New rules for CIIs: Commission prepares clarification for the market

On 04 October 2026, the Law of Ukraine No. 4962-IX dated 02 September 2026 came into force, among other things, changing the rules governing the operation of collective investment institutions (CIIs). We understand that the new regulations are raising questions in the market, and we are already working on clarifications regarding their practical application.

Starting 04 October, restrictions on the participation of individuals in venture capital and qualified CIIs have been in effect. Specifically, a private person is allowed to be a participant in a venture capital fund if they hold securities of the fund with a par value of at least UAH 1.8 million. For qualified CIIs, the conditions under which a private person could become a participant have been removed.

Commission experts are working on clarification to provide the market with a clear and comprehensive response. The document will be published after it is reviewed by the Committee on the Functioning of Joint Investment Institutions and Accumulative Pension Provision.

Most of the other changes, particularly those concerning merger and consolidation of CIIs, as well as the conversion, consolidation, and split of their securities, come into force on 03 January 2027. The Commission has begun updating the regulatory framework. Draft Resolutions will be submitted for public comment, and every market participant will be able to submit their proposals.

We stay in touch with the market, and we will navigate this transition together with you.