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Call key data
Strengthening Corporate Governance provisions and administrative capacity of the Capital Market Authority of Montenegro
Funding Program
Instrument for Pre-accession Assistance
Call number
EuropeAid/182351/DD/ACT/ME
deadlines
Opening
19.07.2024
Deadline
23.09.2024 14:30
Call budget
€ 150,000.00
Estimated EU contribution per project
€ 150,000.00
Link to the call
Link to the submission
Call content
short description
The overall objective is to contribute to the improvement of the competitiveness of the economy and the business environment through the introduction and implementation of the best corporate governance standards.
Call objectives
The specific objective is to strenghten corporate governance by developing the Corporate Governance Code aligning with EU principles to be adopted by the Montenegroberza stock exchange and enhancing the capacities of the Capital Market Authority of Montenegro staff through training based on the identified needs.
Expected effects and impacts
- Component 1: Increasing the capacity of the Capital Market Authority in drafting a new and updated Corporate Governance Code.
- Result 1: Corporate Governance Code finalized and ready for adoption and enforcement by issuers on regulated market.
- Sub-Result 1.1. – Detailed analysis of the current Corporate Governance Code.
- Sub-Result 1.2. – Proposal of amendments to the Corporate Governance Code.
- Sub-Result 1.3. - Completed the Corporate Governance Code ready for adoption by Montenegroberza stock exchange.
- Result 1: Corporate Governance Code finalized and ready for adoption and enforcement by issuers on regulated market.
- Component 2: Strengthening the capacity of Capital Market Authority of Montenegro for the supervision of issuers on regulated market in terms of corporate governance.
- Result 2: Prepared implementing provisions and operating procedures for performing supervisory activities of issuers on regulated market as well as strengthening the capacities of the Capital Market Authority of Montenegro staff based on the identified training needs.
- Sub-result 2.1. – Prepared implementing provisions and operating procedures related to the supervision of issuers on regulated market.
- Sub-result 2.2. – Drafted a manual for the supervision of corporate governance in joint stock companies on the regulated market in accordance with the best EU practice.
- Sub-result 2.3. – Delivered training needs analysis (TNA) for Capital Market Authorities staff.
- Sub-result 2.4 - Strengthened capacities of the Capital Market Authorities staff based on the TNA delivered in sub-result 2.3.
- Result 2: Prepared implementing provisions and operating procedures for performing supervisory activities of issuers on regulated market as well as strengthening the capacities of the Capital Market Authority of Montenegro staff based on the identified training needs.
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Expected results
The below activities are the minimum indicative requirements to achieve the above results. The Member State will consider these when developing its own methodology and complement them with its own and other relevant best practice experience and examples so that the above results can be sustainably achieved.
- Component 1 - Result 1:
- Analyzing of the existing Corporate Governance Code, including identifying all challenges and bottlenecks and proposing recommendations for strengthening its framework and harmonizing domestic Corporate Governance Code with EU regulations and standards.
- Providing support in drafting amendments to the Corporate Governance Code.
- Providing support in preparation of the final draft Corporate Governance Code for adoption by Montenegroberza stock exchange and enforcement by issuers on the regulated market.
- Component 2 - Result 2:
- Conducting an analysis of current regulations in terms of corporate governance in joint stock companies on the regulated market and preparing implementing provisions and operating procedures related to the supervision of issuers on the regulated market.
- Providing support in composition of a manual on the supervision of corporate governance in joint stock companies on the regulated market in accordance with the best EU practice.
- Conducting an analysis of the training needs of Capital Market Authority of Montenegro staff and delivery of TNA.
- Developing, organizing and implementing 3 events based on TNA delivered under activity 2.3 (which can be in the form of training, workshop, conference or similar), for a minimum of 20 participants, each with the duration of 2 days (including one lesson learning one day seminar for the all stakeholders for minimum 100 people).
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Eligibility Criteria
Regions / countries for funding
Montenegro (Црна Гора)
eligible entities
Public Body (national, regional and local; incl. EGTCs)
Mandatory partnership
No
Project Partnership
Only Public Administrations and Mandated bodies as per Twinning Manual of European Union Member State may apply through European Union Member States’ National Contact Points.
Additional information
Topics
Relevance for EU Macro-Region
EUSDR - EU Strategy for the Danube Region
UN Sustainable Development Goals (UN-SDGs)
project duration
8 months
Additional Information
Twinning proposals must be submitted by the Lead Member State Administration to the EU Member States National Contact Points for Twinning following the instructions of the Twinning Manual which must be strictly observed (including the use of the templte).
Only one Twinning proposal for Member State can be submitted by the Member State National Contact Points for Twinning to the Contracting Authority within the deadline for applications.
Call documents
EuropeAid/182351/DD/ACT/ME Twinning FicheEuropeAid/182351/DD/ACT/ME Twinning Fiche(544kB)
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