Twinning project - activities conducted during the first eight months
Seven expert missions covering the banking component were conducted over the first eight months of the twinning project “Support to Regulation of Financial Services”, with six of them addressing the drafting of a new Credit Institutions Law. Owing to the intensive cooperation between the experts from the Croatian National Bank and the Central Bank of Montenegro, working version of the draft Law and a part of the implementing regulations have been prepared with a view to ensuring their alignment with the Union acquis (Directive 2013/36/EU and Regulation (EU) 575/2013).
In addition, the cooperation with the De Nederlandsche Bank in the area of AML/CFT started during this period and one expert mission was carried out focusing on drafting an act on performing risk-based approach in AML/CFT supervision.
Twinning project – „Support to Regulation of Financial Services“
The Central Bank of Montenegro (CBCG) and the other two financial market regulators, namely the Capital Market Authority (CMA) and the Insurance Supervision Agency (ISA), are the beneficiaries of the twinning project „Support to Regulation of Financial Services“ to be financed from the IPA funds for 2014.
The project aims to further align the legislation for financial services with the Union acquis and to strengthen regulatory and supervisory capacities.
The project cover three components:
A. Banking sector – alignment of the legislative framework and strengthening of the CBCG capacities,
B. Insurance market – harmonisation of the insurance legislation and strengthening of the ISA capacities,
C. Capital market – alignment of the legal framework and strengthening of the CMA capacities.
The project will be implemented over the period of 24 months in cooperation with the twinning partners – Deutsche Bundesbank, Croatian National Bank, De Nederandsche Bank, the German Federal Financial Supervisory Authority (BaFin), and the Croatian Financial Services Supervisory Agency (HANFA).