On October 30, 2026, in the online mode the 7th Steering Committee Meeting for the Twinning Project “Implementing effective supervision over non-bank financial institutions” was held. The project is implemented by the National Bank of Ukraine in cooperation with partners from Poland, Lithuania and Spain.
During the meeting, participants discussed the progress of the project, achievements to date, the implementation of planned activities, key outcomes across the areas of cooperation, and further steps towards achieving the project’s objectives.
An important focus was placed on continued efforts to improve the regulatory and supervisory framework for non-bank financial institutions in line with European approaches. In particular, expert support covered the implementation of Solvency II requirements, the development of risk-based supervision of insurance companies and credit unions, improvements to the regulatory framework for payment service providers, as well as the introduction of group supervision and the development of a benchmark market for the financial sector.
During the reporting period, nine expert missions were conducted across the main project areas. By the end of the third quarter of 2026, a total of 98 out of 100 expert missions planned under the project had been completed, representing 98% of the overall target.
Special attention was also given to the results of international expert cooperation. Representatives of Poland, Lithuania and Spain shared their practical experience in applying EU legislation, supervisory procedures and financial sector regulatory tools. The recommendations provided took into account the specific characteristics of the Ukrainian financial market and the National Bank of Ukraine’s current needs.
Participants also highlighted the constructive cooperation among consortium partners, the timely implementation of expert missions and the practical value of their outcomes. An important feature of the project is the adaptation of expert support to the NBU’s needs, enabling relevant issues to be addressed promptly and further progress to be made towards aligning the national supervisory framework with European standards.
The next priorities include completing the remaining expert missions, conducting study visits to facilitate the exchange of experience, and consolidating the results achieved. The final stage of the project will include a closing conference and the eighth meeting of the Steering Committee.
The Twinning project represents an important part of international cooperation in reforming Ukraine’s financial sector. It contributes to strengthening the institutional capacity of the National Bank of Ukraine, improving regulatory and supervisory practices, and further integrating Ukraine’s financial sector into the European financial area.
The event was attended by Marta Mohilevska, Deputy Head of Unit of Twinning Programme Administration Office Activities Ensuring from the Center for Adaptation of the Civil Service to the Standards of the European Union.
For reference: according to the Resolution of the Cabinet of Ministers of Ukraine «On Approval of the Procedure for Initiation, Preparation and Implementation of the Twinning Projects» as of 11 October, 2016 No 700 the National Agency of Ukraine on Civil Service coordinates the implementation of the institution building instrument of the European Union Twinning in Ukraine. Furthermore, in accordance with relevant legal acts, the National Agency of Ukraine on Civil Service is the coordinator of institution building instrument TAIEX implementation in Ukraine. In order to provide effective coordination of Twinning and TAIEX, the Twinning Program Administration Office in Ukraine was established, its functions are performed by the Center for Adaptation of the Civil Service to the Standards of the European Union.