On June 19, the Third Steering Committee Meeting of the EU Project “Strengthening the Regulation and Supervision of the Non-bank Financial Market” (EU-FINREG) took place in Kiev.
EU-FINREG team of experts presented the Third Interim Report that covered the project implementation phase from December 2018 to May 2019. In the reported period, the team of experts focused on supporting the Ukrainian beneficiaries with gap analysis of new regulations and draft laws, as well as trainings for financial market professionals. The experts presented key deliverables along with planned activities and highlighted the risks for achieving results within planned timeframe.
Specifically, EU-FINREG assisted with drafting and analysing the new Ukrainian insurance legislation that will comply with Insurance Distribution Directive (IDD); the Law relating to Undertakings for Collective Investments in Transferable Securities (UCITS) and Alternative Investment Funds Managers (AIFM); gap analysis of the existing Ukrainian Prospectus Regulation to the related EU regulation; review of draft Law on Credit Unions. The project team also organized a series of training workshops for the staff of National Securities and Stock Market Commission (NSSMC).
Mr. Maxim Libanov, the NSSMC Commissioner, highly appreciated the role of EU-FINREG in the process of Ukraine’s financial services market reform reforms and pinned hope on a possibility of the project’s extension after its actual deadline in November 2020.
Ms. Olga Gurbich, Commissioner of the National Commission for the State Regulation of Financial Services Market, stressed that cooperation with EU-FINREG team was instrumental for drafting a high quality regulation to comply with Solvency II Directive.
Mr. Serhiy Shatskiy, Project Manager on Payment Systems and Innovations of the National Bank of Ukraine, appreciated the project support with the review of Ukrainian laws and regulations in the field of payment systems with regards to the EU PSD.
Ms. Mira Eric-Jovic, Team Leader of EU-FINREG, expressed her gratitude to the beneficiaries for good cooperation and mutual trust which was a precondition for successful implementation of the project.
As a result of the meeting, the Third Interim Report was adopted and the beneficiaries agreed to provide letters to the EU Delegation requesting the project’s extension.