Integration of the capital markets infrastructure: NSSMC and EBRD held a joint meeting

A meeting was held between representatives of the NSSMC and international partners from the European Bank for Reconstruction and Development (EBRD), where in the focus of discussion were the integration of the capital market systems and services and priorities for the development of the Ukrainian financial market.

In particular, the meeting was attended by Melis Ekmen Tabojer, EBRD Managing Director for Policy, Strategy and Delivery, Natalia Nakonechna, EBRD Principal II, Institutional Capacity and Delivery, Competitiveness and Economic Governance, and, on the Ukrainian side, – Ruslan Magomedov, Chairman of the Commission, the Commissioners, senior management of the Commission’s Office, and heads of its several structural subdivisions.

During the discussion, its participants reviewed the progress of the implementation of the EBRD’s initiative to integrate the capital markets infrastructure, in particular, projects to reform legislation and the current regulatory framework.

NSSMC representatives shared their views on the key issues and challenges arising in the process of implementing these reforms, and outlined possible ways to overcome them in order to improve the effectiveness of regulation and to align standards with international practices.

Ruslan Magomedov noted that one of the main tasks of the Commission is to attract more investors to the Ukrainian capital market, as currently there are still few active participants, and this situation does not match our country’s potential.

“We want to make investing accessible, understandable, and profitable for businesses and citizens. The initiative of individual investment accounts, which is common practice in the EU, will stimulate investment in the domestic market and, in the future, will come hand-in-hand with tax incentives. This will help to boost investment, strengthen confidence in the financial system, and create conditions for business development and growth in citizens’ savings. That is a big step towards a mature and stable capital market in Ukraine,” he pointed out.

Special attention was paid to other priority areas of cooperation: the development of covered bond and securitization instruments, the introduction of ESG bond regulation, and the approximation of legislation to EU law.

There was also an open discussion of the Commission’s strategic objectives aimed at stimulating long-term market growth, in particular through the creation of mechanisms to encourage the issuance of domestic local bonds and initial public offerings (IPOs).

The NSSMC emphasizes the importance of its partnership with the EBRD and views this meeting as another step toward strengthening cooperation in the development and improvement of Ukraine’s financial market.