Zelenskyy launches a competition for the National Securities and Stock Market Commission: who has been appointed to the commission

The establishment of the selection committee is set out in Presidential Decree No. 443/2026 of 27 May 2026. The document has been published on the website of the Office of the President.

Volodymyr Zelenskyy signed a decree establishing a Selection Committee to conduct a competitive selection process for the positions of members of the National Securities and Stock Market Commission.

The Commission is to organise the competition for the positions of members of the NSSMC. The Office of the President and the State Administration of Affairs will provide organisational, technical and other support for its work.

The decree came into force on the day of its publication.

Who is on the selection committee

The commission consists of five members.

Two of them represent state bodies:

Natalia Panova – Deputy Chair of the State Property Fund;

Yegor Perelygin – Deputy Minister of Economy, Environment and Agriculture.

The other three members of the committee are representatives of the academic community, included by mutual agreement:

Oleksandr Rozhko – Vice-Rector for Research and Teaching at Taras Shevchenko National University of Kyiv;

Olena Fursova – Deputy Head of the Department of International Management at the Faculty of International Economics and Management, Vadym Hetman Kyiv National Economic University;

Volodymyr Korol – Director of the F.G. Burchak Research Institute of Private Law and Entrepreneurship.

The NSSMC regulates capital markets and organised commodity markets. It is this body that is responsible for the rules governing stock market participants, supervision, licensing and the development of market infrastructure.

Therefore, the composition of the commission is significant not only for the regulator itself, but also for businesses, investors and the entire financial market.

From 2026, candidates for positions as members of the NSSMC are to be selected through a competition. The law stipulates that the organisation and conduct of such a selection process shall be carried out by a selection committee, the membership of which is approved by the President.

How the competition will work

The law stipulates that the competition commission shall announce the acceptance of applications for the open competition.

The submission of applications must last 45 calendar days from the date of the competition announcement. Once the submission of applications has closed, the committee will conduct the selection procedures and submit a recommendation to the President regarding the candidates who received the highest ratings.

Information about the candidates must be published on the President’s website, with the exception of information subject to restricted access.

The term of office for the chair or a member of the NSSMC is six years. The same person may not serve as chair or a member of the commission for more than two consecutive terms.

What is happening with the NSSMC now

The National Commission is a collegial body. Following changes to the legislation, it is to consist of a chairperson and seven members. Previously, before the new law, there were six members.

On 31 December 2025, the President replaced the chair of the NSSMC: Oleksiy Semenyuk was appointed in place of Ruslan Magomedov.

As of now, the commission comprises four members: Irakli Baramia, Yuriy Shapoval, Arsen Ilyin and Maksym Libanov. On 5 January, Zelenskyy dismissed two members of the NSSMC – Yaroslav Shlyakhov and Yuriy Boiko.

The issue of quorum

A meeting of the NSSMC, as a collegial body, is valid if at least five members of the full membership are present.

Therefore, the current staffing configuration is delicate: the dismissal of another commission member could temporarily deprive the regulator of a quorum.

This is precisely why the competition for the NSSMC is important not only as a formal procedure, but also as a matter of the regulator’s operational capacity.

What the auditors said

During the assessment of the NSSMC as part of cooperation with the IMF, the audit firm KPMG warned that the simultaneous replacement of the chair and all commission members could create problems with continuity, institutional knowledge and the organisation’s institutional memory.

The consultants recommended the rotational appointment of commission members to ensure continuity in decision-making and consistency of policy.

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