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2021-01-01

Decision on Performing Custody Operations

The Council of the Central Bank of Montenegro issued this Decision to regulate the receipt, safekeeping, and return of deposits in its vaults. It establishes strict procedures for eligible depositors, required documentation, and prohibited items while explicitly limiting the Bank's liability for damage or loss. The regulation also mandates the classification of deposit data as confidential and authorizes the Bank to charge fees for these custody services.

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Unofficially consolidated translation D E C I S I O N On Performing Custody Operations (OGM 34/17 of 02 June 2017, 122/21 of 22 November 2021) Article 1 This Decision shall regulate the performance of custody operations. Custody operations, within the meaning of this Decision, shall include the operations of receiving, keeping and returning deposits, which are performed in the Central Bank of Montenegro vaults (hereinafter: the Central Bank). Article 2 The deposits referred to in Article 1 paragraph 2 of this Decision shall be the valuables or items submitted to the Central Bank for safe keeping, in accordance with this Decision. The safe deposit box may be opened and closed. As a rule, the weight of a safe deposit box per piece may not exceed 20 kilograms. The authorized person of the Central Bank may check the weight of the safe deposit box and require its alignment with paragraph 3 of this Article. Article 3 The following values and items may be received in the safe deposit box:

  • banknotes and coins,

  • banknotes specimen,

  • withdrawn banknotes and coins,

  • securities,

  • counterfeited banknotes, coins, foreign currency cash and securities,

  • precious metals (gold, silver, platinum etc.),

  • valuables and artwork,

  • numismatic collection and objects for completing the numismatic collection,

  • spare keys. Items that may endanger the life and health of people, safety of other safe deposit boxes and room in which these are being stored or can damage other safe deposit boxes may not be kept in safe deposit boxes, in particular the following:

  • flammable items,

  • explosive substances,

  • radioactive substances,

  • weapon,

  • narcotics,

  • items subject to breakdown and decomposition. Valuables and items to be received in a safe deposit box shall be submitted packed in a manner that ensures their protection against any physical or chemical change. Article 4 The Central Bank shall accept the deposits of government bodies and organizations, legal entities the founder or majority owner of which is the state, credit institutions, representative offices of foreign states and international organizations (hereinafter: the Depositor). Article 5 The Central Bank shall receive a deposit at the written request of the depositor, unless otherwise provided for in this Decision. The request shall be submitted one day before depositing the valuables or items in the safe deposit box at the latest. By way of derogation from paragraph 2 of this Article, the request may be submitted, in case of urgency, simultaneously with the delivery of the deposit. The request shall contain the following information:

  • legal grounds for delivering the deposit to custody,

  • depositor`s name, their head office’s address and tax identification number, if applicable,

  • type of safe deposit box (open or closed),

  • description of the value, i.e. the items deposited in the safe deposit box,

  • date of depositing the valuables, i.e. the items in the safe deposit box,

  • name, surname and signature of the person authorized by the depositor to deliver the deposit, number of their identification document and the unique citizen number, where applicable,

  • statement of the depositor that the safe deposit box does not contain items that may not be kept in safe deposit boxes in accordance with Article 3 paragraph 2 of this Decision,

  • other important information for receiving the deposit, and

  • name, surname and signature of the responsible person of the depositor, certified by the seal. In the event that the depositor delivers a deposit containing more than one valuables or items, along with the request for deposit receipt, they shall also submit the list of valuables and items with their individual description, signed by the responsible person and certified by the seal of the depositor. The request for deposit receipt shall be submitted on the Template ZP-Ost., which is enclosed to this Decision and makes an integral part thereof. Article 6 The Central Bank shall receive property benefits, temporarily and permanently confiscated in accordance with the law governing the confiscation of property benefits acquired in criminal

activities in its safe deposit box on the basis of a safe deposit lease agreement, which shall be deemed, within the meaning of this Decision, a deposit safe box. Where the deposited valuables or items require a special or specific manner of packaging, receiving, safekeeping and returning, the Central Bank shall accept these valuables or items in safe deposit boxes on the basis of a special agreement. Article 7 The deposits shall be received by:

  • identifying the person who is delivering the deposit,

  • taking over the relevant documentation, if any,

  • check counting and checking of banknotes and coins if it is open safe deposit box and, in exceptional cases if necessary, by listing the serial numbers of banknotes, and

  • checking the authentic packaging of the safe deposit box, if it is closed safe deposit box. The deposit receipt certificate shall be made on the Template 01-PR-Ost, which is enclosed to this Decision and makes an integral part thereof. The deposit receipt certificate shall be made on the same day as the valuables or items are received to safe deposit box. The deposit receipt certificate shall be made in four copies, of which three are for the Central Bank and one for the depositor. Article 8 The Central Bank shall not assume any risk or liability for any damage that might occur due to the loss in weight, value or the destruction of received valuables and items as a result of being stored in the safe deposit box, as well as for any damage caused by force majeure or other circumstances that the Central Bank could not foresee or avoid, or which it could not influence. In the event that the Central Bank, during the custody, finds damage to the deposit, it shall, without any delay, inform the depositor thereof. Where the Central Bank finds damage to the packing of the deposit only, it shall, without any delay, invite the depositor to re-pack the deposit. Article 9 The Central Bank shall return the deposits at the written request of the depositor. The request shall contain the following information:

  • legal grounds according to which the deposit was delivered to custody,

  • depositor`s name, their head office’s address and tax identification number, where applicable,

  • type of safe deposit box (open or closed)

  • description of the valuables, i.e. the items being deposited in safe deposit box,

  • date of depositing the valuables, i.e. the items in the safe deposit box,

  • name, surname and signature of the person authorized by the depositor to receive the deposit, number of their identification documents and the unique citizen number, where applicable,

