Stock market legislation improved in Belarus

Belarus President Aleksandr Lukashenko signed decree No.234 on 14 June to improve the legislation regulating the operation of the stock market.

In particular, Presidential decree No.277 on certain matters concerning the regulation of the stock market of 28 April 2006 has been adjusted.

Taking into account the legislative and regulatory compliance practices in the field of floatation and turnover of bonds the mechanisms for calculating the volume of an emission of unsecured bonds, for providing surety and additional collateral have been corrected by the new decree.

Provisions of the old decree have also been brought into compliance with the terms and the approaches used by the law on regulating insolvency (the part that determines criteria for evaluating the risk of bankruptcy and the list of documents and data used to evaluate the solvency of bond issuers and their guarantors), the law on amending the codes (by excluding the bearer bank savings book from the list of objects the law regulates). The bank savings book is no longer classified as a security paper considering the amendments that have been incorporated into the Civil Code.