Decision

Kyiv

On Approval of the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine

In accordance with paragraph 1 of part three of Article 2, paragraph 1 of part one of Article 7, Articles 29, 30, 35 of the Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets",

The National Securities and Stock Market Commission of Ukraine

D E C I D E D:

1. Approve the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine, attached hereto.

2. The Management of Administrative Activity shall ensure the publication of this decision on the official website of the National Securities and Stock Market Commission of Ukraine.

3. The Department of Legal Development shall ensure the submission of this decision for state registration to the Ministry of Justice of Ukraine and the publication of this decision on the official website of the National Securities and Stock Market Commission of Ukraine after receiving an official notification regarding state registration from the Ministry of Justice of Ukraine.

4. This decision enters into force on July 1, 2026, but no earlier than the day following the day of its official publication.

5. Control over the execution of this decision is entrusted to a member of the National Securities and Stock Market Commission of Ukraine, Yu. Shapoval.

Head of the Commission Oleksiy SEMENYUK

Protocol of the Commission meeting dated 25.03.2026 No. 13

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APPROVED Decision of the National Securities and Stock Market Commission of Ukraine ____________ No. _____

Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine

I. General Provisions

1. This Procedure defines the mechanism for organizing, conducting, documenting, accounting for, and completing a controlled service by the National Securities and Stock Market Commission of Ukraine (hereinafter – the Commission) as a control instrument for the provision of services in capital markets and organized commodity markets.

2. A controlled service is a control instrument applied by the Commission to document the process of providing services or conducting operations in capital markets and organized commodity markets, to detect violations of relevant legislation or to verify compliance with its requirements during inspections or investigations.

3. The purpose of a controlled service is:

   • during the conduct of an inspection – documenting the process of fulfilling the requirements of relevant legislation, detecting and reducing the risks of non-compliance with these requirements and the negative consequences arising from such risks for individuals;
   • during the conduct of an investigation – confirming or refuting existing information regarding the commission of a violation of the requirements of relevant legislation, as well as establishing the person who committed such a violation.

4. The conduct of a controlled service is based on compliance with the principles of legality, proportionality, justification, accuracy of fixation, preservation of evidence, and confidentiality.

5. For the purposes of this Procedure, the following terms are used in the following meanings:

   • authorized person of the Commission – an authorized person of the Commission for conducting an inspection in capital markets and organized commodity markets or an authorized person of the Commission for conducting investigations in capital markets and organized commodity markets;
   • controller – an employee of the Commission belonging to the support staff, involved by a resolution of the authorized person of the Commission in direct participation in the simulation of a service during a controlled service;
   • fixation materials – audio, photo, video recordings or other information carriers obtained during a controlled service to document the process (excluding special technical means for intercepting information from communication channels and other technical means for covertly obtaining information);
   • act on the conduct of a controlled service – a summary document compiled by the controller that generalizes the results of conducting a controlled service, carried out in accordance with the requirements provided for in this Procedure, and which is mandatory provided to the authorized person of the Commission who initiated the conduct of the controlled service.

Other terms in this Procedure are used in the meanings defined by the Law of Ukraine "On Capital Markets and Organized Commodity Markets", the Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets", and regulatory legal acts of the Commission.

6. Interaction between the controller and authorized persons of the Commission is carried out through direct interaction, correspondence, or means of electronic information and communication interaction.

7. All information related to the process of conducting a controlled service, including information about persons who are controllers, constitutes professional secrecy in accordance with the requirements of the Law of Ukraine "On Capital Markets and Organized Commodity Markets". Disclosure of such information entails liability provided by law.

II. Grounds for Conducting and Decision on Conducting a Controlled Service and on Involving a Controller

8. In the event of identifying the need to control the provision of services in capital markets and organized commodity markets by persons subject to an inspection or investigation, the authorized person of the Commission issues a resolution on conducting a controlled service (Appendix 1).

9. A controlled service is conducted exclusively during an inspection or investigation on the basis of a resolution on conducting a controlled service issued by the authorized person of the Commission.

