Ukraine's National Securities and Stock Market Commission outlines capital markets legislative agenda and plans DLT bill by end-2026

Ukraine's National Securities and Stock Market Commission has published an update on legislative initiatives to expand financing and investment options, modernize market infrastructure and align the country’s capital markets framework with European Union law. The agenda covers securitization and covered bonds, individual investment accounts, virtual assets, private securities placements and voluntary pension provision. The commission also plans to prepare legislation on using distributed ledger technology for financial instruments by the end of 2026. The securitization and covered bonds proposal and the virtual assets framework are being prepared for second readings, with the latter drawing on the EU’s Markets in Crypto-Assets Regulation and Travel Rule Regulation. Proposals for tax-advantaged individual investment accounts and streamlined nonpublic securities offerings to no more than 150 investors remain under parliamentary committee review. A separate bill to consolidate trading, clearing, settlement and securities depository functions under a holding company with an international strategic investor was withdrawn on July 16 following a change of government. The commission is also developing a voluntary pension model based on pension companies with corporate governance, internal controls and risk management. The concept remains under discussion before its expected submission to Parliament, including further work on protecting savings, participant guarantees, taxation and cross-border activity.