Process optimisation: NSSMC amended corporate governance standards for professional participants

In order to optimise the activities of professional participants in capital markets and organised commodity markets and taking into account the negative impact of the war-related circumstances, the National Securities and Stock Market Commission (NSSMC) has amended its decisions regulating the development of internal control provisions.

The NSSMC has established that the deadline for professional participants to comply with the requirements to submit copies of approved internal documents to the regulator via the official communication channel is 90 calendar days after the end of martial law. Importantly, the amendments will come into force on 1 January 2026.

Taking into account legislative changes related to the functioning of the Risk Management Committee, in Standard 4 Corporate Governance of Professional Participants, the NSSMC improved the procedure for establishing and operating the Risk Management Committee. It has also modernised the performance of the functions of compliance and/or risk manager by a person performing executive functions in a professional participant in capital markets and organised commodity markets.

Thus, a responsible person from among the members of the body responsible for supervising a professional participant (in the case of a one-tier management structure of a professional participant – a non-executive director), who may perform the function of a risk management committee, may additionally be assigned the function of a risk manager.

In addition, the functions of risk manager and compliance manager should be performed by different persons performing executive functions in accordance with the management structure of the professional participant.

For more information:

Amendments to corporate governance standards are available on the regulator’s official website:
– on Approval of Amendments to Standard No. 4 Corporate Governance in Professional Participants of Capital Markets and Organised Commodity Markets. Organisation and functioning of the internal control system in professional participants that do not belong to enterprises of public interest and systemically important professional participants
https://www.nssmc.gov.ua/document/?id=23556217
– on Amendments to Certain NSSMC Resolutions in connection with the Introduction of Martial Law
https://www.nssmc.gov.ua/document/?id=23347687
– on Amendments to the NSSMC Resolution dated 25.11.2024 No. 28/21/1474/K03
https://www.nssmc.gov.ua/document/?id=24805290