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ANNUALANNUALANNUALANNUALANNUAL REPORTREPORTREPORTREPORTREPORT
SECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSION
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G O D I { E N I Z V E { T A J
A N N U A L R E P O R T
2003
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
2 GODI{ENGODI{ENGODI{ENGODI{ENGODI{EN IZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJ
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VOVEDNO OBRA}AWE OD PRETSEDATELOT NA KOMISIJATA ZA HARTII OD VREDNOSTVOVEDNO OBRA}AWE OD PRETSEDATELOT NA KOMISIJATA ZA HARTII OD VREDNOSTVOVEDNO OBRA}AWE OD PRETSEDATELOT NA KOMISIJATA ZA HARTII OD VREDNOSTVOVEDNO OBRA}AWE OD PRETSEDATELOT NA KOMISIJATA ZA HARTII OD VREDNOSTVOVEDNO OBRA}AWE OD PRETSEDATELOT NA KOMISIJATA ZA HARTII OD VREDNOST 44444
VOVEDVOVEDVOVEDVOVEDVOVED 88888
AKTIVNOSTI VO VRSKA SO ZAKONSKATA REGULATIVA:AKTIVNOSTI VO VRSKA SO ZAKONSKATA REGULATIVA:AKTIVNOSTI VO VRSKA SO ZAKONSKATA REGULATIVA:AKTIVNOSTI VO VRSKA SO ZAKONSKATA REGULATIVA:AKTIVNOSTI VO VRSKA SO ZAKONSKATA REGULATIVA: 1010101010
1. Zakonska ramka [to go regulira i vo koja funkcionira pazarot na kapital vo Republika Makedonija 1010101010
2. Drugi akti koi proizleguvaat od zakonite vo nadle`nost na Komisijata 1212121212
IZDAVAWE ODOBRENIJA I DOZVOLI:IZDAVAWE ODOBRENIJA I DOZVOLI:IZDAVAWE ODOBRENIJA I DOZVOLI:IZDAVAWE ODOBRENIJA I DOZVOLI:IZDAVAWE ODOBRENIJA I DOZVOLI: 1414141414
1. Za novi emisii na hartii od vrednost 1414141414
2. Za osnovawe na brokerski ku]i/sektori na banki za rabota so HV 3030303030
3. Za davawe javna ponuda za otkup na hartii od vrednost 3232323232
4. Za ovlasteni lica za rabota so hartii od vrednost 3434343434
SLEDEWE NA RABOTATA I AKTIVNOSTITE NA PAZAROT NA KAPITAL:SLEDEWE NA RABOTATA I AKTIVNOSTITE NA PAZAROT NA KAPITAL:SLEDEWE NA RABOTATA I AKTIVNOSTITE NA PAZAROT NA KAPITAL:SLEDEWE NA RABOTATA I AKTIVNOSTITE NA PAZAROT NA KAPITAL:SLEDEWE NA RABOTATA I AKTIVNOSTITE NA PAZAROT NA KAPITAL: 3636363636
1. Makedonska berza za dolgoro~ni hartii od vrednost AD - Skopje 3636363636
2. Brokerskite ku]i i bankite kako ovlasteni u~esnici na berzata 4040404040
KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI: 4444444444
1. Akcionerski dru[tva
2. Banki
3. Brokerski ku]i
4. Berza
5. Centralen depozitar
STRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI:STRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI:STRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI:STRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI:STRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI: 5050505050
1. Izdavawe na stru~no spisanie na KHV "Kapital, pari i investicii" 5050505050
2. Izdavawe na stru~na literatura od oblasta na pazarot na kapital 5050505050
FINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINA 5252525252
ME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKA 5858585858
1. IOSCO (International Organization of Securities Commissions) 6060606060
2. Seminari 6060606060
3. Obuki 6060606060
KONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACII 6464646464
SODR@INASODR@INASODR@INASODR@INASODR@INA
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STATEMENT OF THE PRESIDENTSTATEMENT OF THE PRESIDENTSTATEMENT OF THE PRESIDENTSTATEMENT OF THE PRESIDENTSTATEMENT OF THE PRESIDENT 55555
INTRODUCTIONINTRODUCTIONINTRODUCTIONINTRODUCTIONINTRODUCTION 99999
LEGISLATIONLEGISLATIONLEGISLATIONLEGISLATIONLEGISLATION 1111111111
1. Legal framework of the capital market in the Republic of Macedonia and its operations 1111111111
2. Other acts deriving from the laws within the competence of the Commission 1313131313
ISSUING APPROVALS AND LICENSING:ISSUING APPROVALS AND LICENSING:ISSUING APPROVALS AND LICENSING:ISSUING APPROVALS AND LICENSING:ISSUING APPROVALS AND LICENSING: 1515151515
1. for new issues of securities 1515151515
2. for establishing brokerage houses/departments within banks for operating with securities 3131313131
3. for issuing public takeover bid to acquiring securities 3333333333
4. for authorized persons for dealing with securities 3535353535
MONITORING THE OPERATION AND ACTIVITIES OF THE CAPITAL MARKETMONITORING THE OPERATION AND ACTIVITIES OF THE CAPITAL MARKETMONITORING THE OPERATION AND ACTIVITIES OF THE CAPITAL MARKETMONITORING THE OPERATION AND ACTIVITIES OF THE CAPITAL MARKETMONITORING THE OPERATION AND ACTIVITIES OF THE CAPITAL MARKET 3737373737
1. Macedonian Stock Exchange Inc. Skopje 3737373737
2. Brokerage houses and banks as authorized participants at the Stock exchange 4141414141
CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS:CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS:CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS:CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS:CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS: 4545454545
1. joint stock companies
2. banks
3. brokerage houses
4. stock exchange
5. central securities depository
PROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES:PROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES:PROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES:PROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES:PROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES: 5151515151
1. publishing a professional magazine of MSEC ‘Capital, money and investments’ 5151515151
2. publishing professional literature about the capital market 5151515151
FINANCIAL OPERATIONS OF THE MSEC IN 2003FINANCIAL OPERATIONS OF THE MSEC IN 2003FINANCIAL OPERATIONS OF THE MSEC IN 2003FINANCIAL OPERATIONS OF THE MSEC IN 2003FINANCIAL OPERATIONS OF THE MSEC IN 2003 5353535353
INTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATION 5959595959
1. IOSCO (International Organization of Securities Commissions) 6161616161
2. seminars 6161616161
3. trainings 6363636363
CONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATION 6565656565
CONTENTSCONTENTSCONTENTSCONTENTSCONTENTS
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
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Osnovna karakteristika na pazarot na kapitalna Republika Makedonija vo 2003 godina e tren-dot na rast i razvoj. Atributite na siguren, po-stojan i transparenten pazar na hartii od vred-nost bea postavena cel i mo`eme da smetamedeka bea realizirani i vo tekot na 2003 godina.
Izrazuvaj]i se so berzanska terminologija, vo2003 godina pazarot na hartii od vrednost voRepublika Makedonija ima[e karakteristiki na”bikov pazar“, a eve i zo[to:
Na sekundarniot pazar na hartii od vrednost vo2003 godina se ostvari vkupen promet na "Make-donska berza" AD - Skopje od okolu 37,7 milionievra (bez blok transakciite), [to vo odnos naostvareniot promet od 2002 godina pretstavu-va zgolemuvawe od 32 %. Ova voedno pretstavu-va i rekorden promet, koj e dosega ostvaren naBerzata od redovno trguvawe so hartii od vred-nost.
Oficijalniot berzanski indeks MBI na krajotod 2003 godina zabele`a porast od 7,7% vo od-nos na negovata zavr[na vrednost od 2002 godi-na. Na 31.12.2003 godina toj iznesuva[e 1.178,71[to voedno be[e i negova najvisoka vrednostna godi[no nivo, a vo tekot na celata godina nese zabele`ani negovi pogolemi otstapuvawa.
Na krajot od 2003 godina, na oficijalniot pazarna Berzata kotiraa 92 akcii na akcionerskitedru[tva od Republika Makedonija.
Pazarot na hartii od vrednost vo 2003 godinase zbogati so u[te tri novi u~esnici, taka [tovkupniot broj na brokerski ku]i i banki, kakoovlasteni u~esnici na Berzata, se zgolemi na14.
Vo ostvaruvaweto na ovie rezultati site u~es-nici na pazarot na hartii od vrednost: Berzata,Centralniot depozitar za hartii od vrednost inivnite ~lenki-u~esnici vo trguvaweto so har-tii od vrednost dadoa svoj poseben pridones,pritoa praktikuvaj]i gi i primenuvaj]i giprincipite na zakonitost vo trguvaweto so har-tii od vrednost, po~ituvawe na pravilata zatrguvawe, za[tita na interesite na u~esnicitena pazarot i informirawe na javnosta za pra[a-wa zna~ajni za aktivnostite na pazarot na har-tii od vrednost vo celina.
Vo site ovie fakti za pazarot na hartii odvrednost vo 2003 godina, osobeno mesto i ulogaima[e i Komisijata za hartii od vrednost, koja
i vo tekot na ovaa godina, pokraj regulativnata,kontrolnata i edukativnata funkcija vo odnosna pazarot na hartii od vrednost, prodol`i daja vr[i i ulogata na inicijator ili koordina-tor na golem broj drugi aktivnosti, so [to gopoddr`uva i ovozmo`uva ponatamo[niot razvojna site u~esnici na pazarot na kapital.
Vo domenot na primarniot pazar na kapital, Ko-misijata im izdade odobrenija na 25 akcioner-ski dru[tva za novi emisii na akcii, vo vkupnavrednost od 2.382.591.000 denari (38.972.955evra). Pri toa, zna~ajno e da se notira deka i po-natamu prodol`uva trendot kako izdava~i nadolgoro~ni hartii od vrednost - akcii da se ja-vuvaat bankite, koi ~esto raspi[uvaat javnaponuda na akcii, dodeka akcionerskite dru[tvaod stopanstvoto, na primarniot pazar na kapi-tal, u~estvuvaat vo pomal obem i toa naj~esto soodnapred dogovoren plasman na emisijata na ak-cii za poznati kupuva~i.
Kon krajot na 2003 godina Komisijata odobriedno prezemawe na akcionersko dru[tvo vo Re-publika Makedonija, vrz osnova na Zakonot zaprezemawe na akcionerskite dru[tva koe us-pe[no se realizira na po~etokot na ovaa godi-na. Imeno, vrz osnova na ponudata za otkup naobi~ni akcii izdadeni od Tetovska banka AD -Tetovo, kako i so prethodno poseduvanite ak-cii, "Teteks" AD - Tetovo go obezbedi mnozin-skiot paket akcii ili 52,08 % od vkupniot brojobi~ni akcii izdadeni od Tetovska banka AD -Tetovo, so [to stana prvata makedonska kompa-nija [to uspe[no sprovede postapka za prezema-we, vo soglasnost so Zakonot za prezemawe naakcionerski dru[tva.
Komisijata za hartii od vrednost vo tekot naizminatata godina uspe[no ja izvr[uva[e isvojata osobeno va`na funkcija na kontrola napazarot na kapital, odnosno na site subjektikoi podle`at na kontrolata: brokerskite ku]i ibankite kako ovlasteni u~esnici, Berzata iCentralniot depozitar.
Posrednite i neposrednite kontroli izvr[enikaj ovie subjekti ja potvrdija postojanosta i sta-bilnosta na celokupniot pazar na hartii odvrednost vo tekot na 2003 godina, kade [to nebea zabele`ani pozna~ajni potresi, nitu diskon-tinuitet vo raboteweto.
Vo ramkite na izvr[uvaweto na svojata eduka-tivna funkcija, vo 2003 godina Komisijata za
VOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOST
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The main feature of the capital market in the Repub-
lic of Macedonia in 2003 was the trend of growth and
development. The attributes of secure, permanent
and transparent securities market were the set objec-
tives and we can consider them realized in the course
of 2003.
Speaking in stock market terms, in 2003 the securi-
ties market in the Republic of Macedonia had the fea-
tures of the “Bull Market”, for the following reasons:
On the secondary securities market in 2003 there
was a total turnover of 37,7 million Euros (excluding
the block transactions) on the “Macedonian Stock
Exchange” AD Skopje, which compared to the real-
ized turnover in 2002 is an increase of 32%. At the
same time this is a record turnover realized by the
Stock exchange from its regular trade with securities.
The official stock exchange index MBI at the end of
2003 has marked a growth of 7,7% in comparison to
its final value in 2002. On December 31, 2003 it was
1.178,71, which was its highest value on annual lev-
el, and in the course of the whole year there were not
any significant changes.
At the end of 2003, shares of 92 joint stock compa-
nies from the Republic of Macedonia were listed at
the official Stock exchange market.
The securities market in 2003 was enriched by anoth-
er three new participants, so that the total number of
broker houses and banks, authorized participants on
the stock exchange, was increased to 14.
In realizing these results all participants on the secu-
rities market: the Stock Exchange, the Central Depos-
itary for Securities and their members-participant in
the trade with securities have given their special con-
tribution, practicing and applying the principles of le-
gality in trading with securities, respecting the rules of
trade, protection of the interests of the market partic-
ipants and informing the public about issues of im-
portance for the activities of the securities market as
a whole.
In all these facts about the securities market in 2003,
the Securities and Exchange Commission had a spe-
cial place and role, since, in the course of the year,
beside the regulation, control and education function
on the securities market, it also continued to have the
role of an initiator or coordinator of number of other
activities that supported and enabled the further de-
velopment of all capital market participants.
In the field of the primary capital market, the Commis-
sion has issued approvals to 25 joint stock compa-
STATEMENT OF THE PRESIDENT OF THE SECURITIES ANDSTATEMENT OF THE PRESIDENT OF THE SECURITIES ANDSTATEMENT OF THE PRESIDENT OF THE SECURITIES ANDSTATEMENT OF THE PRESIDENT OF THE SECURITIES ANDSTATEMENT OF THE PRESIDENT OF THE SECURITIES AND
EXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIA
nies for new shares issues, in total value of
2.382.591.000 denars (38.972.955 Euros). It is im-
portant to note that the trend of having the banks as
issuers of long-term securities-shares continues. The
banks often publish public offers of shares, while the
joint stock companies from the economy participate
at the primary capital market in lower scope and most
often with previously agreed placement of the shares
issues for known buyers.
At the end of 2003 the Commission has approved
one takeover of a joint stock company in the Repub-
lic of Macedonia pursuant to Takeover Law, which
was successfully realized at the beginning of the year.
Namely, on the basis of an offer for buying ordinary
shares issued by “Tetovska Banka” AD from Tetovo,
as with the previously owned shares, “Teteks” AD
from Tetovo has provided the majority package of
shares or 52, 08% of the total number of ordinary
shares issued by “Tetovska Banka” AD from Tetovo,
which made it the first Macedonian company that has
successfully realized the takeover procedure pursu-
ant to the Takeover Law.
The Securities and Exchange Commission, in the
course of the last year, has also successfully per-
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
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hartii od vrednost ja organizira[e osmata obu-ka za rabota so hartii od vrednost, koja pret-stavuva prva obuka vo samostojna organizacijana Komisijata za hartii od vrednost na Repub-lika Makedonija. Vrz osnova na organiziranataobuka, Komisijata za hartii od vrednost spro-vede polagawe na stru~en ispit, koj uspe[no gopolo`ija 40 lica koi se steknaa so dozvola zavr[ewe na raboti so hartii od vrednost.
Vo juni 2003 godina, vo izdanie na Komisijata zahartii od vrednost, be[e promovirana Belatakniga na OECD za korporativno upravuvawe. Vo-edno, od pe~at izlegoa i slednive knigi vo izda-nie na Komisijata: "Me\unaroden zakon za hartiiod vrednost" i "Tolkuvawe na finansiskite iz-ve[tai", kako rezultat na prethodno otpo~nati-te aktivnosti za preveduvawe i pe~atewe na li-teratura od oblasta na pazarite na kapital.
Vo tekot na 2003 godina nastanaa i dve izmenina Zakonot za hartii od vrednost koi dovedoado dve bitni promeni vo zakonskata regulativa,[to go regulira pazarot na kapital, i toa: soprvite izmeni se ovozmo`i natamo[no zajaknu-vawe na nezavisnosta na KHV, preku voveduvawena u[te porigorozni kriteriumi za izbor i raz-re[uvawe na ~lenovi na KHV i dr. odredbi sokoi se podobruva i unapreduva raboteweto naKomisijata, dodeka vtorite izmeni na Zakonotzna~at revolucija vo razvojot na pazarot nakapital vo Republika Makedonija od aspekt nazgolemuvawe na transparentnosta na informa-ciite za akcionerskite dru[tva [to se vodatvo Registarot na Komisijata, bidej]i toa zna~izbogatuvawe na podatocite vrz osnova na koipotencijalnite investitori ]e mo`at da done-suvaat delovna odluka za investirawe vo har-tii od vrednost.
Zgolemeniot obem na aktivnosti i sé pogolema-ta uloga i funkcii na Komisijata za hartii odvrednost na pazarot na kapital vo RepublikaMakedonija nametnuvaat sé pogolem broj na ob-vrski i anga`mani na Komisijata. Streme` icvrsta opredelba na ovaa mlada institucija eda prerasne vo sovremen, evropski orientiranregulator na pazarot na kapital vo RepublikaMakedonija.
Ostvaruvaweto na opredelbite za unapreduva-we na rabotata na Komisijata za hartii od vred-nost ]e ovozmo`i nejzino potvrduvawe kako ne-zavisen, kredibilen i samostoen regulator napazarot na kapital vo Republika Makedonija, avoedno ]e pridonese i za afirmacija na make-donskiot pazar na kapital.
So po~it,
Prof. d-r Vesna Pendovska
Pretsedatel na Komisijataza hartii od vrednost
VOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAVOVEDNO OBRA}AWE OD PRETSEDATELOT NAKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOSTKOMISIJATA ZA HARTII OD VREDNOST
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formed its especially important function of control of
the capital market, i.e. all entities that are subject to
the control: broker offices and the banks as author-
ized participants, the Stock Exchange and the Cen-
tral Depositary.
The direct and the intermediate controls made in
these entities have confirmed the consistency and
the stability of the total securities market in the
course of 2003, where there weren’t any significant
disturbances or discontinuity in the work.
In the framework of performing its education func-
tion, in 2003 the Securities and Exchange Commis-
sion has organized the eighth training for dealing with
securities, which is the first training organized inde-
pendently by the Securities and Exchange Commis-
sion of the Republic of Macedonia. On the basis of
the organized training, the Securities and Exchange
Commission has organized an expert exam, which
was successfully passed by 40 persons that have
obtained a license for performing services related to
securities.
In June 2003 the Securities and Exchange Commis-
sion has issued and promoted the OECD White Book
on Corporate Governance. At the same time, the
Commission also published the following books: “In-
ternational Securities Law” and “Interpretation of Fi-
nancial Statements” as a result of the previously start-
ed activities for translation and publishing of literature
in the field of the capital markets.
In the course of 2003 there were two amendments of
the Securities Law, which led to two significant
changes in the regulation governing the capital mar-
ket. The first changes enabled further strengthening
of the independence of the Securities and Exchange
Commission by introducing more rigorous criteria for
selection and suspension of the members of the Se-
curities and Exchange Commission etc, provisions
that improve and promote the work of the Commis-
sion, and the second changes in the Law are revolu-
tionary in the development of the capital market in
the Republic of Macedonia from the aspect of in-
creasing the transparency of information for the joint
stock companies that are registered in the Commis-
sion register, since that means enriching the data on
the basis of which the potential investors could make
a business decision for investing in securities.
A NOTE OF THE PRESIDENT OF THE SECURITIES ANDA NOTE OF THE PRESIDENT OF THE SECURITIES ANDA NOTE OF THE PRESIDENT OF THE SECURITIES ANDA NOTE OF THE PRESIDENT OF THE SECURITIES ANDA NOTE OF THE PRESIDENT OF THE SECURITIES AND
EXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIAEXCHNAGE COMMISSION OF THE REPUBLIC OF MACEDONIA
The increased scope of activities and the increased
functions and role of the Securities and Exchange
Commission on the capital market in the Republic of
Macedonia impose even more obligations and en-
gagements on the Commission. An aspiration and
strong determination of this young institution is to
grow into a modern, Europe-oriented regulator of the
capital market in the Republic of Macedonia.
