The National Securities and Stock Market Commission is the joint government authority subordinated to the President of Ukraine and accountable to the Verkhovna Rada of Ukraine.
The NSSMC is composed of the Chairman of the Commission and six members appointed and dismissed by decrees of the President of Ukraine.
The system of the authority includes the NSSMC, its Central Office and Regional Offices.
The main form of the Commission’s activity is meetings held by the decision of the Chairman of the Commission when necessary, at least once a month.
The NSSMC develops and approves laws and regulations binding on central and local executive authorities, local self-government authorities, securities market players and their associations, and controls implementation thereof with regard to the matters within its competence.
Designated officials of the NSSMC are:
• Chairman and members of the Commission;
• Staff of the Central Office – by written assignment of the Chairman or members of the Commission;
• Heads of respective Regional Offices of the Commission;
• Staff of respective Regional Offices of the Commission – by written assignment of the head of the respective Regional Office of the Commission.
The purpose of activity of the NSSMC is to create conditions for the adequate and efficient operation of the securities market by means of its regulatory and supervisory functions, to satisfy the national economy needs with the money capital by creating the mechanism for accumulation, distribution and redistribution of funds from the entity holding free funds available for investment to the entity in need of such funds for development, to create conditions for development of powerful internal investments, and to ensure protection of investors’ rights.
In its activity, the Commission is guided by the Constitution and laws of Ukraine, resolutions of the Verkhovna Rada, decrees and ordinances of the President of Ukraine, acts of the Cabinet of Ministers of Ukraine and international treaties of Ukraine.
The mission of the National Securities and Stock Market Commission is to ensure implementation of the unified state policy for securities and operation of the stock market in Ukraine, as well as to carry out legal regulation of relations arising on the market, to protect interests of the Ukrainian citizens and the state, to prevent abuse or offences, to coordinate activity of ministries and other central executive authorities in this field.
The national securities market started to develop following the adoption of the Law of Ukraine “On Securities and Stock Market” in 1991. Ukraine was given financial instruments and professional securities market players at the legislative level.
The most important act establishing the legal fundamentals of state regulation of the securities market was the Decree of the President of Ukraine establishing the State Securities and Stock Market Commission on 12 June 1995.
The principal objectives of the Commission are prescribed by the Law of Ukraine “On State Regulation of the Securities Market in Ukraine” adopted in 1996.
On 14 February 1997, the Regulations on the Commission were amended: the Commission was declared the government authority subordinated to the President of Ukraine and accountable to the Verkhovna Rada of Ukraine.
On 7 July 2011, the authority had its name changed for the current one: National Securities and Stock Market Commission. The current version of the Regulations on the NSSMC was approved by the Decree of the President of Ukraine dated 23 November 2011.
The present-day activity of the National Securities and Stock Market Commission is aimed at implementing the measures listed in the Comprehensive Programme of Ukrainian Financial Sector Development until 2020.
The main purpose of the Programme is to create the financial system capable of ensuring sustainable economic development by means of efficient redistribution of financial resources in the economy on the basis of extension of the full-scale competitive market environment in accordance with the EU standards.