The technical mission of the International Monetary Fund (IMF) recommends Ukraine's National Commission for Securities and the Stock Market to set requirements and responsibility for disclosure of information by issuers, including banks and state-run enterprises.

According to a report of the IMF posted on its website, the commission to find a final decision on regulation of various types of issuers and consult with the National Bank of Ukraine (NBU) and other authorities, including the Economic Development and Trade Ministry of Ukraine, as it is essential before proceeding with the legislative proposals.

The mission also recommended that draft amendments regarding disclosure of information by issuers in one document, as well as responsibility of persons linked to the disclosure of information.

"To be effective, the new legislation will have to work in a coherent manner with the other pending initiatives," the mission said.

The mission also recommended continuing support of the creation of an effective independent audit supervision agency and draw up legislative proposals to introduce multilateral trading facilities in Ukraine (MTF). The latter amendments are to be made to the bill amending some Ukrainian laws (on the regulated markets and derivatives).

"It is therefore important that the schedule and order of submitting the laws to the Parliament will be carefully planned to avoid gaps and inconsistencies in the new framework," the mission said.