NSSMC and France’s AMF deepen cooperation in three areas

Virtual assets, securitization, and the development of personal investment accounts are the three areas in which the National Securities and Stock Market Commission and the French regulator, the Autorité des marchés financiers (AMF), agreed to deepen practical cooperation.

Agreement on this was reached during a meeting between Oleksi’ Semenyuk, Chairman of the NSSMC, and AMF leadership in Paris. NSSMC Commissioners Maksym Libanov and Arsen Ilin also participated in the meeting.

The French side was represented by AMF Chair Marie-Anne Barbat-Layani, Secretary General Sébastien Raspiller, and Jérôme Reboul, Managing Director of the Directorate for Regulatory Policy and International Affairs.

One of the key areas is the regulation of the virtual assets market. France was among the first countries in Europe to create a separate regulatory framework for the operation and supervision of market participants, and today it applies the pan-European MiCA rules. This experience is particularly important for Ukraine as it develops its own legal framework for virtual assets.

The second area is securitization. Ukraine is working on legislation designed to set the conditions for the full-scale launch of this instrument. Securitization allows financial assets — including loan receivables — to be pooled and used to raise funds through the capital market. For banks and other lenders, this allows them to free up resources for new financing of the economy, while for investors, it offers access to a new class of financial instruments.

The third area is personal investment accounts and the development of retail investing. France has many years of experience using tax incentives to encourage citizens to invest their savings in financial instruments over the long term. The NSSMC is working to create similar opportunities for Ukrainians.

“It is important for us not just to implement European regulations, but to understand how they work in practice. France has experience in areas that Ukraine is actively developing today: from virtual assets to securitization and encouraging citizens to invest. For us, the logic behind these reforms is very simple: savings should be able to work for the individual while also becoming a resource for the Ukrainian economy. You don’t borrow the future — you finance it,” said Oleksii Semeniuk, Chairman of the NSSMC.

A separate topic of the meeting was the alignment of Ukraine’s capital markets regulation with EU legislation. The parties discussed risk-based supervision, the exchange of regulatory information, and opportunities for expert support from their French counterparts.

Cooperation between the NSSMC and the AMF is already yielding practical results. In April 2026, representatives of both regulators discussed the exchange of expertise in the areas of supervision, investor protection, combating market abuse, and the use of SupTech solutions.

In July, the AMF held two specialized webinars for NSSMC staff. The webinars focused on information sharing within the framework of international cooperation, the detection of insider trading, fraud, and other violations, as well as the use of AI in financial markets and in the work of regulators.

The NSSMC and the AMF agreed to continue their exchange of expertise and to translate their cooperation into concrete, practical work in areas that are currently part of the transformation of the Ukrainian capital market.