IEP trains National Bank of Ukraine and the country’s financial regulators on EU-Ukraine association

The project “EU Associ­ation for Ukrainian Financial Regulators” is dedicated to strength­ening the EU-Ukraine cooper­ation in the field of financial services as well as raising the EU coordi­nation capac­ities of the National Bank of Ukraine and other financial regulators of the country. The first two workshops of the training series took place in Kyiv between 22–23 September and 6–7 October.

A compre­hensive coordi­nation of EU affairs in the field of financial services is of utmost impor­tance for market access to the EU single market. Products can move freely between associated countries and the EU and so should the services.

That is why the training series devised and imple­mented by the Capacity Devel­opment Team of the Institute for European Politics concen­trates on major EU direc­tives regulating the financial services sector which were imple­mented after the last global financial crisis.

Trans­po­sition of these EU regula­tions into the Ukrainian legis­lation is foreseen by the EU-Ukraine Associ­ation Agreement. Imple­menting EU legis­lation is expected to increase the protection of Ukrainian customers and to strengthen the country’s financial system, including banking and insurance sectors, securities and investment funds as well as the financial infra­structure as such.

The imple­men­tation of such extensive legislative acts requires cooper­ation between main stake­holders in the financial sector – primarily the National Bank of Ukraine and other regulatory insti­tu­tions – and in the EU coordi­nation, e.g. the Government Office for European Integration. Thus one of the main project goals is to establish a necessary coordi­nation platform between them.

In the first two trainings the partic­i­pants learned more about EU coordi­nation theory as well as legal harmon­i­sation of EU legis­lation and mapped relevant stake­holders in the Ukrainian context. Financial officials from Serbia and Croatia delivered workshops on the Anti-Money Laundering Directive (AML) and Capital Require­ments Directive and Regulation (CRD IV package). They also shared their experience and best practices of imple­menting EU legis­lation as EU-associated country.

The “EU Associ­ation for Ukrainian Financial Regulators” training series is developed and imple­mented by the Capacity Devel­opment Team of the Institute for European Politics for GIZ Ukraine on behalf of the German government.


Images