The Ukraine National Commission on Securities and Stock Market announced that it has approved a measure prohibiting the withdrawal of foreign issuer securities from the depository accounting system during martial law, effective from January 1, 2025. The decision was taken following consultations with the National Bank of Ukraine and the International Monetary Fund, and is framed as an urgent IMF structural benchmark under the Memorandum (MEFP) for the Extended Fund Program (EFF). The Commission also set out progress on other EFF-related tasks, including developing a reorganisation and operational strategy for the regulator, updating the Code of Ethics for Commission employees, and initiating an independent assessment of Commission members. It has agreed with the IMF the terms of reference for a review of senior management’s compliance with the Code of Ethics, and reported that other deliverables have been submitted and are awaiting final partner approvals.
Ukraine National Commission on Securities and Stock Market 2025-02-03
Ukraine National Commission on Securities and Stock Market bans withdrawals of foreign issuer securities from the depository accounting system during martial law
The Ukraine National Commission on Securities and Stock Market has prohibited the withdrawal of foreign issuer securities from the depository accounting system during martial law, effective January 1, 2025, as an urgent IMF structural benchmark. The Commission is also progressing on EFF-related tasks, including a reorganisation strategy, updating the Code of Ethics, and initiating an independent assessment of Commission members. Terms of reference for a review of senior management’s compliance with the Code of Ethics have been agreed with the IMF.