Igor Mazepa commented on the new composition of the National Securities and Stock Market Commission

With the entry into force of the law of Ukraine “On the cleansing of power”, special attention is paid to the process of lustration in financial regulators. If the reshuffle in most of the controlling bodies is carried out by the Cabinet, then the future of the National Commission on Securities and Stock Market (NKTSBFR) can affect only the president. That is, the government does not have the right to lyustrirovat officials of the Commission because of its special status, so the leadership of the National Securities and Stock Market Commission remains in place.


At the end of the 2000s, when different governments replaced each other in the country, the current “runaway” Andrei Portnov, then still close to Yulia Tymoshenko, influenced the NKTSBFR. But over time, he apparently found himself more interesting areas of activity, and the tacit supervision of the stock regulator began to move to the environment of Rinat Akhmetov.


Igor Prasolov, ex-head of SCM, claimed the post of head of the National Commission. However, the regulator was headed by Dmitry Tevelev, who previously worked as a top manager at DTEK. He did not have a particular relationship to the stock market, but he was well versed in the reorganization of joint-stock companies, which was extremely important in the era of the new “redistribution”. According to feedback from stock market participants, Tevelev rather quickly got to the bottom of all the subtleties of the regulator’s work and

really began to understand the problems of the stock market, trying to somehow reanimate it. But, given the investment climate and “features of the judicial system” during the reign of Viktor Yanukovych, any legislative initiatives in this area did not have a real development and result.

In addition to the three “old-timers” – Alexei Tarasenko, Alexei Petrashko and Oleg Mozgovoy, – in 2011, the regulator also received three new members of the Commission. They were Evgeny Voropayev, Konstantin Krivenko and Anatoly Amelin.


Yevgeny Voropayev is the son of one of the main lawyers of Akhmetov, a deputy of the Supreme Soviet of the previous convocation, Yury Voropayev. Prior to joining the NKTSBFR, he worked in the SBU, having a law degree. Gaining experience in the legal control department of the National Securities and Stock Market Commission, he was appointed a member of the Commission by presidential decree Viktor Yanukovych. The scope of his responsibility has included oversight of the stock market.


Anatoly Amelin was the most experienced specialist who came to the regulator. In the market, he had the reputation of “financier Akhmetov” and knew the market quite deeply. The basis of the claim of other market participants to it was, and is still a relationship with the company Altana Capital, which, according to observers, “was allowed more than the rest.”


“For example, in 2012, Altana influenced the exchange rate of SCM-related companies directly – to buy out minority stakes at the lowest price. The regulator allowed Altana to do this not in the interests of minority shareholders, ”the fundiker told Forbes as anonymity. Amelin himself has repeatedly claimed that he sold the company. However, both the market and Forbes sources in the National Securities and Stock Market Commission continue to assert that Amelin continues to lobby for the interests of his friendly businesses. Amelin could not comment on the Forbes issue before the material was submitted.

But the most controversial appointee was Konstantin Krivenko. He worked in several failed banks, namely “National Standard”, “Vladimirsky” and “Evropeysky”, in the regulator he was engaged in prudential supervision. It was believed that the ex-banker worked at the NKTSBFR without much enthusiasm. In 2012, he was appointed head of Ukrposhta.


Instead of Krivenko, Mikhail Nazarchuk was appointed to the NKTSBFR. Previously, he was the head of the Donetsk Stock Exchange “Inneks”, which is associated with Rinat Akhmetov. Nazarchuk was also associated with fictitious insurance companies, which were engaged in the market not so much as insurance activities, as fictitious financial operations. He does not fall under lustration – Nazarchuk must pass the test.


How effective was this composition? Maksim Libanov, director of analysis, strategy and development of the legislation of the National Securities and Stock Market Center, told Forbes that the Commission’s achievements over the past few years include: corporate reform carried out in 2010-2011, depository system reform, transition to electronic document management and prudential supervision.


Market participants agree that the National Commission did not particularly facilitate the work of the industry. The head of Concorde Capital, Igor Mazepa, could not name any important decisions made by this composition of the regulator. “This staff was one of the most professional, but it was also one of the most inactive in terms of decision making. No important issue has been resolved, including those related to taxation, the introduction of new instruments. The commission, as a basic regulator, did not help us, the market participants, ”Mazepa said.

Related posts