Pursuant to Article 44 paragraph 2 item 3) of the Central Bank of Montenegro Law (OGM 40/10, 6/13, 70/17, 125/23), Article 115a paragraph (3) and Article 134 paragraph (9) of the Law on Credit Institutions (OGM 72/19, 8/21, 24/25, 14/26), the Council of the Central Bank of Montenegro, at its meeting held on 8 October 2026, passed the following

DECISION AMENDING THE DECISION ON CAPITAL ADEQUACY OF CREDIT INSTITUTIONS

Article 1

In the Decision on Capital Adequacy of Credit Institutions (OGM 65/25), in Article 3 paragraph (1), item 91) shall be amended to read:

"91) resolution group has the same meaning as defined in the law governing the resolution of credit institutions;”.

Item 94) shall be amended to read:

“94) G-SI entity has the same meaning as defined in the law governing the operations of credit institutions;”.

Item 96) shall be amended to read:

"96) group has the same meaning as defined in the law governing the operations of credit institutions;”.

After item 115), eight new items shall be added, worded as follows:

“116) large subsidiary undertaking means a subsidiary undertaking that meets the criteria on the basis of which, in accordance with the law governing the operation of credit institutions, a credit institution is considered to be a large credit institution;

117) crypto-asset means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology, and that is not a central bank digital currency;

118) electronic money token or e-money token means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency;

119) crypto-asset exposure means an asset or an off-balance-sheet item related to a crypto-asset that gives rise to credit risk, counterparty credit risk, market risk, operational risk or liquidity risk;

120) traditional asset means any asset other than a crypto-asset, including:

− financial instruments as defined in Article 111 paragraphs (3) and (4) of the Law;

− funds as defined in the law governing the payment system operations;

− deposits, as defined in the law governing the protection of deposits;

− securitisation positions referred to in item 21) of this paragraph;

− non-life or life insurance products falling within the classes of insurance or reinsurance and retrocession contracts, in accordance with the law governing insurance;

− pension products that, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement and that entitle the investor to certain benefits;

− officially recognised occupational pension schemes in accordance with the laws governing pension and disability insurance and voluntary pension funds;

− individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider;

− pan-European Personal Pension Product as defined in the regulation of the European Union;

− social security schemes as defined in the regulation of the European Union;

121) tokenised traditional asset means a type of crypto-asset that represents a traditional asset, including an e-money token;

122) asset-referenced token means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies;

123) crypto-asset service means any of the following services and activities relating to any crypto-asset:

− provision of custody services and administration of crypto-assets on behalf of clients;

− operation of a trading platform for crypto-assets;

− exchange of crypto-assets for funds;

− exchange of crypto-assets for other crypto-assets;

− execution of orders for crypto-assets on behalf of clients;

− placing of crypto-assets;

− reception and transmission of orders for crypto-assets on behalf of clients;

− provision of advice on crypto-assets;

− providing portfolio management on crypto-assets;

− providing transfer services for crypto-assets on behalf of clients;”.

After paragraph (2), a new paragraph shall be added, worded as follows:

“(3) For the purposes of determining the material subsidiary undertaking referred to paragraph (1) item 93) of this Article, where Article 73g of Law on Credit Institutions applies, the two intermediate EU parent undertakings shall count as a single subsidiary undertaking on the basis of their consolidated situation.”.

Article 2

In Article (14) item 1) the words: “the capital instruments are considered State aid, and is assured that they are issued” shall be replaced by the following: “the capital instruments are considered State aid by the authority competent for State aid control and they are issued”.

Article 3

In Article 44, paragraph (4) shall be amended to read:

“(4) The deduction of investments in own funds instruments referred to in paragraph (3) of this Article:

• shall not entail disproportionate adverse effects on the whole or parts of the financial system of another Member State;

• shall not apply to the deduction of investments in own funds instruments in accordance with Article 75 paragraph (7) of this Decision, nor to the calculation of own funds for the purposes of calculating the requirements referred to in Articles 117 and 118 of this Decision, which shall be calculated in accordance with Article 75 paragraphs (4) to (6) of this Decision.”.

