Where the service provider is a foreign entity and the client is a Ukrainian resident, Ukrainian legislation neither expressly requires that the service provider be subject to licensing and/or registration in Ukraine, nor does it provide for any explicit criteria to determine when a particular financial product or service should be deemed to be rendered in Ukraine. In the absence of an express legal requirement, a foreign provider of financial services is advised to seek additional guidance on a case-by-case basis (taking into account its specific business model) on whether it would be required to be licensed and/or registered in Ukraine if it renders relevant services from outside of Ukraine.

Additionally, in 2020 Ukraine adopted an ambitious legal framework governing the activity of capital markets intermediaries, making foreign capital market intermediaries subject to a specific licensing regime in Ukraine. The NSSMC is authorized to adopt specific guidelines that should enable foreign intermediaries to obtain necessary authorizations for acting as professional intermediaries in Ukraine.