The Ukraine National Commission on Securities and Stock Market approved a draft decision establishing a Procedure for Disclosure of Information on Managers’ Transactions and submitted it to market participants for discussion. The draft, framed as part of implementing a Regulation of the European Parliament and of the Council of the EU, would require persons exercising managerial functions and their closely related persons to notify the issuer and the Commission of transactions in the issuer’s shares, debt securities or related financial instruments once their aggregate transactions in a calendar year reach UAH 200,000. The Procedure sets requirements for interaction between managers and closely related persons when preparing notifications, and defines the content, form and submission process for notifications and for issuer disclosure of the transactions. It also specifies rules on dealing during a closed period, defined as the 30 days before publication of the issuer’s annual or interim financial statements. The requirements would apply to issuers that have applied for or agreed to admit their instruments to trading on a regulated market, and to instruments admitted or submitted for admission to BTM or OTM if they are traded exclusively on those platforms; covered instruments include shares, a range of debt securities and related instruments such as option certificates, stock warrants and derivatives referencing the issuer’s shares or debt securities. Proposals and comments can be submitted until November 28, 2025. The draft Procedure is intended to enter into force on January 1, 2026.

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