22 April 2011, 11:57
The Law amends 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 within the stock market of Ukraine.
Under the Law, "insider information is the data about the eminent, its security and derivative or operation with it that has not been released to the public, as it may have serious impact on security or derivative prices."
The register of data that refers to the insider information is defined by the Securities and Stock Market State Commission.
Release of insider information to the public is performed by the stock market participant under the order established by the Securities and Stock Market State Commission through publishing in one of the printed media of the Verkhovna Rada of Ukraine, the Cabinet of Ministers of Ukraine or the Stock Market State Commission; placement in public database of the Securities and Stock Market State Commission.
The Law envisaged that information can not be regarded as insider information since it has been released to the public under the above-mentioned requirements. After public release such information is submitted to the Securities and Stock Market State Commission under the order established by the Commission.
The draft is registered under Reg. No. 7330.