SYSTEMATIC APPROACH TO THE REGULATION OF THE SECURITIES MARKET IN UKRAINE

Abstract

The article presents the author's interpretation of the essence of the category of regulation of the securi-ties market, proposes a systematic approach to the regulation of the securities market, taking into account priority goals, subjects, objects and participants, a toolkit that is based on the specification of forms, methods and levers of regulation and ensures implementation key functions with the help of proper functioning of a number of subsystems: organizational and structural, competence, control, administrative, etc. The purpose of the article is to substantiate the essence and components of the securities market regulation system in Ukraine. In the course of the study, it was deter-mined that the securities market regulatory system ensures the protection of investors' interests, fairness, efficiency and transparency of the securities market and reduction of systemic risk and is based on appropriate tools. It has been proven that the regulation of the securities market must be carried out in the aspect of implementation of the require-ments of the International Organization of the Securities Commission and the principles of IOSCO and "Goals and Principles of Regulation and Circulation of Securities". In today's conditions, there is regulation of the securities mar-ket by the National Financial Services Commission and the NBU, i.e. 2 state institutions can be considered regulators. The NBU regulates banks' operations with securities, is a depository for government bonds, that is, an institution that keeps centralized records of government bonds in paperless form. It was noted that the principles of IOSCO (2010) are important in the system of regulation of the securities market and provide for legality, clarity of the regulator's duties, independence and accountability, regulation of powers, provision of resources, clarity and consistency of procedures, confidentiality of information, monitoring of risks, in particular systemic, efficiency of regulation, absence of conflicts of interest, comprehensiveness of inspections, supervision, monitoring. It is proposed to include a toolkit in the securi-ties market regulation system, which is based on a clear definition of levers, methods and forms, as well as appropriate informational and legal support. Further research should be directed to the development of general approaches to ef-fective regulation of the securities market in the context of determining quantitative and qualitative parameters for par-ticipants in financial services markets and research on compliance of existing legal acts with EU directives and the principles of effective supervision and control.