The Ukraine National Commission on Securities and Stock Market and the European Securities and Markets Authority have agreed practical areas of cooperation to align Ukraine’s capital markets regulation and supervision with European Union requirements. Building on earlier consultations, they will prepare for a gradual transition to the EU supervisory model, under which ESMA will assume some functions after Ukraine joins the bloc, including the authorization and supervision of credit rating agencies. The authorities will explore involving commission representatives in selected meetings of ESMA standing committees before accession, particularly those covering financial innovation and investment funds. ESMA is also prepared to provide expert consultation on regulation, supervisory practices, EU technical standards and guidelines. Discussions will continue on a potential memorandum of understanding, although its format, content and timing remain subject to agreement.

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