KYIV. Nov 12 (Interfax-Ukraine) – Secretary General of the International Organization of Securities Commissions (IOSCO) David Wright plans to visit Ukraine on November 23 and November 24 to discuss the reforms of the capital market that the country requires, Head of the National Commission for Securities and the Stock Market of Ukraine Tymur Khromayev has said.
“On November 23 and November 24, IOSCO Secretary General David Wright will come to Kyiv to discuss the required reforms of the Ukrainian capital market. This is his first visit to Ukraine. Moreover, this is the first visit of an IOSCO top manager to Ukraine,” he wrote on his Facebook page.
The press service of the commission told Interfax-Ukraine that Wright plans to meet with Ukrainian President Petro Poroshenko, and he may also meet with Ukrainian Prime Minister Arseniy Yatseniuk.
Khromayev hopes that the IOSCO secretary general will support the fundamental changes to the Ukrainian stock market foreseen in the memorandum between Ukraine and the International Monetary Fund (IMF) and the comprehensive program to develop the Ukrainian financial market until 2020.
“IOSCO has provided assistance in drawing up draft laws that would ensure the institutional and financial independence of the commission, giving us the power to take efficient measures on the regulation, supervision and law enforcement areas. The package of bills regarding our powers is to be included in the parliament’s session by the end of this year,” he said.
He also said that despite the fact that his commission is a member of IOSCO, its abilities are restricted.
“The full-featured side of the cooperation of regulators from different countries with the commission will only be realized after the signing of the Multilateral Memorandum of Understanding (MMoU IOSCO). At present, we’re not able to fulfill mutual liabilities on international cooperation along with other foreign regulators,” he said.
Khromayev said that the commission is on its way to making the required changes.
IOSCO is an international body that brings together over 120 of the world’s securities regulators and it is recognized as the global standard bearer for the securities sector.
