Key NSSMC decisions dated 19 Dec 2025

Within the scope of regulatory activities, the Commission:

• approved a draft Law of Ukraine in the form of a comparative table of amendments to the laws of Ukraine regarding the implementation of a vertically integrated infrastructure for Ukraine’s capital markets;
• made amendments to the NSSMC Resolution No. 555 dated 22 July 2021;
• made amendments to the Regulations on the procedure for issuing shares, registering and canceling the registration of share issues;
• canceled the NSSMC Resolution dated 16 December 2025 No. 09/21/3369/K03;
• approved the Regulations on self-regulatory organizations of professional participants in capital markets and the Amendments to the licensing conditions for professional activities in capital markets;
• approved the Regulations on disclosure of information by authorized rating agencies;
• defined certain issues regarding the use of credit ratings of international rating agencies during martial law;
• approved the Procedure for calculating the number of voting shares (stocks) owned by an individual or legal entity in accordance with the financial instruments provided for in Part 10 of Article 29 of the Law of Ukraine “On Rating”;
• approved an indicative (non-exclusive) list of financial instruments provided for in Part 10 of Article 29 of the Law of Ukraine “On Rating”;
• approved the draft NSSMC Resolution “On Amendments to the NSSMC Resolution on No. 640 dated 03 November 2020”;
• approved the revised draft NSSMC Resolution “On Amendments to the NSSMC Resolution on No. 431 dated 08 April 2014”;
• approved the Procedure for the authorization of a rating agency and maintenance of a register of authorized rating agencies;
• approved the Procedure and conditions for conducting rating activities;
• approved the personal composition of the NSSMC committees;
• made amendments to the NSSMC’s Rulemaking Plan for 2025;
• specified and published an indicative non-exhaustive list of indicators relating to the submission of inaccurate or misleading signals, or price fixing and the procedure for calculating them;
• specified and published an indicative non-exhaustive list of signs of the creation, operation, and/or promotion of a financial pyramid;
• specified and published an indicative non-exhaustive list of indicators relating to the commission of acts involving fraud, manipulation, or other unlawful acts.

Within the scope of supervision, the Commission:

• made amendments to the NSSMC Resolution No. 1305 dated 30 December 2021;
• banned making changes to the depository accounting system for securities;
• banned entering into and/or executing transactions involving securities;
• granted separate permission to conduct an exhaustive list of transactions;
• approved the participation of a trusted person in the extraordinary remote general meeting of shareholders of National Depository of Ukraine PJSC, to be held on 24 December 2025;
• approved INZHUR LLC as the responsible entity of the non-bank financial group ZHURZHIY VENTURES;
• approved the financial condition improvement action plan of FINANSOVA KOMPANIYA RESPECT BUDINVEST LLC to improve its financial condition;
• classified Azeta SA and MaxProfit Academy Ltd. as dubious investment projects;
• approved the financial plan of the state-owned enterprise Agency for the Development of the Infrastructure of the Ukrainian Stock Market for 2026.

Regarding registration and licensing issues, the Commission:

