The Ukraine National Commission on Securities and Stock Market, together with the National Depository of Ukraine, has outlined a reform to digitise and simplify the registration of non-public share issues by transferring the registration function from the regulator to the central securities depository under a one-stop-shop process. The model would replace lengthy pre-approvals with a declarative approach, with the central depository registering eligible issues in 2–5 business days instead of months. The simplifications would apply to placements to a pre-defined group of buyers (up to 150 non-qualified investors) for cash, and to capital increases funded from company profits. The issuance workflow would be reduced from seven stages to four, and the separate registration of a report on placement results would be removed. Implementing the changes would require amendments to several laws, including those covering capital markets, joint-stock companies and Ukraine’s depository system. Further details are to be presented jointly by the Commission and the National Depository of Ukraine, after which the market will be able to submit proposals and comments.
Ukraine National Commission on Securities and Stock Market 2026-03-20
Ukraine National Commission on Securities and Stock Market and National Depository of Ukraine propose central depository registration for private share issuances
The Ukraine National Commission on Securities and Stock Market and the National Depository of Ukraine plan to digitise and streamline non-public share registration by shifting this function to the central securities depository. The reform introduces a declarative approach, reducing the process from seven to four stages and shortening registration time to 2–5 business days. Legal amendments are required to implement these changes, applicable to specific placements and capital increases.