16th July 2024, Skopje – Training on the topic “Legal Aspects on Close-Out Netting Concept and Modalities for its Implementation in Practice” was conducted in the Ministry of Finance. The training is within the scope of the “Development of a Legal and Regulatory Framework for Derivatives and Repos” Project, supported by the European Bank for Reconstruction and Development, with the Ministry of Finance as direct beneficiary of the technical assistance.
The Project was officially launched in May 2024, when a joint meeting was held with experts, engaged by EBRD, and representatives of the relevant stakeholders: Ministry of Finance as direct beneficiary of the technical assistance, National Bank, Securities and Exchange Commission and Ministry of Justice. European Bank for Reconstruction and Development has engaged the Law Office Lazarov of Skopje and Tsvetkova Bebov and Partners of Sofia, member of Eversheds Sutherland, in the capacity of legal consultants. The Project will last 18 months.
The Project objective is development of a legal solution and respective changes to the existing legal regulations in the field of capital market, bankruptcy and derivatives and repo agreements, focusing on close-out netting, all to the aim of getting a positive legal opinion by the ISDA London (International Swaps and Derivatives Association) in the field of repo agreement signing. This will be of particular benefit to the domestic banks when signing repo agreements abroad. More to the point, a positively conferred legal opinion by ISDA will mean ensured security and lower risks to domestic banks when signing repo agreements abroad.
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