A step towards the implementation of the ‘marker’ of the IMF: NSSMC updates its Code of Ethics

Today, the NSSMC has adopted an updated Code of Ethics for the NSSMC staff.

Approval of the rules of ethical behaviour and the procedure for managing and preventing conflicts of interest in the form of a Code of Ethics is provided for by the updated Law of Ukraine on State Regulation of Capital Markets and Organised Commodity Markets.

‘Updating the Code is one of the structural markers of the Memorandum of Economic and Financial Policies with the International Monetary Fund. The new edition was prepared in consultation with experts from the World Bank and the IMF. We are constantly in close contact. This is another step towards meeting the relevant requirements of our international partners and improving the NSSMC itself. Changes and improvements in the market start with us, so I hope all participants will feel them in the near future,’ said Ruslan Magomedov, Chairman of the NSSMC.

The updated document will be implemented in the near future. The text is available at the link: https://www.nssmc.gov.ua/document/?id=38486950

At the end of last year, the NSSMC approved a resolution to ban the withdrawal of foreign issuers’ securities from the depository system for the duration of martial law starting from 1 January 2025. This was one of the IMF’s urgent structural beacons to fulfil the requirements of the Memorandum of Understanding (MEFP) of the Extended Fund Facility (EFF).