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Financial Institution Security Measures in Macedonia

The European Union (EU) has been monitoring the progress of Macedonia in aligning its legislation with EU standards, particularly in the areas of financial services and intellectual property rights.

Progress Made

According to the latest Commission Report, released on December 21, 2011, there have been some positive developments in certain areas. In the area of company law, for instance, further legislative alignment with the acquis has made significant progress. Additionally, good progress was made in enhancing the legal framework for intellectual property rights.

Areas for Improvement

However, there are still areas where Macedonia needs to improve. The track record on investigation, prosecution and judicial handling of piracy and counterfeiting is not satisfactory, and awareness of intellectual property rights among the public remains low.

In terms of financial services, while some progress was made in enforcement in the area of combating money laundering and financing of terrorism, there are still restrictions on short-term portfolio investments and cross-border payment transfers pending the passage to the second stage of the Stabilisation and Association Agreement.

EU’s Urging for Progress

The EU has been urging Macedonia to take a more proactive approach in aligning its legislation with EU standards. The Commission Report highlights the need for institutional reform to ensure freedom of movement for workers, as well as further preparations for the freedom to provide services and the right of establishment.

Customs Union Acquis

Macedonia’s Customs Union acquis consists almost exclusively of legislation directly binding on Member States. The country must have the required implementing capacities, particularly connectivity with the EU’s computerised customs systems. Customs authorities must also have sufficient capacity for implementation and compliance with specific provisions established in related fields of the acquis.

Commission Report Highlights

The Commission Report highlights the uneven progress made by Macedonia and urges continuous efforts to align its legislation with the acquis and implement it effectively.

Commission Report [COM(2010) 660 final – SEC(2010) 1327 – Not published in the Official Journal]
Commission Report [COM(2009) 533 final – SEC(2009) 1334 – Not published in the Official Journal]
Commission Report [COM(2008) 674 final - SEC (2008) 1436 - Not published in the Official Journal]

Source

The website of the Directorate-General for Enlargement: Enlargement Strategy and Progress Reports 2011

Last updated: December 21, 2011