NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE
GENERAL AGREEMENT ON TRADE IN SERVICES
The following notification from the
delegation of Ukraine, dated 11 April 2024, is being circulated to Members of
the Council for Trade in Services.
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1 MEMBER NOTIFYING:
Ukraine
2 NOTIFICATION UNDER:
Article III:3 of
the General Agreement on Trade in Services
3 DATE OF ENTRY INTO FORCE:
27 April 2024, except for:
subclause 1 of clause 20, subclause 11 of clause 27, subclause
3 of clause 28 of Chapter I of this Law, which will enter into force on 27
September 2024;
subclauses 3, 10, 11, 15, 19 of clause 1, subclauses
4, 6, 7 of clause 6, clause 7, subclause 2 of clause 9, subclause 2 of clause
12, subclauses 3, 4 of clause 21, subclause “в” of clause 23, subclause “б” of
clause 25, paragraph 11 of subclause “a” of clause 28, subclauses 55, 60-64 of
clause 27, subclauses 8, 10, 11 of clause 28 of Chapter I of this Law, which
will enter into force on 1 January 2026;
subclause 17 of clause 1, clause 2, subclause 3 of
clause 5, clause 17 of Chapter I of this Law, which will enter into force on 1
January 2028;
subclause 13 of clause 1, clause 30 of Chapter I of
this Law, which will come into force from the date of entry into force of the
Law of Ukraine on amendments to the Budget Code of Ukraine regarding the
activities of the National Securities and Stock Market Commission.
3.1 Duration:
Indefinite
4 AGENCY RESPONSIBLE FOR ENFORCEMENT OF THE MEASURE:
National Securities and Stock Market Commission
5 DESCRIPTION OF THE MEASURE:
Full title of the Law:
The Law of Ukraine No. 3585-IX “On Amendments to
the Law of Ukraine "On State Regulation of Capital Markets and Organised
Commodity Markets" and Certain Other Legislative Acts of Ukraine on
Improving State Regulation and Supervision of Capital Markets and Organised
Commodity Markets” of 22 February 2024.
Brief summary of the content with a focus on potential
effect on services trade:
The Law of Ukraine No. 3585-IX (hereinafter referred to
as the Law) is developed in order to harmonise provisions across various
legislative acts.
The Law introduces amendments to the Law of Ukraine
"On Licensing of Types of Economic Activity", specifying that
licensing of professional activities in capital markets and organised commodity
markets is carried out in accordance with the Law of Ukraine "On State
Regulation of Capital Markets and Organised Commodity Markets" and the Law
of Ukraine "On Capital Markets and Organised Commodity Markets.
The Law amends the Law of Ukraine "On Capital
Markets and Organized Commodity Markets" in terms of extending the grounds
for cancellation, defining the grounds for suspension of a licence to carry out
certain types of activities in capital markets and organised commodity markets,
as well as setting forth requirements for employees of professional
participants in capital markets and organised commodity markets.
The Law modifies the Law of Ukraine "On Commodity
Exchanges," clarifying that professional activities related to organizing
trading in products on commodity exchanges, as well as the conclusion of
derivative contracts on commodity exchanges, are carried out exclusively by
commodity exchanges based on the licenses issued by the National Securities and
Stock Market Commission.
The Law also provides that a legal entity registered in
the temporarily occupied territory of Ukraine is not allowed to be a
professional participant in the capital markets or a commodity exchange.
6 MEMBERS SPECIFICALLY AFFECTED, IF ANY:
None
7 TEXTS AVAILABLE FROM:
Official website: https://zakon.rada.gov.ua/laws/show/3585-20#Text
(available in Ukrainian)
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