On 13 April 2026, several draft laws were registered with the Verkhovna Rada of Ukraine, which together establish the legal framework for the creation of a fully-fledged securitisation and covered bond market in Ukraine.
Key Draft Law No. 15172 “On Securitisation and Covered Bonds” introduces the institution of a specialised financing platform and establishes an exhaustive list of participants in securitisation transactions, including the originator, the financial asset manager, investors, the issue administrator, the securities holders’ meeting and the STS securitisation verification agent.
The implementation of the provisions of the Draft Law requires amendments to the Tax Code of Ukraine, the Bankruptcy Code of Ukraine and the Civil Code of Ukraine.
To this end, Draft Law No. 15173, Draft Law No. 15174 and Draft Law No. 15175 have been registered, which provide for the following changes, respectively:
- updating the tax regime for mortgage bonds, including the removal of income from such bonds from the list of passive income and the abolition of certain tax and VAT exemptions, as well as a change in the approach to protecting mortgage collateral from tax liens;
- strengthening the regime for the separation of cover assets in insolvency proceedings, including their exclusion from the scope of the moratorium and the liquidation estate, and the establishment of the principle of actual disposal of assets without the possibility of challenging it, as well as the introduction of the institution of a special administrator;
- the possibility of enshrining fiduciary duties and the specific nature of officers’ liability to investors and creditors in the company’s constitutional documents.
We will closely monitor further developments in this area and report on them in the future Legal News.
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