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Strategy

2025

The National Strategy for Financial Literacy Development until 2030 has been updated (amendments to a roadmap for its implementation have been approved).

The updated Strategy takes into account current challenges, the educational needs of target groups, experience in implementing educational initiatives, and successful international practices. This will contribute to more effective achievement of strategic goals to improve the financial literacy of the Ukrainian population.

The main changes in the updated Strategy refer to the revision of the deadlines for the implementation of its measures, the updating of the scope of work, and the list of responsible authorities.

The strategy promotes the development of a systematic approach to improving the financial literacy of the Ukrainian population, in line with the Recommendation on Financial Literacy of the Organization for Economic Cooperation and Development (OECD) and the methodological guidelines of the International Network on Financial Education.

The NSSMC, NBU, DGF, Ministry of Finance, and Ministry of Economy, Environment, and Agriculture of Ukraine approved the updated Strategy on Ukrainian Financial Sector Development (hereinafter referred to as the Strategy) in August 2025 with the aim of ensuring further reform and development of the financial sector of Ukraine in accordance with best international practices and ensuring the implementation of measures provided for in the Association Agreement between Ukraine, on the one hand, and the European Union, the European Atomic Energy Community and their Member States, on the other hand, as well as taking into account the high level of uncertainty due to the ongoing full-scale war. The Strategy contains five strategic objectives: Macroeconomic stability; Financial stability; A financial system that works for the country’s recovery and integrates with the EU; Up-to-date financial services; Institutional capacity of regulators and the Deposit Guarantee Fund. Each objective contains strategic initiatives and indicators of its implementation. Within the framework of these strategic objectives, the NSSMC will focus in the coming years on further implementation of reforms in the capital markets and organized commodity markets, improving corporate governance, strengthening investor protection guarantees, and ensuring the adaptation of legislation to European Union acts.

In particular, the following measures are planned:

  • introduction of covered bonds;
  • creation of a securitization mechanism in Ukraine;
  • ensuring the development of local government bonds, including green and social bonds;
  • introduction of social bonds and sustainable development bonds;
  • development of tools to combat greenwashing;
  • improving activities in the field of joint investment;
  • improving the cumulative pension system (third level of the pension system) and introducing a guarantee system for cumulative pension provision;
  • developing an effective system for supervising (monitoring) the activities of capital market participants;
  • introducing requirements for financial institutions to report to regulators in accordance with EU standards;
  • ensuring the functioning of an effective system to combat abuse in capital markets, including offences relating to manipulation and financial pyramid schemes;
  • improving the system of prudential standards and capital requirements for professional capital market participants in line with European requirements;
  • creating a system for sanitation and removal from the market of investment firms and other professional capital market participants;
  • legal regulation of mechanisms for compensation of investments in securities;
  • introduction of ESG disclosure;
  • introduction of ESG rating;
  • improving the efficiency of the functioning of capital market infrastructure;
  • implementing EU legislation provisions into national legislation regarding the regulation of issues related to the introduction of benchmarks.

In connection with Ukraine’s application for membership in the European Union on 28 February 2022 and the Appeal of the Verkhovna Rada of Ukraine to the member states of the European Union and the institutions of the European Union to support the opening of negotiations on Ukraine’s accession to the European Union, approved by the resolution of the Verkhovna Rada of Ukraine on 09 December 2023 No. 3512-IX, bilateral meetings between representatives of Ukraine and the European Commission took place in March 2024 and February 2025 as part of the official screening of Ukraine’s legislation for compliance with EU law under Cluster 2 “Internal Market” of Chapter 9 “Financial Services.” Based on the results of the self-screening, a report was prepared for the above-mentioned Cluster. Based on the results of the screening meetings and the final report, the NSSMC developed and approved on 23 September 2025 the Roadmap and Analysis “Implementation of EU legislation in capital markets in connection with Ukraine’s accession to the EU” under Chapter 9 “Financial Services”.

