On 12 October, 2013 the Law of Ukraine № 5178-VI dated July 6, 2012 “On depository system of Ukraine” (hereinafter - the Law) has came into force, thereby the Ukrainian stock market has undergone extensive changes in its infrastructure - the Central Securities Depository and Settlement Center are established.
The status of the Central Securities Depository has acquired Public Joint Stock Company “National Depository of Ukraine”.
According to the Rules of the Central Securities Depository registered by the National Securities Commission and Stock Market of Ukraine, the Central Depository keeps depository accounting of all issuance securities except those, the records of which the National Bank of Ukraine maintains in accordance with the competences defined by the Law.
The National Bank of Ukraine performs depositary functions for government securities and municipal bonds.
In the cases established by the national securities and stock market commission, depository activities of the Central Depository may be combined with clearing activities.
An important change introduced by the Law is creation of the Settlement Center that will conduct cash settlements of securities transactions and other financial instruments on the day of operation for all securities transactions on stock exchanges as well as OTC market.
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