The Ukraine National Commission on Securities and Stock Market said it had taken part in consultations with the European Securities and Markets Authority on strengthening cooperation and aligning Ukrainian securities regulation with European rules. The discussions also covered a gradual path for Ukraine’s integration into ESMA rather than waiting for full legislative harmonisation to be completed. Key topics included the European Union framework for credit rating agencies, the possibility of the Ukrainian commission obtaining observer status at ESMA, and the potential signing of a memorandum of understanding between the two sides. The talks also examined Ukraine’s participation in selected ESMA workstreams on a phased basis as regulatory requirements are met.