Disputes with Investment Companies Can Be Resolved Without Court

Consumers of services in capital markets will be able to resolve disputes with companies through special bodies, according to bill No. 16029. This will implement a European model of out-of-court consumer protection in Ukraine. Disputes between consumers and companies can be referred to a special body for consideration, allowing for the avoidance of lengthy court processes. The National Securities and Stock Market Commission (NSSMC) will be responsible for the functioning of the new system, appointing dispute resolution bodies and reviewing complaints about their work. The NSSMC also noted legal inconsistencies, as the bill grants the regulator new functions but does not enshrine the corresponding powers in the relevant law. The Commission proposed to eliminate this gap and define powers in the area of out-of-court dispute resolution. Additionally, the NSSMC reviewed bill No. 16036 on amendments to the Tax Code to bring Ukrainian legislation closer to EU law, supporting the main provisions but pointing out differences in the definitions of derivatives.

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