EBA discussed capital market development and easier access to financing for business with the NSSMC

17/ 09/ 2026

The European Business Association held a meeting with Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission (NSSMC). The meeting focused on the regulator’s current priorities, capital market development and opportunities for joint work on regulatory changes. Oleksii Semeniuk noted that one of the Commission’s key tasks is to facilitate access to the capital market for investors and businesses. This includes creating conditions that enable individuals to invest in securities and companies to raise financing not only through bank lending, but also through capital market instruments. Among the Commission’s key initiatives is Draft Law No. 15314 on individual investment accounts, which provides for tax incentives for investments held for at least three years and allows government bonds, municipal and corporate bonds, and investment certificates to be held in such accounts. The meeting also addressed simplifying procedures for business. A working group involving the Commission, market participants and business representatives has identified bureaucratic requirements that make it more difficult for businesses to raise financing through the capital market. The NSSMC plans to introduce relevant amendments to its regulatory acts. The Commission is also working on a draft law on the deregulation of non-public securities issues, which would reduce the process of registering a joint-stock company from several months to seven working days through a one-stop-shop approach. According to the Chairman of the Commission, the draft law is expected to be submitted to the Verkhovna Rada for consideration at the end of September or beginning of October. Another area of focus is the resumption of municipal bond issuance. According to Oleksii Semeniuk, four cities have already confirmed their readiness to use this instrument, including to finance energy independence projects such as energy storage and electricity generation. At the same time, a number of legislative and procedural issues need to be addressed to launch such mechanisms. The Commission has already initiated discussions with cities and the Ministry of Finance and has also approached the relevant parliamentary committee regarding the review of restrictions set out in Article 18 of the Budget Code. The participants also discussed the development of new financial instruments. In particular, the NSSMC is working on Draft Law No. 15172 on securitisation and covered bonds, which is expected to create additional opportunities for raising financing. The Commission is also updating legislation governing collective investment institutions. According to the Chairman of the NSSMC, such funds have already raised around UAH 8.5 billion through investment certificates. Particular attention was paid to the draft law on virtual assets No. 10225-d. According to the Chairman of the Commission, the document is at the final stage of preparation for its second reading. The regulatory model takes into account the principles of European regulation, including the MiCA approach. The proposed framework envisages a division of responsibilities between the National Bank of Ukraine and the NSSMC: the National Bank would be responsible for electronic money and related tokens, while other types of virtual assets would fall under the NSSMC’s regulatory remit. In the context of European integration and international cooperation, the Commission continues to align Ukrainian legislation with European standards. The NSSMC reported on its cooperation with international regulatory organisations, including IOSCO, as well as its work to deepen cooperation with ESMA. The Association thanked Oleksii Semeniuk and the NSSMC team for the open and constructive dialogue, as well as for their readiness to take the business community’s position into account in further work on capital market development.

The European Business Association held a meeting with Oleksii Semeniuk, Chairman of the National Securities and Stock Market Commission (NSSMC). The meeting focused on the regulator’s current priorities, capital market development and opportunities for joint work on regulatory changes.

Oleksii Semeniuk noted that one of the Commission’s key tasks is to facilitate access to the capital market for investors and businesses. This includes creating conditions that enable individuals to invest in securities and companies to raise financing not only through bank lending, but also through capital market instruments. Among the Commission’s key initiatives is Draft Law No. 15314 on individual investment accounts, which provides for tax incentives for investments held for at least three years and allows government bonds, municipal and corporate bonds, and investment certificates to be held in such accounts.

The meeting also addressed simplifying procedures for business. A working group involving the Commission, market participants and business representatives has identified bureaucratic requirements that make it more difficult for businesses to raise financing through the capital market. The NSSMC plans to introduce relevant amendments to its regulatory acts. The Commission is also working on a draft law on the deregulation of non-public securities issues, which would reduce the process of registering a joint-stock company from several months to seven working days through a one-stop-shop approach. According to the Chairman of the Commission, the draft law is expected to be submitted to the Verkhovna Rada for consideration at the end of September or beginning of October.

Another area of focus is the resumption of municipal bond issuance. According to Oleksii Semeniuk, four cities have already confirmed their readiness to use this instrument, including to finance energy independence projects such as energy storage and electricity generation. At the same time, a number of legislative and procedural issues need to be addressed to launch such mechanisms. The Commission has already initiated discussions with cities and the Ministry of Finance and has also approached the relevant parliamentary committee regarding the review of restrictions set out in Article 18 of the Budget Code.

The participants also discussed the development of new financial instruments. In particular, the NSSMC is working on Draft Law No. 15172 on securitisation and covered bonds, which is expected to create additional opportunities for raising financing. The Commission is also updating legislation governing collective investment institutions. According to the Chairman of the NSSMC, such funds have already raised around UAH 8.5 billion through investment certificates.

Particular attention was paid to the draft law on virtual assets No. 10225-d. According to the Chairman of the Commission, the document is at the final stage of preparation for its second reading. The regulatory model takes into account the principles of European regulation, including the MiCA approach. The proposed framework envisages a division of responsibilities between the National Bank of Ukraine and the NSSMC: the National Bank would be responsible for electronic money and related tokens, while other types of virtual assets would fall under the NSSMC’s regulatory remit.

In the context of European integration and international cooperation, the Commission continues to align Ukrainian legislation with European standards. The NSSMC reported on its cooperation with international regulatory organisations, including IOSCO, as well as its work to deepen cooperation with ESMA.

The Association thanked Oleksii Semeniuk and the NSSMC team for the open and constructive dialogue, as well as for their readiness to take the business community’s position into account in further work on capital market development.