The Ukraine National Commission on Securities and Stock Market has conditionally supported draft legislation to combine the country’s trading, clearing, settlement and depositary infrastructure in a single holding company and attract a strategic foreign investor. It proposed three amendments covering the state’s role in the holding, investor selection and equal access to infrastructure. The model builds on a July 2025 memorandum between Ukraine, the commission and the European Bank for Reconstruction and Development. The commission wants the state to retain 25% plus one share, enter into a mandatory corporate agreement with the investor and have its rights over strategic matters defined by law. Investor selection should assess technological capacity, professional experience, financial strength, the proposed market development model, international integration and long-term investment plans rather than rely only on the capital contribution. The commission also wants a valid competition to require more than one candidate and legislation to guarantee all organized market operators open, equal and nondiscriminatory access to the holding’s infrastructure and technology services under its supervision. The Cabinet of Ministers submitted the bill to the Verkhovna Rada on Sept. 4. It is being considered by the relevant parliamentary committee, which may accept the commission’s proposed changes but is not required to do so.
Ukraine National Commission on Securities and Stock Market proposes safeguards for integrated capital markets infrastructure holding
The Ukraine National Commission on Securities and Stock Market has conditionally supported legislation to consolidate trading, clearing, settlement and depositary infrastructure in one holding and attract a foreign strategic investor. It proposes a state stake of 25% plus one share, broader criteria and competition for selecting the investor, and statutory equal access to the holding’s infrastructure. The bill is under parliamentary committee review.