INSTITUTIONAL AND FINANCIAL INDEPENDENCE OF THE CAPITAL MARKET REGULATORS
Journal Title: Міжнародний науковий журнал "Інтернаука". Серія: "Економічні науки" - Year 2018, Vol 1, Issue 2
Abstract
The article disclosed the international experience of institutional independence of regulators of the capital market, defines the goals of state regulation and the criteria of independence. It also examined the emergence of financial independence of regulators and the benefits that the market and its participants receive from the aforementioned independent model of regulator's operation. In particular, the following countries had been analyzed: USA, Australia, Great Britain, Switzerland, Poland, Ireland, the Netherlands, Latvia, and Ukraine. Due to the importance of signing the Memorandum (MMoU) of the International Organization of Securities Commissions (IOSCO), the practice and approach of European countries were analyzed. According to the financial sector development program till 2020, conducted the GAP-analysis of the current legislation and proposed changes in the legal field of Ukraine for the achievement of international standards in the field of capital market regulation, which are also recommended in bilateral agreements between Ukraine and the IMF. As a result, were identified the main shortcomings of the capital market surveillance system in Ukraine and were made recommendations for its improvement. The provision of the necessary level of institutional and financial independence to the National Securities and Stock Market Commission (NSSMC) has a number of rational reasons, which include: reducing political influence on decision-making; possibility of isolation of regulator employees who perform quasi-legislative or legal functions from the direct influence of the government; the ability to formulate rules in the market according to technical expertise; and self-financing will provide a permanent market surveillance process and support a high level of development within the regulator itself.
Authors and Affiliations
Kostiantyn Chernyshov
Keywords
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