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National Securities and Stock Market Commission approves corporate governance standards of professional participants for discussion

KYIV. Oct 23 (Interfax-Ukraine) – The National Securities and Stock Market Commission has approved draft five standards on corporate governance in professional participants in capital markets and organized commodity markets, the press service of the regulator has said.

Previously it was one document that applied to all types of professional participants. All documents are posted on the official website of the National Commission, the regulator is awaiting suggestions and comments from the relevant community, the message reads.

In particular, one of the standards sets out the basic concepts and terminology used in the corporate governance process. The action of each of the following four documents applies to those professional participants, the circle of which is defined in the title of the standard itself. Each of the standards regulates issues depending on the type of participant and the specifics of his activities, the press release says.

It is planned that the action of standards No. 3 and No. 5 will apply to the professional participant from the date of publication of information on its inclusion in the list of systemically important professional participants, which is approved by the decision of the National Securities and Stock Market Commission, the message says.

As for banks, which, according to the law "On accounting and financial reporting in Ukraine", are enterprises of significant importance, but not related to systemically important professional participants in the capital markets, the approval of a separate standard is not yet expected, the press release says.