National Securities and Stock Market Commission of Ukraine

What National Securities and Stock Market Commission of Ukraine does

The National Securities and Stock Market Commission of Ukraine (NSSMC, also abbreviated NKTSPFR/НКЦПФР) is a Ukrainian state regulatory authority established in its current form in 2011, succeeding the earlier State Securities and Stock Market Commission, and tracing back to 1991 financial market reforms. It is a collegiate body supervised by the Ukrainian Parliament and Cabinet of Ministers, headquartered in Kyiv, with between 251 and 500 employees. The Commission is the sole regulator of Ukrainian securities and capital markets, with statutory authority over securities issuance, investment firms, stock exchanges, clearing institutions, depositories, collective investment vehicles (institutes of joint investment), non-state pension funds, and — beginning in 2027 — virtual assets markets.

NSSMC's core technology infrastructure includes the Complex Information System (KIS) and "Single Window" portal for electronic administrative services and document exchange with market participants, the Veleten electronic system for shareholder tracking, an XBRL-based financial reporting taxonomy aligned with EU standards, the NSSMC Information Database (stockmarket.gov.ua) for market statistics, and the Vnesok educational platform for investor financial literacy. The Commission oversees 283 licensed asset management companies (KUAs) managing 1,661 active investment funds holding over 616 billion UAH in total assets, plus 57 non-state pension funds with 4.9 billion UAH in assets.

As a government entity, NSSMC is funded through the Ukrainian state budget and does not charge customers for core regulatory services, though licensing fees and administrative charges apply to regulated market participants. Its primary customer segments are the regulated entities themselves: asset management companies, securities issuers, investors, professional market participants, and — prospectively — virtual assets market participants. Strategic priorities include EU standards alignment (MiCAR for crypto, green bonds, securitization/covered bonds), post-war reconstruction financing via capital market instruments, and IT systems modernization.

Name

National Securities and Stock Market Commission of Ukraine

Legal name

Національна комісія з цінних паперів та фондового ринку

Website

https://nssmc.gov.ua

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

251–500 employees

Short description

The National Securities and Stock Market Commission of Ukraine (NSSMC) is a state regulatory authority headquartered in Kyiv that licenses and supervises securities issuers, investment firms, asset management companies, non-state pension funds, exchanges, depositories, and — from 2027 — virtual assets market participants across Ukraine, operating core IT systems including KIS, Veleten, and XBRL taxonomy.

Ownership category

akta.pro rank

Product category

Securities Regulation

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Investment Banking and Securities Intermediation (523150), Securities and Commodity Exchanges (5232), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)

akta.pro secondary industries

Regulatory Reporting Hubs & Aggregators (Multi-Regime/Multi-Asset) (FSAFAJAF), Regulator/Authority-Operated Reporting Systems & Portals (FSAFAJAJ), Research Compliance & Governance (FSACAGAK), Prime Brokerage & Institutional Trading Services (FSAPADAF)

Keywords

• Securities regulation
• Capital markets oversight
• Financial market supervision
• Investor protection
• Securities licensing

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Distribution channels2 records

Marketing channels5 records

Core offering

The NSSMC is Ukraine's primary state securities and capital markets regulator. It licenses and supervises professional capital market participants (investment firms, stock exchanges, depositories, clearing institutions, asset management companies, non-state pension fund administrators), registers securities issuances, enforces disclosure and corporate governance requirements, and conducts market supervision and financial monitoring. It also develops regulatory frameworks for new financial instruments (green bonds, securitization, covered bonds, virtual assets) and provides investor protection and financial literacy services through dedicated electronic platforms.

Product overview

NSSMC operates as Ukraine's national securities and capital markets regulator, overseeing securities issuance, collective investment, non-state pension funds, virtual assets, and market infrastructure. The Commission provides digital services through its web portals including the Stock Market Participant Cabinet for regulatory submissions, the KIS Single Window system for administrative services, and educational platforms like Vnesok. Key regulatory products include XBRL taxonomy for financial reporting, information databases, and various registries for market participants. The organization is modernizing its regulatory framework aligned with EU standards including MiCAR for virtual assets and securitization legislation.

Differentiator

Problem solved

Functional benefit

Products and services

• KIS (Complex Information System) / Single Window

Quantifiable outcome

• 283 licensed asset management companies and 1,661 active investment funds with 616 billion UAH in assets
• +4 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered major and core.

