The leaders of the national Commission on securities and stock market of Ukraine (NSSMC) and self-regulatory organizations (SROs) of professional participants agreed to hold another meeting in the framework of the debate on the future stock and commodity market, said the party held on 22 August, the first such meeting the founder and partner of the investment group “Univer” Taras Kozak.

“The meeting was one of those “how to live”, as it has accumulated a large number of contradictions between the market and the Commission. After the letter of Association from the requirement to intervene received a proposal from the President’s office to meet, to understand pain points”, – he described the situation the Agency “Interfax-Ukraine”.

“Yesterday was not a set point, there will be another meeting the other day,” added Kozak.

He said that the discussion on 22 August was preceded by a meeting of representatives of the office of the President separately with market participants and with the leadership of the Commission.

According to the founder of “Uni”, the concrete result of these meetings could be to promote several important legislative areas. Among the priorities discussed bills he called the bills to consolidate the functions of state regulation of financial service markets №2413а (the so-called law about the split), “On protection of investors against abuses in the capital markets” No. 6303д about the simplification of investment and implementation of new financial instruments” No. 9035 (about derivatives and financial markets).

“Around them there was a discussion. The market and the Fee is slightly different vision: there are points where it does not converge, but some issues already have found a consensus,” – said Kozak.

As reported, the meeting on 22 August was attended by the Deputy head of the office of the head of state Alexei Goncharuk, member of the Supervisory Board Ukreximbank under the quota of the President of the Victoria Insurance.

Earlier in the week it was preceded by an open letter to the associations of stock market participants to President Vladimir Zelensky with a request to pay attention to the rapid deterioration of the Ukrainian stock market, caused, in their opinion, the poor level of regulation of the market leadership of the regulator is the securities Commission.

“Association of participants of stock and commodity markets have concluded that in four years, the leadership of NCSSM completely lost the confidence of stock market participants and investors to the actions of the regulator and faith in the reform of the market”, – was stated in the letter of Association.

According to the participants, the securities Commission ignores the national interests of issuers and investors substandard implements European legal principles, and shows only the punitive nature of the regulation and the absence of any dialogue with market participants along with their public defamation, and also has a conflict of interest in activities.

Zelensky SRO ask your Commission to direct the actions of the regulator in stimulating and supporting the development of the stock market, the introduction of new instruments, simplification of business creation, as well as the mandatory involvement of experts and representatives of the market to develop strategy of development of Ukraine’s financial sector up to 2025 and other policy documents. According to the authors of the letter, in the event of failure of such order of the President the focus should be on change management the securities Commission and the formation of the updated controller.

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#dialogue

#nssmc

#professional players