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  1. An institution, body, office or agency established by or based on the Treaty on European Union and the Treaties establishing the European Communities.

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    Soil and air quality: Projects that deal with any topic against soil and air pollution, except water pollution, for example, reduction of soil and air contamination, pollution-management systems, but also prevention and eradication of soil erosion, new ways of improving air quality (also indoors) and soil/air knowledge in general.

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    Activities that protect, promote and enhance cultural and natural heritage, increase the attractiveness through preservation and valorisation of common cultural and natural heritage in a sustainable manner, and improve and develop cultural and natural heritage objects, services and products. Cultural heritage management, art and culture, (maritime) heritage routes, access to cultural and natural heritage. Also all topics on cultural services such as festivals, concerts, art workshops.

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    Education and training projects on expanding educational opportunities, reducing barriers in the field of education, improving higher education and lifelong learning, training and labour mobility, educational networks, higher vocational education, common learning programmes.

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    Projects about (organised) crime, efficient and secure borders, such as enhancing the effectiveness of the police in the prevention of drug crimes, the development of safety services, or tackling security and organised crime issues.

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    • Multimodal transport and logistics and freight transport focusing on using different means of transport, developing multimodal connections, optimising intermodal transport chains; offering multimodal logistics solutions and providing access to clean, efficient and multimodal transport corridors and hubs; establishing cooperation among logistic centres and developing multimodal mobility strategies.

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    • regional planning and development, such as the implementation of regional development policies/instruments and programmes, sustainable land use management plans, integrated regional action plans, spatial planning, and marine protected area management.
    • rural and peripheral development, referring to remote, sparsely populated areas, rural community development, and rural economics, in particular access to remote areas and policies for rural areas.
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Call key data

Support for regulation of the financial services in Montenegro

Funding Program

Instrument for Pre-accession Assistance

Call number

EuropeAid/183044/DD/ACT/ME

deadlines

Opening
25.11.2024

Deadline
03.02.2025 11:00

Call budget

€ 1,800,000.00

Estimated EU contribution per project

€ 1,800,000.00

Link to the call

ec.europa.eu

Link to the submission

ec.europa.eu

Call content

short description

The overall objective is to contribute to financial and economic stability by strengthening the efficiency, accountability and safety of the financial sector in Montenegro.

Call objectives

The specific objective is to further enforce the legislation aligned with EU Acquis, supervisory practices and standards as well as strengthen the institutional, regulatory and administrative capacity of the Central Bank of Montenegro and the Insurance Supervision Agency (hereinafter: ISA).

Expected results

This Action will have two components:

COMPONENT 1 – Further alignment of the regulatory and operational framework for financial services with Union Acquis and strengthening the administrative capacities of the CBM

  • Result 1.1– Regulatory and operational framework for financial services further aligned with Union Acquis
    • Result 1.1.1: Law Amending the Law on Credit Institutions drafted
    • Result 1.1.2: Reports and data on capital adequacy in accordance with guidelines of the Committee of European Banking Supervisors (CEBS) prepared
    • Result 1.1.3: Law Amending Law on Resolution of Credit Institutions drafted
    • Result 1.1.4: Law Amending the Payment System Law aligned with EU regulation drafted
    • Result 1.1.5: Montenegro’s regulatory and operational framework in the area of Financial reporting and controlling further aligned with ESCB standards
  • Result 1.2. – Administrative capacities of the CBM further strengthened
    • Result 1.2.1: Administrative capacity in the area of resolution of credit institutions strengthened (Minimum 4 CBM employees trained through 2 study visits to the Resolution Authorities in EU member states)
    • Result 1.2.2: Administrative capacity in the area of payment systems strengthened (through minimum 2 trainings implemented)
    • Result 1.2.3: At least 10 CBM employees trained for the model for stress testing of banks
    • Result 1.2.4: Macroeconomic modelling further developed through minimum 3 trainings implemented
    • Result 1.2.5: Supported implementation of best practices in the field of anti-money laundering directive and consumer protection regulations through minimum 4 trainings
    • Result 1.2.6: Minimum 1 training and 1 study visit for the implementation of the ECB's Accounting Guidelines and reporting to the ESCB/Eurosystem implemented
    • Result 1.2.7: Minimum 2 trainings and 1 study visit for implementation of procedure and practices of EU supervisors in terms of supervising calculation of impairments by the banks (IFRS 9), as well as of supervision of credit institutions modelling (ICAAP, recovery plans)
    • Result 1.2.8: Minimum 2 expert missions for further development of financial account statistics

