KIEV, Aug. 23 – The next parliamentary election in October 2012 should be held under a new law, said President Viktor Yanukovych.

"Wide-ranging and systematic improvement of election legislation is one of the most important reform areas in Ukraine. A short-term target of this process is holding the parliamentary election in October 2012 under a new law that would eliminate the flaws of the current proportional parliamentary election system," Yanukovych said during a meeting to mark the Independence Day of Ukraine in Kiev on Tuesday.

According to the president, the new election legislation should be aimed at giving incentives to development of parliamentarianism, the party system and real local governments.