Legislation

• General Issues

1. Law of Ukraine On Joint Stock Companies (Article 2, 78) of 17 September 2008	Joint stock company information disclosure
2. Law of Ukraine On Securities and Stock Market (Section V) of 23 February 2006	Disclosure of annual, quarterly and special information on the stock market
3. Law of Ukraine On State Regulation of Securities Market in Ukraine (Article 11) of 30 October 1996	Issuer’s responsibility for the failure to meet legal information disclosure requirements
4. Law of Ukraine On Auditing of 22 April 1993	Legal fundamentals of audit activities in Ukraine, auditor’s opinion

• Information Disclosure Procedures

5. SSMSC Resolution No.981 of 22 June 2010 On Approval of the Regulation on information disclosure by listed share and corporate bond issuers and the Procedure for filling out the disclosure forms and the changes to them made by listed share and corporate bond issuers	Structure, procedure and timeline for disclosure of regular (annual and quarterly) and special information in Electronic System for Comprehensive Disclosure of Information (ESCRIN) by listed share and corporate bond issuers
6. SSMSC Resolution No.1591 of 19 December 2006 On Approval of the Regulation on information disclosure by securities issuers	Structure, procedure and the timeline for disclosure in the stock market of regular, special information and the information on mortgage securities, certificates of funds of real estate operations and information in the notice on general meeting of securities issuers (except for the listed share and corporate bonds issuers)
7. SSMSC Resolution No.1528 of 19 December 2006 On Approval of the Regulation on preparation of auditor’s opinions filed with the SSMSC in information disclosure by issuers and professional stock market participants	Requirements to auditor’s opinion filed with the SSMSC as part of the regular issuer’s information

• Program Documents of State Bodies

8. Decree of the President of Ukraine On Resolution of the National Council for Security and Defence of 29 June 2005 on Action on Improvement of Investment Climate in Ukraine and Decree of the President of Ukraine On Action on Establishing Guarantees and Enhancing Effectiveness of Property Rights Protection in Ukraine of 28 October 2005	Further improvement of information disclosure system in the stock market based on free, prompt, non-paid access of investors to information on securities issuers and professional stock market participants, in particular, introduction of international information disclosure standards
9. SSMSC Resolution No.570 of 13 July 2006 On Concept of disclosure on the stock market of Ukraine	Improvement of the disclosure system in the stock market of Ukraine shall be based on the principles of free, prompt, non-paid access of investors to information on securities issuers
10. SSMSC Resolution No.571 of 11 December 2003 On Approval of the Corporate Governance Principles	Company shall timely and in an accessible way disclose full and trustworthy information on all significant issues related to the company operations in order to enable the information users (shareholders, creditors, potential investors etc.) to take weighted decisions

• International Standards of Information Disclosure

11. OECD Principles of Corporate Governance, 2004 (Sections V, VI)	Corporate governance system shall ensure timely and complete disclosure of information on all important issues related to the company, including its financial position, productivity, company property and management
12. International Disclosure Standards for Cross-Border Offerings and Initial Listing by Foreign Issuers, IOSCO, 1998	Fostering cross-border proposals and listing of multinational issuers by way of enhancing comparability of the information being disclosed
13. Principles for Ongoing Disclosure and Material Development Reporting by Listed Entities, IOSCO, 2002	General high-quality principles of regular information disclosure, in particular, the information on significant events, by all the listed companies
14. Principles for Periodic Disclosure by Listed Entities, IOSCO, 2010	Recommendation on regular reports by the companies, whose securities are listed or admitted to trading on a regulated market where ordinary investors participate
15. Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending the Directive 2001/34/EC	Requirements to periodic and continuous disclosure of the information on the issuers, whose securities are listed or already admitted to trading on a regulated market which is located or operates in the territory of a EU member state
16. Directive 2003/71/EC of the European Parliament and of the the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC	Harmonization of the requirements on preparation, approval and dissemination of the issue prospectus which is published when securities are offered to the public or admitted for trading on a regulated market which is located or operates in the territory of a EU member state

Analytical Materials

• Presentation New Disclosure Requirements for Securities Issuers, (in Ukrainian); XIII PFTS Annual International Forum; Alushta, September 24, 2010
• Pilot Project on Information Disclosure by Issuers (in Ukrainian); SSMSC Regulation No.8 dated January 15, 2008
• Ukrainian Electronic Disclosure System; USAID Capital markets Project; International Conference "Transparency and Disclosure: Foundation for Good Governance and Investments"; January 24-25, 2007
• Electronic Disclosure Legal Analysis (in Ukrainian); USAID Capital markets Project; May 2007
• Electronic Disclosure International Experience (in Ukrainian); USAID Capital markets Project; March 2007
• Legal Regulation of the Confidential Information for Securities Issuers' Information Disclosure (in Ukrainian); USAID Capital markets Project; October 2007
• Transparency and Disclosure. Financial Statements - Key Tool For Decision-Making; USAID International Business Standards - Corporate Governance Project; September 2003
• Information Disclosure Essential to a Functioning Market Economy; USAID International Business Standards - Corporate Governance Project; 2004