The Verkhovna Rada postponed the general meeting and disclosure of information for 2019 due to quarantine

The Verkhovna Rada of Ukraine with the participation of specialists of NSSMC has voted for changes to the law, that allow to modify the order and deadlines for holding annual general meetings on the results of 2019, and the timing of disclosure of annual information in connection with the spread of coronavirus disease, COVID-19, in the territory of Ukraine.

The Draft Law (register number 3275) on the amendments to the certain legislation, aimed at providing the additional social and economic guarantees in connection with the spread of coronavirus disease (COVID-2019), and supported by 312 People’s Deputies.

Due to those changes, the joint-stock companies have the right to hold the annual general meetings of shareholders on the results of 2019 within three month after the date of completion of the quarantine period. If it is impossible to hold the general meetings of shareholders face-to-face because of restrictive measures, the general meetings can be held remotely according to the temporary order of the remote holding of the general meetings, which NSSMC will draft and approve. The annual information must be disclosed by the joint-stock companies during five working days after the date of carrying out the annual general meetings of shareholders.

MPs voted for the same changes to the Law for the common investment institutions, particularly corporate foundations, and also for the limited liability companies, which are the issuers of securities.

The professional securities market participants, which are not the issuers of securities, will have additional three month after the date of completion of the quarantine period to promulgate the financial statements for 2019 or consolidated financial statements for 2019 together with the audit report (but they have to do it no later than 31 December, 2020.

The legal and regulatory instruments under this Act will be drafted and adopted by NSSMC on short notice and will not be subject to registration in the Ministry of Justice of Ukraine.

“We have already done the developments regarding the new temporary remote order of the general meetings holding.  We will be able promptly finalize the documents and adopt it at the regulator meeting soon. After the publication of the documents on the official website and its entry into force, we will announce the new order and deadlines of all the issuers, which disclose its information in Public database of NSSMC concerning the securities market” – told Maxim Libanov, Member of NSSMC, about next actions of regulator.