Ruslan Magomedov at KIEF TALKS: We understand how important it is to offer business a protection wing and simplify most of the outdated processes

The Chairman of National Securities and Stock Market Commission (NSSMC) took part in the Kyiv International Economic Forum TALKS on the topic: «Protection of the rights of Ukrainian entrepreneurs and investors».

During the panel discussion, representatives of the state authorities responsible for investor protection and representatives of big business discussed the state of the business climate in Ukraine and the challenges faced by entrepreneurs.

Ruslan Magomedov spoke about the regulator’s technological project, which was created on the basis of the Central Depository and is aimed at protecting the rights of Ukrainian enterprises and developing corporate activities: «We offer businesses a new accounting system aimed at protecting property rights from raiding. The system records in detail the facts of acquisition of rights to shares in LLCs and ALCs, their termination and restriction. In other words, any transactions are reflected in the system and make unauthorized actions impossible. We understand how important it is to offer business a wing of protection and simplify most of the outdated processes for their effective operation in today’s realities».

The Chairman of NSSMC also spoke about the case of Freedom Finance Ukraine and the regulator’s actions to resolve the depositors’ problem: «The key task for NSSMC is to immediately resolve the issue with the assets of the company’s clients, which, unfortunately, have remained blocked on the accounts for quite some time. Recently, NSSMC has introduced a temporary head of the executive body of a professional participant to the company. This became possible for us only with the adoption of the relevant law, and we immediately took advantage of it. Currently, the interim manager is conducting a full audit of the company, including liabilities and own funds. Then he will prepare a detailed action plan, which will allow us to assess the ability and timing of returning the blocked assets of our clients».

The KIEF TALKS participants emphasized that a successful coexistence of the state and business requires a strategy that recognizes that the economy cannot exist without investment, and investment cannot exist without the spirit of free enterprise. Only with a strong economy can the state defend itself against external threats.