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Strengthening the regulation and supervision of the non-bank financial market

Project Description
EU-FINREG project aims to assist the Ukrainian authorities in strengthening the regulatory framework and supervision practices for securities and investment business, insurance, pensions, non-bank credit institutions, non-bank payment institutions and other non-bank financial services. This will support Ukraine in building a sound regulatory environment for non-bank financial services, which will ensure fair and efficient markets, protect consumers and promote market development, thereby contributing to sustained economic growth.
Specific Objective
To build a sound regulatory environment for non-bank financial services, which will ensure fair and efficient markets, protect consumers and promote market development, thereby contributing to sustained economic growth.
Expected Results
The main required results to attain the Project objectives are as follows.

Result 1. A legal framework that approximates to EU standards and best practices in a broad range of financial services, including securities and investment business, fund management, insurance and non-state pension funds provision, leasing and factoring services, and non-bank credit institutions
- Delivered through Component 1: Insurance
- Delivered through Component 2: Investment Funds / collective investment schemes
- Delivered through Component 3. Securities issuance: transparency and disclosure
- Delivered through Component 4: Securities and investment firms: capital requirements
- Delivered through Component 5: Non-state pension funds
- Delivered through Component 6: Non-bank credit institutions, including credit unions
- Delivered through Component 7: Non-bank payment systems and institutions
- Delivered through Component 8: Other non-bank financial services, incl. leasing and factoring
- Delivered through Component 9: Regulatory powers and enforcement capabilities

Result 2. Solvency standards and market entry rules for non-bank financial institutions defined and applied
- Delivered through Component 1: Insurance
- Delivered through Component 5: Non-state pension funds

Result 3: Strengthened capacity of regulatory authorities to apply legislation, and associated rules, norms, etc., using appropriate methods, tools and guidance
- Delivered through Component 1: Insurance
- Delivered through Component 2: Investment Funds/collective investment schemes
- Delivered through Component 3. Securities issuance: transparency and disclosure
- Delivered through Component 4: Securities and investment firms: capital requirements
- Delivered through Component 5: Non-state pension funds
- Delivered through Component 6: Non-bank credit institutions, including credit unions
- Delivered through Component 8: Other non-bank financial services, incl. leasing and factoring
- Delivered through Component 9: Regulatory powers and enforcement capabilities
- Delivered through Component 10: Statistical framework for securities

Result 4: Enhanced supervision in practice (evidence of significant on-site and off-site supervision).
- Delivered through Component 1: Insurance
- Delivered through Component 5: Non-state pension funds
- Delivered through Component 9: Regulatory powers and enforcement capabilities
- Delivered through Component 10: Statistical framework for securities

Result 5: Appropriate levels of monitoring and enforcement
- Delivered through Component 1: Insurance
- Delivered through Component 4: Securities and investment firms: capital requirements
- Delivered through Component 10: Statistical framework for securities

Result 6: Greater transparency in all key areas
- Delivered through Component 1: Insurance
- Delivered through Component 3. Securities issuance: transparency and disclosure
- Delivered through Component 5: Non-state pension funds

Result 7: A cleaner market, reflected in consolidation of non-bank financial institutions, the departure of unviable institutions from the market and new investment opportunities
- Delivered through Component 1: Insurance
- Delivered through Component 2: Investment Funds / collective investment schemes
- Delivered through Component 3. Securities issuance: transparency and disclosure
- Delivered through Component 4: Securities and investment firms: capital requirements
- Delivered through Component 9: Regulatory powers and enforcement capabilities

Result 8: An efficient mechanism for withdrawal of insolvent companies ("companies-violators") from the market taking into account consumer protection
- Delivered through Component 1: Insurance
- Delivered through Component 2: Investment Funds/collective investment schemes
- Delivered through Component 3. Securities issuance: transparency and disclosure
- Delivered through Component 4: Securities and investment firms: capital requirements
- Delivered through Component 9: Regulatory powers and enforcement capabilities
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PROJECT DETAILS
Ukraine
Priority Area:
Partnership that creates
Subsector:
Economy & trade
Topic:
Business
Project Status:
Ongoing
Start Date:
17.11.2017
End Date:
16.01.2023
Implementing Organisation:
DAI Global Austria GmbH & Co KG
Funding by the EU:
€4 528 000
EU Project Number:
385-767; 421-310

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