The Ukrainian Parliament passed a law that tightened the penalties for violators of securities laws, increased fines and added to the list of punishable infractions.
The law went into effect on 14 January 2009. According to a representative of the Ukrainian Securities and Exchange Commission, the new law is a warning that violations of securities laws will carry stiff penalties.
The market participants are concerned that starting from 14 January, 2009 the Commissioners are allowed to choose between the range of different fines and it will increase the corruption inside SEC. Nevertheless, the analytics agree that this law will organize the participants and make them more responsible for their actions.
L.D.