Ukraine's National Commission on Securities and Stock Market chair calls for social investment standards and pilot bonds

Oleksii Semeniuk, chair of Ukraine's National Commission on Securities and Stock Market, outlined priorities for directing private capital into reconstruction through investments that combine financial returns with measurable social benefits. Speaking at an online event organized by the Ukrainian Capital Markets Association on October 20, he identified three barriers: missing common standards for defining social investments and measuring their impact, limited investment instruments and insufficient investor incentives. Citizens hold UAH 167.5 billion in government bonds, but municipal and corporate bonds and investment funds remain underused. The discussion builds on the commission's work to broaden investment options beyond government debt. The investment funds bill, developed with the commission's participation and previously submitted for parliamentary registration, would introduce social entrepreneurship funds based on European Union standards as part of a wider reform of collective investment. Research presented at the event on European Social Entrepreneurship Funds could inform revisions to the bill. The commission is also reviewing securities issuance procedures with market participants to reduce barriers and costs, including for municipalities issuing bonds to finance energy resilience projects. Semeniuk identified common social investment standards, practical methods for assessing social impact and pilot projects as priorities. Potential pilots include social municipal or corporate bonds accessible to a broad range of investors. Proposals for investor incentives could be addressed through legislation currently before parliament.