Reserving Employees for the Financial Sector: The National Securities and Stock Market Commission Has Updated the Rules
19 June 16:07
The National Securities and Stock Market Commission (NSSMC) has updated the criteria for identifying systemically important institutions, particularly in the financial sector. The changes are intended to prevent circumvention of employee retention rules and to clearly delineate the powers of the various regulators.
This was reported by the National Securities and Stock Market Commission, according to "Komersant Ukrainian"
“Under the current model, an enterprise must first meet basic state criteria—specifically regarding tax compliance and wage levels. Only then does the relevant regulator apply industry-specific criteria.In the case of the financial sector, these functions are performed by the NSSMC,” the statement reads.
New Changes for the Financial Market
The regulator has identified four key updates to the rules, which are intended to streamline reservation procedures and eliminate regulatory conflicts.
First, ownership structure requirements have been tightened. Whereas previously the restrictions applied mainly to Russian and Belarusian beneficiaries, a company will now be ineligible for “critically important enterprise” status if its ownership structure includes residents of high-risk countries or individuals subject to sanctions.
Second, protections have been strengthened for systemically important capital market participants—companies on whose stability the functioning of the financial system depends.
Third, the status of critical infrastructure facilities has been explicitly taken into account for the first time. If an enterprise is included in this list, this may serve as grounds for granting it “critically important” status. Currently, there is only one such enterprise within the Commission’s regulatory purview.
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Closing a “Loophole” for Banks
Separately, the regulator clarified the division of powers with the National Bank of Ukraine.
“From now on, the NSSMC’s rules will not apply to banks and financial institutions regulated by the NBU. This prevents a situation where a company might be denied critical status by the NBU but attempt to go through the procedure via another regulator,” the statement reads.
What’s Next
The agency explains that the new rules are designed to ensure a transparent and consistent approach to identifying critical companies, in accordance with the requirements of Government Resolution No. 76, which regulates the procedure and conditions for exempting conscripts from military service.
The draft of the updated criteria will be published shortly for public comment. Market participants and experts will be able to submit their proposals.
Afterward, the final version of the document will be approved and submitted to the Ministry of Justice for state registration.
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