Article 4

In Article 71 paragraph (2) item 9) after the words: “third-country” a comma and the following shall be added: “payment instrument settlement systems, operators or participants in such a system in accordance with the regulations governing settlement finality in the payment systems and financial instrument clearing systems arising from the participation in those systems;”.

Article 5

After Article 113, a new Article shall be added, worded as follows:

“Undertakings established in the EU and third countries

Article 113a

For the purposes of this Title, undertakings established in the EU and in third countries shall be considered to be investment firms or credit institutions, respectively, if, had they been established in Montenegro, they would be considered to be investment firms or credit institutions, respectively.”.

Article 6

In Article 122 paragraph (5), after the words: “paragraph (4),” the following shall be added: “item 2)”.

In paragraph (12) the words: “paragraph (8)” shall be replaced by the following: “paragraph (15)”.

Article 7

In Article 140 paragraph (4) the words: “paragraph (1)” shall be replaced by the following: “paragraph (3)”.

In paragraph (8) the words: “item 1)” shall be replaced by the following: “item 2)”.

Article 8

In Article 147 the words: “Article 4” shall be replaced by the following: “Article 3”.

Article 9

In Article 150 paragraph (11) the words: “paragraph (1)” shall be replaced by the following: “paragraphs (1) to (4)”.

Article 10

In Article 156 paragraph (3), in the introductory sentence, the words: “an EU Member State” shall be replaced by the following: “another central bank of an EU Member State”

Paragraph (4) shall be amended to read:

“(4) Exposures to financial institutions that have been authorised and supervised by the Central Bank or by the competent authority of an EU Member State or third country equivalent and that are subject to prudential requirements comparable to those applied to credit institutions in terms of robustness shall be treated as exposures to credit institutions.”

Article 11

In Article 158 paragraph (1) item 1) indent 2, and item 2) indent 2 after the words: “third countries” the following shall be added: “or EU Member States”.

Article 12

In Article 163 paragraph (2) item 1) indent 3 the changes have been made in Montenegrin language with no relevance to the English translation.

In item 2) indents 1 and 2, the words: “Article 164” shall be replaced by the following: “Article 165”.

In paragraph (8) the words: “paragraphs (4) and (5)” shall be replaced by the following: “paragraphs (6) and (7) “.

In paragraph (14) the words: “paragraph (16)” shall be replaced by the following: “paragraph (17)”.

After paragraph (14), a new paragraph shall be added, worded as follows:

“(15) A credit institution shall apply, for the exposures secured by mortgages on residential property or commercial immovable property located in one or more parts of an EU Member State or third country, the risk weights and criteria that have been determined by the competent authorities of that EU Member State or third country.”

Current paragraphs (15) and (16) shall become paragraphs (16) and (17).

Article 13

In Article 164, paragraph (4) shall be amended to read:

“(4) Where, in accordance with Article 163 paragraphs (14) and (15) of this Decision, the Central Bank or the competent or designated body in an EU Member State or third country equivalent has set a higher risk weight or a lower percentage of the property value than those referred to in paragraph (1) of this Article, a credit institution shall use the risk weight or percentage set in accordance with 163 paragraphs (14) and (15) of this Decision.”.

In paragraph (6) after the words: “indent 3” the following shall be added: “of this Decision”.

Article 14

In Article 169 paragraph (3) item 3) the words: “item 3)” shall be replaced by the following: “item 4)”.

Article 15

In Article 189 paragraph (5), in the introductory sentence, the words: “item 2)” shall be replaced by the following: “item 3)”.

Article 16

In Article 190 paragraph (6) the words: “paragraph (1)” shall be replaced by the following: “paragraph (3)”.

Article 17

In Article 192 paragraph (5) the words: “paragraphs (2), (3) and (4)” shall be replaced by the following: “paragraphs (2) and (3) “.

Article 18

In Article 193 paragraph (11) the words: “paragraph (9) shall be replaced by the following: “paragraph (10).”

