Ukraine National Commission on Securities and Stock Market revises OTC rules for foreign currency domestic government bonds with DVP and NBU authorisation requirements

The Ukraine National Commission on Securities and Stock Market approved a revised decision regulating over-the-counter transactions in domestic government bonds denominated in foreign currency, setting tighter conditions for how such trades can be executed and processed during martial law. Under the revised framework, investment firms are prohibited from buying and selling these bonds (other than in the initial placement) unless the transaction follows the “delivery of securities against payment” principle through the Settlement Center. Depository institutions are also prohibited from processing the related accounting entries under such agreements without an order or notification from the National Bank of Ukraine. The decision also clarifies scope by excluding from the requirements transactions where one of the parties is a bank acting on its own behalf and at its own expense. The decision enters into force on June 30, 2025, except for the second paragraph.