Changing the law on depositories

The Working Group is preparing a series of bills that need to amend existing legislation in the field of accounting and clearing and settlement activity. What are waiting for changes in Ukrainian securities depository (AUSD) and the National Depository of Ukraine (NDU), and the implications of transformation for the market, said in an interview UBR.UA member of the State Commission on Securities and Stock Market from 1995-2003. Anatoly Golovko. UBR: The idea of ??the working group over whether to separate the functions of accounting and function clearing and settlement activities, as appropriate and relevant now? AG: Under current law, these functions are not divisible. If you look at the law "On State Regulation of Securities Market," it says that such clearing and settlement activity. In another law on the securities market said that the clearing and settlement activity may exercise only the depositary, but first he must become a depository. That is, the discount function is a first. That is the law today, and we are invited to change the laws. To do, so there was one account, and the rest will perform settlement functions. The very notion, for me it is not clear, for anyone not understand what the clearing and settlement depository. As far as I know the idea, it sounded at a news conference organizing committee, it is assumed that all assets should be transferred from the AUSD to NDU. If all of the assets transferred to the NDU, the AUSD - not the depositary, he has no assets. The next logical conclusion - it is not calculated - Clearing Depository and Settlement - Clearing House, House, House. It would be nice to create a clearinghouse for the settlement of all stock exchanges, and their 10. Already two major exchange PFTS and UB have their own such chambers, the central counterparty, they need a depository. So this question is supplied in the context of how to try to solve it and then put into practice, gives me a surprise and fear. UBR: What? AG: What would it be too much shock and stress on the infrastructure of the market, especially during the dematerialization, which takes in fulfilling the requirements of the law "On Joint Stock Companies" that is, all public companies are now transferred from the documentary form to uncertificated. And the consequences will not only be on the market, complicated infrastructure, it becomes too costly and expensive. The garbage must be a member as one structure and another. Stock transactions for some reason have to pass through the NDU, stock transactions for some reason must take place only through the AUSD. By itself, the principle I believe artificial, and it does not solve the main problem facing the infrastructure market. UBR: But the idea behind the bill, which has developed a working group? AG: They talk about it, that yes, there is such a bill. I spoke with the authors who wrote the basic ideology. This is not one law, there are dozens of laws, the first cosmetic changes are already going to make, but their essence is, as I said. UBR: What is the way you suggest? AG: The way some 15 years ago was to create a central depository of both accounting and billing. But this output tells IMF and the Government of Ukraine is obliged to do this year. UBR: What? AG: Merge two existing depository: NDU AND AUSD, rather than the depository of government securities, because such does not exist. There is NBU, which merged with the NDU did not. Combine the two depository reduce state involvement - a transparent way of managing.