EU Financial Services Program goes beyond: graduation of experts is only the start of their cooperation Event Date: 24.11.2017

GIZ FR wrap-up on Biteable.

During  final workshop on 24.11 on implementing the EU Acquis on financial services  we broadened our work scope beyond the previously discussed EU directives.

Together with Ms. Ana Šabić (Croatian National Bank) we intensively worked on the new and upcoming changes for the Economic and Monetary Union. All participants reviewed the provisions on the Central Bank’s independence which is key to price stability and reliability.

“During the Program, representatives of various financial market regulators have united in one strong team for the comprehensive and full implementation of the Association Agreement between Ukraine and the EU in the area of financial services”, – underlined Volodymyr Kuchyn, Head of European Integration and International Programs division of the National Bank of Ukraine.

However, when it comes to implementing the EU-UA Association Agreement joint forces and coordination of the legal alignment procedures are needed. After a simulation led by Ms. Anne Bercio, team leader of the Capacity Development on EU Association from the Institute for European Policy (Berlin) one of the outputs of the GIZ Training series for financial regulators was presented: a sound coordination scheme for all Ukrainian stakeholder on Chapter 6 of the DCFTA financial services implementation!

The second day of the training emphasized on current efforts of the NBU to align with the EU’s legislation on Anti-Money Laundering. Together with Ms. Marcela Kir (Croatian National Bank) participants continued the preparation for a timely transposition and implementation of the AML Directive.

The training concluded with the group presenting main take-aways to NBU EU department presented by Ms. Lyudmila Labur (GIZ EU Trainer Alumna) and Mr. Volodymyr Kuchyn and Ms. Olga Stefanishyna (Director, Government Office of European and Euro-Atlantic Integration).

Additional information

 Since September 2017, Reform Advisory Fund Project, implemented by GIZ on behalf of the German Government, in cooperation with the Institute for European Politic (IEP), Berlin, has conducted the EU Financial Services Program on a request of the National Bank of Ukraine. The group of 22 people, coming from the NBU, National Securities and Stock Markets Commission, National Commission for Regulation of Financial Services Markets, Deposit Guarantee Fund, Ministry of Finance and Government Office of European Integration, broadened its EU horizontal skills and created transposition tables for selected directives and scenario to effectively coordinate EU affairs in the field of financial services in Ukraine.