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 2016, the NCSSF carried out activities for the attraction of international technical assistance in the framework of the following projects:

Technical Assistance Project of the European Union “Technical Assistance on Priority Areas of the Financial Sector”

Within the framework of the project, measures were taken to eliminate the most significant gaps in the financial services sector of Ukraine, in particular:

  • Strengthening of the current normative principles of financial reporting for all regulators of the financial sector in Ukraine;
  • approximation of Ukrainian accounting legislation to the requirements of the Council of Europe Directives;
  • introduction of compensation schemes for investors on the Ukrainian securities market.

“International Partnerships for Financial Stability” (IP-FSS), USAID

In 2016, an active interaction with the Project took place within the framework of the Memorandum of Cooperation between the NCSSMF and the USAID Technical Assistance Program “International Partnerships for Financial Stability”, the IP-FSS Project.

Within the framework of the IP-FSS Project, low-level events were held, in particular, the visit of the representatives of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission (U.S. Commodity Futures Trading Commission) was organized.

The purpose of the visit was to discuss issues of effective oversight of capital markets, including compliance with legislation, inspections, civil / administrative enforcement of securities legislation in Ukraine, and also discussed the issue of improving the system for bringing normative and regulatory acts on supervision and control the financial sector in accordance with best international practices.

The IP-FSS project was completed on December 31, 2016.

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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