From savings to investments: the Commission discussed opportunities for capital market development with the business community

Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission, discussed with Serhiy Tigipko, founder of the TAS Group, how to attract more private capital to the Ukrainian economy and create more investment opportunities for businesses and citizens.

The meeting was part of a series of consultations held by the Commission with representatives of the financial and real sectors. The regulator engages in this dialogue with market professionals, banks, institutional investors, the business community, community representatives, and international partners in order to take practical market experience into account when preparing regulatory and legislative changes.

How to attract more private capital into the economy

One of the key topics of discussion was the conditions for new investments in Ukraine.

Following the start of the full-scale invasion, foreign exchange restrictions became an important tool for maintaining macrofinancial stability. At the same time, with a view to Ukraine’s recovery and economic growth, it is necessary to create conditions under which private capital will operate more actively within the country.

For the capital market, this means developing clear and transparent instruments through which investors can invest in Ukrainian companies, infrastructure, the energy sector, and other projects.

Such changes require coordinated efforts by government institutions within the scope of their authority. On its side, the Commission is responsible for ensuring that market infrastructure, investment instruments, and investor protection mechanisms are in place to support the expansion of investment opportunities.

“An investor must understand not only where they are investing their funds, but also the rules governing their investment and how their rights will be protected. Our goal is to create a market where private capital can operate transparently, clearly, and with a long-term perspective. This is one of the prerequisites for channeling more funds into the recovery and development of the Ukrainian economy,” said Oleksii Semeniuk.

It’s not just government bonds (OVDPs): Ukraine needs a broader range of investment instruments

Separately, the meeting participants discussed the structure of the domestic market. Today, domestic government bonds play an important role in this market, as they provide funding for the state budget, especially during wartime.

The next task is to simultaneously develop other instruments capable of channeling private capital directly into the economy. These include, in particular, corporate and municipal bonds, investment funds, securitization, and other mechanisms for attracting long-term financing.

For businesses and communities, this means additional opportunities to raise funds for development. For citizens, it means a wider range of regulated instruments for savings and investments.

From investment accounts to securitization

During the meeting, Oleksii Semeniuk also presented the main legislative initiatives the Commission is working on. Among them are private investment accounts, which are intended to create a simple mechanism for citizens to build long-term savings through capital market instruments.

Another area is securitization. It allows assets and future cash flows to be converted into securities and used to raise funds. This mechanism can be applied, in particular, to residential, infrastructure, and energy projects, as well as to reconstruction efforts.

Another area of focus is the development of regulations for the virtual assets market and the advancement of modern digital infrastructure, particularly the capabilities for tokenizing real-world assets.

Strong investor protection – more opportunities

Expanding investment opportunities must go hand in hand with strengthening protections for people who invest their own funds.

Investors should receive clear information about the investment instrument, its potential returns, and the risks involved, and companies raising funds should be held accountable for the quality and accuracy of the information they disclose.

Therefore, the Commission is working on two objectives simultaneously: simplifying access to financing for reputable businesses and raising standards of transparency, corporate governance, and investor protection. These principles apply across the entire market, regardless of a company’s size or the sector in which it operates.

“It is impossible to develop the market through regulatory decisions alone. It is important for us to listen to businesses, investors, and market professionals, while at the same time ensuring clear and uniform rules of the game. It is precisely this kind of dialogue that allows us to identify where regulations need to be changed and which decisions can actually inject capital into the economy,” emphasized Oleksii Semeniuk.

The Commission will continue to consult with representatives of various economic sectors, professional associations, investors, experts, and international partners.

The goal of this dialogue is to identify practical regulatory and legislative solutions that will help transform private savings and investment capital into a resource for the recovery and long-term growth of the Ukrainian economy.