The NSSMC reviewed the procedure for temporarily suspending a license during wartime

The NSSMC (National Securities and the Stock Market Commission) has adopted the Resolution that defines the grounds and cases sufficient for the temporary suspension of a license during martial law.

The document also prescribes the sequence of actions when the license is suspended, the terms of the suspension, restrictions imposed on the professional participants’ activities, as well as the conditions for restoring the validity of the license.

At the same time, the Resolution of the NSSMC obliges the licensees within 30 days from the day of its entry into force to provide through the official communication channel in an arbitrary form information about the nationality/registration of persons who occupy the following positions in the licensee:

• participant (shareholder) and/or ultimate beneficiary;
• a person exercising the powers of a sole executive body (chairman or member of a collegial executive body), chairman or member of the supervisory board;
• an employee of the internal control system and an employee responsible for financial monitoring in the company;
• the chief accountant or the person who performs the accounting of the licensee;
• an employee, who performs operations connected with the activities on the capital markets and organized commodity markets, including the one who is the head or deputy head of the relevant structural unit.

The Resolution of the regulator will enter into force on August 8, 2022.

Detailed information is provided in the document at the link.