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International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance report examines regulation of market abuse and issuer disclosure requirements in Ukraine. The Ukrainian regulatory framework for market abuse and issuer disclosure requirements has significant gaps, whose impact is compounded by the National Securities and Stock Market Commission’s (NSSMC) 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.
International Monetary Fund. Monetary and Capital Markets Department

draft PD Law. 3 EU legislation only applies to issuers with securities admitted to trading on an RM. IOSCO Principles also apply to issuers that have made a public offer of securities. 4 Except for financial institutions and companies with state ownership interest of at least 25 percent. III. Issuer Disclosure Requirements A. Issuer Initial Disclosure Requirements Findings 10. The current initial disclosure requirements do not comply with IOSCO Principle 16 or the key provisions of the PD . IOSCO Principle 16 requires full

International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report discusses measures to enhance the powers and independence of the National Securities and Stock Market Commission (NSSMC) in Ukraine. The NSSMC faces significant challenges in its role as the regulator of the Ukrainian securities market. Market activity has been shrinking over the past few years, but misconduct—such as issuance and trading of “fictitious” securities—prevails. Key changes needed relate to enhancing the NSSMC’s ability to conduct investigations of and demand information from any legal or natural person, have access to information otherwise restricted by secrecy laws, assist foreign authorities even without an apparent violation of the Ukrainian securities laws, and maintain the confidentiality of information exchanged under the Multilateral Memorandum of Understanding.
International Monetary Fund
This paper presents a factual update of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation for Switzerland. Overall, there has been substantial progress in implementing Financial Sector Assessment Program recommendations in various areas of securities regulation. In part, changes have been motivated by the need to adapt securities regulations in Switzerland to international developments. The project to unify financial supervision under the Federal Authority for Market Oversight is expected to strengthen the budgetary independence, staffing, and enforcement powers of the supervisor.
International Monetary Fund. Monetary and Capital Markets Department

effect, including costs, of proposed rules (as currently required by Article 8 of the Law on State Regulatory Policy). Removal of an obligation to conduct an analysis of regulatory effect may raise questions about compliance with IOSCO Principles for regulatory processes (see IOSCO Principle 4, and especially Key Question 2(c) of the Assessment Methodology), if the NSSMC does not have a legal obligation to carry out such an analysis, or does not adopt a policy of doing so as a matter of practice. 24. Supervision of the NSSMC’s rulemaking by the SRS does not raise

International Monetary Fund
This paper presents key findings of the Financial System Stability Assessment for Barbados, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems. Systemic risks in the financial sector are generally contained, although the sector faces considerable challenges. Repercussions of the recent economic recession on the banking system are being felt, and profitability and asset quality are likely to be depressed in the near term.
Mr. Fabian Lipinsky

rating for each IOSCO principle in a particular assessment is aggregated and then averaged to arrive at the rating that is used in the third regression ( equation 3.3 ). Sources: IOSCO ( 2003 , 2011 ). The regression results point to a significant relationship between idiosyncratic influences in stock pricing and the implementation of securities regulations in individual countries ( Figure 3.4 ). The coefficient for the IOSCO explanatory variable is significantly different from zero at the 1 percent level. The findings imply that countries with better