The National Securities and Stock Market Commission (hereinafter referred to as NSSMC) is working on the implementation of a new reporting format for new professional market participants – namely property managers to finance construction sites and non-state pension fund administrators.
The first regulatory document, which was drafted and approved by the NSSMC on April 9, 2020, is the Draft Regulation “On the Procedure for Compiling and Submitting Administrative Data on the Governors’ Activities to the National Securities and Stock Market Commission”.
Having become subjects of professional activity in the stock market, managers will be obliged, starting from July 1, 2020, to submit administrative data regularly in the prescribed form and to submit them to the NSSMC within the set deadlines.
The structure of the regular reporting will generally be maintained at the current level, with a partially expanded amount of data on the characteristics of the construction object, sources of investment managed by the property manager, compliance with the dates of commissioning of the construction object.
Additionally, there is an irregular reporting that will signal the change in commissioning time or change in funding, as well as changes in the technical characteristics of the construction site. Irregular reporting will be submitted separately if a new construction finance fund is created.
By receiving prompt information on significant changes that may affect the timing, cost or quality of construction, the NSSMC will be able to oversee the activities of the governors more fully.
Submission of administrative data involves the transfer to the NSSMC of regulated data in accordance with the description of sections and schematics of XML files in accordance with the requirements of the regulatory acts of the Commission, through the system of electronic document flow (software and technical complex), which links the software and technical complex of a professional stock market participant and the software and technical complex of the Commission through the agent of the submission or directly.
“From July 1, market participants will have to submit information in accordance with the description of sections and schematics of XML files identified by the Commission documents. Therefore, they need to prepare in advance for changing the format and channel for reporting to governors”, – said Oleksandr Panchenko, the Commissioner of the NSSMC.
The Commission looks forward to comments to the draft Regulation by 6:00 PM on April 23, 2020 at the mailbox: email@example.com.
Remindl that the Law of Ukraine of September 12, 2019 №79-IX “On Amendments to Some Legislative Acts of Ukraine on Improving Functions in State Regulation of Financial Services Markets” (split) provides for the liquidation of the National Commission, which carries out state regulation in the field of financial services markets (the National Financial Services Commission) and transfer of its functions to the National Bank of Ukraine and NSSMC. Pursuant to changes in the legislation, as of July 1, 2020, professional activity in the stock market includes property management activities for financing construction and / or real estate operations.
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