Ukraine's National Commission on Securities and Stock Market has opened a discussion on a draft Regulation that would set unified requirements for the ownership structure of legal entities and the procedure and conditions for obtaining approval of substantial participation. The framework is intended to align expectations for both entities seeking approval of significant participation and those applying for a licence. The draft would introduce an explicit obligation to disclose key participants and the ultimate beneficial owner in a legal entity’s ownership structure, and it updates the criteria used to assess significant or decisive influence over a professional participant regardless of formal ownership. It also envisages that owners of direct substantial participation in a professional participant must obtain approval for that participation within one year, subject to the project’s specific provisions. Business reputation requirements are revised by changing the list of persons subject to Commission checks and aligning all criteria with the Law of Ukraine “On Capital Markets and Organized Commodity Markets”; the ownership-structure and business-reputation requirements for prospective licensees would apply after corresponding amendments are made to the relevant licensing conditions. Comments on the draft are invited until October 10, 2025.
Ukraine National Commission on Securities and Stock Market 2025-09-15
Ukraine's National Commission on Securities and Stock Market consults on ownership structure disclosure and substantial participation approval rules
Ukraine's National Commission on Securities and Stock Market is consulting on a draft Regulation to standardize ownership structure requirements and approval procedures for substantial participation. The draft mandates disclosure of key participants and ultimate beneficial owners, revises business reputation criteria, and aligns with the Law of Ukraine “On Capital Markets and Organized Commodity Markets.” Owners of direct substantial participation must obtain approval within a year, subject to specific provisions.