10. For the purpose of implementing the process of conducting a controlled service, the authorized person of the Commission issues a resolution on involving a controller (Appendix 2).

11. A separate resolution on involving a controller is issued for each controlled service.

12. In the event of the existence or emergence of a potential or real conflict of interest on the part of the controller at the stage of involvement or during the conduct of a controlled service, a challenge is filed against him or the controller may initiate self-recusal on his own initiative.

13. The conduct of a controlled service without properly оформленными resolutions defined in paragraphs 8 and 10 of this Procedure is prohibited.

14. The resolution on conducting a controlled service and the resolution on involving a controller are issued simultaneously, signed by the authorized person of the Commission, and no later than the next working day are sent to the controller by means of the subsystem for ensuring internal electronic document flow of the comprehensive information and communication system of the Commission.

III. Rights and Obligations of Controllers

15. The controller has the right to access information, documents, and resources of the Commission for the proper performance of tasks defined in the resolution on conducting a controlled service and the resolution on involving a controller.

16. The controller has the right to access materials of previous controlled services related to the subject of verification, in compliance with confidentiality requirements and internal procedures of the Commission, for the purpose of proper preparation for performing the task.

17. The controller has the right to refuse participation in a controlled service in the event of detecting a potential or real conflict of interest that may affect the objectivity of performing the task, with mandatory justification of such refusal in writing, submitted to the authorized person of the Commission.

18. The controller has the right to temporarily suspend a controlled service with mandatory notification of the authorized person of the Commission in the event of unforeseen circumstances (technical failures of fixation means, deterioration of health). If such suspension exceeds 3 days, the controller is subject to replacement.

19. Replacement of a controller is carried out in connection with his challenge (self-recusal), as well as in the event of other circumstances that make further participation of such a person in a controlled service impossible. Replacement of a controller is carried out by issuing a new resolution on involving a controller with simultaneous cancellation of the previous one.

20. The controller is obliged to accurately and reliably document all stages of a controlled service, avoiding any distortions or subjective interpretations, and to ensure the preservation of fixation materials from damage or loss.

21. The controller is obliged to immediately notify the authorized person of the Commission about any obstacles, circumstances that may affect the objectivity and reliability of a controlled service.

22. The controller is obliged to comply with ethical norms of behavior, acting neutrally and professionally, avoiding any actions that could provoke the subject of verification to violate or go beyond the task defined in the resolution on conducting a controlled service.

IV. Conduct of a Controlled Service

23. The conduct of a controlled service is carried out by the controller in accordance with the task and within the limits defined in the resolution on conducting a controlled service.

24. A controlled service is conducted by simulating the receipt of a service or the purchase of an asset that is in free circulation in capital markets or organized commodity markets, without the actual conclusion of transactions that create legal consequences.

25. The controller must ensure full accuracy, continuity, and documentary confirmation of all his actions, adhering to the principles of legality, proportionality, integrity, objectivity, and impartiality.

26. The controller begins a controlled service only after receiving the resolutions provided for in paragraphs 8 and 10 of this Procedure.

27. The controller enters into contact with a representative of the subject of the controlled service (in person or in electronic form) and acts within the framework of ordinary client behavior without creating situations that could be interpreted as provocation.

28. During interaction, the controller:

• requests the provision of a service in accordance with the resolution;
• observes the behavior of personnel, the order of client identification, compliance with internal procedures;
• documents the process using audio, photo, and/or video recording;
• obtains copies of documents that the subject usually provides to clients (questionnaires, contracts, information letters, instructions, etc.);
• saves screenshots of each stage of the operation;
• documents the time of actions (time codes, digital marks);
• saves correspondence with employees of the subject.

29. The controller is prohibited from:

• disclosing his affiliation with the Commission or revealing the purpose of the measure until its completion;
• creating situations of pressure or intentional violation of norms by the subject providing the service;
• concluding transactions on the placement, circulation, and repurchase of securities, concluding commodity spot contracts, derivative contracts, and agreements on the substitution of a party to a derivative contract.

