In 2020, the NSSMC has been working with following projects of the international technical assistance:
- 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.
- 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,.
- 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.
- Support to Financial Sector Reforms in Ukraine project of the European Bank for Reconstruction and Development (EBRD)
In the first half of 2020, the Support to Financial Sector Reforms in Ukraine Project continued its work. It aimed at supporting the Project Office for Support of Financial Sector Reform at the NSSMC. The Project Office is an advisory body to the NSSMC, established to ensure the proper organization and coordination of reforms, in particular to plan relevant activities, monitor and analyze the status of their implementation.
The result of the project implementation is the promotion of implementation of the Comprehensive Program for the Development of the Financial Sector of Ukraine until 2020.
The Project activities were aimed at creating a healthy investment climate and promoting environmentally and socially healthy and sustainable development.
On June 30, 2020, the project was completed.
Work of NSSMC with the international technical assistance project in 2020