Home Newsroom Important NEW CSD SERVICE FOR REMOTE GENERAL MEETING OF SHAREHOLDERS IS ALREADY AVAILABLE FOR CLIENTS
NEW CSD SERVICE FOR REMOTE GENERAL MEETING OF SHAREHOLDERS IS ALREADY AVAILABLE FOR CLIENTS Print
Wednesday, 13 May 2020 09:27

On May 13, a new service of the National Depository of Ukraine was launched - the “Meeting Portal”, which was created to provide the possibility of remote holding of the general meeting of shareholders.

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From now on, joint-stock companies and corporate investment funds will be able to use a modern and secure service for holding annual and extraordinary shareholders’ general meetings without violating the quarantine rules established by the Cabinet of Ministers of Ukraine.

As mentioned earlier, the team of the Central Depository began work on the development of a new service "Meeting Portal" in early April. Developed on the basis of the currently functioning “Client Portal” as an additional service and integrated with the DEPEND software, the new service guarantees ease of use and a high level of information protection.

Terms and procedure for the provision of services for remote holding of the general meeting are regulated by the internal documents of the Central Depository. In particular, the amendments to the Regulations for depository activities of the Central Depository, approved by the Board of PJSC “NDU”, which will come into force on May 18, 2020.

Therefore, from May 13, access to the new service "Meeting Portal" is open for CSD clients, who can peruse the functionality of the service, and from May 18, clients will be able to use the service of remote general meeting by concluding a separate agreement with the CSD.

What should CSD clients pay attention to when using the service of remote general meeting?

• the service is provided on the basis of a contract previously concluded with the Central Depository on the provision of services for remote holding of general meetings
• all information is exchanged in the form of electronic documents and certified by reliable means of qualified electronic signature
• qualified electronic signature is equated to a handwritten signature, and an electronic document becomes legally valid
• Persons authorized to interact with the Central Depository during the General Meeting on the basis of the decision of the Supervisory Board have access to the “Meeting Portal” service
• Persons authorized to interact with the Central Depository during the general meeting on the basis of the decision of the Supervisory Board may be representatives of the depository institution (custodian) with which the issuer has entered into an agreement

Despite the short deadlines set by The Law of Ukraine (bill No.3268) and the Provisional Procedure for convening and remotely holding a general meeting of shareholders approved by Decision 196/16.04.2020 of the National Securities and Stock Market Commission, the Central Depository team developed and implemented a new customer service as soon as possible.

At the end of April, the specialists of the Central Depository held a training webinar to CSD clients with detailed coverage of all aspects of the new service.

Several issuers and depository institutions with experience in holding general meetings of issuers were involved in the testing. In the future, the test environment will remain freely available for all who wish to peruse in more detail with the process of operation of the new service of the CSD.


For more information contact: pr@csd.ua

 

General Information

National Depository of Ukraine

 

 

was established according to the Law of Ukraine ‘On National Depositary System and Peculiarities of Electronic Circulation of Securities in Ukraine’ to ensure functioning of a single depositary record-keeping system.

On December 18, 1998, the Securities and Stock Market State Commission and the National Bank of Ukraine signed an Agreement on Establishing the National Depository of Ukraine. NDU registration with the State took place on May 17, 1999.

NDU share capital makes up UAH 103 200 000. The State represented by the National Securities and Stock Market Commission owns 25 % of shares. In addition, the National Bank of Ukraine owns 25 % of NDU shares.

Until October 12, 2013, National Depository of Ukraine was exercising professional activity on the stock market on the grounds of licenses issued by  the Securities and Stock Market State Commission — a ten-year valid license for exercising depositary activity of a securities depository and a ten-year valid license for exercising clearing and settlement activity.

On October 12, 2013, the Law of Ukraine ‘On Depositary System of Ukraine’ came into force (hereinafter - the Law).

CSD provides for the securities depositary record-keeping system setting-up and functioning.

CSD keeps depositary records of all eligible securities, except for those, records of which are kept by the National Bank of Ukraine within the terms of reference defined by this Law.