The Ukraine National Commission on Securities and Stock Market (NSSMC) issued a wide package of rulemaking, supervision and authorisation decisions for Ukraine’s capital markets. Measures included approval of a draft law proposing amendments to introduce a vertically integrated capital markets infrastructure, updates to share issuance rules, and new regulations for self-regulatory organisations and licensing conditions for professional capital markets activities, alongside a new framework for authorised rating agencies covering disclosure, authorisation and rating activity requirements. To support conduct and investor-protection supervision, the NSSMC published indicative, non-exhaustive indicators and calculation methods for false or misleading signals and price fixing, plus indicative lists of signs of financial pyramid schemes and of deceptive or fraudulent practices. It also approved a methodology for calculating voting shares held via specified financial instruments under Article 29(10) of the Law of Ukraine On Rating and an indicative list of those instruments, identified issues related to the use of international rating agencies’ credit ratings during martial law, amended its 2025 rulemaking plan, approved the composition of its committees, and repealed one earlier Commission decision. Supervisory and licensing actions included amending Decision No. 1305, imposing prohibitions on changes to the securities depository accounting system and on securities transactions while granting a separate permit for a limited list of transactions, and approving a trustee’s participation in the extraordinary remote general meeting of shareholders of the National Depository of Ukraine scheduled for 24 December 2025. Further decisions approved INZHUR LLC as the responsible person for the ZHURZHIY VENTURES non-bank financial group, endorsed FINANCIAL COMPANY RESPECT BUDINVEST LLC’s financial remediation plan, classified Azeta SA and MaxProfit Academy Ltd as dubious investment projects, approved the 2026 financial plan of the State Institution Agency for the Development of Stock Market Infrastructure of Ukraine, terminated On-line Capital LLC’s depository institution licence, registered multiple exchange rule changes and securities issuances and reports including selected cancellations, and agreed a range of senior appointments at market participants while denying one proposed financial monitoring appointment.
Ukraine National Commission on Securities and Stock Market 2025-12-19
Ukraine National Commission on Securities and Stock Market approves new rating agency and self-regulatory organisation rules and publishes market abuse indicators
The Ukraine National Commission on Securities and Stock Market (NSSMC) issued comprehensive decisions for capital markets, including a draft law for integrated infrastructure and new self-regulatory organisation regulations. It published indicators for detecting false signals and pyramid schemes, amended its 2025 plan, and approved supervisory actions like securities transaction prohibitions and financial remediation plans. It also classified projects as dubious, terminated a depository licence, and made senior appointments.