The Ukraine National Commission on Securities and Stock Market approved a draft decision amending its 2020 framework to update requirements for trading in financial instruments and the provision of investment services by investment firms, including brokerage, dealing, underwriting and portfolio management. The draft also proposes EU-aligned changes, including the introduction of related agents and market price support tools such as stabilization measures. The proposed updates cover firms’ internal documentation, operational requirements and restrictions, client agreements, conflict-of-interest prevention, and use of software and hardware systems. They also address capital market abuse prevention procedures, client communications on services and instruments, client assessment, measures to achieve the best result for clients, and reporting, alongside specific requirements for portfolio management and underwriting, investment advice and research, market-making activity, and margin operations. The public discussion is open until 16 January 2026.

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