Article 19

In Article 224 paragraph (15) the words: “paragraphs (1) to (9)” shall be replaced by the following: “paragraphs (1) to (4) and paragraphs (8) to (13) of this Article”.

Article 20

In Article 234 paragraph (1) the words: “Article 259” shall be replaced by the following: “Article 260”.

Article 21

In Article 237 paragraph (1) item 1) the words: “paragraphs (2) to (6)” shall be replaced by the following: “paragraphs (2) and (3)”.

In item 2) the words: “paragraph (8)” shall be replaced by the following: “paragraph (4)”.

In item 3) the words: “paragraph (9)” shall be replaced by the following: “paragraph (5)”.

In item 4) the words: “paragraph (11)” shall be replaced by the following: “paragraph (7)”.

Paragraphs (4) to (7) shall be deleted.

In paragraph (9), in the introductory sentence, the words: “paragraphs (2) to (6)” shall be replaced by the following: “paragraphs (2) and (3) “.

In paragraph (10) the words: “paragraph (9)” shall be replaced by the following: “paragraph (5)”.

Current paragraphs (8) to (11) shall become paragraphs (4) to (7).

Article 22

In Article 255 paragraph (2) the words: “Article 213” shall be replaced by the following: “Article 232”.

Article 23

In Article 274 paragraph (4), the words: “shall account for” shall be replaced by the following: “may take into account”.

Article 24

In Article 279 paragraph (2) after the words: “a credit institution” a comma and the following shall be added: “an investment firm”.

In paragraph (5) the words: “paragraph (4)” shall be replaced by the following: “paragraphs (7) to (9) “.

Article 25

In Article 280 paragraph (3) the words: “items 1) and 2)” shall be replaced by the following: “item 1) or item 2) of this Article.”

In paragraph (6), in the introductory sentence, the words: “paragraphs (1) to (4)” shall be replaced by the following: “paragraphs (1) to (5) “.

Article 26

In Article 285 paragraph (4) the words: “items 1) to 8)” shall be replaced by the following: “item 8)”.

Article 27

In Article 312 paragraph (4), in the introductory sentence, the words: “paragraphs (1), (2) and (3)” shall be replaced by the following: “paragraphs (1) and (2) or paragraph (3)“.

Article 28

In Article 314 paragraph (8) the words: “paragraph (6)” shall be replaced by the following: “paragraph (7) of this Article”.

Article 29

In Article 349 paragraph (3) the words: “Article 354” shall be replaced by the following: “Article 355”.

Article 30

In Article 366 paragraph (1) the words: “paragraph (4)” shall be replaced by the following: “paragraph (5)”.

Article 31

In Article 373 paragraph (4), in the introductory sentence, after the words: “A credit institution”, the following shall be added: “using IMM”.

In paragraph (7) the words: “Article 355” shall be replaced by the following: “Article 374”.

Article 32

In Article 383 paragraph (1) the words: “paragraph (6)” shall be replaced by the following: “paragraph (5)”.

In paragraph (5) item 2) after the words: “item 2)” the following shall be added: “of this Article”.

Article 33

In Article 384 paragraph (5), after the words: “Subtitle 4” the following shall be added: “of this Title”.

Article 34

In Article 386 paragraph (2) item 6) indent 2 the words: “items 3) to 5)” shall be replaced by the following: “items 2) to 5)”.

In item 7) indent 2, the word: “Decision” shall be replaced by the following: “Title”.

Article 35

In Article 563 paragraph (4) item 2), the words: “paragraph (5)” shall be replaced by the following: “paragraph (8)”.

In paragraph (5) the words: “items 1) to 4)” shall be replaced by the following: “items 1) and 4) “.

Article 36

After Article 578, a new Article shall be added, worded as follows:

“Deferred application

Article 578a

The provisions of Article 44 paragraph (4) indent 1of this Decision shall apply as of the day of Montenegro's accession to the European Union.”.

Article 37

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

CHAIRPERSON
G O V E R N O R
Irena Radović m.p.

Decision number: 0101-7731-2/2026
Podgorica, 8 October 2026