Who can be classified as significant to the capital markets: updated criteria are registered

The Ministry of Justice of Ukraine registered a Resolution by the National Securities and Stock Market Commission approving updated criteria for identifying enterprises, institutions, and organizations that are of significant importance to capital markets and organized commodity markets.

The NSSMC Resolution No. 15/21/5020/K03 dated 13 August 2026 was registered with the Ministry of Justice on 26 August 2026 under No. 1180/46574.

This update of the criteria is related to the changes made to the government procedure for reserving persons liable for military service. The Commission’s task is to update the requirements used to determine the importance of enterprises, institutions, and organizations for the stable and uninterrupted operation of capital markets and organized commodity markets.

What changes

The updated criteria include several key changes.

First, the requirements regarding ownership structure are being clarified. Consideration will be given to whether the applicant’s ownership structure includes participants, ultimate beneficial owners, or related parties who are residents of countries that pose risks to Ukraine’s economic security or against which sanctions are imposed.

Second, the criteria take into account systemically important professional participants in capital markets and organized commodity markets. These are participants whose activities are essential to the functioning of exchange, settlement, depository, and other financial market infrastructure.

Third, the analysis takes into account enterprises, institutions, and organizations that are classified as objects of critical infrastructure under the law. Their stable operation directly affects the continuity of financial markets.

The law also provides for the possibility of granting this status to self-regulatory organizations of professional capital market participants, provided they meet the established requirements.

At the same time, the Commission’s criteria will not apply to banks and financial institutions that are subject to state regulation and supervision by the National Bank of Ukraine.

How many companies could potentially meet the updated criteria?

According to an assessment conducted during the preparation of the Resolution, no more than five new enterprises, institutions, and organizations may potentially meet the updated criteria.

This assessment is based on the fact that a significant portion of professional participants in capital markets and organized commodity markets — whose activities, by their very nature, may be of great importance to the industry — have already applied to the Commission and undergone an evaluation to determine their compliance with the established requirements.

In other words, the update to the criteria applies to a limited number of potential new applicants.

It is important to note that meeting a single criterion does not automatically grant status. Each applicant must confirm that they meet the established requirements, after which the Commission conducts a comprehensive evaluation.

The purpose of the update is to upgrade the mechanism for identifying enterprises, institutions, and organizations that are important to the industry, taking into account current legal requirements and the actual significance of a particular participant for the stable and uninterrupted operation of capital markets and organized commodity markets.