Compliance Training for Financial Professionals in Macedonia, The Former Yugoslav Republic Of

The World Bank has recently released a report assessing Macedonia’s corporate governance policy framework and enforcement practices. This report highlights recent improvements in corporate governance regulation and provides investors with a benchmark against which to measure corporate governance in the country.

Recommendations for Improvement

According to the report, Macedonia needs to overhaul its disclosure framework as part of the ongoing revision of the Securities Law. Specifically:

• Shareholders should be required to disclose all direct and indirect ownership.
• The law should increase the authority of the Macedonian Securities and Exchange Commission (MSEC), especially its powers to impose sanctions.
• MSEC should develop a strategy to use its new authority to improve corporate governance and shareholder rights.

Recommendations for the Stock Exchange

The report also recommends that the Macedonian Stock Exchange (MSE) completes the process of drafting a corporate governance code, revises its listing rules in line with the Code and the new Securities Law, and considers the development of a “corporate governance tier”. Additionally:

• The exchange should also fully implement a system of electronic information dissemination.

Importance of Compliance Training

These recommendations aim to improve corporate governance practices in Macedonia’s financial sector. Financial professionals in the country would benefit from compliance training that incorporates these recommendations, ensuring they are equipped with the necessary knowledge and skills to navigate the complex regulatory landscape.

Conclusion

By implementing these reforms, Macedonia can strengthen its financial sector and increase investor confidence. The World Bank report provides a valuable roadmap for the country’s financial regulators and stakeholders, highlighting key areas of focus for improved corporate governance practices.

In conclusion, compliance training for financial professionals in Macedonia should prioritize the recommendations outlined in this report, ensuring that the country’s financial sector is better equipped to meet international standards of corporate governance.