Commission drafts new rules for capital markets: what changes are introduced by key draft laws

In 2026, Ukraine’s capital markets are undergoing a major overhaul. Together with the parliament, the government, and international partners, the National Commission is working on a comprehensive package of key legislative proposals: from user-friendly investment accounts for citizens and new rules for pension and investment funds to simple online registration processes for businesses and a reliable European infrastructure. The goal of these changes is to provide the Ukrainian economy with new sources of financing and to offer people safe and profitable ways to preserve and grow their savings. A significant portion of these reforms also constitutes Ukraine’s commitments on its path to the EU: following the opening of negotiations under the “Internal Market” cluster, the rules for capital markets must comply with European standards.

“Ukrainians have already proven that they are ready to invest: they currently hold more than UAH 167 billion in government bonds. Our goal is to ensure this money has options and works for the Ukrainian economy — in corporate bonds, investment funds, and pension savings. That is why we are building a market based on European rules, where investors feel confident and secure, and businesses can easily raise capital. 2026 is the year of new rules, and 2027 will be the year when they come into force in practice: the law on securitization enters into force on 01 July 2027,” — said Oleksii Semeniuk, Chairman of the NSSMC.

One of the key outcomes is the law “On Securitization and Covered Bonds.” It establishes a mechanism in Ukraine whereby companies or banks can convert their assets (such as ordinary loans on which people regularly pay interest) into new securities to raise funds. For investors, covered bonds offer double protection: claims can be made against both the bank itself and the specific pool of assets securing the issue. For citizens, this opens the door to longer-term and cheaper loans, including mortgages. According to estimates by the law’s initiators, the mechanism could inject approximately UAH 150 billion into the economy over the next five years.

Status: The Verkhovna Rada adopted the law in its entirety on 16 September. It comes into force on 01 July 2027.

At the same time, the Commission is working on regulations for virtual asset markets. The Commission is participating in the development of the final draft of the draft law No. 10225-d and advocating for a model under which it would become the primary regulator of this market, while the NBU would have clearly defined powers within its areas of responsibility. Once the law is adopted, a transition period of approximately six months will be required, during which the Commission must develop 18 secondary legislation acts. Therefore, the new rules are not expected to take effect until after 01 January 2027.

Status: Passed in the first reading on 03 September 2025; the text is being revised for the second reading.

Another area of focus is supporting domestic investors and channeling Ukrainians’ savings into the Ukrainian economy. To this end, the draft law No. 15314 on personal investment accounts (PIAs) was developed with the Commission’s involvement.

Status: Registered with the Verkhovna Rada; currently under consideration by the Committee on Finance, Tax, and Customs Policy.

Imagine that you want to set aside money for your child’s education or your own retirement in 10–15 years. A regular bank deposit is subject to taxes. However, if you open a PIA account and use it to purchase, for example, shares or bonds of Ukrainian companies or investment fund units, you will receive a bonus for long-term investments in the national economy: if you don’t withdraw these investments for at least three years, the income from them will be tax-free. This way, other securities will receive the same advantage that government bonds already enjoy.

The need for such a tool has long been evident from people’s behavior. For example, in the first seven months of 2026, 153,500 new securities accounts were opened for individuals, and the value of government bonds held by citizens as of 01 October reached a record UAH 167.5 billion. The next step is to provide this capital with more opportunities to invest in the Ukrainian economy.

Another tool for citizens is European-style investment funds. The draft Law No. 16137 “On Investment Funds”, prepared with the support of the World Bank, introduces UCITS-compliant public funds and AIFMD-compliant alternative funds in Ukraine, as well as venture capital, social, and long-term funds in accordance with EU regulations. The document already incorporates comments from the European Commission. Thanks to this draft law, even with a small amount of money, it will be possible to invest in various assets simultaneously through a professional manager.

Status: Registered with the Verkhovna Rada on 12 October to replace the previous version (No. 13246); awaiting consideration by the relevant committee.

The Commission is also working to make it easier for businesses to enter the market. The draft Law No. 15336 simplifies the registration of private share placements through the Central Securities Depository and an electronic “Single Window.” Previously, the procedure required a significant amount of time and paperwork for the state to just register the placement. Now this can be done through an online portal, and the registration period will be reduced from four months to one week.

Status: The relevant committee has recommended that the Verkhovna Rada adopt the document as a basis; it is awaiting consideration in the first reading.

Together with the relevant parliamentary committee, the Commission prepared the draft Law No. 15570 “On Voluntary Pension Funds.” The goal is to bring the rules governing the operation of non-state pension funds into line with European standards (IORP II Directive) and to create conditions for the development of this sector. For citizens, this means, above all, security: they will be able to save for retirement in private funds under transparent rules that are aligned with European standards.

Status: Registered with the Verkhovna Rada on 28 August; it is under consideration, along with the alternative draft Law No. 15570-1, by the Committee on Finance, Tax, and Customs Policy.

Another major area is the market’s infrastructure itself. Together with the EBRD, the Commission has prepared a draft law on financial market infrastructure based on the approved concept. The document covers clearing, settlement, central counterparty, and depository activities and is intended to bring Ukrainian regulations in line with the EU CSDR and EMIR standards. This will make securities transactions safer and minimize the risk of losing money due to the insolvency of intermediaries.

Status: The draft Law has been sent for approval to the National Bank of Ukraine, the Ministry of Finance, the Ministry of Justice, and the Deposit Guarantee Fund, after which it will be submitted to the Verkhovna Rada.

Separately, on 04 September, the government submitted to the Verkhovna Rada the draft Law No. 16038 on attracting a strategic foreign investor to the capital markets infrastructure. It provides for the creation of a stock exchange holding company with the participation of a foreign partner. The Commission endorses the draft Law and insists on two principles: the state must retain a blocking stake (“25% + 1 share”), and the investor should be selected through a competitive bidding process involving several participants, with the winner being the one with the best technological proposal.

Status: Registered with the Verkhovna Rada along with the alternative draft Law No. 16038-1; currently under consideration by the relevant committee.

The next stage depends entirely on how these decisions play out in practice. 2027 is set to be the year of implementation: the securitization mechanism will take effect as early as 01 January, and new instruments, European-style funds, and modern infrastructure will follow on the market. The measure of success will be how many companies and communities raise funds through the market and how many Ukrainians invest in assets other than OVDPs (government bonds).