The Central Bank of Montenegro (CBCG) has approved three draft laws at the Council session, the adoption of which is a key prerequisite for meeting the final benchmarks for closing the negotiating chapter 9 – Financial Services.
As announced, the Central Bank of Montenegro has thus fully completed its part of the obligations in the process of harmonizing the domestic framework with the acquis communautaire in the field of financial services.
"The draft law on digital operational resilience of the financial sector aligns the domestic regulatory framework with the DORA regulation /Digital Operational Resilience Act/, a European standard that ensures the resilience of financial institutions to cyber risks and technological incidents," the statement said.
The implementation of this law, which will begin on the day of Montenegro's accession to the European Union, will ensure a high level of protection against cyber threats, business continuity and rapid system restoration in the event of any disruptions, in accordance with best EU practices.
"The proposed Draft Amendments to the Law on Financial Conglomerates implements full harmonisation with Directive (EU) 2023/2864, which further regulates the obligations of financial conglomerates regarding transparency and data exchange with European supervisory institutions," the Central Bank of Montenegro said.
Due to significant changes in the European regulatory framework and the need for timely harmonization of domestic legislation, the Council has also adopted a Draft Amendments to the Law on Financial Security.
"In accordance with the obligation defined by the Law on the Central Bank of Montenegro, the session established the Policy of the Central Bank of Montenegro for the coming year. This document defines in more detail the activities that will be undertaken during the coming year towards achieving the legal functions and strategic goals of the Central Bank of Montenegro," the statement said.
The policy of the Central Bank of Montenegro in the coming year will, as specified, be focused on further strengthening institutional capacities and implementing the goals defined by the Central Bank of Montenegro's Strategic Plan from this year to 2028. Special emphasis will be placed on harmonizing organizational and operational processes with the EU and Eurosystem frameworks, in order to ensure conditions for smooth integration, while maintaining the flexibility needed to adapt to new requirements.
"Today, the Council also adopted decisions on determining other systemically important credit institutions (SIIs) that are required to maintain the prescribed buffer rate," the statement concluded.
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