Meeting of the BH Capital Market Council

The meeting of the Capital Market Council was held in Sarajevo on Thursday, June 10, 2004, and representatives of the Regional Office of the High Representative of Brčko District and Securities Commission of Brčko District participated for the first time.

The draft of the Law on Debt and State Guarantees, which should be put soon into the parliamentary procedure, was discussed during the meeting.

The Capital Market Council has supported the approach which was stated in the draft of the Law and urged that the Law should become affective as soon as possible in order to enable the establishment of the necessary infrastructure for an efficient government market in BH.

The Law anticipates establishing of the state securities market, where the Central Bank of BH (CBBH) would have the role of the fiscal agent, i.e., it would organize auctions and manage register of securities issued by the state on its own behalf and on the behalf of entities. The CBBH would use the existing infrastructure, including the entity registers that already exist, wherever possible.

The agreement was reached to establish the Working Group which would work on the harmonization of the existing laws' regulations in the domain of BH capital market.