Strategy – НКЦПФР|НАЦІОНАЛЬНА КОМІСІЯ З ЦІННИХ ПАПЕРІВ ТА ФОНДОВОГО РИНКУ

In order to ensure further reforms and development of the financial sector of Ukraine in accordance with the best international practices, and to ensure the implementation of measures provided for in the Association Agreement between Ukraine on the one hand, and the European Union, the European Atomic Energy Community and their member states on the other hand, and also taking into consideration the completion in 2019 of the implementation of the Comprehensive Program for the Development of the Financial Sector of Ukraine until 2020, the financial sector regulators have developed and approved the Strategy for the Development of the Financial Sector of Ukraine until 2025.

The Strategy 2025 contains five strategic areas: financial stability, microeconomic development, financial inclusion, development of financial markets and innovative development. Every area contains strategic objectives and the indicators of their implementation.

For the next five years, the work of the National Securities and Stock Market Commission in the direction of providing and implementing reforms in the area of capital markets, improving corporate governance and protecting the rights of the investors, will be based on implementing the measures provided in this Strategy.

In particular, the Strategy 2025 provides the following actions for the capital markets development :

the introduction of the new and development of the existing financial instruments and the mechanisms of securitization of financial and other assets, as the conditions for the further development of the financial sector, and ensuring the inflow of the investments into the country’s economy;
ensuring the implementation of the stock market state regulation at the appropriate level in accordance with the international standards, in particular, the requirements of the European acts and the standards of the International Organization of Securities Commissions (IOSCO), including the necessity to increase the institutional and financial independence of the Ukrainian stock market regulator;
reforming the infrastructure of capital markets, in particular, modernization, consolidation and development of exchange, settlement and clearing infrastructure of organized commodity markets and capital markets, ensuring improvement of the institute of financial sector intermediaries and rating agencies in accordance with the European requirements;
improving corporate governance.

In accordance with the Budget Code of Ukraine, the National Securities and Stock Market Commission (hereinafter referred to as the Commission), as the main spending unit of budget funds, is developing a strategic plan.

The Strategic Plan is the main document for public policy planning that defines the purpose of the main spending unit as the enteties of public administration, strategic goals, objectives and indicators of the results of their implementation for the planned and two budgetary periods that follow the planned.

The Strategic Plan shall be drawn up annually, taking into account the objectives set out in the strategy papers and relevant budgetary programs.

The main areas of action for achieving the Commission’s strategic objectives are:

trades licensing in the stock market;
certification of stock market specialists;
registration of securities issues;
supervision of stock market participants;
Improvement of stock market and corporate governance legislation.

National Securities and Stock Market Commission of Ukraine cooperates with many state bodies, regulatory authorities of other countries, international organizations, expert and legal community for implementing the best international standards and practices in the capital market. Results of this cooperation are reflected in the Commission’s strategic documents, such as concepts or reform programs.

Concepts determine the peculiarities of introducing certain changes in legislation. The proposals presented in concepts reflect the Comission’s views and shouldn’t be considered as regulatory acts.

The international company SWIFT (Society for Worldwide Interbank Financial Telecommunications) performed a systematic Study of the mechanism of settlements “supply against payment” in Ukraine.

As a result of such a study, international consultants proposed a model of settlement of securities transactions relevant to Ukraine, on the base of which the NSSMC has begun to develop a draft of the new Concept.