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11.05.2015

Štampaj NovostPošalji Novost

Strategy of The Securities and Exchange Commission

Internal development strategy of the Securities and Exchange Commission

In December 2011 Securities and Exchange Commission adopted Internal development strategy of the Securities and Exchange Commission.

Internal development strategy of the Securities and Exchange Commission.

 

General control plan for 2012

In December 2011 Securities and Exchange Commission adopted General control plan for 2012.

General control plan for 2012.

 

Risk management internal strategy and preparation of the integrity plan of The Securities and Exchange Commission

In December 2011 Securities and Exchange Commission adopted Risk management internal strategy and preparation of the integrity plan of The Securities and Exchange Commission.

Fighting corruption is one of the greatest challenges of a modern society in the world, including ours. Confronting corruption presupposes application of preventive and repressive measures. Prevention prevents occurrence of corruption, and repressive measures are applied only when the corruption occurred and when its effects are manifested.

One of ways to reduce the scope of corruption is to discover and to eliminate the causes, i.e. risks of corruption occurrence, and not only of corruption as bribery, but of all ethical and professional unacceptable actions.

Integrity Plan represents a preventive anti-corruption measure. Internal Risk Management Strategy and Integrity Plan of the Securities and Exchange Commission (hereinafter: the Commission) are documents that arise as the result of self-assessment of risk exposure for occurrence and development of corruption, as well as exposure to ethical and professionally unacceptable procedures. The aim of adoption of the Internal Strategy and Integrity Plan is to strengthen the integrity of the institution, which presumes individual integrity, professionalism, ethics, institutional integrity and compliance, as well as a way of acting in accordance with moral values. Building integrity leads to reduction of risk to meet competences of the Commission contrary to the purpose for which they were established, which contributes to improve institutions' quality of working, and thereby increase of public confidence in its work.

The Commission decided to develop its own Strategy and Integrity plan considering the importance of its role in the field of regulation and control of securities, as well as the need to ensure efficiency and effective functioning of the Commission, as an autonomous and independent organization. This can be achieved through the following procedures: simplifying of complicated procedures, control of discretionary powers, strengthening of accountability, increasing transparency, professionalism and ethics through education, setting standards, implementation of the efficient internal control structure and elimination of inefficient practices and inapplicable regulations.

Addressing of individual cases of corruption is not the objective of the Integrity plan, but the establishment of mechanisms to prevent and eliminate conditions for the occurrence of corruption, unethical and unprofessional practices in all areas of functioning of the Commission. A particular objective of the Integrity plan is to raise awareness of the President and members of the Commission and employees about the dangers of corruption in the direction of achieving "zero tolerance to corruption". By creation of the Integrity plan, the Commission assesses the quality of regulations, personnel and procedures in practice in the most significant areas of functioning (governance by the institution, finances, personnel, public procurement, information, etc.).

One of the main functions of the Integrity plan is to enable employees in the Commission to participate in its preparation and implementation, given that employees are the most familiar with the functioning of the institution where they work. With their knowledge and experience they can best identify and assess risks for the occurrence of corruption and other irregularities and suggest appropriate measures and activities for their reduction or elimination.

 

2012 Integrity plan of The Securities and Exchange Commission

In December 2011 Securities and Exchange Commission adopted Integrity plan of The Securities and Exchange Commission for 2012.

Integrity Plan  of the Securities and Exchange Commission represents a set of measures of legal and factual nature which prevent and eliminate potential and actual risks that can affect legal, efficient, economic, effective and professional functioning of this organization and favor the emergence and development of corruption and other abuses.

The principle of integrity, concretized through this Integrity Plan, aims to further develop the Commission as a highly professional, impartial and ethical institution, established for regulation and supervision of issue and trade of securities. Its implementation has resulted in the fact that the President, members and employees of the Commission perform duties being entrusted to them independently, impartially and transparently in accordance with applicable legislation and moral principles.

Identification of processes and workplaces particularly exposed to risk, control of existing measures as well as proposing measures that should diminish or eliminate those risks, create conditions for risks to be timely recognized and eliminated.

Integrity Plan of the Commission is based on identification of possible risky workplaces or processes within the Commission, which are presented in the Risk Register table.

 

Securities and Exchange Commission Communication strategy for 2012

In January 2012 Securities and Exchange Commission adopted Securities and Exchange Commission Communication strategy for 2012.

The aim of this Strategy is to show the structure of tools for continuation in improvement of information of professional and public opinion polls and certain target groups on issues relating to regulation and control of issuance and trading of securities on the national level, as well as promotion of activities of the Commission in 2012.

This document also envisages manners of presentation of realization of those activities from the Action plan which are under the jurisdiction of the Commission, primarily of employees who are responsible for PR activities and those who work in Sector for Development and Cooperation.

Particularly, objectives set by the Commission through this Strategy are:

  1. continuous, timely and accurate informing the public about the activities of the Commission; 
  2. raising the level of professional and public awareness on issues of regulation and supervision over issuance and trading of securities; 
  3. recognition of the Commission by state bodies, institutions of civil society and citizens as a successful independent organization which is a leader in planning and supervision of issuance and trading of securities; 
  4. adequate promotion of the Commission' image in Montenegrin public, as well as on regional and international level.

 

Securities and Exchange Commission Employee traning program

In March 2012 Securities and Exchange Commission adopted Securities and Exchange Commission Employee traning program.

Considering economic policy of the Government of Montenegro, obligations arising from EU accession process, the need and requirements of capital market participants in Montenegro, and recommendations and requirements of the Financial Stability Council, the Commission is directed to achievement of an appropriate level of institutional capacity. The condition would be to ensure complete legality, effectiveness, efficiency, cost-effectiveness and ethical dimension of the Commission's work.

Modernization of capital market regulation field undoubtedly requires changes in style, method and manner of work, more thorough knowledge and monitoring of conditions in the capital market, as well as independent, highly qualified, creative and competent human resources.

Europe-oriented Commission advocates achievement of vision of a modern capital market regulation with precisely defined objectives, which should:

  1. increase efficiency and cost-effectiveness;
  2. further raise the quality of capital market regulation;
  3. contribute to efficient implementation of regulation;
  4. contribute to raising the ethical awareness of the Commission's employees;
  5. contribute to reduction of corruption and organized crime;
  6. contribute to the effective fight against money laundering and terrorist financing;
  7. provide application of modern information and communication technologies.

Training of employees in the Commission has a special significance, given the fact that the European integration process creates the need for training and strengthening of administrative capacities. One of the priorities is to ensure sustainability of the corresponding system of functional education and training of employees.

Technological progress has transformed manners of work, especially the mode of communication and thus contributed to a faster exchange of information, more efficient and transparent operations of regulators. In conditions where the change is the rule, improvement and training must be continuous.

Training is the main instrument of the Commission for improvement of employees and also represents an important part of the reform process. Therefore, it is important that employees in the Commission are allowed to make progress and improve their knowledge and skills.

Employees' training will be developed in four main directions: 

  1. training of personnel will allow the application of principles and good business practice according to the best European standards, which includes increased working efficiency, productivity and cost-effectiveness, better organization, improved coordination and openness; 
  2. to ensure a modern capital market regulation it is necessary to conduct further professionalization, development and management of human resources, fight corruption, strengthen ethics and reward employees according to their results, 
  3. a special place is given to education and improvement of employees to acquire new knowledge, skills and competencies, especially the need for improvement of a foreign language; 
  4. ensuring application of modern information and communication technologies and the use of software solutions in order to improve regulation.

Fajlovi :

General control plan for 2012
Internal development strategy of the Securities and Exchange Commission

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