According to the proposed document, commodity exchanges will be established exclusively in the form of joint-stock companies and may engage in the trading of various goods. Requirements for the authorized capital and financial stability of these exchanges will be determined by the Cabinet of Ministers.
It is important to note that the law will not apply to exchanges located in the special financial investment zone "Tamchi".
Trading on the exchanges must be conducted exclusively in electronic form through specialized systems. A unified state register of commodity exchanges will be established, which will be under the control of an authorized state body. This body will also be granted the authority to exclude exchanges from the register in cases of systematic violations of the law.
The draft clearly delineates the responsibilities of trading organizers and market participants: exchanges are prohibited from combining their activities with brokerage, dealer, and market-making services, as well as with trust management of assets. Brokers and dealers will be able to participate in trading only after accreditation, and membership in a self-regulatory organization is required for them and market makers.
A separate chapter is dedicated to clearing and the creation of a guarantee fund to ensure the execution of exchange transactions.
All financial settlements on the exchange must be conducted exclusively in the national currency.
The law also contains obligations for exchanges to comply with requirements related to combating money laundering and financing of criminal activities.
The draft stipulates that the new law will come into effect one year after its official publication, with all previous laws on commodity exchanges and exchange trading being repealed. The Cabinet of Ministers will be given a year to align its regulatory acts with the new legislation.
