Three years into Russia’s war of aggression, Ukraine continues to show strong resilience . Despite the ongoing hostilities, policy makers and regulators are continuing to work hard to ensure the stability and resilience of the financial system, and to support households and businesses. At the same time, they are progressing reforms to increase transparency, accountability, and efficiency in the regulatory framework for financial markets and corporate governance, in line with international standards and in partnership with multilateral organisations and partner countries.
As the war continues, reconstruction needs are mounting. Ukraine will need to mobilise capital from private investors domestically as well as internationally to meet these needs and to spur a sustainable economic recovery. The development of well-functioning capital markets and financial institutions will be crucial in this process – and reforms need to be based on a comprehensive assessment of Ukraine’s current legal, regulatory and institutional framework.
The OECD is uniquely placed to support this work. Established after the second World War to support reconstruction and development in Europe, the OECD’s mission is to advise governments on policies that support resilient, inclusive and sustainable growth, through evidence-based policy analysis and recommendations, global standards and policy networks across its 38 member countries and beyond.
This report is prepared as part of the OECD review on improving financial markets and corporate governance for Ukraine’s recovery, a two-year project aiming to support the development of well-functioning capital markets and financial institutions in Ukraine. The review focuses on five inter-linked policy areas, which are reflected in the report’s structure: Ukraine’s financial system framework (Chapter 2); corporate governance policies and practices (Chapter 3); public debt management framework (Chapter 4); financial consumer protection and financial literacy (Chapter 5); and the asset‑backed pension system (Chapter 6).
The review is carried out under the OECD Ukraine Country Programme, a four-year initiative launched at the 2023 Ministerial Council Meeting. The Programme serves as the OECD’s primary vehicle for supporting Ukraine’s reform, recovery, and reconstruction through 31 policy reviews and capacity building activities. It further facilitates engagement with the OECD in an initial accession dialogue to adopt OECD standards and participate in OECD bodies.
This report assesses the current legal, regulatory and institutional framework in Ukraine across the five aforementioned policy areas, identifies key challenges, and proposes areas where the OECD can provide further support to Ukraine. The report has been prepared in close consultation with Ukrainian governmental institutions and with the contribution of senior experts from OECD countries. Individual chapters were presented and discussed during policy workshops organised over the course of 2024. The findings in the report will inform further analysis, experience-sharing, capacity-building and recommendations, to be provided during the project’s second phase over the course of 2025.