The National Securities and Stock Market Commission (NSSMC) has added two cases to its list of investment projects that may pose a risk, according to a statement on the agency’s Telegram channel.
According to the published information, the trading platforms Bravia Trade and IronMarkets have been added to the list.
In total, there are already 460 projects on the list that show signs of fraud or violations of the law.
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.
Ukrainian President Volodymyr Zelensky dismissed Ruslan Magomedov from his position as head of the National Securities and Stock Market Commission (NSSMC). The corresponding decree of the head of state No. 1018 of December 31 was published on his website.
Magomedov, who at the time was a freelance advisor to the head of the Office of the President (OP) and previously director of Astrum Capital, was appointed head of the NSSMC on February 23, 2021, replacing Timur Khromaev, whose term of office had expired along with three other members of the regulator.
In mid-December, Magomedov told Interfax-Ukraine that he would do everything possible to ensure that a law on personal investment accounts was passed before the end of his term of office on February 23, 2027, which, together with another idea to sell 7% of shares in state-owned companies and banks, would form the basis for a market reboot.
In October, Interfax-Ukraine reported on the resignation of NCSSM member Irakli Baramia and noted that the commission’s head had submitted a request for the dismissal of another member, Maxim Libanov, whose term of office had expired.
According to the publication Ekonomicheskaya Pravda, two other members of the NSSMC, Yuriy Boyko and Yaroslav Shlyakhov, submitted letters to President Volodymyr Zelenskyy in early December requesting their dismissal from their positions.
The adoption of a new law on the seventh member of the commission in 2024 has not yet affected its composition.
If all four members of the NSSMC are dismissed, it will lose its quorum. In addition, as one of the commission members told Interfax-Ukraine, a provision of the new law will come into force on January 1, 2026, according to which candidates will have to pass a selection committee before being nominated for appointment as a commission member, which may increase the time required for this personnel decision.
The NSSMC, as a collegial body, consists of a chairman and seven commission members (six members before the new law was adopted in February), who are appointed by the President of Ukraine for a term of six years and dismissed from office in accordance with his decrees.
During its assessment of the head and the NSSMC, which was conducted as part of the cooperation program with the IMF and whose results were published in early October, KPMG expressed the opinion that replacing the head and all members of the commission at the same time creates problems with continuity, institutional knowledge, and organizational memory.
“In order to ensure continuity in decision-making and consistency in policy, we recommend introducing rotational appointments for commission members. Without the introduction of rotational appointments, changes could lead to a loss of strategic vision and slow adaptation,” the consultant believes.
The report notes that consistent appointments will allow experienced commission members to guide new members, improving the stability of the organization and ongoing progress.
For the second time in April, the National Securities and Stock Market Commission (NSSMC) added five cases to the list of unreliable investment projects, the regulator’s Telegram channel reported on Monday.
The list of dubious projects includes trading platforms Finalto Trading Limited, RaceTrader, Stockity, ROLEXJT, as well as a cryptocurrency investment platform with an AI assistant Quant AI.
The list, which is available on the Commission’s official website in the Investor Protection section, already includes 429 dubious investment projects.
