Sub-custody guide: Ukraine
Market initiatives in Ukraine during 2014 consisted of
further adjustments to the regulatory framework, implementation of sanctions
against issuers whose shares exist in the documentary form, regulation of
access of dual-listing companies to local stock exchanges and the issuance of
bonds by international financial organisations.
Market regulator National Securities and Stock Market
Commission (NSSMC) is to present a draft programme on the development of the
Ukrainian stock market for 2015-2017, drawn up to be in line with Western
requirements and standards.
The important task for the next few years is the stimulation
of investment inflows into the Ukrainian economy via the integration of the
country’s stock market into global capital markets and the implementation of
best European standards and practices, as well as principles recommended by Iosco,
says Katherine Yevtushenko, relationship manager global securities services
Ukraine at UniCredit.
“A renovated infrastructure is only the first step on the
way to an efficient stock market,” adds Bohdana Yefremova, head of GSS Ukraine
at Raiffeisen Bank International. “Systematic reforms involving the judiciary,
tax and pension systems, liberalisation of currency legislation, and zero
tolerance to corruption are the necessary pillars for future growth.”
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