna Rada at second reading and as a whole adopted the law amending certain laws to attract investment and introduce new financial instruments (bill No. 2284), which is updated bill No. 9035 on derivatives and financial markets of the parliament of the previous convocation.

According to an Interfax-Ukraine correspondent, the law was supported by 285 MPs with the quorum being 226 votes without discussion.

Ukraine has committed to adopt this law before the end of June as part of the memorandum with the International Monetary Fund.

Bill No. 2284 implements mandatory EU requirements of the acts of MiFID II, MIFIR, EMIR. In terms of financial infrastructure, the document provides for the introduction of the institution of a regulated market operator to ensure centralized conclusion and execution of agreements, the creation of a trading repository (database) for the full functioning of derivatives markets and the introduction of a central counterparty to remove the risks of non-compliance with agreements and calculate them.

The draft law also provides for a differentiated approach to licensing financial intermediaries, according to which less responsibility implies less requirements.

Regarding financial instruments, it is planned to introduce derivative contracts, bank deposit certificates and issue more secure corporate bonds under the new procedure. In addition, the bill provides for the introduction of general rules for the issue of derivative securities.

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