№ 1/2016

№ 1/2016

Nauk. pr. NDFI 2016 (1): 107–125

MARKET OF FINANCIAL SERVICES

WNKAPCXZMTXULI HlECJqunmO zXxWJiTsGhgvetmH¹

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OrcID ID : https://orcid.org/0000-0001-8295-1333

Distinctive features of combating manipulation and fictitious issuers in the stock market of Ukraine in the context of European integration

This article addresses measures to combat market manipulation and fictitious issuers in the stock market of Ukraine in the context of European integration. The article provides a comprehensive analysis of the market development problems relating to the active and systemic combat against market abuse and offences. Emphasis is placed on the need to create a universal database of the activities of stock market participants between National Securities and Stock Market Commission (NSSMC), National Commission for the State Regulation of Financial Services Markets (NCRFSM), the State Fiscal Service of Ukraine (SFS) and state registrars. The database will make it possible to study information on market participants (their formation, structure of founders, number of fictitious securities, their price and turnover, how long such issuers have been in existence, etc.) and also develop more transparent reporting by securities issuers, which will enable regulators to have a full view of all the abuse and optimization schemes and take appropriate actions. The author gives proposals for a comprehensive solution that will clean the market of fictitious securities. It is advisable to amend the current legal and regulatory framework to facilitate actions against illegal transactions in the domestic stock market. In particular, the article stresses the need to adopt the draft Ukrainian Stock Market Development Program for 2015–2017 “European Choice: New Opportunities for Progress and Growth” and pass the bill on Amendments to Some Legislative Acts of Ukraine on the Implementation of IOSCO Standards and Implementation of the Association Agreement between Ukraine and the European Union with Respect to Combating Stock Market Abuse”.

Keywords:manipulation, fictitious, stock market, exchange, securities issuer.

JEL: G11, G28, K22.

wnkAPcXzMTxulI H. z. Distinctive features of combating manipulation and fictitious issuers in the stock market of Ukraine in the context of European integration / H. z. wnkAPcXzMTxulI // Наукові праці НДФІ. - 2016. - № 1. - C. 107-125.

Article original in Ukrainian (pp. 107 - 125)

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