President: Stock market requires completely new approaches

The President has appointed new members of the National Commission on Securities and Stock Market and the National Commission for Public Regulation of the Financial Services Market. Respective decrees have been signed by the President at the meeting with the newly appointed members.
Tymur Khromayev has been appointed Head of the National Commission on Securities and Stock Market. Yuriy Butsa, Ihor Nazarchuk, Oleksandr Panchenko and Dmytro Tarabakin have been appointed members of the given commission.
Ihor Pashko has been appointed Head of the National Commission for Public Regulation of the Financial Services Market. Olha Hurbych, Olha Maksymchuk, Denys Yastreb and Oleksandr Zalietov have been appointed members of the given commission.
In the course of the meeting, the President has emphasized the necessity of radical changes in the stock market. "You have to demonstrate completely new approaches to the stock market," the President noted calling for active work with the real sector of economy and business.
According to the Head of State, despite difficult times, the development of stock market is essential given the necessity of fundamental improvement of the investment climate for the implementation of economic reforms. "The government has a political will to implement reforms and you have professionalism and determination," he said. "Running a full stock market will enable us to bring cheap long-lasting resources into the country and create a reliable system of financing economic development," Petro Poroshenko noted.
The Head of State has mentioned that the reform of financial sector was provided for by the coalition agreement. It goes about integration of the Ukrainian financial sector in the global capital markets, its harmonization with European practices, as well as harmonization of requirements for stock market participants with the EU directives.
"We will be able to create a modern stock exchange infrastructure only with the involvement of leading foreign stock exchange operators," the President emphasized.
According to Petro Poroshenko, stock market should attract cheap and short-run resources for public and private companies. For this end, we need a developed stock market infrastructure, conditions for liquid initial public offering, securities trading, due account of property rights and transparent pricing of financial instruments. At the same time, the President has stressed that it was necessary to eliminate the possibility of tax evasion through the stock market instruments.
Also, as stated by the President, a large-scale challenge is to create a foundation for the future pension reform and investment of pension savings.
"The problem of corruption is still the main one. Your activity must be transparent and open," Petro Poroshenko addressed the new members of the commissions.
In his turn, new Head of the National Commission on Securities and Stock Market Tymur Khromayev has noted that all members of the commission felt responsibility and were willing to use their skills and experience in the stock market reform. "Our principles are transparency, fairness and the rule of law," he said.
Member of the commission Dmytro Tarabakin has asked for the political support of the President. "Some of our decisions may be unusual," he noted. According to him, Ukrainians should finally form a serious attitude to the capital market. "If we do not form the investment pool, we will have no resources to create the market," he added.
The President has supported this position and noted that the stock market reform should become one of the key reforms in the implementation of the Strategy of Reforms - 2020.