The Montenegro Capital Market Authority announced that Montenegro’s Parliament adopted the Law on Voluntary Pension Funds on 12 February 2025, establishing a new regulatory framework for the country’s third pension pillar and voluntary pension savings. The law is presented as aligning Montenegro’s legislation with European Union requirements, referencing Directive (EU) 2016/2341, Directive 2014/50/EU and Directive 98/49/EC. It introduces updated standards for pension fund governance and oversight, including stronger protection for fund members, greater accountability and more clearly defined obligations for management companies with enhanced risk controls, a strengthened role for depositaries, clearer conditions for establishing and operating funds to improve security and transparency, and a basis for cross-border activity by closed voluntary pension funds.
Montenegro Capital Market Authority 2025-02-13
Montenegro Capital Market Authority reports Parliament adoption of voluntary pension funds law creating a new third-pillar framework
Montenegro's Parliament has adopted the Law on Voluntary Pension Funds, creating a regulatory framework for the third pension pillar and voluntary pension savings. The law aligns with EU directives, enhancing governance, member protection, and management accountability, while facilitating cross-border activities for closed voluntary pension funds.