The head of a department at the NBU has filed a lawsuit challenging the refusal to approve his appointment as head of the National Depository
Andriy Suprun, head of the NBU’s Department of Corporate Rights and Depository Activities, filed a lawsuit challenging a decision by the National Securities and Stock Market Commission (NSSMC) dated July 3 of this year. The regulator refused to approve his nomination for the position of chairman of the board of PJSC “National Depository of Ukraine.”
This refers to an institution in Kyiv that holds the status of a central securities depository.
According to a ruling by the Kyiv District Administrative Court dated August 27 of this year, which was published in the court decisions database, the court opened proceedings in this administrative case, determined the composition of the panel of judges, and scheduled a preliminary hearing for October 21.
To ensure a complete and comprehensive review of the case, the court joined the NDU as a third party that does not assert independent claims regarding the subject matter of the dispute on the plaintiff’s side, and also requested from the defendant all materials that were or should have been taken into account when adopting the disputed resolution.
In its July decision, the Commission noted that Suprun, as a member of the NDU’s supervisory board, participated in the preparation and conduct of the competition for the position of board chair, specifically taking part in interviews with all candidates, and, as an employee of the National Bank, was involved in the oversight of the National Depository.
In addition, the NSSMC pointed out that Suprun is simultaneously the chair of the supervisory board of the central clearing institution PJSC “Settlement Center,” which also includes members of the National Depository’s supervisory board and appointments committee—Olena Dyatlova and Oleg Mistyuk—thereby creating a conflict of interest.
For his part, the plaintiff believes that the NSSMC’s resolution is unfounded, contains unsubstantiated conclusions made without a full investigation of the relevant circumstances, and generally fails to establish a proper connection between the Commission’s allegations of an alleged conflict of interest involving third parties and the conclusion that Suprun’s candidacy does not meet the requirements of the law.
As previously reported, on May 29, the Supervisory Board of the National Depository named Suprun the winner of the competition for the position of head of the National Depository, but this decision must still be finalized by a shareholders’ meeting, at which the National Bank holds at least 50% of the votes. The Depository clarified that the meeting will be convened after Suprun’s candidacy for this position is approved by the regulator—the National Securities and Stock Market Commission (NSSMC).
From June 2021 through the end of December 2025, Oleksiy Yudin served as chairman of the NDU’s board of directors, and for the duration of the appointment process and the competition, Marina Adamovska—who had served as deputy chair of the board since June 2019—was appointed acting chair.
The supervisory board adopted the decision to hold a competitive selection process for the chair of the NDU’s board of directors in late January of this year and subsequently extended the application deadline to April 22 in an effort to attract more candidates.
In October 2025, Suprun became a member of the National Depository’s Supervisory Board representing the National Bank, replacing the representative of the National Securities and Stock Market Commission (NSSMC), from whom the government had taken control of the 25% state stake in the National Depository and transferred it to the NBU. He held this position until May 25 of this year, when Serhiy Omelnyk, head of projects and programs for corporate rights management and depository activities at the NBU, replaced him as the National Bank’s representative on the National Depository’s supervisory board.
In early September 2025, the National Bank announced the launch of a memorandum of cooperation to support an integrated capital markets infrastructure, signed in Rome this July with the European Bank for Reconstruction and Development (EBRD) with the participation of the Ministry of Economy, the Ministry of Finance, the National Bank, and the National Securities and Stock Market Commission (NSSMC). The first stage involved optimizing the National Depository’s ownership structure and corporate governance by transferring the state’s stake to the NBU’s management.
Next, there are plans to establish a holding company with the participation of a reputable international strategic investor (an operator of trading and post-trading infrastructures) selected through an open tender, international financial organizations, local market participants, and the state/state-owned banks. This holding company, in turn, will establish a new stock exchange in Ukraine, which will replace the National Bank as the majority owner of the central clearing house—the RC. In addition, this exchange will hold a minority stake in the NDU, while the National Bank will hold the majority stake.
The final stage is expected to be the consolidation of depository services within the NDU, which is to function as the sole central securities depository, by transferring to it the functions of accounting for and servicing the circulation of government bonds from the National Bank.
In addition to managing the state’s 25% stake in the NDU, as of March 31 of this year, the National Bank directly owned 25%, with an additional 10.9399% held by its Corporate Pension Fund, while the state-owned Oschadbank and Ukreximbank held 24.9903% and 9.9903%, respectively. At the same time, the NSSMC appoints the trustee for the shares held by Oschadbank, Ukreximbank, and the NBU’s Corporate Pension Fund, but this provision of the law on the depository system is expected to be amended as part of the infrastructure reform.
Another 4.0795% of the shares were owned by 27 legal entities and 2 individuals; specifically, Olena Nusinova owned 1.7054% of the shares, and “Odesa Privatization Center” LLC, owned by former NSSMC member Viktor Ivchenko, held 1.7151%.
