Ukraine has pledged to expand the powers and enhanced independence of the national Commission on securities and stock market (NCSSM) in accordance with the requirements of the multilateral Memorandum of understanding on consultation, cooperation and exchange of information International organization of regulators of securities markets (IOSCO MMoU).

The relevant obligation is contained in the Memorandum of Ukraine with the International monetary Fund (IMF ).

According to the document, the Verkhovna Rada by the end of April 2017 is obliged to enact legislation that will give the national Commission the opportunity to: carry out checks of professional participants; to carry out the audit of any legal or natural persons for compliance with laws on the securities market; to request and obtain without exception, information about any physical or legal person to verify compliance with laws on the securities market (such as banking secrecy and personal data protection); to exchange information with foreign regulators of the securities market; use their powers to provide assistance to foreign regulators; to adopt regulatory acts without any coordination/approval/registration; to access new sources of funding.

The specified law also needs to be provided: legal protection Chapter members and employees of the securities Commission; the terms of privacy and the scope of data protection to prevent their unlawful disclosure; confidentiality requirements to the management and employees of the securities Commission; administrative and criminal sanctions for wrongful disclosure of confidential information even after the service of the national Commission.

In addition, NSSMC intends to reform the internal structure and procedures: is the sectoral structure of the controller must be functional.

“Changing organizational models will allow to balance the function of structural units, will prevent the duplication of processes, will bring the allocation of functions among units of the controller to best international practices”, – stated in the document.

A relevant action plan with clear quarterly targets must be agreed with the IMF by the end of 2017. It will be implemented in the next reconciliation after 18 months.