New Rules for Disclosure of Ownership Structure

On 01 February 2026, new Regulation on the Ownership Structure of Legal Entities, the Procedure and Conditions for Obtaining Approval from the National Securities and Stock Market Commission for Significant Participation in Professional Participants of Capital Markets and Organised Commodity Markets came into force.

The document establishes uniform requirements for transparency of ownership structure both for companies applying for a license and for existing professional market participants.

Therefore, the Regulation stipulates:

  • establishing requirements for the ownership structure, disclosure, and business reputation of legal entities that apply for a license or already have one, as well as legal entities and individuals with significant participation or intent to acquire or increase it;
  • determining the procedure and conditions for obtaining approval from the National Securities and Stock Market Commission (NSSMC) for acquiring or increasing a significant stake in a professional participant in capital markets and organized commodity markets;
  • it has been clarified that licensing conditions for professional activities apply only to the extent that they do not conflict with these Regulations.

Key requirements for ownership structure

  • the ownership structure must disclose information about all key participants and controllers, allowing the entire chain of ownership and control relationships to be established.
  • the ownership structure must be agreed with the NSSMC, with direct significant participation of owners holding at least 75% of the authorized capital, and there must be at least one ultimate beneficial owner (except in cases where the owner is the state);
  • the ownership structure must not include any arrangements for mutual ownership of shares in the authorized capital of one entity by another (reciprocal investments).
  • the ownership structure must not include individuals from the aggressor state, individuals subject to sanctions, or individuals who do not meet the requirements of the law.

Existing professional participants in capital markets and organized commodity markets must align their ownership structure with the new requirements by 01 February 2027.

We will continue to closely monitor further developments in this area and report on them in the future Legal News.