Thus, the regulator wants to improve the functioning of stock exchanges
The national Commission on securities and stock market (NCSSM) approved amendments to the Regulation on functioning of stock exchanges, which improved the activities of stock exchanges. This was reported on the website of the regulator.
According to the new wording of the Provisions, the holders of the securities of “large enterprises” and public joint stock companies have the right, at its own initiative to include such securities in the exchange list by making appropriate suggestions on the stock exchange. Provided, however, if the total cost of the package of securities offered for sale, is not less than UAH 5 million. In this case, the stock exchange shall be informed in writing of the Issuer on receipt of the proposals and introducing the securities to stock exchange listing (with date of introduction).
In the case of receiving proposals to exchange a list of securities of the Issuer that is not a public company and not belonging to the category “large enterprises”, the stock exchange sends such information about the Issuer:
- receipt of proposals on inclusion of the Issuer”s securities in the stock exchange list;
- impact of the inclusion of the securities in the exchange list, namely the allocation of Issuer securities to the category “companies of public interest”;
- the necessity of obtaining from the Issuer a written agreement/disagreement on the inclusion of its securities in the exchange list.
Only after obtaining the written consent of the Issuer of the stock exchange may include securities in the exchange list.
In accordance with the requirements of the Provisions of the stock exchange within 3 months must bring their activities into compliance with these changes and to take such action in respect of the securities which on the date of entry into force of this decision, are in the stock list.