|
The Securities and Exchange Commission of the Republic of
Macedonia (MSEC) with its headquarters in Skopje was established
by a Decision of the Government of the Republic of Macedonia
on June 19, 1992.
The Securities
Commission of the Republic of Macedonia is an autonomous and
independent organisation with a status of a legal entity.
MSEC is comprised
of a president and six members. According to Article 159 of
the Securities Law, the President and members of the Commission
shall be appointed and dismissed by the Parliament of the
Republic of Macedonia, at a request of the Government of the
Republic of Macedonia.
The Commission establishes a Department of Qualified Personnel
managed by a Director. The Department of Qualified Personnel
is comprised of four sectors: Sector for General and Legal
Issues, Sector for Issuing Licenses, Sector for Capital Market's
Control and Sector for Capital Market's Research, Analysis
and International Cooperation.
The Commission
regulates and supervises all participants in the operation
with securities on the territory of the Republic of Macedonia.
The Commission is in charge of the implementation of the Securities
Law and the Investment Fund Law, and Law on takeovers as well
as all other regulations passed on basis of these laws.
Within its legal powers and authorisations, the Securities
Commission is also responsible for the legal and efficient
functioning of the securities market, as well as for investors'
rights protection, with the aim of continual building up public
trust in the institutions on the securities market in the
Republic of Macedonia.
The Securities
Commission performs the following functions:
- Undertakes
measures to secure the implementation of the Securities
Law and other laws within its competence;
- Passes acts
or rules arising from the Securities Law and other laws
within its competence;
- Undertakes
measures to ensure the implementation of such acts or rules
passed in accordance with the Securities Law and other laws
within its competence;
- Conducts
control over the complete documentation of the entities
issuers of securities, undertakes measures and makes decisions
for the protection of interests of persons that are owners
of or are investing in securities and prevents dishonest
and illegal activities related to trading in securities;
- Issues approvals
arising from the Securities Law and other laws within its
competence;
- Regulates
the manner of trading in securities on the Exchange and
over the counter;
- Monitors
and controls the activities of brokerage houses and banks
in their dealings with securities, as well as authorised
investment management companies i.e. investment funds;
- Performs
inspection over the operations of the Central Depository
of Securities;
- Prescribes
standards of competition among brokerage houses and banks
in their dealings with securities, as well as authorised
investment management companies i.e. investment funds, by
inspections or in another manner;
- Gives consent
as for appointing and releasing managers from duty from
the Securities Law as well as managers in investment funds
management companies from the Law on Investment Funds;
- Approves
public invitations regarding public offer of securities;
- Ensures legality,
honor and transparency of the securities market;
- Approves
the rules of the securities market related to listing of
securities and disclosure and periodical financial statements
obligations of listed companies;
- Co-operates
with other institutions in and outside the Republic of Macedonia
through exchange of information and in other ways;
- Prescribes
the manner and procedure of trading in securities issued
in the Republic of Macedonia which will be traded outside
of its borders;
- Prescribes
the conditions for participation of the Exchange's authorised
participants in trading on foreign Exchanges;
- Passes acts
or rules for the internal organization of the Commission;
and
- Performs
other activities related to the operations with securities
and in accordance with the Securities Law.
|