• terminated a license for professional activities in capital markets – depository activities of the depository institution On-line Capital LLC;
• registered amendments to the Rules of operation of a multilateral trading platform for derivative contracts of Fondova Birzha Perspektyva PrJSC and the Specifications for Currency Swaps
• registered the issue of shares of KYIANY PrJSC without a public offering;
• registered the issue of registered corporate bonds of Series B of SIROKO FINANCE LLC (without a public offering);
• registered the issue of shares of PEREKHIDNYI BANK UTE BANK PrJSC;
• registered reports on the results of the issue (conversion) of shares of NVP SATURN SPACE PrJSC, NVP SATURN ENGINEERING PrJSC, and NVP SATURN HUB PrJSC;
• registered a report on the results of the issue of shares of STRAKHOVA KOMPANIYA KRAINA JSC;
• registered a report on the results of the issue of registered corporate bonds of Series E1 of ULF-FINANCE LLC, the issue of which is carried out through a public offering;
• registered reports on the results of the issue of registered corporate bonds Series A and Series B of FINANSOVA KOMPANIYA AFALINA;
• registered a report on the results of the issue of registered corporate bonds Series D of FASTFINANCE LLC;
• canceled the registration of the issue of bonds and cancellation of the certificate of registration of the issue of Series A bonds of FIRMA IRBIS LLC;
• registered the issue of shares of ZNVKIF ALTSIONA JSC, carried out for the purpose of joint investment, and the prospectus for the issue of these shares;
• approved draft statutes and registration of share issues for ZNVKIF PIVNICHNI INVESTYTSII JSC, ZNVKIF LUGAR JSC, ZNVKIF REVALI JSC, ZNVKIF DRIAN JSC, ZNVKIF SKHOLY JSC and ZNVKIF VIKTRIKS JSC for the purpose of forming the initial authorized capital;
• registered amendments to the prospectus for the issue of shares, regulations, registration of the issue of shares of ZNVKIF FEDRA JSC and replacement of a certificate of registration of the issue of shares of a corporate investment fund;
• canceled the registration of the issue (issues) of investment certificates, the prospectus (prospectuses) for the issue of investment certificates, and the cancellation of a certificate of registration of the issue of investment certificates of ZNFPIF FINANCE OUTSOURCING of KUA IQ – TECHNOLOGY LLC;
• registered the Rules for the functioning of the regulated stock market of Fondova Birzha Perspektyva PrJSC;
• registered the Rules for the functioning of the multilateral trading platform of Fondova Birzha Perspektyva PrJSC.

Regarding the appointment of officials at professional market participants, the Commission:

• approved the Head of the Internal Audit Department of Ukrainska Energetychna Birzha LLC;
• approved a member of the Supervisory Board of ADAMANT SECURITY LLC;
• approved the person responsible for performing the duties of Compliance Manager and Risk Manager, a member of the Supervisory Board, the Chairman of the Supervisory Board, and a member of the Supervisory Board responsible for performing the duties of Internal Auditor at FINKORTRADE LLC;
• approved a member of the Supervisory Board responsible for performing the functions of Risk Manager at IK BUSINESS-INVEST LLC;
• approved the director of UNIVER CAPITAL LLC;
• approved the Chair of the Supervisory Board, responsible for performing the duties of Risk Manager, a member of the Supervisory Board, a member of the Supervisory Board, responsible for performing the duties of Internal Auditor, and a person responsible for performing the duties of Compliance Manager at Fondovyi Depozitariy LLC;
• approved a member of the Supervisory Board responsible for performing the functions of Internal Auditor at FK EA INVEST LLC;
• approved the Iternal Auditor, the person responsible for performing the duties of Risk Manager, and the person responsible for performing the duties of Compliance Manager at IVEKS-CAPITAL PrJSC;
• approved the person responsible for performing the duties of Compliance Manager and the person responsible for performing the duties of Risk Manager at KASTODI-BROK LLC;
• approved the person responsible for performing the functions of Compliance Manager and Risk Manager at KUA HERITAGE INVESTMENT MANAGEMENT LLC;
• approved the person responsible for performing the functions of Risk Manager, the person responsible for performing the functions of Compliance Manager and Internal Auditor at KUA CROSS RIVER CAPITAL LLC;
• the person responsible for financial monitoring at KUA PRESTIGE CAPITAL LLC;
• approved the Chief Accountant at KUA FINANCIAL RESOURCE MANAGEMENT LLC;
• approved the person responsible for performing the functions of Risk Manager, Compliance Manager, and Internal Auditor at KUA DELTA PLUS LLC;
• approved the person responsible for performing the functions of Compliance Manager, the person responsible for performing the functions of Risk Manager and Internal Auditor of KUA GRAND-INVEST;
• approved the manager and the person responsible for financial monitoring at KUA and APF AKTIV PLUS LLC;
• approved the person responsible for financial monitoring at KUA ENERGOBUDLEZING LLC;
• declined to approve the person responsible for financial monitoring at KUA DOBROBUD-INVEST LLC;
• approved the Internal Auditor, Ccompliance Manager, and the person responsible for performing the functions of Risk Manager at KUA TESSERA LLC;
• approved the Chief Accountant at KUA MTIR ASSET MANAGEMENT LLC.

These Commission decisions are available by following the link.