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05 may 2023

New changes in the securities market regulation

Edict of the President of the Republic of Belarus No. 126 dated April 27, 2023 (the Edict) introduced significant changes to the regulation of the securities market. The Edict enters into force simultaneously with the new version of the Securities Market Law (the Law), on July 23, 2023.

In order to protect the interests of investors, the Edict tightens the requirements for bond issuers, including by establishing a requirement for a mandatory independent assessment and examination of the reliability of an independent assessment of the property, the pledge of which secures the fulfillment of obligations under bonds as well as introducing a ban on termination/amendment of agreements on the provision of surety, bank guarantee or liability insurance of the issuer, before the expiration of the established terms after the end of the circulation period of the bonds, except for cases of full fulfillment of obligations under such bonds.

The Edict expands the list of persons who can be admitted to trading on the Belarusian Currency and Stock Exchange (BCSE) in comparison with the list set by the Law.

Thus, legal entities and individuals, the list of which is established by the securities regulator, are entitled to independently act as participants in trading after the admission of those persons to trading under the manner and on the conditions established by the BCSE.

Legal entities - non-residents that have the right to carry out professional activities in securities in accordance with foreign law and  meet the requirements established by the regulator, are allowed to trade on the BCSE to make transactions on behalf, or in the interests, of a client who is not a resident of Belarus, in the manner and on conditions established by the BCSE, (i) without opening a branch on the territory of the Republic of Belarus, and (ii) without a license to carry out professional activities in securities.