Transparency of processes: NSSMC has developed a procedure for submitting reporting data by commodity exchanges

At its regular meeting, the NSSMC approved the Regulations on the Procedure for Compiling, Submitting and Publishing Reporting Data by Commodity Exchanges.

«The commodity market is a fairly new segment for the NSSMC. We started regulating it in July this year. But it is important for us to create transparent and open conditions for the operation of trading platforms in the financial market. Submission of reporting data is a key component for the supervision of commodity market participants. The NSSMC also makes great efforts to ensure that any communication between market participants and the regulator is convenient, accessible and understandable, and the reporting process is clear and complete», said Irakliі Baramiіa, Сommissioner.

Thus, the first reporting period for submission to the NSSMC of data from commodity exchanges is:

– for daily data – March 1, 2022;

– for monthly – July 2021;

– for annual – 2021;

– for irregular – March 1, 2022.

The deadline for submission of reports for commodity exchanges is extended in the event that the NSSMC receives a written notice of the impossibility of submitting data within the prescribed period due to:

– seizure of software and hardware, commodity exchange documents by law enforcement agencies (with the submission of copies of documents confirming the seizure);

– the occurrence of force majeure (with the provision of copies of documents confirming these circumstances).

In such a situation, the commodity exchange is obliged to submit data to the NSSMC within 15 calendar days from the date of return or renewal of software and hardware and documents.

In addition, no later than 90 calendar days after the end of the financial year, the commodity exchange publishes on its website the annual report on the results of exchange trading for the reporting year as of the end of the year.

It will be recalled that the NSSMC has currently issued three commodity licenses:

– Ukrainian Energy Exchange;

– Ukrainian Universal Exchange;

– Ukrainian Interbank Currency Exchange.

In accordance with the requirements of the Law of Ukraine оn Amendments to Certain Legislative Acts of Ukraine on Simplification of Investment Attraction and Introduction of New Financial Instruments of 19.06.2020 №738-IX, from 01.07.2021 commodity exchanges must pass the licensing procedure in the NSSMC.