Summary:The NSSMC faces significant challenges in its role as the regulator of the Ukrainian securities market. Market activity has been shrinking over the past few years, but misconduct—such as issuance and trading of “fictitious” securities—prevails. At the same time, the authorities have committed to an ambitious Program of Financial Market Development of Ukraine until 2020, which also incorporates the implementation of European Union (EU) legislation in line with the Association Agreement. Dealing with these challenges requires resources, powers, and ability to take effective regulatory, supervisory and enforcement action. As a member of the international securities regulatory community, the NSSMC is expected to cooperate with and provide assistance to its international peers. However, at the moment it is unable to commit to these reciprocal arrangements due to significant gaps in its investigation, enforcement and international cooperation powers. Having these powers is a precondition of being accepted as a signatory to the IOSCO Multilateral Memorandum of Understanding (MMOU). Key changes needed relate to enhancing the NSSMC’s ability to conduct investigations of and demand information from any legal or natural person, have access to and share information otherwise restricted by secrecy laws, assist foreign authorities even without an apparent violation of the Ukrainian securities laws, as well as maintain the confidentiality of information exchanged under the MMOU.
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