The realization of the determinations for promotion of
the work of the Securities and Exchange Commission
will enable its confirmation as an independent and
credible regulator on the capital market in the Repub-
lic of Macedonia and at the same time would contrib-
ute to the affirmation of the Macedonian capital mar-
ket.
Respectfully,
Vesna Pendovska Ph.D.
President of the
Securities and Exchange Commission
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Komisijata za hartii od vrednost vr[i reguli-rawe i kontrola na site u~esnici vo rabotewe-to so dolgoro~ni hartii od vrednost na terito-rijata na Republika Makedonija. Vo ramkite nasvoite zakonski nadle`nosti i ovlastuvawa,taa e odgovorna za zakonsko i efikasno funkci-onirawe na pazarot na dolgoro~ni hartii odvrednost i za za[tita na pravata na investito-rite, so cel postojano jaknewe na doverbata na[irokata javnost vo instituciite na pazarot nadolgoro~ni hartii od vrednost vo RepublikaMakedonija.
Komisijata za hartii od vrednost e institucijaodgovorna za sproveduvawe na Zakonot za har-tii od vrednost, Zakonot za investiciski fon-dovi i Zakonot za prezemawe na akcionerskidru[tva i na site podzakonski akti donesenivrz osnova na ovie zakoni.
Zaradi ostvaruvawe na zakonskite nadle`nos-ti, Komisijata za hartii od vrednost te`neekon toa site u~esnici na pazarot na dolgoro~nihartii od vrednost koi imaat dobieno dozvola,odobrenie ili soglasnost od Komisijata da ra-botat vo soglasnost so Zakonot, pri [to sitenedoslednosti vo raboteweto ili utvrdeni ne-po~ituvawa na zakonski propi[anite postapkisoodvetno se sankcioniraat.
Vo soglasnost so Zakonot za hartii od vred-nost, Komisijata za hartii od vrednost funkci-onira kako samostojna i nezavisna organizacijai ima svojstvo na pravno lice. Komisijata zasvojata rabota odgovara pred Sobranieto naRepublika Makedonija i edna[ godi[no podne-suva izve[taj za svojata rabota, finansiskiplan i godi[na smetka. Godi[nata smetka naKomisijata ja proveruva i ocenuva dru[tvo zarevizija vo soglasnost so me\unarodnite stan-dardi za revizija, za [to izgotvuva revizorskiizve[taj.
Vo tekot na 2003 godina Komisijata za hartiiod vrednost aktivno rabote[e kon realizacijana zakonski doverenite funkcii, kako od as-pekt na unapreduvawe na regulativata na paza-rot na kapital, taka i od aspekt na kontrolatana site u~esnici vo raboteweto so dolgoro~nihartii od vrednost vo Republika Makedonija.
Komisijata za hartii od vrednost odlu~uva nasednici. Vo tekot na 2003 godina bea odr`anivkupno 13 sednici na Komisijata za hartii odvrednost.
Vo tekot na 2003 godina aktivnostite na Komi-sijata za hartii od vrednost na Republika Make-donija bea povrzani so:
I Aktivnosti vo vrska so
zakonskata regulativa:
1. Zakon za izmenuvawe i dopolnuvawe naZakonot za hartii od vrednost
2. Drugi akti koi proizleguvaat od zakonite vonadle`nost na Komisijata
II Izdavawe odobrenija i dozvoli:
1. Za novi emisii na hartii od vrednost
2. Za osnovawe na brokerski ku]i/sektori nabanki za rabota so HV
3. Za davawe javna ponuda za otkup na hartii odvrednost
4. Za ovlasteni lica za rabota so hartii odvrednost
III Sledewe na rabotata i aktiv-
nostite na pazarot na kapital:
1. Makedonska berza za dolgoro~ni hartii odvrednost AD - Skopje
2. Brokerskite ku]i i bankite kako ovlasteniu~esnici na berzata
3. Centralen depozitar za hartii od vrednostAD - Skopje
IV Kontrola na pazarot na kapital inegovite u~esnici:
1. Akcionerski dru[tva
2. Banki
3. Brokerski ku]i
4. Berza
5. Centralen depozitar
V Stru~ni, promotivni i edukativni
aktivnosti:
1. Izdavawe na stru~no spisanie na KHV"Kapital, pari i investicii"
2. Izdavawe na stru~na literatura od oblastana pazarot na kapital
VI Finansiskoto rabotewe na KHV
vo 2003 godina
VII Me\unarodna sorabotka
1. IOSCO
2. Seminari
3. Obuki
VOVEDVOVEDVOVEDVOVEDVOVED
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The Securities and Exchange Commission regulates
and supervises all participants in the operation with
securities on the territory of the Republic of Macedo-
nia, and, within its legal powers and authorizations, is
responsible for the legal and efficient functioning of
the long-term securities market and protecting the
rights of the investors, with the aim of continual build-
ing up public trust in the institutions of the long-term
securities market in the Republic of Macedonia.
The Securities and Exchange Commission is an insti-
tution which is in charge of the implementation of the
Securities Law, the Investment Funds Law and the
Company Takeover Law as well as all other regula-
tions passed on the basis of these laws.
In order to perform all the activities within its legal
competence, the Securities and Exchange Commis-
sion aims at making all the authorized participants at
the long-term securities market to operate in accord-
ance with the law, whereby in cases of breaching the
law appropriate sanctions are being imposed on
them.
In accordance with the Securities Law, the Securities
and Exchange Commission operates as an autono-
mous and independent organization with a status of
a legal entity. The Securities and Exchange Commis-
sion itself is accountable to the Parliament of the Re-
public of Macedonia and once a year it submits to the
Parliament a report on its operation, a financial plan
and annual financial statements. The audit company
shall check and evaluate the final statements of the
Commission in accordance with the international
standards on audit, for which it prepares audit report
pursuant to audit regulations.
During 2003, the Securities and Exchange Commis-
sion actively worked on realizing the functions, that it
was entrusted with by the law, regarding both the
improvement of the capital market regulations and
the supervision over all the participants in the Repub-
lic of Macedonia in their operations with long-term
securities.
The Securities and Exchange Commission makes
decisions in sessions. During 2003, the Commission
held 13 sessions in total.
The operations and activities of the Securities and
Exchange Commission during 2003 were focused on
the following items:
I. Legislation
1. Law on Amending the Securities Law
2. Other acts deriving from the laws within the com-
petence of the Commission
II. Issuing approvals and licensing:
1. for new issues of securities
2. for establishing brokerage houses / departments
within banks for operating with securities
3. for issuing public takeover bid to acquiring secu-
rities
4. for authorized persons for dealing with securities
III Monitoring the operation and activities of
the capital market
1. Macedonian Stock Exchange Inc. Skopje
2. Brokerage houses and banks as authorized par-
ticipants at the Stock exchange
3. Central Securities Depository Inc. Skopje
IV Control of the capital market and itsparticipants:
1. joint stock companies
2. banks
3. brokerage houses
4. stock exchange
5. central securities depository
V Professional, promotional andeducational activities:
1. publishing a professional magazine of MSEC
‘Capital, money and investments’
2. publishing professional literature about the capi-
tal market
VI Financial operations of the MSEC in 2003
VII International cooperation
1. IOSCO
2. seminars
3. trainings
INTRODUCTIONINTRODUCTIONINTRODUCTIONINTRODUCTIONINTRODUCTION
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Zakonska ramka [to go
regulira i vo koja
funkcionira pazarot na
kapital vo Republika
Makedonija
Pazarot na kapital vo Republika Makedonija vo-glavno e reguliran so Zakonot za hartii odvrednost, kako osnoven zakon so koj se ureduvaatvidovite na hartii od vrednost, uslovite i na-~inot na izdavawe, trguvawe i registrirawe,utvrduvawe i poramnuvawe na transakciite sohartii od vrednost, na~inot i uslovite za osno-vawe i rabota na pazarot na dolgoro~ni hartiiod vrednost i Centralniot depozitar za hartiiod vrednost, kako i statusot i nadle`nostitena Komisijata za hartii od vrednost.
Imaj]i go predvid s# pobrziot razvoj na paza-rot na kapital vo Republika Makedonija, i vo te-kot na 2003 godina se pojavi potreba od prome-ni i usovr[uvawa na osnovniot tekst na Zako-not za hartii od vrednost od 2000-ta godina.
Za taa cel bea predlo`eni odredeni izmeni idopolnuvawa na osnovniot tekst na Zakonot zahartii od vrednost, koi bea usvoeni od stranana Sobranieto na Republika Makedonija i stapi-ja na sila, prvite vo maj, a vtorite vo dekemvri2003 godina.
Primenata na novinite na Zakonot za hartii odvrednost dovede do nekolku zna~ajni promenina pazarot na kapital vo Republika Makedonija,no i promeni vo rabotata na Komisijata za har-tii od vrednost. Vo prodol`enie, daden e osvrtna nekoi od novinite na Zakonot za hartii odvrednost:
* Prvite izmeni i dopolnuvawa na Zakonot zahartii od vrednost od maj 2003 godina se odosobena va`nost za natamo[no zajaknuvawe nanezavisnosta na Komisijata za hartii od vred-nost (KHV) preku voveduvawe na dopolnitelnikriteriumi pri izbor na ~lenovite na Komisi-jata. Imeno, vo soglasnost so ~len 160 od Zako-not za hartii od vrednost, za pretsedatel i~len na KHV mo`e da bide imenuvano lice koe giispolnuva slednive uslovi:
� da e dr`avjanin na Republika Makedonija;
� da ima zavr[eno najmalku visoko obrazova-nie;
� da e istaknat ekspert od oblasta na finan-siite i korporativnoto pravo;
� da ne e ~len na organi na politi~ka partija;
� da ne e rakovodno lice ili ~len na Upravenodbor na pravno lice nad koe kontrola vr[iKomisijata za hartii od vrednost, odnosnosupervizija vr[i Narodnata banka na Repub-lika Makedonija;
� da ne e akcioner so nad 25% u~estvo vo akci-ite vo akcionersko dru[tvo-izdava~ na har-tii od vrednost i
� da ne e funkcioner koj rakovodi so dr`avenorgan.
Ponatamu, so voveduvawe na nov ~len 160a vo Za-konot se predviduva deka pretsedatelot i ~le-novite na Komisijata ne smeat da odlu~uvaat zapravni subjekti so koi se vo dogovoren odnos,odnosno akcioneri vo pravnite subjekti koipodle`at na kontrola i odobruvawe od stranana Komisijata, kako i deka pretsedatelot i ~le-novite na Komisijata ne smeat da izdadat de-lovna tajna i vnatre[na informacija so koja sesteknale vo tekot na raboteweto vo Komisijata,i toa i vo narednite pet godini od denot na is-tekot, odnosno prestanokot na nivniot mandat.
Paralelno na zajaknuvawe na odredbite za ime-nuvawa, soodvetno se izmeneti i dopolneti iodredbite vo ~len 161 od Zakonot za prestanokna mandatot na pretsedatelot i ~lenovite naKomisijata, so [to istiot na pretsedatelot i~lenovite na Komisijata mo`e da im prestane idokolku nestru~no i nesovesno ja vr[at funkci-jata pretsedatel i ~len na Komisijata i dokolkuvo tekot na mandatot stanat ~lenovi na organina politi~ka partija ili rakovodni lica ili~lenovi na Upraven odbor na pravno lice nadkoe kontrola vr[i Komisijata za hartii odvrednost, odnosno supervizija vr[i Narodnatabanka na Republika Makedonija ili akcioneriso nad 25% u~estvo vo akciite vo akcionerskodru[tvo-izdava~ na hartii od vrednost ilifunkcioneri koi rakovodat so dr`aven organ.
Prviot izbor na ~lenovi na Komisijata za har-tii od vrednost spored ovie novi odredbi naZakonot za hartii od vrednost, Sobranieto naRepublika Makedonija go izvr[i na 20 oktomvri2003 godina.
Vo kontekst na zajaknuvawe na transparentnos-ta vo raboteweto na Komisijata se i dopolnuva-wata na odredbite od Zakonot za hartii odvrednost koi se odnesuvaat na funkciite koi givr[i Komisijata, pa istite se dopolneti soobvrski za ocenuvawe na godi[nata smetka na
ZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVA
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Legal framework of the capital
market in the Republic of
Macedonia and its operations
The capital market in the Republic of Macedonia is
mainly regulated by the Securities Law, which is a
fundamental act that determines types of securities,
the manner of and conditions for issuance, trading
and registration, clearing and settlement of the trans-
actions in securities, manner and conditions for es-
tablishment and operation of the securities market
and of the Central Securities Depository as well as
the status and powers of the Securities and Ex-
change Commission.
Considering the more intensive development of the
capital market in the Republic of Macedonia, during
2003 emerged the need for making amendments
and improvements in the basic text of the Securities
Law enacted in 2000.
For that purpose, certain amendments and modifica-
tions of the basic text of the Securities Law were pro-
posed, then enacted by the Parliament of the Repub-
lic of Macedonia and came into force, the first
amendments in May and the second ones in Decem-
ber, 2003.
The implementation of the novelties in the Securities
Law led to several significant changes in the capital
market in the Republic of Macedonia, and also
caused some changes in the operation of the Securi-
ties and Exchange Commission. The more important
novelties in the Securities Law are related to the fol-
lowing:
* The first amendments and modifications of the Se-
curities Law passed in May, 2003 are of significant
importance for increasing the independence of the
Securities and Exchange Commission (MSEC) which
is accomplished by introducing additional criteria re-
garding the election of MSEC’s members. Namely, in
accordance with article 160 of the Securities Law,
persons fulfilling the following conditions may be ap-
pointed president and member of the Commission:
� is a citizen of the Republic of Macedonia;
� have at least a university degree;
� have a reputation of a renowned expert in the
field of finance and corporate law;
� is not a member of bodies of political party;
� is not managerial person or member of Manage-
ment Board of legal entity controlled by the Secu-
rities and Exchange Commission, i.e. supervised
LEGISLATIONLEGISLATIONLEGISLATIONLEGISLATIONLEGISLATION
1 by the National Bank of the Republic of Macedo-
nia;
� is not a shareholder having over 25% share in the
equities in a joint stock company - issuer of secu-
rities;
� is not an official managing a state body.
Furthermore, by introducing a new article 160a in the
law, the law stipulates that the President and mem-
bers of the Commission must not decide regarding
legal entities with which they have contractual rela-
tions, i.e. shareholders in the legal entities subject to
control and approval by the Commission, as well as
must not give out business secret and internal infor-
mation they acquired during the operations in the
Commission, in the following five years from the day
of expiry, i.e. termination of their term of office.
Along with amending the provisions for appointing,
the provisions in article 161 of the law for dismissal
of the Commission President and Members were
amended, and according to this law the term of office
of the president or any of the members of the Com-
mission can be terminated if it is determined that the
person is performing the function President and
member of Commission in unprofessional and un-
scrupulous manner, or if during his/her term of office
the person becomes member of bodies of political
party or managerial person or member of manage-
ment board of legal entity controlled by Securities
and Exchange Commission, i.e. supervised by the
National bank of the Republic of Macedonia, or if the
person becomes shareholder having over 25% share
in the equities in a joint stock company - issuer of
securities, or if the person becomes an official man-
aging a state body.
On the basis of these new provisions, the Parliament
of the Republic of Macedonia appointed new mem-
bers of Securities and Exchange Commission on 20th
October, 2003.
For the purpose of increasing the transparency of the
Commission’s operation are also the amendments
and the provisions of the Securities Law which refer
to the operations performed by the Commission.
These amendments provide for the obligation to have
the Commission’s annual financial statements as-
sessed by an auditing company, in accordance with
the international auditing standards, for which the
auditing company prepares audit report pursuant to
audit regulations. Furthermore, according to the
amendments, part of the audit report with an opinion
by the certified auditor shall be published by the
Commission within at least one daily newspaper in
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Komisijata od strana na dru[tvo za revizija vosoglasnost so me\unarodnite standardi za re-vizija, za [to izgotvuva revizorski izve[taj vosoglasnost so propisite za revizija, po [to Ko-misijata ]e objavi del od revizorskiot izve[-taj so mislewe od ovlasten revizor vo najmalkueden dneven vesnik na Republika Makedonija ina svojata internet-stranica vo rok od 15 denaod denot na negovoto usvojuvawe od strana naKomisijata.
Dopolnuvawata na Zakonot za hartii od vred-nost vo maj i vo dekemvri 2003 godina zna~ea ivoveduvawe na obvrskata na Komisijata za upla-tuvawe na sredstva od vi[okot na prihoditenad rashodite od svoeto rabotewe vo Buxetotna Republika Makedonija i toa vo 2003 godina -15%, vo 2004 godina - 30%, a od 2005 godina -50%.
***** Izmenite na Zakonot za hartii od vrednostod dekemvri 2003 godina se od osobeno zna~eweza unapreduvawe na pazarot na kapital prekuzgolemuvawe i pottiknuvawe na transparent-nosta i obelodenuvawe na site relevanti de-lovni podatoci od strana na akcionerskitedru[tva vo RM, preku voveduvaweto i vodewetona Registar vo Komisijata. Vo Registarot na ak-cionerski dru[tva koj se vodi vo Komisijata zahartii od vrednost se evidentira sekoe akcio-nersko dru[tvo koe po osnovaweto izdalo har-tii od vrednost po pat na javna ponuda ili imapove]e od 100 akcioneri i osnovna glavnina po-ve]e od 1.000.000 evra.
Vo smisla na prethodnoto, so izmenite na Zako-not se predvide:
� akcionerskite dru[tva koi se vodat vo Re-gistarot na Komisijata, a koi gi ispolnuvaatuslovite utvrdeni so pravilata za kotacijana Berzata, se dol`ni da gi kotiraat svoitehartii od vrednost na Berzata, najdocna vorok od 60 dena od denot na zapi[uvawe voRegistarot na akcionerski dru[tva koj sevodi vo Komisijata, dodeka so hartiite odvrednost na akcionerskite dru[tva koi negi ispolnuvaat uslovite utvrdeni so pravi-lata za kotacija na Berzata se trguva na pa-zarniot segment za nekotirani hartii odvrednost na Berzata;
� akcionerskite dru[tva koi se vodat vo Re-gistarot na Komisijata se dol`ni vo javnos-ta da objavuvaat izvestuvawa za op[tite po-datoci na dru[tvoto, finansiskata sostojba
(nerevidirani [estmese~ni finansiski iz-ve[tai i revidiran godi[en finansiski iz-ve[taj - bilans na uspeh, bilans na sostojba,izve[taj za gotovinskiot tek i izve[taj zapromenite vo kapitalot, so mislewe od ov-lasten revizor), promenite vo kapitalot,pravniot status i delovnite aktivnosti koiimaat zna~itelno vlijanie vrz cenata na har-tiite od vrednost.
***** Izmeni vo Zakonot za hartii od vrednost nas-tanaa i vo delot za raboteweto na Berzata, pri[to se ovozmo`i Berzata da mo`e da obezbeduvauslovi za povrzuvawe na ponudata i pobaruva~-kata i na dr`avnite kratkoro~ni hartii odvrednost, kako i prodol`uvawe na obvrskata zakotacija na, sega ve]e utvrdeniot instituciona-liziran pazar na Berzata, koja va`i do31.12.2004 godina.
Drugi akti koi
proizleguvaat od zakonite
koi se vo nadle`nost na
Komisijata za hartii od
vrednost
Komisijata za hartii od vrednost vo tekot na2003 godina podgotvi i donese nekolku podza-konski akti koi proizleguvaat od Zakonot zahartii od vrednost, odnosno negovite izmeni idopolnuvawa, kako i izmeni i dopolnuvawa napodzakonskite akti koi proizleguvaat kako nad-le`nost na Komisijata od Zakonot za deviznorabotewe.
