Support to the regulation of the financial services

This is an EU‑funded Twinning action under the Instrument for Pre‑accession Assistance (IPA III) to strengthen Montenegro’s financial services regulatory, supervisory, statistical and operational capacities covering the Central Bank, Insurance Supervision Agency and Capital Market Authority. Only public administrations and mandated bodies from EU Member States may apply through their National Contact Point for Twinning. The total EU funded budget is €1,150,000 for a maximum implementation period of 18 months and the contracting authority is the European Union Delegation to Montenegro. Publication date is 28 October 2026 and the submission deadline is 11 January 2027 at 16:00 CET (15:00 UTC); proposals must follow the Twinning Manual and required templates.

Grant topic (Twinning) — Montenegro

Quick overview

Proposals must follow the Twinning Manual templates and only one proposal per Member State may be submitted. Selection emphasises operational capacity of Project Leader, Resident Twinning Adviser and component leaders; award scoring considers methodology and experts' experience. See the published Invitation Letter for submission details 1.

Footnotes

1. 1Invitation Letter and annexes available from the funding portal: Invitation Letter

Basic opportunity information

Call identification and administrative facts

This call uses the Twinning instrument. Only Public Administrations and Mandated bodies from EU Member States may apply through their National Contact Points for Twinning. The Member State applicant must nominate a Member State Project Leader (PL), Resident Twinning Adviser (RTA), three component leaders and a pool of short-term experts. The RTA will be resident in Montenegro for the 18-month implementation period and hosted in the premises of the Capital Market Authority.

Eligibility, submission and selection details

Project scope, components and expected results

Applicable EU acquis, standards and norms

The Twinning fiche lists extensive Union acquis and international standards relevant to each component. Notable references include Regulation (EU) No 1011/2012 and ECB guidelines for securities holdings statistics; Regulation (EU) No 549/2013 (ESA 2010) and BPM6; EBA reporting frameworks, XBRL taxonomies and FINREP; Regulation (EU) 2022/2554 on DORA; PSD2; SEPA-related instruments; Solvency II Directive and its delegated/implementing acts and EIOPA guidelines; MiFID II, investment firms prudential rules, Market Abuse Regulation, CSDR, UCITS and AIFMD frameworks and numerous delegated regulations and technical standards relevant for capital markets.

Detailed applicant and expert profiles

Twinning requires a project team including a high-ranking Member State Project Leader (PL), a Resident Twinning Adviser (RTA) resident in Montenegro for 18 months, three component leaders and a pool of short-term experts. Formal qualifications and experience requirements are described in the fiche: generally a relevant university degree or equivalent, minimum years of professional experience (commonly at least 3 years in the relevant sector and 8 years equivalent professional experience), specific sectoral supervisory experience in an EU Member State, project management experience, fluency in English, communication and organizational skills. Tasks for PL, RTA, component leaders and short-term experts are specified in detail (coordination, daily implementation, training, drafting legal acts/manuals, monitoring, reporting, backstopping and facilitating study visits).

Administrative, financial and implementation arrangements

Eligibility and applicant type categorisation

Application templates and formalities

Required application structure (high-level outline to follow Twinning Manual templates): cover letter from the Member State National Contact Point; completed Twinning proposal template (Annex C1/C9 elements); description of methodology and work plan; expert CVs and assignment descriptions for PL, RTA, component leaders and short-term experts; detailed budget and justification; annexes with administrative documents and legal confirmations; evidence of experience in similar Twinning or capacity-building actions.

Performance measurement, monitoring and sustainability

Contacts and where to get documents

Summary and how to interpret the opportunity

This Twinning call finances a targeted technical assistance action to strengthen regulatory and supervisory capacities in Montenegro across central banking statistics and operations, insurance supervision and capital market supervision to support alignment with EU acquis and ESCB/EIOPA/ESMA standards ahead of and in preparation for EU accession. The Twinning model requires a Member State public administration to lead the action and to provide long-term resident advisory support and component expertise. The €1,150,000 grant funds expert missions, resident advisory services, training, study visits, development of methodologies, draft legal and operational instruments, IT and statistical designs and other deliverables intended to be institutionalised by the beneficiary authorities.