COMPONENT 2 – Strengthening the capacities of the ISA and regulatory and operational framework for insurance further aligned with Union Acquis in the insurance field

Twinning support under Component 2 is aimed at further strengthening the capacities of Insurance Supervision Agency of Montenegro and further harmonisation of regulatory and operational framework for insurance with EU acquis (Solvency II framework and IFRS standards) in the field of: off-site risk -based supervision, with focus on prudential market reviews with quantitative analysis of indicators and Supervisory risk assessment for insurance undertakings, Early warning system, stress test for insurance market and implementation of International Financial Reporting Standards. Considering the significantly grown scope and complexity of regulatory framework in insurance sector – Solvency II that is continuously developing, further capacity building in the Insurance Supervision Agency is inevitable precondition for progress to full and effective alignment to the EU regulations, EIOPA technical standards, guidelines and rules, as well as to best practices in the EU member states.

  • Result 2.1.: Strengthened capacities of the ISA and Montenegro’s regulatory and operational framework aligned with Union Acquis, guidelines and practice and International Financial Reporting Standards, in the field of off-site regular reviews of insurance market, with focus on prudential tools and regular quantitative horizontal analyses of the key insurance undertakings indicators that may impact individual insurers and the insurance sector
    • Result 2.1.1.: Manual with detailed and relevant methodology and indicators for regular quantitative analysis of insurance market drafted and supplementing amendments to the regular reporting templates for supervisory purposes drafted
    • Result 2.1.2.: Administrative capacities of the ISA, in the field of off-site regular  orizontal quantitative analyses of the key indicators for insurance undertakings strengthened, through at least three trainings and two study visits implemented
  • Result 2.2.: Strengthened capacities of the ISA and Montenegro’s regulatory and operational framework aligned with Union Acquis, standards and practice in the field of supervisory risk assessment and market stress tests, in the scope of the off-site risk-based supervision
    • Result 2.2.1.: Supervisory risk assessment manual containing methodology for identification and assessment of the current and future risks relevant for insurers in Montenegrin market drafted and stress test Guidelines and supplementing amendments to the reporting templates for supervisory purposes drafted
    • Result 2.2.2.: Administrative capacities of the ISA, in the field of supervisory risk assessment and market stress tests, in the scope of the off-site supervision strengthened, through at least three trainings and two study visits implemented
  • Result 2.3.: Strengthened capacities of the ISA and Montenegro’s regulatory and operational framework in the field of early warning system for insurance market further aligned with Union Acquis, standards and practice
    • Result 2.3.1.: Manual with main forecasting techniques, general criteria, methodology and tools for Early warning system for Montenegrin insurance market drafted and supplementing amendments to the reporting templates for supervisory purposes drafted
    • Result 2.3.2.: Administrative capacities of the ISA, in the field of on implementation of indicators and methodology for Early warning system strengthened, through at least three trainings and two study visits implemented
  • Result 2.4.: Strengthened capacities of the ISA and Montenegro’s regulatory and operational framework in the field of Financial reporting aligned with International Financial Reporting Standards 9 and 17 and supervisory practice in EU member states
    • Result 2.4.1.: Plan of activities for transitioning on the IFRS 9 and IFRS 17 financial reporting, drafted and amendments to the regulatory and sub-regulatory framework currently in force in Montenegro fully aligned to the IFRS 9 and IFRS 17drafted
    • Result 2.4.2.: Administrative capacities of the ISA, in the field of Financial reporting aligned with International Financial Reporting Standards 9 and 17 and supervisory practice in EU member states strengthened, through at least three trainings and two study visits implemented

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Eligibility Criteria

Regions / countries for funding

EU Member States
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

Administration & Governance, Institutional Capacity & Cooperation, 
Competitiveness of Enterprises, Employment/Labour Market, SME & entrepreneurship

Relevance for EU Macro-Region

EUSDR - EU Strategy for the Danube Region

UN Sustainable Development Goals (UN-SDGs)

project duration

24 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/183044/DD/ACT/ME Twinning FicheEuropeAid/183044/DD/ACT/ME Twinning Fiche(1439kB)

Contact

Twinning NCP Austria
+43 50 1150 3668
winning@bmeia.gv.at
Website

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