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Press Release: Opening Ceremony and Seminar on the occasion of the official commencement of the Twinning Project “Strengthening the Regulatory and Supervisory Capacity of the Financial Regulators” was held

Today, Tuesday 15 December 2009 in Hotel “Podgorica”, the opening ceremony and seminar on the occasion of the official commencement of the Twinning Project “Strengthening the Regulatory and Supervisory Capacity of the Financial Regulators” was held.

This Project funded under the Instrument for Pre-Accession Assistance (IPA) amounts to 1.2 million euro and managed by the Delegation of the European Union to Montenegro will be implemented over a period of 18 months.  The leading EU Member State partner institution for this Project is the Bulgarian National Bank in consortium with the Central Bank of the Netherlands and the Bulgarian Financial Supervision Commission.

 

The beneficiary institutions are: the Central Bank of Montenegro, the Securities Commission and the Insurance Supervision Agency.  The project leader for the beneficiary institutions will be Milorad Katnić M.Sc., Deputy Minister of Finance.

The objectives of the Twinning Project are aimed at improving the efficiency of institutional and regulatory capacities of financial regulators to supervise financial markets in line with the Acquis Communautaire.

The Project will be implemented in four core areas: banking system supervision and financial stability; area of securities and pension funds; insurance; as well as prevention of money laundering and terrorism financing and other forms of financial crimes.  Under this Project, more than ten EU Directives as well as the best practices of the Member States will be transposed and introduced in the national legislation and operational framework of beneficiary institutions.

The beneficiary institutions’ capacity will be strengthened by the 630 days of training to be provided by 76 experts of the Bulgarian National Bank, the Central Bank of the Netherlands and the Bulgarian Financial Supervision Commission.

 

Delegation of the European Union to Montenegro

PR Service of the Ministry of Finance

Central Bank of Montenegro

Securities Commission

Insurance Supervision Agency

 

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