Official launch of the project “Support to Regulation of Financial Services”
The conference on the occasion of the official launch of the Twinning project "Support to Regulation of Financial Services" was held on 27th of June at the “Centre Ville” Hotel in Podgorica.
The Twinning project is financed by the European Union and aims to further align the legislation in the area of financial services with the EU acquis and to strengthen regulatory and supervisory capacities. The Central Bank of Montenegro (CBCG), the Capital Market Authority (CMA) and the Insurance Supervision Agency (ISA) are the beneficiaries of this twinning project. The project will be implemented in cooperation with the twinning partners – Deutsche Bundesbank, Croatian National Bank, De Nederlandsche Bank, the German Federal Financial Supervisory Authority (BaFin), and the Croatian Financial Services Supervisory Agency (HANFA).
During the conference it was explained that the project will cover three segments: the banking sector – alignment of the legislative framework with the EU acquis and the strengthening of the CBCG capacities, the insurance market - harmonization of the legislation in the area of insurance market and the strengthening of the ISA capacities, and the capital market – alignment of the legal framework in the area of capital market and the strengthening of the CMA capacities.
Speaking at the conference, Director of the Banking Supervision Department Mr Dejan Vujačić pointed out that this project is of great importance for the CBCG, as its implementation will contribute to the further increase in the level of stability, security and efficiency of the financial system. "The financial system represents the core of every economy and stands as one of the cornerstones of European integration, while the acquis of the European Union in this area is very complex and extensive, and following the global financial crisis, it is exposed to dynamic changes," Vujačić said. Given the above, the CBCG will be fully committed to the project and, in cooperation with the Twinning partners, it will aim towards further harmonisation of the regulatory and operational framework, policies and procedures with the standards and best practices of the central banks of the European Union, with the aim of integrating the Central Bank of Montenegro into the European System of Central Banks.
The twinning project “Support to Regulation of Financial Services” will be implemented over the period of 24 months, and its cost is 1.4 million euros.