The current level of compliance of the Ukrainian financial sector with the requirements of the European Union is 75-77%, according to the latest independent assessments. The National Bank of Ukraine aims to complete the full implementation of the necessary provisions to achieve maximum equivalence by 2027. About this stated Andriy Pishnyi, head of the NBU.
“According to the indicator of the equivalence of what the sector is in relation to the EU requirements, independent measurements were recently made, which showed 75-77% compliance of the financial sector, which is required in the EU”, – said Pyshnyi.
He noted that the implementation process should be flexible and not reduced to mechanical copying, because it is “like catching up with a target that is constantly moving forward.” Pyshnyi explained that the EU is currently discussing deregulation and increasing competitiveness, so the regulatory framework may undergo changes.
“Ukraine can contribute to the quality of these deregulations. Regulation is a smart architecture, and in order for it to be properly calibrated, it is necessary to take into account the unique experience of Ukraine.” – added the head of the NBU.
He emphasized that there are still provisions that require additional implementation in legal and institutional aspects. In the near future, the National Bank plans to present relevant legislative initiatives to the parliament.
“We have several challenges, in particular the approach, which is related to the need to implement all the relevant norms and assets of the community as soon as possible, without exception, the National Bank has set itself the goal of fully implementing everything necessary for maximum equivalence of legislation by 2027.”, – summed up Pyshnyi.
