Enhancing international cooperation: NSSMC and BaFin signed a Joint Declaration on Assistance and Mutual Cooperation

The National Securities and Stock Market Commission (NSSMC) and the Federal Financial Supervisory Authority of Germany (BaFin) have signed a Joint Declaration on Assistance and Mutual Cooperationn, which provides for the exchange of information and mutual assistance in conducting investigations.

«Our German colleagues continue to support Ukraine in various fields. Today’s Joint Declaration on Assistance and Mutual Cooperation is another step towards development for the Ukrainian capital market and its regulator, as we have gained a strong and professional partner. I am confident in the effective results of our joint work for the economic future of the Ukrainian people,» said the Chairman Ruslan Magomedov.

The partners plan to cooperate in the following areas:

• Financial reporting requirements;
• Alternative funds;
• Non-governmental pension funds;
• Fraud prevention;
• Supervision of virtual assets;
• Financing construction and investment funds in the construction sector.

Reference Information.

BaFin supervises banks, payment institutions, insurers, pension funds, German asset managers, German funds and further financial institutions. BaFin’s solvency supervision activities help, for example, to counteract risks to the assets entrusted to institutions. In addition, BaFin’s market supervision aims to safeguard fair and transparent conditions in the markets and to ensure collective consumer protection. Another part of BaFin’s mandate is to prevent the financial system from being misused for money laundering or terrorist financing purposes. BaFin has also been Germany’s national resolution authority (NRA) since 1 January 2018.