Decision on Amendments to Procedures Approved by National Commission for Securities and Stock Market Resolutions No. 275 and No. 982

NATIONAL COMMISSION FOR SECURITIES AND STOCK MARKET DECISION Kyiv On Amendments to Procedures Approved by Resolutions of the National Commission for Securities and Stock Market dated May 13, 2021 No. 275 and dated October 21, 2021 No. 982

In accordance with paragraphs 1 and 17 of Part One of Article 7 of the Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets", Article 721 of the Law of Ukraine "On Capital Markets and Organized Commodity Markets", with the aim of bringing regulatory legal acts into compliance with legislative requirements, the National Commission for Securities and Stock Market

D E C I D E D:

1. Approve the Amendments to the Procedures approved by Resolutions of the National Commission for Securities and Stock Market dated May 13, 2021 No. 275 and dated October 21, 2021 No. 982, which are attached.

2. The Department of Methodology for Regulation of Professional Participants of the Securities Market shall ensure the submission of this decision for state registration to the Ministry of Justice of Ukraine.

3. The Administration of Administrative Activities shall ensure the publication of this decision on the official website of the National Commission for Securities and Stock Market.

4. The Department of Legal Support and Internal Compliance Control, after state registration of the decision by the Ministry of Justice of Ukraine, shall ensure the publication of this decision on the official website of the National Commission for Securities and Stock Market.

5. This decision enters into force on the day following the day of its official publication.

6. Control over the implementation of this decision shall be entrusted to a member of the National Commission for Securities and Stock Market Yu. Shapoval.

Chairman of the Commission Ruslan MAGOMEDOV

Protocol of the Commission meeting dated 05.09.2025 No. 87

APPROVED
Resolution of the National Commission for
Securities and Stock Market
_____________________ No. _______

Amendments to the procedures approved by resolutions of the National Commission for Securities and Stock Market dated May 13, 2021 No. 275 and dated October 21, 2021 No. 982

1. In the Procedure for Issuance, Suspension and Termination of the License for Professional Activity on Organized Commodity Markets, approved by Resolution of the National Commission for Securities and Stock Market dated May 13, 2021 No. 275, registered in the Ministry of Justice of Ukraine on May 25, 2021 under No. 693/36315:

1. the fourth paragraph of paragraph 2 of Section I after the words "organized commodity markets" shall be supplemented with the words "or in connection with the licensee's failure to pay a financial sanction (fine) imposed on it as a control measure for committing such violation";

2. in Section IV:

in paragraph 4:
the fourth paragraph shall be deleted.
In this regard, paragraphs five through seven shall be considered respectively as paragraphs four through six; in the sixth paragraph, the words "The license is suspended for a period" shall be replaced with the words "The validity of the license is suspended for a term"; after paragraph 4, a new paragraph 41 of the following content shall be added:

"41. The validity of the license may be suspended by a separate resolution of the NSCSPM in connection with the licensee's failure to pay a financial sanction (fine) imposed on it as a control measure, within three months from the date of entry into force of the corresponding resolution on the application of a control measure. The validity of the license may not be suspended if:
within three months from the date of entry into force of the corresponding resolution on the application of a control measure, such resolution is appealed in court and an administrative court has opened proceedings on its appeal and there is no court decision on the results of such proceedings that has entered into legal force; the corresponding resolution on the application of a control measure has been canceled or recognized as invalid by a court decision that has entered into legal force; the validity of the corresponding resolution on the application of a control measure has been suspended by a court ruling. The validity of the license is suspended for a period until the licensee pays the financial sanction (fine) or for a specific period that may not exceed 1 year."; in paragraph 5, the word and number "paragraph 4" shall be replaced with the words and numbers "paragraphs 4 and 41"; paragraph 8 shall be worded as follows:

"8. In the event that the licensee eliminates the grounds that became the cause of the suspension of the license validity, the licensee is obliged within the established period to submit to the NSCSPM a report, composed in an arbitrary form and containing a list of measures taken by the licensee to eliminate the violation, documents confirming the execution of these measures, documents confirming the elimination of these violations, and/or a document on the payment of a financial sanction (fine)."; in paragraph 9, the word "violations" shall be replaced with the words "grounds that became the cause of the suspension of the license validity".

