Strengthening capital markets infrastructure is a strategic priority for Ukraine in the context of its post-war recovery, financial sector modernization, and EU accession process. In line with the updated Financial Sector Development Strategy of 11 August 2025, Ukraine is committed to building resilient, transparent, and well-regulated financial markets aligned with EU norms and international standards. A key component of this agenda is the transposition and effective implementation of core EU legislative acts that govern capital markets infrastructure.
The technical assistance will support Ukraine in aligning its legal and institutional framework with the requirements of following acts with any further amendments:
• Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements
• Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems
• Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories
• Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012
• Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011
• Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132
This legal framework forms the backbone of a modern capital market infrastructure, contributing to market stability, risk mitigation, and operational resilience. Their implementation is also a key step toward harmonising Ukraine’s capital market framework with the EU acquis, a critical requirement under the EU candidate status and pre-accession process.
To support this work, the EBRD is seeking the services of a Legal Consultant with demonstrated expertise in Ukraine’s capital markets legislation and EU legal alignment to develop legal framework that ensure alignment with EU standards contributing to the long-term resilience and integration of Ukraine’s capital markets, and a Capital Market Consultant, who will work closely with the National Commission on Securities and Stock Market to ensure operationalization of the reform.