The National Council of Reforms: National market regulators should be independent, professional and capable

The National Council of Reforms discussed further reformation of independent market regulators - the National Bank and national commissions that carry out state regulation on the natural monopolies and financial markets.

"Functional peculiarities of these markets require high professional competence of regulators, their independence and appropriate powers. Only under these conditions it is possible to ensure proper operation of the industry, fair and balanced protection of the interests of the state, market players, consumers and other stakeholders," the President said opening the discussion.

The President urged to understand that regulators should be removed from political influence and focus on professional regulation.

The Head of State noted that for the efficient performance of their duties, regulators should be provided with financial resources sufficient for the usage of state-of-the-art IT-technologies and involvement of the best industry experts. "The level of employees of regulators must meet the level of subjects that are regulated," the President said.

Also, according to the President, the peculiarity of regulators is the fact that they directly contact with market participants, which creates temptations sometimes. In order to counter them, the activity of the National Anti-Corruption Bureau is being launched by the newly appointed Anti-Corruption Prosecutor. Today, the Prosecutor General appointed the First Deputy Anti-Corruption Prosecutor. "I am confident that we will continue this fight against corruption," Petro Poroshenko said.

In addition to raising the status of national regulators, the important task is to optimize their structure, reduce regulatory functions and eliminate duplication. In order to achieve this goal, the President issued a legislative initiative on the elimination of the National Commission for State Regulation of Financial Services Market and distribution of its powers among other bodies that carry out state regulation of financial services markets - the National Securities Commission and the National Bank of Ukraine.

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