Abstract
Recent developments in the regulation of securities clearing and settlement system in Ukraine aimed at harmonization of Ukrainian securities legislation with the European and international regulatory standards are discussed in this article. Attention is focused on the key provisions of the Law of Ukraine “On Depository System of Ukraine” which has become one of the cornerstones of the legislative framework for the securities market regulation. These provisions are compared with the rules of UNIDROIT Convention on Substantive Rules for Intermediated Securities and the level of harmonization of the Ukrainian securities legislation with the international standards is evaluated. Particular attention is paid to the concepts of intermediated securities and intermediaries, the issues of transfer and exercise of the rights in securities and rights attached to securities under the specified Law are explored, as well as the insolvency of intermediaries and its effect on their relations with the securities account holders is scrutinized. Attention is also devoted to the regulation of netting in Ukraine and major innovation introduced in legislation in this respect. The outcomes of the author’s analysis are summarized and general comments are provided as to the degree of finality of harmonization process in the Ukrainian securities regulation and regulation of clearing and settlement systems.
Highlights
Introduction of the netting provision to Ukrainian legislation by the Law on Depository System is inextricably connected with the overall reform process in securities depository system regulation
Recent developments in regulation of securities clearing and settlement system in Ukraine reveal significant progress achieved in enhancement of legislative framework for the securities market
Further harmonization efforts will definitely be needed to ensure availability of the transparent and well-functioning national securities clearing and settlement system governed under the pivotal principles of the Geneva Securities Convention
Summary
Introduction of the netting provision toUkrainian legislation by the Law on Depository System is inextricably connected with the overall reform process in securities depository system regulation. 2016 ріально-правових норм відносно цінних паперів, які знаходяться у володінні посередників 2009 року, та оцінюється рівень гармонізації українського законодавства про цінні папери з міжнародними стандартами.
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