On May 21, 2015 the working group on revising the Draft Law of Ukraine Nr.2290 «On Forex Dealer Activities in Ukraine” registered in the Verkhovna Rada of Ukraine on March 03, 2015 has started its sessions. Experts from the UCRFIN Association as well as from its member companies: ForexClub, IronFX, RoboForex and TeleTrade, have joined the working group, which had been organized by the law draftsmen.
Prior to the working group opening meeting the UCRFIN Association had prepared and submitted to the draftsmen a list of proposals and amendments to the Draft Law. They touched upon, in particular, the following issues:
– discrepancy between the Draft Law provisions and Ukraine’s obligations according to the EU Association and GATT/ WTO agreements;
– specification of the Forex dealers regulators’ authority;
– financial monitoring;
– Forex dealers’ taxable status and taxation order;
– languages use on Forex dealers’ web-sites;
– technical aspects as well as observation of law drafting technics rules.
During the working group session the representatives of the Association and its member companies have expressed their willingness to continue their participation in the Draft Law’s finalization and its’ bringing into compliance with the Ukrainian and European legislation norms, which is essential in the context of the Ukraine’s European integration.
Association members have stressed on the importance of reaching consensus between the market players and the State on the most appropriate regulation format, including the most effective combination of the governmental regulation (including licensing) with self-regulation, which is justified by the practice of the developed countries. UCRFIN and its member companies are ready to share the experience they have on the international markets.
Subgroups have been created within the working group to develop the Draft Law provisions on the following issues:
– adaptation of the norms of the EU Markets in Financial Instruments Directive (MiFID) and technical issues;
– sanctions for breaking the legislation norms;
– financial literacy;
– compensation fund.
UCRFIN will continue its participation in the working group and is ready to involve Ukrainian and foreign experts to the development of related proposals.