From international standards to investor protection: how NSSMC represents Ukraine on the global stage

Capital markets have long operated without borders. The rules governing their operation are increasingly being established at the international level, and cooperation among regulators is becoming an essential prerequisite for the transparency and stability of financial markets.

The National Securities and Stock Market Commission represents Ukraine in international organizations, participates in discussions on international regulatory approaches, cooperates with foreign regulators, and works to integrate the Ukrainian capital market into the European and global financial systems.

This work has practical significance: from the exchange of information for investigating violations in capital markets to the implementation of international standards for corporate governance, investor protection, and the development of new financial instruments.

There are various forms of international cooperation. The Commission is a member of some organizations, participates in the work of specialized committees of others, and is also involved in international networks and evaluation mechanisms.

We will discuss the key areas of this collaboration and their significance for the Ukrainian capital market.

IOSCO: international cooperation and investor protection

The Commission has the longest history of cooperation with the International Organization of Securities Commissions (IOSCO). The Ukrainian regulator has been a permanent member and Ukraine’s sole representative since 1996.

IOSCO brings together more than 180 securities market regulators from around the world. The organization develops international standards for capital market regulation aimed at investor protection, ensuring transparency, and providing effective oversight of market participants.

In 2026, the Commission took an important step toward developing international cooperation by signing the IOSCO Multilateral Memorandum of Understanding (MMoU).

This has opened up the possibility of directly exchanging information with foreign regulators as part of investigations into violations in capital markets. Specifically, this involves obtaining the information necessary to identify and investigate potential abuses, in accordance with the provisions of the Memorandum and the laws of the participating countries.

For Ukraine, this is an additional tool for cross-border oversight and investor protection.

International organizations also serve as a platform for presenting Ukraine’s official position.

Following the start of Russia’s full-scale invasion, the Commission called on the IOSCO Secretary General to expel Russia from the organization.

IOSCO has restricted the participation of the Central Bank of Russia, the Ministry of Finance of Belarus, and the Russian Association of Securities Market Participants in its processes and forums.

On 02 May 2022, the IOSCO Board determined that the resumption of their active participation would be possible only after a separate review of this matter and the adoption of a formal decision.

Thus, participation in IOSCO allows the Commission not only to apply international regulatory standards but also to represent Ukraine’s position within the global community of financial regulators.

European integration: bringing the Ukrainian market in line with EU standards

One of the Commission’s strategic priorities is to prepare the Ukrainian capital market to operate in accordance with European rules.

As part of the negotiation process regarding Ukraine’s accession to the European Union, the Commission is working to align national legislation, within its sphere of competence, with EU law.

Specifically, this concerns the regulation of capital markets, corporate governance, the activities of professional market participants, and certain issues related to financial services.

The Commission participates in bilateral meetings with the European Commission and in the preparation of materials for the negotiation process under the relevant negotiation chapters.

In particular, representatives of the NSSMC led the Ukrainian delegation during the Explanatory Session on negotiation Chapter 6 “Corporate Law,” as part of Ukraine’s accession process to the European Union.

The practical goal of this work is to gradually align Ukrainian regulations with European standards: from requirements for disclosure and corporate governance to the regulation of financial instruments and market infrastructure.

For investors, this will mean clearer and more predictable rules for operating in the market, and for Ukrainian companies, it will mean better conditions for raising capital and integrating into the European financial area.

SBFN: international experience in sustainable finance development

Another area of the Commission’s international cooperation is its participation in the Sustainable Banking and Finance Network (SBFN).

This is a voluntary association of financial sector regulators and banking associations from developing countries. Its activities are aimed at promoting sustainable finance and integrating environmental, social, and governance factors into the operations of the financial sector.

The Commission joined the network in 2020 and collaborates with it through the International Finance Corporation (IFC).

For the Ukrainian market, this area is important primarily in the context of developing financial instruments that can attract investment in environmental and other sustainable development projects.

One such instrument is green bonds.

In 2021, the Commission approved recommendations on implementing or financing environmental projects through green bonds.

The document outlines recommended approaches to using this instrument, including criteria for environmental projects and principles of transparent disclosure. This is important for preventing so-called “greenwashing” — situations in which a financial instrument is marketed as environmentally friendly without proper justification.

Another area is corporate governance.

In 2020, the Commission approved an Appendix to the Corporate Governance Code focusing on environmental, social, and governance (ESG) issues.

It contains recommendations on how companies should take relevant factors into account in their operations and corporate governance. The Code itself and its appendix are advisory in nature.

Participation in the SBFN gives the Commission the opportunity to draw on international experience to promote responsible investment and improve approaches to sustainable finance in Ukraine.

OECD: contributing to the development of corporate governance approaches

The Commission participates in the work of the Corporate Governance Committee of the Organization for Economic Cooperation and Development (OECD). It is important to distinguish between Ukraine’s participation in the work of a specific OECD body and its membership in the Organization itself.

In April 2026, Ukraine participated in a meeting of the Committee as a full member for the first time. The country was represented by Maksym Libanov, NSSMC Commissioner.

During the meeting, participants discussed issues related to the protection of shareholders’ rights, the activities of supervisory boards and executive bodies, corporate disclosure, and companies’ accountability to shareholders and other stakeholders.

In the capital market, the quality of corporate governance directly affects investor confidence. After all, investment decisions depend not only on a company’s financial performance but also on the transparency of its operations, the effectiveness of its management, and the existence of control mechanisms.

Participation in the work of the OECD Committee allows Ukraine to contribute to discussions on international approaches in this area, share its own experience, and incorporate best practices as it improves its national regulations.

MONEYVAL: international assessment of the financial monitoring system

One separate area of the Commission’s international work is its participation in the evaluation of the national system for combating money laundering and terrorist financing within the framework of MONEYVAL.

MONEYVAL is a monitoring body of the Council of Europe that assesses the compliance of national systems with international standards in the areas of anti-money laundering and countering the financing of terrorism, as well as the effectiveness of their implementation.

Ukraine conducts such assessments at the national level, and the Commission participates in this process within the scope of its authority.

During the assessment, international experts analyze not only the legislation but also the practical effectiveness of financial monitoring. Based on the results, the country receives recommendations on how to improve the relevant mechanisms.

The Commission’s jurisdiction includes regulating and supervising compliance with financial monitoring requirements by professional capital market participants who are subject to primary financial monitoring.

For the Ukrainian capital market, such an international assessment is an important tool for evaluating the effectiveness of supervisory mechanisms, identifying regulatory gaps, and bringing the national system into greater alignment with international standards.

International cooperation as a tool for the development of the Ukrainian capital market

The Commission’s participation in international organizations and professional networks is not merely a matter of representing Ukraine on the international stage. Above all, it provides practical tools for the development of the national capital market.

Cooperation with IOSCO expands opportunities for cross-border supervision and information exchange. European integration involves aligning Ukrainian regulations with EU rules. Working with the OECD helps improve corporate governance; participation in the SBFN helps develop approaches to sustainable finance; and involvement in MONEYVAL processes helps enhance the effectiveness of financial monitoring and compliance with international standards.

The Commission’s priority is to leverage international cooperation to implement clear rules, increase market transparency, provide investor protection, and create conditions for attracting capital to the Ukrainian economy.

After all, Ukraine’s integration into the international financial system begins not only with participation in international organizations, but also with the practical application of the standards that govern developed capital markets.