• Kyivstar Group Ltd.majorStrategic or Co-development Partner · 26 June 2026Kyivstar Group Ltd. (Nasdaq-listed Ukrainian telecommunications company, subsidiary of VEON Group) signed a Memorandum of Understanding/Cooperation with NSSMC at the 2026 Ukraine Recovery Conference in Gdansk. The partnership establishes a framework to explore enabling Ukrainian investors to access Kyivstar's existing Nasdaq-listed shares through established domestic brokerage channels, in compliance with Ukrainian legislation and U.S. federal securities laws. This is Ukraine's first company listed on a U.S. exchange, creating a pathway for domestic capital market access to global-listed Ukrainian companies.
• KPMG Law UkrainecoreImplementation/ SI/ Consulting Partner · 1 September 2021KPMG Law Ukraine provided comprehensive legal support to NSSMC between September 2021 and March 2022 to develop a regulatory framework for green bonds meeting international standards. The project resulted in two key regulations: Regulation No. 28/21/1105/K03 on corporate bond issuance (September 2024) and Regulation No. 608 on securities disclosure (June 2023).
• Abt Global and Abt Britain Ltd.coreImplementation/ SI/ Consulting PartnerAbt Global and Abt Britain Ltd. implemented the green bond regulatory framework development project funded by the UK Government Good Governance Fund, working with KPMG Law Ukraine and NSSMC.
• VEON Ltd.majorOthersVEON Ltd. is the Dubai-based parent company of Kyivstar Group Ltd. VEON stated that the aim of the partnership with NSSMC is to give people in Ukraine the opportunity to invest in Ukrainian companies whose shares are listed on U.S. exchanges.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Financial Conduct Authority (FCA): UK conduct regulator for financial markets covering securities, investment firms, and market infrastructure. Comparable in supervisory remit; UK Government funds NSSMC's green bond framework development through the Good Governance Fund, mirroring FCA-style regulatory capacity building.
• U.S. Securities and Exchange Commission (SEC): Primary federal securities regulator of the United States with statutory authority over securities issuance, broker-dealers, investment advisers, and exchanges. Directly comparable to NSSMC as a national securities regulator with licensing, disclosure, and enforcement powers.
• Financial Industry Regulatory Authority (FINRA): U.S. self-regulatory organization overseeing broker-dealers and market intermediaries, with extensive licensing, surveillance, and enforcement infrastructure. Comparable to NSSMC's intermediary supervision and licensing functions.

Broad incumbents

• European Securities and Markets Authority (ESMA): EU-wide securities regulator responsible for implementing MiCAR, securitization rules, and pan-European market integrity. Directly comparable to NSSMC in scope and mandate, with the MiCAR framework being the specific reference for NSSMC's virtual assets regulation.
• Securities and Futures Commission of Hong Kong (SFC): Hong Kong's securities and futures regulator with authority over intermediary licensing, virtual asset trading platforms, and cross-border market access. Comparable to NSSMC for virtual asset regulation (SFC's VATP regime parallels MiCAR) and for managing cross-border securities access frameworks.
• Securities and Exchange Commission of Brazil (CVM): Brazilian securities regulator with authority over capital markets, investment funds, and listed companies. Comparable as a large emerging-market regulator working to deepen local capital markets and integrate with global standards.

Regional players

• Polish Financial Supervision Authority (KNF): Polish integrated financial supervisor with authority over securities markets, investment funds, and pension funds. Comparable as a Central/Eastern European emerging-market regulator that has progressed through EU accession-related capital market reforms.
• Capital Markets Board of Turkey (CMB / SPK): Turkish capital markets regulator with authority over securities, investment funds, and exchanges. Comparable as an emerging-market regulator managing capital market development under macroeconomic stress.
• Romanian Financial Supervisory Authority (ASF): Romania's integrated financial regulator covering securities, insurance, and pensions. Comparable as an Eastern European peer undergoing EU-aligned regulatory modernization with similar market structure and supervisory scope.

Emerging players

• Israel Securities Authority (ISA): Israeli securities regulator overseeing capital markets, investment funds, and corporate disclosure. Comparable as a smaller but sophisticated national regulator modernizing digital supervisory infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nsmsc_ukraine
• Facebookfacebook.com/nssmc.ukraine
• LinkedInlinkedin.com/in/nssmc-%D0%BD%D0%BA%D1%86%D0%BF%D1%84%D1%80-60a486143
• Instagraminstagram.com/nssmc.ukraine

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about National Securities and Stock Market Commission of Ukraine