30. In the event of a situation that may cause the controller to go beyond the task or create a risk of disclosing the role of the controller, he immediately stops the actions defined in the resolution and notifies the authorized person of the Commission about this.

31. If, during a controlled service, there is a need to make changes or expand the task, the authorized person of the Commission may issue new resolutions provided for in paragraphs 8 and 10 of this Procedure.

32. If, during the conduct of a controlled service, signs are recorded that may indicate the commission of an administrative or criminal offense, the controller immediately informs the authorized person of the NSSMC, who sends the materials containing such information to law enforcement agencies.

33. Expenses incurred by the person subject to a controlled service related to the provision of services, including client identification, conducting operations, and concluding contracts in the process of a controlled service, do not constitute damage to such a person, provided that the process of the controlled service was conducted within the limits and in the manner defined by legislation.

V. Documentation and Completion of a Controlled Service

34. All documents obtained by the controller from the person subject to a controlled service (in paper or electronic form) in the process of conducting a controlled service are subject to registration, copying, and transfer to the authorized person of the Commission together with a register of documents.

35. After achieving the goal and task of a controlled service defined by the resolution, the controller:

• notifies the authorized person of the Commission about the completion of actions;
• documents the date, time, and place of completion;
• maintains the confidentiality of information obtained until the completion of all investigation or inspection procedures;
• transfers to the authorized person of the Commission all materials obtained during the conduct of a controlled service.

36. The controller, based on the results of conducting a controlled service, within 5 working days compiles an act on the conduct of a controlled service, which contains the designation of the subject (object), date, circumstances, recorded actions, and attaches all materials (acts, records, documents, photo, video, audio materials) with a corresponding description (Appendix 3).

37. After compiling the act on the conduct of a controlled service, the authorized person of the Commission ensures presentation to the person subject to the controlled service of the resolution on conducting a controlled service, the resolution on involving a controller, his official identification, as well as the provision of a copy of the resolution on conducting an inspection or investigation, within the framework of which the controlled service was conducted.

38. After presenting the documents defined in paragraph 37 of this Procedure, the authorized person of the NSSMC attaches the act on the conduct of a controlled service and all materials to the materials of the inspection or investigation.

VI. Storage, Accounting, and Use of Materials

39. All materials of a controlled service are marked, numbered, described, sealed, and transferred to the authorized person of the Commission under signature. Any editing or change of primary materials is prohibited. Storage of fixation materials is carried out on protected electronic or physical carriers that ensure their integrity, confidentiality, and accessibility.

40. Access to fixation materials and other materials is granted to all persons of the Commission whose access to materials is provided for by regulatory legal acts of the Commission or persons defined by a separate directive of the Head of the Commission.

41. The use of fixation materials and other materials is permitted exclusively for the purpose of:

• confirming facts recorded during a controlled service;
• compiling an act on the conduct of a controlled service;
• making a decision based on the results of an inspection/investigation;
• protecting the rights and interests of participants of a controlled service in judicial or administrative proceedings.

Acting Director Department of Legal Development Stepan ZOLotar

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Appendix 1 to the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine (paragraph 8 of the Procedure)

NATIONAL SECURITIES AND STOCK MARKET COMMISSION OF UKRAINE

Resolution on conducting a controlled service

Kyiv "_" _________ 20 year

I, authorized to conduct an inspection/investigation ____________________________________________________________________, (surname, first name, patronymic (if any))

having identified the need to control the provision of services in capital markets and organized commodity markets in accordance with the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine,

ESTABLISHED:

regarding:

---

(name of legal entity / Full Name of an individual, EDROU code / TIN (if any), location / address, other identification data (if necessary)

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(describe circumstances indicating the need to conduct a controlled service)

Taking into account the above, guided by __________________________________ (point, part, article)

of the Law of Ukraine "On State Regulation of Capital Markets and Organized Commodity Markets", paragraph (paragraphs) ____________ of the Procedure for Conducting Inspections in Capital Markets and Organized Commodity Markets/Procedure for Conducting Investigations in Capital Markets and Organized Commodity Markets

and paragraphs 8, 9, 10 of the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine,

RESOLVED:

1. Conduct a controlled service regarding

---

---

(specify the subject regarding whom the service is conducted)

for the purpose of

---

---

(specify the purpose of the controlled service)

2. Document the process by means of:

---

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(specify the method of fixation: audio/video recording, photo fixation, drawing up a protocol, etc.)

