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.