The Ukraine National Commission on Securities and Stock Market reported that the Supreme Court’s Administrative Court of Cassation has upheld the Commission’s actions against Universal Commodity Exchange “UICE” Contract House, confirming that its activities were carried out without the required licence to organise centralized bidding. The court also affirmed that the obligation to obtain a licence applies regardless of the type of product traded. The Supreme Court’s key conclusions include that the determining factor for whether trading constitutes an organised commodity market is how trades are conducted, namely whether they comply with legal requirements and the exchange’s officially registered rules, not the product category. It also held that any centralized trade in exchange commodities on a commodity exchange is treated as organised market activity under current legislation, and the decision is final and not subject to appeal. The Commission pointed market participants to a dedicated section on its website setting out current licensing conditions and reiterated the risks of non-compliance with mandatory requirements.

Original source View in tracker