OREANDA-NEWS. October 01, 2012. The Cabinet of Ministers of Ukraine approved the draft Law of Ukraine "On Amending Certain Laws of Ukraine to improve the functioning of the stock market," developed by the National Commission on Securities and Stock Market (NSSMSC).

Presenting given draft law at the Government sitting, Dmytro Tevelev, the NSSMSC head, noted that it involves amending some laws of Ukraine, including the Law "On Securities and the Stock Market", to improve the regulation of relations in the field of issuance and circulation of securities and functioning of the stock market.

"The Commission set the objective to promote the development of the stock market to ensure its with quality regulatory and legal framework, so we focus our efforts on adaptation and legal regulations to current market conditions," said Mr. Tevelev.

As for the document content, the Commission proposes to define a single list of documents to be submitted for obtaining a license for the appropriate type of professional activity on the stock market or the refusal to issue such a license, as well as clarify and unify this list of documents. Also, the document provides unified period of issuance a license for a certain type of professional activity on the stock market or refusal to issue such a license. Yet another rule, which is scheduled for introduction in the improvement of the licensing conditions - prohibit the transfer of the license for the relevant type of professional activity on the stock market to third parties, as well as entities that are formed as a result of the termination of such participant.