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December 24, 2007
On 21 December 2007, Standard & Poor’s international rating agency and Financial Initiatives Agency presented the results of the survey "Transparency and Disclosure by Ukrainian Companies in 2007" at St Sofia Hyatt Regency Hotel in Kyiv.The survey has analyzed information made available to investors on 36 leading companies in the financial, power and manufacturing sectors. According to its conclusions, "the level of information disclosure by Ukrainian companies is inadequate and does not comply with the best international practices", whereas their transparency index based on the Standard & Poor’s methodology is a mere 23.9%. This low level of disclosure hampers access of Ukrainian companies to investment resources. Speaking at the presentation, Securities and Stock Market State Commissioner Serhiy Biriuk and representatives of the PFTS Stock Exchange and USAID Capital Market Project announced the launch of the second stage of the pilot project of information disclosure by securities issuers started in December 2007. Participating in the second stage of this pilot project are companies listed by trade organizers in Ukraine, selected strategic companies, and companies-volunteers. The principal goal of the pilot project is development and testing of Electronic System of Comprehensive Information Disclosure (ESCRIN) filing all types of reporting documents – annual, quarterly, special (ad hoc) reports and issue prospectuses – and a subsequent mandatory introduction of a disclosure regulation that meets the requirements the Law of Ukraine "On Securities and the Stock Market" and is in compliance with the best international practices and the investors’ needs. The first stage of this project was completed successfully in July 2007, with 12 companies participating an having prepared 2006 annual reports in keeping with the requirements of information disclosure provided for by ESCRIN and in compliance with international standards.
December 10, 2007
The sixth Roundtable for employers “Non-State Pension Funds: Economic, Tax and Social Benefits for Ukrainian Enterprises from Implementation of Pension Plans” took place in Dnipropetrovs’k on December 5, 2007. This time the organizers discussed the issue of non-state pension provision with Dnipropetrovs’k and Zaporizzya employers. Dnipropetrovsk Oblast State Administration and Dnipropetrovsk Regional Office of the State Commission for Regulation of Financial Services Markets in Ukraine were actively involved in preparing and implementing the event.
This Roundtable was the last one in the series of roundtables aimed at explaining to employers the benefits that can be gained from implementation of non-state pension programs. During 2007 six of such roundtables were organized by the State Commission for Regulation of Financial Services Markets in Ukraine in cooperation with the Ministry of Labor and Social Policy of Ukraine, Securities and Stock Market State Commission, Employers’ Federation of Ukraine with the USAID Capital Markets Project support in different regions of Ukraine, particularly, in Kyiv, Donetsk, Lviv, Odesa, Kharkiv and Dnipropetrovsk. In general, managers of different levels from 124 enterprises of Ukraine, representatives of state regulation institutions, Oblast State Administrations and Oblast Councils, trade unions, and scientists took part in the roundtables.
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November 12, 2007
On November 7, 2007 the Securities and Stock Market State Commission together with the USAID Capital Markets Project conducted the seminar "Electronic System of Comprehensive Information Disclosure by Issuers "ESCRIN": the Second Stage of the Pilot Project Implementation."
The aim of the seminar was to acquaint specialists of the Securities and Stock Market State Commission and its regional offices in detail with the electronic system of comprehensive information disclosure and plans on its implementation.
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October 29, 2007
The fifth Roundtable for employers "Non-State Pension Funds: Economic, Tax and Social Benefits for Ukrainian Enterprises from Implementation of Pension Plans" took place in Kharkiv on October 25, 2007. It was organized by the State Commission for Regulation of Financial Services Markets in Ukraine together with the Ministry of Labor and Social Policy of Ukraine, Securities and Stock Market State Commission, Employers’ Federation of Ukraine and Kharkiv Oblast State Administration with the USAID Capital Markets Project support.
The main goal of the Roundtable was to inform employers about mechanisms of the non-state pension provision and implementation of pension programs at the enterprises and also to explain economic, social and tax benefits from implementation of pension plans. Moreover, the issues on pension assets investment were reveled during the event. Heads of Kharkiv, Poltava and Sumy enterprises, representatives of associations, professional participants of the stock market and scientists were invited to take part in the Roundtable.
