The financial regulators have to develop legislative norms to regulate the stock market, member of the National Securities and Stock Market State Commission Oleksiy Petrashko said during the discussion "Ukraine and its investors: who will control the ownership of the securities?", ForUm correspondent reports.

According to the financier, the work is being done, there are relevant drafts, "as the law on depository securities accounting will enter into force by steps."

The economist stressed that the adoption of this law means that the NBU has made advances to the market. "Today, without the participation of the National Bank, the securities market in Ukraine would be a great illusion," Petrashko says.

"The market operators may not fully consider the influence of their actions on other operators, such as the potential costs due to delayed payments on account. All in all, the whole infrastructure of the market and its participants can generate significant negative side effects for the financial system, the real economy and quality of service. This is a competent western document referenced by all the players of the Ukrainian stock market. Therefore, the market needs the central national regulators, in particular, the NBU, which today enjoys the highest level of confidence among foreign investors," Petrashko concluded.



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