As part of the implementation of the IMF Memorandum: Ban on the withdrawal of securities of foreign issuers from Ukraine

Today, the National Securities and Stock Market Commission (NSSMC) has decided to ban the withdrawal of foreign securities from the depository system for the period of martial law starting from 1 January 2025.

The NSSMC thus complies with the requirements of the Memorandum of Economic and Financial Policies (MEFP) of the IMF’s Extended Fund Facility (EFF). These changes have been approved by the National Bank of Ukraine in order to harmonise national currency legislation.

The main details of the decision are that it is prohibited to write off securities of foreign issuers from the depository accounting system, except in the following cases
– corporate transactions of the issuer;
– bringing the number of securities on the accounts of the Central Depository in line with the data of international depository institutions.

Iraklii Baramiia, Commissioner, commented: «For eight months, the NSSMC has held numerous meetings as part of the negotiation process with the IMF and the NBU to find a satisfactory solution for the capital markets. We have made a lot of efforts and today’s decision was a compromise, as the issue of a complete ban on the admission and trading of foreign issuers’ securities in Ukraine was on the agenda».