What happened
On January 5, President Volodymyr Zelensky signed decrees No. 11 and No. 12 dismissing two members of the National Securities and Stock Market Commission (НКЦПФР) — Yaroslav Shliakhov and Yuriy Boyko.
Both were appointed on April 1, 2021. According to «Ekonomichna Pravda», they submitted resignation letters as early as the beginning of December.
"They submitted resignation letters in early December"
— Ekonomichna Pravda
Context: why this matters
These decisions are more than mere personnel changes. The government lists strengthening the governance of the НКЦПФР as one of the 16 structural benchmarks of the IMF program. For the capital market, the key issues are the transparency of the process, the regulator's independence, and the implementation of regulatory changes that enhance investor protection.
Against the backdrop of the dismissal of the head of the НКЦПФР, Ruslan Magomedov, on December 31 (Oleksiy Semenyuk was appointed in his place), this looks like a systematic renewal of the regulator's team rather than isolated resignations.
What this means for the market
Strengthening governance could increase investor confidence and speed up the adoption of reforms necessary to access international financing. At the same time, the key is not just replacing people but ensuring transparent selection procedures, protection from political influence, and clear mandates for engaging with the market.
If the personnel changes are accompanied by systematic work on regulatory rules, this could improve the liquidity of the Ukrainian market and reduce risks for investors. If not, the risk of political instability at the regulator will remain.
What's next
Now the market's attention shifts from the decrees to practical implementation: who will fill the vacant positions and which proposals to strengthen governance and transparency will be realized. For Ukraine, this is a test: will these personnel changes turn into real steps to increase the confidence of international partners and investors?
