The Cancellation of the Stock Market Professional Activity License: Enforcement Issues
Abstract
The article is devoted to the grounds and features of the cancellation of the stock market professional activity license sanction use. The cancellation of license involve the termination of the stock market professional activity right.
Based on the Part 1 of the Article 238 of the Commercial Code of Ukraine, it was concluded that the economic offenses are the basis for applying such sanctions. This is a violation of the stock market economic activity legislation rules. The goal is to stop the violation and to eliminate its consequences.
A new type of the administrative sanctions is proposed to implement. This is the forced sale of the share in the authorized capital / the share of the professional stock market participant through the electronic trading or on the Stock Exchange. Such sale is carried out by the auction with the transfer of the received funds to the sold share owner. The grounds of such penalties application are established by law. The procedures such as the license withdrawal, the termination of the license and the license invalidity are highlighted. The withdrawal of the license is defined as an administrative way of influence which entails the termination of the licensee right to engage in the stock market specific professional activities by the National Commission on Securities and Stock Market of Ukraine decision. The grounds for the license withdrawal are defined. The termination of the license and the license invalidity include the document (license) deprivation void. They are not the administrative and economic sanctions.
By reason of the license termination are referred its loss or damage, or renewal, or not renewal in the law term established, the abolition of the business type licensing. The non-payment of the license fee within the term defined by the law, the issuance of the license with violation of the law, including if there were grounds for denial of the license are defined the grounds of the invalidity of the license under the Article 27-2 of the Law of Ukraine «On the Securities and the Stock Mar ket». The grounds of the license withdrawal, the termination of the license and the license invalidity are offered to determine in the Article 11 of the Law of Ukraine «On the State Regulation of the Securities».
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