News and developments
USAID project and Sayenko Kharenko assist the NSSMC in developing new regulations for commodity exchanges
The Law # 738, which sets out the new versions of the Laws “On Capital Markets and Organised Commodity Markets” and “On Commodity Exchanges”, introduced absolutely new regulation of commodity exchanges. Its effective date was 1 July 2021. Under the previous legislation that had been in effect since 1991, commodity exchanges were essentially unregulated and functioned more like auctions than exchanges with organised trading.
To implement the Law on the basis of the international standards of exchange trading, the following regulations were drafted:
- Licensing requirements for carrying out professional activities in organised commodity markets – the activity of organising trading in products on commodity exchanges,
- Procedure for issuing, suspending, and cancelling a license to carry out professional activities in organised commodity markets – the activity of organising trading in products on commodity exchanges, and
- Regulation on organising trading in products on commodity exchanges.