绘制乌克兰金融市场和公司治理框架，以实现可持续复苏

Mapping Ukraine’s FinancialMarkets and CorporateGovernance Frameworkfor a Sustainable Recovery This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. ISBN 978-92-64-77954-9 (print)ISBN 978-92-64-95587-5 (PDF)ISBN 978-92-64-55185-5 (HTML) Photo credits:Cover © joyt/iStock by Getty Images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0) This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword Three years into Russia’s warof aggression, Ukraine continues to showstrongresilience. Despite theongoing hostilities, policy makers and regulators are continuing to work hard to ensure the stability andresilience of the financial system, and to support households and businesses. At the same time, they areprogressing reformsto increasetransparency, accountability, and efficiencyinthe regulatory frameworkfor financial markets and corporate governance, in line with international standards and in partnership withmultilateral organisations and partner countries. As the war continues, reconstruction needs are mounting. Ukraine will need to mobilise capital from privateinvestors domestically as well as internationally to meet these needs and to spur a sustainable economicrecovery. The development of well-functioning capital markets and financial institutions will be crucial inthis 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. Establishedafter the second World War to supportreconstruction and development in Europe, the OECD’s mission is to advise governments on policies thatsupportresilient,inclusive and sustainable growth,through evidence-based policy analysis andrecommendations, global standards and policy networks across its 38member countries and beyond. This report is prepared as part of the OECDreview on improving financial markets and corporategovernance for Ukraine’s recovery, a two-year project aiming to support the development of well-functioning capital markets and financial institutions in Ukraine. Thereviewfocuses on five inter-linkedpolicyareas,which are reflected in the report’s structure:Ukraine’s financial system framework(Chapter2); corporate governance policies and practices (Chapter 3); public debt management framework(Chapter 4); financial consumer protection and financialliteracy(Chapter 5); andthe asset-backedpensionsystem(Chapter 6). Thereviewis carried out under the OECD Ukraine Country Programme,a four-year initiative launched atthe 2023 Ministerial Council Meeting. The Programme serves as the OECD’s primary vehiclefor supportingUkraine’s reform, recovery, and reconstructionthrough 31 policy reviews and capacity building activities.Itfurther facilitates engagement with the OECD in an initial accession dialogue to adopt OECD standardsand participate in OECD bodies. This report assesses the current legal, regulatory and institutional framework in Ukraine across the fiveaforementionedpolicy areas, identifies key challenges, and proposes areas where the OECD can providefurther support to Ukraine. The report has been prepared in close consultati