On 23 November 2011, the President of Ukraine adopted Resolution No. 1070/2011 and Resolution No.1063/2011 (the "Resolutions") to regulate the activities of the newly created National Commission for Financial Service Markets Regulation (the "NCFSMR") and National Commission for Securities and Stock Market (the "NCSSM") (together the "Commissions"). These Commissions will replace the State Commission for Financial Service Markets Regulation and State Commission for Securities and Stock Market. To ensure complete termination of the current state commissions' activities special liquidation committees are to be formed. Liquidation will be completed within a period of up to 6 months and evidenced by a liquidation report made available to the President.
The President of Ukraine will as a result gain more control over the new Commissions as the Resolutions give the President authority to appoint and dismiss the chairperson and other members of the Commissions at his sole discretion. Previously, the President appointed officials based on the candidates proposed by the Cabinet of Ministers of Ukraine.
The number of personnel at NCFSMR has not changed. However, the amount of staff at NCSSM has increased from 450 to 575. In addition, the list of the Commissions' competencies has been substantially extended and elaborated.
Law: Resolution of the President of Ukraine "On the National Commission for Financial Service Markets Regulation" No. 1070/2011, dated 23 November 2011; Resolution of the President of Ukraine "On the National Commission for Securities and Stock Market" No. 1063/2011, dated 23 November 2011.
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The original publication date for this article was 16/12/2011.