For full legal and procedural requirements, applicants must consult the Twinning Manual and the full Twinning fiche annexes attached to the call which contain mandatory templates, administrative compliance grids and the detailed selection and award methodology Invitation Letter Annex C9 Twinning Fiche Annex C1 Twinning Fiche 1.

Footnotes

1. 1Direct links provided are the documents published with the call on the EU Funding & Tenders Portal: Invitation Letter, Annex C9 Twinning Fiche, Annex C1 Twinning Fiche. Applicants must use the Twinning Manual templates referenced in these documents and contact Member State National Contact Points for formal submission procedures.

Funding opportunity overview

This is an EU funded Twinning action under the Instrument for Pre accession Assistance, IPA III, supporting Montenegro’s alignment with the European Union financial services acquis and with relevant European System of Central Banks and Eurosystem standards. The action is implemented through cooperation between public administrations from an EU Member State and Montenegro’s financial sector authorities. 1

The opportunity is not a conventional open grant for companies, universities, civil society organisations or private consultants. It is a targeted institutional capacity building action for eligible public administrations and mandated bodies from EU Member States, submitted through the relevant EU Member State National Contact Point for Twinning.

Core opportunity details

Purpose and policy context

The overall purpose is to support Montenegro’s progress towards EU membership by strengthening the institutional, regulatory, supervisory, statistical and operational capacities of its financial sector authorities. The action is linked principally to EU accession negotiation Chapters 4, 9, 17 and 18, covering free movement of capital, financial services, economic and monetary policy, and statistics.

The project responds to the need to implement and enforce an increasingly complex EU financial services framework. It combines regulatory approximation with practical supervisory capacity building, preparation for future cooperation with EU authorities, digitalisation of financial supervision and statistics, and institutional preparation for future participation in the European System of Central Banks.

The action also supports Montenegro’s commitments under the Stabilisation and Association Agreement, the National Programme for the Adoption of the Acquis, the Economic Reform Programme and the EU Reform Agenda for 2024 to 2027.

Beneficiary institutions

The direct beneficiary administrations are the Central Bank of Montenegro, the Insurance Supervision Agency, the Capital Market Authority of Montenegro and the Ministry of Finance. The Capital Market Authority will provide overall project coordination and host the Resident Twinning Adviser, while all three financial sector authorities will lead their respective technical components.

Who can apply

Only public administrations and mandated bodies from EU Member States that are eligible under the Twinning Manual may apply. Applications must be made through the EU Member State’s National Contact Point for Twinning. A private company, consultancy, university, non governmental organisation or individual expert cannot apply independently as the lead applicant for this opportunity.

The lead applicant must be an eligible Member State administration with the institutional mandate and technical expertise relevant to banking, insurance, capital market regulation, financial supervision, central banking, statistics or related EU acquis. The proposal should demonstrate the Member State administration’s operational capacity, relevant institutional experience and ability to provide the required project team and experts.

Only one Twinning proposal may be submitted by each EU Member State through its National Contact Point. Member State administrations should therefore coordinate internally and comply with any earlier national deadline established by their National Contact Point.

The proposal must include the proposed Member State Project Leader and Resident Twinning Adviser. The Member State delegation should include both individuals during the evaluation process where required by the call documentation.

Eligibility and submission conditions

The proposal must be prepared using the applicable Twinning templates and must comply strictly with the Twinning Manual, including the administrative compliance and eligibility requirements. The proposal is submitted by the lead Member State administration to its National Contact Point, which forwards the Member State proposal to the Contracting Authority.

The official submission route specified in the call documentation is email submission by the EU Member State National Contact Point to the Contracting Authority. The circulation instructions request submission to delegation-Montenegro-Twinning@eeas.europa.eu and ENEST-TWINNING@ec.europa.eu by the stated deadline. The email subject should identify the Member State and the proposal reference, using the requested format Member State name proposal for ME 25 IPA FI 02 26.

The call documents indicate that the official project language is English. Formal communications, reports, proposals and project documentation must therefore be prepared in English unless the Twinning Manual provides otherwise.

