Financial market supervision – close cooperation between Germany and Ukraine in future

NEWS
Published
Apr 1st '24
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The Federal Financial Supervisory Authority (BaFin) and the Ukrainian National Securities and Stock Market Commission (NSSMC) plan to work together closely in future. A joint online workshop on the topic of virtual assets on 30 January marked an important milestone in their cooperation.

 

“We are looking forward to cooperating closely with our partner authority in Ukraine,” explained Rupert Schaefer, Chief Executive Director of Strategy, Policy and Control at BaFin. “We want to give the Ukrainian supervisors the best support possible and share our supervisory experience of the EU legal framework. It is also just as important for us to learn from our colleagues there”.

 

The agenda for the first joint workshop focussed on fundamental questions about virtual assets with an emphasis on operational supervisory experience. A legislative procedure regarding the treatment of investments in cryptoassets is currently underway in Ukraine. Last year, the Markets in Crypto Assets Regulation (MiCAR) entered into force in the European Union (EU).

 

Long-term partnership

BaFin and the NSSMC wish to continue working together over the long term on the basis of a declaration of cooperation. The envisaged collaboration will extend to all important subject areas of financial supervision.

 

Such cooperation between the two supervisory authorities will also represent a tangible result of the Joint Declaration of Intent on Strengthening Cooperation between the Federal Ministry of Finance of the Federal Republic of Germany and the Ministry of Finance of Ukraine, which was signed by the Federal Minister of Finance Christian Lindner and his Ukrainian counterpart Sergii Marchenko in August 2023.

 

Source: BaFin

 

About the National Securities and Stock Market Commission

NSSMC is the regulator of capital markets in Ukraine and has the authority over investment firms, various trading venues, investment and pension funds and their asset management companies, as well as over central securities depositories, central counterparties and other representatives of financial market infrastructure.

 

About Bafin

BaFin is Germany’s integrated financial regulatory authority. Since 2014, it has been Germany’s national competent authority within European Banking Supervision. It is an independent federal institution and falls under the supervision of the Federal Ministry of Finance.