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Improvement of State Regulation of the Ukrainian Stock Market in Accordance with European Standards

Journal: Accounting and Finance (Vol.1, No. 79)

Publication Date:

Authors : ;

Page : 99-103

Keywords : stock market; state regulation; European standards; Memorandum on economic and financial policy; corporate governance; depository system;

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Abstract

Strengthening the European integration vector of development of the Ukrainian economy requires the introduction of new approaches to the state regulation of stock markets on the basis of international norms. Although the legal framework for the stock market regulation in Ukraine is already generally formed, however, in practice not all principles and recommendations of international organizations were implemented. The purpose of the article is to analyze the development of the domestic securities market and substantiate the ways of reforming its state regulation in accordance with European standards. The main requirements of the world organizations for state regulation of the securities market in Ukraine were determined and the first steps of the regulator on reforming the Ukraine's stock market to European standards were analyzed. Legislative changes that will improve the discipline of participants in the Ukrainian stock market were disclosed. In particular, they will effectively counteract the abuse of securities and increase investment in the Ukrainian economy due to increasing of the confidence to the state regulation of the stock market. Considerable attention is paid to reforming and transforming the Ukrainian stock market infrastructure. It was proved that the introduction of international corporate governance practices by Ukrainian companies will ensure an increase in their investment attractiveness on the international market. It was revealed that the large-scale transformation of the state securities market regulator in Ukraine will allow to maximally balance the functions of structural subdivisions of the regulator, eliminate duplication of processes, significantly improve the quality of these processes, and lead the distribution of functions between regulator units on the bases of the best international practices. The key directions of improving the state regulation of the Ukrainian stock market were justified in accordance with international legislation.

Last modified: 2018-05-14 17:11:44