At a meeting of the Cabinet of Ministers of Ukraine on January 20, 2020, the Chairman of the National Securities and Stock Market Commission Timur Khromayev presented a draft memorandum on the establishment of the UMFC (Ukrainian International Financial Center).
This initiative was made possible by the adoption of the Law of Ukraine No. 738 on simplifying the attraction of foreign investments and new financial instruments.
The UIFC will be fully integrated into the Ukrainian legal system, as well as provide equal opportunities and privileges to each local and international participant.
Why is the project so important for Ukraine and what are its advantages?
"The development of capital markets and commodity markets will result in accelerating economic growth and improving the living standards of Ukrainians. This is the essence of the reform program," Timur Khromayev stressed.
The project envisages a new onshore regional center for capital markets and commodity markets, which will include five institutions: the Advisory Board, the Investor Relations Bureau, the Arbitration Center, the Universal Exchange and the Financial-Infrastructure Holding.
"Uncertainty with the rule of law is the main reason for unwillingness to invest in Ukraine. A separate arbitration center will help to solve this problem, as it will involve professional arbitrators with extensive experience," said the Chairman of the NSSMC.
The project is scheduled to be launched in the fall of 2023, but work is already underway to draft a legislative framework.