By KYIV. May 4 (Interfax-Ukraine) – A group of 23 MPs, including Danylo Hetmantsev, head of the profile committee, on Wednesday submitted to the Verkhovna Rada draft law No. 9266 on electronic crop receipts – a new financial instrument for lending to agricultural production, according to the website of the parliament.
“The adoption of the bill will help agricultural producers get wider access to loans, as well as increase the circle of creditors able to finance the agricultural sector,” the Ministry of Agrarian Policy commented on the registration of the bill.
According to the draft law, electronic crop receipts are non-equity securities in electronic form, they are an independent subject of circulation in the capital markets, they can be an object of sale and purchase, a source of profit and will exist in the form of an electronic document in the Register of electronic crop receipts.
At the same time, the bill does not cancel the law on crop receipts, however, as the Ministry of Agrarian Policy expects, it will simplify and reduce the cost of the procedure for issuing, processing and terminating electronic crop receipts compared to traditional paper ones.
The subject of pledge may be the future harvest, live animals, products of animal and vegetable origin, and products of their primary processing. If the debtor does not have a pledge under the electronic crop receipt, the creditor may recover the loan on the basis of a special extract from the register of electronic crop receipts at the expense of other property.
In addition, the document expands the range of entities that can issue electronic crop receipts at the expense of agricultural cooperatives.
