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National Commission on Securities seeks more powers

The regulator does not want to align its decisions with the Ministry of Justice.

National Commission on Securities seeks more powers

The head of the National Commission on Securities and Stock Market Tymur Khromayev speaks in favor of expanding the powers of his agency

"The regulator should be independent. Unfortunately, currently it's not the case," Khromayev told the Ukrainian Financial Forum in Odessa, organized by ICU group.

In his words, the commission is obliged to coordinate its moves with the Ministry of Justice, which lifts a part of responsibility from the NCS but makes it dependent. He cited a few examples.

"It is not about more or less powers. We need to build up a system of control (on the securities market)," the official argued.

Last week, the NCS accused the Ministry of Justice of intervention in its work. The Commission has filed a lawsuit against the Ministry of Justice decision on the abolition of state registration of the regulation on the signs of fictitiousness of issuers of securities, issued on 10 June 2015.

"The Ministry of Justice through the process of registration of normative legal acts of intervening in the regulation of the securities market, which limits the operational independence of the market and deprives it of the ability to effectively perform its functions," the regulator said in a statement.

In the previous day, Ivan Miklos, a prominent Slovak reformer and a top adviser of Ukrainian prime minister, warned Ukrainian Financial Forum of the risk of dismantling of reforms in Ukraine.