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 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.


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.


The CMS team was led by Ihor Olekhov, partner and head of Banking & Finance, and included associates Khrystyna Korpan and Iryna Kravchenko.

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