Stock market regulator may stop: three members of the NSSMC submitted applications to Zelensky
8 December 14:37
The National Securities and Stock Market Commission (NSSMC) is on the verge of actual incapacitation after three of its members submitted their resignations to the president. This was reported by Ekonomichna Pravda, according to "Komersant Ukrainian".
The resignations were written by: Yuriy Boyko, Yaroslav Shlyakhov, and Irakliy Baramiya.
What happened?
In early December, Boyko and Shlyakhov submitted their resignations, while Baramiya did so in October. If President Volodymyr Zelenskyy grants their requests, the Commission will lose its quorum and will not be able to make decisions.
According to the law, the NSSMC’s decision is considered adopted only with the support of five members of the commission. Currently, the body has six members and its chairman, Ruslan Magomedov.
Aggravation of the situation at the NSSMC
The situation is further exacerbated by the fact that the NSSMC may already lose another official, Maksym Libanov. Ruslan Magomedov, the Commission’s chairman, had previously sent a letter to the president asking him to dismiss Libanov, as his term of office expired on February 28, 2024, and is only formally extended until a separate presidential decision.
If all the submitted and initiated dismissals take effect, the NSSMC will have only two members – Arsen Ilyin and Yuriy Shapoval, as well as Chairman Magomedov. With such a composition, the Commission will be incompetent, which will block the adoption of key decisions in the field of stock market regulation.
In August 2025, KPMG-Ukraine completed a compliance audit of the NSSMC management. The lowest rating was given to the Commission’s chairman, Ruslan Magomedov, the same person who later initiated Libanov’s dismissal.
Further work of the NSSMC depends entirely on the president’s decisions
The actual incapacity of the regulator may create delays in overseeing the securities market and making decisions that are important for investors, issuers and financial stability.
