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«Implications of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) in selected CEE/SEE countries ...»

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National implementation laws and regulations The EMIR Regulations are directly applicable in Slovenia. The Slovenian Decree on the implementation of the Regulation (EC) on OTC derivatives, central counterparties and trade repositories (Uredba o izvajanju Uredbe (EU) o izvedenih finančnih instrumentih OTC, centralnih nasprotnih strankah in repozitorijih sklenjenih poslov – “SloDec”), which has entered into force on 30 March 2013, executes and manages the obligations under the Emir Regulations.

Competent national authority’s measures to control central counterparties

According to Article 4 SloDec the ATVP conducts supervision:

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The rules stipulated by the Slovenian Financial Instruments Market Act (Zakon o trgu finančnih instrumentov – “ZTFI”) govern the decision process of the ATVP in each individual case as applicable.

National rules on penalties applicable to violations of EMIR and national law provisions If a financial counterparty, non-financial counterparty or a central counterparty does not comply with the provisions of EMIR or SloDec, after conducting an administrative proceeding, the ATPV will punish such company’s representatives personally (Article 7 of the SloDec) with a fine in the amount of up to EUR 10,000. A fine may also be imposed on the company itself in the amount of up to EUR 250,000, depending on the size of the company and the magnitude of the violation. Furthermore, the ATVP is allowed to make public the company’s violation of the EMIR or SloDec. In such cases the publication could only be prevented if the publication seriously jeopardises the financial markets or causes disproportionate damage to the parties involved.

Derivative trades on the following regulated markets do not fall under EMIR • Ljubljana Stock Exchange Official Market TITEL


On 27 June 2014, Ukraine signed the Association Agreement with the EU which beginning from 1 November 2014 applies provisionally and will become fully effective upon its ratification by the EU Member States, the European Parliament and Verkhovna Rada of Ukraine (the Parliament of Ukraine). The Association Agreement contemplates binding provisions on Ukraine to align its laws and policies with those of the EU, including the regulation and supervision of financial services. Although EMIR is not specifically listed, the Association Agreement does refer to the principal EU banking, securities and market infrastructure directives.

Turning to the internal laws, Ukraine has not yet introduced legislation governing the derivatives market. The Ukrainian Government committed to developing the draft law on derivative financial instruments by the end of 2015. In the absence of a developed regulatory framework, the Ukrainian market for derivatives is generally recognised as being undeveloped and undersized. The volume of transactions on the OTC market is rather insignificant with practically all transactions being done on exchanges. Cross-border transactions in derivatives and other financial instruments by Ukrainian residents are restricted by currency control laws and regulations of the National Bank of Ukraine (the “NBU”).

However, recently the NBU has slightly liberalised the market in derivatives by allowing exchanges to trade in selected derivatives including currency, metals and interest rate derivatives. Based on these new rules, certain Ukrainian exchanges have approved standard form derivative documentations with the regulators and started trading.

In terms of market infrastructure, Ukraine currently operates as a central securities depository system with all Ukrainian securities except for government securities and municipal bonds being processed by the depository of the National Bank of Ukraine. The single settlement center has been established to service DVP settlements for both exchange and OTC transactions in securities. Due to the lack of other licensed clearing houses at the moment, the settlement center is the only institution which is allowed to function as a central counterparty. The principles of its work though are still behind the established international practice, and derivative instruments are still not part of its operation. These issues are expected to be settled by the law on derivative financial instruments.

Contact Taras Dumych Wolf Theiss, Kiev T: + 380 44 3 777 500 taras.dumych@wolftheiss.com

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