Montenegro Capital Market Authority signs new cooperation memorandum with Croatia’s HANFA during Twinning Light study visit

The Montenegro Capital Market Authority published an update on a five-day official study visit to the Croatian Financial Services Supervisory Agency (HANFA) in Zagreb under the Twinning Light project on strengthening corporate governance and the Authority’s administrative capacity. The visit culminated in the signing of a new Memorandum of Understanding and supported ongoing work to draft a new Montenegrin Corporate Governance Code. The programme included meetings with HANFA, the Zagreb Stock Exchange (ZSE), the Central Depository & Clearing Company (SKDD), the Croatian Audit Chamber and listed companies Atlantic Grupa, Hrvatski Telekom and Span. Discussions covered supervisory approaches for investment firms, including data collection and analysis, licensing and the Supervisory Review and Evaluation Process (SREP), as well as oversight of investment funds using risk indicators; crypto-asset regulation with a focus on the Markets in Crypto-Assets (MiCA) framework and requirements for crypto-asset service providers and issuers; and AML/CFT regulatory requirements and practices applied in Croatia. Additional sessions addressed audit oversight and public supervision, SKDD processes for corporate actions and shareholder identification, exchange trading surveillance tools and volatility management, and market abuse detection and reporting models, alongside exchanges with issuers on IPO preparation and corporate governance structures.