Ukrainian regulator stalling EBRD-backed capital market plan – National Bank governor
Implementation of an integrated capital markets infrastructure model, developed jointly by the National Bank of Ukraine (NBU), the Ministry of Economy and the European Bank for Reconstruction and Development (EBRD), is currently being held up by the position of the head of the National Securities and Stock Market Commission (NSSMC), NBU Governor Andriy Pyshnyy said.
Ukrainian central bank governor Andriy Pyshnyy has revealed that the implementation of an EBRD-backed capital markets infrastructure plan is being delayed by the head of the National Securities and Stock Market Commission (NSSMC). Speaking at the IMF and World Bank Group Annual Meetings in Bangkok, Pyshnyy explained that the proposed model, developed jointly by the National Bank of Ukraine (NBU), the Ministry of Economy, and the EBRD, aims to create a vertically integrated system under a single holding company.
This company would seek a strategic investor trusted by global private capital, with the option of selecting through a competitive process. However, national security considerations have also been factored into the model. Pyshnyy emphasized that the process is being held up due to the current circumstances surrounding the NSSMC's position.
The EBRD President, Odile Renaud-Basso, expressed optimism about Ukraine's commitment to advancing the capital market development project despite short-term challenges. In July 2024, a memorandum of understanding was signed by multiple Ukrainian government bodies and the EBRD, setting the stage for the implementation of the capital markets infrastructure model.
The first stage involved optimizing the ownership structure of the National Depository of Ukraine (NDU) and transferring management of the state-owned stake to the NBU. The subsequent stages include establishing a holding company with a reputable international strategic investor, creating a new stock exchange, and consolidating depository services under the NDU.
Despite progress, the process remains stalled as the government awaits a revised version of the bill proposing the capital markets infrastructure holding company.
Written by urgent.news from Interfax-Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
