Ukraine's National Securities and Stock Market Commission has endorsed parliamentary adoption of bill No. 16038-d, which would consolidate capital market infrastructure into a single group headed by a holding company. A strategic foreign investor would be selected through an open competition, while the company's operating conditions and capital structure would be set directly in law.

The bill reflects safeguards the Commission previously sought, including a state stake of 25% plus one share and equal access to infrastructure for market participants. State consent would be required to change the group's tariff policy or sell the investor's shares. Banks and professional market participants could also acquire shares in the holding company. The proposal provides for National Bank of Ukraine control over the Central Depository and requires the technology platform and databases to remain in Ukraine regardless of the investor's future.

If Parliament adopts the bill, the Commission would develop implementing rules for maintaining a register of holding companies, vetting foreign applicants for the investor competition and approving acquisitions or increases in qualifying holdings. It would also establish connection and data exchange standards, alongside disclosure rules for transactions within the group. Arrangements for supervisory coordination would be determined jointly with the National Bank of Ukraine.

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