2023

To ensure further reform and development of Ukraine’s financial sector in line with best international practices and European legislation requirements, as well as to fulfill the commitments made by Ukraine in accordance with the Letter of Intent to the International Monetary Fund and the Memorandum on Economic and Financial Policies dated 19 June 2023, financial sector regulators approved the Strategy for the Strategy on Ukrainian Financial Sector Development (hereinafter referred to as the Strategy). The strategy includes five objectives: macroeconomic stability, financial stability, a financial system that works for the country’s recovery, up-to-date financial services, and institutional capacity of regulators and the Deposit Guarantee Fund. Each objective has strategic initiatives and measures aimed at achieving it. It is expected that in the coming years, the work of the National Securities and Stock Market Commission in ensuring the implementation and realization of reforms in the field of capital markets and organized commodity markets, improving corporate governance, and investor protection will be based on the implementation of the measures provided for in the Strategy.

In particular, the Strategy provides for measures to develop capital markets and organized commodity markets, in particular:

  • ensuring an adequate level of institutional and financial capacity of the domestic capital markets regulator in order to ensure that it can perform its functions of state regulation and supervision of capital markets, including the activities of institutions operating in these markets, in accordance with EU legislation and international standards, in particular the standards of the International Organization of Securities Commissions (IOSCO) , as well as ensuring compliance with the requirements for Ukraine’s accession to the IOSCO Multilateral Memorandum of Understanding on Consultation and Cooperation and Exchange of Information;
  • developing an effective system to combat abuse in capital markets, including offences related to manipulation and pyramid schemes;
  • improving taxation in the area of capital markets and organized commodity markets, in particular, resolving the issue of tax incentives and harmonizing a system for taxing financial instruments;
  • improving the efficiency of capital market infrastructure operations in accordance with European requirements;
  • introducing effective mechanisms for restructuring and removing problematic financial institutions from the market, as well as compensation schemes for investors;
  • ensuring the improvement of the institutions of financial sector intermediaries, rating agencies, and benchmark administrators in accordance with European requirements;
  • introducing new and developing existing financial instruments, as well as mechanisms for the securitization of financial and other assets in accordance with European requirements;
  • regulation of collective investment activities in accordance with EU standards. It is planned to introduce a legislative framework for the activities of investment funds in Ukraine, in accordance with European requirements set forth in such EU acts as UCITS, AIFs, ELTIFs, EuVECA, MMFs, and others;
  • introduction of regulation of the virtual assets market in Ukraine;
  • introduction of a fully functioning mandatory cumulative pension system in Ukraine and improvement of non-state pension provision.

2020

To ensure further reform and development of Ukraine’s financial sector in line with best international practices and to ensure the implementation of measures provided for in the Association Agreement between Ukraine, on the one hand, and the European Union, the European Atomic Energy Community and their Member States, and considering the completion in 2019 of the implementation of the measures of the Comprehensive Program for the Development of Ukraine’s Financial Sector until 2020, financial sector regulators designed and approved the Strategy Ukrainian Financial Sector Development until 2025. The Strategy 2025 contains five strategic directions: financial stability, macroeconomic development, financial inclusion, financial market development, and innovative development. Each area contains strategic objectives and indicators for their implementation. Over the next five years, the work of the National Securities and Stock Market Commission in ensuring the implementation and realization of reforms in the capital markets, improving corporate governance, and investor protection will be based on the implementation of the measures provided for in this Strategy.

In particular, the Strategy 2025 provides for the following measures for the development of capital markets:

  • introduction of new and development of existing financial instruments, as well as mechanisms for securitization of financial and other assets, as conditions for further development of the financial sector and ensuring investment inflows into the country’s economy;
  • ensuring state regulation of the stock market at the appropriate level in accordance with international standards, in particular, the requirements of European acts and standards of the International Organization of Securities Commissions (IOSCO), which includes the need to increase the institutional and financial independence of the Ukrainian stock market regulator;
  • reforming capital market infrastructure, in particular modernizing, consolidating, and developing the exchange, settlement, and clearing infrastructure of organized commodity and capital markets, ensuring the improvement of the institutions of financial sector intermediaries and rating agencies in accordance with European requirements;
  • improvement of corporate governance.

