Hanfa's partnership in the twinning project "Support to financial services regulation in Montenegro"
On 19 November 2025, the twinning project "Support to financial services regulation in Montenegro", with the aim of strengthening the efficiency, accountability and security of the financial sector in Montenegro, was officially presented in Podgorica. The project value is EUR 1.8 million, it is funded by the European Union, and the main beneficiary institutions are the Central Bank of Montenegro and the Insurance Supervision Agency.
The project is implemented by a consortium led by the Deutsche Bundesbank in partnership with the Croatian Financial Services Supervisory Agency (Hanfa), the Croatian National Bank and the National Bank of Slovakia. It officially started at the beginning of September 2025 and is scheduled to last until the end of August 2027.
During the official presentation of the project, Martina Librenjak, Head of Hanfa's International Regulations and Cooperation Department, in her welcoming speech highlighted the long-standing productive relationship with Montenegrin regulatory and supervisory bodies, especially with the Insurance Supervision Agency and the Capital Market Authority. She recalled the previous twinning project, whose implementation took place from 2018 to 2020, which dealt with the harmonisation of laws and by-laws in the field of banking, insurance, capital markets and pension and investment funds with the EU acquis and the transfer of knowledge in the field of supervision (workshops, study visits, etc.). The beneficiary institutions were the Central Bank of Montenegro, the Insurance Supervision Agency and the Capital Market Authority. The focus of the recently completed twinning light project with the Capital Market Authority was the development of the Corporate Governance Code and the improvement of securities issuers supervision in Montenegro. There was also cooperation on a TAIEX instrument, and Hanfa provided support to the supervisory authorities of Montenegro in various areas, such as investment and pension funds, as well as capital and insurance markets.
Future activities of this project relate to further alignment with the EU acquis, strengthening supervisory practices and improving institutional capacities within the beneficiary institutions of the project.