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October 8, 2007
On October 4-6, 2007 the Securities and Stock Market State Commission (SSMSC) organized the conference "Electronic System of Comprehensive Information Disclosure "ESCRIN" in Sudak with the USAID Capital Markets Project assistance. The conference was attended by more than 70 representatives of the SSMSC, rating agencies, USAID Capital Markets Project and professional participants of the stock market. SSMSC Commissioners Mykola Burmaka, Sergiy Biryuk, Ivan Nesterenko, Volodymyr Kharytsky as well as Dmytro Leonov (Ukrainian Association of Investment Business), Anastasiya Perebyynis (PFTS), Maryna Protsenko (Credit-Rating) and Volodymyr Dukhnenko (Expert-Rating), Project specialists, involved directly in the ESCRIN system development and implementation, USAID Capital Markets Project international expert on the securities issues Robert Strahota reported at the conference. The conference attendees were informed on the results of pilot project first stage implementation. They also listened to the professionals’ thoughts and remarks about substantial aspects of information disclosure for investments attraction and discussed the next steps of information disclosure system improvement. An extremely pleasant event was the rewarding of enterprises – participants of the pilot project on the ESCRIN system implementation with the commendable certificates from the SSMSC and USAID Capital Markets Project.
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October 5, 2007
On October 1-2, 2007 the Securities and Stock Market State Commission with the support of the USAID Capital Markets Project held an on-site meeting of the Working group on updating of the Draft Regulation on self-regulatory organizations of professional stock market participants.Participants of the on-site meeting of the Working group discussed the current state of operation of SROs and regulatory supervision over the activities of SROs of professional stock market participants and got acquainted with best practices on this matter, updated the Draft Regulation on self-regulatory organizations of professional stock market participants and discussed further steps to improve legislation for creating effective regulatory procedures for the development of SROs in Ukraine. The meeting of the Working group was attended by 25 representatives of the Securities and Stock Market State Commission, the State Commission for Regulation of Financial Services Markets of Ukraine, the Ministry of Labor and Social Policy of Ukraine, the USAID Capital Markets Project, stock markets and SROs of professional stock and financial market participants (Association "The First Stock Trading System" (PFTS), the Professional Association of Registrars and Depositories, the Ukrainian Association of Pension Fund Administrators, the Ukrainian Association of Investment Business). Among the participants of the on-site meeting there were members of the Securities and Stock Market State Commission Volodymyr Petrenko, Mykola Burmaka, Serhiy Biriuk, Deputy Chairman of the State Commission for Regulation of Financial Services Markets of Ukraine Yevhen Grygorenko, directors of departments, heads of sections and specialists of SSMSC, the State Commission for Regulation of Financial Services Markets of Ukraine and the Ministry of Labor and Social Policy of Ukraine, Robert Strahota, an international securities and governance consultant of the USAID Capital Markets Project.
September 27, 2007
On September 26, 2007 a ceremony of a transfer of technical equipment to the clearing depository OJSC "Interregional Stock Union" (MFS) from the USAID Capital Markets Project took place and a press conference dedicated to this event was held. The new equipment transferred to MFS free of charge is required for creating an independent stand-by system for servicing the depository activities which will back up operation of the existing system in case of its failure and will provide reliability and uninterrupted operation of the depository. The ceremony was attended by: Earl Gast, Director of USAID Mission for Ukraine, Belarus and Moldova; Michelle Noel, a World Bank leading financial expert; Boris Tymon’kin, Chairman of the MFS Supervisory Board; Mykola Shvetsov, Chairman of the MFS Management Board; Volodymyr Kharytsky, the SSMSC Commissioner; professional stock market participants – MFS shareholders; USAID Capital Markets Project representatives.
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September 13, 2007
Securities and Stock market State Commission with sponsorship of the USAID Capital Markets Project (CMP) held the workshop – Discussion of the Electronic System of Comprehensive Information Disclosure by Issuers (ESCRIN) on September 12, 2007.The goal of the workshop was to discuss ESCRIN advantages and drawbacks, results of the first stage of the pilot project on its implementation and, what‘s the most important, potential ways of its improvement and future steps to be taken to develop the national system of information disclosure by issuers according to the international standards. The main aim of ESCRIN is implementation of a disclosure process that will require Ukrainian securities issuers to provide business and financial information in accordance with the new Law of Ukraine On Securities and Stock Market, and based on international standards, i.e. on Principles of International Organization of Securities Commissions (IOSCO), EU Directives, OECD standards etc. The workshop was attended by over 50 representatives of Securities and Stock Market State Commission (SSMSC), USAID Capital Markets Project and professional participants of the Ukrainian securities market. Each of the participants filled in the questionnaire distributed by the organizers with the purpose of gathering effective feedback ESCRIN implementation. Information obtained from the questionnaires as well as comments and proposals provided by the participants will be further processed by CMP experts and taken into account at the next stage of ESCRIN pilot project (which will start from January 2008).
