Mission
The mission of the National Securities and Stock Market Commission (NSSMC) is to build a transparent, stable, and competitive capital market in Ukraine that operates on the principles of trust, fairness, and equal opportunities for all its participants.
The NSSMC is responsible for the regulation and supervision of the securities market, other capital market instruments, and organised commodity markets. Its activities are aimed at protecting the rights and legitimate interests of investors, issuers, and consumers of financial services.
Guided by international best practices in financial regulation, including the Objectives and Principles of Securities Regulation developed by the International Organization of Securities Commissions (IOSCO), we are committed to making Ukraine’s capital market an integral part of the global financial system, an attractive platform for investment, and an important source of financing for the country’s economic development.
Functions
As a state collegial authority, the National Securities and Stock Market Commission (NSSMC) is responsible for the regulation of the securities market in Ukraine. The NSSMC adopts legally binding regulatory acts for market participants, licenses professional activities, registers securities issues, and oversees issuers’ compliance with disclosure requirements.
The NSSMC conducts both prudential and market conduct supervision of professional market participants. It carries out inspections and examinations, detects and suppresses market manipulation, abusive market practices, and violations of investors’ rights.
In addition to its regulatory and supervisory functions, the NSSMC performs analytical and methodological work. It analyses the condition and development trends of Ukraine’s capital markets, prepares proposals for improving legislation, develops international cooperation with foreign regulatory authorities and organisations, and carries out public awareness and educational activities aimed at enhancing financial literacy and promoting market transparency.
Powers
- Rulemaking – to approve regulatory legal acts binding for implementation with regard to the regulation of capital markets and organised commodity markets.
- Licensing and registration – to issue licenses for types of professional activities, register securities issues and prospectuses, and authorise credit rating agencies.
- Supervision and oversight – to conduct scheduled and unscheduled inspections of market participants, monitor market conduct, and carry out prudential supervision.
- Application of enforcement measures and sanctions – to impose fines, issue orders to eliminate violations, suspend licenses, and suspend the circulation of securities.
- Information disclosure and protection – to require issuers to disclose regulated information and to verify its completeness and accuracy.
- Cooperation with law enforcement authorities and other regulators – to exchange information, coordinate actions aimed at preventing market abuse, and combat market manipulation.
Main Tasks
- To formulate and implement a unified state policy on the development and functioning of capital markets and organised commodity markets in Ukraine.
- To protect investors’ rights by applying measures aimed at preventing and stopping violations of securities market legislation.
- To promote the development and improvement of the capital market infrastructure, including the depository and clearing and settlement systems.
- To generalise the practice of applying the legislation of Ukraine concerning the issuance and circulation of securities and to prepare proposals for its improvement.
- To implement international standards and principles of capital market regulation (in particular the IOSCO Principles) into the national regulatory framework.
- To exercise state supervision over compliance with legislation by participants in the securities market and organised commodity markets.
- To facilitate the integration of Ukraine’s capital market into the European and global financial markets.
- To promote public awareness of the functioning of the securities market and to enhance financial literacy among the population.
- To prevent market manipulation and other abusive market practices, including the misuse of inside information.
Areas of Activity
The National Securities and Stock Market Commission (NSSMC) regulates the issuance and circulation of securities, licenses and supervises professional capital market participants, including investment firms, asset management companies, and depository institutions. The NSSMC also regulates the activities of joint investment institutions and non-state pension funds, and oversees corporate governance in joint-stock companies.
The NSSMC actively develops international cooperation. It is a member of IOSCO, concludes memoranda of understanding with foreign regulatory authorities (including Germany’s Bafin), and participates in the alignment of Ukrainian legislation with European Union law as part of Ukraine’s European integration process.
The NSSMC’s ongoing areas of activity also include the digitalisation of regulatory processes, analytical and methodological work, and ensuring transparency and public access to information. To this end, the NSSMC publishes guidance, statistical data, and its resolutions for market participants and the public.