Ukraine National Commission on Securities and Stock Market has approved a regulation updating the rules for the issuance and circulation of Real Estate Transaction Fund (FON) certificates. The changes revise the procedure for registering an issuance of FON certificates and the prospectus, amending issuance decisions, submitting post-issuance reports, cancelling an issuance registration, and handling redemption and conversion. The updated framework enables issuers to submit and receive documents through their personal account in the CIS as electronic documents or messages signed with an electronic signature. It also introduces a mechanism to leave documents “without movement” where submissions contain defects, and requires the issuer to complete an issuer questionnaire in the CIS account when applying for registration in order to form a temporary or permanent global certificate. The Commission notes that most proposals submitted during an earlier discussion of the regulation were taken into account. The changes will enter into force after approval by the Ministry of Justice.

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