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Law on the Federal Agency for Banking Supervision

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This law establishes the structure, functions, and powers of the Federal Agency for Banking Supervision (Agency) in Bosnia and Herzegovina.

Structure

Board of Members

  • The Agency has a Board of three members, appointed by the Parliament.
  • The Director and Deputy Director are appointed by the Board.

Staff and Representatives

  • Staff and representatives of the Agency must not receive gifts that could influence their objectivity.

Duties and Powers

Supervision and Regulation

  • The Agency is responsible for supervising banks and micro-credit organizations in Bosnia and Herzegovina.
  • It has the power to:
    • Issue licenses
    • Inspect financial institutions
    • Revoke licenses if they fail to pay fees or do not comply with regulations
  • The Agency can also:
    • Perform examinations
    • Supervise activities
    • Obtain copies of business documents

Reporting and Auditing

Annual Report

  • The Agency must submit an annual report to the Parliament through the Government of Bosnia and Herzegovina within three months of the end of the reporting year.

Auditing

  • Every year, a federal agency in charge of auditing performs revisions to the Agency’s accounts and books.

Financing

Resources

  • The Agency’s resources come from fees for issuing licenses, supervising banks, and other compensations.
  • If these are insufficient, funds can be taken from the Budget.

License Fees

  • The Board passes regulations regarding license fees.

Business Secrets and Statute

Confidentiality

  • Members of the Board, Director, Deputy Director, staff, and representatives must keep business secrets in accordance with regulations.

Agency Statute

  • The Agency has a Statute that establishes its organization, procedures for operations, authorization for representation, rights and obligations of individuals with special responsibilities, and other organizational issues.

Transitional Provisions

Existing Licenses

  • On the date this law comes into effect, institutions with licenses for banking operations will continue to work in accordance with their existing authorizations.

Law Entry into Force

  • The law enters into force on the date of its publication in the “Official Gazette of the Federation of BiH”.