State Commission on Securities and Stock Market (SCSSM) started checking the stock market “Perspective” to reveal the facts of manipulating stock price. Prove manipulation difficult, moreover, still for it did not provide specific sanctions, say market participants. But SSMSC in the coming days will be entitled to be fined for the manipulation of 850 thousand UAH, which will reduce the number of violations in the market, traders believe.
Manipulation securities will be costly for the stock exchanges and traders. As the Kommersant-Ukraine, the Ministry of Justice on Jan. 14 decision SSMSC registered number 1196 amending the Rules of cases of violations of the requirements of the legislation on the securities market and the application of sanctions. ” The document for the first time allows the regulator to fine entities in the amount of 10-50 thousand non-taxable minimum incomes (170-850 thousand UAH), or up to 150% of earnings (income) received as a result of “price manipulation during the operations with securities papers.
So far, the legislation contained a definition of “manipulation” and the right state representative to the Stock Exchange to suspend trading in case of detection of signs of manipulation during the bidding.1000The new sanctions approved by the Ministry of Justice, will enter into force before the end of January. During the same period to complete the audit of the exchange “Perspectives”, which market participants are suspected of manipulating - the last days of December, the court declined sharply stock prices Yenakiyevo metkombinata in comparison to other exchanges.
Chapter SSMSC Sergei Petrashko noted that the committee two weeks to explore the extent of responsibility of the exchange and traders. “If two merchants had the sale at reduced prices, the check will show who and how they will respond,” - he said. According to government representatives on the “Perspective” Alexey Tarasenko, he had no reason to suspend trading.
Among the companies traded on the stock exchange, market participants named co-founder of “Perspective” company KUB. Head KUB Konstantin Shevchuk on the question of participation in the transactions said: “I can not disclose all of its commercial operations.” Chapter Exchange Board “Perspectives” Edward Milyushko confirmed that as of last week SSMSC sends a request to specify the prices of securities at a specified date. “Market situation or commission, or its own rules is not violated. And retailers also are not violated. There is no clear definition that refers to” manipulation. “To do this, change the regulatory framework” - sure Milyushko.
According to general director of Concorde Capital IK Igor Mazepa, is now extremely difficult to prove that the actions of a securities trader manipulating. However, if the regulator will apply to violators of the new sanctions, they can be appealed in court, as the regulations are not retroactive, except for leniency, according to a senior partner of law firm “Ilyashev and partners” Roman Marchenko. “There must be sanctions that existed at the time of committing illegal acts, but not at the time of decision that these actions were a violation,” - says law firm partner Astapov Lawyers Oleg Malsky.
punished violators will be coming. “Now that violators be an additional risk and will likely become more expensive to manipulate,” - added Mr. Mazepa. “These fines could stop many market participants from trying to earn a manipulation”, - said President investfonda “Amadeus-Index PFTS” Michael Roiko.
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