Ruslan Magomedov: We continue to reform the NSSMC under the IMF programme

This was stated by Ruslan Magomedov, Chairman of the National Securities and Stock Market Commission, in his Telegram channel.

As you know, in consultations with the NBU and the IMF, the NSSMC approved a Resolution to ban the withdrawal of securities of foreign issuers from the depository accounting system for the duration of martial law from 1 January 2025.

This was one of the urgent structural beacons from the International Monetary Fund to fulfil the requirements of the Memorandum of Understanding (MEFP) of the Extended Fund Facility (EFF). Over the past months, our team has been actively working on several other tasks under this programme, including: developing a reorganisation and operational strategy for the NSSMC, updating the Code of Ethics for the NSSMC’s employees, and initiating an independent assessment of the Commissioners.

«We regularly held discussions and consultations with IMF experts on each of the issues. The NSSMC has already prepared and agreed with the IMF the terms of reference for the audit of compliance with the Code of Ethics by the NSSMC’s management. As for the other items, the NSSMC has sent all the necessary developments on time, taking into account the previous adjustments of the IMF representatives, and we are waiting for final approvals from the partners», said Ruslan Magomedov.

He also expressed hope that the NSSMC would receive approval in the near future.
«We are committed to integrating the requirements of our international partners as soon as possible and implementing transparent and clear mechanisms for regulating and developing capital markets», Magomedov concluded.