Decision on the Establishment of the National Payment System Committee

[unofficial translation] Pursuant to Article 44 paragraph (2) item 3) of the Central Bank of Montenegro Law (OGM 40/10, 6/13, 70/17, 125/23) and Article 61b paragraphs (1) and (3) of the Payment System Law (OGM 62/13, 111/22, 15/25), the Council of the Central Bank of Montenegro, at its meeting held on 17 March 2025, passed the following DECISION ON THE ESTABLISHMENT OF THE NATIONAL PAYMENT SYSTEM COMMITTEE I BASIC PROVISIONS Article 1 This Decision establishes the National Payment System Committee (hereinafter: the National Committee) for improving the standards of secure and efficient payment system operations and establishing the cooperation in the area of the provision of payment services, including the SEPA payments. Article 2 Terms used in this Decision for natural persons in masculine gender shall include the same terms in feminine gender. II OBJECTIVE AND SCOPE OF WORK OF THE NATIONAL COMMITTEE Article 3 The National Committee is aimed at encouraging balanced and sustainable development of a safe, efficient, innovative and competitive payment system operations market in Montenegro, by:

• promoting safe and efficient payment system operations, or payment services;
• encouraging the application of safe and innovative payment solutions, especially digital innovations in this area, while maintaining the necessary level of safety for the users of these services;
• encouraging greater availability of payment services;
• fostering initiatives for standardisation and interoperability of services, infrastructure and schemes, in order to prevent fragmentation of the payment services market;
• encouraging competition, and

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Decision on the establishment of the National Payment System Committee 2

• proposing appropriate solutions for the prevention of identified difficulties in the field of payment system operations. The National Committee may cooperate with other bodies and/or institutions in the achievement of its tasks. Article 4 The National Committee shall act as an inter-institutional body on a voluntary basis, whose work shall be coordinated by the Central Bank of Montenegro (hereinafter: the Central Bank). With a view to achieving the objectives laid down in this Decision, the main task of the National Committee shall be to foster international cooperation of the payment system operations participants, exchange opinions and harmonisation of the activities that contribute to the improvement of the payment system operations of Montenegro as a part of the Single Euro Payments Area (SEPA), as well as propose new solutions in the field of the payment system operations for the purpose of reaching higher degree of security and efficiency of the payment system operations, as well as its further development. The National Committee shall cooperate with the national payment system committees of other states, including the European Union Member States. Article 5 For the purpose of achieving the objective referred to in Article 3 of this Decision, the National Committee shall carry out the following activities:
• encourage the exchange of information and experience in the payment services market aimed at gaining a better insight about the practices, requirements and expectations of all participants in order to define key strategic issues, as well as potential problems and proposal of priorities for their resolution;
• discuss current initiatives started at the level of the state and the EU for the purpose of further standardisation and interoperability, taking into account the integration needs and further functioning in the EU single market for payments;
• foster the innovations in the area of technological and functional solutions with regard to payments, in particular digitalization processes and digital services;
• determine joint positions on individual issues, taking into account the harmonisation of interests of all participants of the National Committee;
• guide the participants of the National Committee regarding further action, encouraging the application of best practices;
• set priorities in its work and implements activities for the purpose of developing payment system operations;
• monitor and directs the implementation of the SEPA project;
• cooperate with other bodies and/or institutions for possible advice or consultations on issues in the field of payment system operations. The National Committee shall perform the following activities within the implementation of the SEPA project:

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Decision on the establishment of the National Payment System Committee 3

