For that to wait to banks from creation of the central depositary

For that to wait to banks from creation of the central depositary

For that to wait to banks from creation of the central depositary

UKBS reminds that by preparation for consideration in the second reading the bill underwent essential changes owing to entering into it 300(!) amendments which changed the concept put in the first reading on regulation of the relations in the sphere of implementation of depository activity (in particular, is entered creations of the Financial settlements center on service of contracts in the financial market). And also, in fact, leveled the progressive norms which need of acceptance did not raise doubts at subjects of securities market at a stage of consideration of the project in the first reading (process of centralization of depository activity and a regulation of principles of interaction of participants of depository system on issues of securities, an order of drawing up of the register of owners of nominal securities and introduction of a paperless form of their existence).
UKBS notes that creation of a financial settlements center is provided in the Law deprives of participants of stock market of possibility of influence on development of calculations for transactions with financial instruments and risk management.
In particular, UKBS negatively regards standard of the Law by which banking institutions it is forced actually out from system of settlement and clearing operations. Legislative innovations will lead to monopolization by the state of settlement and clearing activity that will create essential barriers to development of exchange activity and considerably will complicate conditions of involvement of investors in stock market.
Experts note that clearing establishments should have the right to sign the contract on carrying out monetary calculations for results of clearing not only with a financial settlements center, but also with commercial banks.
And also note about excessiveness of requirements of the Law concerning possibility of combination of types of depository activity only under condition of their production by separate structural divisions of depository establishment, in an order established НКЦПФР. After all here depository activity of depository establishment, activities for storage of assets of institutes of joint investment and activity for storage of assets of pension funds are based on identical technologies and do not contain special specifics. In Ukraine 383 licenses for implementation of depository activity of the keeper of securities, including 122 licenses – to banks which generally carry out functions of keepers of assets of institutes of joint investment and non-state pension funds are granted. The requirement of performance of these functions by separate divisions will demand additional expenses on formation and the maintenance of such structural divisions.
Besides, participants of the market note and about risks which contain standards of the Law. After all it is supposed that the client can receive services both in clearing, and in calculations in a financial settlements center which not only receives from clients of means for calculations, but also assumes their risks and obligations. Thus the state in the person of NBU to cover risks of the commercial organizations that, according to experts, is unreasonable.
«Considering essential shortcomings of the offered legislative regulation, the specified Law demands completion for prevention of monopolization of settlement and clearing activity, infringement of interests of commercial banks and a rearrangement on the state of risks of business, – Galina Olifer noted the Director general of Association» Ukrainian Credit and Bank Union ».

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