The Montenegro Capital Market Authority has published a package of draft by-laws to implement the Law on Voluntary Pension Funds, opening them for public consultation. The drafts set out proposed rules for authorising management companies and approving the establishment of voluntary pension funds, granting consent for the acquisition or increase of a qualifying holding in a management company, maintaining a register of management companies and funds, setting conditions for serving as an executive director or board member of a management company, and specifying the content of the member participation certificate issued based on paid contributions. Comments are invited within 14 days of publication, after which the authority will consider feedback and finalise the texts.

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