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The working group was established in March 2013. The negotiator for this Chapter is Nikola Fabris, Vice-Governor of the Central Bank for the financial stability and payment system, and the head of the working group is Ana Vlahović, Adviser to the Governor for financial stability and payment system in the Central Bank of Montenegro. Secretary of the working group is Miloš Vujović of the MEA.
The working group comprises 38 members, of which 21 women and 17 men (32 from state institutions and 6 from the civil sector).
Chapter 9 –Financial services covers four areas: 1. Banking and financial conglomerats 2. Insurance and ocupational pensions, 3. Securities markets and investment services 4. Financial markets infrastructure.
Financial services are of great importance for the proper functioning of the EU internal market as one of the cornerstones of European integration. This Chapter is related to the alignment of regulatory framework in the sectors of banking, insurance, occupational pension funds, capital markets and financial markets infrastructure with the EU acquis, as well as the efficient implementation of the acquis by the relevant supervisory institutions, with the final goal of preserving financial stability.
A particular challenge for the transposition of the acquis in the area of financial services lies in the fact that it is changing and evolving every day. Full compliance with European legislation, as well as the consistent implementation of national legislation will further ensure high level of stability of the financial system in Montenegro. The acceptance of European standards will have a positive impact on all the subjects of the financial market (citizens, entrepreneurs, investors) thus reinforces public confidence in the financial sector.
The implementation of the acquis in this area lays within the competences of the Ministry of Finance (MF), the Central Bank (CBMN), the Securities and Exchange Commission (SCMN), Insurance Supervision Agency (ISA), and the Deposit Protection Fund (DPF).
