From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
Law on the Banking Agency for the Federation of Bosnia and Herzegovina of 1996
(amended through 2006)
The Law on the Banking Agency of the Federation of Bosnia and Herzegovina of 1996 establishes the Banking Agency of the Federation of Bosnia and Herzegovina (FBA) in order to maintain a market oriented and stable banking system.
The law is presented in twelve points, with each point consisting of different articles, dealing with different aspects of the law.
The first four points of the document deal with:
- Objective and the establishment of the banking agency;
- Various activities of the agency;
- Independence and authority of the agency; and
- Aspects related to mutual cooperation of the agency with the Central Bank of Bosnia and Herzegovina.
Points 5 and 6 highlight:
- Organizational and governance aspect of the agency;
- Management and composition of board;
- Decision making powers of the board and the Director of the agency; and
- Business secrecy of these agencies.
Points 7, 8 and 9 of the law discuss:
- Financing of these agencies; and
- Banks and micro-credit organizations reporting to the central bank and the agency.
The remaining points deal with reporting, auditing structure and implementation of the above provisions.