The resumption of confidence in the Ukrainian stock market: is it enough to tighten sanctions for market abuse?

The article assesses the effectiveness of counteracting abuse on the Ukrainian stock market. It has been revealed that the problem of improper legislative registration of counteraction to abuses in the stock market entails unsystematic and biased enforcement by the regulator (NSSMC). The author highlights that the proposed implementation of the requirements of MAR (Market Abuse Regulation) and MAD (Market Abuse Directive) to the national legislation is inadequate both in the context of the market's functional role in the economy and in the context of the unjustified extension of the regulator's powers. It has been stated that ignoring these issues at the level of prospective legislation will not increase confidence in the stock market and will block incentives for its development. It has been substantiated that the introduction of strict prohibitive norms into national legislation to counteract abuses in the stock market based on the implementation of the European approach should be as detailed as possible, unambiguous, and consistent with the immature state of the market. At the same time, prohibitive norms should be an integral part of systemic steps aimed at improving the quality of the market, and in its absence - a vector to stimulate development. It is necessary that in the conditions of market immaturity and the actual absence of individual segments, the strict prohibitions for abuse of market participants should be applied carefully and accompanied by the regulator's symmetrical responsibility in case of insufficient substantiation and subjectivity of law enforcement.