"Strengthening the Regulatory and Supervisory Capacity of the Financial Regulators", first Steering Committee Meeting of the Project

Project beneficiaries are the Securities Commission, Insurance Supervision Agency, Central Bank of Montenegro, and project partners are the National Bank of Bulgaria with a consortium of the Central Bank of the Kingdom of the Netherlands and the Bulgarian Commission for Financial Supervision. The project is funded from the Instrument for Pre-accession assistance of the European Union (IPA) and operated by the EU Delegation to Montenegro. During the meeting were summarized the results of mutual cooperation in the past few months related to the implementation of the Twinning project with the conclusion that a number of planned activities was implemented. The Steering Committee of the Twinning project has concluded that implemented activities in the banking sector area related to the harmonization of laws in the domain of the financial system with the acquis of the European Union, which had great significance in view of the extensive progress made by Montenegro in recent years in the process of joining the European family, and upcoming demanding challenges. The analysis of existing expertise and regulatory framework has been developed, as well as the analysis of the current status of play, different seminars for employees of the Central Bank of Montenegro were organized, which just some activities are carried out in the reporting period. In the securities market, the activities were carried out in the period from December 2009 to March 2010, related to the analysis of regulatory and institutional market framework, as well as private pension funds, being developed by the member states experts. These activities have resulted in finalization of assessment of the state regulations governing the securities market of Montenegro. The main conclusion of the analysis, prepared in cooperation with member states and beneficiary countries experts, is that the institutional capacity of the Securities Commission in the aforementioned period has adequate resources for the existing needs of the Montenegrin market and legislative development.