Podzakonskite akti doneseni vo 2003 godinaod strana na Komisijata se slednite:
� Upatstvo za sodr`ina na mese~niot izve[tajza raboteweto na Centralniot depozitar zahartii od vrednost koj se dostavuva vo Komi-sijata za hartii od vrednost;
� Upatstvo za sodr`ina na mese~niot izve[tajza raboteweto na Berzata na dolgoro~ni har-tii od vrednost koj se dostavuva vo Komisi-jata za hartii od vrednost i
� Pravilnik za izmena na Pravilnikot za do-bivawe odobrenie za izdavawe i voveduvawena stranski hartii od vrednost vo Republi-ka Makedonija.
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the Republic of Macedonia, and on the website of the
Commission within 15 days from the day it was
adopted by the Commission.
The amendments of the Securities Law enacted in
May and December, 2003 imposed the requirement,
according which the excess of revenues over expen-
ditures from the operations of the Commission shall
be paid in the Budget of the Republic of Macedonia
in the following percentage: 15% in 2003, 30% in
2004 and 50% starting from 2005.
* The amendments of the Securities Law made in
December 2003, are of particular importance for the
promotion of the capital market through initiating and
increasing the joint stock companies’ level of trans-
parency and disclosing all the relevant business infor-
mation by the joint stock companies in the Republic
of Macedonia. This is achieved by introducing and
maintaining a Registry of the companies in the Com-
mission. The Registry of the companies that is being
maintained in the Securities and Exchange Commis-
sion keeps database of companies which after their
foundation issued securities through public offer or
have more than 100 shareholders and basic capital
of more than 1,000,000 euros.
Regarding the above mentioned, the amendments of
the law provide for the following:
� companies for which a record is being kept in the
Register of the Commission and which meet the
requirements determined by the listing rules of
the Stock Exchange are obliged to list their secu-
rities at the Stock Exchange at latest in terms of
60 days from the day they were registered in the
Register of the companies that is maintained in
the Commission,. On the other hand, when it
comes to the securities of those companies that
do not meet the requirements determined by the
listing rules of the Stock Exchange, then those
securities are traded on the market segment for
unlisted securities on the Stock Exchange.
� companies for which a record is being main-
tained at the Register of the Commission are due
to announce notice in the public for general data
about the company, its financial standing (unau-
dited semi-annual financial statements and audit-
ed annual financial statements – income state-
ment, balance sheet, cash flow statement and a
statement for changes in the capital, with the
opinion from certified auditor), changes in the
capital, legal status and business activities that
have significant influence on the price of the se-
curities.
*There have been also certain modifications in the
part of the Securities Law regarding the operation of
the Stock Exchange. Those modifications enabled
the Stock Exchange to provide conditions for con-
necting the supply and the demand of the govern-
ment short-term securities, as well as extended the
validity of the obligation for mandatory listing on the
institutionalized market at the Stock Exchange, by 31-
12-2004.
Other acts deriving from the
laws within the competence of
the Securities and Exchange
Commission
During 2003, the Securities and Exchange Commis-
sion itself prepared and passed several bylaws deriv-
ing from the Securities Law and also made some
amendments and modifications to the bylaws deriv-
ing from the Law on Foreign Exchange Operations
that are within the competence of the Commission.
In 2003, the Securities and Exchange Commission
enacted the following bylaws:
� Instructions on the contents of the monthly report
on the operations of the Central Securities Depos-
itory, that should be submitted to the Securities
and Exchange Commission;
� Instructions on the contents of the monthly report
on operations of the Stock Exchange, that should
be submitted to the Securities and Exchange
Commission;
� Regulations on amending the Regulations for ob-
taining approval for issuing and introducing for-
eign securities in the Republic of Macedonia.
LEGISLATIONLEGISLATIONLEGISLATIONLEGISLATIONLEGISLATION
2
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Odobrenija za novi emisii
na hartii od vrednost
Primarnata ponuda na hartii od vrednost, od-nosno izdavaweto kratkoro~ni i dolgoro~nihartii od vrednost vo Republika Makedonija sevr[i vrz osnova na odobrenie od Komisijata zahartii od vrednost.
Izdavaweto na odobrenija za emisii na hartiiod vrednost ima za cel da obezbedi reguliranpazar na hartii od vrednost, celosna informi-ranost na potencijalnite investitori za sitebitni informacii vo vrska so investirawetovo hartii od vrednost pri nivnoto prvo izdava-we i transparentnost na procesot na izdavawe-to na hartii od vrednost.
Vo Republika Makedonija se primenuvaat dvana~ina na primarna emisija na hartii od vred-nost:
� emisija na hartii od vrednost nameneta za[irokata javnost, pri [to izdava~ot na har-tii od vrednost objavuva javen povik vo dne-ven vesnik so koj gi povikuva zainteresira-nite lica da zapi[at i uplatat hartii odvrednost od raspi[anata emisija;
� emisija na hartii od vrednost nameneta zapoznat kupuva~, pri [to izdava~ot na hartiiod vrednost objavuva soop[tenie vo dnevenvesnik so koe ja informira javnosta za ras-pi[anata emisija na hartii od vrednost, ko-ja ]e ja otkupi poznat kupuva~.
Su[tinska razlika pome\u dvata spomenati na-~ina na sproveduvawe na emisiite na hartii odvrednost e celnata grupa na koja se odnesuvaemisijata na hartii od vrednost, kako i obemoti kvalitetot na informaciite [to se objavuva-at. Imeno, vo slu~aite koga novite emisii nahartii od vrednost se nudat preku javen povik,osobeno e va`na za[titata na investitorite odizmami i manipulacii, kako i obezbeduvawetona dovolno kvalitetni podatoci za investito-rite da mo`at da izvr[at procenka na site as-pekti od vlo`uvaweto vo hartiite od vrednost,bidejki emisijata e nameneta za javnosta, odnos-no nedefinirana celna grupa. Vo toj slu~aj, kakoposebno bitni informacii na koi Komisijata zahartii od vrednost insistira da bidat objave-ni so cel izdava~ot da dobie odobrenie za emi-sija na hartii od vrednost mo`at da se navedat:
� podatoci za osnovaweto i organizacijata naizdava~ot;
� podatoci za finansiskoto rabotewe na izda-va~ot;
� podatoci za menaxmentot na izdava~ot;
� podatoci za delovnata i razvojnata politi-ka na izdava~ot;
� podatoci za emisijata na hartii od vred-nost.
So analizata na objavenite podatoci sekoj in-vestitor mo`e da donese delovna odluka za op-ravdanosta od vlo`uvaweto vo tie hartii odvrednost.
Transparentnosta na izdavaweto na hartiiteod vrednost e zapazena i vo slu~aite koga emi-sijata na hartii od vrednost e nameneta za poz-nat kupuva~, me\utoa vo toj slu~aj karakteris-ti~ni se dva momenta:
a) izdava~ot na hartii od vrednost objavuvazna~itelno pomalku informacii, bidejkiemisijata ima ograni~en karakter (od aspektna licata [to ]e gi otkupat hartiite odvrednost) zaradi [to ne e neophodno da seinsistira na transparentnost na podatoci-te za izdava~ot;
b) Komisijata za hartii od vrednost gi prezemasite neophodni merki da proveri i da obez-bedi deka licata navedeni/najaveni kako ku-puva~i na emisijata na hartii od vrednostse edinstvenite koi i fakti~ki ]e ja otku-pat emisijata na hartii od vrednost.
Celta na Komisijata za hartii od vrednost esozdavawe doverba kaj investitorite so obezbe-duvawe na potrebnite informacii za donesuva-we na investiciska odluka i spre~uvawe na iz-mami i manipulacii pri emisija na hartii odvrednost.
Sektorot za odobrenija i dozvoli pri Komisija-ta za hartii od vrednost gi ostvaruva ovie celipreku pregleduvawe i ispituvawe na dostavena-ta dokumentacija do Komisijata za hartii odvrednost so sekoe podneseno barawe za odobru-vawe na emisija na hartii od vrednost. Dosta-venata dokumentacija se obrabotuva sporedprethodno utvrden metod na obrabotka i anali-za, a za davaweto na re[enie za odobrenie zaemisija na hartii od vrednost se odlu~uva nasednici na Komisijata za hartii od vrednost.
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Approvals for new issues of
securities
The primary offer of securities i.e. the issue of short-
term and long-term securities in the Republic of Mac-
edonia is made based on approval from the Securi-
ties and Exchange Commission.
The purpose of issuing approvals for issues of secu-
rities is to provide regulated securities market, fully
inform the potential investors about all the important
information regarding the investments in the securi-
ties at the time they are issued for the first time, and
at to provide transparency in the process of issuing
securities.
There are two methods of primary issue of securities
that are applied in the Republic of Macedonia:
� issue of securities for the general public (public
offer), whereby the issuer of securities publishes
a public invitation in a daily newspaper inviting
the interested parties to subscribe and pay for se-
curities from the announced issue.
� issue of securities intended for a known buyer
(private placement), whereby the issuer of securi-
ties announces information in a daily newspaper
notifying the public about the announced issue of
securities that is to be purchased by known buy-
er.
The main difference between these two methods of
issues of securities is the target group for which the
issue of securities is intended and the amount and
quality of the information that are being published.
Namely, in cases when the new issues of securities
are offered through a public offer it is very important
to protect the investors from frauds and manipula-
tions and to provide enough relevant data, so that the
investors could make an assessment of all the as-
pects regarding the investments in securities, be-
cause the issue is intended for the public. In that
case, the following information is considered to be of
essential importance and that the Securities and Ex-
change Commission insists to be disclosed in order
to approve the issue of securities:
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
1 � Data about the foundation and the organization of
the issuer;
� Data about the financial operation of the issuer
� Data about the management of the issuer;
� Data about the business and development policy
of the issuer;
� Data about the issue of securities.
By analysing all the published information each inves-
tor is able to make a business decision about the
worthiness of investing in those securities.
There is a transparency in the issuing of securities
even in cases when the issue of securities is intend-
ed for known buyer, although in that case there are
two specific moments:
a) The issuer of securities publishes significantly
smaller amount of information because the issue
is of a limited nature (from the aspect of the per-
sons who are going to purchase the securities)
and therefore it is not necessary to insist on trans-
parency regarding the information about the issu-
er:
b) The Securities and Exchange Commission under-
takes all the necessary measures to check and
ensure that the persons stated in the securities is-
suance act as buyers of the issue of securities are
the only ones who would appear as buyers of the
issue of securities.
The purpose of the Securities and Exchange Com-
mission is to make the investors have confidence by
providing all the information necessary for them mak-
ing an investment decision and to prevent frauds and
manipulations when there is issue of securities.
The MSEC’s Licensing Department meets these ob-
jectives by reviewing and inspecting all the docu-
ments that are submitted to the Securities and Ex-
change Commission along with the request for ap-
proval for issue of securities. The submitted docu-
ments are processed in accordance with a previous-
ly determined method for data processing and analy-
sis. The Approval for issue of securities is being
granted through a decision-making process that
takes place during Securities and Exchange Commis-
sion’s sessions. In addition, the market is being mon-
itored in order to prevent unauthorized issues of se-
curities.
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Voedno, se vr[i i sledewe na pazarot zaradispre~uvawe na neovlasteni emisii na hartii odvrednost.
Vo tekot na 2003 godina Komisijata za hartiiod vrednost razgleda 25 podneseni barawa zaizdavawe odobrenie za emisija na hartii odvrednost, pri [to izdade 25 re[enija za dava-we odobrenie za izdavawe na dolgoro~nihartii od vrednost vo vkupen iznos od2.382.591.006 denari, odnosno 38.972.955 evra.Site izdadeni re[enija se odnesuvaat na emi-sii na sopstveni~ki dolgoro~ni hartii odvrednost - akcii. Vo izminatata godina nema[enitu eden slu~aj na izdavawe korporativni ob-vrznici, nitu na drugi dolgoro~ni, nitu kratko-ro~ni hartii od vrednost.
Najgolemiot del od emisiite na hartii od vred-nost vo 2003 godina bea nameneti za poznati ku-puva~i. Ova od pri~ina [to, kako i dosega, sepoka`alo deka na pazarot na kapital vo Repub-lika Makedonija akcionerskite dru[tva pote[-ko mo`at da obezbedat sve` kapital so javna po-nuda na hartii od vrednost. Vo osnova, emisii-te na hartii od vrednost se realiziraat soprethodno dogovoren plasman na emisija ili soreinvestirawe na dobivkata na akcionerskitedru[tva vo akcionerski kapital, so [to postoj-nite ili novi akcioneri na dru[tvoto se stek-nuvaat so novi akcii.
Voedno, karakteristi~no e [to kaj emisiite nahartii od vrednost nameneti za poznat kupuva~se javuva procent na realizacii na emisiite od100%, [to ne e slu~aj kaj raspi[anite emisii[to se plasiraat vo javnosta po pat na javenpovik. Imeno, od izdadeni vkupno 25 odobrenijavo 2003 godina, 19 emisii se realizirani prekuplasman na emisijata na poznati kupuva~i, vovkupna vrednost na izdadenite re[enija od1.976.816.006 denari, odnosno 32.345.037 evra,pri [to re~isi bez isklu~ok emisiite serealizirani so 100% uspe[nost. Vo tekot na2003 godina raspi[ani se 6 emisii na hartiiod vrednost po pat na javen povik, site odbanki, so vkupna vrednost od 405.775.000denari, odnosno 6.627.918 evra. Procentot narealizacija na ovie emisii ne mo`e da se utvr-di vedna[ po zavr[uvawe na delovnata godina,od pri~ina [to izdava~ite na dolgoro~ni har-tii od vrednost preku javna ponuda, naj~esto soaktot za izdavawe na hartiite od vrednostpredviduvaat emisijata da se realizira vo rokod [est meseci ([to vo soglasnost so Zakonotza hartii od vrednost e maksimalniot rok vokoj emisijata mo`e da se realizira), a ~estopa-ti ja koristat i zakonskata mo`nost za prodol-`uvawe na toj rok za u[te tri meseci, so pret-hodno odobrenie od Komisijata za hartii odvrednost. Sepak, imaj]i go predvid dosega[no-to iskustvo, evidentno e deka procentot na re-alizacija na emisiite [to se raspi[ani prekujavna ponuda e zna~itelno pod maksimalno odob-reniot iznos na emisijata.
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During 2003, the Securities and Exchange Commis-
sion has considered 25 submitted requests of ap-
proval for issuing long-term securities with a total
amount of 2,382,591,006 denars or in euro counter
value of _38, 972,955. All the granted approvals re-
fer to issuing of ownership securities – shares. Over
the year that passed there was not even one case of
issue of corporate bonds, nor of other long-term or
short-term securities.
The largest portion of the issues of securities in 2003
was intended for known buyers (private placements).
This is due to the fact that as it was the case so far, it
has proven that the joint stock companies can hardly
raise fresh capital through a public offer of securities
on the capital market in the Republic of Macedonia.
The issues of securities are basically realized by pre-
viously arranged placement of issue, or by reinvesting
the profit of the joint stock companies in a sharehold-
er’s equity (scrip issue) which makes the existing or
the new shareholders acquire new shares.
At the same time, it is characteristic that with the is-
sues of securities intended for known buyers there is
100% of realization, which is not the case with the
issues placed among the public through public offer.
Namely, of the 25 issued approvals in 2003, 19 is-
sues have been realized through placement of the
issue to known buyers, in total value of the issued
approvals of 1,976,816,006 denars or _32,345,037,
whereby in all cases the issues have been realized
with a 100% success. During 2003, 6 issues of secu-
rities were announced through public invitation, all by
the banks, in total value of 405,775, 000 denars or in
Euro counter value of _6,627,918. The percentage of
realization of these issues cannot be determined at
the end of the business year, because of the reason
that the issuers of securities through public offer, in
most cases envisage the issue to be realized within a
period of six months (which is according to the Se-
curities Law the maximum time limit for the realiza-
tion of the issue ), and most often they use the legal
possibility to prolong that period for another three
months by previously getting a permission from the
Securities and Exchange Commission. Nevertheless,
by considering the experience gained so far, it is evi-
dent that the percentage of successful realization of
issues announced through public offer is much be-
low the maximum approved amount of the issue.
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
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Ovoj podatok signalizira deka javnosta ne ezainteresirana za kupuvawe na hartii odvrednost pri primarni emisii. Pri~inite zaslabiot interes za kupuvawe na akcii po pat najavna ponuda mo`at da se najdat vo slednoto:
� povisoka cena na novoponudenite hartii odvrednost od onie koi se ve]e izdadeni i sokoi se trguva na Berzata. Imeno, vo soglas-nost so Zakonot za trgovski dru[tva od 1996godina, zabraneto e izdavawe na akcii podnivnata nominalna vrednost. Me\utoa, ve]e-izdadenite hartii od vrednost od izdava~i-te na hartii od vrednost so koi se trguva naMakedonska berza AD - Skopje imaat zna~i-telno poniska cena od onaa [to e utvrdenapri izdavaweto, taka [to za potencijalnitekupuva~i ekonomski e neracionalno da se ja-vat kako kupuva~i na akcii od novoraspi[a-ni emisii;
� dividendite [to gi delat akcionerskitedru[tva koi se javuvaat kako ponuduva~i naakcii po pat na javna ponuda se neatraktiv-ni, zaradi [to kaj potencijalnite kupuva~ina akcii ne budat interes za trajno anga`i-rawe na nivniot kapital bez soodveten pri-nos po akcija;
� investiraweto vo hartii od vrednost vo Re-publika Makedonija nema tradicija, zaradi[to kupuvaweto na hartii od vrednost kakoalternativa za anga`irawe na slobodnitefinansiki resursi na naselenieto ne e ~es-to prisutna;
� nivoto na akumulacija na pari~ni sredstvakaj naselenieto e relativno nisko, zaradi[to ne mo`e da dojde do zna~ajno aktivira-we na pari~ni sredstva za otkup na akcii,kako alternativen na~in na [tedewe;
� faktorot nedoverba vo pazarot na kapitalne e prisuten kako pri~ina za slabiot inte-res za kupuvawe na akcii, me\utoa nekoi ne-gativni iskustva od poseduvaweto na akciivo procesot na privatizacijata soodvetnose reflektiraat i pri primarnata proda`bana hartii od vrednost po pat na javna ponuda;
� nepostoeweto na likvidnost na pazarot nakapital vo Republika Makedonija i neposto-eweto na institucionalni investitori pre-dizvikuva soodvetni efekti i vo ovoj slu~ajna primarna proda`ba na hartii od vred-nost po pat na javna ponuda.
Od druga strana, pak, podatokot za celosnotorealizirawe na emisiite nameneti za poznat/ikupuva~/i signalizira na s# u[te postoe~kiteprocesi na okrupnuvawe na strukturata na akci-onerite vo akcionerskite dru[tva vo racete naeden ili nekolku dominantni akcioneri.
