Update to the contribution to the progress report on the process of accession of the republic of macedonia to the european union

3.8COMPETITION POLICY

ANTITRUST

Enforcement

Regarding the enforcement in the field of antitrust, the Commission adopted eighteen decisions on concentrations in the reporting period. Additionally, one fine was imposed in misdemeanour procedure.

Administrative capacity

The employees of the Department of qualified personnel participated in the following events and seminars:

1. 
   Workshop on Abuse of Dominant Position organised by TAIEX and DG Competition, Brussels, 3-4 June 2008 (two employees);
   
2. 
   European Summer School and Conference in Competition and Regulation, Competitive Strategy, Competition Policy and Law and the Regulation of Markets, Anavyssis-South Athens, June 28-July 10, 2008 (four employees of the CPC);
   
3. 
   Course for competition authority economists organized by Fordham Competition Law Institute, New York, June 16-20, 2008 (one employee of the CPC) and
   
4. 
   Refresher course for experienced competition authority officials and judges, organized by Fordham Competition Law Institute, New York, July 7-11, 2008 (one employee of the CPC).
   

1.1 STATE AID

Approximation of legislation

The Law Amending the Law on Technological Industrial Development Zones was enacted on 18 July 2008 (“Official Gazette of the Republic of Macedonia” No.103/08). The text of the Law addresses the EC comments and is important step towards achieving alignment with the acquis in this area. The provisions are aligned with the Guidelines on National Regional Aid for 2007-2013 (2006/C 54/08) OJ 54/13 and 52004XC1001(01) and the Communication from the Commission – Community guidelines on State aid for rescuing and restructuring firms in difficulty OJ 244 (01.10.2004). The comments relating taxation and customs are also addressed in the Law.

Enforcement

Concerning the enforcement in state aid field, one opinion was delivered by the CPC concerning the financing of public broadcasting service (MRTV).

The CPC initiated procedure for formal investigation for evaluation of the individual state aid, granted by the Ministry of Transport and Communication, with the contract for the alienation of the state owned land.

3.9FINANCIAL SERVICES

Banking

Legal framework

Regarding the legislative alignment in this field the following laws were enacted:

1. 
   Law amending the Law on Foreign Exchange (“Official Gazette of RM” No.81/08), prescribing that the registration of direct investments of residents and non-residents shall be within the competence of the Central Registry of Republic of Macedonia;
   
2. 
   Law on Credit Bureau (“Official Gazette of RM” No. 81/08). This law regulates the establishment of private credit bureau with data base on obligations for natural and legal persons in the Republic of Macedonia;
   
3. 
   Law Amending the Law on Deposit Insurance Fund (“Official Gazette of RM” No. 81/08). The purpose of these amendments was to achieve harmonisation with the Law on Misdemeanours regarding the amount of fine and terminology;
   
4. 
   Law Amending the law on Leasing (“Official Gazette of RM” No. 88/08), aligned with the Law on Misdemeanours regarding the terminology and the amount of the fine;
   
5. 
   Law Amending the Law on Central Registry (“Official Gazette of RM” No. 88/08), harmonised with the Law on Misdemeanours regarding the amount of the fine;
   
6. 
   Law Amending the Law on Cheque (“Official Gazette of RM” No. 88/08), prescribing the authorisation of banks to issue cheques and to assess the form of the cheque, the level of protection and the manner of issuance of the cheques in circulation. The law is harmonised with the Law on Obligations, Law on notary service, Law on Misdemeanours and the Criminal Code and
   
7. 
   Law Amending the Law for Issuing Bonds of the Republic of Macedonia for Denationalisation (“Official Gazette of RM” No. 89/08). The amendments of this law allow issuance of two additional emissions of bonds for denationalisation.
   

Law amending the Law on Macedonian Bank for Development and promotion is in Parliamentary procedure. The aim of these amendments is alignments with the current Law on banks in the area of the bank management.

Secondary legislation

The National Bank of the Republic of Macedonia adopted the following by- laws:

1. 
   Decision Amending the Decision on the terms and manner of operation of saving houses (“Official Gazette of the Republic of Macedonia” No. 78/08) adopted with the view of achieving more efficient organisation and conducting internal audit in the saving houses.
   

• 
  Decision Amending the Decision on the Information System Security of the Bank (“Official Gazette of the Republic of Macedonia” No. 78/08), pursuant to which the conditions under which the banks could outsource IT services are more closely defined. Furthermore, the amendments prescribe the conditions that must be fulfilled in the case the bank is outsourcing IT services to a foreign company pursuant to ISO/IEC 2000 standard for IT security. The envisaged time frame for alignment with these provisions is 1^st of January 2010 and
  
• 
  Decision Amending the Decision on the Manner and the Base for Opening and Maintaining Bank Accounts for Non-Residents (“Official Gazette of the Republic of Macedonia” No. 78/08). These amendments are adopted with the view of achieving alignment with the legislation concerning money laundering prevention and financing of terrorism as well as with the Decision Amending the Decision on Conditions and the Amount of Effective Foreign Currency and Cheques that can be Imported or Exported from the Republic of Macedonia (“Official Gazette of the Republic of Macedonia” No. 69/08) allowing for non residents to open accounts in case they are not present in person in the premises of the bank.
  

The National Bank of the Republic of Macedonia signed Memorandum for cooperation with the Central bank of Serbia.

