Securities Commission resumes license of TASK-broker, submits cassation
The National Commission on Securities and the Stock Market, under the demand of the Sixth Administrative Court of Appeals as of May 23, 2019, resumed the license of TASK-broker for fulfilling professional activities on the stock market, meanwhile submitted a cassation to Supreme Court.
"Last week, the commission filed a cassation appeal against the decision of the court of appeals, in which it noted the courts of the first and second instances were ignoring the essential circumstances of the case," reads a press release issued by the regulator.
According to the commission, it had no opportunity to provide an explanation regarding the arguments set forth by it on all established facts of manipulation of TASK-broker, since the court decided to transfer the case to written proceedings.
As the regulator said, it established facts of manipulation of securities of three emitents: DTEK Dniproenergo, Yasynivsky Coke Chemical Plant and DTEK Zakhidenergo through January 5 to September 22, 2016 on the First Stock Trading System (PFTS). During this period, TASK-broker repeatedly carried transactions with the securities of these issuers in almost all cases with the same counterparty during the trading day. Such actions of the company affected the information on trading results on the PFTS stock exchange and, accordingly, distorted data on trading volumes and price, and misinformed other participants of the market," the commission said.
As reported, on May 23, District Administrative Court in Kyiv passed a decision to cancel the provision of the National Commission on Securities and the Stock Market as of December 27, 2018 to impose UAH 170,000 fine on TASK-broker. However, the commission did not wait for the decision, suspended a license of the trader and in fact froze the work of the company.
The panel of judges of the Sixth Administrative Court of Appeals has turned down an appeal of the National Commission on Securities and the Stock Market, and upheld a decision of the District Administrative Court of Kyiv as of May 23, 2019 to cancel sanctions imposed against TASK-broker trader.
TASK-broker along with TASK-invest is a part of TASK investment Group, which was founded in 2006. Serhiy Brodovych is Head of TASK Investment Group.