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Ukrgasbank Has Got New Licenses for Carrying out Depositary Activity

In pursuance of the provisions of the Law of Ukraine On Depositary Activity of Ukraine No. 5178-VI, which comes into force on 12 October 2013, Ukrgasbank has obtained new licenses of the Securities and Stock Market State Commission. The licenses permit carrying out of depositary activity, keeping assets of mutual investment institutions and pension funds and shall become valid from 12 October 2013.

In connection with changes in the Ukrainian legislation on depositary activity regulation, a new Law of Ukraine On Depositary System of Ukraine No. 5178 dated 6 July 2012 has come into force. Along with the above mentioned Law, the amendments to the Law On the Securities and Stock Market have come into force since 1 January 2013. The amendments were introduced by the Law of Ukraine On Amendments to Some Legislative Acts of Ukraine with the Aim of Improving the Securities Legislation No.5042 dated 4 July 2012. The above specified amendments to the legislative acts completely change the approach to depositary activity and the whole procedure of licensing for professional stock market participants, including securities holders.