The Supreme court (SC) upheld the legality of decisions of the national Commission on securities and stock market of Ukraine on application of such measure of restraint to the issuers of securities, adopted in the framework of criminal proceedings, as to stop the circulation of shares, and more — the suspension of any change in the system of Depositary accounting of securities, said in a statement the regulator on Friday.
The corresponding decree of the armed forces adopted on 7 August this year in the composition of the Judicial chamber for consideration of cases on protection of social rights of Cassation administrative court (consisting of 14 judges) dismissing the appeal of an individual shareholder to the stock market, trying to cancel the decision of the Commission from November 2016 “On the suspension of any change in the system of Depository accounting of securities in of shares in PJSC “Aktiv Grupp Konsalting”.
In its conclusions, the Supreme court confirmed that the interaction of NCSSM with law enforcement agencies in compliance with the current legislation of Ukraine.
“This decision is important because the Supreme court has a direct impact on the practice of the lower courts,” said the securities Commission.
The Board indicated that during the 2015-2019 years in the judiciary as a whole, was lodged on 31 the appeal of such decisions of the regulator. According to the results of their review of 23 decisions were rendered in favor of NCSSM, 3 – not in her favor, and 5 cases now being considered in the administrative courts.
The Commission also recalls that, in accordance with the Association Agreement between Ukraine and the EU planned to expand the powers of the regulator in terms of its cooperation with law enforcement bodies and exchange information with them, involving specialists of the regulator at the stage of pre-trial investigation and in the proceedings in court.