08 April 2011, 11:30
The primary purpose of the bill (Reg. No.7330) is to honour the commitments of Ukraine to the FATF and the Council of Europe in the sphere of counteraction to predicate crimes (crimes preceding laundering and punishable by imprisonment). This bill was adopted as a basis on February 17, 2011. After the adoption, a working group was set up out of representatives of the Verkhovna Rada of Ukraine, State Service of Finance Monitoring and the Stock Market State Commission to adjust the bill, considering findings of the Central Scientific-Expert Office of the Verkhovna Rada of Ukraine Secretariate.
The bill increases penalties for legal entities-professional stock market participants which have repeatedly infringed upon the rules of insider information.
Vitalii Khomutynnik, Chairman of the Committee, declared that the bill amended certain clauses of the Code of Ukraine on Administrative Infringements, the Criminal Code of Ukraine, the Laws "On State Regulation of Securities Market in Ukraine" and "On Securities and Stock Market". The amendments improve these legislative acts to prevent use of insider information in the stock market of Ukraine.