15:35 04.11.2015

Court rules securities commission's decision to revoke UICE license as illegal

2 min read
Court rules securities commission's decision to revoke UICE license as illegal

The Kyiv District Administrative Court has ruled that the decision of the National Commission on Securities and the Stock Market to revoke the license of PJSC Ukrainian Interbank Currency Exchange (UICE, Kyiv) for professional activities on the stock market was illegal.

According to State Court Rulings Register data, the licensee submitted an appeal against the decision October 12, 2015.

The court ordered proceedings to be opened as an administrative case and ordered the securities commission to file written objections to the claim along with materials to be taken into account when the ruling was made. The court scheduled a meeting on the issue for November 23, 2015.

However, the press service of the securities commission told Interfax-Ukraine that the court ruled in favor of UICE on November 2.

"In accordance with the request of the plaintiff, it was considered under an accelerated procedure," the press service said.

The press service of the exchange confirmed the availability of the court ruling, adding that it will enter into force ten days after its adoption.

At the same time, the commission clarified that the court refused to satisfy another request of the plaintiff with respect to the suspension of the regulator's decision. As a result, the judgment dated November 2 was made after the securities commission's decision had entered into force.

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