July 26, 2007
Press Conference "Implementation of the Electronic Disclosure System by Securities Issuers: Results of the First Stage of the Pilot Project" took place in Kyiv on 25 July, 2007. It was organized by the Securities and Stock Market State Commission (SSMSC) and USAID Capital Markets Project (CMP).During the press-conference SSMSC and CMP representatives informed about the results of the first stage of implementation of the electronic disclosure system at the Ukrainian enterprises and announced the next steps to be taken.
Press Release
July 20, 2007
The Roundtable "Today’s Requirement for Depositories: Centralization" was held on July 18, 2007. The key subject of discussion at the Roundtable was the need for stock market participants and regulators to create a single central depository of securities. The organizer of the Depository Roundtable was the Ukrainian Association of Investment Business with support of the USAID Capital Markets Project. The event was attended by over 50 officials from the Cabinet of Ministers, SSMSC, Financial Services Regulator, representatives of the MFS Depository, NDU, stock exchanges, and financial sector associations and self-regulatory organizations. As a result of the Roundtable discussions, all Ukrainian financial sector associations and self-regulatory organizations compiled an open letter addressed to the President, the Cabinet of Ministries, and the Verkhovna Rada, which clearly identifies an action plan for the creation of a single Central Depository.
July 12, 2007
On July 11, 2007, the Securities and Stock Market State Commission with support of USAID Capital Markets Project conducted a Round Table "Self-Regulatory Organizations of Professional Stock Market Participants: Their Role, Obstacles and Development Strategy."
Round Table Materials
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June 26, 2007
The next Roundtable "Non-State Pension Funds: Economic, Tax and Social Benefits for Ukrainian Enterprises from the Implementation of Pension Programs" was held in the city of Odessa. This event was conducted by the State Commission for Regulation of Financial Services Markets in Ukraine (FSR), Ministry of Labor and Social Policy of Ukraine, Securities and Stock Market State Commission and Employers’ Federation of Ukraine and with sponsorship of the USAID Capital Markets Project support. Odessa Oblast Rada was the co-organizer of the Roundtable. Employers and other interested parties from Odessa, Mykolayiv and Kherson oblasts participated in the Roundtable.
May 17, 2007
The third Roundtable for employers "Non-State Pension Funds: Economic, Tax and Social Benefits for Ukrainian Enterprises from the Implementation of Pension Programs" was held in Lviv. This time Lviv Oblast Rada, Lviv Oblast State Administration and Lviv Municipal Council became co-organizers together with the State Commission for Regulation of Financial Services Markets in Ukraine (FSR), Ministry of Labor and Social Policy of Ukraine, Securities and Stock Market State Commission and Employers’ Federation of Ukraine. The Roundtable conduction was sponsored by the USAID Capital Markets Project.
April 4, 2007
State Commission for Regulation of Financial Services Markets of Ukraine in collaboration with the Ministry of Labour and Social Policy of Ukraine and the Federation of Employers of Ukraine, and with sponsorship of the USAID Capital Markets Project, held the second Roundtable "Non-State Pension Funds: Economic, Tax and Social Benefits for Ukrainian Enterprises from the Implementation of Pension Programs" in Donetsk. Donetsk Oblast Rada acted as a co-organizer of the Roundtable.
Press Release
February 27, 2007
State Committee for Regulation of Financial Services Markets of Ukraine, in collaboration with the Ministry of Labor and Social Policy of Ukraine and the Federation of Employers of Ukraine, and with sponsorship of the USAID Capital Markets Project, organized a Roundtable on "Non-State Pension Funds: Economic, Tax and Social Benefits for Ukrainian enterprises from the implementation of pension programs" in Kyiv.
Press Release
January 25, 2007
The Ukrainian Securities and Stock Market State Commission in cooperation with USAID Capital Markets Project conducted an international conference "Transparency and Disclosure: Foundation for Good Governance and Investments".
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