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NBU Depository Simplifies Investor Access to War Bonds

NBU Depository Simplifies Investor Access to War Bonds

The Depository of the National Bank of Ukraine (hereinafter the NBU Depository) has expanded the list of transactions that can be made by clients in the system of depository accounting of government securities. Transactions the NBU has allowed include:

(1) transactions the central bank needs to make to pursue its monetary policy

(2) transactions the Ministry of Finance of Ukraine needs to make to service public debt

(3) transactions to open new securities accounts

(4) accounting transactions in government securities in accordance with the Annex to the Decision of the National Commission on Securities and Stock Market  (NCSSM) No. 137 On the Procedure for Conducting Certain Transactions in Capital Markets, dated 28 February 2022

(5) completion, in the depository accounting system of the NBU Depository, of transactions with Eurobonds and government derivatives that were accepted for execution by the NBU Depository before 12 a.m. 24 February 2022 and that were confirmed by a foreign depositary as completed, which confirmation the NBU Depository  received after 12 a.m. 24 February 2022

(6) transactions to unblock government securities in the NBU Depository's accounting system that were blocked by the NBU Depository’s clients to settle delivery-versus-payment transactions with securities for which cash settlements are provided to entities conducting clearing activities (except for government securities that are blocked to make settlements in repo transactions).

These transactions aim, in particular, to ensure free access by a wide range of investors to domestic government bonds that are issued to meet the needs of the Ukrainian Army and to support resistance against the enemy.

The amendments follow NSSMC Decisions No. 137 dated 28 February 2022 and No. 138 dated 1 March 2022. They were introduced by NBU Board Resolution No. 31, dated 1 March 2021, On Amendments to NBU Board Resolution No. 20, dated 24 February 2022 (UKR), which takes effect on 2 March 2022.

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