Ukraine's Capital Markets Await a Restart – Government Prepares to Attract a Strategic Investor
The Cabinet of Ministers of Ukraine has submitted to the Verkhovna Rada a draft law on attracting a strategic foreign investor to the infrastructure of Ukraine's capital markets. The draft law is registered under No. 15301.
The initiative aims to regulate the creation of vertically integrated capital market infrastructure in Ukraine in the format of a holding infrastructure company.
The draft law proposes amendments to the laws of Ukraine "On the National Bank of Ukraine," "On Management of State Property Objects," "On Capital Markets and Organized Commodity Markets," and "On the Depository System of Ukraine." These amendments provide for the legal regulation of a number of procedures in this area.
Main Provisions of the Draft Law
As noted by the Cabinet's representative in the Verkhovna Rada, Taras Melnychuk, among the key changes proposed to be established are:
- definition of the procedure for conducting a competition to select an international strategic investor;
- establishment of the procedure for the infrastructure investor, created by the international strategic investor, to acquire ownership rights to shares of PJSC "Settlement Center for Financial Market Contracts" and PJSC "National Depository of Ukraine";
- definition of the procedure for the state to acquire ownership rights to shares of the capital markets infrastructure investor;
- regulation of the shareholder structure of PJSC "National Depository of Ukraine," including maintaining the majority stake (50%+1) of the National Bank of Ukraine and removing voting restrictions for all shareholders related to the state;
- definition of the legal status of shares of PJSC "National Depository of Ukraine" and PJSC "Settlement Center for Financial Market Contracts" owned by the National Bank of Ukraine.
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