Evolution of legal regulation of the stock market as a factor of economic development of Ukraine

Анотація

The paper thoroughly examines the evolution of the legal regulation of Ukraine’s stock market and its profound impact on the country’s economic development and investment climate. It underscores the significant role of the stock market as a pivotal mechanism for mobilizing capital in the corporate sector, fostering entrepreneurship, and creating diverse investment opportunities for institutional and individual investors. The authors emphasize that the effective functioning of the stock market is essential for economic growth, but its efficiency and stability are largely contingent upon the robustness and adaptability of its legal framework. This becomes particularly critical in a transitional economy like Ukraine, which faces the dual challenges of overcoming domestic structural inefficiencies and aligning its market regulations with international standards. The research methodology applied in the study integrates a comprehensive analysis and synthesis of contemporary academic works, legal and regulatory acts, and statistical data. In addition to the use of traditional scientific methods such as analysis, synthesis, comparison, and generalization, the authors adopt a multidisciplinary approach to explore the interplay between legislative reforms and market performance. This approach enables a deeper understanding of how the legal environment shapes investor behavior, market liquidity, and overall financial stability. The study traces the historical trajectory of reforms in the legislative framework governing Ukraine’s stock market, highlighting key milestones such as the adoption of the foundational laws «On Securities and the Stock Market» and «On Joint Stock Companies.» The paper also addresses legislative initiatives implemented in recent years, including reforms introduced between 2023 and 2024, which aim to modernize the regulatory infrastructure in response to evolving market demands and technological advancements. The authors also stress the importance of fostering international cooperation and actively participating in global economic and financial initiatives to ensure the continued integration of Ukraine’s stock market into the global financial ecosystem. In conclusion, the paper highlights the critical role of well-designed legal reforms in fostering a resilient and dynamic stock market capable of driving Ukraine’s economic modernization. The proposed recommendations offer a practical roadmap for addressing current shortcomings and unlocking the stock market’s potential as a key driver of sustainable economic growth. By adopting these measures, Ukraine can not only attract greater domestic and foreign investment but also establish itself as a competitive and innovative player in the global financial markets.

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