Ukrainian Exchange wins first-instance court ruling in license dispute with securities regulator
On December 17, 2025, the Kyiv District Administrative Court satisfied the claim of JSC Ukrainian Exchange (UX) to the National Securities and Stock Market Commission, declared it unlawful and canceled the regulator's resolution of June 5, 2024 on the cancellation of the exchange's license.
"The exchange does not view the court dispute with the National Securities and Stock Market Commission as an institutional conflict and considers it the result of unlawful actions by certain officials of the regulator, which was confirmed by the decision of the court of first instance," the Ukrainian Exchange said in a statement on Thursday.
According to the statement, legal support for the exchange and its representation in court in this case is being provided by the law firm Ader Haber.
It is noted that the court ruling was issued by a court of first instance. It will enter into legal force in accordance with the procedure and timeframes established by current legislation.
"The exchange’s current priority is to restore full operations and ensure the stable functioning of market infrastructure. Information on further steps and possible timelines for the resumption of trading will be announced additionally on the exchange’s official website," the Ukrainian Exchange emphasized.
At the end of March 2024, the regulator warned market participants of the risk that two of Ukraine’s three stock exchanges—PFTS and the Ukrainian Exchange—could lose their licenses due to violations of licensing requirements and proposed considering possible solutions, including the creation of a new exchange as well as the voluntary surrender of exchange licenses.
PFTS was able to meet the prudential requirements and retained its license. As for the Ukrainian Exchange, the regulator revoked its license on July 8 due to sanctions imposed on a minority shareholder, and although the appellate court suspended the regulator’s decision on September 24, trading, which the exchange halted on July 8, has not yet been resumed.
In addition to UX and PFTS, another licensed exchange operating in the market is PrJSC Perspektyva Stock Exchange (Dnipro).