The NSSMC and NEURC signed an agreement on joint supervision of the energy market

On April 03, 2024, Chairman of the National Securities and Stock Market Commission (NSSMC) Ruslan Magomedov and Chairman of the National Energy and Utilities Regulatory Commission (NEURC) Valerii Tarasiuk signed an Agreement on Interaction and Cooperation between their institutions.
The signing ceremony took place during the final event of the three-year EU project «Assistance to the National Securities and Stock Market Commission (NSSMC) in improvement of Ukraine’s energy commodity markets and commodity products organized trading in Ukraine». The signed Agreement is the result of a long work of the project experts and both institutions to create effective models of cooperation to regulate the energy market in Ukraine.
The Agreement creates a framework for cooperation and strengthening of interaction between the NSSMC and the NEURC in overseeing wholesale energy markets, as well as preventing abuse and unfair competition in the wholesale energy market, capital markets and organized commodity markets. To this end, the parties undertake to exchange information on wholesale energy trade, hold working meetings and consultations, and establish joint working groups to form a common position on their regulatory policies, take joint measures and discuss draft laws and regulations of common interest. The Agreement comes into force on the date of its signing and is valid indefinitely.
«The efficient functioning of the energy market is a fundamental prerequisite for Ukraine’s European integration. We welcome the decision of the NSSMC and NEURC to abandon their independent approach and start cooperating to better regulate the market. I am confident that this Agreement will make market surveillance more stable and reliable», said Jan Haizmann, Team Leader of the EU project «Assistance to the National Securities and Stock Market Commission (NSSMC) in improvement of Ukraine’s energy commodity markets and commodity products organized trading in Ukraine».

«The NSSMC, together with the NEURC, will focus their efforts on ensuring transparency and competition in the wholesale energy market, capital markets, and organized commodity markets. Thanks to the consultations of the EU Project experts, we were able to find an optimal and effective model of interaction between the state authorities regulating this sector», said Ruslan Magomedov, Chairman of the NSSMC.

«By signing this Agreement, we achieve the main goal of making markets competitive and transparent in accordance with the best European practices. We are also creating legal grounds for strengthening cooperation between our institutions in the field of oversight of wholesale energy markets. In the future, this will facilitate the effective fulfillment of our tasks and functions assigned by law. The agreement should also help to intensify the work on preventing abuses in the wholesale energy market and capital and organized commodity markets», said Valerii Tarasiuk, Chairman of the NEURC.
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The EU project «Assistance to the National Securities and Stock Market Commission (NSSMC) in improvement of Ukraine’s energy commodity markets and commodity products organized trading in Ukraine» was launched in Ukraine in April 2021 and will last until May 2024.
The aim of the project is to assist the NSSMC in strengthening the regulatory framework, ensuring the development of commodity market instruments, ensuring interaction between regulators and methods of commodity market supervision, taking into account European and international standards and best practices.
The project is funded by the EU and implemented by a consortium led by PwC EU Services with the participation of Correggio Consulting, Integrites and Kantor Management Consultants.