Decision on Amendments to the Approval Procedure for Key Personnel of Capital and Organized Commodity Market Participants

NATIONAL COMMISSION FOR SECURITIES AND STOCK MARKET DECISION Kyiv On Amendments to the Procedure for Approval of the Person Appointed to the Position of Head of a Professional Participant of Capital and Organized Commodity Markets, Officials of the Internal Control System, and Persons Responsible for Financial Monitoring

In accordance with paragraphs 1, 2, and 48 of Part One of Article 7 of the Law of Ukraine "On State Regulation of Capital and Organized Commodity Markets", the Law of Ukraine "On Capital Markets and Organized Commodity Markets", and with the aim of improving the legal regulation of the activities of professional participants of capital and organized commodity markets,

The National Commission for Securities and Stock Market HAS DECIDED:

1. To make the following amendments to the Procedure for Approval of the Person Appointed to the Position of Head of a Professional Participant of Capital and Organized Commodity Markets, Officials of the Internal Control System, and Persons Responsible for Financial Monitoring, approved by the Decision of the National Commission for Securities and Stock Market dated November 14, 2024 No. 09/21/1418/K03, registered in the Ministry of Justice of Ukraine on November 28, 2024 under No. 1806/43151:

1. amend paragraph 13 of Section I as follows:
   "13. The NSCSCM applies its professional judgment in making decisions defined by this Procedure.
   Professional judgment is formed by the NSCSCM taking into account the principles defined in paragraph 12 of this Section.
   The NSCSCM approves the person specified in paragraphs 1, 2 of this Section based on the results of a comprehensive assessment conducted by the NSCSCM, which includes:
   an analysis of information received by the NSCSCM from the professional participant, information received during the implementation of state regulation and supervision, information from open sources;

2 evaluation of business reputation, professional competence, education, skills and experience, and absence of conflict of interest.";

2. in Section III:
   in the first paragraph of paragraph 2, replace the words "taking into account the general assessment of all submitted documents within a period of no more than 30 working days" with the words "conducts a comprehensive assessment within a period of no more than 60 calendar days"; amend the second paragraph of paragraph 6 as follows:
   "establishment of non-compliance of the person with legislative requirements, including based on the results of a comprehensive assessment;"; amend paragraph 8 as follows:
   "8. The authorized body of the professional participant makes a decision on the dismissal of the person specified in paragraphs 1, 2 of Section I of this Procedure (except for a person elected to the composition of the body responsible for carrying out supervision) from the held position or a decision on the termination of the temporary performance of duties by the head of the organization, or the termination of their right of first signature, or the termination of performance of duties/functions of a compliance manager, risk manager, internal auditor, or a person responsible for financial monitoring:
   within 30 days from the date of receipt of a letter and a copy of the NSCSCM decision on refusal to approve such a person, taken on grounds provided for in paragraph 6 of this Section (except for the case provided for in the second paragraph of paragraph 9 of this Section); within 5 days from the date of receipt of a letter and a copy of the NSCSCM decision on refusal to approve the person on grounds of non-compliance of the person with legislative requirements regarding professional competence, which was established based on the results of a comprehensive assessment of such a person after the second submission of documents to the NSCSCM regarding such a person, provided for in the second paragraph of paragraph 9 of this Section. In the event of the NSCSCM adopting a decision on refusal to approve a person elected/appointed to the position/proposed as a candidate for the position of Chairman or member of the supervisory board or another body responsible for carrying out supervision, the professional participant must elect/appoint another person/candidate for the corresponding position (if such election/appointment is required by legislation or internal documents of the professional participant) within 90 calendar days from the date of receipt of the corresponding letter and a copy of such decision. In the event of the NSCSCM adopting a decision on the absence of grounds regarding a person elected/appointed to the position/proposed as a candidate for the position of Chairman or member of the supervisory board or another body responsible for carrying out supervision, the professional participant must re-elect the person or elect/appoint another person/candidate for the corresponding position (if such election/appointment is required by legislation or internal documents of the professional participant) within 90 calendar days from the date of receipt of the corresponding letter and a copy of such decision.";

3 to add paragraph 9 of the following content:
"9. A professional participant has the right to elect/appoint a person specified in paragraphs 1, 2 of Section I of this Procedure to the corresponding position/entrust functions/duties to such a person/grant them the right of first signature and submit the corresponding documents to the NSCSCM for approval no earlier than one year from the date of adoption of the NSCSCM decision on refusal to approve such a person on grounds provided for in paragraph 6 of this Section (except for non-compliance of the person with legislative requirements regarding professional competence, which was established based on the results of a comprehensive assessment). In the event of the NSCSCM adopting a decision on refusal to approve a person specified in paragraphs 1, 2 of Section I of this Procedure on the ground of non-compliance of the person with legislative requirements regarding professional competence, which was established based on the results of a comprehensive assessment, the professional participant may resubmit documents to the NSCSCM for approval of such a person no more than twice, each time no earlier than one month from the date of adoption of the NSCSCM decision provided for in this paragraph.".

2. The Department of Methodology 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 Development, 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 from 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 M. Libanov.
   Chairman of the Commission Oleksiy SEMENYUK
   Protocol of the Commission meeting dated 04.03.2026 No. 10