Hanfa signs MoU with the Capital Market Authority of Montenegro
On Monday, 16 October 2023, in Podgorica, the President of the Montenegro Capital Market Authority, Željko Drinčić, and the President of the Board of the Croatian Financial Services Supervisory Agency (Hanfa), Ante Žigman, signed a Memorandum of Understanding. This document is in line with the goals and principles for the regulation of capital markets and private pension systems set by international organisations and associations such as IOSCO and IOPS.
Mr Ante Žigman stated, "Hanfa has been collaborating intensively with the Montenegro Capital Market Authority for many years. The Memorandum will further regulate the cooperation between the two institutions regarding the supervision and licensing of financial institutions within their jurisdictions, and expand technical cooperation as well as mutual exchange of experiences from supervisory practices.
We are aware of the challenges facing the Montenegro Authority in meeting the criteria for full membership in the European Union in the field of financial services, which it oversees. With our previous experience, Hanfa will continue to support the Montenegro Capital Market Authority in the process of aligning its legislation with the legal framework of the European Union, and we are confident that they will be successful in this challenging process."
Today, markets within the European Union are intensively preparing to finance sustainability and the green transition, but also the resilience to cyberattacks. It is therefore extremely important for us that Montenegro tackles these challenges already and prepares for such changes and EU regulatory rules.”
After the signing, Mr Željko Drinčić said, “Today we have taken a significant step towards strengthening regional cooperation and mutual understanding in the area of capital markets. I expect this Memorandum to be a cornerstone for many future initiatives and projects that will contribute to the stability and growth of the capital market in Montenegro.
This agreement extends the clear objectives of the existing cooperation between the Capital Market Authority and Hanfa in the areas of supervision and regulation of capital market supervision, which fall within the competence of both institutions. We would like to emphasise that, since Montenegro is a candidate for EU membership, Croatian experience and assistance in areas where Hanfa has great expertise as an EU Member State are of great importance to us. The main objectives and purpose of this Memorandum are to provide a framework for cooperation and assistance, including the exchange of information and experience, means of communication, as well as development and mutual understanding.
I am certain that by joining forces we can achieve much more and I look forward to contributing through this cooperation to strengthening investor confidence, improving regulation and strengthening the capacity of our institutions.”
The signing of the Memorandum marked a new phase of cooperation between Montenegro and Croatia in the field of capital market regulation and supervision, with a vision of a more stable, transparent and prosperous market for both countries.
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