The National Bank of RM adopted the quarterly report on the banking system in RM for the first quarter of 2008. In addition the Council of the NBRM adopted the Report for financial stability in the Republic of Macedonia for 2007. This report is second of its kind and contains analyses and estimation on the financial stability in Republic of Macedonia with emphasis of the presence of risk in the financial system.
Insurance and mandatory pension insurance

Legal framework

INSURANCE
The following laws were enacted:

1. 
   Law Amending the Law on Compulsory Traffic Insurance (“Official Gazette of RM” No.81/08), aligned with the EU Directives 72/166/ЕEC, 84/5/ЕЕC, 90/232/ЕЕC and 2000/26/ЕC prescribing the responsibility for damage afflicted by third persons and
   
2. 
   Law Amending the Law on Insurance Supervision (“Official Gazette of RM” No. 88/08), harmonised with the Regulatory guillotine regarding the part of issuing licenses under the jurisdiction of the Ministry of Finance.
   

MANDATORY PENSION INSURANCE
The Law Amending the Law on Compulsory Capitally Financed Pension Insurance (“Official Gazette of RM” No.88/08) has been enacted and three by-laws were adopted by MAPAS.⁴
The Managing Board of the Agency for supervision of fully funded pension insurance (MAPAS) issued the following guidelines: Professional guideline of the manner for accounting of compulsory liquidity assets and Professional guideline for taking action on complaints.

The Agency issues a monthly bulletin which includes distribution of membership in compulsory pension funds under there status, value of net assets and accounting unit of compulsory pension funds. This bulletin is published on the web site of the Agency www.mapas.gov.mk

Contract for Cooperation between the Foundation - Open Society Institute Macedonia (Soros) and MAPAS was signed regarding the enhancement of the human resources in MAPAS.
Agency for supervision of fully funded pension insurance issued bulletin for July 2008 in which is regulated distribution of membership in pension funds by there status and value of net assets of pension funds and accounting unit in pension funds . This bulletin is published on the web-site of Agency for supervision of fully funded pension insurance (MAPAS).
Financial markets infrastructure

Legal framework

The Law on Financial Security was enacted (“Official Gazette of Republic of Macedonia ” No. 84/08), aligned with the Directive 2002/47/EC. This law regulates financial security based on agreements on financial security.

Capital market and Securities

Secondary legislation

In the reporting period the Ministry of finance has incorporated the EC comments in the new draft Law on Investment Funds and it is in process of harmonisation with the Secretariat for Legislation. After this alignment the draft Law will be sent into Governmental procedure. The text of the draft Law is partially aligned with the following directives: Directive 85/11/EEC, 2001/107/EC, 2001/108/EC and 2004/39/EC.

The Securities and Exchange Commission adopted amendments to six by-laws:

1. 
   Rulebook amending the Rulebook for the content and dead lines of submitting reports for work on Stock exchange („Official Gazette of the Republic of Macedonia” No.75/2008)
   
2. 
   Rulebook amending the Rulebook for content of monthly report for work of the securities depositary(„Official Gazette of the Republic of Macedonia” No.75/2008).
   
3. 
   Rulebook Amending the Rulebook on Training and Taking the Professional Exam for Work with Securities (Official Gazette of Republic of Macedonia” No.84/07);
   
4. 
   Rulebook Amending the Rulebook on the Manner and Procedure for Obtaining license for Establishing Depository for Securities (Official Gazette Republic of Macedonia “ No.84/07);
   
5. 
   Rulebook Amending the Rulebook on the Manner and Procedure for Receiving Approval for Appointment of a Director of the Depositary for Securities (Official Gazette of the Republic of Macedonia” No.84/07) and
   
6. 
   Rulebook Amending the Rulebook for the Content of the Monthly Work Report of Authorised Legal Entities that are Licensed to Deal with Securities (Official Gazette of Republic of Macedonia” No.95/08).
   

The SEC issued approval for the schedule of rates for the Macedonian Stock Exchange AD Skopje („Official Gazette of the Republic of Macedonia” No.116/2008).

The SEC issued 5 licences for brokerage and 8 licences for investment counsellors

The Securities and Exchange Commission adopted the Book of Rules and the Tariff List for the Commission for mediation. The SEC issued decision on approval of the establishment of a company for managing funds, approval of the Statute of the company and approval for the Managing Board “MP Invest” JSC.
In the course of July the Security and Exchange Commission (SEC) adopted the Estimation through self-estimation for implementation of principles and goals of IOSCO related to regulation of securities market in Republic of Macedonia pursuant to IOSCO methodology. This Estimation expresses the level of implementation of IOSCO principles in the regulative for securities market in the Republic of Macedonia.
In the reporting period, the SEC adopted a Public Relations Strategy.

The Security and Exchange Commission issued seven licenses for brokers and nine licenses for investment counsellors. As well SEC issued permit for establishing company for managing with investment funds MP Invest AD Skopje and founders are: Medveshek Pushnik DZU D.D. Ljubljana, Republic of Slovenia and 7 domestic and foreign natural persons. MP Invest AD Skopje will manage with two open investment funds.

Furthermore, the SEC issued temporary prohibition for work of the brokerage house “Dinev Broker” AD Skopje in duration of 30 working days. The SEC issued five licenses for broker and nine licenses for investment counsellors.