The National Securities and Stock Market Commission (NSSMC) has reduced the number of its committees from 12 to 10 and clarified the areas of responsibility of the Commission members, whose number has been reduced from six to five. In particular, by merging the committees on issuer functioning and corporate governance and on the development and implementation of derivative contracts, a committee on corporate governance functioning, development, and implementation of financial instruments has been created, which will be headed by Commission member Maxim Libanov.
As part of the review of the structure, the NCCFM also merged the trading and post-trading areas of the capital market infrastructure into a single committee, headed by commission member Irakli Baramia.
It has been decided that the committee on the functioning of joint investment and accumulative pension institutions will be headed by commission member Arsen Ilyin.
Commission member Yuriy Shapoval continues to head three committees: on law enforcement, information technology and cybersecurity, and financial monitoring and control of financial reporting.
According to the regulator, the changes should optimize the Commission’s activities, reduce duplication of functions between committees, and improve decision-making efficiency by ensuring a more systematic approach to the development and regulation of capital markets.
As reported, on December 31, 2025, Ukrainian President Volodymyr Zelensky dismissed Ruslan Magomedov from the post of head of the NSSMC and appointed Oleksiy Semenyuk to this position, who took office on January 6, 2026.
Then, on January 5, the head of state dismissed two more members of the Commission, Yuriy Boyko and Yaroslav Shlyakhov, who headed four committees: on the functioning of joint investment and funded pension institutions, the development and implementation of derivative contracts, the functioning of the trading infrastructure of capital markets, and the functioning of issuers and corporate governance.
The NSSMC, as a collegial body, consists of a chairperson and seven members (six members until the adoption of a new law in February 2025), who are appointed by the President of Ukraine for a term of six years and dismissed from office in accordance with his decrees.
A meeting of the Commission as a collegial body is considered valid if at least five of its total members are present, so the dismissal of any other member of the NSSMC will result in a temporary loss of quorum.
In addition, from January 1, 2026, a provision of the new law will come into force, according to which candidates must pass a selection committee before being nominated for appointment as a member of the Commission, which may increase the time required for this personnel decision.
