Opening the sitting, First Deputy Chairman Serhii Teriokhin focused on the establishment of the Central Depository, state regulation of its operation, and its functions.
The Committee analyzed two alternative bills on the topic: on amendments to several laws of Ukraine regarding centralization of the depositary system of Ukraine (Reg. No. 8510), submitted by People´s Deputy I.Prasolov, and on amendments to several laws of Ukraine regarding consolidation of the National Depositary System (Reg. No. 8510-1) submitted by People´s Deputy A.Pinchuk.
The bill under Reg. No. 8510 grants exclusive authorities to the National Depository as the Central Securities Depository to serve the issuers by all issued paperless securities. It also states that global certificates and temporary global certificates shall be stored in the National Depository of Ukrainy exclusively.
The primary purpose of the bill under Reg. No. 8510-1 is to form a depositary system by consolidating the depositories of a supreme level, i.e. the National Depository of Ukraine and other securities depositories licensed for depositary and accounting-clearing activity.
Members of the working group concluded that apart from establishing the Central Depository, it is necessary to modernize the entire depositary system of Ukraine.