Depository alternatives in Ukraine
EquityStory.RS, LLC-News: Professional Association of Registrars and
Depositories / Key word(s): Legal Matter/Corporate Action
Depository alternatives in Ukraine
01.12.2011 / 14:02
---------------------------------------------------------------------
Professional Association of Registrars and Depositories
Schorsa str. 32-B, of. 61, Kyiv 01133 Ukraine
Tel/Fax. (044) 286-94-20
E-mail: pard@pard.ua
PRESS-RELEASE
1/12/2011 Kyiv, Ukraine
Depository alternatives in Ukraine
On November 29, 2011, self-regulatory organization on Ukrainian stock
market PARD and People's Deputy of Ukraine, former Minister of Economy
Serhiy Terekhin held a joint press conference of 'Market vs. Government:
the future of the depository system' at press center LIGABusinessInform.
Head of self-regulatory organization PARD presented the alternative draft
law on the depository to the one, which was developed by Cabinet of
Ukraine.
Participants of the event drew attention to the threats of the bill
proposed by the Ukrainian government, and explained their vision of further
development of the depository system in Ukraine.
On November 23, 2011 PARD released an official statement, which criticized
the draft law 'On the system of depository account securities» ( 9428).
The statement proclaimed that enactment of bill proposed by Cabinet will
impinge on the ownership rights of securities, monopolization of depository
market, high concentrations of risk with potential local and systemic
crises in Ukrainian financial system.
The head of the Board of PARD Vladimir Scherban, 'an official statement of
the Professional Association of Registrars and Depositories arose primarily
as a reaction to the threat of custodians extinction due to the
introduction of the bill's norms made by the Cabinet of Ministers.' Indeed,
recently, according to Mr. Shcherban, registrars were virtually destroyed
the same way with the adoption of the Law of Ukraine 'On securities and
stock market.'
'This spring, when trying to create a central depository in Ukraine, it was
perceived as a place of possible access to insider information or a place
to earn money, - comments former Minister of Economy, Serhiy Teryokhin. -
The bill of Cabinet of Ministers also aims to make hidden money from
central depository. While ideally Depository should be library and
calculator. We are more satisfied with the bill of PARD, where the central
depository retains its inherent features'.
Alex Kyi, president of PARD, calls the key elements of alternative bill,
developed by the market. First of all it is 'creation of a central
depository as a nonprofit entity which better suits his purpose, as tha
technological center of custody market and establishes its unique status.'
In addition, Mr. Kyi says that the bill proposed by the market, allows
'expanding the range of custodian services in accordance with international
standards, as well as preserving the integrity of the depository system by
maintaining the clearing function of the depositary'.
About PARD:
PARD (Professional Association of Registrars and Depositories) is the only
professional association in the depository activities market in Ukraine.
The association, which was founded in 1996, represents the interests of 602
members. PARD is one of the oldest and most numerous self-regulatory
organizations in Ukrainian stock market.
This association includes the Legal Committee, the Depository Committee and
the Committee on Protection of Personal Information. In addition, PARD
manages 'The Financial Monitoring' project, creates rating of professional
market participants, provides arbitration and works on development of laws
and regulations.
For further information, please contact Olga Tsilyk: 38(093)768 80 83,
o.tsilyk@pard.ua
End of Corporate News
---------------------------------------------------------------------
01.12.2011 Dissemination of a Corporate News, transmitted by
EquityStory.RS, LLC - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
148334 01.12.2011
EquityStory.RS, LLC-News: Professional Association of Registrars and
Depositories / Key word(s): Legal Matter/Corporate Action
Depository alternatives in Ukraine
01.12.2011 / 14:02
---------------------------------------------------------------------
Professional Association of Registrars and Depositories
Schorsa str. 32-B, of. 61, Kyiv 01133 Ukraine
Tel/Fax. (044) 286-94-20
E-mail: pard@pard.ua
PRESS-RELEASE
1/12/2011 Kyiv, Ukraine
Depository alternatives in Ukraine
On November 29, 2011, self-regulatory organization on Ukrainian stock
market PARD and People's Deputy of Ukraine, former Minister of Economy
Serhiy Terekhin held a joint press conference of 'Market vs. Government:
the future of the depository system' at press center LIGABusinessInform.
Head of self-regulatory organization PARD presented the alternative draft
law on the depository to the one, which was developed by Cabinet of
Ukraine.
Participants of the event drew attention to the threats of the bill
proposed by the Ukrainian government, and explained their vision of further
development of the depository system in Ukraine.
On November 23, 2011 PARD released an official statement, which criticized
the draft law 'On the system of depository account securities» ( 9428).
The statement proclaimed that enactment of bill proposed by Cabinet will
impinge on the ownership rights of securities, monopolization of depository
market, high concentrations of risk with potential local and systemic
crises in Ukrainian financial system.
The head of the Board of PARD Vladimir Scherban, 'an official statement of
the Professional Association of Registrars and Depositories arose primarily
as a reaction to the threat of custodians extinction due to the
introduction of the bill's norms made by the Cabinet of Ministers.' Indeed,
recently, according to Mr. Shcherban, registrars were virtually destroyed
the same way with the adoption of the Law of Ukraine 'On securities and
stock market.'
'This spring, when trying to create a central depository in Ukraine, it was
perceived as a place of possible access to insider information or a place
to earn money, - comments former Minister of Economy, Serhiy Teryokhin. -
The bill of Cabinet of Ministers also aims to make hidden money from
central depository. While ideally Depository should be library and
calculator. We are more satisfied with the bill of PARD, where the central
depository retains its inherent features'.
Alex Kyi, president of PARD, calls the key elements of alternative bill,
developed by the market. First of all it is 'creation of a central
depository as a nonprofit entity which better suits his purpose, as tha
technological center of custody market and establishes its unique status.'
In addition, Mr. Kyi says that the bill proposed by the market, allows
'expanding the range of custodian services in accordance with international
standards, as well as preserving the integrity of the depository system by
maintaining the clearing function of the depositary'.
About PARD:
PARD (Professional Association of Registrars and Depositories) is the only
professional association in the depository activities market in Ukraine.
The association, which was founded in 1996, represents the interests of 602
members. PARD is one of the oldest and most numerous self-regulatory
organizations in Ukrainian stock market.
This association includes the Legal Committee, the Depository Committee and
the Committee on Protection of Personal Information. In addition, PARD
manages 'The Financial Monitoring' project, creates rating of professional
market participants, provides arbitration and works on development of laws
and regulations.
For further information, please contact Olga Tsilyk: 38(093)768 80 83,
o.tsilyk@pard.ua
End of Corporate News
---------------------------------------------------------------------
01.12.2011 Dissemination of a Corporate News, transmitted by
EquityStory.RS, LLC - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
EquityStory.RS, LLC's Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
148334 01.12.2011