New Disclosure Rules for Securities Issuers
On 22 January 2013 certain changes to the Regulation on Disclosure of Information by Securities Issuers (the "Regulation") became effective. Among the most important changes are:
- the securities issuers will now have a right to file information with the Commission in electronic form;
- those issuers which are also 'professional participants of the stock market' (that are mainly brokers and securities custodians) are now required to file information in electronic form;
- certain requirements as to format and contents of electronic documents to be filed are clarified;
- the issuers which are by law required to keep accounts in accordance with IFSR standards (that is all public JSCs, banks and insurance companies) are required to provide, together with the quarterly filings, financial accounts prepared in accordance with IFRS;
- special requirements are introduced for the annual information filed and published by the issuers, which performed a private securities placement, and by the private joint-stock companies, which have not performed a public securities offering.
It is important to point out that, notwithstanding expectations of certain market players, the Commission decided to retain the obligation for all joint-stock companies to file, together with the annual information, an auditor's report.
For further information please contact partner Vadym Samoilenko
and senior associate Oles Kvyat