Eurointegration is the main foreign policy priority of Ukraine, and further development and deepening of relations between Ukraine and the EU is carried out on the principles of political association and economic integration.

The main strategic documents in this area are the Association Agreement between Ukraine and the EU, the Free Trade Agreement between Ukraine and the EU.

In 2016, the Commission participated in events aimed at further implementation of the European integration processes in Ukraine, implementation of the Plan of Implementation of the Association Agreement between Ukraine and the EU for 2014-2017 (Action Plan), the Implementation Plan of the EU Legislation, the Association Agenda Ukraine – EU (PDA). In particular, representatives of the Commission worked as part of the Cluster I (macroeconomic cooperation, public finance management: budget policy, internal control and external audit, statistics, accounting and auditing, anti-fraud) Subcommittee on Economics and other sectoral cooperation of the Association Committee between Ukraine and the EU .

The Commission is the responsible executor of certain measures on the implementation of EU acts in accordance with the Action Plan approved by the CMU Resolution No. 847-r of 17.09.2014 “On the Implementation of the Association Agreement between Ukraine and the European Union, the European Atomic Energy Community and their respective countries the member states, on the other hand “. Annexes to Sections IV “Trade and Trade-related Issues” and V “Economic and Industrial Cooperation” Agreements also contain 58 EU acts to be implemented by the Ukrainian side and fall within the competence of the Commission.

Since September 26, 1996, the Commission is a permanent member and sole representative of Ukraine in the International Organization of Securities Commissions (IOSCO).

IOSCO has united over 180 regulatory authorities from around the world to collaborate, share information, co-develop the best standards for securities markets regulation, and further implement them on national markets of member countries.

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

The Commission has worked fruitfully in recent years to harmonize national legislation in accordance with international standards, and in particular the IOSCO Principles, in order to join Ukraine in the Multilateral Memorandum of Understanding on Advice, Collaboration and Information Exchange between the International Organization of Securities Market Regulators (IOSCO MMoU).

Accession to this Multilateral Memorandum is foreseen by the Coalition Agreement and the Comprehensive Program for the Development of the Financial Sector of Ukraine until 2020.

Ukraine became a member of the IMF in accordance with the Law of Ukraine “On Ukraine’s Accession to the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, the International Development Association and the Multilateral Investment Guarantee Agency” dated June 3, 1992.

Since 1994, Ukraine has begun active cooperation with the IMF, using its financial and technical resources to achieve macroeconomic stabilization and create the necessary prerequisites for economic reforms.

Cooperation was mainly carried out within the framework of the implementation of 8 joint programs – STF (System Transformation Loan), Stand-By (Stabilization Loan), Extended Financing Mechanism (Loan for Development Support), Warning Stand-By.

In 2012-2014, relations with the IMF were suspended. In February 2014, the Government of Ukraine appealed to the IMF to start a negotiation process on the preparation of a new loan agreement between the Fund and Ukraine.

April 30, 2014 The IMF Board of Directors approved a new joint stand-by program for the next 2 years in the amount of $ 17.1 billion. The United States, of which four tranches were received in 2014, in May at $ 3.2 billion. The US and in September in the amount of 1.4 billion dollars. USA.

In January 2015, an agreement was reached to expand Ukraine’s financial support by replacing the existing stand-by program of the IMF with the Extended Fund Facility (EFF) long-term program.

On March 11, 2015, the IMF Board of Directors decided to move to the long-term extended lending program (EFF) and allocate $ 17.5 billion to Ukraine. USA. This 4-year program envisages financing of measures for economic and financial stabilization of Ukraine.

As part of the implementation of economic reforms, the IMF experts provided significant assistance to the securities market regulator of Ukraine – the NCSSMF. In particular, during 2015-2016, the experts of the IMF technical assistance mission worked systematically at the NCSSF on the basis of the NCSSMF, analyzing the regulator’s activity, examining the systemic problems of the Ukrainian securities market, and evaluating draft legislative changes that were prepared with the participation of the Commission.

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.

  1. 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.

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Work of NSSMC with the international technical assistance project in 2020

The Commission for the purpose of establishing cooperation, combating the abuse of capital markets, which has become international, has concluded Memoranda of Understanding with regulators of other countries, in particular:

  • Memorandum of Understanding between the NCSSMF and the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic
  • Memorandum between the NCSSMF and the Office for Securities and Commodities (United Arab Emirates) on assistance and mutual cooperation
  • Memorandum of Understanding between the NCSSMF and the Securities Regulatory Commission of the People’s Republic of China
  • Memorandum of Understanding between the NCSSMF and the Jordan Securities Commission
  • Memorandum of Understanding between the NCSSMF and the Ministry of Finance of the Republic of Belarus

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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