Publication date: 08.07.2024
Legal regulation of the stock market
The stock market is an integral part of the modern economy, providing an effective mechanism for redistributing capital and promoting economic growth. Legal regulation of the stock market is designed to ensure its stability, transparency and protection of investors' rights. In this article, we will review the main aspects of legal regulation of the stock market in Ukraine.
Key legal acts
The main legal acts regulating the stock market in Ukraine are:
- TheLaw of Ukraine "On Securities and the Stock Market " - the main law defining the general principles of the stock market, regulating the issue, circulation of securities and activities of market participants.
- TheLaw of Ukraine "On State Regulation of the Securities Market in Ukraine " - establishes the powers and functions of state authorities in the field of securities market regulation.
- TheLaw of Ukraine "On Joint Stock Companies " - regulates the establishment, operation and liquidation of joint stock companies, the procedure for issuing shares and the legal status of shareholders.
- Civil Code of Ukraine - contains general provisions on securities transactions and investor protection.
State regulatory authorities
In Ukraine, the following bodies are responsible for state regulation of the stock market:
- TheNational Securities and Stock Market Commission ( NSSMC) is the central executive body responsible for state regulation, supervision and control of the securities market.
- National Bank of Ukraine (NBU ) - regulates and supervises the banking sector, including the activities of banks in the stock market.
- TheAntimonopoly Committee of Ukraine (AMCU ) - monitors compliance with antitrust laws in the stock market.
Licensing of activities in the stock market
One of the key elements of legal regulation of the stock market is licensing of professional market participants. The NSSMC licenses the following types of activities:
- Brokerage activities - mediation in securities transactions on behalf of clients.
- Dealer activities - purchase and sale of securities on their own behalf for their own funds.
- Depositary activities - storage and accounting of securities.
- Asset management - managing securities and other assets of investors.
Issuance and circulation of securities
The procedure for issuing securities in Ukraine is regulated by the Law "On Securities and Stock Market". Issuers must comply with the requirements for disclosure of information, registration of the issue and publication of the prospectus. Securities are traded through stock exchanges and over-the-counter trading systems.
Protection of investors' rights
Protection of investors' rights is an important aspect of legal regulation of the stock market. The legislation provides for the following protection mechanisms:
- Information disclosure - issuers are required to disclose information about their financial activities, ownership structure and other material facts that may affect the value of securities.
- Control over compliance with the law - the NSSMC supervises the activities of market participants and imposes sanctions for violations of the law.
- Handlingcomplaints and disputes - investors have the right to go to court or the NSSMC to protect their rights and interests.
Transparency and prevention of manipulation
One of the priorities of legal regulation of the stock market is to ensure its transparency and prevent manipulation. The legislation provides for:
- Prohibition of market manipulation - actions aimed at artificially increasing or decreasing the value of securities are illegal and punishable by fines.
- Preventing the use of insider information - it is prohibited to use confidential information to conduct transactions with securities.
International cooperation
Ukraine is a party to a number of international agreements and organizations that promote the development and regulation of the stock market. This includes cooperation with the International Organization of Securities Commissions (IOSCO) and the European Securities Association (ESA).
Conclusions.
The legal regulation of the stock market in Ukraine is aimed at ensuring stability, transparency and protection of investors' rights. The main instruments of regulation are licensing of market participants, control over compliance with the law, ensuring information disclosure and preventing manipulation. International cooperation is also an important component, as it facilitates the integration of the Ukrainian stock market into the global financial system.
Legal regulation of the stock market in Ukraine
The stock market is an integral part of the modern economy, providing an effective mechanism for redistributing capital and promoting economic growth. Legal regulation of the stock market is designed to ensure its stability, transparency and protection of investors' rights. In this article, we will review the main aspects of legal regulation of the stock market in Ukraine.
Key legal acts
The main legal acts regulating the stock market in Ukraine are:
- TheLaw of Ukraine "On Securities and the Stock Market " - the main law defining the general principles of the stock market, regulating the issue, circulation of securities and activities of market participants.
- TheLaw of Ukraine "On State Regulation of the Securities Market in Ukraine " - establishes the powers and functions of state authorities in the field of securities market regulation.
- TheLaw of Ukraine "On Joint Stock Companies " - regulates the establishment, operation and liquidation of joint stock companies, the procedure for issuing shares and the legal status of shareholders.
- Civil Code of Ukraine - contains general provisions on securities transactions and investor protection.
State regulatory authorities
In Ukraine, the following bodies are responsible for state regulation of the stock market:
- TheNational Securities and Stock Market Commission ( NSSMC) is the central executive body responsible for state regulation, supervision and control of the securities market.
- National Bank of Ukraine (NBU ) - regulates and supervises the banking sector, including the activities of banks in the stock market.
- TheAntimonopoly Committee of Ukraine (AMCU ) controls compliance with antitrust laws in the stock market.
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