CMS has advised DAI Global and the National Securities and Stock Markets Commission of Ukraine on the rules for clearing transactions with securities and licensing terms for clearing institutions.
According to CMS, “the new clearing rules and licensing terms for clearing institutions incorporate the novelties of the New Capital Markets Law that entered into effect on July 1, 2021 ... [It] is broadly based on provisions of key EU directives and regulations establishing rules for the operation of capital and financial markets, including MiFID II, EMIR, and MiFIR.” According to the firm, “the New Capital Markets Law aims to change the current financial market infrastructure and to create the new comprehensive legal framework for the proper functioning of the financial markets (capital market, money market, certain commodity markets, and the market for derivatives).”
DAI Global is a private development company that 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.
CMS’s team was led by Partner Ihor Olekhov and included Counsel Kateryna Chechulina and Associates Khrystyna Korpan and Iryna Kravchenko.