Decision Supplementing Conditions for Independent Valuers of Credit Institutions Under Resolution

[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 45 paragraph (12) of the Law on Resolution of Credit Institutions (OGM 72/19, 8/21, 113/24), the Council of the Central Bank of Montenegro, at its meeting held on 17 March 2025, passed the following DECISION SUPPLEMENTING DECISION ON CONDITIONS TO BE MET BY AN INDEPENDENT VALUER OF ASSETS AND LIABILITIES OF A CREDIT INSTITUTION UNDER RESOLUTION
Article 1
In the Decision on conditions to be met by an independent valuer of assets and liabilities of a credit institution under resolution (OGM 122/20) in Article 1, after the words: “(hereinafter: the Law)” a comma and the following shall be added: “as well as the manner of their selection”.
Article 2
In Article 4, after paragraph (1) a new paragraph shall be added worded as follows:
“(2) The independent valuer must be an auditor or an audit firm that meets the following requirements:
1) has at least three years of experience in auditing credit institutions from Montenegro or
other countries;
2) is not connected to a credit institution or a member of the group to which the credit
institution is a part;
3) has not provided non-auditing services to a credit institution referred to in Article 225
paragraph (2) of the Law on Credit Institutions;
4) has not audited the financial statements of such credit institution for previous four
consecutive years;
5) the data available to the Central Bank do not show that the auditor, or audit firm has not
audited the financial statements of credit institutions in a satisfactory manner.”. In paragraph (4), in the introductory sentence, the words: “paragraph (3)” shall be replaced by the following: “paragraph (4)”. The current paragraphs (2), (3) and (4) shall become paragraphs (3), (4) and (5).

_______________________________________________________________________________________________________ Decision supplementing the Decision on conditions to be met by an independent valuer of assets and liabilities of a credit institution under resolution (OGM, 29/25) 2
Article 3
After Article 6, a new Article shall be added worded as follows:
“Contract on conducting independent valuation
Article 6a
The Central Bank shall conclude a contract on conducting an independent valuation with an independent valuer, which contains in particular:
1) the subject of the valuation of assets and liabilities of the credit institution;
2) the deadline for submitting the report on the valuation of assets and liabilities of the credit
institution;
3) the costs of the valuation of assets and liabilities of the credit institution; and
4) a data confidentiality clause relating to the subject of valuation.”.
Article 4
This Decision shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro. THE COUNCIL OF CENTRAL BANK OF MONTENEGRO

CHAIRPERSON
No. 0101- 2161 - 8/2025 G O V E R N O R,
Podgorica, 17 March 2025
Irena Radović, m.p.