The National Securities and Stock Market Commission (NSSMC) participated in the presentation of a joint research study on corruption risks associated with residential real estate investments funded by natural persons and legal entities, which was conducted by the Commission\u2019s experts in collaboration with representatives of the National Agency for Corruption Prevention (NACP) and with the support of the Organization for Security and Co-operation in Europe (OSCE).<\/p>\n
The Commission was represented at the event by Arsen Ilin, NSSMC Commissioner, and experts from relevant departments: Oleksandr Fedorenko, Head of the Unit for the Licensing of Managers of REFs and CFFs at the Licensing and Regulation in Collective Investment, Non-State Pension Provision, and Management of REFs and CFFs Department, as well as Deputy Head of the Corruption Prevention Unit, Olha Odynokova.<\/p>\n
Commission representatives emphasized that during the war and Ukraine\u2019s future reconstruction, investment transparency is becoming a matter of national security. However, systemic gaps currently hinder the effective protection of citizens\u2019 rights:<\/p>\n
\u25cf Legislative imbalance:<\/strong> the 2022 amendments allowed developers to raise funds directly, without adequate oversight or supervision. An interesting aspect of the discussion was the need for data integration. The Commission advocates for the creation of a unified digital outline between the registers of the NSSMC and the system of the State Inspection of Architecture and Urban Planning of Ukraine (DIAM). This will enable the automatic tracking of investor funds and their comparison with actual construction progress on-site, thereby preventing the creation of new Ponzi schemes and long-term construction projects.<\/p>\n The NSSMC not only endorses the research findings but also views them as a roadmap for future reforms. The priority is to create a market model in which construction financing instruments are not merely a bureaucratic formality but a genuine safeguard for the security of funds.<\/p>\n The Commission has already begun work on mechanisms to strengthen the accountability of REF and CFF managers, particularly with regard to disclosing information about potential ties (affiliations) with developers (building owners). A separate focus is on deepening cooperation with the DIAM.<\/p>\n The joint efforts of the two regulators will introduce thorough oversight: from the allocation of land and the issuance of financial instruments to the commissioning of the property and the transfer of housing to the investor. Only such a comprehensive approach can minimize corruption risks and attract private investors to the primary real estate market.<\/p>","protected":false},"excerpt":{"rendered":" The National Securities and Stock Market Commission (NSSMC) participated in the presentation of a joint research study on corruption risks associated with residential real estate investments funded by natural persons…<\/p>\n","protected":false},"author":342,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,853,4,8],"tags":[],"class_list":["post-1183034","post","type-post","status-publish","format-standard","hentry","category-golovn-novini","category-zapobgannya-korupts","category-zakhyst-investoriv","category-news","category-rozvitok-fnansovogo-rinka"],"_links":{"self":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1183034","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/users\/342"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/comments?post=1183034"}],"version-history":[{"count":2,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1183034\/revisions"}],"predecessor-version":[{"id":1183044,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/posts\/1183034\/revisions\/1183044"}],"wp:attachment":[{"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/media?parent=1183034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/categories?post=1183034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nssmc.gov.ua\/en\/wp-json\/wp\/v2\/tags?post=1183034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\u25cf Lack of \u201cfilters\u201d:<\/strong> there are insufficient requirements for developers regarding capital, owner transparency, and business reputation.
\n\u25cf Uncertainty of responsibility:<\/strong> blurred boundaries of control by supervisory authorities create zones of \u201cabsent responsibility\u201d when a developer changes or a plot\u2019s designated use is altered.<\/p>\n