Ukraine's National Securities and Stock Market Commission has provided an update on a study visit to Germany's Federal Financial Supervisory Authority (BaFin), focused on detecting market abuse and financial fraud and applying European trading transparency and reporting rules. The practical sessions examine how regulators turn suspicious trading signals and market data into investigations, supervisory decisions and enforcement action. The delegation is examining BaFin's handling of abnormal trading activity and suspicious transaction reports, including live trading surveillance and investigations into manipulation across trading venues and asset markets. Discussions on illegal financial activity address the detection of unauthorized market participants, cloned firms and fraudulent websites using online advertising, investor complaints and other information sources. Related sessions cover supervision of financial influencers and cryptoassets, schemes spanning jurisdictions, and cooperation with law enforcement. Work with Deutsche Börse covers trading surveillance, manipulation detection and transaction reporting requirements. The European rules component examines practical application of the Markets in Financial Instruments Regulation (MiFIR), including pretrade and posttrade transparency, transaction reporting, reporting service providers and data transmission to European supervisory systems. The visit forms part of a partnership established in June 2024 and expanded in June 2026 to include greater use of data in supervision, among other areas. The commission plans to use the experience to develop its supervisory methods and further align Ukrainian capital markets regulation with European standards.

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