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CMS Advised on Securities Clearing Infrastructure in Ukraine

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. 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.  The New Capital Markets Law is aimed to change the current financial market infrastructure and to create the new comprehensive legal framework for 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 would have 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 associates Khrystyna Korpan and Iryna Kravchenko.

For further information, please contact:

Darina Gordienko

E: darina.gordienko@cms-cmno.com

T: +044 391 3377


Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With more than 70 offices in over 40 countries across the world and more than 5,000 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Infrastructure & Projects, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Competition & EU, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

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