The State Securities and Stock Market Commission of Ukraine plans to empower brokers to manage securities and has prepared a draft Resolution in accordance with which securities brokers will have a right to manage securities. The brokers will have a possibility to work with securities owned by legal entities as well as individuals.
The brokers will lead the same activity as assets management companies, but in this case the broker will manage securities and not assets, and they will not be obliged to obtain a special license.
“This proposal is based on the all-European practice, when any owner can conclude an agreement with broker on the securities management,” says a spokesman for SEB. “The State Securities Commission has already recieved consent on this matter from the National Bank of Ukraine.”