The NSSMC has prepared an explanation of the substantial shareholding of a professional participant

The NSSMC (the National Securities and Stock Market Commission) has explained the application of the provisions of paragraph 20 of the first part of Article 2 of the Law of Ukraine оn Capital Markets and Organized Commodity Markets on the officials of professional capital market and organized commodity market participants.

Thus, there is no need for the officials of a professional participant to agree a substantial shareholding at the NSSMC regardless of the formal ownership. Provided that such persons do not have other signs of significant influence, the powers and functions of which include actions defined by the constituent documents of a professional participant which come under such signs.

The document was approved at the NSSMC meeting on September 30, 2021. The text of it can be found at the link: https://www.nssmc.gov.ua/document/?id=12549604.