Vo tekot na 2003 godina, vo sporedba so pret-hodnata 2002 godina, se izdadeni nezna~itelnopove]e odobrenija za izdavawe na dolgoro~nihartii od vrednost, odnosno zabele`ano e malozgolemuvawe na brojot na izdadeni re[enija za4% (24 vo 2002 godina, a 25 vo 2003 godina). Me-\utoa, gledano od aspekt na vrednosniot obemna izdadenite re[enija, vrednosta na raspi[a-nite emisii vo 2003 godina, vo odnos na 2002godina, e dvojno pomala: 2.382.591.006 denari(38.972.954 evra) vo 2003 godina, vo odnos na4.832.090.172 denari (79.265.276 evra) vo 2002godina. Zaradi komparativna analiza, vo pro-dol`enie se dadeni podatocite za brojot ivrednosniot obem na izdadenite re[enija zaodobruvawe na emisii na hartii od vrednost pogodini:
IZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLI
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This data signalizes that the public is not interested
in buying securities of primary issues. The reasons for
the low interest in buying shares through public offer
may be found in the following:
� Higher price of the newly offered securities in
comparison with those already issued and traded
on the Stock Exchange. Namely, according to the
Company Law enacted in 1996, issuing shares
under their nominal value is forbidden. However,
the already issued securities by issuers whose
securities are traded on the Macedonian Stock
Exchange Inc. Skopje have significantly lower
price than the price determined at the time of
their issuing, so that for the potential buyers it is
economically irrational to appear as buyers of
shares of newly announced issues;
� The dividends distributed by the joint stock com-
panies that offer shares through public invitation
are unattractive, due to which they are not arising
interest among the potential buyers for perma-
nent engaging their capital without appropriate
yield per share;
� There is no tradition of investing in securities in
the Republic of Macedonia, due to which buying
securities as an alternative for engaging the free
financial resources of the population is not
present very often;
� The level of accumulation of funds among the
population is relatively low, and therefore a signif-
icant activating of these funds for purchase of
shares, as an alternative way of saving, cannot
occur;
� The factor lack of confidence in the capital mar-
ket does not appear to be a reason for the low
interest in purchasing shares, however some neg-
ative experiences of owning shares in the privati-
zation process have their reflection in the case of
primary sale of securities through public offer;
� The non-existence of liquidity on the capital mar-
ket in the Republic of Macedonia and the non-
existence of institutional investors is causing cer-
tain effects even in the case of primary sale of
securities through public offer.
On the other hand, the information about the com-
plete realization of the issues for known buyer/s sig-
nalizes the existence of the processes of enlarging
the structure of the shareholders in the joint stock
companies in the hands of one or several dominant
shareholders.
During 2003, compared to the previous 2002, have
been issued insignificantly more approvals for issuing
long-term securities, i.e. the noted increase in the
number of issued approvals is 4% (24 in 2002, and
25 in 2003). On the contrary, the difference in the
volume value of the issued approvals is significantly
greater, so that the volume value of the announced
issues in 2003 is twice lower compared to the volume
value in 2002: 2,382,591,006 denars (38,972,954
euros) in 2003, compared to 4,832,090,172 denars
(79,265,276 euros) in 2002. For the purpose of com-
parative analysis, below are given the data on the
number and the volume value of the issued approv-
als for issues of securities by years:
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
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IZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLI
Tabela 1Izdadeni odobrenija za emisii na dolgoro~ni hartii od vrednost po godini
broj na izdadeni vrednosen obem na
odobrenija izdadenite odobrenija(vo milioni denari)
1992 godina 1 2.459
1993 godina 11 605
1994 godina 20 1.108
1995 godina 25 2.300
1996 godina 11 781
1997 godina 20 1.823
1998 godina 26 6.152
1999 godina 12 1.014
2000 godina 40 6.342
2001 godina 20 2.585
2002 godina 24 4.832
2003 godina 25 2.383
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Table 1
Issued approvals for issues of long-term securities by years
Number of issued Volume value of the
approvals issued approvals
(in million denars)
Year 1992 1 2,459
Year 1993 11 605
Year 1994 20 1,108
Year 1995 25 2,300
Year 1996 11 781
Year 1997 20 1,823
Year 1998 26 6,152
Year 1999 12 1,014
Year 2000 40 6,342
Year 2001 20 2,585
Year 2002 24 4,832
Year 2003 25 2,383
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
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Vo tekot na 2003 godina, za site odobreni emi-sii na hartii od vrednost koi se raspi[ani odstrana na izdava~ite na hartii od vrednost za-pi[uvaweto i uplatata na hartii od vrednostse odviva[e vo sedi[tata na dru[tvata. Dose-ga, nitu edna primarna emisija na hartii odvrednost ne e realizirana preku Makedonskaberza AD - Skopje, nitu pak e sprovedena postap-ka na organizirawe, podgotovka i otkup na novo-izdadeni dolgoro~ni hartii od vrednost odstrana na brokerska ku]a ili banka.
Akcii
Vo tekot na 2003 godina odobreni se 8 emisiina akcii na akcionerski dru[tva od stopan-stvoto, 11 emisii na akcii od banki i 6 emisiina akcii od drugi finansiski institucii (poedna emisija na akcii od: [tedilnica, broker-ska ku]a, Makedonska berza na dolgoro~ni har-
Red. Izdava~i na Broj na Vrednost na emisijata Javna ponudaBr. hartii od izdadeni (JP)/ Poznat
vrednost re[enija evra denari kupuva~ (PK)
1. Trgovski dru[tva 8 12.233.333 746.697.912 PK 8od stopanstvoto
2. Banki 11 25.226.339 1.543.251.000 JP 6 / PK 5
3. Drugi finansiski 6 1.513.283 92.642.094 PK 6institucii
Vkupno: 25 38.972.955 2.382.591.006 JP 6 / PK 19
IZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLI
tii od vrednost AD - Skopje, Centralen depozi-tar za hartii od vrednost AD - Skopje, Klirin-[ka ku]a klirin[ki interbankarski sistemiAD - Skopje i Pazar na pari i kratkoro~ni har-tii od vrednost AD - Skopje).
Site raspi[ani emisii na hartii od vrednostod strana na trgovskite dru[tva od stopan-stvoto bea nameneti za poznati kupuva~i i toaprete`no kako zgolemuvawe na kapitalot nadru[tvata vrz osnova na investicii od stran-stvo, ili reinvestirawe na ostvarena dobivka.Kako emitenti na hartii od vrednost od stopan-stvoto vo 2003 godina se javija: "Replek" AD-Skopje; FHL "Mermeren kombinat" AD - Prilep;"Strumica tabak" AD - Strumica; "Tondah Make-donija" AD - Vinica; "Makhidroproekt" AD -Skopje; "Orka Holding" AD - Skopje; DIJOS AD -Strumica i "Knauf Radika" AD - Debar.
Vrednosniot obem na odobrenite emisii na ak-cii na stopanskite subjekti e prika`an vo Gra-fikon 3.
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During 2003, for all approved issues of securities
which were announced by the issuers of securities,
the subscription for and purchase of securities took
place at the headquarters of the companies. To date,
not even one primary issue of securities has been re-
alized through the Macedonian Stock Exchange Inc.
Skopje, nor an underwriting procedure- organizing,
preparation and purchase of newly issued long-term
securities by a brokerage house or a bank – has been
implemented.
Shares
During 2003 were approved 8 (eight) issues of shares
of joint stock companies from the economic sector,
11 (eleven) issues of shares of banks and 6 (six) is-
sues of shares of other financial institutions (a savings
bank, a brokerage house, Macedonian Stock Ex-
change Inc. Skopje, Central Securities Depository
Inc. Skopje, Clearing House Inc. Skopje and Money
and short-term securities market Inc. Skopje).
All of the issues of securities announced by the com-
panies from the economic sector were intended for
known buyers, mostly as an increase in the capital of
the joint stock companies based on investments from
abroad or as reinvestment of the profit that was
made. The issuers of securities from the economic
sector that appeared during 2003 were the following:
Replek Inc. Skopje; FHL Marble works Inc. Prilep;
Strumica Tabak Inc. Strumica; Tondah Makedonija
Inc. Vinica; Makhidroproekt Inc. Skopje; Orka Hold-
ing Inc. Skopje; DIJOS Inc. Strumica and Knauf Radi-
ka Inc. Debar.
The volume value of the approved issues of shares of
the companies from the economic sector is given in
Flowchart 3.
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
Num- Securities Number of Value of the issue Public offer
ber Issuers issued (PO)/ Known
approvals Euros Denars buyer (KB)
1. Companies from 8 12,233,333 746,697,912 KB 8
the economic sector
2. Banks 11 25,226,339 1,543,251,000 PO 6 / KB 5
3. Other financial 6 1,513,283 92,642,094 KB 6
institutions
Total: 25 38,972,955 2,382,591,006 PO 6/KB 19
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
24 GODI{ENGODI{ENGODI{ENGODI{ENGODI{EN IZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJ
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Kako konkretni pri~ini za zgolemuvaweto na ak-cionerskiot kapital na stopanskite subjekti vo2003 godina mo`at da se navedat: investiciivo soglasnost so dogovori so strate[ki inves-titori za dokapitalizacija, pretvorawe na po-baruvawa na doveriteli vo traen vlog, reinves-tirawe na dobivkata, pretvorawe na nenomini-ran kapital vo nominiran kapital, kako i drugina~ini.
Vo tekot na 2003 godina 11 banki raspi[aa emi-sii na akcii zaradi nivna dokapitalizacija. Odedinaesette raspi[ani emisii vo vkupen iznosod 1.543.251.000 denari (25.226.339 evra), [estemisii se sprovedeni po pat na javen povik zazapi[uvawe i kupuvawe na akcii od nova emisi-ja, pri [to vkupniot odobren iznos na ovie emi-sii iznesuva[e 405.775.000 denari (6.627.918evra). Kako emitenti na hartii od vrednost odbankite, koi vo 2003 godina raspi[aa javni po-nudi za zapi[uvawe i kupuvawe akcii, se javijaInvestbanka AD - Skopje, Balkanska banka AD -Skopje, Teteks-Kreditna banka AD - Skopje, Te-tovska banka AD - Tetovo, Stopanska banka AD -Bitola i Ohridska banka AD - Ohrid. I pokrajtoa [to emisiite na akcii se raspi[ani po patna javen povik, kako kupuva~i na akcii od ovieemisii prete`no se javuvaat postojnite akcio-neri na bankite i toa so dokapitalizacija na
bankite so nov kapital ili reinvestirawe naostvarenata dobivka. Od druga strana, pak, ~e-tiri banki raspi[aa emisii na akcii koi beanameneti i otkupeni od poznat kupuva~, a toa se:Balkanska banka AD - Skopje; Tutunska banka AD- Skopje (koja preku dve emisii na akcii sprove-de konverzija na subordiniran zaem vo vlog), Ra-dobank AD - Skopje i Makedonska banka AD -Skopje (koi raspi[aa emisii na akcii zaradipodobruvawe na vlo[enite sostojbi vo ovie dvebanki).
Vo periodot od 1997 do 2000 godina intenziv-nosta na izdavaweto na akcii od strana na ban-kite, vo osnova, proizleguva[e od potrebatabankite da ja usoglasat goleminata na svojot ka-pital vo soglasnost so odredbite na Zakonot zabanki i [tedilnici od 1997 godina (kapitalnicenzusi). Me\utoa, vo tekot na 2000 godina za-po~na proces na dokapitalizacija na bankite za-radi okrupnuvawe na kapitalot (zna~itelno nadpropi[anite kapitalni cenzusi) i vlez nastranski strate[ki investitori vo bankite voRepublika Makedonija. Ovoj trend s# u[te trae.Od druga strana, pak, nekoi banki vo tekot na2003 godina vr[ea dokapitalicacija zaradi po-dobruvawe na vlo[enite sostojbi vo bankite.
Vrednosniot obem na odobrenite emisii na ak-cii na bankite e prika`an vo Grafikonot 4.
IZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLI
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As specific reasons for increase in the shareholder’s
equity of the businesses in 2003 could be stated: in-
vestments made in accordance with agreements with
strategic investors for increase of capital, converting
the creditors’ debt into equity, reinvestment of the
profit, transfer of reserves into shareholders capital,
as well as other reasons.
During 2003, 11 (eleven) banks announced issues of
shares for the purpose of increasing their capital. Of
the total 11 announced issues of shares in total value
of 1,543,251,000 denars (25,226,339 euros), 6 is-
sues were implemented through public invitation for
subscription for and purchase of shares of the new
issue, whereby the total approved amount of these
issues was 405,775,000 denars (6,627,918 euros).
As issuers of securities that announced public invita-
tion for subscription for and purchase of shares were
the following banks: Investbanka Inc. Skopje, Balkan-
ska Banka Inc. Skopje, Teteks-Kreditna Banka Inc.
Skopje, Tetovska Banka Inc. Tetovo, Stopanska Ban-
ka Inc. Bitola and Ohridska Banka Inc. Ohrid. Besides
the fact that the issues of shares were announced by
virtue of public invitation, the buyers of shares of
these issues were mostly the existing shareholders in
the banks, and that by increasing the capital of the
banks by new capital or by reinvestment of the profit
earned. On the other hand, the following 4 banks
announced issues of shares intended to and pur-
chased by known buyers: Balkanska Banka Inc. Sko-
pje, Tutunska Banka Inc. Skopje (which converted
the subordinated loan into capital by virtue of two is-
sues of shares) and Radobank Inc. Skopje and Make-
donska Banka Inc. Skopje (which announced issues
of shares for a purpose of recovering the poor stand-
ing of these two banks).
In the period between 1997 and 2000, the intensity
of issuing shares by the banks , basically, was caused
by the need that the banks adjust the size of their
own capital according to the provisions of the Law on
Banks and Savings Houses from 1997 (capital cen-
suses). However, during 2000, started the process of
increasing the capital for the purpose of enlarging the
banks (significantly over the stipulated capital cen-
suses) and the entrance of foreign strategic investors
in the banks in the Republic of Macedonia. This trend
is still in progress. On the other hand, some of the
banks increased their capital for a purpose of recov-
ering their poor standing.
The volume value of the approved issues of shares of
the banks is given in Flowchart 4.
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
26 GODI{ENGODI{ENGODI{ENGODI{ENGODI{EN IZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJ
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{to se odnesuva do ostanatite finansiski in-stitucii, vo tekot na 2003 godina edna [tedil-nica, edna brokerska ku]a, Makedonska berza nadolgoro~ni hartii od vrednost AD Skopje, Cen-tralen depozitar za hartii od vrednost AD -Skopje, Klirin[ka ku]a klirin[ki interban-
karski sistemi AD - Skopje i Pazar na pari ikratkoro~ni hartii od vrednost AD - Skopje gozgolemija svojot osnova~ki kapital preku emi-sija na akcii. Emisiite na akcii bea namenetiza poznati kupuva~i - postojnite akcioneri nadru[tvata.
IZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLI
1994 godina 99,86 1.007,88
1995 godina - 2.346,31
1996 godina 10,65 770,04
1997 godina 777,29 1.045.61
1998 godina 1.158,03 2.268,02
1999 godina 149,66 714,08
2000 godina 1.157,03 4.174,31
2001 godina 1.531,73 942,64
2002 godina 1.742,40 3.089,69
2003 godina 746,70 1.635,89
vrednost na izdadeniodobrenija na AD od
stopanstvoto(vo milioni denari)
vrednost na izdadeniodobrenija na banki i drugi
finansiski institucii(vo milioni denari)
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During 2003 one savings house, one brokerage
house, Mace donian Stock Exchange Inc. Skopje,
Central Securities Depository Inc. Skopje, Clearing
House Inc. Skopje and Money and Short-Term Secu-
rities Market Inc. Skopje increased their basic capital
through issue of shares. The issues of shares were
intended for known buyers - the existing shareholders
in the companies.
Year 1994 99.86 1,007.88
Year 1995 - 2,346.31
Year 1996 10.65 770.04
Year 1997 777.29 1,045.61
Year 1998 1,158.03 2,268.02
Year 1999 149.66 714.08
Year 2000 1,157.03 4,174.31
Year 2001 1,531.73 942.64
Year 2002 1,742.40 3,089.69
Year 2003 746.70 1,635.89
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
Volume value of the issued
approvals for issues of shares
to the Banks and other financial
institutions (in million denars)
Volume value of the issued
approvals for issues of
shares to businesses
(in million denars)
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
28 GODI{ENGODI{ENGODI{ENGODI{ENGODI{EN IZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJ
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Od odobrenite 19 plasmani na emisii na akcii(emisii na akcii nameneti za poznat/i kupuva~/i), 10 emisii bea nameneti za otkup od stranskiinvestitori, a plasmanot na 9 emisii na akciibe[e namenet za doma[ni, pravni i fizi~ki li-ca. Od aspekt na investiranata vrednost, zabe-le`ana e pogolema zastapenost na stranskiteinvesticii. Imeno, od vkupno odobrenite1.976.816.006 denari (odnosno 32.345.037 evra),1.456.110.561 denari se stranski investicii([to pretstavuva 73,66% od vkupniot iznos naodobrenite plasmani), dodeka 520.705.445 dena-ri se investicii od doma[ni kupuva~i ([topretstavuva 26,34% od vkupnata vrednost naodobrenite plasmani).
IZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLI
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Of the 19 approved placements of issues of shares
(issues of shares intended for known buyer/s), 10 is-
sues were intended to foreign investors, whereas the
placement of 9 issues of shares was intended for
domestic investors. From a standpoint of the invest-
ed value, larger portion of the investments was made
by foreign investors. Namely, of the approved value of
1,976,816,006 denars (i.e.32,345,037 euros),
1,456,110,561 denars were invested by foreign inves-
tors (or 73,66% of the total amount of the approved
placements), whereas 520,705,445 denars were in-
vested by domestic buyers (or 26,34% of the total
amount of the approved placements).
ISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSINGISSUING APPROVALS AND LICENSING
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
30 GODI{ENGODI{ENGODI{ENGODI{ENGODI{EN IZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJ
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Obvrznici
Izdavaweto na korporativni obvrznici odstrana na trgovskite dru[tva vo Republika Ma-kedonija, kako na~in na dolgoro~no kreditira-we na rabotata na dru[tvata ne be[e zastapenonitu vo tekot na 2003 godina, [to voglavno sedol`i na drugite uslovi za finansirawe vo Re-publika Makedonija, pred s# visinata na kamat-ni stapki na bankite za oro~enite denarski de-poziti, no isto taka i na neiformiranosta zamo`nostite za pribirawe kapital preku emisi-ja na obvrznici, nepostoeweto na tradicija zavakov vid na finansirawe na dru[tvata, nedos-tatokot na institucionalni investitori [tobi bile vo sostojba da gi apsorbiraat tie emi-sii na hartii od vrednost i niskata likvid-nost na pazarot na kapital vo zemjata.
Na pazarot na kapital vo Republika Makedonija,vo tekot na 2003 godina evidentno be[e trguva-weto so obvrznici izdadeni od Republika Make-donija za isplatuvawe na deponiranite deviznivlogovi na gra\anite po koi garant e RepublikaMakedonija, trguvaweto so obvrznici [to Re-publika Makedonija gi izdade po osnov na dena-cionalizacijata i drugi hartii od vrednost iz-dadeni od dr`avata. So ogled na faktot [to iz-dava~ na ovie obvrznici e Republika Makedoni-ja, nivnoto izdavawe ne podle`i na postapkataza davawe odobrenie od strana na Komisijata zahartii od vrednost.
Kratkoro~ni hartii od
vrednost
Vo 2003 godina ne e podneseno nitu edno baraweza odobruvawe na emisija na kratkoro~ni har-tii od vrednost od strana na trgovsko dru[tvo,[to glavno se dol`i na slednoto:
� so Zakonot za hartii od vrednost od 2000 go-dina bankite i [tedilnicite se oslobodeniod obvrskata da baraat odobrenie za emisijana kratkoro~ni hartii od vrednost;
� kaj trgovskite dru[tva i drugi subjekti nepostoi interes za izdavawe na kratkoro~nihartii od vrednost.
Odobrenija za osnovawe na
brokerski ku]i i banki za
rabota so dolgoro~ni hartii
od vrednost i soglasnosti za
imenuvawe na direktori na
brokerskite ku]i, odnosno
na sektorite (direkciite) na
bankite za rabota so hartii
od vrednost
Vo tekot na 2003 godina do Komisijata za har-tii od vrednost be[e podneseno edno barawe zadavawe odobrenie za osnovawe i rabota na bro-kerska ku]a, [to be[e prifateno od pri~ina[to bea ispolneti uslovite za davawe odobre-nie za osnovawe i rabota na brokerska ku]a.
So Zakonot za hartii od vrednost donesen vo ju-li 2000 godina, po~nuvajki od 01.01.2002 godinai bankite mo`at da se javat kako ovlasteni u~es-ni~ki na Berzata i da vr[at raboti so hartiiod vrednost. Vo vrska so toa, vo tekot na 2002godina do Komisijata za hartii od vrednost tribanki, i toa: Stopanska banka AD - Skopje, Oh-ridska banka AD - Ohrid i Teteks-Kreditna ban-ka AD - Skopje podnesoa barawa za davawe odo-brenie za rabota so hartii od vrednost i isti-te bea odobreni.
