In Ukraine, Human Dynamics is working with the primary regulators of Ukraine’s financial markets — the Ministry of Finance (MoF), National Bank of Ukraine (NBU), National Commission for the State Regulation of Financial Services Markets (NCRFSM), and National Securities and Stock Market Commission (NCSSM) — to enhance their capacity and capability to manage the financial sector.
In this context, the Project team are working to filling crucial gaps in respective policies, regulations and practices. These include: introducing financial reporting standards according the XBRL taxonomies; enhancing NBU statistics in line with European Central Bank (ECB) standards and used by other EU central banks; Introducing and preparing Ukraine’s financial regulators, particularly the NCSSM and NCRFSM, to implement ‘consolidated supervision’ in line with EU standards and practices; developing the NBU’s capacity to perform macro-prudential supervision, including the application of counter-cyclical and systemic risk macro-prudential tools consistent with international standards and ECB guidance; and assisting the NBU with its implementation of Basel 2/Pillar 2 (Supervisory Review) of the international capital accord for bank capitalisation.
This will also provide a firm foundation for the implementation of macro and micro-prudential standards and regulation. With an understanding of the industry and the broader economy, the Ministry of Finance will be better able to set policy and risk levers.