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European integration is the main foreign policy priority of Ukraine, and the further development and deepening of relations between Ukraine and the EU is based on the principles of political association and economic integration. The main strategic documents in this direction are the Association Agreement between Ukraine and the EU, the Agreement on the Free Trade Zone between Ukraine and the EU. The NSSMC constantly participates in measures aimed at the further implementation of European integration processes in Ukraine and the implementation of the Action Plan for the implementation of the Association Agreement between Ukraine, on the one hand, and the European Union, the European Atomic Energy Community and their member states, on the other hand (Ukraine-EU Association Agreement). In 2020, the Commissioner, who is responsible for the implementation direction of the NSSMC of the Ukraine-EU Association Agreement, participated as part of the Ukrainian delegation in the fifth meeting of the Ukraine-EU Association Committee in the trade composition (December 8-9, 2020, video conference Kyiv-Brussels) and the fourth meeting of Cluster 2 (industrial and entrepreneurial policy, mining and metallurgy, tourism, space, legislation on companies and corporate governance, protection of consumer rights, taxation) of the Subcommittee on Economy and other sectoral cooperation of the EU-Ukraine Association Committee (July 03, 2020, video conference Kyiv — Brussels). The NSSMC is the responsible executor of certain measures for the implementation of EU acts in accordance with the Action Plan approved by the Resolution of the Cabinet of Ministers of Ukraine №1106 on October 25, 2017 On the Implementation of the Association Agreement between Ukraine, on the one hand, and the European Union, the European Atomic Energy Community and Their Member States, on the other hand.

Since September 26, 1996, the NSSMC is a permanent member and the only representative of Ukraine in the International Organization of Securities Commissions (IOSCO), which gives it the right to vote during permanent meetings. As a permanent member of the organization, the NSSMC pays an annual membership fee to IOSCO.

IOSCO has more than 180 regulatory bodies of the countries of the world for the purpose of cooperation, exchange of information, joint development of the best standards of securities market regulation, with their further implementation in the national markets of the member countries.

The main work of the organization consists in the development of international standards and recommendations on the regulation of securities markets. Documents developed by IOSCO are taken into account by many other international organizations, including the World Bank Group, the OECD, the regional development banks (including the EBRD), the International Accounting Standards Committee, the Basel Committee on Banking Supervision, and others.

In recent years, the NSSMC has been fruitfully working on the harmonization of national legislation in accordance with the international standards and, in particular, the IOSCO Principles, with the aim of joining Ukraine to the Multilateral Memorandum of Understanding on Consultation and Cooperation and Information Exchange of the International Organization of Securities Market Regulators (IOSCO MMoU).

In order to increase the level of cooperation with the above-mentioned organization, the NSSMC participates in the Annual IOSCO Conferences, which is a confirmation of the interest and desire of the regulator of the Ukrainian securities market to work together with other world regulatory authorities in the direction of implementing the best international standards for the regulation of the capital market.

The IFC, a member of the World Bank Group, is an international organization whose mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives.

In January 2020, Cooperation Agreement was signed between the NSSMC and the Ukrainian Corporate Governance Academy (“UCGA”) and the IFC. The purpose of this Agreement is to promote good corporate governance, including governance of environmental and social matters (”ESG”) in Ukraine, as well as realization of the process of drafting of the Core Corporate Governance Code of Ukraine with ESG provisions – a set of recommended corporate governance practices for listed companies on the stock exchange in Ukraine.

As a result of joint work on March 2020, the Code of Corporate Governance (“Code”), its key requirements and recommendations were approved by the NSSMC`s Resolution №118. The Code uses the best world’s practices and developments in corporate governance. It complies with Corporate Governance Guidelines of the Organization for Economic Co-operation and Development (OECD), current Ukrainian legislation and generally accepted standards of ethical conduct.

In August 2020, the NSSMC and the IFC signed a Cooperation Agreement on developing sustainable finance capital market in Ukraine. According to the existing Cooperation Agreement, one of the IFC’s tasks is to support the NSSMC’s cooperation with the Sustainable Banking Network (SBN), acting as a coordination center in the country for all SBN-related activities. The SBN is a voluntary community of financial sector regulatory agencies and banking associations from emerging markets. The purpose of the activity is to improve environmental, social and corporate governance in banking sector and development of the financial market. In July 2020, the NSSMC officially joined the SBN.

On July 7, 2021, the Resolution of the NSSMC №493 “On Approval of Recommendations on Implementation or Financing of Environmental Projects by Issuing Green Bonds” adopted Recommendations on Implementation or Financing of Environmental Projects by Issuing Green Bonds.

In 2020, the NSSMC has been working with  following projects of the international technical assistance:

  1. Project “Implementation of the EU practice in accounting, financial reporting and auditing in Ukraine” (EU-FAAR)

EU-FAAR is the EU-funded project that will last until January 9, 2023, providing targeted EU support to strengthen reforms in the areas of accounting, auditing and financial reporting.

The expected results of the Project and its purpose are to increase transparency and improve the business climate by facilitating: obtaining more reliable and standardized data of corporate financial statements, which have been audited by competent auditors;  developing rules for submitting financial statements and conducting audits for businesses of various types and sizes;  EU recognition of the audit oversight regime in Ukraine;  disclosure of standardized financial statements in electronic format by all business entities required by law.

