Temporarily Imposed Restrictions by the NSSMC for the Period of Martial Law
Circulation of securities: issue, placement, circulation and redemption of all securities are suspended, except for operations necessary for the implementation of (a) monetary policy by the National Bank; and (b) public debt service activities by the Ministry of Finance.
Permitted Government Bonds: investment firms are allowed to transact only with the domestic war bonds: (a) KYC and onboarding procedures have been simplified, an offshore entity provides the registration code only, and (b) agreement can be signed in digital form only (by email or messenger). Full-fledged KYC follows in 10 business days after the martial law completes. If otherwise, an investment firm suspends the services.
Operations in the depository and clearing systems have been suspended, except (a) opening and operating accounts for holders of the permitted government bonds – all regular transactions such as pledges, REPO, clearing etc.; (b) payment of income / redemption amounts on securities issued prior to February 24, 2022, including foreign securities but excluding for the benefit of the residents and entities controlled by the residents of the Russian Federation and the Republic of Belarus; and (c) administrative updates required for the management of the stock (corporate governance).
Asset management companies, collective investment trusts (CIT, CIF), asset custodians and assets of private pension funds custodians can: (a) transact in permitted government bonds; (b) extend and renew deposit operations with the banking institutions; (c) distribution of income on CIT securities and payment of management fee; (d) development of real estate objects in the following regions: Chernivetska, Ivano-Frankivska, Khmelnytska, Lvivska, Rivnenska, Ternopilska, Transcarpathian, Vinnytska, Volynska.