Selection and award approach

Selection focuses on the operational capacity of the proposed Member State Project Leader, Resident Twinning Adviser and Component Leaders. The selection assessment is conducted on a yes or no basis, and a negative assessment against one of the applicable selection criteria may disqualify the proposal.

Award assessment evaluates the quality and merit of the proposal. Relevant factors include the proposed methodology, the experience and suitability of the Project Leader and Resident Twinning Adviser, the experience of the Member State administration in comparable cooperation projects, the quality of the Member State presentation and the credibility of the implementation approach.

The proposal should demonstrate a clear match between the proposed experts and the three technical components. It should also show how missions, training, study visits, drafting work, institutional advice and knowledge transfer will be sequenced within the 18 month implementation period and adapted to the absorption capacity of the beneficiary institutions.

Funding, budget and financial conditions

The maximum EU funded budget for the complete Twinning action is €1,150,000. The published information does not specify a separate grant percentage, applicant cofinancing rate, maximum award per applicant or sub grant scheme. The budget is intended to finance the Twinning implementation package, including the Resident Twinning Adviser, Member State experts, missions, training, study visits, project management and other eligible activities permitted under the Twinning Manual.

The opportunity should therefore be treated as a full project budget rather than an unrestricted lump sum available to the successful administration. Expenditure must follow the applicable Twinning Manual, contract provisions, approved work plan and EU financial management rules. Applicants should not assume that the full budget can be converted into institutional income or allocated as general operating support.

No separate equipment procurement budget is identified in the published fiche. The action is primarily an expertise, institutional development, regulatory support and capacity building intervention. The beneficiary administration is expected to provide office space and basic facilities for the Resident Twinning Adviser, including telephone, internet, printing and photocopying access.

Project structure and substantive scope

The action has three components and fifteen principal results. Component 1 contains seven results for the Central Bank of Montenegro, Component 2 contains six results for the Insurance Supervision Agency and Component 3 contains two results for the Capital Market Authority.

Component 1: Central Bank of Montenegro

The first component supports alignment with EU financial, statistical, supervisory and central banking standards. It is particularly relevant to institutions with experience in central banking, banking supervision, financial statistics, prudential reporting, crisis management and Eurosystem operational practices.

Main outputs include a Security by Security statistics framework, a target architecture for a statistical Data Warehouse, an assessment and improvement framework for compensation and reward practices, strengthened consumer protection supervision, updated cash management acts and procedures, a FINREP supervisory reporting framework and an assessment of the impact of the evolving Crisis Management and Deposit Insurance framework on Montenegro’s bank resolution system.

The component also covers XBRL and data mapping issues, data governance, metadata, validation procedures, digitalisation of cash management and preparations for future ESCB related statistical and operational requirements.

Component 2: Insurance Supervision Agency

The second component strengthens the Insurance Supervision Agency’s regulatory and supervisory capacity in line with the EU insurance acquis, Solvency II, EIOPA standards and evolving digital finance requirements.

Main outputs include improved procedures for the regular supervisory review process, a macroprudential supervision methodology, a systemic risk dashboard framework, a DORA related cybersecurity and digital resilience framework, regulatory sandbox bylaws and procedures, and a methodology for assessing fintech products and innovative insurance solutions.

The work is expected to combine regulatory and methodological drafting with structured knowledge transfer, practical training, study visits and direct exchanges with EU Member State supervisory institutions. Relevant areas include systemic risk indicators, stress testing, early warning mechanisms, ICT third party outsourcing, consumer protection, data ethics and operational resilience.

Component 3: Capital Market Authority

The third component prepares the Capital Market Authority to implement Montenegro’s new Capital Market Law and to operate more effectively within the future EU regulatory and supervisory framework.

Main outputs include an assessment of readiness for implementation of the Capital Market Law, a roadmap and action plan, updated supervisory procedures and methodologies, arrangements for future cooperation with the European Securities and Markets Authority and EU competent authorities, and a training needs assessment and training programme.

Technical coverage includes risk based supervision, risk assessment of supervised entities, investment firms, UCITS, alternative investment funds, market infrastructure, investor protection, market abuse, information and analytical tools, and supervisory convergence practices.

