The Law of Ukraine “On licensing certain types of economic activity” valid from the 28th of June 2015 states that economic entities may be deprived of licenses if they are controlled by the aggressor country. On the 17th of November 2015 the Commission has deprived a license from “Ukrainian Exchange”, because it is a subsidiary of the Russian “Moscow Exchange”. However, this decision was made although it is known that “Moscow Exchange” recently was going to sell its shares to Ukrainian enterprises. According to preliminary data, the new shareholder of 23% could be the company “Univer Capital”, and the others planned to sell the IR Dragon Capital, but at the last moment an agreement on the sale of shares has been “frozen”.
The Commission has commented on the decision referring to n. 9 hr. 2 of Article 16 of the Law of Ukraine “On licensing certain types of economic activity”, according to which the cause of revocation of the license is proving the fact that the subject in some way affects and influence people in other countries which carry out armed aggression against Ukraine.
The decision was announced by Timur Hromaevym the head of the Comission who said that the law equally affects all market participants. If it was a proof of serious intentions of Ukrainian enterprises in the purchase of “Ukrainian Stock Exchange”, then they would be given the chance to do so, but he did not see any changes. At the moment, the situation in the stock market is moving towards a system reboot and harmonizing capital market with international standards.
In the case of deprivation of licenses for that reason we have precedents. The Commission on Securities and Stock Market of Ukraine has selected a license from another “daughter” “Moscow Exchange” – the PFTS. The company is now trying to challenge the Commission’s decision and is continuing its exchange activity, but still there is a risk that the PFTS will leave the Ukrainian market.
In case of such events the stock market has presented several versions of events. Perhaps the Commission adopted a decision not to spoil the reputation, because it was suspected that its management practices seek to create a “single point of liquidity” at the base of UE, denying licenses of all other platforms. Another version was that some of the participants in the transaction after the revocation of the license will be able to get the “best price”.
However, the Commission’s decision on the withdrawal of the license, “Ukrainian Exchange”, still looks ambiguous. The companies should have been given more time to make a deal, and they brought it to the end. There was also the factor that the sales procedure was complicated by nuances of Ukrainian legislation, in order to buy the UE, customers had to use a non-resident company, since the purchase of shares of a Ukrainian company currency is not allowed. And specially for this was created foreign enterprise, which controls the investment company “Univer Capital”.
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