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Defined obligations met  

Podgorica, (MINA-BUSINESS) – The Capital Market Commission says that it has met the obligations defined under negotiating chapter 17, adding that a continuous monitoring of the fulfilment of the alignment requirements from the national legislation is to follow.

Member of the Working Group for Chapter 17 Aleksandar Djurickovic told Mina-business agency that it had been concluded after an analysis of the state of affairs in that field that the investment rules prescribed by the Law on Voluntary Pension Funds could result in a different treatment of the financial instruments issued in Montenegro to those issued in the European Union.

“Based on the analysis, the Action Plan for Chapter 17 defines an obligation of the Commission to harmonize the provisions of the Law on Voluntary Pension Funds in terms of the allowed investments,” says Djurickovic, who is a representative of the Commission in the Working Group.

He said that, in line with its obligation, the Commission had proposed the amendments to the Law on Voluntary Pension Funds, aimed at harmonizing the list of the allowed investments in order to ensure an equal treatment for the financial instruments of the countries of the European Union and the Organization for Economic Cooperation and Development (OECD).

Djurickovic reminded that the Parliament had adopted the proposed amendments to the Law on Voluntary Pension Funds on 19 January 2018.

He said that the role of the Commission, under negotiating chapter 17 – Economic and monetary union, was reflected in the harmonization of the legal provisions regulating the capital market with Article 124 of the Treaty on the Functioning of the European Union.

“Namely, this Article prescribes a prohibition of privileged access to financial institutions by the public sector,” said Djurickovic.

Chapter 17 was opened on 25 June 2018 in Luxembourg and, because of the complexity of the criteria to be met under this chapter, it is expected to be among the last ones to be closed.

This article was published with the financial support of the European Union available within the framework of the project “Dealing with Ethics and Fake News” IPA2018/397-252. The Mina agency assumes full responsibility for its contents, which do not necessarily reflect the position of the EU.

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