International law firm CMS Cameron McKenna Nabarro Olswang in Kyiv has advised DAI Global (USAID) and the National Securities and the Stock Markets Commission of Ukraine on the most important element of securities infrastructure for the capital markets in Ukraine – rules for clearing transactions with securities and licensing terms for clearing institutions.
The new clearing rules and licensing terms for clearing institutions incorporate the novelties of the New Capital Markets Law that entered into effect on 1 July 2021 (738 Law). The New Capital Markets Law is broadly based on provisions of key EU directives and regulations establishing rules for operation of capital and financial markets, including MiFID II, EMIR, and MiFIR. It aims to change the current financial market infrastructure and to create the new comprehensive legal framework for the proper functioning of the financial markets (capital market, money market, certain commodity markets and the market for the derivatives).
DAI Global tackles fundamental social and economic development problems caused by inefficient markets, ineffective governance, and instability. It works with a wide range of clients, including national and local governments, bilateral and multilateral donors, private corporations, and philanthropies. The proposed digital infrastructure will constitute a user-friendly and paperless environment connecting practically all businesses, financiers and state-owned entities via the same network – making trade finance more accessible to small and medium-sized enterprises.
As part of the assignment, CMS assisted DAI Global and National Commission on Securities and Stock Market on the development of the licensing terms for the central counterparty clearing houses (CCPs) and the regulation of clearing activities and requirements to contractual arrangements between, inter alia, CCPs and trading venues.
Ihor Olekhov, CMS partner and Head of the Banking & Finance Practice at CMS Cameron McKenna Nabarro Olswang in Kyiv, comments: “We are delighted to advise DAI Global on the development of these regulations, which are essential to underpin a fully-fledged central counterparty infrastructure. Ukraine’s Capital Markets Law entered into effect earlier this year and has had a fundamental impact on the country’s financial market infrastructure, creating a new comprehensive legal framework for the proper functioning of financial markets. As a top-ranked firm in Ukraine for its Banking, Finance and Capital Markets advice, CMS is well-placed to advise and support on the adjustment of the regulations in line with the Capital Markets Law.”
The CMS team was led by Ihor Olekhov, partner and Head of Banking & Finance, and included counsel Kateryna Chechulina, associate Khrystyna Korpan and lawyer Iryna Barlit.
%20(2).jpg?v=3)
Social Media cookies collect information about you sharing information from our website via social media tools, or analytics to understand your browsing between social media tools or our Social Media campaigns and our own websites. We do this to optimise the mix of channels to provide you with our content. Details concerning the tools in use are in our privacy policy.