The European Union is supporting Ukraine in building a sound regulatory environment for non-bank financial services. Specifically, it contributes to ensuring operational independence and enforcement powers of the National Securities and Stock Market Commission (NSSMC) through the EU-funded project "Strengthening the Regulation and Supervision of the Non-Bank Financial Market" (EU-FINREG).
On the 13th of September, the EU-FINREG team launched a series of trainings for the NSSMC staff, as well as non-banking financial market professionals. The trainings will be instrumental to improve an understanding of functioning of the capital market, its organisation and instruments.
About 180 participants will be trained during the sessions, which will take place in Lviv, Kharkiv, Odesa and Kyiv through September-November 2018.
A part of the comprehensive non-banking sector reform, NSSMC will become responsible for the supervision of private pension funds, issuers of mortgage certificates, funds for construction financing and real estate funds.
Launched in November 2017, the EU-FINREG project aims to assist the Ukrainian authorities in strengthening the regulatory framework and supervision practices for securities and investment business, insurance, pensions, non-bank credit institutions, non-bank payment institutions and other non-bank financial services.
This will support Ukraine in building a sound regulatory environment for non-bank financial services, which will ensure fair and efficient markets, protect consumers and promote market development, thereby contributing to sustained economic growth.