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04.08.2022

The NSSMC (National Securities and Stock Market Commission) detailed the conditions for the use of cloud services by professional capital markets participants during the period of martial law in Ukraine.

The NSSMC allowed professional participants to use cloud services in their activities located not only in the EU, Great Britain, USA, Canada, but also in Ukraine.

The Resolution applies to the following capital market participants:

⁃ Central Securities Depository;

⁃ State Institution “Agency for the Development of the Infrastructure of the Stock Market of Ukraine”;

⁃ Depository Institutions to which the Central Depository opened aggregated accounts;

⁃ administrators of non-state pension funds.

It is important to note that the ultimate beneficial owners of such cloud services should be only citizens of the above-mentioned countries. At the same time, they must not use for the provision of services technical means owned by states or entities to which sanctions have been applied in accordance with the Law of Ukraine “On Sanctions”, located on the territory of the aggressor state, on uncontrolled, occupied or the territory where military operations are conducted.

The Resolution of the NSSMC enters into force on August 8, 2022. The text is published at the link.

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