Commission`s Opinion – EU acquis Chapter 9

Some level of preparation (2)

Ukraine has some level of preparation in financial services. Overall, it has approximated part of its legislation to the EU acquis, based on the EU-Ukraine AA/DCFTA. The NBU follows the recommendations of the Basel Committee on banking supervision and the EU’s regulatory and supervisory framework. Thanks to reform efforts since 2014, the banking sector has shown itself to be resilient, and the financial sector has remained broadly stable in times of crisis. In terms of financial market infrastructure, the main EU acquis is in place, and implementation of additional laws is still ongoing. Further alignment with EU rules is needed in the areas of bank regulation and supervision, recovery and resolution, insurance markets, pensions and the supervision of capital markets. Overall, insurance and capital markets remain underdeveloped.