Draft resolution adopted
National Securities and Stock Market Commission has approved amendments to the Rules of proceedings on stock market violations and sanctions. Corresponding draft decision was adopted at the regulator's meeting, the press service of NSSMC informs.
«This document was developed for improved enforcement, and to address identified deficiencies in the previous version. At the same time, updating of the draft resolution was foreseen under work plans for the NSSMC and its Committees for 2013», said Natalia Herasymenko, head of Enforcement Department at NSSMC.
In particular, amendments provide for supplementing the list of grounds on which the case of the offense cannot be open, and open case shall be dismissed. The document establishes the procedure of calculating the periods and course of actions in the last day of the period. In addition, the document changed the period for referral of the decision made after proceedings on offense and orders to eliminate securities law violation. The period to appeal the decision to impose sanctions for violations on securities market has been increased. Adoption of these amendments will strengthen the protection of the interests of legal entities during consideration of cases by the Commission, as well as ensure their complete, comprehensive review and adoption of lawful decisions.
