11/08/2008

NBS Signs Memorandum of Cooperation with CBFA

Continuous cooperation between the National Bank of Serbia and the Banking, Finance and Insurance Commission of the Kingdom of Belgium (CBFA) resulted in the signing of a bilateral Memorandum of Cooperation in the area of banking and insurance supervision on 4 August 2008.

The Memorandum regulates cooperation between the two institutions in the area of licensing banks, insurance and re-insurance companies, exchange of supervision-related information and drafting of relevant legislation. It also defines the principles of cooperation in carrying out joint supervision of cross-border establishments. The provisions of the Memorandum and specific norms relating to the definition of concepts and forms of cooperation are fully harmonized with EU directives.

Signing of this Memorandum is part of the NBS efforts to establish cooperation with foreign regulatory bodies in the area of banking and insurance supervision. The National Bank of Serbia has so far signed this type of memorandum with the supervisory authorities of Greece, Cyprus, FRY Macedonia, Slovenia, Italy, Montenegro, Hungary and Bosnia and Herzegovina.

Governor's Office