Who Should Not Be Included in the List of Critically Important Enterprises – Updated Requirements of the NCSSFR
The National Securities and Stock Market Commission (NSSMC) has approved updated criteria for determining enterprises that are important for the Ukrainian economy, the regulator's press service reported.
New approaches are being introduced to ensure that the process of identifying critically important enterprises and the possibility of reserving employees occur under more transparent and unified rules.
The government resolution No. 76 remains in effect in Ukraine, establishing basic requirements for enterprises. In particular, companies must meet three criteria simultaneously, including the absence of tax arrears and compliance with a specified wage level. If an enterprise fails to meet even one of these, it loses the ability to reserve employees. If the basic requirements are met, further evaluation is carried out according to sectoral criteria.
For the capital markets sector, such criteria are defined by the NSSMC.
Main changes in the rules
Four key updates have been made to the existing criteria that have been in effect since last year.
Strengthening ownership structure requirements
Previously, refusal to grant the status of a critically important enterprise was applied if among the owners there were citizens of Russia or Belarus. Now the restriction has been expanded: an enterprise cannot receive the status if its ownership structure includes residents of "risk zone" countries that support aggression or persons under sanctions.
Protection of systemically important market participants
A separate approach has been established for "systemically important professional participants" of the capital market – the largest companies whose stable operation is crucial for the functioning of the financial sector.
Critical infrastructure
If an enterprise belongs to critical infrastructure facilities, the Commission will have grounds to include it in the list of critically important enterprises. Currently, there is only one such enterprise under the Commission's regulation.
Delineation of powers between regulators
A separate point eliminates duplication of functions between agencies. The new NSSMC rules do not apply to banks and other financial institutions regulated by the National Bank of Ukraine. This should prevent repeated document submissions after regulator refusals.
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