• consider open issues and proposals regarding payment schemes, development and establishment of payment infrastructure;
• determine and, if necessary, update the National Migration Plan to SEPA, which contains a detailed description of the activity plan and the migration process, including deadlines, and monitor the implementation of that national plan;
• cooperate with institutions, organisations and associations that do not have members in the National Committee, and which need to be included in the implementation or informed about the SEPA project;
• monitor the process of banks’ joining the SEPA;
• promote SEPA payments and participates in activities that ensure information for payment service users regarding the SEPA project in Montenegro;
• continuously review the needs of participants, i.e. payment service users (business entities, entrepreneurs, consumers), consider their proposals, and provide recommendations for further action;
• encourage the implementation of best practices;
• undertake other activities that may contribute to the achievement of the National Committee’s objective. The SEPA project, within the meaning of this Decision, shall be an initiative launched with the aim of enabling harmonised planning, coordination of activities of various interested parties, as well as monitoring the execution of these activities, in order to enable efficient access of Montenegro’s payment service providers to the SEPA area. The SEPA payments mean all types of credit transfers and direct debits executed in the Single Euro Payments Area (SEPA) through the SEPA payment schemes. III COMPOSITION OF THE NATIONAL COMMITTEE Article 6 The National Committee shall consist of the chairperson, deputy chair and two members, from among the Central Bank's employees. The chairperson of the National Committee shall be the Vice-Governor of the Central Bank who is entrusted with the organisation of the execution of tasks related to payment system operations, and the deputy chair shall be the director of the organisational unit in which the payment system operations are performed. The administrative and technical tasks for the needs of the National Committee shall be performed by the secretary. The persons referred to in paragraphs 1 and 2 of this Article shall have deputies who replace them in the event of their absence.

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Decision on the establishment of the National Payment System Committee 4 The persons referred to in paragraphs 1 and 2 of this Article, including their deputies, as well as the secretary, shall be appointed by a separate decision of the Governor of the Central Bank. Article 7 For the purpose of achieving the objectives and tasks of the National Committee, in addition to the representatives of the Central Bank, the following persons may also participate in the work of the National Committee:

• one representative of the Ministry of Finance or a person replacing them;
• three representatives of banks or persons replacing them, at the proposal of the Association of Banks;
• one representative of the Chamber of Commerce of Montenegro or a person replacing them. Upon the invitation of the Central Bank, the following persons may also participate in the work of the National Committee:
• ministries or other state institutions competent for issues related to the provision of payment services;
• organisations and/or institutions acting on behalf of other payment service providers or on behalf of providers of other services related to the provision of payment services;
• employer associations;
• organisations acting in the interest of the protection of one or more groups of consumers. Article 8 If the entities referred to in Article 7 of this Decision accept the participation of their representatives in the National Committee, they shall submit to the Central Bank a notification thereof, and of the persons they appoint as representatives or their deputies in the National Committee. By accepting the invitation, or by appointing the persons referred to in paragraph 1 of this Article, these persons shall become members of the National Committee. Article 9 If certain entities consider that they should participate in the work of the National Committee, they may submit a reasoned request for participation to the Central Bank. The request referred to in paragraph 1 of this Article shall be considered by the Governor of the Central Bank, taking into account the assessment of the possible contribution of that entity to the fulfilment of the objective or tasks of the National Committee. Where the request of the entity referred to in paragraph 1 of this Article is deemed justified, the representative of that entity shall become a member of the National Committee.

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Decision on the establishment of the National Payment System Committee 5 Article 10 The participation in the work of the National Committee shall not in any manner bring into question the autonomy, independence, competences and responsibilities of the Central Bank, as well as other participants, arising from their legal powers and responsibilities. IV MODUS OPERANDI OF THE NATIONAL COMMITTEE Article 11 The National Committee shall provide conclusions, recommendations and opinions by a majority vote of the members present, whereat the chairpersons of the National Committee shall have the casting vote in the event of a tie. The conclusions, recommendations and opinions of the National Committee shall not be binding, but advisory. Article 12 The chairperson of the National Committee shall:

• prepare and convene the National Committee meetings;
• propose the agenda of the National Committee meetings;
• chair the National Committee meetings;
• approve and sign the final minutes of the National Committee meetings;
• sign the conclusions, recommendations and opinions of the National Committee;
• decide on other issues important for the work of the National Committee. In the absence of the chairperson of the National Committee, the deputy chair of the National Committee shall perform all activities within their competence. Article 13 Members of the National Committee shall:
• shall attend meetings of the National Committee;
• shall suggest topics for the meetings of the National Committee;
• may initiate a meeting of the National Committee with a proposed agenda;
• shall participate in the adoption of conclusions, recommendations and opinions of the National Committee. Article 14 The secretary of the National Committee shall:
• assist the chairperson of the National Committee in the preparation and organisation of the National Committee meetings;
• prepare and deliver invitations and materials for the meetings to the members of the National Committee;
• keep minutes of the National Committee meetings;
• perform other administrative and organisational tasks necessary for the work of the National Committee.

