Skopje, 27 February 2023 (MIA) – Bilateral screening for Cluster 2 - Internal Market continues Monday with the meeting on Chapter 9 - Financial Services.

The Secretariat for European Affairs said the Chapter 2 working group is led by Deputy Chief Negotiator with the European Union Drita Abdiu Halili, who said in her opening address that the country is successfully on the way towards full harmonization with European legislation.

“The new laws will establish a clear framework for the Macedonian market, which will contribute to its development and harmonization with EU legislation in this area,” she pointed out.

Deputy PM for Economic Affairs Fatmir Bytyqi also attended the meeting, pledging that the country would try its best to fulfil the recommendations of the European Commission Report, saying “we will pass a law on bank resolution and the implementation of legislation and by-laws,” also pledging that the country would establish a regulatory body for banks as well as for the dealing with unregistered and uninsured vehicles, as well as continuing to tackle consumer protection while also establishing a financial ombudsman service.

“We will catalyze the efforts highlighted in the report in the part about developing the bank resolution ordinances in accordance with the EU framework, with a special accent on the Bank Recovery and Resolution Directive. The Law on Deposit Insurance will be amended to improve deposit insurance and answer the Constitutional Court’s concerns in its 2021 decision. Our Central Bank has already devoted part of its website to consumers’ rights, alongside proper information sharing, to avoid unfair banking practices,” Bytyqi said.

The working group for this chapter consists of the Ministry of Finance, the National Bank, the Securities and Exchange Commission, the Central Registry, the Insurance Supervision Agency, the Financial Intelligence Office, the Ministry of Interior, the Financial Police, and the State Commission for the Prevention of Corruption.

Financial services are of great significance to the correct functioning of the EU’s internal market as a foundation of European integration. This chapter includes banking, insurance, securities, investment funds, financial markets and payment systems. The legal framework in this chapter encompasses the rules for the issuance of an operational and supervisory working of the financial institutions meant to secure a stable, safe and effective financial market, reads the press release.

The Chapter 9 - Financial Services presentations will continue on Tuesday, those for Chapter 28 - Consumer and Health Protection on Wednesday and Thursday, and the bilateral meeting for Chapter 2 - Free Movement of Workers will be held on Friday.