SSMSC Certificate of

State Commission on Securities and Stock Market has approved a new mechanism to issue option certificates. Changes not made these securities are more interesting for the participants of the stock market, and most likely, they will still be produced as the right of purchase /sale of construction projects. Now this scheme is used for evasion of VAT. This rejection of the state commission on the order of release and turnover of stock derivatives, which are intended to develop Ukrainian market.

State Commission on Securities and Stock Market (SCSSM) released a decision number 572 on Approving the Procedure for registration options issuance of certificates and their issue prospectus. The old order has acted since 1997 and it had to be updated - explained the director of department of methodology of regulation of securities market SSMSC Alexey Tarasenko. Now option certificates (right to buy /sell the currency, commodity or equity asset; are derivatives - derivative securities) are issued rarely. According to Tarasenko, in the year the Commission has documented no more than two issues. In January-September trade derivatives were only two markets: the 5.7 million UAH - on the Kiev International Stock Exchange and 1.172 million UAH - on the Perspective.

document took several limitations: in particular, the issuer of option certificates may not be a securities trader, and the number of options, whose underlying asset is real estate - as put into operation, and in the process of construction - is allowed. It will be necessary to own 100% of the underlying asset, if they appear securities. To expand the range of information provided by the issuer of stock options, and detailed procedure for their registration. Accommodation and turnover option certificates will be made only on the stock exchanges.

Introduction of new rules options issuance of certificates will not make them more active trading on exchanges, and deadlines for registration and certificates of treatment technology makes the product applicable only for long the underlying assets, experts say. This is a tool away from VAT in construction, - said the head of the legal department of one of the investment companies. Derivatives are actually used to optimize taxes. But even in the construction market surge in the use of stock options is not expected. Financial investors are not interested, while the developers themselves are not very good financial situation, - noted the Deputy Director of the Department of Trade Infrared Dragon Capital Denis Matsuev.

However, the decision SSMSC block the implementation of the idea of Ukrainian exchange on futures trading on the derivatives market, in fact, by adopting the procedure of issue of options, the state commission abolished the Rules of the production and turnover of stock derivatives. Cancel those rules - that's good, because they do not conform to the current market situation, but it was necessary to prescribe the position of the futures, - the chairman of the board of the exchange Oleg Tkachenko. According to him, stock option certificates in the current form now trade on the Ukrainian Stock Exchange will not.

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