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Decision on the establishment of the National Payment System Committee 6 Article 15 The chairperson of the National Committee, through the secretary, shall convene a meeting of the National Committee at the latest seven days before the date of the meeting by delivering an invitation containing the place and time of the meeting of the National Committee, as well as the agenda with the materials. Notwithstanding paragraph 1 of this Article, in the event of justified reasons, a meeting of the National Committee may be convened at a shorter notice, in which case the chairperson of the National Committee shall inform the members of these reasons. Members of the National Committee may propose amendments to the agenda with other items necessary for the achievement of the objective and tasks of the National Committee, which are supported by the explanations and materials related to the requested amendment. Article 16 The meetings of the National Committee shall be held as needed and at least three times in a calendar year. Article 17 Other persons who are assessed to be able to provide appropriate professional input on a particular topic of the agenda may participate in the work of the National Committee upon invitation, without the right to vote. The National Committee may, for the purpose of more efficient and quality performance of tasks within its jurisdiction, establish working groups for certain issues. Article 18 The secretary shall draw up minutes of the meetings held, which shall contain at least the information on the members present, the participation of persons referred to in Article 17, paragraph 1 of this Decision, the agenda of the meeting and the conclusions, recommendations, or opinions adopted at that meeting. Immediately after the meeting, and no later than two working days, the draft minutes shall be submitted to the members of the National Committee for their opinion. The members of the National Committee shall submit the opinion referred to in paragraph 2 of this Article within two working days, after which the minutes shall be considered final and signed by the chairperson and secretary of the National Committee.

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Decision on the establishment of the National Payment System Committee 7 V REPORTING AND TRANSPARENCY OF THE WORK OF THE NATIONAL COMMITTEE Article 19 The National Committee shall submit a report on its work to the Council of the Central Bank, at least once during the calendar year, containing in particular: data on the meetings held, on issues discussed and on conclusions, recommendations and opinions given. Article 20 The chairperson, deputy chair, two members and the secretary of the National Committee referred to in Article 6 of this Decision shall receive remuneration for their work in the amount determined by the Governor by ways of a separate decision. The Governor may, by way of a separate decision, determine the remuneration for the work of the deputy member of the National Committee referred to in paragraph 1 of this Article, depending on his participation in the work of the National Committee. Article 21 The Central Bank shall provide the organisational and technical conditions for holding the meetings of the National Committee. The National Committee e-mail address shall be nacionalniodbor@cbcg.me. The representatives of the participants referred to in Article 7 of this Decision, as well as persons referred to in Article 17 of this Decision, shall bear the costs related to their participation in the work of the National Committee, i.e. at the meetings of the National Committee. Article 22 Information on the purpose and activities of the National Committee, its members, as well as information on the conclusions, recommendations or opinions of that body that are deemed necessary to be made public, shall be published on the website of the Central Bank. VI. TRANSITIONAL AND CLOSING PROVISIONS Article 23 Members of the National Committee shall be appointed in accordance with this Decision within 30 days following the date of entry into force of this Decision. Article 24 On the date of entry into force of this Decision, the Decision on the Establishment of the Board for the Coordination of Accession and Participation in the Single Euro Payments Area (SEPA), Decision number: 0101-8362-2/2024 of 28 October 2024, shall cease to be valid.

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Decision on the establishment of the National Payment System Committee 8 Article 25 This Decision shall enter into force on the day following that of its adoption and shall be published on the website of the Central Bank. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO Decision number: 0101-2161-10/2025 CHAIRPERSON Podgorica, 17 March 2025 GOVERNOR Irena Radović, m.p.