The National Securities and Stock Market Commission of Ukraine has outlined an agenda to make capital markets a larger source of long term financing for businesses, municipalities and households. With government bonds accounting for about 85% of the securities market, the Commission plans to measure progress through capital raised and investor participation rather than the number of regulatory changes. Its priorities are to remove issuance barriers, broaden the range of instruments and strengthen investor trust. A central goal is to reduce securities issuance procedures from four to five months to 10 to 14 days, supported by electronic filings and less duplication. Municipal bond reforms adopted in July allow communities to register a base prospectus once and issue further series under it, with document reviews shortened to seven working days in some cases. The Commission is also pursuing simpler registration processes for investment funds, implementation of the new securitization framework and personal investment accounts that could provide tax benefits when specified conditions are met and investments are held for at least three years. The agenda also covers collective investment, tokenization and the use of municipal bonds for local recovery and infrastructure projects. Investor protection and international alignment remain central, following Ukraine’s accession to the International Organization of Securities Commissions Multilateral Memorandum of Understanding in July and an October agreement with the International Finance Corporation, supported by the Swiss State Secretariat for Economic Affairs, to develop operational and regulatory foundations for tokenization and securitization.

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