Energy Commission decides to deprive Ukrainian Exchange of its license

The National Commission for Securities and Stock Market (Energy Commission) has decided to revoke the license of the Ukrainian Exchange.

A source in the commission has informed the Ukrainian News agency about this.

"Yes, a relevant decision was made a few days ago," the source said.

This decision has not yet entered into force.

The date of revocation of the Ukrainian Exchange's license will be known after the publication of the relevant decision of the regulator.

The reason for making such a decision is a violation of the law "On Capital Markets and Organized Commodity Markets".

The owner of a significant block of shares of any licensee of the Energy Commission cannot be a person in respect of whom, in particular, sanctions have been applied.

And among the participants of the Ukrainian Exchange is Timur Turlov, in respect of whom back in October 2022, the decision of the National Security Council on the introduction of sanctions in the form of blocking of assets was put into effect by the decree of President Volodymyr Zelenskyy.

Turlov through Freedom Holding Corp. owns 24.26% of the shares of Ukrainian Exchange.

Its minority shareholder (2.49%), through Sberbank of russia and a chain of offshore companies, is the Ministry of Finance of the russian federation.

As the Ukrainian News agency earlier reported, the Ukrainian Exchange was founded on May 15, 2008 by leading participants of the Ukrainian securities market together with the russian Stock Exchange RTS, which later merged with the moscow Exchange.

The Ukrainian Exchange was the first to launch the application market, internet trading, the repo market, settlements through a central counterparty and the futures market.