Simplification of actions: the NSSMC has defined a mechanism for approving persons for positions in trade unions during the war

The NSSMC (National Securities and Stock Market Commission) approved the Resolution, which regulates the approval of persons for positions in professional participants of capital markets and organized commodity markets during the martial law and approved the relevant Procedure.

The procedure for approving positions according to the old format was based on the requirement for certification of all specialists engaged in professional activities in the capital markets and organized commodity markets. Now, according to the NSSMC`s Resolution, the responsibility for the fact that the specialist has the proper qualifications, business reputation and absence of conflict of interests is borne by the head of the legal entity (professional participant), who must ensure compliance with the requirements of Resolution No. 1272 in this part. The NSSMC will only monitor compliance with these requirements.

Issuance of certificates for the right to perform actions related to the direct implementation of professional activities on the capital markets and organized commodity markets will be terminated after the entry into force of Resolution No. 1272.

In addition, during the period of martial law, the NSSMC will not apply the norm regarding the minimum number of certified specialists that must be in the licensee. The manager is responsible for the quality of personnel working as specialists.

The NSSMC determined that, temporarily during the period of martial law, it will approve the appointment of persons only to management positions in trade union members, namely:

 ⁃ chairman and members of the supervisory board or other body responsible for supervision;

 ⁃ chairman and members of the collegial executive body;

 ⁃ a person exercising the powers of a sole executive body and his deputies;

 ⁃ an official of the internal control system;

 ⁃ an employee responsible for financial monitoring;

 ⁃ chief accountant (a person entrusted with accounting).

Citizens of the russian federation and the Republic of Belarus cannot be appointed to these positions. The exception is residence in Ukraine on legal grounds.

Persons appointed to the above-mentioned positions after the entry into force of Resolution No. 1272 must undergo approval in accordance with the requirements of the Procedure and within the time limits established by it.

Completion of the approval procedure by chief accountants who were appointed to positions during wartime and did not have a valid qualification certificate will be sufficient and will not require additional certification in accordance with licensing requirements.

In contrast to certification, the procedure for approval of positions is a free administrative service provided by the NSSMC.

You can get a detailed look at the NSSMC`s Resolution No. 1272 and the Procedure for approving persons for positions in professional participants of the capital markets and organized commodity markets during the period of martial law at the link: https://www.nssmc.gov.ua/document/?id=13207371