04.11.2020

The National Securities and Stock Market Commission (NSSMC) presented a research of 12 codes of ethics in the financial and investment sector, prepared by USAID Financial Sector Transformation Project (FST) Consultant and CFA Society of Ukraine Board Member Valentyn Khokhlov. This research will facilitate the further introduction of ethical standards in Ukrainian financial markets.

“Trust is the basis for the functioning of any financial market.  To use financial services and make investments, people need to be confident in the transparency and efficiency of the market.  This is achieved not only by strict compliance with the law, but also by the daily ethical conduct of financial institutions”, – Yulia Vitka, Deputy Head of the FST Project, said.

Both consumers of financial services and market participants themselves are interested in compliance with ethical standards, as lack of trust has a negative impact on the entire sector.

The author of the research Valentyn Khokhlov emphasized: “The presence of a code of ethics and standards of professional conduct is an essential feature of every profession in the financial and investment industry.  International experience, the analysis of which was the subject of the research, shows that each professional association or self-regulatory organization must adopt its own code to determine for themselves and for society the norms of behavior of professionals in the field.  But the ultimate goal of such documents is to harmonize professional standards with societal needs and to form public confidence in the profession”.

“Integrity, independence and objectivity, the priority of the client’s interests and professionalism are the key common provisions of the codes of ethics applied in the world’s leading countries.  Having a code of ethics with such provisions is almost a prerequisite for an effective professional association or self-regulatory organization.  We hope that the prepared review of the world’s leading codes will be used by Ukrainian professional associations as a basis for developing their own codes”,Maksym Libanov, Commissioner, emphasized.

“Review of codes of ethics in the financial and investment sector: analysis of features and common features” is available at: https://www.nssmc.gov.ua/wp-content/uploads/2020/11/ohliad-kodeksiv-etyky.pdf.

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About the Association of Investment Professionals CFA Society Ukraine

The Association of Investment Professionals CFA Society Ukraine unites certified financial analysts (holders of CFA charter) and is part of the global community network of the international association CFA Institute, with 170 thousand members in 165 countries.

About the NSSMC

The National Securities and Stock Market Commission (NSSMC) is a state collegial body subordinated to the President of Ukraine and accountable to the Verkhovna Rada of Ukraine. The NSSMC is formed of the Chairman of the Commission and six Commissioners, who are appointed and dismissed in accordance with the decrees of the President of Ukraine. The NSSMC performs regulatory and supervisory functions in relation to the securities market of Ukraine, as well as provides legal regulation of relations arising in the market, protects the interests of citizens of Ukraine and the state, prevents securities abuse and other offenses.

About USAID

USAID is one of the world’s leading development agencies, acting as a catalyst for these processes and helping to achieve positive results. USAID has been partnering with Ukraine since 1992.  Additional information about USAID’s activities is available at http://www.usaid.gov/ukraine or on its Facebook page at https://www.facebook.com/USAIDUkraine.

About the USAID Financial Sector Transformation Project

The USAID Financial Sector Transformation Project supports financial sector reform in Ukraine and provides technical assistance in the following areas: consumer lending;  reforming the legislative and regulatory framework;  expanding access to finance in the non-banking financial sector;  expanding the use of electronic finance;  as well as promoting the involvement of the population in financial markets and protecting the rights of consumers of financial services. Additional information on the USAID Financial Sector Transformation Project and its activities is available at: http://www.fst-ua.info/en/  and / or https://www.facebook.com/FSTProject

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