New rules for capital markets: what legislative initiatives the Commission is working on

A developed capital market does not emerge solely through the introduction of new financial instruments. For it to function, it requires clear rules, a reliable infrastructure, investor protection, and trust in market participants.

That is why the Commission is actively involved in drafting and supporting legislative amendments designed to create a developed capital market in Ukraine capable of attracting private investment into the economy. Some of these initiatives open up new opportunities for citizens and businesses, while others modernize the market infrastructure and the voluntary pension system.

At the same time, this work is part of Ukraine’s EU integration process. The new rules are being developed in line with European Union legislation, international regulatory standards, and practices already in place in developed markets.

We will explain what the key legislative initiatives entail and what stage each of them is currently at.

Securitization and covered bonds — the draft Law of Ukraine No. 15172.

The draft law creates a legal framework in Ukraine for asset securitization and the issuance of covered bonds.

Simply put, banks can bundle loans they have issued — including mortgages — into asset pools and raise new financing for them by issuing securities. This will allow them to avoid waiting many years for the full repayment of previously issued loans and instead channel resources more quickly into providing new loans to the economy.

The draft law also introduces a new model of a market participant — a specialized financial institution — and establishes specific mechanisms for investor protection that secure payments on securities.

Such instruments have long been used in European Union countries to attract long-term financing, particularly for housing construction and infrastructure development.

Stage of consideration: Preparing for the second reading. On 30 June 2026, the Verkhovna Rada adopted the draft law in principle.

Individual Investment Accounts — the draft Law of Ukraine No. 15314

The initiative is intended to encourage Ukrainians to invest their savings through capital market instruments.

It is expected that citizens will be able to open a special investment account and purchase stocks and other financial instruments through a licensed investment firm. Provided that the conditions specified by law are met, income from such investments will be eligible for tax benefits.

The purpose of the draft law is to encourage people to build long-term savings and channel funds into the Ukrainian economy, rather than simply keeping them in cash or in traditional bank accounts.

At the same time, the final structure of the tax breaks and the time periods during which the funds must remain in the account may still change during parliamentary consideration.

Stage of consideration: Under review by the Verkhovna Rada of Ukraine Committees. The main draft law, No. 15314, was registered on 10 June 2026; an alternative draft law, No. 15314-1, was registered on 23 June 2026.

Regulation of virtual asset markets — the draft Law of Ukraine No. 10225-d

The draft law is intended to create comprehensive rules governing the operation of virtual asset markets in Ukraine.

It specifies who is allowed to provide services related to the trading of virtual assets and under what conditions, and establishes rules for the taxation of such transactions and mechanisms for protecting customers.

The regulatory approach is being developed in line with the EU MiCA Regulation and the Travel Rule Regulation. For Ukraine, this is important not only from the perspective of EU integration. Clear rules should bring part of the market out of the shadows, establish requirements for service providers, and reduce risks for virtual asset holders.

Stage of consideration: Preparing for the second reading. The Verkhovna Rada of Ukraine adopted the draft law in principle on 03 September 2025.

Strategic investor for capital market infrastructure — the draft Law of Ukraine No. 15301

The draft Law of Ukraine provides for the establishment of a holding company that is intended to bring together the key elements of capital market infrastructure: exchange trading, clearing and settlement, and securities depository record-keeping.

The plan was to bring an international strategic investor — selected through an open tender — into the holding company’s capital.

The aim of the draft law is to create a modern, technologically advanced market infrastructure that is understandable to international investors. During the drafting phase, the Commission approved the document, which included comments and suggestions.

Stage of consideration: The draft law had been registered with the Verkhovna Rada of Ukraine on 08 June 2026, but was withdrawn on 16 July 2026, due to a reshuffle of the government.

The issue of the future model for the development of capital market infrastructure remains relevant and requires continued professional dialogue among the government, regulators, and market participants.

Simplification of procedures for private offerings of securities — the draft Law of Ukraine No. 15336

The draft law proposes to simplify the procedure for a company to offer securities to a predetermined and limited group of investors.

Specifically, this refers to private offerings of shares made to no more than 150 individuals.

Companies will be able to complete the relevant registration procedures through a “single window” system at the Central Securities Depository.

This is expected to cut the time and costs involved in raising capital for companies, particularly for medium-sized businesses, while maintaining the necessary level of accountability and investor protection.

Similar approaches are used in a number of EU countries, including Germany, France, and Italy.

Stage of consideration: The draft law of Ukraine No. 15336 was registered with the Verkhovna Rada of Ukraine on 17 June 2026. It is currently being reviewed by the parliamentary Committees.

Voluntary Pension Provision Reform

The Commission has been working on a new model for voluntary pension provision that is aligned with EU regulatory principles.

The concept calls for the emergence of pension companies with fully-fledged corporate governance, specifically: internal controls that include a risk management system and clear accountability to the participants.

Existing voluntary pension funds are encouraged to gradually transition to a new operating model. Issues such as the preservation of pension savings, guarantees for participants, approaches to taxation, and the possibility of cross-border operations require special attention.

The reform is being developed with the support of the international FINMAR project, which aims to align Ukrainian financial legislation with European Union law.

Stage of consideration: On 15 May 2026, the Commission presented the draft law concept. The document is still being refined and discussed with experts and market participants. The draft law is expected to be registered with the Verkhovna Rada of Ukraine.

What is next for the Commission

Legislative amendments to the capital market are not limited to the initiatives listed above.

By the end of 2026, the Commission also plans to draw up a draft Law of Ukraine on the use of distributed ledger technology (DLT) for financial instruments. The draft law is intended to set up the legal framework for transactions involving securities and virtual assets using new technological solutions that serve as alternatives to the traditional depository model.

Another area of focus is the further alignment of Ukrainian regulation with EU legislation, particularly in the areas of the digital resilience of the financial sector, sustainable finance, transparency of transactions, registration of public placements, clearing activities, as well as investor protection and the functioning of market infrastructure.

For the Commission, legislative activity is not merely a formal update of the regulatory framework. Its goal is to build a market where Ukrainians can invest more safely, businesses can raise capital, and international investors can invest under rules that are transparent and consistent with EU standards.