National Securities and Stock Market Commission (Ukraine)

The National Securities and Stock Market Commission of Ukraine (Ukrainian: Національна комісія з цінних паперів та фондового ринку України) or NSSMC (Ukrainian: НКЦПФР) is a public institution, which carries out the supervision of participants of Ukrainian capital markets, ensures enhancing stability, competitiveness and development of the capital markets as well as protection of the interests of investors, prevention of abuse and offenses.

National Securities and Stock Market Commission
Національна комісія з цінних паперів та фондового ринку
Agency overview
FormedJune 12, 1995
Preceding agency
  • The State Commission on Securities and Stock Market
JurisdictionPresident of Ukraine
Headquarters Ukraine, 8/30,
Moskovska st, Kiev[1]
50°26′25″N 30°32′40″E
Employees356 (as of 2018)
Annual budget UAH ₴ 135.67
million (2019) [2]
Agency executive
  • Timur Khromaev
    Head of Commission
Parent agencyCabinet of Ministers
Constitution of Ukraine
Websitenssmc.gov.ua
Ukraine
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The NSSMC is under the jurisdiction of the President of Ukraine while being accountable to the Parliament of Ukraine. It was formerly known as the State Commission on Securities and Stock Market (Ukrainian: Державна комісія з цінних паперів та фондового ринку).

About public institution

The National securities and stock market commission is a state collegiate body subordinated to the President of Ukraine and accountable to the Verkhovna Rada of Ukraine.

The NSSMC is composed of the Chairman of the Commission and six members of the Commission, who are appointed and dismissed in accordance with the decrees of the President of Ukraine.

The system of the body includes: the central body and four territorial bodies.

The main form of work of the Commission is meetings, which are regularly held at the decision of the Chairman of the Commission (twice a week).

The purpose of the NSSMC is to create, through its regulatory and supervisory functions, the conditions for the proper and efficient functioning of the securities market, to provide cash capital to the needs of the country’s economy by creating a mechanism for the accumulation, distribution and redistribution of funds from a person who has free investment resources to a person, which needs such resources for development, creation of conditions for formation of powerful domestic investors and protection of rights of investors.

The mission of the NSSMC is to ensure the implementation of a single state policy on securities and the functioning of the stock market in Ukraine, as well as to implement legal regulation of relations arising on the market, protection of interests of citizens of Ukraine and the state, prevention of abuse and offenses, coordination activities of ministries and other central bodies of state executive power in this sphere. [3]

History

The commission was formed June 12, 1995, with the aim of a comprehensive legal regulation of relations arising in the securities market, to protect the country's and citizens' interest rights, and prevent abuse and violation in this area in accordance with paragraph 7-4 of Article 114-5 of the Constitution of the Ukrainian SSR. President of Ukraine (L. Kuchma) Decree of June 12, 1995 No.446/95.[4] Commission created a central executive body, its territorial authorities approved the Regulation on the Commission and appointed the first office executive – Mozhovyi Oleh.

The new regulation on the Commission appeared two years later, on February 14, 1997.[5] According to it, the implementation of the new Law of Ukraine "On State Regulation of Securities Market in Ukraine"[6] the SEC was declared a state body, subordinate and accountable to the President of Ukraine and Verkhovna Rada of Ukraine.

From October 7, 2010 to July 7, 2011, continuing the range of political reforms, the SEC was subject to President of Ukraine review request executed by Verkhovna Rada of Ukraine and Cabinet of Ministers of Ukraine[7]

On July 7, 2011, the authority changed its name to its current form.[8] On November 23, 2011, the existing provisions came into effect[9]

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See also

References
  1. "Official website Contacts". 2020.
  2. "Report on budget program as of January 1, 2020;".
  3. "Description of the NSSMC".
  4. "On the State Commission on Securities and Stock Market: President of Ukraine; Decree of 446/95;". June 12, 1995.
  5. "On the State Commission securities and stock market: President of Ukraine; Decree, Regulation 142/97;". February 14, 1997.
  6. "On state regulation of securities market in Ukraine: Verkhovna Rada of Ukraine; Law №448/96-VR". October 30, 1996.
  7. "On amendments to some legislative acts of Ukraine to bring them in accordance with the Constitution of Ukraine, the Verkhovna Rada of Ukraine; Law №2592-VI". October 7, 2010.
  8. "On amendments to some legislative acts of Ukraine concerning national commissions, carrying out state regulation of natural monopolies of communications and Information, securities markets and financial services: Parliament of Ukraine; Law 3610-VI". July 7, 2011.
  9. "On the National Commission securities and stock market: President of Ukraine; Decree, Regulation №1063/2011". November 23, 2011.
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