Madrid 2026: three steps toward Ukraine’s deeper integration into the global capital market

This week, a delegation from the National Securities and Stock Market Commission, led by Chairman Oleksii Semeniuk, held a series of key international meetings in Madrid.

These meetings resulted in decisions that:
• strengthen the international integration of the Ukrainian capital market
• open up new opportunities for cooperation with European partners
• create additional conditions for attracting investment into Ukraine’s reconstruction.

“This week has been not only a confirmation of international trust in Ukraine but also the beginning of new practical partnerships. We came to Madrid not for declarations, but for decisions that will help integrate the Ukrainian capital market into the European financial space more quickly. Our goal is to ensure that international support is transformed as quickly as possible into concrete opportunities for the Ukrainian economy, business, and the country’s future reconstruction,” — concluded Oleksii Semeniuk, Chairman of the NSSMC.

Ukraine joined IOSCO’s MMoU

The main event of the week was the official signing of the IOSCO Multilateral Memorandum of Understanding (MMoU).

Ukraine gained the right to exchange information directly with regulators in more than 100 jurisdictions worldwide, which significantly enhances its ability to combat cross-border violations in the capital markets, improves investor protection, and strengthens international confidence in the Ukrainian regulator.

A new level of partnership with Spain’s regulator – CNMV

During negotiations with Spain’s National Securities Market Commission (CNMV), the parties agreed to move toward systematic practical cooperation.

This involves expert support for the implementation of EU legislation, the development of a regulatory sandbox, cooperation in digital assets and DLT technology, the implementation of MiCA, as well as the preparation of a joint work plan for 2026–2027. For Ukraine, this means faster adoption of modern European regulatory standards and access to the practical experience of one of the European Union’s leading regulators.

Dialogue with the Spanish stock exchange operator

Negotiations with representatives of the Spanish stock market operator became a separate area of focus.

The sides discussed the prospects for developing exchange infrastructure and modern financial instruments, as well as opportunities for future cooperation that will promote the integration of the Ukrainian capital market into the European financial space and help attract private capital for the country’s postwar recovery.