Zelenskyy creates commission for competitive selection of NSSMC members

President of Ukraine Volodymyr Zelenskyy has for the first time formed a Selection Commission to conduct the competitive selection for the positions of members of the National Securities and Stock Market Commission (NSSMC), which includes exclusively Ukrainian representatives.

"The Selection Commission shall ensure the conduct of the competitive selection for the positions of members of the National Securities and Stock Market Commission," according to presidential decree No. 443 dated May 27.

The members of the commission include two state representatives: Deputy Head of the State Property Fund Nataliia Panova and Deputy Minister of Economy, Environment and Agriculture of Ukraine Yehor Perelyhin; as well as three educators and scientists (by consent) — Vice-Rector for Scientific and Pedagogical Work of Taras Shevchenko National University of Kyiv Oleksandr Rozhko, Deputy Head of the Department of International Management at the Faculty of International Economics and Management of Vadym Hetman Kyiv National Economic University Olena Fursova, and Director of the Academician F.G. Burchak Scientific Research Institute of Private Law and Entrepreneurship Volodymyr Korol.

According to the decree, organizational, technical, and other support for the activities of the selection commission is provided by the Office of the President of Ukraine and the State Management of Affairs.

The NSSMC, as a collegial body, is formed consisting of a chairman and seven members (six members prior to the adoption of a new law in February 2025), who are appointed by the President of Ukraine for six years and dismissed from their positions in accordance with his decrees.

On January 1, 2026, a provision of the new law came into force, according to which candidates must pass a selection commission before being nominated for appointment as a Commission member.

The day before this, the President changed the head of the Commission—Oleksiy Semenyuk was appointed instead of Ruslan Magomedov.

Currently, the Commission consists of four members: Irakli Baramia, Yuriy Shapoval, Arsen Ilyin (appointed in April 2021), and Maksym Libanov (appointed in February 2018).

A meeting of the Commission as a collegial body is considered valid if at least five persons from its total membership are present; thus, the dismissal of any other NSSMC member would lead to a temporary loss of quorum.

During an evaluation of the head and the NSSMC conducted as part of a cooperation program with the IMF, the results of which were released in early October 2025, KPMG expressed the opinion that replacing the head and all members of the commission simultaneously creates problems with continuity, institutional knowledge, and organizational memory.

"To ensure the continuity of the decision-making process and consistency of course, we recommend implementing staggered appointments for commission members. Without the implementation of staggered appointments, changes may lead to a loss of strategic vision and cause slow adaptation," the consultant believes.

The report notes that sequential appointments will allow experienced commission members to guide new members, improving the stability of the organization and ongoing progress.