The NSSMC: the list of permitted transactions for CII has been expanded

The NSSMC (National Securities and the Stock Market Commission) has expanded the list of operations that are allowed to be conducted with the assets of collective investment institutions (CIIs) during the period of martial law. Corresponding amendments were made to the Resolution #144 from March 8, 2022.

In particular, it is allowed to provide loans to related legal entities, if these funds will be directed to the following areas:

⁃ payment of taxes and other mandatory payments to the budgets of all levels;

⁃ accrual and payment of wages and related taxes and fees (USC, personal income tax, military fee);

⁃ payment of rent for real estate (offices, warehouses, etc.) based on the fact of its use (without advance payment);

⁃ utility payments and expenses for maintaining own or leased property;

⁃ expenses for compulsory property and civil liability insurance;

⁃ payment of administrative services necessary for obtaining permits, licenses, etc.

In addition, asset management companies acting in the interests of venture-backed CIIs are allowed to enter into contracts for construction projects that are part of their assets.

The Resolution enters into force from the moment of its publication on the NSSMC’s official website. The full text is available at the link.