Ukraine National Commission on Securities and Stock Market approves draft revisions to critical enterprise criteria for employee reservation

The Ukraine National Commission on Securities and Stock Market has endorsed revisions to the criteria it uses in the capital markets sector to identify enterprises that are important to the Ukrainian economy and can qualify for employee reservation. The update tightens security-related ownership restrictions, adds recognition for firms whose operations are critical to market stability and critical infrastructure, and removes overlap with the National Bank of Ukraine's supervisory remit. Under the revised approach, an enterprise will not be able to obtain critical status if its ownership structure includes residents of any countries in a risk zone that support aggression or persons subject to sanctions, replacing the narrower restriction that previously covered Russian and Belarusian owners. The framework also adds protection for systemically important professional market participants, described as the largest firms whose operations directly affect the stability of the financial sector, and gives the commission a basis to classify enterprises on the critical infrastructure list as critically important. The rules will no longer apply to banks and other financial institutions overseen by the National Bank of Ukraine, closing a route under which a bank refused by the central bank could then apply to the commission. A draft of the revised rules will be published on the commission's website for public discussion. After comments are reviewed, the commission plans to approve the final text and send it to the Ministry of Justice for registration.