News in English     | 16.04.2021. 10:08 |

Kurbegović: Multiple damages due to the blockade of FBiH Securities Commission

FENA Fedzad Forto

SARAJEVO, April 16 (FENA) - Damage to the functioning of the capital market, and to the entire economy, in case of a blockade of the Securities Commission are multiple, and in developed countries, everything would be on its feet long ago on such matter,  said in an interview with FENA the Director of the Sarajevo Stock Exchange Tarik Kurbegović.

As he explains, the FBiH Securities Commission is the supreme regulatory body of the capital market, connected by existing laws and bylaws with all actors of the capital market.

The Commission is the majority owner on behalf of the State of the FBiH Securities Registry, which it supervises and appoints the majority in the Supervisory Board, supervises the work of stock exchanges and brokerage houses, gives licenses to depositary banks to perform depository activities, supervises funds and fund management companies, approves tenders for securities emission, for recapitalization of companies, registers the supervisory boards of joint-stock companies. In other words, everything that institutions have on the capital market, most of the acts that regulate the work of those institutions, a large number of corporate actions, approval of the statutes, etc. are tied and leaning on the Securities Commission.

Kurbegović explains that the mandate of the Commission lasts for five years, and it expired in 2009. Since then, the Securities Commission has been in a technical mandate. It has five members and has 25 permanent employees.

"This existing modality of functioning can take place until the number of members falls below three members when the Commission cannot make any decisions anymore. Some two years ago, the Commission has been reduced to two members, and since then, the issuance of any documents has been prevented. A few months ago, after the Commission was left without a president, that is, a signatory, without the transferred powers to the last member of the Commission, even the most basic things like salary payments and bill payments no longer functioned. At the beginning, the media warned about the situation on the capital market, all of us from other institutions warned in various statements about the importance and urgency of establishing the normal functioning of this institution," he said.

When the FBiH Securities Commission fell to two members and direct damage to companies began to occur, cries began to come from those directly affected: banks, joint-stock companies, the FBiH Employers' Association.

- In order to end with the international community, the IMF conditioning the payment of the tranche with the establishment of the Commission and the last precedent to make a joint meeting of the embassies of the United States, Great Britain and Germany with the request to urgently elect a new FBiH Securities Commission," says Kurbegović.

The damage is multiple and "pages and pages could be written" about it.

"The examples are endless and the very fact that the new convocation of the Commission has to deal with over 500 unprocessed cases speaks for itself," he warned.

He further clarifies that the Securities Commission, i.e. the members, are appointed by the FBiH Parliament on the proposal of the President and two Vice Presidents of the FBiH. So far, there have been four failed competitions in which the procedure has never been completed.

"Thus, we come to this last competition that is expiring this week, after that the interviews will be held and then in the best circumstances two more months in order to meet the entire procedure. In my opinion, in order to raise the level of proficiency testing of respondents, it should be publicly announced who the candidates are and to know who deserves to be shortlisted because, as the embassies stated, and with which I agree, BiH has good professionals that can bear the burden of this kind of institution," concluded Kurbegović.

(FENA) S. R.

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