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30.08.2019

The Supreme Court of Ukraine affirmed the NSSMC’s decision to apply such a precautionary measure to securities issuers as a "suspension of changes to the securities depository system" taken in criminal proceedings.

The relevant Resolution was adopted on August 7, 2019 by the Supreme Court within the Trial Chamber for the review of social rights protection cases of the Administrative Court of Cassation (composed of 14 judges), following the results of the case No. 826/2212/17 on the claim of a natural person-shareholder to the NSSMC for recognition unlawful actions of the regulator and declaring it illegal and revoking the decision of the Commission №1133 of 22.11.2016 “Concerning the suspension of amendments to the depository accounting system of securities” in the part of shares of PJSC “Activ Group Consulting”.

In its findings, the Supreme Court reaffirmed that the NSSMC's interaction with law enforcement agencies complies with the current legislation of Ukraine.

This decision is important because the position of the Supreme Court has a direct impact on the practice of lower courts.

During 2015-2019, a total of 31 lawsuits were filed with the courts to challenge the decisions of the Commission to “stop amendments to the securities depository system”. As a result of the consideration of these claims, 23 decisions were rendered in favor of the Commission, 3 - not in favor of the Commission; 5 cases are currently pending before administrative courts.

Recall that in accordance with the Agreement on Association between Ukraine and the EU and aimed at Ukraine's accession to the IOSCO MMoU (Multilateral Memorandum of Understanding on Consulting and Cooperation and Exchange of Information of the International Organization of Securities Commission), it expects to expand the powers of its national market cooperation with law enforcement agencies, namely the exchange of information with them, the involvement of the regulator's staff at the pre-trial investigation stage and in court proceedings.

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National Securities and Stock Market Commission