The Ukraine National Commission on Securities and Stock Market published the outcome of talks with Spain's CNMV, setting out a shift from political dialogue to practical cooperation on capital market development. The regulators agreed to deepen technical cooperation, work jointly on regulatory solutions, support the implementation of European standards in Ukraine and develop pathways to attract international capital for Ukraine's reconstruction. The cooperation will center on CNMV technical support for implementing European legislation, drafting secondary regulation and sharing supervisory experience. A key area is a possible Ukrainian regulatory sandbox, with separate technical cooperation agreed on how to apply a model similar to Spain's. The discussions also covered digital capital markets, distributed ledger technology and implementation of the Markets in Crypto-Assets Regulation, with CNMV offering expert consultations and practical experience on new European rules. Ukraine also presented potential investment areas including defense industry, energy infrastructure recovery, securitization and other financing tools that could support long-term reconstruction funding. As a next step, the two sides agreed to prepare a joint work plan for 2026 to 2027 covering priority areas, the schedule for technical consultations and joint projects. They will also consider signing a separate memorandum of cooperation between the regulators.

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