The Ukraine National Commission on Securities and Stock Market has approved for consultation a draft regulation updating the rules for issuing and circulating municipal bonds. The draft aligns the framework with Ukraine's Budget Code, clarifies which local authorities may decide on municipal bond issues, expands communities' options to raise funding through capital markets, and cuts the Commission's document review period for registering bond issues to seven working days. The revised framework would allow two issuance models. A community could raise its full planned financing amount for the budget year under a single prospectus, or use a base prospectus with separate issues within approved parameters, allowing multiple bond issues during the year without preparing a new prospectus for each issue. The authorities identified as able to approve municipal bond issues are the Verkhovna Rada of the Autonomous Republic of Crimea and oblast, city, settlement and village councils. Public discussion will run for 20 working days from publication of the document.
Ukraine National Commission on Securities and Stock Market 2026-05-08
Ukraine National Commission on Securities and Stock Market approves draft municipal bond rules with base prospectus option and 7 working day review
The Ukraine National Commission on Securities and Stock Market has approved for consultation a draft regulation updating rules for issuing and circulating municipal bonds, aligning them with the Budget Code and expanding communities’ capital market funding options. The draft introduces two issuance models based on a single prospectus or a base prospectus with multiple issues and clarifies that approvals may be granted by the Verkhovna Rada of the Autonomous Republic of Crimea and oblast, city, settlement and village councils, while shortening the Commission’s bond registration review period to seven working days.