The Montenegro Capital Market Authority has published three draft rulebooks for public consultation as part of its capital markets rulemaking agenda. The drafts cover reporting of transactions in financial instruments executed on a regulated market operated by a market organizer, the content of applications and conditions for authorizing status changes of investment firms, and organizational and conduct of business requirements for investment services and activities. The transaction reporting draft would set more detailed rules on the content, format and deadlines for submitting reports to the authority, aimed at improving market transparency and supervisory monitoring of trading activity. The organizational and conduct draft would set core standards for investment firms, including business organization, internal controls, risk management, the compliance function, client protection and conduct rules when providing investment services. The draft on status changes would define the conditions, procedure and documentation required for the authority to approve status changes at investment firms. Together, the measures are presented as supporting implementation of the Capital Market Law and further alignment of Montenegro's framework with relevant European Union standards and acquis. After reviewing comments received during the consultation, the authority will determine the final text of the rules.

Original source Back to tracker