The Ukraine National Commission on Securities and Stock Market outlined a revised supervisory and enforcement approach focused on cooperation with market participants, positioning sanctions as a last resort. The Commission discussed the shift in the context of new regulatory approaches following the adoption of Law of Ukraine No. 3585-IX, during a meeting with businesses hosted by Sayenko Kharenko. Under the approach described, new mechanisms introduced since 2025 are intended to give firms greater scope to remedy violations without immediate recourse to harsh sanctions. Inspections are to be used only in exceptional cases, with the Commission instead initially sending information requests or requests to take remedial measures, and it reported that inspections are not currently being carried out in practice. Where a participant acknowledges and corrects an offence and commits to preventing recurrence, the Commission may significantly reduce a financial sanction and agree other payment terms as part of an agreement settling the consequences of the breach; it noted that seven such agreements were concluded in 2024. The Commission also indicated that even for serious violations it does not immediately apply the most severe measures, with licence termination framed as a response to systematic breaches and non-compliance with prior orders to remedy violations.
Ukraine National Commission on Securities and Stock Market 2025-09-12
Ukraine National Commission on Securities and Stock Market pivots enforcement toward corrective measures and settlement agreements
The Ukraine National Commission on Securities and Stock Market revised its supervisory approach, emphasizing cooperation and using sanctions as a last resort. New mechanisms allow firms to remedy violations without immediate penalties, with inspections reserved for exceptional cases. The Commission reported seven agreements in 2024 to settle breaches, highlighting a preference for corrective measures over severe sanctions.