New opportunities for businesses: it becomes easier for companies to outsource some of their work

The National Securities and Stock Market Commission approved the requirements for outsourcing. These requirements specify which functions may be outsourced to third parties, who is authorized to provide such services, and what requirements must be met.

Individual functions necessary for a company’s operations can be outsourced. Specifically, these include compliance, risk management, internal audit, accounting, IT support, and maintenance of software and information systems. For professional service providers, this list also includes the processing of third-party inquiries.

These functions may be delegated only to entities that have sufficient resources and qualified personnel and meet the requirements regarding business reputation. Services may be provided by Ukrainian and foreign legal entities, as well as individuals.

The main principle governing these requirements is that companies may engage third-party service providers but must not shift responsibility onto them. Even if a company has outsourced its internal audit or IT functions, it remains ultimately responsible to its clients and the Commission for the final result.

This is an important step toward aligning Ukrainian legislation with EU standards. Thanks to transparent rules, companies will be able to legally optimize their costs without harming investors’ interests.