The National Securities and Stock Market Commission of Ukraine published a weekly review of work to simplify securities issuance, expand alternatives to government bonds and attract private capital into reconstruction. Government bonds account for about 80% of annual securities market turnover. The review brings together ongoing legislative reforms and practical work with issuers and municipalities, rather than announcing a new regulatory package. Proposed changes would shorten registration procedures for nonpublic securities issues while retaining transparency and investor protection requirements. Broader legislative work covers personal investment accounts, investment and voluntary pension funds, and market infrastructure. The personal investment accounts bill is registered in Parliament, while the investment funds bill would introduce funds based on European Union standards. The already enacted securitization and covered bonds law takes effect July 1, 2027, providing financial institutions with additional instruments for obtaining long-term funding. Cooperation priorities agreed with the EU Delegation to Ukraine concern alignment with accession obligations under the company law and financial services chapters. For reconstruction financing, planned steps include common social investment standards, assessment of social impact and pilot issues of social municipal or corporate bonds. The investment funds bill also provides for social entrepreneurship funds based on EU standards. Municipal bond work builds on earlier procedural simplifications allowing electronic document submission and shorter registration stages. The next task is to help municipalities prepare projects with substantiated financial models and clear terms for investors, with energy generation, cogeneration and energy infrastructure modernization among the priorities. Separately, a pilot involving Vyriy Industries continues to test how defense companies can provide sufficient investor information without compromising security.
National Securities and Stock Market Commission of Ukraine reviews issuance reforms and next steps for social and municipal investment
The National Securities and Stock Market Commission of Ukraine reviewed ongoing reforms to simplify securities issuance and broaden investment beyond government bonds, which represent about 80% of annual market turnover. The enacted securitization and covered bonds law takes effect July 1, 2027, while investment account and fund reforms remain proposed. Next steps include social investment standards, pilot social bond issues and support for municipalities preparing energy infrastructure projects for bond financing.