The sustainability and transparency of capital markets: NSSMC updates licensing conditions for some professional participants

The NSSMC (National Securities and Stock Market Commission) approved the draft licensing conditions for conducting the professional activities in the capital markets, namely:

– the depository activities;

– the asset management activities of institutional investors;

– the activities on management of non-state pension funds.

“The transparency and efficiency of professional participants is the key to the formation of a competitive capital market. We are qualitatively updating the rules of entry and work on the market, and we invite the entire professional community to discuss our initiatives,” Yurii Boiko, the Commissioner said.

The NSSMC has developed the documents in accordance with the provisions of the current legislation, which establish:

– the list of documents to be submitted by the applicant to the NSSMC,

– the requirements mandatory for obtaining licenses and conducting professional activities;

– the requirements for business reputation;

– the organizational and operational requirements, etc.

It should be noted that the NSSMC finalized the draft licensing conditions for depository activities and asset management activities of institutional investors, taking into account the comments and proposals received from the professional community.

Regarding the licensing conditions for the administration of non-state pension funds, the NSSMC is proposing a document for the discussion for the first time. However, it has already taken into account the comments and proposals submitted on other drafts, which are common to these documents.

The NSSMC Resolution has already been published on the NSSMC’s official website for the information of all interested parties.