At its regular meeting held on May 15, 2015, the National Council of Reforms upheld and approved the Comprehensive Program for the Development of Ukraine's Financial Market till 2020 (the Comprehensive Program).

The Comprehensive Program has been produced jointly by the representatives of the financial market regulators. In addition, representatives from expert and research communities who were involved in the discussion of the draft Comprehensive Program put forward a number of proposals and comments. When the program was being devised, recommendations provided by the international financial advisory and donor organizations were taken into account. The proposed draft Comprehensive Program was praised by both market participants and representatives from civil society institutions.

The Comprehensive Program was presented by First Deputy Governor of the National Bank of Ukraine Oleksandr Pysaruk at the meeting of the National Council of Reforms.

"The main objective of the Comprehensive Program is to build a fully-fledged, efficient   and effective financial market in Ukraine, develop all the market segments in a sustainable manner, build its infrastructure and strengthen its resilience to external threats. This is the only way to promote the country's economic development and integrate Ukraine into the European economic space on a competitive basis," said Oleksandr Pysaruk.

The First Deputy Governor of the National Bank of Ukraine expressed his confidence that the Comprehensive Program will be strictly implemented through a detailed and transparent Action Plan set out therein. In particular, under the Program, the reforms will be implemented in three phases: addressing the problems of the past and cleaning up the financial sector, laying down the foundation for the system development and putting in place measures to drive the development itself.

The measures set out in the Comprehensive Program address three key areas: ensuring financial stability, development of institutional capacity of financial market regulators and consumer and financial market investors' rights protection.

"It is important that the Comprehensive Program specifies the performance criteria that must be met, which makes it easier to monitor the progress made in implementing this Program. We invite public activists and mass media representatives to monitor the reform process," said Oleksandr Pysaruk.

Detailed information on the phases, areas of focus and performance indicators of the Comprehensive Program is available on the website at:

For reference

The Comprehensive Program has been devised in accordance with the Strategy for Sustainable Development of Ukraine until 2020, the Ukraine-EU Association Agreement, the Memorandum on Cooperation with the IMF and the Coalition Agreement of deputy factions in the Verkhovna Rada of Ukraine of the eighth convocation.

The Task Force embarked on drafting the Comprehensive Program in February 2015.

The Task Force engaged in developing the Comprehensive Program included:

• the representatives of the National Bank of Ukraine: Deputy Governor of the National Bank of Ukraine Vladyslav Rashkovan (head of the Reform Task Force), Head of the Office for Banking System Strategy and Reform Mykhailo Vidyakin, Project Manager of the Office for Banking System Strategy and Reform Serhii Kazantsev;
• the representatives of the National Securities and Stock Market Commission (the Commission) Head of the Commission, Head of the Committee for Development Strategy and Economic Analysis of the Stock Market  Tymur Khromayev, Commission member, Head of the Committee for Corporate Governance and  Stock Market Instruments Development Yurii Butsa, Director of the Department for Analysis, Strategy and Legislation Development Maksym Libanov;
• the representatives National Commission for the State Regulation of Financial Services Markets – Head of the Commission Ihor Pashko, Commission member Olha Hurbych;  
• the representatives of the Independent Association of the Banks of Ukraine - Chairman of the Board Roman Shpek, Board member Taras Kyrychenko;
• Deputy Managing Director of the Deposit Guarantee Fund Andriy Olenchyk
• the representatives of professional associations - the civil society-driven initiative "Reanimation Reform

Package" Halyna Tretyakova, The New Country Public Platform – Taras Kozak.