According to the proposed draft, commodity exchanges will be established exclusively in the form of joint-stock companies and will be able to operate as universal exchanges, accepting various types of goods for trading. Requirements for minimum charter capital and financial stability will be introduced for such exchanges, which will be established by the Cabinet of Ministers.
It is important to note that the law will not apply to exchanges operating in the special financial investment area "Tamchi".
Trading on the exchange will be conducted electronically through specialized trading platforms. A unified state register of commodity exchanges will also be created, with management entrusted to an authorized body. This body will have the right to exclude an exchange from the register in case of systematic violations of the legislation.
The draft clearly delineates the functions of trading organizers and market participants: exchanges are prohibited from combining their activities with brokerage, dealer, and market-making operations, as well as with trust management of assets. Brokers and dealers will be able to operate on the exchange only after accreditation, and membership for them and market makers in a self-regulatory organization is provided.
In addition, a separate chapter is dedicated to clearing and the creation of a guarantee fund to ensure the execution of transactions on the exchange.
It is proposed that all settlements for transactions on the exchange be conducted only in the national currency.
The law also requires commodity exchanges to comply with anti-money laundering requirements and to prevent the financing of criminal activities.
According to the draft, the new law will come into force one year after its official publication. The entire previous legislative framework concerning commodity exchanges and exchange trading will be repealed. The Cabinet of Ministers will be proposed to adapt its regulatory acts to the new requirements within a year.
