The Ukraine National Commission on Securities and Stock Market has approved new rules for the issuance and circulation of local bonds that are designed to make municipal borrowing easier while improving clarity for investors. The main change is that local councils will no longer need to complete a full registration process for each individual bond series. Instead, they can register a base prospectus once and then issue additional series later under final terms, provided total borrowing stays within the annual limit agreed with the Ministry of Finance and the placement is completed by year-end. The rules also shorten review times in certain cases. Where a base prospectus has already been registered, the commission will review documents for a new bond series under final terms within up to seven business days. The same timeline will apply to approval of the base prospectus itself and to issuers whose securities already trade on a regulated market. In other public offer cases, review can take up to 20 business days, while bond issues without a public offer can take up to 25 business days. Applications, prospectuses and reports will continue to be filed through the commission's electronic system, and issuers may provide direct links to documents already published on a municipality's official website instead of submitting duplicate copies. To support investor decision-making, municipalities must present key issuance information in plain language, and the prospectus summary must not exceed 15 pages and must clearly describe the main risks.

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