AMENDMENTS TO THE REGULATIONS FOR DISCLOSURE OF INFORMATION BY ISSUERS OF SECURITIES

On 26 February 2010, the resolution of the State Commission for Securities and the Stock Market of Ukraine (the “SCSSM”) “On Approval of Amendments to the Regulations for Disclosure of Information by Issuers of Securities” No. 1355 of 30 October 2009 (the "Resolution") came into force.

The Resolution terminates the requirements effective for issuing securities in a company incorporated as a closed joint stock company or private joint stock company with respect to: the mandatory disclosure of specific data (in case of any change to the issuer's officers, or any decision to purchase its own shares); and disclosure by such companies of quarterly and annual information through: publication in official printed media; publication in publicly available databases maintained by the SCSSM on the securities market; and delivery of such information to the SCSSM. The above requirement was set out in the "Regulations for the Disclosure of Information by Issuers of Securities”, approved by SCSSM Resolution No. 1591 of 19 December 2006 ("Regulation 1591").

The Resolution was adopted as a result of the implementation of the rulings of the Kyiv District Administrative Court and the Donetsk Administrative Appellate Court that had come into legal effect. The rulings state that Regulation 1591 does not comply with the following legal acts, which have superior legal force: Part Five of Article 152 of the Civil Code of Ukraine, Part Four of Article 14 of the law of Ukraine "On Accounting and Financial Reports in Ukraine" and Paragraph One in Part One of Article 8 of the law of Ukraine "On Auditors' Activities".

This client alert does not constitute legal advice with respect to any matter or set of facts and may not be relied upon for such purposes. Readers are advised to seek appropriate legal advice before entering into any transaction, making any determination or taking any action related to matters discussed herein. No part of this client alert may be copied or quoted without the prior written consent of Salans.

LINK EN: http://www.usubc.org/reports/Salans_Corporate_ Client_Alert_March_2010_Eng.pdf
LINK UA: http://www.usubc.org/reports/Salans_Corporate_ Client_Alert_March_2010_Ukr.pdf