NSSMC updates requirements regarding ownership structure and business reputation: discussions with the market have begun

The Commission proposes for discussion the draft Regulations on the ownership structure of legal entities, the procedure and conditions for obtaining approval for significant participation. The draft was approved at the Commission meeting on 12 September 2025.

The document unifies the requirements for ownership structure for two groups of legal entities: those that agree to significant participation and those that obtain a license.

Key changes that may await the market:

Transparency of ownership
The obligation to disclose key participants and the ultimate beneficial owner in the ownership structure of a legal entity has been established. Changes have also been made to the list of criteria that are taken into account when determining significant or decisive influence on the activities of a professional participant, regardless of formal ownership.

Control of significant participation
It is envisaged that owners of direct significant participation in a professional participant must obtain approval for such participation within one year, taking into account the specifics established by the draft Regulations.

Updates to business reputation requirements
The list of persons whose business reputation is verified by the Commission has been changed. In addition, all business reputation requirements have been brought into line with the Law of Ukraine “On Capital Markets and Organized Commodity Markets.”

Gradual implementation
Requirements for the ownership structure and business reputation of persons intending to obtain a license will apply after amendments to the relevant licensing conditions have been made.

We would like to invite market participants to join the discussion. Proposals and comments on the draft are accepted until 10 October 2025, at: [email protected]

You can access the draft Regulations following the link.