EBA discussed the future of Ukraine’s stock market with Ruslan Magomedov, Head of the National Securities and Stock Market Commission of Ukraine

07/ 11/ 2025

On 6 November, the European Business Association held a General Meeting with Ruslan Magomedov, Head of the National Securities and Stock Market Commission of Ukraine (NSSMC). During the discussion, participants explored the vision for developing Ukraine’s capital market and new Commission initiatives aimed at attracting investment into the national economy. Ruslan Magomedov presented the vision of “Stock Market 2.0” - a renewed model designed to attract long-term capital and stimulate domestic investor participation. He emphasised the importance of creating conditions for citizens’ savings, currently sitting idle in bank accounts or “under mattresses”, to start working for the economy by creating jobs and supporting recovery. Among the key initiatives presented by the Head of the NSSMC were: Introduction of “investment accounts”: a new tool enabling individuals to invest funds with a 100% tax exemption, provided the money remains in the account for five years. This could attract around UAH 1.7 trillion of long-term capital into the economy. Sale of up to 7% of shares in profitable state-owned companies: a step towards creating a liquid stock market, allowing citizens and businesses to become co-owners of leading Ukrainian brands. Listing of private companies: the next stage of market development, which would enable private enterprises to use shares as long-term investment instruments, particularly within the future pension accumulation system (potentially up to UAH 300 billion). During the discussion, business representatives raised questions about financial monitoring mechanisms, investment taxation, and the possibility of simplifying procedures for companies entering the capital market. Participants also stressed the importance of reducing bureaucratic burdens and streamlining the bond issuance registration process. Ruslan Magomedov underlined that the Commission aims to be a “human-centred regulator”, open to feedback from the business community on its proposed initiatives. To facilitate this, the European Business Association will conduct a survey among its member companies to collect views on the NSSMC’s priorities and the development of the stock market. The EBA extends its gratitude to Ruslan Magomedov and the representatives of the National Securities and Stock Market Commission for their openness and willingness to engage in dialogue with business. Together, we can build an effective financial system that benefits society, business, and the state. A recording of the meeting is available via the link.

Ruslan Magomedov presented the vision of “Stock Market 2.0” – a renewed model designed to attract long-term capital and stimulate domestic investor participation. He emphasised the importance of creating conditions for citizens’ savings, currently sitting idle in bank accounts or “under mattresses”, to start working for the economy by creating jobs and supporting recovery.

Among the key initiatives presented by the Head of the NSSMC were:

Introduction of “investment accounts”: a new tool enabling individuals to invest funds with a 100% tax exemption, provided the money remains in the account for five years. This could attract around UAH 1.7 trillion of long-term capital into the economy.
Sale of up to 7% of shares in profitable state-owned companies: a step towards creating a liquid stock market, allowing citizens and businesses to become co-owners of leading Ukrainian brands.
Listing of private companies: the next stage of market development, which would enable private enterprises to use shares as long-term investment instruments, particularly within the future pension accumulation system (potentially up to UAH 300 billion).

During the discussion, business representatives raised questions about financial monitoring mechanisms, investment taxation, and the possibility of simplifying procedures for companies entering the capital market. Participants also stressed the importance of reducing bureaucratic burdens and streamlining the bond issuance registration process.

Ruslan Magomedov underlined that the Commission aims to be a “human-centred regulator”, open to feedback from the business community on its proposed initiatives. To facilitate this, the European Business Association will conduct a survey among its member companies to collect views on the NSSMC’s priorities and the development of the stock market.

The EBA extends its gratitude to Ruslan Magomedov and the representatives of the National Securities and Stock Market Commission for their openness and willingness to engage in dialogue with business. Together, we can build an effective financial system that benefits society, business, and the state.

A recording of the meeting is available via the link.