This document discusses regulation of political financing in Ukraine in light of international standards. It notes the complexities in regulating donations, spending, and distinguishing ordinary from campaign activities. Effective regulation requires assessing its impact, motivating compliance through incentives, and ensuring transparency. Monitoring must be independent, resourced, and enable rather than just control compliance. Ukraine's proposed reforms address some issues raised by international experts but still have shortcomings regarding generous state funding, lack of spending limits, and divided oversight. Proper implementation will be challenging and require clarifying competencies, lowering reporting burdens, and providing guidance to help parties comply.