The management of the National Securities and Stock Market Commission (NSSMC) met with representatives of the PARD Council (Professional Association of Capital Markets and Derivatives Participants) and discussed the most pressing issues of concern to market participants – members of the Association.
During the meeting, the participants discussed in detail the introduction of individual investment accounts in the form of personal medium- and long-term accounts. It is important to note that investment income from transactions with assets accounted for in such investment accounts and dividend income are proposed to be determined as non-taxable and not included in the taxpayer’s total annual taxable income, except in cases of early withdrawal.
The discussion was about the draft law No. 8111 on Amendments to the Tax Code of Ukraine and Other Laws of Ukraine on Stimulating Citizens’ Participation in Investment Activities. The participants welcomed this draft law, as international experience shows that attracting long-term investments from citizens is one of the most effective ways to stimulate the country’s economy in general and capital markets in particular.
The following issues that are important for the market community were also discussed:
– the feasibility of maximizing the elimination of «paper» document flow and transition to a non-documentary (electronic) exchange of documents and information between clients and professional capital market participants, in particular, in order to implement the ESG principle;
– new requirements of the NSSMC to financial monitoring regarding the due diligence of PFMS (Resolution No. 745 of July 6, 2023). The expediency of introducing such requirements that would be sufficient and technically feasible to achieve the goals of due diligence of high-risk clients set by the state;
– transformation of the SRO institution, as well as requirements for attestation/certification of professional capital market watchers.
Particular attention is paid to the PARD’s letter to the NSSMC regarding the application of liquidity indicators. In particular, the PARD proposed to consider postponing the introduction of the regulatory value of the asset liquidity ratio of 0.5 until the end of martial law and/or extending the period for implementing an action plan to improve the financial condition of professional participants.
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