Ukraine : Technical Assistance Report-Regulation of Market Abuse and Issuer Disclosure Requirements

The Ukrainian regulatory framework for market abuse and issuer disclosure requirements has significant gaps, whose impact is compounded by the NSSMC's lack of sufficient supervisory, investigative, and enforcement powers. This has contributed to overall lack of transparency and widespread misconduct in the market, including through issuance and trading of "fictitious" securities. To address the current challenges, the Ukrainian legislation needs to be aligned with the international standards to provide the NSSMC with sufficient means to require enhanced disclosures and combat market abuse. With this objective, the NSSMC has prepared draft proposals to amend the Ukrainian legislation in these two areas, taking into account the relevant EU legislation.