Who supports the new head of the stock market: the story of Oleksiy Semenyuk

The National Securities and Stock Market Commission has a new chairman, businessman Oleksiy Semenyuk. His appointment took place on surprisingly short notice, literally on the eve of 2026.

This was reported by “Ekonomichna Pravda”.

The Ukrainian financial sector reacted to this news with mixed reactions. Some were pleased with the dismissal of the previous chairman, Ruslan Magomedov, while others expressed concern, as it remained unknown who the successor would be.

The real surprise came when Oleksiy Semenyuk was elected chairman of the commission by decree of President Volodymyr Zelensky. Many financial market participants did not even know about his existence. As one official noted, “I, like 99.99% of others, immediately started Googling this person.”

Information about Semenyuk

Semenyuk was born in the Chernihiv region, graduated from school in 2001, and received an economics degree from a tax university. From 2006 to 2012, he worked at Pravex Bank, where he became the director of the regional branch.

After that, he became an entrepreneur, founding the companies Bright Production and Golden Silver, which produce clothing and jewelry, respectively. In 2022, one of his companies purchased salt for the utility company Vinnytsiamiskteploenergo.

Interestingly, his contact in Getcontact is marked as “Salt Romania”. According to Youcontrol, Bright Production’s revenue in 2024 amounted to UAH 15.9 million, up from UAH 683 thousand in 2020. Another company, Golden Silver, earned UAH 1.9 million in 2023, although its revenue exceeded UAH 8 million in 2020.

He also began a second higher education program in construction and civil engineering. At the same time, he is an individual entrepreneur engaged in retail jewelry and watch sales.

Semenyuk has so far refused to comment on his appointment, but noted that he will be ready to communicate with journalists in the second half of January.

Reasons for the change of the commission chairman

The dismissal of Ruslan Magomedov occurred shortly before the introduction of new legislative changes that will come into effect on January 1, 2026. They provide for open competitions for the appointment of the NSSMC’s leadership.

The Office of the President decided to maintain control over this process. Semenyuk’s declaration was registered on December 31 at 08:27, and the decree on the appointment was published at around 17:00 on the same day.

Interestingly, the special check of Semenyuk started only after the publication of the decree, and not before his appointment, as is usually the case. According to sources, the candidates for appointment were supported by David Arakhamia, the head of the Servant of the People faction.

What is happening with the other members of the commission

A few days before the New Year, three of the six members of the commission wrote resignation letters — Yuriy Boyko, Yaroslav Shlyakhov, and Irakliy Baramiya. Maksym Libanov also submitted a resignation request in the summer of 2025.

Usually, the new chairman forms his own team. Still, due to the urgency of Semenyuk’s appointment, only an eight-candidate list was prepared, most of whom declined, not knowing who would be in leadership positions.

The only person to submit a declaration for the position of commission member was Oleksandr Varenik, but his appointment did not take place either.

Why is this important

To make decisions, the NSSMC must have at least five active members. After January 5, only four will remain, plus the chairman. One of them had already previously requested dismissal, and the other’s powers had expired.

The commission is approaching its incapacity. The president has already dismissed two members, Boyko and Shlyakhov. If the process of appointing new members drags on, the regulator may suspend its operations for an extended period, which will negatively affect the adoption of critical economic decisions.

It is essential to hold competitions for all vacant positions as soon as possible; otherwise, even a formally operating commission will not be able to fulfill its functions.