The Ukraine National Commission on Securities and Stock Market (NSSMC) met with the European Commission’s Directorate-General for Enlargement and Eastern Neighborhood (DG ENEST) and the EU Delegation to Ukraine to discuss the state and outlook for Ukraine’s capital market, the regulator’s institutional capacity, and measures to attract investment, including in the context of post-war recovery. European Commission representatives linked the scale of required reconstruction investment to investor confidence in the regulatory framework and supervision. NSSMC Chairman Oleksiy Semeniuk set out priorities including creating a more favorable investment climate for foreign investors, aligning the Commission’s work with International Organization of Securities Commissions (IOSCO) standards, and preparing to join the IOSCO Multilateral Memorandum of Understanding (MMoU), with signature tentatively expected in May 2026. The Commission also highlighted stock market development, noting that government bonds accounted for 81% of market volume in 2025 and at the start of 2026, and outlined plans to boost liquidity through investment accounts, simplify market access for small and medium-sized businesses, and enable citizens to purchase 7–8% stakes in state-owned banks through a proposed “people’s IPO”. DG ENEST and the EU Delegation to Ukraine confirmed readiness to strengthen cooperation with the NSSMC, including engagement with the European Commission’s Directorate-General for Economic and Financial Affairs (DG ECFIN), the European Securities and Markets Authority (ESMA), and joint work on updating Ukraine’s corporate legislation.

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