The Ukraine National Commission on Securities and Stock Market updated the EU-Ukraine Association Committee on its programme to align Ukrainian capital market and financial-services regulation with EU standards, centred on a draft Law on Investment Funds intended to increase market transparency and strengthen investor protection. The Commission highlighted that capital market participants have resumed full financial reporting after the wartime moratorium on disclosing companies’ financial condition was lifted. It also pointed to a sustainable finance roadmap and the introduction of sustainable development tools including green bonds, and a new MiFID-based regulation on substantial participation to formalise approval and ongoing supervision of acquisitions of substantial participation. Work is being finalised to implement EU-aligned regulation of credit rating agencies through by-laws under the 2024 Law on Rating Activities, which implements EU Regulation 1060/2009, while further by-laws are being developed to address market abuse, including insider transactions, disclosure obligations and countering manipulation. Public consultations on the investment funds draft are nearing completion and the bill has been submitted to parliament, alongside preparations to renew capital market infrastructure including bond legislation and the introduction of the European green taxonomy. The Commission indicated these legislative initiatives are planned for parliamentary consideration in 2026, and noted that a separate 2024 law strengthening regulation of capital markets and organised commodity markets is set to enter into force on January 1, 2026.
Ukraine National Commission on Securities and Stock Market 2025-12-02
Ukraine National Commission on Securities and Stock Market presents draft investment funds law and EU-alignment reforms to EU-Ukraine Association Committee
The Ukraine National Commission on Securities and Stock Market updated the EU-Ukraine Association Committee on aligning Ukrainian capital market regulations with EU standards, focusing on a draft Law on Investment Funds. The Commission reported resuming full financial reporting and outlined initiatives like a sustainable finance roadmap and new MiFID-based regulations. Legislative initiatives, including the investment funds draft, are planned for parliamentary consideration in 2026, with a separate law on capital markets effective January 1, 2026.