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(Technical Assistance in Financial Sector's Priority Areas, Ukraine)

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Project Beneficiaries:

Ministry of Finance



The Project is funded
by the EU:

The Project is implemented
by consortium led by
Human Dynamics:

Project Overview

EU Financial Sector Assistance Program

Ukraine’s recent history is marked by substantial economic and political turbulence which has resulted in a challenging environment on many fronts, including adverse impacts to Ukraine’s economy and its financial system. Today, the Government leading Ukraine has chosen a European path, as illustrated by the signature of the Association Agreement with the European Union. In the context of the Association Agreement, the European Union has recognized the importance of supporting reforms, including reforms affecting Ukraine’s financial services sector. Reforms being supported by the EU project are strengthening financial sector regulation and supporting changes, which, when implemented, will bring Ukrainian financial services in line with European and international standards and facilitate integration with European markets and enable increased cross-border trade and commerce. The primary result expected from EU financial sector assistance is a stronger, more transparent financial system which is better equipped to finance sustainable economic growth and provide equitable access to financial services among Ukraine’s citizens and business enterprises, including micro and small-to-medium size companies.

Today, financial sector reforms are at different stages, with banking reform more advanced than other subsectors. EU assistance is supporting the Ministry of Finance, the National Bank of Ukraine, the National Commission for Securities and Stock Markets, and the National Commission for the Regulation of the Financial Services Market as they fill crucial gaps in policies, regulation and supervisory & transparency practices which must be present in a modern, competitive financial services sector. EU project experts work with the Beneficiaries to:

  • Implement internationally-recognized financial reporting data taxonomies enabling comparisons (i.e. domestic and cross-border) and increasing financial transparency into financial firms and other commercial enterprises using public markets to finance their operations;
  • Enhance the National Bank of Ukraine’s framework for statistics (i.e. financial and monetary) to approximate to guidance elaborated and implemented by the European Central Bank;
  • Implement Consolidated Supervision for financial firms based on best European Union practices and standards outlined by relevant European authorities (i.e. the European Banking Authority, the European Securities and Market Authority, the European Insurance and Occupational Pensions Authority, as well as the European Central Bank);
  • Develop National Bank of Ukraine’s capacity as the financial stability supervisor to assist in developing instruments and implementing strategies for interventions to manage and mitigate systemic risk(s).
  • Support the National Bank of Ukraine in implementing the environment needed to enable and control the free flow of capital without adverse impacts to macroeconomic or financial stability;
  • Support the Ministry of Finance in strengthening the organisational set-up and regulatory framework for the audit profession approximating to European Union best practices and to international standards (Directive 2014/56/EU, Regulation 537/2014, and IAASB standards);
  • Support the Ministry of Finance’s updates to Ukrainian accounting standards for annual and consolidated accounts of companies to implement Ukraine’s new accounting legislation which approximates to the European Union’s 2013 Accounting Directive (2013/34/EU);
  • Support the implementation of an investor compensation scheme for Ukraine’s securities market that approximates to 97/9/EC; and
  • Assist the National Bank of Ukraine in enhancing its regulatory framework by Basel II/Pillar 2 implementation (Directive 2013/36/EU-CRD IV, Regulation [EU] 575/2013-CRR).

Collectively, the areas of assistance being provided by the EU support the implementation of the Association Agreement and contribute to longer-term goals for achieving an integrated, open, inclusive, competitive and an efficient unified financial market in Ukraine.

Information materials on the implementation of FRS in Ukraine using IFRS XBRL Taxonomy
Video News
Timur Khromaev, NSSMC Chairman, in Financial Week TV Program
Reforms in the field of accounting and auditing in Ukraine (in Ukrainian)
First Professional Forum of Auditors "European Future of Auditing Services"
FINREP II: Pilot project for mapping IFRS taxonomies
Reform of the Audit Profession in Ukraine
Pension Reform in Ukraine
The Financial Times: Vadim Khramov on Ukraine (Bank of America Merrill Lynch)
UT Interview: Should Ukraine's Donbas region obtain special status?
Financial Week Interview with Timur Khromaiev, Chairman of the Securities Commission of Ukraine
Video News Archive
Materials of the Audit Reform Conferences
Materials of the Conference about Reforms in the Field of Accounting and Auditing in Ukraine that Took Place in Kyiv on April 13, 2016