Ukraine and ESMA Agree on Cooperation Ahead of EU Membership

Ukraine and the European Securities and Markets Authority (ESMA) have outlined areas of cooperation ahead of the country's accession to the European Union. The parties will prepare for a transition to the European model of supervision, where some functions of the National Securities and Stock Market Commission (NSSMC) will be performed by ESMA. The agreements were reached during a meeting in Paris. Ukraine will adapt its capital market regulations to EU requirements, including changes in the distribution of powers after accession. Following accession, the authorization and oversight of credit rating agencies will be carried out by ESMA. The parties agreed to prepare for the transition to avoid disruptions in supervision. The NSSMC may participate in ESMA's expert work prior to accession, which will allow for the presentation of Ukrainian regulatory developments and the receipt of feedback from ESMA and EU regulators. ESMA is ready to conduct consultations on regulation and supervision. Work is also ongoing on a memorandum of understanding that defines the areas of cooperation until Ukraine joins the EU. Recently, the NSSMC approved steps to align with OECD standards in corporate governance.

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