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Implementation of the pilot project developed by the Securities and Stock Market State Commission and supported by the USAID Capital Markets Project is aimed at preliminary testing of the Electronic System for Comprehensive Reporting of Information (ESCRIN). The implementation of this project will take several stages including a gradual increase in the number of issuers and an expansion of the scope of data filed.
The first stage of the pilot project was completed successfully in July, 2007. 12 companies which have prepared 2006 annual reports in keeping with the requirements of information disclosure provided for by ESCRIN and in compliance with international standards have taken part in the first stage of the pilot project.
The second stage of the pilot project which began in September, 2007 involves issuers of shares and corporate bonds included in trade organizers listing and issuers which are of strategic importance for the economy and security of the state. Other issuers which placed securities openly (publicly) may take part in the pilot project on a voluntary basis.
The companies participating in the second stage of the pilot project will disclose all types of information envisaged by the Law of Ukraine "On Securities and the Stock Market": annual and quarterly information, special information, prospectuses, reports on the results of securities placement.
The companies participating in the second stage of the pilot project were not exempted from the obligations to submit information subject to disclosure under the effective legislation of Ukraine to the Securities and Stock Market State Commission.
Issuers who are owners of the information are liable for accuracy of the data placed in ESCRIN.
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