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1) Capital Markets and Organized Commodities Markets Law
2) Commodities Stock Exchange Law
COMES INTO FORCE ON 1 JULY 2021
New Regulatory Requirements & New Opportunities
Project Finance & Restructuring
- credit linked notes (= bonds linked to third party’/borrower’ good standing)
- green bonds (= designated to finance renewable energy projects, environmentally sustainable transport, farming, climate change adaptation projects, etc.)
- infrastructure bonds(= designated to finance/refinance transport infrastructure projects, road projects, healthcare, education and other social facilities projects, etc.)
Investment opportunities
- depository receipts (= opportunities to hold and receive income from shares of foreign entities)
- stock warrants (= the option to buy the shares or bonds in the future or receive value of such securities)
- certificates of bank deposit(= bank deposit structures as (freely transferable securities)
Derivative securities & instruments
(=provide for hedging opportunities and opportunities for trading in organized markets)
Examples of derivative instruments:
- Option certificates
- State warrants
- Credit default swaps
- Contracts for difference
Commodities trading novelties
- Commodities exchanges – newly licensed and regulated entities
- Transparent commodities market – obligations to publish market quotations and prices
- Commodity derivatives – organized trading rules and opportunities of new derivative instruments
Bondholders & Investors Protection
- Qualified & Unqualified investors – different levels of consumer protection and rules of investment advice
- Bondholders’ meetings – new rules on holding bondholders’ meetings
- Notes Administrator functions – newly introduced role designated to act on behalf and in the interests of noteholders
- Liquidation netting introduced by law to enhance settlement/close-out transactions
- Updated transparency and information disclosure standards
For further information, please contact Asters’ Partner Roman Stepanenko and Counsel Kateryna Oliynyk
