Ukraine National Commission on Securities and Stock Market grants first authorization to Credit Intelligence under new rating agency regime

The Ukraine National Commission on Securities and Stock Market has issued its first authorization of a rating agency under the new framework that took effect on Jan. 1, 2026, granting authorized rating agency status to LLC RA Credit Intelligence. The decision is the first use of the mechanism created by Ukraine’s Law on Rating, which the commission said it developed on the basis of European Union Regulation No. 1060/2009 on credit rating agencies. The new regime replaces Ukraine’s earlier simplified approach, under which rating agencies operated without requirements on independent governance decisions, methodology disclosure or systematic conflict-of-interest controls. Any agency that wants to issue public credit ratings in Ukraine must now obtain authorization and meet standards aligned with those in the EU, including an independent supervisory board, compliance controls, transparent methodologies and analyst rotation procedures. Credit Intelligence filed its application in mid-January, and the review lasted the statutory 45 working days. Because the firm has fewer than 10 employees, it was assessed under the law’s simplified authorization route, which allows exemptions from some organizational requirements. The commission also said that, following consultations with the European Securities and Markets Authority in April 2026, ESMA confirmed that Ukraine’s authorization procedure is consistent with European regulatory standards.