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11:03
STATE COMMISSION FOR FINANCIAL SERVICE MARKETS REGULATION SATISFIED WITH RESULTS OF PGO'S CHECKS OF COMMISSION

Kyiv, August 5 (Interfax-Ukraine) – The state commission for financial service markets regulation of Ukraine is satisfied with the results of checks of its activities by Prosecutor General's Office (PGO).

The commission's head, Viktor Suslov, told the press at a briefing on Tuesday that the check was scheduled at his proposal after his appointment to the post of commission head, and the period of the commission's operation for 2008 and Q1, 2009 was checked.

Suslov said that all five directors of the surveillance department resigned during the checks, and at present the head does not have any complaints against any of the resigned directors.

He said that the Prosecutor General's Office issued five objections to actions of commission departments directors: two objections against the director of the insurance surveillance department, Vadym Kolomiets, who issued only directions to insurance companies instead of imposing fines on them; two objections against the director of the nongovernmental pension fund surveillance department, Andriy Bakhmach and one objection against the director of the financial companies surveillance department, Ekateryna Otchenash.

Suslov also said that criminal cases were not opened, although 20 officials of the commission were subjects to disciplinary measures.

The commission's head also said that a decision to reorganize the commission's structure was made to eliminate a violation of law.

"If earlier department directors had almost complete control over the organizations of their markets, the new system puts the organizations under the control of at least three departments, which are headed by three independent commission members – the inspection department, the license registration department and the prudential surveillance department," he said.

Suslov said that at present, the reorganization has been completed, and the commission's staff was renewed and the commission's operation was restored in full.

"I'm thankful to the Prosecutor General's Office for the thorough and fair checks made on the activities of the state commission for financial service markets regulation," he said.

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