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What enterprises are EXEMPT from applying the ban?

Clearing institutions, foreign subsidiaries of financial enterprises, natural persons and legal entities that are not financial enterprises are EXEMPT from applying the ban.
 
Clearing houses are exempt because, when settling a securities transaction, the parties to the transaction are not transparent to the clearing house concerned. 
 
Foreign subsidiaries of financial enterprises, natural persons and legal entities that are not financial enterprises are EXEMPT for a practical reason. Such parties are not in a position to enforce the ban effectively.



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