3. Other information (if necessary):

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The resolution enters into force from the moment of signing. The resolution is issued simultaneously with the resolution on involving a controller and no later than the next working day is sent to the involved controller with mandatory familiarization. A controlled service is conducted exclusively during an inspection or investigation on the basis of this resolution. The conduct of a controlled service without a properly оформленными resolution is prohibited. The resolution is presented to the person authorized to conduct an inspection/investigation, regarding whom such a controlled service is conducted, after its completion.

Attachments: (if necessary)

Authorized to conduct inspection/investigation First Name SURNAME __________________________

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Appendix 2 to the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine (paragraph 10 of the Procedure)

NATIONAL SECURITIES AND STOCK MARKET COMMISSION OF UKRAINE

Resolution on involving a controller

Kyiv "_" _________ 20 year

I, authorized to conduct an inspection/investigation ____________________________________________________________________, (surname, first name, patronymic (if any))

having identified the need to control the provision of services in capital markets and organized commodity markets in accordance with the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine,

RESOLVED:

To involve in conducting a controlled service regarding:

---

(name of legal entity / Full Name of an individual, EDROU code / TIN (if any), location / address, other identification data (if necessary)

---

---

(position, surname, first name, patronymic (if any) of the controller who will conduct the controlled service)

The resolution enters into force from the moment of signing. The resolution is issued simultaneously with the resolution on conducting a controlled service and no later than the next working day is sent to the involved controller with mandatory familiarization. A controlled service is conducted exclusively during an inspection or investigation on the basis of this resolution. The conduct of a controlled service without a properly оформленными resolution is prohibited. The resolution is presented to the person authorized to conduct an inspection/investigation, regarding whom such a controlled service is conducted.

Authorized to conduct inspection/investigation First Name SURNAME ___________________________

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Appendix 3 to the Procedure for Conducting a Controlled Service by the National Securities and Stock Market Commission of Ukraine (paragraph 36 of the Procedure)

NATIONAL SECURITIES AND STOCK MARKET COMMISSION OF UKRAINE

ACT on conducting a controlled service

City ___________ "_" ____________ 20 year (place of compilation)

Date and time of completion of the controlled service: "" ____________ 20 year, hour ___ min__.

Place of completion:

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I, controller of the National Securities and Stock Market Commission of Ukraine

---

(surname, first name, patronymic (if any))

invited by the person authorized to conduct an inspection/investigation to direct participation in the simulation of

---

(name of the service regarding which the simulation was carried out)

On the basis of: resolution on conducting a controlled service dated "" ____________ 20 year No. ____; resolution on involving a controller dated "" __________ 20 year No. _______ regarding the subject (object):

---

---

(name of legal entity / surname, first name, and patronymic (if any) of an individual, EDROU code / RNOUKPP (if any), location / address, other identification data (if necessary)

---

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DETECTED:

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(description of recorded actions, established circumstances; description of violations and deficiencies with references to legislative norms (articles, parts, paragraphs) if available; generalized conclusion of the controller; circumstances confirming the conclusion, with references to relevant evidence)

Proposals for eliminating identified violations and deficiencies (if any).

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Attachments:

1. Register of documents obtained from the subject (copies of paper and/or electronic) – list with description:

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2. Audio, video recordings, photo materials, other information carriers – list with description:

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3. Other materials (acts, protocols, explanations, etc.) on __ sheets.

Controller First Name SURNAME ___________________________