NSSMC and BaFin: Ukrainian and German financial regulators deepen partnership

National Securities and Stock Market Commission (NSSMC) and the Federal Financial Supervisory Authority (BaFin) will cooperate more closely in the future. On June 17, 2024, BaFin President Mark Branson and NSSMC Chairman Ruslan Magomedov signed a memorandum of administrative partnership in Germany. Thus, the two supervisory authorities are deepening their cooperation, which they announced earlier this year.

As part of the memorandum, BaFin will support NSSMC in the adoption of European legislation, the so-called acquis communautaire. «There is great trust between our teams, and today we are working together very successfully. With the Administrative Partnership, we are taking the next step and emphasizing that we want to work closely together in the long term, especially with Ukraine’s eventual accession to the EU in mind», Branson said.

«We are grateful to our colleagues at BaFin for their strong support and belief in the development of capital markets for the sake of our country’s early European integration. I am confident in the effective and quick results of our joint work», emphasized Ruslan Magomedov.

The solemn signing of the Memorandum of Partnership took place as part of a training session attended by representatives of the NSSMC. The memorandum was previously agreed upon by the Ukrainian and German sides.

The program also included consideration of the following issues: European regulation of investment funds, digital asset funds in accordance with UCITSD, AIFMD, MiCAR, pensions, bonds, and virtual assets. In the coming months, the two agencies are also planning, among other things, to hold joint webinars on certain specialized topics.