In accordance with the Budget Code of Ukraine, the National Securities and Stock Market Commission (hereinafter referred to as the Commission), as the main spending unit of budget funds, develops a strategic plan.

The Strategic Plan is the main document for planning state policy, which defines the purpose of the main spending unit as a public administration entity, strategic goals, objectives and performance indicators for the planned and two budget periods following the planned one.

The Strategic Plan is prepared annually, taking into account the goals set by strategic documents and relevant budget programs.

In order to implement international standards and best practices in the Ukrainian capital market, the National Securities and Stock Market Commission cooperates with other state authorities, capital market regulators of other countries, international organizations, the expert community, and the legal community. The results of this cooperation are reflected in the Commission’s documents, such as concepts or reform programs.

The concepts define the specifics of introducing certain changes to the Ukrainian legal framework or regulatory acts of the regulator. The proposals set forth in a particular concept are solely the vision of the NSSMC, are for informational purposes only and are not a regulatory or administrative act of the regulator.

The National Securities and Stock Market Commission (NSSMC) has developed a White Paper ‘Reform of the Voluntary Funded Pension System’ to strengthen the Pillar III of Ukraine’s pension system.

This document outlines the basic principles of the  updated model of non-state pension funds, which are proposed for discussion with market participants.

The updated model should comply with the EU legislation, in particular Directive 2016/2341 on the activities and and supervision of institutions for occupational retirement provision  (IORP II)  and Directive 2014/50/EU on minimum requirements to enhance the mobility of workers between Member States by improving the acquisition and preservation of supplementary pension rights.

Changes proposed in the White Paper:

  1. Establishment of Accumulative Pension Funds (APFs)
  • APFs will  eventually replace the non-state funds that have been created so far and will operate on the principles of transparency, accountability and fiduciary responsibility to participants.
  • Two forms of APFs are envisaged: voluntary and occupational (for savings within the framework of employment).
  1. Establishment of Pension Companies
  • Only Pension Companies (licensed and regulated by the NSSMC) will be able to establish and manage APFs.
  • The statutory (initial) capital of such companies must be sufficiently high (at least the equivalent of EUR 3 million) to guarantee stability and continuity of operations.
  • Corporate governance is being strengthened in pension companies: a supervisory board with independent members is being established, and internal audit, compliance and risk management systems are being introduced.
  1. Improved asset management system
  • APF funds should be invested according to the ‘reasonable person standart’, which requires taking into account the long-term interests of participants and diversifying investments.
  • In order to prevent risky transactions, the share of investments in illiquid assets, related parties, and other high-risk instruments is limited.
  • Custodial institutions will play an important role, being responsible for safekeeping assets and monitoring the implementation of the investment policy.
  1. Strengthened protection of participants
  • Information on the status of accounts and investment risks will be provided to participants on a regular basis and in an accessible format.
  • The Supervisory Board of the Pension Company is obliged to analyse investment performance on an annual basis and, if necessary, adjust the principles of the investment policy.
  • The use of outsourcing mechanisms (for personalised accounting or asset management) does not relieve the Pension Company of its responsibility to its members.
  1. Stages of the reform
  • It is planned to set up a Coordination Expert Council consisting of representatives of government agencies, specialised associations and the public to finalise the provisions of the White Paper.
  • The White Paper will serve as the basis for the development of the draft Law of Ukraine on Accumulative Pension Funds.

Once developed, the draft Law of Ukraine will be presented and sent to the subjects of the legislative initiative for registration in the Verkhovna Rada of Ukraine.

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