Vo 2003 godina, Komisijata za hartii od vred-nost donese edno re[enie za ukinuvawe na izda-deno odobrenie za rabota so dolgoro~ni hartiiod vrednost. Imeno, zaradi neispolnuvawe nauslovite za rabota so hartii od vrednost pro-pi[ani so Zakonot za hartii od vrednost i pod-zakonskite akti, Komisijata za hartii od vred-nost ñ ja odzema dozvolata za rabota so hartiiod vrednost na Eksport-Import banka AD - Skop-je, koja e vo postapka na likvidacija.
Zaradi dobivawe na odobrenija za rabota sodolgoro~ni hartii od vrednost na delovni ban-ki koi do toj moment bile osnova~i na broker-ski ku]i, Komisijata za hartii od vrednost giukina odobrenijata za osnovawe i rabota na bro-kerskite ku]i "KB Broker" AD - Skopje i "BrokerSB" AD - Skopje.
2
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Bonds
Issuing corporate bonds by companies in the Repub-
lic of Macedonia, as a method of long-term crediting
of the companies’ operation, was not present even in
2003, which is mainly due to the other financing con-
ditions in the Republic of Macedonia , first of all the
level of interest rates given by banks for term denar
deposits, but also due to lack of information on the
possibilities for raising capital through issue of
bonds, the non existence of tradition for this type of
financing the companies, the lack of institutional in-
vestors that would have the capacity to absorb those
issues of securities and the low level of liquidity of
the capital market in the country.
During 2003 on the capital market in the Republic of
Macedonia, was evident the trading with bonds is-
sued by the Republic of Macedonia for the purpose
of paying out the foreign currency deposits of the cit-
izens guaranteed by the Republic of Macedonia
based on the denationalization and other securities
issued by the government. Considering the fact that
the issuer of those bonds is the Republic of Macedo-
nia, their issuance is not subject to the procedure for
granting approval by the Securities and Exchange
Commission.
Short-term securities
In 2003 not even one request of approval for issue of
short-term securities by a joint stock company was
submitted, which is mainly due to the following:
� By the Securities Law from 2000, the banks and
the savings houses are released from the obliga-
tion to request an approval for issue of short-term
securities;
� There is no interest for issuing short-term securi-
ties among the joint stock companies and other
entities.
Approvals for establishment of
brokerage houses and for
dealing in long-term securities
to banks and consents for
appointing directors of the
brokerage houses, or the
sectors for dealing in
securities within banks
In 2003, the Securities and Exchange Commission
considered one request for approval for establish-
ment and operation of a brokerage house, which was
approved because all the requirements for granting
the approval for establishment and operation of a
brokerage house were met.
With the Securities Law enacted in July 2000, start-
ing on January 1, 2002, banks can appear as author-
ized participants at the market and to perform opera-
tions with securities. With regard to that, during 2003
three banks, Stopanska Banka Inc. Skopje, Ohridska
Banka Inc. Ohrid and Teteks Kreditna Banka Inc.
Skopje submitted requests for issuing approval for
dealing with securities to the Securities and Ex-
change Commission, and all three were granted ap-
provals.
In 2003, the Securities and Exchange Commission
enacted one decision for revocation of the issued
approval for operation with long-term securities.
Namely, due to failing to meet the requirements for
operating with securities, stipulated by the Securities
Law and its bylaws, the Securities and Exchange
Commission revoked the approval for operation with
securities of Export Import Banka Inc. Skopje (a bank
which is under bankruptcy procedure).
Due to given approvals to several banks, which up to
the moment of being granted an approval acted as
establishers of brokerage houses, the Securities and
Exchange Commission revoked the issued approvals
for establishment and operation of the brokerage
houses (established by those banks): KB Broker Inc.
Skopje and Broker SB Inc. Skopje.
2
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Vo soglasnost so Zakonot za hartii od vred-nost, Komisijata za hartii od vrednost vo tekotna 2003 godina, vrz osnova na dostavena doku-mentacija i izvr[enite intervjua so predlo`e-nite kandidati za direktori na sektorite (di-rekciite) na bankite za rabota so hartii odvrednost, izdade 4 soglasnosti za direktori nasektorite (direkciite) na bankite za rabota sohartii od vrednost.
Komisijata za hartii od vrednost, vrz osnova nadostavena dokumentacija i izvr[enite inter-vjua so predlo`enite kandidati za imenuvaweza direktor na brokerska ku]a, izdade 3 soglas-nosti za imenuvawe direktor na brookerska ku-]a.
Odobrenija za davawe javna
ponuda za otkup na hartii od
vrednost
Odredbite od Zakonot za prezemawe na akcio-nerski dru[tva se primenuvaat na hartiite odvrednost na akcionerskite dru[tva koi kotira-at na oficijalnite pazari na berzata i koi vomomentot na objavuvaweto na najavata za javnaponuda za otkup imaat osnoven kapital od2.000.000 evra i najmalku 25 akcioneri.
Soglasno Zakonot, javna ponuda za otkup na har-tii od vrednost pri prezemawe na akcionerskodru[tvo se dava vrz osnova na prethodna doz-vola od Komisijata za hartii od vrednost. Iz-davaweto na dozvola od strana na Komisijataima za cel da obezbedi regulirano i transpa-rentno prezemawe na akcionerskite dru[tva,pri [to poseben akcent e staven na za[titatana interesite na malcinskite akcioneri.
Postapkata na prezemawe na akcionerski dru[-tva zapo~nuva so objavuvawe na namerata za pre-zemawe na dru[tvoto vo dneven vesnik. Vo te-kot na 2003 godina do Komisijata za hartii odvrednost se dostaveni nekolku nameri za preze-mawe na akcionerski dru[tva, no samo edno odniv zavr[i so uspe[na postapka na prezemawena akcionersko dru[tvo. Vo soglasnost so Zako-not za prezemawe na akcionerski dru[tva, ponu-duva~ite [to objavile namera za prezemawe, apotoa istata ne ja sprovele, ne mo`at da dadatnova ponuda za otkup vo rok od edna godina oddenot na otka`uvaweto na namerata.
Na po~etokot na 2003 godina, Komisijata izdadere[enie so koe na dru[tvoto "Nastel" DOOEL -Skopje mu se zabrani da dade ponuda za otkup nahartiite od vrednost izdadeni od "Inteks" AD -Skopje vo rok od edna godina od denot na otka-`uvaweto na namerata za davawe ponuda za ot-kup.
Kon sredinata na 2003 godina, Komisijata done-se re[enie so koe se zabrani davawe na ponuda,odnosno na dru[tvoto Co. Mendo's Inc., Sinsi-nati, Ohajo, SAD mu zabrani da dade ponuda zaotkup na hartiite od vrednost izdadeni od Vi-narska vizba "Povardarie" AD - Negotino vo rokod edna godina od denot na otka`uvaweto na na-merata za davawe ponuda za otkup.
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In accordance with the Securities Law, the Securities
and Exchange Commission during 2003 based on
the submitted documents and the interviews con-
ducted with the proposed candidates for directors of
the sectors within the banks for operation with secu-
rities issued 4 consents for directors of the sectors
within the banks for operation with securities.
On the basis of the submitted documents and the in-
terviews conducted with the proposed candidates for
directors of the brokerage houses, in 2003 the Secu-
rities and Exchange Commission issued 3 consents
for appointing directors of the brokerage houses.
Approvals for issuing public
takeover bid to acquiring
securities
The provisions of the Takeover Law are applied to
the securities of those joint stock companies that are
listed on the official markets of the Stock Exchange
and which at the time of issuing the announcement
of the takeover bid have founding capital of
2,000,000 euros and minimum 25 shareholders.
According to the law, a public bid for purchase of
securities, in case of takeover of a joint stock compa-
ny is issued based on a previous approval granted by
the Securities and Exchange Commission. The pur-
pose of granting the approval by the Securities and
Exchange Commission is to provide regulated and
transparent takeover of joint stock companies, where
a special emphasis is put on the protection of the in-
terests of the minority shareholders.
The takeover bid procedure begins with an an-
nouncement of the intention of submitting a takeover
bid in a daily newspaper. During 2003, several inten-
tions of submitting a takeover bid were submitted to
the Securities and Exchange Commission, but only
one of them completed a successful takeover bid
procedure. According to the Takeover Law, bidders
who announced their intention of submitting a takeo-
ver bid, and than had withdrawn it, shall not make
another takeover bid within a period of one year,
starting the day of withdrawing their intention.
In 2003 the Securities and Exchange Commission is-
sued a decision forbidding the company Nastel Ltd.
Skopje to issue a takeover bid for purchase of secu-
rities issued by Inteks Inc. Skopje, within a period of
one year starting the day when it withdrew its inten-
tion of submitting a takeover bid.
Furthermore, in 2003, the Securities and Exchange
Commission issued a decision forbidding the compa-
ny Co.Mando’s Inc., Cinsinnati, Ohio, USA to issue a
takeover bid for purchase of securities issued by Vi-
narska vizba Povardarie Inc. Negotino, within a peri-
od of one year starting the day when it withdrew its
intention of submitting a takeover bid.
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Kon krajot na 2003 godina, Komisijata odobriedno prezemawe na akcionersko dru[tvo vrz os-nova na Zakonot za prezemawe na akcionerskitedru[tva koe uspe[no se realizira na po~etokotna ovaa godina. Imeno, vrz osnova na ponudata zaotkup na obi~ni akcii izdadeni od Tetovskabanka AD Tetovo, kako i so prethodno poseduva-nite akcii, "Teteks" AD - Tetovo go obezbedimnozinskiot paket akcii ili 52,08 % od vkupni-ot broj obi~ni akcii izdadeni od Tetovska ban-ka AD - Tetovo, so [to stana prvata makedonskakompanija [to uspe[no sprovede postapka zaprezemawe vo soglasnost so Zakonot za prezema-we na akcionerski dru[tva.
Ovlasteni lica za vr[ewe
na raboti so hartii od
vrednost
Vo periodot od 27 oktomvri do 7 noemvri 2003godina, Komisijata za hartii od vrednost ja or-ganizira[e osmata obuka na kadri za vr[ewe naraboti so hartii od vrednost, koja be[e prvaobuka vo samostojna organizacija na Komisijataza hartii od vrednost na Republika Makedonija.
Ottamu, i ispitot odr`an vo dekemvri 2003 go-dina e prviot ispit samostojno sproveden odstrana na Komisijata za hartii od vrednost naRepublika Makedonija.
Predava~ite koi gi dr`ea predavawata se emi-nentni stru~ni lica so [iroko teoretsko iprakti~no poznavawe od oblasta na finansisko-to rabotewe i rabotewe so hartiite od vred-nost, berzanskoto rabotewe, pazarot na kapi-tal, odano~uvaweto, etikata, me\unarodnitestandardi od ovaa oblast i voop[to, od ekono-mijata i pravoto.
Od vkupno 42 kandidati, po osmata obuka na Ko-misijata 40 lica se steknaa so uverenie za vr-[ewe na raboti so hartii od vrednost vo Repub-lika Makedonija.
Koristej]i go ova prvi~no iskustvo, kako i s#pogolemata zainteresiranost na kandidati zapolagawe na ovoj poseben stru~en ispit, Komi-sijata vo svojata programa za rabota vo 2004 go-dina predvide odr`uvawe na u[te dve samostoj-no organizirani obuki.
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By the end of 2003, the Securities and Exchange
Commission issued one approval for takeover bid on
the basis of the Takeover Law, which was declared
as successful. Namely, based on the takeover bid for
the ordinary shares issued by Tetovska Banka Inc.
Tetovo and together with the shares that it owned
previously, Teteks Inc. Tetovo acquired a share
which provides it with 52,08 % of the total number of
the voting shares issued by Tetovska Banka Inc.
Tetovo, thus making it the first Macedonian compa-
ny that had a successful takeover bid procedure in
accordance with the Takeover Law.
Authorized persons for
dealing with securities
In the period between 27th October and 7th of Novem-
ber, 2003, the Securities and Exchange Commission
organized the eighth training for dealing with securi-
ties, which was in fact the first training that the Secu-
rities and Exchange Commission organized by itself.
Therefore, the examination held in December, 2003
is the first examination conducted by the Securities
and Exchange Commission of the Republic of Mace-
donia on its own.
The lecturers that conducted the lectures are profes-
sionals with wide theoretical and practical knowledge
in the area of financial operation and operation with
securities, stock exchange operations, the capital
market, taxation, ethics, and international standards
in this field and in the field of economy in general.
Of the total 42 candidates, 40 persons have success-
fully passed the special examination, and were issued
a Certificate for dealing with securities in the Repub-
lic of Macedonia.
Bearing in mind this first experience and the demon-
strated interest of persons to sit this special examina-
tion, the Securities and Exchange Commission in its
Operational Programme for 2004, envisages organiz-
ing two trainings by itself.
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Aktivnostite na
"Makedonska berza za
dolgoro~ni hartii od
vrednost"
AD - Skopje
Vo tekot na 2003 godina Komisijata za hartiiod vrednost dade soglasnost na izmenite i do-polnuvawata na Statutot na "Makedonska berzaza dolgoro~ni hartii od vrednost" AD - Skopje,Pravilata za rabota na Berzata, Pravilnikot zakotacija za hartii od vrednost, Procedurite natrguvawe i Procedurite za utvrduvawe i poram-nuvawe na transakciite so hartii od vrednost.
Komisijata dade soglasnost na izve[tajot za ra-bota na Berzata za 2002 godina, kvartalnite iz-ve[tai za rabota vo tekot na 2003 godina i fi-nansiskiot plan i planot za rabota za 2004 go-dina.
Vo ramkite na aktuelnite op[testveno-ekonom-ski uslovi i primenata na va`e~kata regulati-
va za rabotewe so hartii od vrednost, vo trgu-vaweto so hartiite od vrednost na "Makedonskaberza" AD - Skopje vo 2003 godina (klasi~no tr-guvawe i sertifikatite) se ostvareni podobrirezultati za 23,5 % vo odnos na trguvaweto rea-lizirano vo prethodnata godina, [to mo`e dase sogleda od grafi~kiot prikaz:1
Vo tekot na 2003 godina na Berzata e zgolemenvrednosniot obem na trguvawe so hartiite odvrednost.
Vkupniot promet na "Makedonska berza " AD -Skopje vo 2003 godina iznesuva okolu 37,7 mili-oni evra (bez blok transakciite), [to vo odnosna ostvareniot promet od 2002 godina pretsta-vuva zgolemuvawe od 32 % (statisti~kite poda-toci za obemot na trguvawe na Makedonskataberza vo 2002 godina, objaveni vo godi[niot iz-ve[taj za raboteweto na Komisijata za hartiiod vrednost vo 2002 godina, se razlikuvaat za15,8 milioni evra, od pri~ina [to vo vkupniotpromet od 2002 godina se odbieni trguvawataso dr`avnite hartii od vrednost).
RABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITAL
1
11111 Vo 1996 godina ostvareni se okolu 0,7 milioni evra, vo 1997 godina 18 milioni evra, vo 1998 godina okolu 77 milioni evra,Vo 1996 godina ostvareni se okolu 0,7 milioni evra, vo 1997 godina 18 milioni evra, vo 1998 godina okolu 77 milioni evra,Vo 1996 godina ostvareni se okolu 0,7 milioni evra, vo 1997 godina 18 milioni evra, vo 1998 godina okolu 77 milioni evra,Vo 1996 godina ostvareni se okolu 0,7 milioni evra, vo 1997 godina 18 milioni evra, vo 1998 godina okolu 77 milioni evra,Vo 1996 godina ostvareni se okolu 0,7 milioni evra, vo 1997 godina 18 milioni evra, vo 1998 godina okolu 77 milioni evra,vo 1999 godina 25 milioni evra, vo 2000 godina 125 milioni evra, vo 2001 godine 53 milioni evra, vo 2002 godina 31 milionivo 1999 godina 25 milioni evra, vo 2000 godina 125 milioni evra, vo 2001 godine 53 milioni evra, vo 2002 godina 31 milionivo 1999 godina 25 milioni evra, vo 2000 godina 125 milioni evra, vo 2001 godine 53 milioni evra, vo 2002 godina 31 milionivo 1999 godina 25 milioni evra, vo 2000 godina 125 milioni evra, vo 2001 godine 53 milioni evra, vo 2002 godina 31 milionivo 1999 godina 25 milioni evra, vo 2000 godina 125 milioni evra, vo 2001 godine 53 milioni evra, vo 2002 godina 31 milionievra i vo 2003 godina 37,7 milioni evraevra i vo 2003 godina 37,7 milioni evraevra i vo 2003 godina 37,7 milioni evraevra i vo 2003 godina 37,7 milioni evraevra i vo 2003 godina 37,7 milioni evra
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Activities of the Macedonian
Stock Exchange Inc.Skopje
During 2003 the Securities and Exchange Commis-
sion gave its consent to the amendments and modifi-
cations of the Charter of the Macedonian Stock Ex-
change Inc.Skopje, the Rules of operation of the
Stock Exchange, the Listing Rules, the Trading Pro-
cedures and the Procedures for Clearing and Settle-
ment of Transactions in Securities of the Stock Ex-
change. The Commission gave its consent for the
report on the operation of the Stock Exchange for
2002, the quarterly reports on the operation during
2003 and the financial plan and the work plan for
2004.
Within the framework of the actual socio-economic
conditions and the implementation of the current reg-
ulation regarding the operation with securities, the
results form trading with securities on the Macedoni-
an Stock Exchange Inc. Skopje in 2003 (usual trad-
OPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKET
1 ing and the certificates) were by 23.5% higher com-
pared to the previous year, which can be seen on the
following graph. (In 1996 there was a turnover of 7
million euros, in 1997 18 million euros, in 1998 about
77 million euros, in 1999 25 million euros, in 2000
125 million euros, in 2001 53 million euros, in 2002
31 million euros and in 2003 37.7 million euros.)
The volume value of trading in securities on the Stock
Exchange increased in 2003.
The total turnover of Macedonian Stock Exchange
Inc. Skopje in 2003 was about 37.7, million euros
(without any block transactions), which compared to
the turnover realized in 2002 is increase by 32% (the
statistical data regarding the total trading at the Mac-
edonian Stock Exchange in 2002, published in the
Annual Report of the Securities and Exchange Com-
mission for 2002, differ for 15.8 million euros since
the total turnover in 2002 does not include trading
with government securities).
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Vo 2003 godina na Makedonskata berza AD -Skopje bea prijaveni 136 blok transakcii sovkupna vrednost od 3,7 milijardi denari.
Vo tekot na cela 2003 godina na berzata ima[ekontinuirano trguvawe so nad 2,1 milioniakcii i 33,0 milioni obvrznici i ostvareni se17.248 transakcii so hartii od vrednost [topretstavuva zgolemuvawe za 24,6% vo odnos naostvarenite transakcii vo 2002 godina.
Vo vkupno realiziranite transakcii, transak-ciite so dr`avnite hartii od vrednost u~es-tvuvaat so 55,2%, hartiite od vrednost koi ko-tiraat na oficijalniot pazar na Berzata u~es-tvuvaat so 22,1%, hartiite od vrednost koi seprodavaat na neoficijalniot pazar u~estvuvaatso 11,6% i konvertibilnite sertifikati u~es-tvuvaat so 11,1%.
Vo vkupniot promet (bez blokovi) na "Makedon-ska berza"AD - Skopje 55,2% otpa\aat na tran-sakciite so dr`avnite obvrznici.
Konvertibilniot sertifikat, kako nova hartijaod vrednost koja se trguva na Berzata, vo vkup-nite transakcii u~estvuva so 11,1%.
Od prometot so site vidovi hartii od vrednostna "Makedonska berza" AD - Skopje, akciite u~e-stvuvaat so 33,7%, obvrznicite u~estvuvaat so55,2% i konvertibilnite sertifikati u~estvu-vaat so 11,1%.
