On 4 July 2022, the National Securities and Stock Market Commission (NSSMC) adopted Resolution No. 1054 “On Use of Cloud Services and/or Data Processing Centre Services by Stock Market Participants During the Period of Martial Law”, which allows professional capital markets participants to use cloud services for transactions in Ukraine and the following foreign jurisdictions: the European Union, the United Kingdom, the United States and Canada.
At the same time, the Resolution applies only to the following professional participants:
- Central Securities Depository;
- State Institution “Agency for the Development of the Infrastructure of the Stock Market of Ukraine” (SMIDA);
- Depository Institutions having aggregated accounts with Central Securities Depository; and
- administrators of non-state pension funds.
The ultimate beneficial owners of the cloud services used must be nationals of the recognised jurisdictions. Hardware and other devices used for the provision of cloud services must not be owned by sanctioned states or entities, located on the territory of the aggressor state (i.e. the Russian Federation) on territories that are uncontrolled, occupied or where military operations are conducted.
The Resolution of the NSSMC entered into force on 8 August 2022.
