Regulations approved

National Securities and Stock Market Commission approved Regulations on fictitious issuers of securities and their inclusion into the list of those with signs of fictitiousness. The decision was taken at the controller's regular meeting on 28 August 2013, the press service of NSSMC reports.

«Regulations define the signs of fictitiousness of the issuer and its securities, the procedure of decision making to determine the fictitious securities and procedure for inclusion/exclusion of the issuer to the list of issuers with signs of fictitiousness. The key features that help define a fictitious issuer on the securities market are absence of the issuer at the stated location and issuer's failure to submit regular information to the Commission», said Alla Papaika, NSSMC director of corporate governance and corporate finance.

She added that the Commission shall, within ten working days after the decision on the recognition of the issuer as such bearing the signs of fictitiousness, will publish this information in the official print publication and on the official website of the regulator. She added that the Commission shall, within ten working days after the decision on the recognition of the issuer as such bearing the signs of fictitiousness, will publish this information in the official print publication and on the official website of the regulator. Thus, the issuer will be considered as having the signs of fictitiousness, from the publication of the decision in the official publication of NSSMC.

The regulatory act was developed in accordance with Article 7 and 8 of the Law of Ukraine «On State Regulation of Securities Market in Ukraine», Article 153 Section III and Article 170 Section IV of the Tax Code of Ukraine within the regular work of the Commission to identify so-called fictitious issuers and securities.

This document will shortly be submitted to the Ministry of Justice of Ukraine for civil registration.