Фондовий ринок України: перспективи розвитку і світовий досвід державного регулювання

Abstract

Досліджено сучасний стан, проблеми й перспективи розвитку фондового ринку України. Обґрунтовано доцільність удосконалення регулювання фондового ринку з урахуванням досвіду США та ЄС. Ідентифіковано елементи фондового ринку України та окремі процеси його функціонування, які потребують посилення державного регулювання. Досліджено законодавчі акти США та країн ЄС, які регулюють фондовий ринок; виявлено їх переваги, недоліки та особливості застосування. Виділено елементи правового регулювання фондових ринків розвинутих країн, які доцільно застосувати у вітчизняних умовах

The Ukrainian stock market has a huge potential for development, but many systemic problems hold it back. The purpose of the study was to develop proposals for the use of international experience in regulating the stock market of Ukraine. To achieve the goal, the current state of development of the stock market of Ukraine was analyzed and its main problems were identified. It is revealed that the nominal indicators of the volume of the stock market have been decreasing since 2015, but qualitatively the market is developing. The number of organizers of exchange trades and the number of new issues of securities decreased, many licenses to work on the stock market were revoked. At the same time, the responsibility of exchange traders is growing, information sharing is improving, and most traders adhere to accepted trading principles. The article analyzes the legislative changes in the regulation of the stock market, which have occurred since the signing of the Association Agreement between Ukraine and the EU. Separately identified elements of the stock market and technological processes of stock trading, requiring increased government regulation. Despite the increased level of institutional independence of the NSSMC and improvements in depository and clearing activities, the current legal framework allows owners of large businesses to forcibly buy out minority shareholders' shares. There are almost no shares of large profitable enterprises for free sale, and the level of monopolization of key sectors of the national economy is too high. The results of the analysis of U.S. laws and EU directives regulating the operation of stock markets, allowed to formulate proposals for the use of the experience of developed countries in the practice of reforming the stock market in Ukraine. In particular, changes are proposed regarding the obligation of issuers to ensure a minimum free float of their securities, strengthening accountability for violations on the stock market, streamlining the work of investment companies (funds) of various types, investment incentives in the real economy, protecting investors' rights and providing large stock exchanges with the status of self-regulatory organizations. Proposed measures for the development of legal regulation of the Ukrainian stock market will bring us closer to ESMA standards, to sign a Multilateral Memorandum of Understanding concerning consultation, cooperation and the exchange of information with IOSCO, increase overall market capitalization and liquidity of the market and allow the Ukrainian economy to attract capital on favorable terms.