New head of National Securities and Stock Market Commission intends to restore dialogue with market participants
The regulator cannot build a stock market in participants' stand, but must create conditions under which conscientious professional participants can build it and make it useful for the country, National Securities and Stock Market Commission (NSSMC) Ruslan Magomedov said in an interview with Interfax-Ukraine.
"The first thing I want to do in my post is to start a dialogue with local participants. Those who remain now are fanatics of their business. These are people who really want the stock market to be in Ukraine," the head of the regulator said.
Magomedov pointed out that the composition of the Commission appointed in early 2015, headed by Timur Khromayev, performed an important function - clearing the market. "But we probably really did not find a common language with its participants. And this antagonism, which existed for almost all six years, hindered development. This experience should be taken into account and we should simply communicate more," the new head of the National Securities and Stock Market Commission said.
He recalled that earlier under the regulator, during its leadership by Dmytro Tevelev (2010-2014), there was a special Council, which included representatives of all market participants: issuers, exchanges, depositories and traders. "I think we will resume this practice, and already in the dialogue with the market it will be clear what we can do in the medium and long term," Magomedov said.
According to him, it would be correct and progressive to simplify and facilitate the working conditions for professional participants, for example, to allow, following the NBU, to open accounts remotely, to facilitate KYC (know your client) and compliance procedures, but at the same time to act in accordance with international practices.
The head of the Commission recalled that he was promoted to top management in the market from the initial level and therefore understands the problems of ordinary employees of the back office, merchant, depository, manager and is engaged in solving even seemingly small issues, but which hinder obtaining a real result.
"One need to understand what tasks it [the stock market] can help solve the country and how realistic it is in the short term. Things that you cannot use in the coming years are not interesting, while we often tried to build something which was in the long perspective and not clearly seen, and the market became somehow ephemeral," Magomedov emphasized.