Government Proposes Reforming the National Securities and Stock Market Commission

The government proposes to change the management system of the National Securities and Stock Market Commission. Bill No. 16067 provides for the establishment of a Commission Council, an open competitive selection of management, and a two-tier management structure. The bill will establish the status of the National Securities and Stock Market Commission as a central executive authority and a legal entity of public law. It is proposed to introduce a two-tier management model consisting of the Commission Council and the Commission itself. The Council will consist of five members: three independent members, one representative of the Verkhovna Rada, and one representative of the Cabinet of Ministers. Its powers will include approving the strategy for market development, work plans, and overseeing the activities of the National Securities and Stock Market Commission. The Commission will remain a collegial executive body with a chairman and four members, regulating capital markets and adopting regulations. The chairman and members of the National Securities and Stock Market Commission will be selected through an open competition, appointed by the Cabinet of Ministers. The bill also defines the terms of office and qualification requirements. Annual reporting by the chairman to the Verkhovna Rada is provided.

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