Preku "Makedonska berza" AD - Skopje, vo 2003godina dr`avata realizira 24.1 milioni evra(so proda`ba na 151 paketi na akcii od svoetoportfolio, udeli vo 77 akcionerski dru[tva i2 pobaruvawa), od koi 15,6 milioni evra se kupo-proda`bi realizirani so pla]awe vo gotovo i8,5 milioni evra so bezgotovinsko pla]awe.
Od strana na dr`avata, vo 2003 godina naBerzata bea prijaveni blok transakcii so ak-cii, udeli i pobaruvawa na 230 dru[tva.
Najlikvidna hartija od vrednost vo 2003 godinabe[e dr`avnata obvrznica za denacionalizcijaRMDEN02 so koja od vkupno 203 dena se trguva-[e na 157 denovi za trguvawe. Najvisokata po-stignata cena za ovaa obvrznica iznesuva[e72,3%, a najniskata 47% od nominalnata vred-nost na obvrznicata.
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In 2003 on the Macedonian Stock Exchange Inc.
Skopje were reported 136 block transactions in total
value of 3.7 billion denars.
In the course of 2003, there was a continuous trad-
ing on the Stock Exchange with over 2.1 million
shares and 33.0 million bonds and were realized
17,248 transactions with securities, which is an in-
crease by 24,6 % compared to the transactions real-
ized in 2002.
In the total number of the transactions that were real-
ized, the transactions with government securities par-
ticipate with 55.2%, the securities that are listed on
the official market of the Stock Exchange participate
with 22.1%, the securities traded on the unofficial
market participated with 11.6% and the convertible
certificates participate with 11.1%.
In the total turnover (without blocks) of the Macedo-
nian Stock Exchange Inc. Skopje, 55.2% fall on the
transactions with government bonds.
The convertible certificate, as a new type of security
that is traded on the Stock Exchange, participates
with 11.1% in the total transactions.
Of all types of securities traded on the Macedonian
Stock Exchange Inc. Skopje, the shares take 33.7%,
bonds take 55.2% and the convertible certificates
take 11%.
Through the Macedonian Stock Exchange Inc. Skop-
je, in 2003, the government realized 24.1 million eu-
ros (by selling 151 packages of shares from its port-
folio, shares in 77 joint stock companies and 2 as-
sets) of which 15.6 million euros are sales realized by
payment in cash and 8.5 million euros realized by
non cash payment.
The State itself in the year 2003 announced on the
Stock Exchange block transactions with the shares,
portions and assets of 230 companies.
The most liquid security in 2003 was the government
bond issued for the purpose of denationalization
RMDEN02, which, of the total 203, was traded on
157 trading days. The highest price that this bond
obtained was 72.3%, and the lowest 47% of the nom-
inal value of the bond.
OPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKET
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Akciite na "Makpetrol" AD - Skopje, "Alkaloid"AD - Skopje, Komercijalna banka AD - Skopje, "Ev-ropa" AD - Skopje i "Toplifikacija" AD - Skopje,~ii akcii se sostaven del na Indeksot na Make-donskata berza AD Skopje, vo tekot na 2003 go-dina bea najlikvidni hartii od vrednost-akciii so istite e trguvano vo prosek od 84 do 166dena na trguvawe.
Vo soglasnost so ~len 3 od Zakonot za izmenuva-we i dopolnuvawe na Zakonot za hartii od vred-nost (Slu`ben vesnik na RM br.37/2002 godina),izdava~ite na dolgoro~ni hartii od vrednost,koi gi ispolnuvaat uslovite utvrdeni vo pravi-lata za kotacija na Berzata, se dol`ni da gi ko-tiraat svoite hartii od vrednost na oficijal-niot pazar na Berzata, najdocna vo rok od [estmeseci od denot na vleguvaweto vo sila na Za-konot, odnosno zaklu~no so 1 dekemvri 2002 go-dina da bidat kotirani na Makedonskata berzaAD - Skopje.
Do krajot na delovnata 2003 godina na ofici-jalniot pazar na Berzata kotiraa 92 akcii na ak-cionerskite dru[tva od Republika Makedonija.
Oficijalniot berzanski indeks MBI na krajotod 2003 godinata zabele`a porast od 7,7% voodnos na negovata zavr[na vrednost od 2002 go-dina. Na 31.12.2003 godina toj iznesuva[e1.178,71 [to voedno be[e i negova najvisokavrednost na godi[no nivo. Najniska vrednostna MBI bila zabele`ana na 09.06.2003 godinakoga istiot iznesuval 980,31 poeni.
Aktivnostite na brokerskite
ku]i kako ovlasteni
u~esnici na berzata
Vo tekot na 2003 godina na pazarot na kapitalvo Republika Makedonija aktivno rabotea 10brokerski ku]i i 4 delovni banki na koi Komi-sijata za hartii od vrednost im ima izdadenoodobrenija za rabota so dolgoro~ni hartii odvrednost, so [to se steknale so pravo da bidatosnova~i i ~lenki na "Makedonska berza za dol-goro~ni hartii od vrednost" AD - Skopje.
Vo strukturata na ostvareniot vkupen prometrealiziran na "Makedonska berza" AD - Skopje vo2003 godina, brokerskite ku]i i banki go ostva-rija slednoto u~estvo:
� "KB Broker" AD - Skopje so u~estvo od 33,9%od vkupniot promet;
� "Tutunskabroker" AD - Skopje so u~estvo od23,0% od vkupniot promet;
� "Makos-Invest Broker" AD - Skopje so u~es-tvo od 9,6% od vkupniot promet;
� "Mak-Broker" AD - Skopje so u~estvo od 8,2%od vkupniot promet;
� "Bro- Dil" AD - Skopje so u~estvo od 7,8% odvkupniot promet;
� "Broker SB" AD - Skopje so u~estvo od 5,1%od vkupniot promet;
� "Fer[ped Broker" AD - Skopje so u~estvo od4,0% od vkupniot promet;
� Euro Broker AD - Skopje so u~estvo od 2,6%od vkupniot promet;
� Balkanska banka AD - Skopje so u~estvo od2,5% od vkupniot promet;
� "Bitola Broker" AD - Bitola so u~estvo od2,4% od vkupniot promet;
� Sileks banka AD - Skopje so u~estvo od 0,6%od vkupniot promet;
� Ohridska Banka AD Ohrid so u~estvo od o,3%od vkupniot promet;
� "Po[tel Broker" AD - Skopje so u~estvo od0,1% od vkupniot promet, i
� Teteks-Kreditna banka AD - Skopje so u~es-tvo od 0,0% od vkupniot promet na Berzata.
RABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITAL
2
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The shares of Makpetrol Inc. Skopje, Alkaloid Inc.
Skopje, Komercijalna Banka Inc. Skopje, Evropa Inc.
Skopje and Toplifikacija Inc. Skopje, which are com-
ponents of the Index of the Macedonian Stock Ex-
change Inc. Skopje, during 2003 were the most liq-
uid securities – shares and they have been traded on
average between 84 to 166 trading days.
According to Article 3 of the Law on Amending the
Securities Law (Official Gazette of the Republic of
Macedonia no.37/2002), it is stipulated that the issu-
ers of long-term securities, which meet the require-
ments determined in the Listing Rules of the Stock
Exchange, are obliged to list their securities on the
official market of the Stock Exchange, not later than
six months after the day this law came into force, or
as of December 1, 2002, to be listed on the Macedo-
nian Stock Exchange Inc. Skopje.
By the end of the business year 2003, there were 92
shares of the joint stock companies from the Repub-
lic of Macedonia listed on Macedonian Stock Ex-
change.
The official exchange index (MBI) at the end of 2003
indicated an increase of 7.7% compared to its final
value in 2002. On December 31, 2003 it was
1,178.71 which was in fact its highest value at annu-
al level. The lowest level of MBI’s value was noticed
on June 9, 2003 when it was 980.31 points.
Activities of the brokerage
houses as authorized
participants on the Stock
Exchange
During 2003 on the capital market in the Republic of
Macedonia actively were operating 10 brokerage
houses and 4 commercial banks to which the Securi-
ties and Exchange Commission had issued approval
for operation with long term securities, which in turn
provided them the right to become founders and
members of the Macedonian Stock Exchange Inc.
Skopje.
The share of the brokerage houses and the banks in
the structure of the total turnover realized on the Mac-
edonian Stock Exchange Inc. Skopje in 2003 is the
following:
� ‘KB Broker’ Inc. Skopje with a share of 33.9% of
the total turnover;
� ‘Tutunskabroker’ Inc. Skopje with a share of
23.0% of the total turnover;
� ‘Makos-Invest Broker’ Inc. Skopje with a share of
9.6 % of the total turnover;
� ‘Mak-Broker’ Inc. Skopje with a share of 8.2% of
the total turnover;
� ‘Bro-Dil’ Inc. Skopje with a share of 7.8% of the
total turnover;
� ‘Broker SB’ Inc. Skopje with a share of 5.1% of
the total turnover;
� ‘Fershped Broker’ Inc. Skopje with a share of
4.0% of the total turnover;
� Euro Broker Inc. Skopje with a share of 2.6% of
the total turnover;
� Balkanska Banka Inc. Skopje with a share of 2.5%
of the total turnover;
� ‘Bitola Broker’ Inc. Bitola with a share of 2.4% of
the total turnover;
� Sileks Banka Inc. Skopje with a share of 0.6% of
the total turnover;
� Ohridska Banka Inc. Ohrid with a share of 0.3% of
the total turnover;
� ‘Poshtel Broker’ Inc. Skopje with a share of 0.1%
of the total turnover and
� Teteks Kreditna Banka Inc. Skopje with a share of
0.0% of the total turnover on the Stock Exchange.
OPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKET
2
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
42 GODI{ENGODI{ENGODI{ENGODI{ENGODI{EN IZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJ
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Vo ostvareniot vkupen broj na transakcii vo2003 godina, vo iznos od 35.010 transakcii,brokerskite ku]i i banki go ostvarija slednotou~estvo:
� "KB Broker" AD - Skopje so 27,9% u~estvo vovkupnite transakcii;
� "Tutunskabroker" AD - Skopje so 16,7% u~es-tvo vo vkupniot broj transakcii;
� "Mak- Broker" AD - Skopje so 11,1% u~estvo vovkupniot broj transakcii;
� "Broker SB" AD - Skopje so 10,2% u~estvo vovkupniot broj transakcii;
� "Makos-Invest Broker" AD - Skopje so 7,9%u~estvo vo vkupnite transakcii;
� "Bro-Dil" AD - Skopje so 7,9% u~estvo vovkupniot broj transakcii;
RABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITALRABOTA I AKTIVNOSTI NA PAZAROT NA KAPITAL
� "Fer[ped Broker" AD - Skopje so 6,5% u~es-tvo vo vkupniot broj transakcii;
� "Bitola Broker" AD - Bitola so 4,5% u~estvovo vkupniot broj transakcii;
� Balkanska banka AD - Skopje so 2,4 % u~estvovo vkupniot broj transakcii;
� Sileks banka AD - Skopje so 1,4% u~estvo vovkupniot broj transakcii;
� "Po[tel Broker" AD - Skopje so 0,4% u~estvovo vkupniot broj transakcii;
� Ohridska banka AD - Ohrid so 0,21% u~estvovo vkupniot broj transakcii i
� Teteks-Kreditna banka AD - Skopje so okolu0,1% u~estvo vo vkupniot broj transakcii.
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In the total number of realized transactions during
2003, in volume of 35.010 transactions, the share of
each brokerage house and bank was the following:
� ‘KB Broker’ Inc. Skopje with 27.9% share in the
total number of transactions;
� ‘Tutunskabroker’ Inc. Skopje with 16.7% share in
the total number of transactions;
� ‘Mak-Broker’ Inc. Skopje with 11.1% share in the
total number of transactions;
� ‘Broker SB’ Inc. Skopje with 10.2 % share in the
total number of transactions;
� ‘Makos-Invest Broker’ Inc. Skopje with 7.9%
share in the total number of transactions;
� ‘Bro-Dil’ Inc. Skopje with 7.9% share in the total
number of transactions;
� ‘Fershped Broker’ Inc. Skopje with 6.5% share in
the total number of transactions;
� ‘Bitola Broker’ Inc. Bitola with 4.5% share in the
total number of transactions;
� Balkanska Banka Inc. Skopje with 2.4% share in
the total number of transactions;
� Sileks Banka Inc. Skopje with 1.4% share in the
total number of transactions;
� ‘Poshtel Broker’ Inc. Skopje with 0.4% share in
the total number of transactions;
� Ohridska Banka Inc. Ohrid with 0.21% share in
the total number of transactions;
� Teteks Kreditna Banka Inc. Skopje with 0.1%
share in the total number of transactions.
OPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKETOPERATION AND ACTIVITIES OF THE CAPITAL MARKET
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
44 GODI{ENGODI{ENGODI{ENGODI{ENGODI{EN IZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJIZVE{TAJ
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1. Kontrola vo akcionerskite dru[tva
2. Kontrola vo bankite kako akcionerski
dru[tva
3. Kontrola vo brokerskite ku]i kakoovlasteni u~esnici na berzata
4. Kontrola na berzata
5. Kontrola na Centralniot depozitar
KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI
Komisijata za hartii od vrednost vo tekot naizminatata godina uspe[no ja izvr[uva[e svo-jata kontrolna i regulativna funkcija na paza-rot na kapital vo RM, koja proizleguva od pozi-tivnite zakonski propisi.
Realiziraweto na kontrolna funkcija vo najgo-lem del se bazira[e na re[avawe na poedine~-ni i grupni barawa na akcioneri za za[tita nanivnite prava koi proizleguvaat od sopstvenos-ta nad akciite.
Vo tekot na 2002 godina do Komisijata za har-tii od vrednost podneseni se 3,5 pati pogolembroj podnesoci (232) od istite od 2001 godina(65).
Vo 2003 godina podneseni se 256 podnesoci, koivo sporedba so istite od 2002 godina se pogole-mi za 10,3%.
PREGLEDna dostavenite barawa vo 2003 godina koi se odnesuvaat na Sektorot za kontrola
na KHV i nivna struktura po vidovi
Klasifikacija na barawata
Nesoglasuvawe so brojot naakcii vo elektronskiot zapis naknigite na akcii vo Centralniotdepozitar AD
Barawa za proverka iponi[tuvawe na transakciirealizirani na Makedonskataberza AD
Barawa za ostvaruvawe prava odhartiite od vrednost ( pravo naglas, dividenda i ostatok odste~ajna masa)
Barawa za ostvaruvawe na pravood hartiite od vrednost vo ADvo ste~aj ili likvidacija
Ostanati barawa (donesuvaweodluki na sobranija, na~in napodelba na dividenda,nepredavawe na knigite na akciivo CDHV i dr.)
Vkupni barawa vo 2003 godina
2002 2003
broj % broj % Indeks03/02
79 34,2 78 30,5 98,7
67 29,0 80 31,3 119,4
51 22,1 36 14,1 70,6
15 6,5 14 5,4 93,3
20 8,5 48 18,7 240,0
232 100,00 256 100,00 110,3
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45
1. Control within the joint stock companies
2. Control within the banks as being joint
stock companies
3. Control within the brokerage houses -authorized participants at the Stock
Exchange
4. Control of the Stock Exchange
5. Control of the Central Securities
Depository
CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS
In the course of the past year, the Securities and Ex-
change Commission has successfully executed its
control and regulatory function on the capital market
in the Republic of Macedonia, which is stipulated in
the existing legislation.
The realization of the control function was mostly
based on individual and group requests of sharehold-
ers for protection of their rights deriving from their
ownership of shares.
The number of submitted requests to the Securities
and Exchange Commission in 2002 is more than
threefold (232 requests in 2003) than the number of
requests submitted in 2001 (65 requests).
During 2003 to the Securities and Exchange Com-
mission were submitted 256 requests, which in com-
parison with the previous year (2002) is an increase
of 10.3 %.
REVIEW
of the submitted requests in 2003 within the MSEC’s Supervision Department and their structure
by types
Type of request
Disagreements with the stated number
of shares registered in the share
registers at the Central Securities
Depository
Requests for inspections and
cancellations of certain transactions
realized on the Macedonian Stock
Exchange
Requests for exercising the rights from
securities (voting right, dividend and
a remainder of the estate after
liquidation)
Requests for exercising the rights conferred
in the securities in companies that are under
bankruptcy or liquidation procedure
Other requests (decision-making on the
shareholders’ assemblies, methods of
dividend distribution, obstructing the insight
into the share registers at the Central
Securities Depository etc.)
Total number of the submitted requests in 2003
number % number % Index
03/02
79 34.2 78 30.5 98.7
67 29.0 80 31.3 119.4
51 22.1 36 14.1 70.6
15 6.5 14 5.4 93.3
20 8.5 48 18.7 240.0
232 100.00 256 100.00 110.3
2002 2003
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
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Od vkupnite podnesoci za za[tita na akcioner-skite prava vo 2003 godina 78 ili 30,05% se od-nesuvaat na nesoglasuvawe na investitorite-akcioneri so iska`aniot broj na akciite voelektronskite zapisi na akcionerskite knigina akcionerskite dru[tva predadeni vo Cen-tralniot depozitar za hartii od vrednost AD -Skopje.
Postojanata dinamika na dostavuvawe na bara-wata od ovoj vid e rezultat na ponatamo[no uso-glasuvawe na sostojbite i strukturite na kapi-talot na dru[tvata iska`ani kako elektronskizapisi na knigite na akcii koi se vodat voCDHV AD - Skopje.
Osumdeset podnesoci, koi pretstavuvaat 31,3%od vkupnite vo 2003 godina, se odnesuvaat nabarawa so koi investitorite baraat Komisija-ta da izvr[i proverki na ve]e realiziranitransakcii na Makedonska berza AD - Skopje, ba-raat poni[tuvawe na transakcii zaradi najraz-li~ni pri~ini i interesi, prigovaraat na neza-pi[uvawe na ve]e realizirani transakcii voakcionerskite knigi na dru[tvata po nivnotoporamnuvawe, pred predavaweto na elektron-skite zapisi na akcionerskite knigi vo Cen-tralniot depozitar AD Skopje.
Zgolemeniot obem na dostavuvawe na ovie bara-wa, vo najgolem obem e rezutat na zgolemuvawena obemot na trguvawe na Makedonskata berzaAD Skopje, predizvikan od intenzivirawe i za-brzuvawe na privatizacijata na akcionerskitedru[tva ~ii akcii bea vo sopstvenost na dr`a-vata. Zgolemenite aktivnosti na Agencijata zaprivatizacija na RM e rezultat i be[e vo funk-cija na finalizacija na procesot na privatiza-cija preku ARMP i nejzino ukinuvawe od01.04.2004 godina i prezemawe na nejzinatafunkcija, imot, dokumentacija i kadri od stra-na na Fondot na PIOM i Ministerstvata za fi-nansii i ekonomija.
Od vkupno dostavenite podnesoci vo 2003 godi-na 5,4% se dostaveni od akcionerite koi se obi-duvaat da gi ostvarat svoite prava od akciitekoi gi poseduvaat vo dru[tva vo koi e zatvore-na ili e vo tek sproveduvawe na ste~ajna ililikvidaciska postapka.
Ostanatite podnesoci vo 2003 godina so u~es-tvo od 18,7% vo vkupnite, se odnesuvaat na za[-titata od nepo~ituvawe na drugi dosega nena-vedeni akcionerski prava ili prava koi ne sevo nadle`nost na rabotata na KHV i toa: pravo-
to na upravuvawe vo dru[tvoto, izrazeno kakopravo na glas pri rabotata na sobranijata, na~i-nite, metodite na rabota i donesuvaweto odlu-ki na sobranijata za podelba na dividendata pogodi[nite presmetki na dru[tvata, nepredava-weto na elektronskite zapisi na akcionerskiteknigi vo zakonskiot rok vo Centralniot depozi-tar AD - Skopje, kontrola i revizija na iska`a-nite strukturi i sostojbi vo knigite, reviziina privatizacijata na dru[tvata itn. Pogolemdel od ovie barawa, kako [to napomenavme, nese vo nadle`nost za re[avawe od strana na KHV.Vo sorabotka so drugi nadle`ni dr`avni organipostojano se praveni napori za re[avawe naproblemite na investitorite, se razbira, do-kolku istite bile osnovani i navremeni.
