Montenegro’s Capital Market Commission expects multimillion-euro transactions on the domestic banking market in 2027 and forecasts 1.11 million euros in revenue, according to its proposed financial plan submitted to the Parliament of Montenegro. The plan projects expenses of 1,106,700 euros and a positive financial result of 3,300 euros. The Commission set the plan on 29 September 2026.
The Commission expects the anticipated transactions to contribute to revenue growth, but did not identify the banks or specific deals involved, or give their expected individual values. Planned revenue is 21.98% higher than the 910,000 euros budgeted for 2026.
Revenue and issuer fees
Fees for securities issues, capital reductions and capital increases are projected to bring in 200,000 euros. The Commission’s plan attributes the expected growth in this revenue category to announcements that multimillion-euro transactions would take place on Montenegro’s banking market during 2027.
The largest individual revenue category is 480,000 euros from fees for publishing financial statements and measures to promote and improve the efficiency of financial markets. Issuers currently pay 100 euros a month to publish financial statements, a fee that has not changed for more than ten years.
The Commission expects to adjust issuer fees during 2027. It said any changes would be based on an analysis of revenue, expenses and the financial burden on capital-market participants. The Commission cited rising operating costs as a reason for considering a change to the monthly fee.
Fees for oversight of business activity are projected at 250,000 euros, while the plan allocates 105,000 euros to the review of annual reports. Revenue from issuing opinions, approvals, permits and consents is forecast at 30,000 euros, with a further 45,000 euros in other income.
Costs and salary assumptions
The Commission plans 1,106,700 euros in expenses for 2027, up 16.7% from 948,300 euros in its 2026 plan. Gross salaries are budgeted at 700,000 euros, 31% more than in the previous year’s plan.
Part of the planned increase in salary costs is linked to the possible introduction of a new pay calculation system known as the “Euro model”. The Commission prepared its budget on the basis that the model could apply from 1 January 2027, although its implementation has not been finally approved.
The proposed model would significantly increase minimum wages and change the tax burden on labour. The Commission said these possible changes meant it needed to take additional care when planning expenses.
The plan sets aside 42,000 euros for fees for the Commission’s two part-time members and 15,000 euros for other service contracts. It also provides 45,000 euros for official travel and training abroad, and 50,000 euros for membership fees to international organisations and the Financial Stability Council.
Development projects, including the Commission’s annual conference, are allocated 50,000 euros. The budget includes 31,000 euros for intellectual services, including legal services, 39,000 euros for materials and services, and 10,000 euros in provisions for court disputes.
Litigation and investment plans
The 10,000-euro provision covers disputes before the Basic Court in Nikšić. The Commission said shareholders brought the cases after suffering losses because of unlawful conduct by an authorised person at NK Broker, a former capital-market participant from Nikšić.
The shareholders are seeking to recover from the Commission the value of lost shares. The Commission expects the first-instance ruling in the disputes by the end of 2026, with a second-instance decision potentially following during 2027.
The regulator plans to continue investment in digitalisation and information-system improvements, with a third phase of the project scheduled for 2027. It made substantial IT investments in 2025 and 2026.
During 2026, the Commission stepped up efforts to secure international support for remaining information-system investments estimated at about 180,000 euros. Expecting a positive outcome from those efforts, it has budgeted 20,000 euros in current investment for 2027.
Of that amount, 15,000 euros is allocated to computer equipment and 5,000 euros to adapting and renovating business premises. The Commission expects to collect 35,000 euros in receivables from previous periods and has begun enforcement proceedings against issuers that have not met their obligations.
The Commission identified possible regulatory changes, new responsibilities in the field of crypto-assets, alignment with European legislation and rising operating costs as challenges for 2027. It plans to continue work towards European regulatory standards and to create conditions for future membership of the European Securities and Markets Authority (ESMA).
