President signs law on financial markets
President of Ukraine Volodymyr Zelensky has signed the law on amendments to certain legislative acts of Ukraine on facilitating the attraction of investments and the introduction of new financial instruments (bill No. 2284).
The relevant information has been posted on the website of the Verkhovna Rada.
As reported, Ukraine has undertaken to adopt this law by the end of June as part of a memorandum with the International Monetary Fund under the current Stand-By Arrangement. The Rada finally approved it on June 19, and the speaker signed it on July 27.
The law, which is updated bill No. 9035 on derivatives and financial markets of the previous parliamentary convocation, implements the mandatory requirements in the EU of the acts 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 the centralized conclusion and execution of agreements, the creation of a trade repository (database) for the full functioning of derivatives markets and the introduction of a central counterparty to remove the risks of non-performance of agreements and settle them.
The document also provides for the introduction of a differentiated approach to the licensing of financial intermediaries, according to which less responsibility implies less requirements.