Personnel turbulence at the NSSMC: the regulator promotes investment reform despite the risk of losing the quorum
10 December 19:40
The National Securities and Stock Market Commission has announced plans to launch personal investment accounts, a tool that should become a key element in the modernization of the Ukrainian financial market.
This was announced by the regulator’s chairman, Ruslan Magomedov, who emphasized that the reform is taking place in parallel with a large-scale renewal of the management team, "Komersant Ukrainian" reports.
What is known
Magomedov described the personnel changes as a “new stage” in the Commission’s development, noting that the body needs “fresh expertise and new ideas.”
He emphasized that some of the specialists who have been working at the regulator for years are leaving their positions, while the Commission is actively looking for specialists in corporate governance, financial analysis, prudential supervision, licensing and international cooperation.
However, the reshuffle comes amid serious institutional challenges
Earlier, three members of the NSSMC submitted their resignations of their own free will. If they are accepted by the President, the regulator will effectively lose the ability to make decisions due to the lack of a quorum. This could jeopardize the implementation of the declared reforms.
The situation is further complicated by another personnel knot: back in the summer, the Commission’s chairman asked the president to dismiss NSSMC member Maksym Libanov, whose term of office expired in February 2024. Although the law allows him to continue working until his successor is appointed, the issue of his replacement remains open.
Despite these risks, the regulator continues to declare its readiness for systemic changes. The launch of personal investment accounts is presented as part of a broader strategy to create a new financial architecture that should attract investment and increase market confidence.
However, the further implementation of these plans will depend on whether the authorities manage to stabilize the Commission’s management and ensure its efficiency as soon as possible.
