Scope of state supervision and control of the National Securities and Stock Market Commission of Ukraine at the stage of establishment and development of the capital markets in Ukraine

The article analyzes the legislative acts that defined the scope of the control and supervisory powers of the National Securities and Stock Market Commission (hereinafter – the Commission) during the inception and formation of the securities market in Ukraine. The purpose is to identify the development trends in the legal regulation of relations within the capital markets. The article highlights changes in the system of state administration bodies overseeing the securities market. It notes that the function of state control was divided among three bodies based on substantive and functional characteristics, with the Commission taking a central role. A steady trend towards the legislator expanding the areas of activity and the range of issues under the Commission’s control is observed. The expansion of the Commission’s state control sphere and the range of subjects under its jurisdiction had logical justification determined by their activities. However, the scope of state control expanded significantly, requiring substantial human and material resources, which necessitated reforms in the Commission’s structure and methods. The article also notes significant changes in defining the forms of implementation of the Commission’s control powers. According to the current version of the Law of Ukraine «On State Regulation of Capital Markets and Organized Commodity Markets,» traditional state control methods, such as scheduled inspections, have become secondary. Instead, state supervision methods focusing on observing events in the capital markets have gained prominence. The legislator’s attention has shifted from monitoring individual market participants to assessing overall market functioning. This shift requires further development of the monitoring system and enhancement of supervisory powers, reflecting the evolving content of the Commission’s activities. The future development of relations between the state and subordinate subjects necessitates a differentiated approach to regulating its control and supervisory functions. This approach aims to reduce the scope of state control measures and promote economic liberalization.