Commission Digest: highlights of the week

What do digital assets, municipal bonds, and securitization have in common? They are all instruments that must not only be incorporated into Ukrainian law but also put into practice.

This week, the Commission focused specifically on these issues: it helped prepare the digital assets market, sought to facilitate the first successful issuance of municipal bonds, moved from the securitization law to practical mechanisms, and updated its approaches to corporate governance.

In addition, the NSSMC worked to ensure that market participants spent less time on paperwork in areas where the process could be simplified.

We have compiled the Commission’s top news stories of the week for you.

Digital assets: it’s time to move from theory to practice

The Commission and Financial Innovation for Impact (Fii) signed a Memorandum of Cooperation in of digital assets and financial innovation.

This is not just about training and sharing expertise. Fii will assist the Commission in developing regulatory approaches, licensing, supervision, and market monitoring.

This is particularly relevant now, as Ukraine moves closer to implementing a comprehensive regulatory framework for virtual assets.

Read more about the collaboration between the Commission and Fii

Municipal bonds: we need our first success story

A local community has a project, but where can it get the funding? One option is municipal bonds.

The Commission has already simplified the procedure for issuing them: it has moved the document processing to an online system, introduced a base prospectus, and shortened the registration period.

Now, together with government agencies and local communities, the Commission wants to put this approach into practice. For the pilot local communities, the NSSMC has assigned dedicated specialists and provided model documents and a checklist.

The goal is to have the first successful issuance under the new rules, and then to scale up this experience.

Read about how the Commission is developing the municipal bond market

New Corporate Governance Code: the first draft is already on the table

The Commission presented the first draft of the new Corporate Governance Code to international experts.

The document takes into account amendments to Ukrainian legislation, updated OECD principles, and current international practices. It is planned to extend its scope to a wider range of companies — from large private enterprises to financial institutions and state-owned enterprises.

And here’s another important change to the approach: the Code will not duplicate what companies are already required to do by law. In contrast, it will contain recommendations on best practices. If a company decides not to follow them, it will have to explain why.

Now international experts will provide their feedback, after which the Commission will prepare Version 2.0.

Read about the new Corporate Governance Code

Securitization: the law is passed — what’s next?

The next step is to ensure that the new tool actually starts working in the market.

The Commission and the International Finance Corporation (IFC) held their first expert webinar on securitization. They discussed international experience, opportunities for attracting private capital, and mechanisms through which banks can use their loan portfolios and other financial assets to raise funds.

For the Commission, the focus is now clear: once the legislative framework is in place, rules must be developed to allow the instrument to work in practice.

Read about the practical work of the NSSMC and the IFC

CIIs: fewer documents — a simpler process

Sometimes market changes start with something very tangible — a document that no longer needs to be prepared.

The Commission approved two draft amendments to regular legal acts governing the registration of documents for collective investment institutions. These amendments are intended to simplify the preparation and submission of documents and clarify certain requirements for the registration process.

Specifically, it is proposed to remove the comparison tables for individual amendments to regulations and prospectuses, as well as to clarify the deadlines and procedures for updating the documents.

The projects are still undergoing the approval process. Comments and suggestions regarding them may be submitted by 14 October.

More details on the proposed amendments for collective investment institutions

OKR: internal changes must be visible to the market

The OKR Festival concluded at the Commission. The teams reviewed their performance for Q3 2026 and set goals and key results for the fourth quarter.

This time, the discussion wasn’t limited to what’s happening within the Commission. The main focus was on how the market perceives the outcome of these changes.

Examples include the passage of a law on securitization, efforts to deregulate private placements, amendments to the framework governing collective investment institutions, as well as the further development of legislation on virtual assets and non-state pension provision.

Read about how the OKR Festival went