The head of the National Commission for Securities and Stock Market (NCSM) Ruslan Magomedov asks President Vladimir Zelensky to use the right of veto on the law regarding capital markets adopted on February 22. Economic Pravda reports this.
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Among the comments to the document sent for signature, the head of the National Securities and Stock Market Commission is dissatisfied with issues of salaries of the commission’s employees, as well as conflicts of interest. As for the first, the regulator wants to independently approve the staffing table, whereas now, as now, this is done by the government, providing for the corresponding expenses in the state budget.As for the conflict of interest, Magomedov asks to remove from the law the rule prohibiting employees commissions and members of their families have a stake in controlled market participants, receive material remuneration from them or hold any position there.
People's deputies Yaroslav Zheleznyak and Olga Vasilevskaya-Smaglyuk believe that the latter request is due to the fact that Magomedov has a corresponding conflict of interest. In his declaration for 2022, he indicated that during the reporting period he lived with Evgenia Grishchenko, head of the brokerage department for clients at Investment Capital of Ukraine. That is, if Zelensky signs the law, a logical question will arise about Magomedov’s suitability for his position.
According to Zheleznyak, the problem is that the mentioned law is a requirement of the World Bank as part of the implementation of the DPL program. For its implementation, Ukraine allegedly pledged to put three laws into effect by March 5, 2024 (“On Electronic Agrarian Receipts”, corporate governance, and the National Securities Market Commission itself), and in return to receive a loan of $1.5 billion.
The first two laws agreed upon with the World Bank have already been signed by Zelensky. As for the third, about the National Securities and Stock Market Commission, then, according to Zheleznyak, the president will probably veto it. And therefore, the agreed amount will not be received into the budget in March.