Required project team

The proposed team is expected to include a Member State Project Leader, one Resident Twinning Adviser, three Component Leaders and a pool of short term experts for specific assignments.

Expected deliverables and performance indicators

The project is output and results oriented. Performance will be assessed through the quality and timeliness of expert inputs, assessments, mappings, methodologies, manuals, draft legal and operational frameworks, training materials, presentations, reports and evidence of beneficiary capacity development.

Indicative measurable targets include development of the CBCG Security by Security statistical framework, preparation of a Data Warehouse architecture, development of a FINREP reporting framework, completion of a Crisis Management and Deposit Insurance impact assessment, preparation of insurance macroprudential and systemic risk dashboard manuals, training of relevant ISA staff, development of DORA and insurance fintech supervisory frameworks, and strengthened capacities of at least ten CMA staff members.

The European Commission’s reporting on Montenegro under Chapters 9, 17 and 18 provides an impact level reference, but project monitoring will primarily rely on the mandatory results, project reports, Project Steering Committee records and beneficiary feedback.

Implementation, governance and reporting

The project will be governed by a Project Steering Committee. The committee will review progress against mandatory results, coordinate participating institutions, discuss updated work plans, review interim reports and identify corrective measures where implementation is delayed or risks emerge.

Quarterly interim reports and a final report are required. Reports must include narrative and financial sections and must focus on progress against results, not merely on activities or expert inputs.

The beneficiary institutions must provide senior level commitment, suitable staff, timely access to information and active participation in drafting, training, review and implementation activities. The success of the action depends on close coordination between the Central Bank of Montenegro, Insurance Supervision Agency, Capital Market Authority, Ministry of Finance, EU Delegation and the selected Member State administration.

Key risks and conditions

The principal implementation risks are unclear division of responsibilities, insufficient cooperation between participating institutions, limited administrative capacity to provide data on time, weak coordination, insufficient beneficiary absorption capacity and delays in Montenegro’s reform or accession process.

The call assumes continued political and administrative commitment by Montenegro to EU accession, strong support from the beneficiary authorities, adequate coordination among stakeholders and sustained engagement by the selected EU Member State partner administration.

Applicants should address these risks directly by proposing a realistic work plan, clear governance arrangements, defined counterparts, practical sequencing of expert missions, mechanisms for resolving implementation bottlenecks and methods for transferring knowledge to staff who will remain in the beneficiary institutions after project completion.

Applicant preparation priorities

A prospective Member State administration should prioritise the following actions before submission:

Overall assessment

This is a specialised and strategically important Twinning opportunity for EU Member State financial authorities. It is particularly suitable for a coordinated consortium or institutional partnership involving a central bank, insurance supervisor and capital market authority, provided that the participating bodies can submit through one Member State National Contact Point and provide the required senior personnel and expert pool.

The opportunity offers a substantial €1,150,000 implementation budget over 18 months, but its value lies primarily in institutional reform and expert cooperation rather than direct financial support to private applicants. The strongest proposals will combine demonstrated experience in EU financial services acquis implementation with a detailed, practical and beneficiary led approach to regulatory drafting, supervisory methods, digital transformation, statistics, crisis management and sustainable knowledge transfer.

The published call documentation and Twinning fiche should be treated as the controlling sources for eligibility, templates, submission procedure, expert requirements and contractual financial rules. 2

Official sources

The official Funding and Tenders Portal opportunity page is EU Funding and Tenders Portal opportunity.

The official topic details page is EU Funding and Tenders Portal topic details.

The published documents include the Invitation Letter, Annex C9 Twinning Call for Proposals and Annex C1 Twinning Fiche. They are available through the Documents section of the official opportunity page.

Footnotes

1. 1The opportunity facts and substantive project information are taken from the official EU Funding and Tenders Portal record and the published Invitation Letter, Twinning Call for Proposals and Twinning Fiche supplied for this analysis. EU Funding and Tenders Portal opportunity
2. 2The official call documents govern the application. The portal metadata records the deadline as 11 January 2027 at 15:00 UTC, while the Invitation Letter states 16:00 Central European Time, which is the corresponding local deadline. Applicants should verify the displayed deadline and submission instructions immediately before submission. EU Funding and Tenders Portal topic details