Openness and reliability: The NSSMC makes changes to the procedure for compiling and submitting data by market participants

The NSSMC (National Securities and Stock Market Commission) has approved a number of Resolutions on the procedure for compiling, submitting and disclosing information to the following capital market participants:

• AMCs (asset management companies and individuals) that manage the assets of NPFs (private pension funds);
• Administrators of private pension funds;
• managers.

The key in the projects is to create a transparent and high-quality disclosure process, namely to fill the reporting data with information that reflects indicators for measuring and assessing the risks of professional participants in capital markets and organized commodity markets.

“The quality of information and its completeness is a key indicator of fairness and reliability of the capital market. The NSSMC is constantly working to improve its regulatory framework in this direction, and we hope that our next changes will be useful to market participants”, Irakli Baramiya, the Commissioner, said.

In order to resolve the problematic issues related to the compilation of data during the practical application of the provisions of the documents by the administrator of private pension funds the NSSMC has developed a draft of amendments. The MSSMC proposes to ammend the document with a new certificate of assets of the administrator of private pension funds, which states:

• list of investments in financial instruments;
• list of investments in corporate rights;
• information on debts of other persons to the administrator of private pension funds, including receivables;
• information on the administrator’s funds, etc.

The NSSMC also proposes clarifying changes to the information on the audit report submitted by the administrator of private pension fund to the NSSMC and to the information on prudential standards – information on the calculation of the mandatory prudential indicator of the credit risk concentration ratio is attached.

Given the changes made to the legislation on the application of personal special economic and other restrictive measures (sanctions), there is a need to supplement the list of reporting data provided by managers. In particular, in terms of providing irregular data on persons subject to personal special economic and other restrictive measures (sanctions).

The list of reporting data submitted by managers to the NSSMC has been supplemented with new information, namely:

• certificate of calculation of the amount of regulatory capital;
• certificate on calculation of credit risk concentration ratio;
• certificate of assets of the manager;
• certificate of termination of the property operations funds;
• a certificate establishing the presence among the founders of property management of persons to whom personal special economic and other restrictive measures (sanctions) have been applied in accordance with the legislation on sanctions.

The NSSMC updates the documents in order to bring them into line with the requirements of the Law of Ukraine “On Capital Markets and Organized Commodity Markets”. Draft amendments are published on the official website of the NSSMC for public information.