NSSMC denies accusations

National Securities and Stock Market Commission (NSSMC) said that ICU Group in its notification on November 3 had disseminated unreliable information to bring discredit to the authority as the public body. It’sstatedontheauthority’swebsite.

NSSMC is accused in confidential information disclosure.

“Statement of ICU misrepresents the order of Kyiv Appeal Administrative Court dated October 25, 2016, regarding the suit of Investment Capital of Ukraine LLC (one of the Group’s companies, plaintiff) against NSSMC and the order of Regional Administrative Court of the city of Kyiv dated August 1, 2016 under the same case. ICU says that NSSMC has illegally disclosed confidential information. However, the first instance and appeal courts recognized the acts of NSSMC as legal”, NSSMC states. 

The regulator insists on its sound compliance with the law while functions fulfilling and information submission to MPs of Ukraine and stock market participants. The Commission’s due diligence is proven in particularly by decision of the courts which have taken an affect.

Recall, Kyiv Appeal Administrative Court recognized NSSMC’s actions as legal in case of information provision to the request of Investment Capital of Ukraine LLC.

ICU appealed to the court to bind NSSMC over to provide all the documents related MP’s requests of Oleksii Mushak, MP. Requests of the MP, relevant answers and internal NSSMC’s documents on the issue, other requests of the MP, etc. were subject to provision under the suit. 

On November 3, ICU Group announced an intention to protect its business reputation against the manipulations with confidential information regarding deals with international government debt bonds (IGDB). In particular, the Group stated that information provided to MP by NSSMC regarding IGDB deals of Investment Capital of Ukraine LLC was of manipulative nature due to free explanation of confidential data without understanding of economic essence of the deals. 

Earlier the professional associations Ukrainian Stock Traders (AUST) and Ukrainian Association of Investment Business (UAIB) made public statement and called law enforcement bodies to investigate dissemination of free-evidence accusations of NSSMC’s leadership and officers by some Internet media. 

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