Such exclusion is stipulated in the EU-Ukraine Association Agreement as a step towards harmonization of the national legislation on the protection of economic competition with the relevant EU standards. In the future the conclusion of the asset management agreements by the asset management companies may be exempt from obtaining the AMC's merger clearance, provided that such actions are purely financial transactions. To establish clear and independent process for appointing state commissioners of the AMC This recommendation was also provided to Ukraine by the OECD Reviews. The AMC state commissioners are nominated by the Prime Minister of Ukraine, based on proposals of the AMC Chairman, and can be dismissed by the President of Ukraine. The term of office of an AMC state commissioner is seven years. Appointment of a state commissioner as the first deputy or deputy Chairman of the AMC is not a ground for renewing the seven-year term.