{"id":17076,"date":"2026-06-09T10:32:24","date_gmt":"2026-06-09T07:32:24","guid":{"rendered":"https:\/\/lexcovery.com\/2026\/06\/draft-law-on-amending-certain-laws-of-ukraine-regarding-the-attraction-of-a-strategic-foreign-investor-to-the-capital-markets-infrastructure-of-ukraine\/"},"modified":"2026-06-09T10:32:24","modified_gmt":"2026-06-09T07:32:24","slug":"draft-law-on-amending-certain-laws-of-ukraine-regarding-the-attraction-of-a-strategic-foreign-investor-to-the-capital-markets-infrastructure-of-ukraine","status":"publish","type":"post","link":"https:\/\/lexcovery.com\/en\/2026\/06\/draft-law-on-amending-certain-laws-of-ukraine-regarding-the-attraction-of-a-strategic-foreign-investor-to-the-capital-markets-infrastructure-of-ukraine\/","title":{"rendered":"Draft Law on Amending Certain Laws of Ukraine regarding the Attraction of a Strategic Foreign Investor to the Capital Markets Infrastructure of Ukraine"},"content":{"rendered":"<p>Analysis of the draft law:<br \/>\nGreetings. This draft law is a fairly large-scale initiative that proposes a deep transformation of the architecture of Ukraine&#8217;s financial sector. Let us examine in detail what specific changes the legislator proposes.<\/p>\n<h3>1. Substance of the draft law<\/h3>\n<p>The draft law is aimed at creating legislative conditions for attracting a leading foreign financial infrastructure operator to the Ukrainian capital market. To this end, it is proposed to create a unique legal entity \u2014 the Holding Infrastructure Company in Capital Markets (HICCM), a controlling stake in which (&gt;50%) will belong to a foreign strategic investor or an international financial institution, and 25% \u2014 to the state. This holding company is intended to consolidate control over the organized market operator (the exchange), the central counterparty (the Settlement Center), and acquire a significant shareholding (not less than 25%) in the Central Depository. The selection of the investor will take place through an open public tender based on strict security and professionalism criteria.<\/p>\n<h3>2. Structure of the draft law and main changes compared to the current legislation<\/h3>\n<p>The draft law provides for systematic amendments to four basic laws of Ukraine. Below is a detailed analysis of the proposed amendments according to the structure of the regulatory act:<\/p>\n<ul>\n<li><strong>Law of Ukraine \u201cOn the National Bank of Ukraine\u201d (Article 4):<\/strong>\n<ul>\n<li>The NBU is vested with a new power to independently manage state-owned corporate rights in accordance with the procedure established by it.<\/li>\n<li>The direct right of the NBU to be a shareholder (participant) of a clearing institution and\/or the Central Securities Depository, and to conduct any transactions with their shares without the approval of other state authorities is regulated.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Law of Ukraine \u201cOn the Management of State-Owned Objects\u201d (Article 11):<\/strong>\n<ul>\n<li>An exception is introduced to the general prohibition on the transfer of state-owned corporate rights to the charter capitals of business companies. Henceforth, it is permitted to transfer such rights to the charter capital of the newly established Holding Infrastructure Company in Capital Markets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Law of Ukraine \u201cOn the Depository System of Ukraine\u201d (Art<\/strong>Articles 1, 9 and Final Provisions):<\/li>\n<\/ul>\n<ul>\n<li>The term \u201cholding infrastructure company in capital markets\u201d is introduced into the conceptual apparatus.<\/li>\n<li>The HICCM is included in the exclusive list of persons who may be shareholders of the Central Depository.<\/li>\n<li><strong>Change in the ownership structure of the Central Depository:<\/strong> the current provision stipulates a joint share of the state and the NBU at a level of not less than 25% + 1 share. The draft law proposes to establish that the share of the NBU specifically must be at least 50% + 1 share.<\/li>\n<li>For the HICCM (alongside IFIs and foreign depositories), the general restriction on holding shares in the Central Depository (which is limited to no more than 5% for other private entities) is repealed.<\/li>\n<li>A \u201cgrandfather clause\u201d is established in the Final Provisions: the restriction on voting shares in excess of the established limit will not apply to current shareholders of the Central Depository, unless they increase their share after this law enters into force.<\/li>\n<\/ul>\n<li><strong>Law of Ukraine \u201cOn Capital Markets and Organized Commodity Markets\u201d (Article 4, new Article 4-1, Final Provisions):<\/strong>\n<ul>\n<li>The HICCM is officially recognized as a capital market participant.<\/li>\n<li>A new Article 4-1 is introduced, which details the legal status of the HICCM: there can be only one such company in Ukraine; it is established in the form of a joint-stock company; more than 50% of its shares must belong to a foreign investor\/IFI, and exactly 25% \u2014 to the state (represented by the Ministry of Finance of Ukraine).<\/li>\n<li>The HICCM must control the market operator and the central counterparty, as well as own at least 25% of the Central Depository.<\/li>\n<li>The Final Provisions detail the step-by-step mechanism for conducting the tender, the requirements for investors, and the procedure for asset transfer.<\/li>\n<\/ul>\n<\/li>\n<h3>3. Main provisions important for key stakeholders<\/h3>\n<h4>For legislators and relevant state authorities:<\/h4>\n<ul>\n<li><strong>Strict security filter:<\/strong> The draft law establishes uncompromising restrictions for potential investors. Companies associated with the aggressor state (RF) or listed on sanctions lists (both Ukrainian and inter\n<p><a href=\"https:\/\/itd.rada.gov.ua\/billInfo\/Bills\/Card\/70151\"><strong>Full text by link<\/strong><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Analysis of the draft law: Greetings. This draft law is a fairly large-scale initiative that proposes a deep transformation of the architecture of Ukraine&#8217;s financial sector. Let us examine in detail what specific changes the legislator proposes. 1. Substance of the draft law The draft law is aimed at creating legislative conditions for attracting a&hellip;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"pmpro_default_level":"","footnotes":""},"categories":[56],"tags":[],"class_list":["post-17076","post","type-post","status-publish","format-standard","hentry","category-ukrainian-law-bills","pmpro-has-access"],"acf":{"patreon-level":0},"_links":{"self":[{"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/posts\/17076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/comments?post=17076"}],"version-history":[{"count":0,"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/posts\/17076\/revisions"}],"wp:attachment":[{"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/media?parent=17076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/categories?post=17076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lexcovery.com\/en\/wp-json\/wp\/v2\/tags?post=17076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}