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Conclusion of new agreements between shareholders of Ukrainian joint-stock companies and depository institutions

On 12 October 2014, a year will have passed since the Law of Ukraine ‘On the Depository System of Ukraine’ No. 5178-VI entered into force. The law stipulates that all shareholders of Ukrainian joint-stock companies (JSCs) must have a securities account of the depositor (holder of securities) in the relevant Ukrainian depository institution (before the adoption of the law, such person was defined as a ‘custodian’) under the securities account agreement. At the same time, the law prescribes that the holder of the securities that have been dematerialised (converted from documentary form into non-documentary form) must contact the depositary institution specified by the issuer and enter into a securities account agreement with such institution in its own name or transfer rights to securities to its securities account opened with another depositary institution…

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