The ways Ukraine implements the EU legislation

Author : Oleksandr Koshovyi

Source : 112 Ukraine

At these rates, we would not be able to implement the Association Agreement, at least in terms of the European legislation, even by 2025
23:29, 3 April 2018

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After I published my article on the unprofessional approach to the implementation of EU legislation, the Cabinet recalled that as early as October 25, 2017, Decree No. 1106 was adopted, which brought the implementation process to a new level, "ensuring the continuity of the fulfillment of Ukraine's obligations". And the Cabinet even decided to publish it. Albeit they violated all terms (published the text fife months after acceptance), but we reminded about it, and they made it public. The determination of the Cabinet to correct mistakes is evidenced by the volume of the published document - 902 pages!  

Finally, the decree came into force after publication. Another document, a masterpiece of rulemaking (Cabinet’s decree No. 847 of September 17, 2014), which the authorities have previously used for the implementation, has lost its force.

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Not everyone who was commissioned to deal with this issue is aware of this (even those whose conciliatory signature was on the draft of a new implementation plan).

As we noted earlier, draft documents for the implementation of the acquis provisions of the EU (the so-called EU legislation) concerning the operation of the stock market and other organized markets were to be prepared by the National Securities and Stock Market Commission (NSCO). The deadline for preparing and submitting a bill to the Verkhovna Rada was set for February 2018. Of course, no one followed the deadline. The draft law was not prepared.

Another thing is surprising here. In full discord with common sense, the National Securities and Stock Market Commission rescheduled the deadline for the execution of the already canceled document for a year ahead - until February 2019.

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As it turned out, the new "modernized" resolution of the Cabinet, which issues a question of implementation to the "new level", the current directive 2014/57/EU was replaced by four canceled ones: Directive 2003/6 / EC of the European Parliament and the Council and Directive 2003/124/EC, 2003/125/EC and 2004/72/EC of the European Commission.

All the directives mentioned there have lost their force since July 3, 2016, which is clearly stated by the European Parliament and Council Regulation 596/2014 of 16 April 2014 on market abuses ( it is called “Regulations on market abuses”) and the cancellation of Directive 2003/6/EC of the European Parliament and of the Council and Directives 2003/124/EC, 2003/125/EC and 2004/72/EC of the European Commission. Again, everything is available on the official website.

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Today, the situation with the implementation of EU legislation regulating activities and responsibilities in organized markets is becoming more and more ridiculous.

NSCO (at least on paper) is now preparing draft documents on the implementation of a plan, which is canceled. Apparently, the body actually does not know what decisions are taken by the Cabinet on the same issues. Furthermore, the Commission has intensified its work in this direction only after this plan was abolished.

At these rates, we would not be able to implement the Association Agreement, at least in terms of the European legislation, even by 2025. 

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This column does not necessarily reflect the opinion of the editorial board or 112.International and its owners.

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