  1. European Union Technical Assistance Project “Strengthening the Regulation and Supervision of the Non-Banking Financial Sector” (EU-FINREG)

The aim of the Project is to create a strong environment for non-banking financial services, to assist the Ukrainian authorities in approximating the legal framework and methods of supervision for securities and investment transactions, insurance, pensions, non-banking credit institutions, non-banking payment institutions and other non-banking financial services to European and international standards and practices.

The term of the Project implementation and expansion of its scope was extended to 16.01.2023 with the inclusion of additional actions that were not directly provided for in the current task, but are relevant to achieving the goals and results of the project,.

  1. The Financial Sector Transformation in Ukraine (FST), funded by the US Government through the United States Agency for International Development (USAID)

The aim of the Project is to increase confidence in the financial sector, improve citizens’ understanding and increase the level of use of financial services;  to transform the regulatory environment of the non-banking financial sector;  increase access to finance for small and medium enterprises;  expand access to financial services and promote more active use of digital financial solutions;  maintain the balance and stability of the pension system.

The implementation of the FST Project has been extended until August 27, 2021 according to the Protocol on Cooperation between the NSSMC and the USAID/FST Project implemented by DAI Global LLC, signed on November 18, 2020.

In order to establish cooperation and combat abuses on the capital markets, which have become international in nature, the NSSMC concluded Memorandums of Understanding with the regulators of other countries, in particular:

  • The Memorandum of Understanding and Exchange of Information between the NSSMC of Ukraine and the Capital Markets Council of Turkey
  • The Memorandum of Understanding on information exchange between the NSSMC of Ukraine and the Financial Supervision Authority of the Arab Republic of Egypt
  • The Memorandum of Understanding between the NSSMC of Ukraine and the Securities and Commodities Authority (United Arab Emirates) on assistance and mutual cooperation
  • The Memorandum of Understanding between the NSSMC of Ukraine and the Securities Regulatory Commission of the People’s Republic of China on cooperation in the field of securities regulation
  • The Memorandum of Understanding between the NSSMC of Ukraine and the Securities Commission of the Hashemite Kingdom of Jordan
  • The Memorandum of Understanding between the NSSMC of Ukraine and the National Bank of Georgia
  • The Memorandum of Understanding on Information Exchange and Securities Activity Supervision between the NSSMC of Ukraine and the National Securities Commission of Romania
  • The Memorandum of Cooperation between the NSSMC of Ukraine and the State Service for Financial Market Regulation and Supervision under the Government of the Kyrgyz Republic
  • The Memorandum of Cooperation between the NSSMC of Ukraine and the National Commission of Financial Market of the Republic of Moldova
  • The Memorandum of Understanding between the NSSMC of Ukraine and the Central Bank of the Republic of Armenia
  • The Memorandum of Understanding and Information Exchange between the NSSMC of Ukraine and the State Securities Committe of the Republic of Azerbaijan
  • The Memorandum of Understanding between the NSSMC of Ukraine and the Committee of the Astana International Financial Centre on the regulation of financial services in relation to securities and regulatory cooperation in relation to futures (AFSA) (Kazakhstan)
  • The Memorandum of Understanding between the NSSMC of Ukraine and the Financial Regulation and Supervision Authority of Malta
  • The Memorandum of Understanding between the NSSMC of Ukraine and the State Securities Commission of Vietnam
  • Memorandum of Understanding between the National Securities and Stock Market Commission and the Croation Financial Services Supervisory Agency on technical cooperation regarding the regulation and supervision of their respective non-banking financial markets
  • Memorandum of Understanding between the National Securities and Stock Market Commission (NSSMC) and the Securities Market Authority (CNMV) of the Kingdom of Spain on mutual assistance and cooperation.

The Technical Assistance and Information Exchange Tool (TAIEX) is an instrument of the Directorate General for Enlargement of the European Commission. TAIEX helps countries in the process of approximation, application and implementation of EU legislation.

The main tasks of TAIEX are:
• provision of short-term technical assistance and advice on the implementation of EU legislation in the national legislation of the beneficiary countries and on the appropriate management, implementation and implementation of such legislation.
• technical training and preliminary assistance to partners and stakeholders of beneficiary countries;
• Information mediation, which involves the collection of information and its availability;
• Providing database tools to simplify and monitor progress in the approximation and definition of technical assistance needs.

The use of external assistance of the European Commission in the framework of TAIEX in Ukraine is carried out in accordance with the Procedure for preparation and implementation of the plan for attracting external assistance of the European Commission within the framework of TAIEX, approved by the Cabinet of Ministers of Ukraine from April 9, 2008, No. 316.

In accordance with the above Procedure, the Ukrainian part of the Committee on cooperation between Ukraine and the European Communities twice a year considers and approves the Plan for attracting external assistance of the European Commission within the framework of TAIEX.

The TAIEX tool provides the following services:
– providing experts to beneficiary countries as advisers on the drafting of legislative and interpretative acquis communautaire;
– Study visits enabling civil servants from the beneficiary country to study the Member State’s experience in addressing practical issues related to the implementation and enforcement of the acquis communautaire and interaction with stakeholders;
– Organizing and conducting seminars and workshops to present and explain aspects of the acquis communautaire to a wider audience.

The official website of the Center for Adaptation of the Civil Service to the standards of the European Union hosts and constantly updates the news related to the use of the European Commission’s external assistance within the framework of TAIEX in Ukraine.

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