Monday December 11 2023
News Source: Global Exchanges
Focus: Brokers
Type: General
Country: Ukraine
On 6th December 2023, the National Securities and Stock Market Commission (NSSMC)Â has approved the draft amendments to the Procedure for issuing, suspending, and cancelling the license for conducting professional activities on the capital markets.
The project was developed with the aim of bringing the regulatory act into compliance with the requirements:
- of the Law of Ukraine “On Administrative Procedure”,
- of the Law of Ukraine “On Joint Stock Companies”,
- of the Law of Ukraine “On Financial Services and Financial Companies”.
Key innovations and changes in the document are related to the implementation of the Law of Ukraine “On Administrative Procedure”. A rule is proposed that in case of submission of an incomplete list of documents or submission in violation of the requirements specified in this document, the Commission informs the applicant about leaving the application for the issuance of a license, the application for the cancellation of a license – without movement within three working days from the day of receipt of the package of documents and indicates shortcomings.
The deadline for eliminating deficiencies cannot be less than five working days and at the request of the applicant, the Commission can extend the deadline for eliminating the identified deficiencies.
Thus, in the case of elimination of defects within the prescribed period, the application for the issuance of a license, the application for the cancellation of a license is considered to have been submitted on the day of its initial submission. And the period of consideration of documents is extended for the period of leaving the application for the issuance of a license, the application for the cancellation of a license without movement.
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