  • other important information for receiving the deposit, and

  • name, surname and signature of the responsible person of the depositor, certified by the seal. The request for deposit return shall be submitted on the Template ZV-Ost., which is enclosed to this Decision and makes an integral part thereof. Article 10 The deposits shall be returned by:

  • identifying the person who is receiving the returned deposit,

  • submitting the original deposit receipt certificate to the Central Bank,

  • check counting and checking of banknotes and coins if it is open safe deposit box, in exceptional cases if necessary, and by listing the serial numbers of banknotes, and

  • checking the authentic packaging of the safe deposit box, if it is closed safe deposit box. The deposit return certificate shall be made on the Template 01-PR-Ost, which is enclosed to this Decision and makes an integral part thereof. The deposit return certificate shall be made on the same day as the valuables or items are returned to the depositor. The deposit return certificate shall be made in four copies, of which three are for the Central Bank and one for the depositor. Article 11 The Central Bank shall keep the record of the received deposits on Template 03-DN-PR-Ost., which is enclosed to this Decision and makes an integral part thereof. The Central Bank shall keep the record of the returned deposits on the Template 04-DN-VR-Ost., which is enclosed to this Decision and makes an integral part thereof. Article 12 The data, information and documents pertaining to deposits shall be classified as "CONFIDENTIAL". Article 13 The Central Bank may charge a fee for performing custody operations in the amount specified by the regulation governing the Central Bank tariffs. The Central Bank shall be entitled to compensation for the damage incurred by safekeeping the deposit.

Article 14 This Decision shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO

Template ZP – Ost. Name of Depositor:

Head office address:

Tax Identification Number (where applicable):

Pursuant to the regulation of the Central Bank of Montenegro governing the performance of custody operations, the following shall be submitted: R E Q U E S T FOR DEPOSIT RECEIPT Type of safe deposit box: ☐ open ☐ closed Description of valuables/items submitted to the safe deposit box: _____________

Date of delivery of valuables/items to the safe deposit box: ____________________________ Person authorised to submit the deposit: Name and surname: _______________________________ Signature: _______________________________________ Identification document number and unique citizen number (where applicable):

Statement of the depositor: I hereby state that the safe deposit box concerned does not contain items that may not be kept in safe deposit boxes in accordance with the Central Bank regulation governing the performance of custody operations.

Other information relevant to the deposit receipt:

Responsible person of the depositor: Name and surname: _______________________ M.P. Signature: _______________________________

Template 01-PR-Ost. DEPOSIT RECEIPT CERTIFICATE  OPEN SAFE DEPOSIT BOX  CLOSED SAFE DEPOSIT BOX

(Name of Depositor) Pursuant to the regulation of the Central Bank of Montenegro governing the performance of custody operations, the following deposits were received on _________. PIECES DESCRIPTION AMOUNT Note: The deposit shall be returned to the depositor exclusively at their written request, with the obligation to return the certificate. The Central Bank shall not assume any risk or liability for any damage that might occur due to the loss in weight, value or the destruction of received valuables and items as a result of being stored in the safe deposit box, as well as for any damage caused by force majeure or other circumstances that the Central Bank could not foresee or avoid, or which it could not influence.

DELIVERED BY RECEIVED BY (Depositor Authorized Person) (Central Bank Authorized Persons) 1)______________ ___________ 1) _____________ _____________ Name and Surname Signature Name and Surname Signature 2) ________________ _________ Name and Surname Signature Podgorica, ______________

Template ZV – Ost. Name of Depositor:

Head office address:______________________________________________________________ Tax Identification Number (where applicable): ______________________________ Pursuant to the regulation of the Central Bank of Montenegro governing the performance of custody operations, the following shall be submitted: R E Q U E S T FOR DEPOSIT RETURN

Type of safe deposit box: ☐ open ☐ closed Description of valuables/items submitted to the safe deposit box:_______________________

Date of delivery of valuables/items to the safe deposit box: ___________________ Person authorised to receive the deposit: Name and surname: _________________________________ Signature: _________________________________________ Identification document number and unique citizen number (where applicable):

Other information relevant to the deposit return:

Responsible person of the depositor: Name and surname: _______________________ M.P. Signature: _______________________________

CENTRAL BANK OF MONTENEGRO The Vault Template 02-VR-Ost. DEPOSIT RETURN CERTIFICATE  OPEN SAFE DEPOSIT BOX  CLOSED SAFE DEPOSIT BOX

(Name of Depositor) Pursuant to the regulation of the Central Bank of Montenegro regulating the performance of custody operations, the following deposits were received on _________. PIECES DESCRIPTION AMOUNT The deposit is returned in ____________ condition. DELIVERED BY RECEIVED BY (Central Bank Authorized Persons) (Depositor Authorized Person)

  1. ______________ ___________ 1) _____________ _____________ Name and Surname Signature Name and Surname Signature

Name and Surname Signature Podgorica, ______________

CENTRAL BANK OF MONTENEGRO The Vault Template 03-DN-Ost. D E P O S I T R E C O R D Page Number: _________ DATE DEPOSIT NUMBER (Full designation) NAME OF DEPOSITOR SHORT DESCRIPTION OF DEPOSITED VALUABLES NOMINAL VALUE/PIECES SIGNATURES NOTE

CENTRAL BANK OF MONTENEGRO The Vault Template 04-DN-VR-Ost. D E P O S I T R E C O R D Page Number: _________ DATE DEPOSIT NUMBER (Full designation) NAME OF DEPOSITOR SHORT DESCRIPTION OF DEPOSITED VALUABLES NOMINAL VALUE/PIECES SIGNATURES NOTE

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