EBRD promotes innovation in local capital markets of Macedonia

By Viktorija Melohina

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€110,000 to strengthen regulatory framework and modernise supervisory standards of Securities Exchange Commission
The European Bank for Reconstruction and Development (EBRD) and the Macedonian Securities and Exchange Commission (MSEC), an autonomous regulatory body, are boosting the development of local capital markets in Macedonia with an innovative project that will strengthen regulatory frameworks and improve the quality of supervision in the local securities market.
With a technical assistance grant of €110,000, the EBRD is helping to build the relevant financial infrastructure and regulation that can make local capital markets in the country more transparent and efficient. The financing has helped to introduce suitable software and build capacity among MSEC staff which is strengthening the supervisory capacity of the regulatory body.
With the introduction of new software the Commission is gaining an accurate, safe source of the data reported by participants in local capital markets. The new software will lead to higher efficiency and better reporting standards, helping Macedonia align its capital market regulation and legislative framework to the directives of the European Union.
“Supporting the development of local capital markets is one of EBRD’s priorities in Macedonia. This is a landmark, innovative project for the securities market. We are pleased to see the successful implementation of this project and want to thank our partner, the Securities Exchange Commission, for their cooperation and the completion of the project,” said Anca Ioana Ionescu, Head of EBRD’s Skopje Resident Office. 
“We are proud to work together with the EBRD on this innovative project. We can already see the benefits of modernising our software, which is allowing us to be more efficient and in line with the evolution of the local capital markets. We are pleased to take another step in our relationship with the EBRD,” stated Elizabeta Chingarovska, President of the MSEC.
The Securities and Exchange Commission of Macedonia is an independent regulatory body with the status of a legal entity, in charge of implementing the Securities Law, Investment Funds Law and Takeover Law as well as all secondary regulation passed on the basis of these laws.
The EBRD has been active in the development of local regional capital markets, providing support to SEE Link, a joint stock company established by the Bulgarian, Macedonian and Croatian stock exchanges.
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