Montenegro, Changing the laws that directly regulate the capital market will be a priority in the coming period

Published on 25. February 2023., News

Changing the laws that directly regulate the capital market, but also those acts that indirectly affect the smooth functioning of the market, will be a priority in the coming period, it was announced during the visit of Finance Minister Aleksandar Damjanović to the Commission for the Capital Market.

As reported by the finance department, the meeting discussed the functioning of the Commission, planned activities, inherited work challenges and segments that need to be further improved.

The President of the Commission, Željko Drinčić, reminded that the Commission advocates for a modern regulated, efficient and transparent capital market, as well as that it is working on improving the regulation of securities issues and dealing with those securities, conducting market surveillance, educating participants and informing the public about trends on the capital market.

Damjanović praised the intention of the current convocation of the Commission to contribute to increasing the transparency of work and solving inherited problems, stressing that it will provide the necessary institutional support in order to restore confidence in the capital market through a joint approach and dialogue.

– Models for improving the work of the Commission were discussed, where priority was given to work on amending certain laws that directly regulate the capital market, but also some that indirectly affect the smooth functioning of the market – the press release states.

The focu”, they add, was on the laws that are in the process – the Law on Pension Funds, the Law on Open Investment Funds, the Law on Alternative Investment Funds, and the need to initiate changes to the Law on Takeover of Joint Stock Companies was also recognized.

The Ministry of Finance reminds that the Commission is an independent regulatory body that functions in accordance with the international rules and principles of the International Organization of Securities Commissions (IOSCO), the legal framework of the European Union in this area (EU Acquis) and the rules of the European Competent Authority for Securities and markets (ESMA).