2. In the Procedure for Issuance, Suspension and Termination of the License for Professional Activity on Capital Markets, approved by Resolution of the National Commission for Securities and Stock Market dated October 21, 2021 No. 982, registered in the Ministry of Justice of Ukraine on December 3, 2021 under No. 1563/37185:

1. the fourth paragraph of paragraph 2 of Section I shall be worded as follows:

"suspension of license validity - suspension for a certain period (up to one year) of the license validity in case of violation by the licensee of profile legislation or in connection with the licensee's failure to pay a financial sanction (fine) imposed on it as a control measure for committing such violation";

2. in Section IV:

in paragraph 1, the words "proceedings on a case of violation of profile legislation requirements" shall be replaced with the words "conducting a hearing of a case of an offense"; paragraph 2 shall be worded as follows:

"2. In the resolution on the application of influence measures in the form of suspension of license validity, the authorized person(s) of the NSCSPM for hearing the case of violation of profile legislation (hereinafter - authorized person(s) for hearing cases) indicates (indicate) the grounds according to which influence measures in the form of suspension of license validity are applied. Together with the resolution, the authorized person(s) for hearing cases issues an order on eliminating the violation of profile legislation, in which it is indicated the necessity of eliminating violations that became the grounds for suspending the license validity, and submitting a report and documents within the established period as provided for in paragraph 8 of this Section."; paragraph 4 shall be worded as follows:

"4. The validity of the license may be suspended by the corresponding resolution of the NSCSPM upon establishment by the NSCSPM of the fact of such violations:
appointment to the position of the head of the licensee of a person whose candidacy was not approved by the NSCSPM (provided that the requirement for NSCSPM approval of the licensee's head candidacy is provided by legislation); opaque ownership structure of the licensee; significant deviation of the calculated value of the prudential indicator defined by the Regulation on Supervision of Compliance with Prudential Norms by Professional Participants of the Securities Market, approved by Resolution of the NSCSPM dated December 1, 2015 No. 2021, registered in the Ministry of Justice of Ukraine on December 21, 2015 under No. 1599/28044, including, after the licensee has taken measures to improve its financial status within the period specified by the said regulatory legal act; absence of the licensee at the temporary location; service by the licensee of securities transactions in securities accounts without ensuring the possibility of restoring information regarding the owners of securities and the securities belonging to them; failure to notify the NSCSPM, issuers or depositors / nominal holders (if such notification is provided for by the terms of the corresponding contract with this issuer depositor / nominal holder or regulatory legal act) of a change in the location of the licensee (for a licensee engaged in depository activity); refusal by the licensee, not provided for by the regulatory legal act of the NSCSPM on the conduct of depository activity, and/or contract concluded between the depository institution and the depositor / nominal holder or issuer, and/or internal regulation on depository activity of the depository institution, to conduct depository operations, compile and provide the accounting register to the Central Depository of Securities, register of securities owners to the issuer upon the corresponding order, as well as inclusion of knowingly false data into the depository accounting system or evasion from conducting depository operations; failure by the authorized body of the licensee, on grounds established by legislation, to adopt a decision on the liquidation of a unit investment fund. The validity of the license is suspended for a period until the elimination of the violation, which may not exceed 1 year, or for a specific period that may not exceed 1 year."; after paragraph 4, a new paragraph 41 of the following content shall be added:

"41. The validity of the license may be suspended by a separate resolution of the NSCSPM in connection with the licensee's failure to pay a financial sanction (fine) imposed on it as a control measure, within three months from the date of entry into force of the corresponding resolution on the application of a control measure. The validity of the license may not be suspended if:
within three months from the date of entry into force of the corresponding resolution on the application of a control measure, such resolution is appealed in court and an administrative court has opened proceedings on its appeal and there is no court decision on the results of such proceedings that has entered into legal force; the corresponding resolution on the application of a control measure has been canceled or recognized as invalid by a court decision that has entered into legal force; the validity of the corresponding resolution on the application of a control measure has been suspended by a court ruling. The validity of the license is suspended for a period until the licensee pays the financial sanction (fine) or for a specific period, which may not exceed 1 year."; in paragraph 5, the word and number "paragraph 4" shall be replaced with the words and numbers "paragraphs 4 and 41"; paragraph 8 shall be worded as follows:

"8. In the event that the licensee eliminates the grounds that became the cause of the suspension of the license validity, the licensee is obliged within the established period to submit to the NSCSPM a report, composed in an arbitrary form and containing a list of measures taken by the licensee to eliminate the violation, documents confirming the execution of these measures, documents confirming the elimination of these violations, and/or a document on the payment of a financial sanction (fine)."; in paragraph 9, the word "violations" shall be replaced with the words "grounds that became the cause of the suspension of the license validity".

3. in Section V:

the fifth paragraph of paragraph 9 shall be worded as follows:

"regarding the licensee on the day of submission of the application, a resolution on the initiation of fixation of violation of profile legislation has been issued and a draft act on the commission of violation of profile legislation has been compiled, or a resolution on the application of influence measures for committing violation of profile legislation in the form of termination of the license validity for professional activity on capital markets and organized commodity markets; activity in the system of accumulated pension provision has been issued;"; in paragraph 14, the words "authorized persons of the NSCSPM" shall be replaced with the words "authorized person (authorized persons)"; in the first paragraph of paragraph 24, the word "resolution" shall be replaced with the word "decision"; in the sixth paragraph of sub-paragraph 1 of paragraph 26, the word "actions" shall be replaced with the word "action".

Director of the Department of Methodology for Regulation of Professional Participants of the Securities Market

Maxim TYMOKHIN