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The National Securities and Stock Market Commission of Ukraine or SSMCS is the institution burdened with the responsibility to implement state regulation of securities and stock market in Ukraine. SSMCS functions directly under the jurisdiction of the president of Ukraine, but is accountable before the Parliament of the country. The current name of the Commission was adopted some years ago, when the former State Commission on Securities and Stock Market was renamed.
SSMCS is also responsible for the formation and implementation of state policy for the development and functioning of the securities market and derivatives, as well as for the implementation of national regulation and control over the production and circulation of securities and derivatives. That makes the Commission responsible for overseeing the forex and CFD market in the country as well.
Specific regulatory requirements for the forex and CFD brokers in Ukraine, however, still do not exist so basically the retail forex market in the country remains broadly unregulated. Still, steps are taken to harmonize the outdated Ukrainian legislation with that of the European Union, including the guidelines governing the forex market.
Also, earlier in January the National Bank of Ukraine (NBU), which main function is to oversee the monetary policy and the overall macroeconomic stability of the country, approved and published regulations that are set to be the basis for a new liberal currency system in the country.
The new currency regulation will be introduced on February 7, 2019 and basically eases more than 20 provisions in the foreign exchange market, replacing a twenty five year old foreign exchange legislation.
For example the deadline for settlements with export and import contracts is doubled to 365 days, currency supervision over export and import transactions of up to 5400 USD is abandoned and the free use of accounts of legal entities abroad is allowed.
Individual licenses for currency transactions are also to be abandoned – licenses will be replaced by a set of limits, including a limit of up to 2 million EUR per year for legal entities and 50 000 EUR per year for individuals.
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