Of course, here is the translation of the provided act:<\/p>\n
1. **Essence of the Law:** This act introduces amendments to the Regulation on the Termination of Depository Activity by a Depository Institution. The amendments concern the procedure for terminating the activity of depository institutions, especially regarding the accounting and transfer of rights to securities, as well as unpaid funds of clients in cases of liquidation or termination of the institution’s activity. The act is aimed at improving the process of terminating depository activity and protecting the rights of securities owners.<\/p>\n
2. **Structure and Main Provisions:**<\/p>\n
* The act amends the decision of the National Securities and Stock Market Commission (NSSMC) No. 431 of April 8, 2014, by removing the words “professional activity in the stock market \u2013” from the title and text of the decision.
\n * Amendments are made to the Regulation on the Termination of Depository Activity by a Depository Institution, in particular:
\n * Clarifies the requirements for the actions of depository institutions and other market participants upon termination of depository activity.
\n * Introduces the concept of “Account(s)” for the accounting of securities after the termination of the depository institution’s activity.
\n * Details the procedure for transferring funds intended for payment on securities through the Central Securities Depository (CSD) and the National Bank of Ukraine (NBU).
\n * Establishes the obligations of the depository institution to notify clients and issuers about the commencement of the termination procedure.
\n * Regulates the procedure for transferring documents and information to the authorized custodian.
\n * Clarifies the actions of the CSD and NBU upon receiving notifications of the termination of the depository institution’s license.
\n * Establishes a transitional period for depository institutions that have already begun the termination procedure.<\/p>\n
3. **Key Provisions for Use:**<\/p>\n
* Depository institutions must comply with the updated requirements when terminating activities, especially regarding notifying clients and issuers.
\n * If there are open client accounts, the depository institution is obliged to transfer the relevant documents and information to the authorized custodian.
\n * The authorized custodian (CSD) plays a key role in ensuring the accounting and transfer of securities and client funds after the termination of the depository institution’s activity.
\n * Issuers must cooperate with depository institutions and the authorized custodian to ensure the transfer of securities owners’ accounts to new depository institutions.
\n * Securities owners have the right to transfer their securities and funds to the depository institutions of their choice through the authorized custodian.<\/p>\n
The act relates to capital markets.<\/p>\n