PFTS stock exchange to hold meeting of supervisory board to study securities commission's decision
The PFTS Stock Exchange (Kyiv) plans to call an extraordinary general meeting of its supervisory board after the publication of the decision of the National Commission for Securities and the Stock Market of Ukraine on revoking its license for the organization of trading on the stock market.
"In the near term it is planned to cal for the meeting of the supervisory board of PJSC PFTS Stock Exchange, which would define the position of the shareholders on the regulator's decision and decide on actions to settle the issue," the exchange said in a press release.
PFTS is confident that the situation would be settled and the exchange would continue working on the Ukrainian stock market as the organizer of trading.
The press service said that PFTS continues fulfilling its liabilities to trading participants, issuers of securities, international news agencies and stock exchanges that use the PFTS data in their operation.
As reported, the National Commission for Securities and the Stock Market on September 6, 2015 decided to revoke PJSC PFTS Stock Exchange's license for professional activity on the stock market, specifically the organization of trading on the stock market.
"After receiving information about the plans of Favorit stock company and Investment Capital Ukraine (ICU, both based in Kyiv) to acquire shares in PFTS, which belong to Moscow Exchange (Russia), the national commission held a series of meetings with the PFTS management and potential buyers and received the requested documents. Nevertheless, ICU failed to provide the commission with the prior consent of Moscow Exchange, while Favorit company did not provide information about the availability of funds to purchase PFTS shares and information on the future final beneficiaries of the exchange. Accordingly, the commission without sufficient evidence of the possibility of compliance with legislation in the field of licensing by PFTS Stock Exchange has decided to revoke the exchange's license," the commission said.
The decision of the securities commission can be appealed to the expert board of appeals for licensing issues at the State Regulatory Service of Ukraine, and/or at court.