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President discussed prospects of capital market formation in Ukraine with IOSCO Secretary General
24 November 2015 16:39

President Petro Poroshenko had a meeting with Secretary General of the International Organization of Securities Commissions David Wright, who is on a working visit to Ukraine.

The Head of State noted the importance of the capital market development in Ukraine and thanked David Wright for his coordination and consultative assistance.

The President highlighted the increasing role of the National Commission on Securities and Stock Market of Ukraine in the economic development. “The accession of the National Commission on Securities and Stock Market of Ukraine to the IOSCO is an extremely important step for the capital market development in Ukraine,” the Head of State emphasized.

The President underlined the importance of adapting the Ukrainian legislation to the global requirements and informed that he would shortly provide respective legislative initiatives to increase the independence of the securities market commission and develop the market in the whole.

According to the President, the MoU on consultations, cooperation and information exchange, as well as the adoption of legislative amendments will help ensure interaction for the efficient regulation of securities market and identification of the abuse practice left from the previous corrupt government.

The President noted that the development of capital market would improve the investment climate of Ukraine, just as the enhanced struggle against corruption and the establishment of independent judiciary.

The IOSCO Secretary General noted that he was impressed with pro-European atmosphere and willingness of the Ukrainian authorities to implement resolute reforms. Voting for the law on securities market and accession of Ukraine to the IOSCO is an important test of the capital market reform. The IOSCO will comprehensively support Ukraine on this track, as stated by David Wright. “This law will help create an independent regulating body that will promote the formation of a powerful capital market in your country resulting in the economic strengthening and benefits for all Ukrainians,” he added.

The meeting was also attended by Deputy Head of the Presidential Administration Oleksandr Danyliuk and Chairman of the National Commission on Securities and Stock Market of Ukraine Tymur Khromaiev.

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