Komisijata vr[e[e postojana posredna i nepos-redna kontrola na funkcioniraweto na pazarotna kapital i na negovite u~esnici, kako i na re-alizacijata na novite emisii na hartii od vred-nost.
Komisijata vr[i regulirawe i kontrola na siteu~esnici vo raboteweto so dolgoro~ni hartiiod vrednost na teritorijata na R. Makedonija irakovodej]i se od principot na zakonitost, pre-zema merki i donesuva odluki vo prv stepen zaza[tita na licata koi se sopstvenici ili in-vestiraat vo hartiite od vrednost, spre~uvane~esni i nezakonski dejnosti povrzani so rabo-teweto so hartii od vrednost, odgovorna e zazakonsko i efikasno funkcionirawe na pazarotna dolgoro~ni hartii od vrednost, kako i zaza[tita na pravata na investitorite.
Vo ramkite na svoite zakonski ovlastuvawa inadle`nosti, Komisijata sekoga[ koga ]e utvr-di deka ima postapuvawa sprotivni na Zakonot,odnosno postojat osnovani somnevawa za store-ni krivi~ni dela, blagovremeno podnesuva kri-vi~ni prijavi do osnovnite javni obvinitel-stva.
Od dosega podnesenite krivi~ni prijavi najgo-lem del se odnesuvaat na krivi~nite dela pred-videni vo stavovite 3 i 4 na ~lenot 165 od Za-konot za hartii od vrednost, odnosno na nepre-nesuvaweto na akcionerskite knigi vo CDHVAD - Skopje vo ramkite na zakonskiot rok, kakoi od popre~uvaweto na sopstvenicite vo ostva-ruvaweto na pravata od akciite.
KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI
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Of the total number of submitted requests for protec-
tion of the shareholders’ rights in 2003, 78 or 30.05
% were related to disagreements between investors-
shareholders with the stated number of shares regis-
tered in the share registers of the joint stock compa-
nies which are maintained as an electronic record at
the Central Securities Depository Inc. Skopje.
The submission of this type of requests is a result of
further coordination of the status and the structures
of the companies’ capital registered as an electronic
record in the share registers of the joint stock com-
panies at the Central Securities Depository Inc. Sko-
pje.
Eighty of the submitted requests, representing 31.3
% of the total number of submissions in 2003, refer
to the investors requesting that the Securities and
Exchange Commission conduct inspections on the
transactions that have been realized on the Macedo-
nian Stock Exchange Inc. Skopje, than requesting
cancelling of certain transactions because of various
reasons and interests, complaining that the already
realized transactions have not been entered into the
share registers of the joint stock companies after their
settlement prior to establishing the Central Deposito-
ry of Securities.
The increased number of these requests is mainly
due to the increase in the scale of trading at the Mac-
edonian Stock Exchange Inc. Skopje, caused by the
intensified and accelerated privatization of the state-
owned companies. The increased number of activi-
ties of the Privatization Agency of the Republic of
Macedonia (PARM) emerged for the purpose of final-
izing the privatization process by the PARM itself, and
then its termination on April 1, 2004 and having the
Pension and Disability Insurance Fund of the Repub-
lic of Macedonia (PIOM) and the Ministries of Finance
and Economy take over all its functions, property,
documentation and staff.
Of the total number of the submissions in 2003, 5.4%
were submitted by shareholders trying to exercise
their rights conferred in the shares they own in the
companies where the implementation of a bankrupt-
cy or liquidation procedure is underway or has been
completed.
The remaining submissions in 2003, with a share of
18.7 % of the total number of submitted requests,
were related to the protection against non-compli-
ance with other shareholders’ rights, non stated thus
far, or which are not under the competencies of the
Securities and Exchange Commission, such as: the
right to manage with the company expressed as a
voting right at the shareholders’ assemblies; the man-
ners, methods of operation and the decision-making
at the shareholders’ assemblies regarding the divi-
dend distribution after the annual financial state-
ments of the companies, avoiding to submit the elec-
tronic records of the shares registers to the Central
Securities Depository Inc. Skopje within the period
stipulated by the law, control and audit of the stated
structures and situations in the registers, revision of
the privatization of the companies etc.
Majority of these requests, as we have already men-
tioned, are not under the competencies for resolving
by the Securities and Exchange Commission. Howev-
er, in cooperation with other competent state bodies,
continual efforts have been made for resolving these
problems of the investors, of course if they were
based on facts, well structured and on time.
During 2003, the Securities and Exchange Commis-
sion was conducting constant indirect and direct con-
trol over the operation of the capital market and its
participants, as well as over the realization of the new
issues of securities.
The Commission regulates and supervises all partici-
pants in the operation with securities on the territory
of the Republic of Macedonia, and following the prin-
ciple of legality, it undertakes measures and enacts
decisions for protection of persons who are owners
or investors in securities, prevents dishonest and ille-
gal activities related to the operation with securities
and is responsible for legal and efficient functioning
of the long-term securities market, as well as for pro-
tection of investors rights.
Within its legal obligations and competencies, every
time the Commission notices that there have been
actions against the law, or that there are grounded
doubts that criminal acts have been committed, it
shall timely file criminal charges to the public prose-
cutors offices.
Most of the criminal charges filed to date refer to the
criminal acts specified in paragraphs 3 and 4 of Arti-
cle 165 of the Securities Law, or refer to not transfer-
ring the share registers to the Central Securities De-
pository Inc. Skopje within the legal period of time, as
well as to the obstructing the owners of shares from
exercising their rights as shareholders.
CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS
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Od seto prethodno izneseno ]e zaklu~ime dekaKomisijata za hartii od vrednost na RepublikaMakedonija pretstavuva institucija, koja prekukontrolata i reguliraweto na raboteweto sohartiite od vrednost, obezbeduva objektivnost,integritet i sigurnost na pazarot na kapitals# so cel da promovira transparenten i razvi-en pazar na kapital, koj, kako takov, e neophodenza privlekuvawe na investitorite preku koi ]ese izvr[i priliv i akumulacija na nov kapitalvo Republika Makedonija.
Vo 2003 godina Komisija dvapati izvr[i di-rektni kontroli vo 10-te brokerski ku]i i vo 3direkcii-sektori za rabota so dolgoro~ni har-tii od vrednost na bankite koi imaat odobre-nie za rabota, na celokupnoto nivno rabotewe.
Vo domenot na davawe odobrenija za rabota sodolgoro~ni hartii od vrednost na delovnitebanki, Komisijata izvr[i kontrola na kadrov-skata, tehni~kata i organizaciskata osposobe-nost za rabota so hartii od vrednost na Komer-cijalna banka AD - Skopje, Stopanska banka AD -Skopje, Ohridska banka AD - Skopje i na Teteks-Kreditna banka AD - Skopje.
Komisijata za hartii od vrednost, vo ramkitena svoite nadle`nosti, vr[e[e postojana po-sredna i neposredna kontrola na raboteweto na"Makedonska berza za dolgoro~ni hartii odvrednost" AD - Skopje.
Posrednata kontrola, Komisijata ja vr[e[epreku analiza na dnevnite, nedelnite i mese~-nite izve[tai za realizacija na transakciitena "Makedonska berza" AD - Skopje i preku dava-weto soglasnost na godi[niot izve[taj za rabo-teweto na Berzata.
Neposrednata kontrola Komisijata ja izvr[uva-[e preku kontrolirawe na sproveduvaweto natrguvaweto so hartiite od vrednost na BEST-sistemot za trguvawe, direktno po pat na on-line
povrzuvawe, pri [to osobeno vnimanie obrnuva-[e na po~ituvawe na berzanskite pravila i pro-cedurite za trguvawe i preku vr[ewe na dvego-di[ni kontroli na celokupnoto rabotewe naBerzata.
Komisijata vr[e[e postojana posredna i nepo-sredna kontrola na raboteweto na Centralniotdepozitar za hartii od vrednost AD - Skopje. Votrekot na 2003 godina Komisijata izvr[i dve-godi[ni kontroli na celokupnoto rabotewe naDepozitarot.
KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE U^ESNICI
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Of all the previously mentioned, it can be concluded
that the Securities and Exchange Commission of the
Republic of Macedonia is an institution, that by con-
trolling and regulating the operation with securities,
provides objectiveness, integrity and security on the
capital market, in order to promote a transparent and
developed capital market, which is essential for at-
tracting investors through which inflow and accumu-
lation of new capital in the Republic of Macedonia
will be made.
In 2003, the Commission conducted two direct con-
trols of their entire operation of the 10 brokerage
houses and the 3 sectors for dealing with long-term
securities within the banks that are authorized by the
Commission.
In the domain of granting approvals to the commer-
cial banks for operation with long term securities, the
Commission conducted inspection of the personnel,
technical and organizational qualification required for
operation with securities in the following banks:
Komercijalna Banka Inc. Skopje, Stopanska Banka
Inc. Skopje, Ohridska Banka Inc. Skopje and Teteks
Kreditna Banka Inc. Skopje.
The Securities and Exchange Commission within its
legal responsibilities was conducting continual indi-
rect and direct control of the operation of Macedoni-
an Stock Exchange Inc. Skopje.
The Commission was conducting the indirect control
by analyzing the daily, weekly and monthly reports on
the realization of transactions on the Macedonian
Stock Exchange Inc. Skopje and by giving its consent
on the annual report on the Stock Exchange opera-
tion.
The Commission was conducting the direct control
by controlling the process of trading with securities
through the BEST trading system, directly through
on-line connection, whereby a particular attention
was paid to the compliance with the Exchange’s
Trading rules and procedures, as well as through
conducting of two annual controls of the overall op-
eration of the Stock Exchange.
The Commission was also conducting continual di-
rect and indirect control of the operation of the Cen-
tral Securities Depository Inc. Skopje. In 2003 two
annual controls of the overall operation of the Depos-
itory were conducted by the Commission.
CONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTSCONTROL OF THE CAPITAL MARKET AND ITS PARTICIPANTS
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Izdavawe na stru~no
spisanie na Komisijata za
hartii od vrednost
"Kapital, pari i
investicii"
Vo tekot na 2003 godina Komisijata za hartiiod vrednost objavi eden dvobroj na spisanieto"Kapital, pari i investicii", vo koe bea prezen-tirani aktuelni temi od pazarot na kapital voRepublika Makedonija i vo svetot.
Kako temi koi se objavija vo spisanieto beaonie koi se povrzani so unapreduvawe na paza-rot na kapital vo Republika Makedonija, nekoiaktuelni pra[awa od domenot na kontrolata napazarot na kapital vo RM, kako i nekolku novirubriki koi gi vovede Komisijata, kako [to se:novini od legislativata od oblasta na finan-siskiot sistem vo RM; me\unarodno-pravna har-monizacija vo domenot na pazarite na kapital;upravno-sudska praktika od oblasta na pazarotna kapital vo RM i temata: Vie pra[uvate - KHVvi odgovara.
Izdavawe na stru~na
literatura od oblasta na
pazarot na kapital
Vo ramkite na prodol`uvawe na aktivnostiteod kampawata za edukacija na malite akcionerivo RM, Komisijata za hartii od vrednost nakrajot od 2001 godina zapo~na so aktivnosti po-vrzani so izdavawe na stru~na literatura odoblasta na pazarot na kapital, a istata aktiv-nost ja sproveduva[e i vo 2003 godina.
Za taa cel, Komisijata za hartii od vrednost vo2003 godina izdade dve knigi od oblasta na pa-zarot na kapital, i toa:
� "Me\unaroden zakon za hartii od vrednost"od avtorot Mark I. {tajnberg i
� "Tolkuvawe na finansiskite izve[tai" odavtorite Benxamin Graham i Spenser B. Me-redit.
Soodvetnata promocija i distribucija na oviedve knigi se o~ekuva da se realizira na po~eto-kot na 2004 godina, koga e predvideno i izdava-weto na poslednata kniga od oblasta na pazarotna kapital.
Vo ramkite na sorabotkata na Komisijata soUSAID Proektot za korporativno upravuvawe iZakonot za trgovski dru[tva, vo juni 2003 go-dina be[e promovirana Belata kniga na OECDza korporativno upravuvawe, vo izdanie na Ko-misijata za hartii od vrednost.
STRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI POVRZANISTRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI POVRZANISTRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI POVRZANISTRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI POVRZANISTRU^NI, PROMOTIVNI I EDUKATIVNI AKTIVNOSTI POVRZANISO RAZVOJOT NA AKCIONERSTVOTO VO DR@AVATASO RAZVOJOT NA AKCIONERSTVOTO VO DR@AVATASO RAZVOJOT NA AKCIONERSTVOTO VO DR@AVATASO RAZVOJOT NA AKCIONERSTVOTO VO DR@AVATASO RAZVOJOT NA AKCIONERSTVOTO VO DR@AVATA
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Publishing the professional
magazine of the Securities
and Exchange Commission
‘Capital, money and
investments’
During 2003 the Securities and Exchange Commis-
sion published a double edition of the magazine
‘Capital, money and investments’, where actual top-
ics related to the capital market in the Republic of
Macedonia and in the world were presented.
As topics that were published in the magazine were
those related to the promotion of the capital market
in the Republic of Macedonia, some actual concerns
in the domain of capital market supervision in the
Republic of Macedonia, and several new editorials
introduced by the Commission such as: international-
legal harmonization in the area of capital markets;
administrative&court practice in the field of the capi-
tal market in the Republic of Macedonia and Ques-
tions and Answers section.
PROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES RELATEDPROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES RELATEDPROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES RELATEDPROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES RELATEDPROFESSIONAL, PROMOTIONAL AND EDUCATIONAL ACTIVITIES RELATED
TO THE DEVELOPMENT OF THE SHAREHOLDING IN THE COUNTRYTO THE DEVELOPMENT OF THE SHAREHOLDING IN THE COUNTRYTO THE DEVELOPMENT OF THE SHAREHOLDING IN THE COUNTRYTO THE DEVELOPMENT OF THE SHAREHOLDING IN THE COUNTRYTO THE DEVELOPMENT OF THE SHAREHOLDING IN THE COUNTRY
Publishing professional
literature in the field of
capital markets
Within the continuation of the activities from the mi-
nority shareholders educational campaign in the Re-
public of Macedonia, the Securities and Exchange
Commission towards the end of 2001 initiated the
activities related to publishing professional literature
in the field of the capital markets, which continued
during 2003.
For that purpose, in 2003, the Securities and Ex-
change Commission published the following two
books in the field of capital markets:
� “International Securities Law” by Marc I. Stein-
berg and
� “Interpretation of Financial Statements” by Ben-
jamin Graham and Spencer B. Meredith.
The promotion and the distribution of these two
books are expected to happen at the beginning of
2004 when the last book from the field of capital
markets is planed to be published.
As a part of the cooperation with USAID’s Corporate
Governance and Company Law Project, in June,
2003, there was a promotion of the OECD White Pa-
per on Corporate Governance, published by the Se-
curities and Exchange Commission.
1 2
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Vo soglasnost so zakonskata regulativa, sred-stvata za rabota na Komisijata za hartii odvrednost se obezbeduvaat od nadomestoci ut-vrdeni so Zakonot za hartii od vrednost, Zako-not za investiciskite fondovi i Zakonot zaprezemawe na akcionerski dru[tva.
Na 31.12.2003 godina, aktivata i pasivata vo bi-lansot na sostojba od revozorskiot izve[taj naKomisijata za hartii od vrednost iznesuvaa27.014 iljadi denari.
Vo tekot na 2003 godina, Komisijata ostvarivkupni prihodi od 23.025 iljadi denari, koiproizleguvaat od nadomestocite za:
� podneseni barawa za izdavawe hartii odvrednost (405 iljadi denari);
� dadeni odobrenija za izdavawe hartii odvrednost (6.371 iljadi denari);
� 20% od prihodite koi gi ostvaruva Berzata(7.433 iljadi denari);
� 15% od prihodite [to gi ostvaruva CDHV(3.371 iljadi denari);
� 1% od prihodite koi gi ostvaruvaat broker-skite ku]i i bankite (720 iljadi denari);
� obuka na kadri za vr[ewe na raboti so har-tii od vrednost (975 iljadi denari);
� soglasnosti po razni osnovi (200 iljadi de-nari);
� objava na revizorski izve[tai na internet-stranicata na KHV (152 iljadi denari);
� ostanati nadomestoci od Tarifnikot naKHV (469 iljadi denari);
� ostanati operativni prihodi (usoglasuvawena depoziti od prethodnata godina vo visi-na od 209 iljadi denari, nadomestoci koi seodnesuvaat za prethodnata godina (CDHV), vovisina od 1.545 iljadi denari i ostanatiprihodi od 736 iljadi denari) i
� prihodi od finansirawe (439 iljadi dena-ri).
FINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINA
Vo odnos na prethodnata godina, visinata na os-tvarenite prihodi e re~isi identi~na (vo 2002godina tie isnesuvaa 23.116 iljadi denari).
Vkupnite rashodi na Komisijata vo tekot na2003 godina dostignaa iznos od 20.656 iljadidenari, od koi:
� tro[oci za plati i nadomestoci od plati(5.720 iljadi denari);
� tro[oci za intelektualni uslugi (nadomes-toci za ~lenovite na KHV, avtorski honora-ri i advokatski uslugi vo vkupen iznos od5.499 iljadi denari);
� ostanati operativni rashodi (pe~atewe naknigi, tekovno i investicisko odr`uvawe,nagradi na vraboteni, materijalni i sl. tro-[oci, telefonski i PTT tro[oci, ostanatirashodi, vo koi se vklu~eni op[tite admini-strativni tro[oci, slu`beni patuvawa, re-prezentacija, reklama i propaganda i dr.tro[oci vo vkupen iznos od 7.678 iljadi de-nari);
� amortizacija (1.755 iljadi denari) i
� rashodi od finansirawe (negativni kursnirazliki - 4 iljadi denari).
Ostvarenite rashodi vo 2003 godina zna~at na-maluvawe za 10% vo odnos na prethodnata 2002godina.
Koga ]e se izvr[i prebivawe na ostvareniteprihodi i vkupnite rashodi, Komisijata za har-tii od vrednost vo delovnata 2003 godina imaostvareno dobivka pred odano~uvawe na iznosod 2.369 iljadi denari, a po odbivawe na dano-cite na iznos od 424 iljadi denari, delovnata2003 godina ja ima zavr[eno so dobivka voiznos od 1.945 iljadi denari.
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According to the legislation, the operational funds of
the Commission shall be provided by fees deter-
mined by the Securities Law, the Investment Funds
Law and the Takeover Law.
On December 31, 2003, the assets and liabilities in
the audited balance sheet of the Securities and Ex-
change Commission were 27.014 thousand denars.
During 2003, the Commission realized total revenues
of 23.025 thousand denars, which are from fees for:
� submitted requests for issue of securities (405
thousand denars);
� granted approvals for issuing securities (6.371
thousand denars);
� 20% of the income earned by the Stock Ex-
change (7.433 thousand denars)
� 15% of the income earned by the Central Securi-
ties Depository (3.371 thousand denars);
� 1% of the income earned by the brokerage hous-
es and the banks (720 thousand denars);
� Training of candidates for dealing with securities
(975 thousand denars);
� Consents given on various basis (200 thousand
denars);
� Publishing of the auditors reports on the Commis-
sion’s Internet web site (152 thousand denars);
� Other fees according to the Commission’s Tariff-
Book (469 thousand denars);
� Other operational income (adjusting of the depos-
its from the previous year in the amount of 209
thousand denars, fees allocated for the previous
year (Central Securities Depository) with a total of
1.545 thousand denars, other incomes with a to-
tal of 736 thousand denars and
� Incomes from financing (439 thousand denars).
FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGEFINANCIAL OPERATION OF THE SECURITIES AND EXCHANGEFINANCIAL OPERATION OF THE SECURITIES AND EXCHANGEFINANCIAL OPERATION OF THE SECURITIES AND EXCHANGEFINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE
COMMISSION IN 2003COMMISSION IN 2003COMMISSION IN 2003COMMISSION IN 2003COMMISSION IN 2003
Compared to the previous year, the amount of the
realized revenues is almost identical (in the year 2002
they were 23.116 thousand denars).
The total expenditures of the Commission during the
year 2003 reached the amount of 20.656 thousand
denars, of which:
� expenditures for salaries and allowances paid
from salaries (5.720 thousand denars)
� other intellectual services (fees for the Commis-
sion’s members, royalties and lawyer’s services
with a total amount of 5.499 thousand denars)
� other operational expenditures (printing books,
current and long-term repairs, remuneration for
the employees, material and similar expenses,
postal and telephone service expenses, other ex-
penditures which include the general administra-
tive expenses, business trips, expense accounts,
commercials and propaganda and some other
expenses with a total of 7,.678 thousand denars);
� depreciation (1.755 thousand denars)
� expenditures from financing (negative exchange
rate differences (4 thousand denars).
The expenditures in 2003 show a decrease of 10%
compared to those in the previous year 2002. After
settling the realized revenues and the total expendi-
tures, the Securities and Exchange Commission in
the business 2003 has earned profit before taxation
in the amount of 2.369 thousand denars, and after
deducting the taxes at the amount of 424 thousand
denars, the Commission finished the business year
with profit in the amount of 1.945 thousand denars.
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
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03
BILANS NA USPEH2003 2002
Den. 000 Den. 000
Prihodi po osnov na nadomestoci 20,096 22,657
Ostanati operativni prihodi 2,490 -
Tro[oci za plati i nadomesti na plati (5,720) (4,905)
Tro[oci za intelektualni uslugi (5,499) (4,960)
Amortizacija (1,755) (917)
Ostanati operativni rashodi (7,678) (11,745)
DOBIVKA OD REDOVNO RABOTEWE 1,934 130
Prihodi od finansirawe 439 459
Rashodi od finansirawe (4) -
DOBIVKA PRED ODANO^UVAWE 2,369 589
Danok od dobivka (424) (572)
NETO DOBIVKA 1,945 17
BILANS NA SOSTOJBA2003 2002
Den. 000 Den. 000
SREDSTVA
Tekovni sredstva
Pari~ni sredstva 122 128
Pobaruvawa za nadomestoci - -
Ostanati tekovni pobaruvawa 804 564
Dadeni depoziti vo banki 7,496 4,587
Aktivni vremenski razgrani~uvawa - -
Vkupno tekovni sredstva 8,422 5,279
Netekovni sredstva
Nematerijalni sredstva 117 -
Nedvi`nosti i oprema 18,475 19,733
VKUPNO SREDSTVA 27,014 25,012
OBVRSKI I KAPITAL
Tekovni obvrski
Obvrski kon dobavuva~i - -
Ostanati tekovni obvrski 341 -
Vkupno tekovni obvrski 341 -
Vkupno kapital 26,673 25,012
VKUPNO OBVRSKI I KAPITAL 27,014 25,012
FINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINA
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INCOME STATEMENT
(in thousands of denars)
2003 2002
Revenues based on fees 20.096 22.657
Other operating revenues 2.490 -
Gross salaries (5.720) (4.905)
Intellectual services (5.499) (4.960)
Depreciation (1.755) (917)
Other operating expenditures (7.678) (11.745)
OPERATING INCOME 1.934 130
Interest income 439 459
Interest expense (4) -
PROFIT BEFORE TAXATION 2.369 589
Taxation (424) (572)
NET PROFIT 1.945 17
FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003
BALANCE SHEET
(in thousands of denars)
2003 2002
ASSETS
Current assets
Funds 122 128
Due from fees - -
Other current receivables 804 564
Deposits in banks 7.496 4.587
Prepaid expenses and other assets - -
Total current assets 8.422 5.279
Fixed assets
Intangible assets 117 -
Property and equipment 18.745 19.733
TOTAL FIXED ASSETS 27.014 25.012
LIABILITIES
Current liabilities
Accounts payable - -
Other current liabilities 341 -
Total current liabilities 341 -
Reserves 26.673 25.012
TOTAL LIABILITIES 27.014 25.012
KOMISIJAKOMISIJAKOMISIJAKOMISIJAKOMISIJA ZAZAZAZAZA HARTIIHARTIIHARTIIHARTIIHARTII ODODODODOD VREDNOSTVREDNOSTVREDNOSTVREDNOSTVREDNOST
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IZVE{TAJ ZA PARI^NITE TEKOVIVo (000) denari
PARI^NI TEKOVI OD OPERATIVNI AKTIVNOSTI
Pari~ni primawa od nadomestoci 20,096
Pari~ni primawa od ostanati operativni aktivnosti 2,281
Isplati za plati i nadomesti na plati (5,720)
Isplati za intelektualni uslugi
Isplati za ostanati operativni rashodi (7,674)
Platen danok od dobivka (493)
Neto pari~ni tekovi od operativni aktivnosti 2,991
PARI^NI TEKOVI OD VLO@UVA^KI AKTIVNOSTI
Nabavka na materijalni sredstva (497)
Nabavka na nematerijalni sredstva (117)
Dadeni avansi za nabavka na materijalni sredstva (122)
Dadeni depoziti vo banki (4,500)
Povle~eni depoziti od banki 1,800
Primeni kamati 439
Neto pari~ni tekovi od vlo`uva~ki aktivnosti (2,997)
PARI^NI TEKOVI OD FINANSISKI AKTIVNOSTI
Isplaten del od dobivka za Buxet na RM -
Neto pari~ni tekovi od finansiski aktivnosti -
Neto zgolemuvawe na pari~nite sredstva i ekvivalenti na pari~ni sredstva (6)
Pari~ni sredstva i ekvivalenti na pari~ni sredstva na po~etokot na godinata 128
Pari~ni sredstva i ekvivalenti na pari~ni sredstva na krajot na godinata 122
FINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINAFINANSISKOTO RABOTEWE NA KHV VO 2003 GODINA
IZVE{TAJ ZA PROMENITE NA KAPITALOT I REZERVITEVo (000) denari
Rezerven Revalori- Akumu- Vkupnofond zaciona lirana kapital i
rezerva dobivka rezervi
Po~etna sostojba na 01 Januari 2003 24,424 - 588 25,012
Dobivka za finansiskata godina - - 1,945 1,9451,9451,9451,9451,945
Del od dobivkata za 2003 godina vo visina - - (292) (292)(292)(292)(292)(292)od 15% nameneti za Buxetot na RM
Raspredelba na dobivka od prethodnite 588 - (588) -----godini vo korist na rezerven fond
Raspredelba na dobivka od tekovnata 1,653 - (1,653) -----godina vo korist na rezerven fond
Revalorizaciona rezerva za tekovnata godina - 8 - 88888
Rapredelba na revalorizacionata rezerva 8 (8) - -----vo korist na rezervniot fond
Sostojba na 31 Dekemvri 2003 26,673 - - 26,673
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STATEMENT ON CHANGES IN CAPITAL AND RESERVES
(in thousands of denars)
Reserves Revaluation Accumu- Total
reserve lated capital and
earnings reserves
Balance as of January 1, 2003 24.424 - 588 25.012
Net profit for the year - - 1.945 1.945
15% of the net profit intended for the State Budget - - (292) (292)
Accumulated earnings allocated to reserves 588 - (588) -
Profit of the year allocated to reserves 1.653 - (1.653) -
Revaluation reserve for the current year - 8 - 8
Revaluation reserve allocated to reserves 8 (8) - -
Balance as of December 31, 2003 26.673 - - 26.673
CASH-FLOW STATEMENT
(in thousands of denars)
CASH FLOW FROM OPERATING ACTIVITIES
Fees 20.096
Other operating activities 2.281
Gross salaries (5.720)
Intellectual services (5.499)
Other operating expenditures (7.674)
Profit tax (493)
Net cash flow from operating activities 2.991
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of equipment (497)
Purchase of intangible assets (117)
Advance payments for purchase of equipment (122)
Deposits to banks (4.500)
Deposits from banks 1.800
Interest receipts 439
Net cash flow of investment activities (2.997)
CASH FLOW OF FINANCIAL ACTIVITIES
Payments to the State Budget -----
Net cash flow of financial activities -
Net increase in cash (6)
Cash and cash equivalents at the begining of the year 128
Cash and cash equivalents at the end of year 122
FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003FINANCIAL OPERATION OF THE SECURITIES AND EXCHANGE COMMISSION IN 2003
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Vo ovoj kontekst osobeno mora da se napomeneintenzivnata sorabotka na Komisijata za har-tii od vrednost so tri stranski proekti vo RM,i toa:
1. Proektot na USAID za zajaknuvawe na
finansiskiot sektor vo RM, koj najmnogu seosvrnuva na usoglasuvaweto na makedonskataregulativa za pazarot na kapital so celite iprincipite na Me\unarodnata organizacija nakomisiite za hartii od vrednost (International
Organization of Securities Commissions-IOSCO).
Vo ramkite na ovaa aktivnost, be[e izrabotenizve[taj za usoglasenosta na zakonodavstvoto ipazarot na kapital vo RM so celite na IOSCO
(za[tita na investitorite, sigurnost deka paza-rite se pravedni, efikasni i transparentni inamaluvawe na sistemskiot rizik) i 30-te prin-cipi na IOSCO2 . Izve[tajot be[e izraboten vrzosnova na ve]e utvrdenata metodologija naIOSCO za samoocenuvawe3 , pri [to delumno beazemeni predvid i odgovorite na na[ata KHV napra[alnicite na IOSCO. Osobeno e bitno [tosamiot izve[taj sodr`i odredeni preporaki,kako za Komisijata za hartii od vrednost, takai za samata organizacija i funkcionirawe napazarot na kapital vo Republika Makedonija voodnos na pribli`uvawe kon celite i principi-te na IOSCO, [to od strana na KHV se oceni kakopotreba istite da se imaat predvid pri ponata-mo[nite izmeni i dopolnuvawa i na soodvetna-ta zakonska i podzakonska regulativa.
2. Proektot na USAID za korporativno upra-
vuvawe i Zakonot za trgovski dru[tva, kojosobeno posvetuva vnimanie na voveduvaweto, una-preduvaweto i primenuvaweto na korporativ-noto upravuvawe vo makedonskoto stopanstvo.
Vo ramkite na ovaa aktivnost, od osobena va`-nost e Belata kniga za korporativno upravuva-we na Organizacijata za ekonomski razvoj i so-rabotka (Organization for Economic Cooperation
and Development-OECD), vo koja se sodr`ani os-novnite principi na korporativno upravuvawe.
Od taa pri~ina, Belata kniga za korporativnoupravuvawe vo juni 2003 godina be[e promovi-rana i vo Republika Makedonija, pri [to KHV sejavi kako izdava~ na makedonski jazik i promo-tor na istata, vo sorabotka so stranski i doma[-ni eksperti anga`irani od strana na Proektot.
ME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKA
KHV svojata sorabotka so Proektot ja ostvaruva-[e kontinuirano vo tekot na 2003 godina i toapreku dvete koordinativni tela, odnosno So-vet za korporativno upravuvawe vo koj ~len e iprof. d-r Vesna Pendovska, pretsedatel na KHVi Teloto za odnosi so javnosta, vo koe povtornoKHV ima delegirano svoj pretstavnik.
I dvete tela vo tekot na 2003 godina intenziv-no rabotea na promovirawe na korporativnotoupravuvawe vo RM, preku odr`uvawe na redovnisostanoci, organizirawe na javni tribini idiskusii, u~estva vo radioemisii i sl.
3. Proektot na Evropskata agencija za re-
konstrukcija za razvoj na bankarskiot sek-
tor vo RM, vo ~ii ramki Komisijata ja koristitehni~kata pomo[ za usoglasuvawe na makedon-skata regulativa od oblasta na pazarot na ka-pital so soodvetnite evropski direktivi, kakoi za izrabotka na ostanatite podzakonski aktikoi treba da proizlezat od Zakonot za hartiiod vrednost, za koi Komisijata vo 2003 godinapobara tehni~ka pomo[ od Proektot.
Proektot e sostaven od nekolku komponenti, odkoi prvite dve se direktno nameneti za KHV,Ministrestvoto za finansii i Narodnata bankana RM, bidej]i istite se odnesuvaat na tehni~-kata pomo[ na eksperti na Proektot za imple-mentacijata na soovetnite evropski direktivivo regulativata na RM za pazarot na kapital iza izgotvuvawe na predlog-pravilnici koi pro-izleguvaat od postojniot Zakon za hartii odvrednost.
Imaj]i gi predvid ponatamo[nite aktivnostivo ramkite na ovie komponenti, tehni~kata po-mo[ na Proektot najmnogu bi se iskoristilapri izgotvuvaweto na nov tekst na Zakonot zahartii od vrednost vo 2004 godina, vo koj sood-vetno bi se implementirale i evropskite di-rektivi od ovaa oblast, kako i pri izgotvuva-weto na podzakonskite akti (pravilnicite idr.) od toj zakon.
Aktivnostite na Proektot na Evropskata agen-cija za rekonstrukcija za reforma na Bankarski-ot Sektor vo RM vo 2003 godina se sledea na re-dovni mese~ni sostanoci na Upravniot odborna Proektot, vo koj i KHV ima nominirano svoj~len.
22222 Principite na Principite na Principite na Principite na Principite na IOSCO IOSCO IOSCO IOSCO IOSCO se podeleni vo 8 grupi i toa: 1) za regulatorot, 2) za samoregulacija, 3) za primena na regulativata zase podeleni vo 8 grupi i toa: 1) za regulatorot, 2) za samoregulacija, 3) za primena na regulativata zase podeleni vo 8 grupi i toa: 1) za regulatorot, 2) za samoregulacija, 3) za primena na regulativata zase podeleni vo 8 grupi i toa: 1) za regulatorot, 2) za samoregulacija, 3) za primena na regulativata zase podeleni vo 8 grupi i toa: 1) za regulatorot, 2) za samoregulacija, 3) za primena na regulativata zahartii od vrednost , 4) za sorabotka vo regulativata, 5) za izdava~ite, 6) za kolektivnite investiciski [emi , 7) za posredni-hartii od vrednost , 4) za sorabotka vo regulativata, 5) za izdava~ite, 6) za kolektivnite investiciski [emi , 7) za posredni-hartii od vrednost , 4) za sorabotka vo regulativata, 5) za izdava~ite, 6) za kolektivnite investiciski [emi , 7) za posredni-hartii od vrednost , 4) za sorabotka vo regulativata, 5) za izdava~ite, 6) za kolektivnite investiciski [emi , 7) za posredni-hartii od vrednost , 4) za sorabotka vo regulativata, 5) za izdava~ite, 6) za kolektivnite investiciski [emi , 7) za posredni-cite na pazarot i 8) na sekundarnite pazaricite na pazarot i 8) na sekundarnite pazaricite na pazarot i 8) na sekundarnite pazaricite na pazarot i 8) na sekundarnite pazaricite na pazarot i 8) na sekundarnite pazari
33333 IOSCO IOSCO IOSCO IOSCO IOSCO vo tekot na 2002 i 2003 godina podgotvi 8 pra[alnici (kako [to se i principite podeleni po grupi), koi sekoja od niv-vo tekot na 2002 i 2003 godina podgotvi 8 pra[alnici (kako [to se i principite podeleni po grupi), koi sekoja od niv-vo tekot na 2002 i 2003 godina podgotvi 8 pra[alnici (kako [to se i principite podeleni po grupi), koi sekoja od niv-vo tekot na 2002 i 2003 godina podgotvi 8 pra[alnici (kako [to se i principite podeleni po grupi), koi sekoja od niv-vo tekot na 2002 i 2003 godina podgotvi 8 pra[alnici (kako [to se i principite podeleni po grupi), koi sekoja od niv-nite ~lenki treba[e soodvetno da gi odgovori preku samoocenuvawe vo 4 katerorii: celosno implementiran, delumno imple-nite ~lenki treba[e soodvetno da gi odgovori preku samoocenuvawe vo 4 katerorii: celosno implementiran, delumno imple-nite ~lenki treba[e soodvetno da gi odgovori preku samoocenuvawe vo 4 katerorii: celosno implementiran, delumno imple-nite ~lenki treba[e soodvetno da gi odgovori preku samoocenuvawe vo 4 katerorii: celosno implementiran, delumno imple-nite ~lenki treba[e soodvetno da gi odgovori preku samoocenuvawe vo 4 katerorii: celosno implementiran, delumno imple-mentiran, neimplementiran i neprimenliv principmentiran, neimplementiran i neprimenliv principmentiran, neimplementiran i neprimenliv principmentiran, neimplementiran i neprimenliv principmentiran, neimplementiran i neprimenliv princip
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Of particular importance for the Securities and Ex-
change Commission of the Republic of Macedonia, is
the intensive cooperation between the Commission
and three foreign technical assistance projects in the
Republic of Macedonia:
1. The USAID’s Macedonian Financial Sector
Strengthening Project, which concentrates on the
harmonization of the Macedonian capital market reg-
ulation with the objectives and principles of the Inter-
national Organization of Securities and Exchange
Commissions – IOSCO).
Within this activity, the Project prepared a Report on
the Macedonian Securities Legislation and Its Com-
pliance with the IOSCO Principles of Securities Reg-
ulation (Protection of the investors, ensuring that the
markets are fair, efficient and transparent and de-
creasing the systematic risk) and the 30 principles of
IOSCO. (The principles of IOSCO are divided into 8
groups i.e. principles regarding: 1) the regulator, 2)
self regulation, 3) enforcement, 4) regulatory cooper-
ation, 5) the issuers, 6) the collective investment
schemes, 7) the market intermediaries and 8) the
secondary markets. The Report was prepared on the
basis of a previously determined methodology of IO-
SCO for self-assesment3, (During 2002 and 2003 IO-
SCO prepared 8 questionnaires (according to the di-
vision of the principles into 8 groups) and asked each
of its members to fill in them by making a self-assess-
ment in 4 categories: fully implemented, partially im-
plemented, unimplemented and inapplicable princi-
ple), where the answers of MSEC to the question-
naires of IOSCO where being partially taken into con-
sideration. It is especially important that the report it-
self contains some suggestions both for the Securi-
ties and Exchange Commission and for the organiza-
tion itself about the functioning of the capital market
in the Republic of Macedonia with regard to its get-
ting closer to the principles and goals that IOSCO has
about which the Securities and Exchange Commis-
sion gave its opinion that they should be taken into
consideration when amending the corresponding
legislation.
2. The USAID’s Corporate Governance and
Company Law Project, which pays special atten-
tion to the introduction, promotion and application of
the corporate governance in Macedonian economy.
Within the framework of this activity, the OECD’s
White Paper on Corporate Governance, that contains
the basic principles of corporate governance, is of
great importance. Because of that, the White Paper
INTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATION
for corporate governance was promoted in the Re-
public of Macedonia in June, 2003, where the MSEC
appeared as both, publisher of the Macedonian edi-
tion of the White Paper and promoter of it, by doing
all this in cooperation with foreign and domestic ex-
perts engaged by the Project itself.
In the course 2003, the Commission collaborated
with this Project on continual basis through the two
coordinate bodies of the Project i.e. through the Cor-
porate Governance Council, whose member is the
Commission’s President, Ms.Vesna Pendovska,
Ph.D., and through the Body for Public Relations,
where MSEC has delegated its representative, as well.
In 2003, both of the bodies were engaged in inten-
sive promotion of the corporate governance in the
Republic of Macedonia by holding regular meetings,
organizing public tribunes and panel discussions,
participating in radio programmes etc.
3. The Project of the EAR (European Agency
for Reconstruction) for development of the
banking sector in the Republic of Macedonia,
that, upon Commission’s request in 2003, provides
the Commission with technical assistance for harmo-
nization of the Macedonian legislation concerning
capital market with the corresponding European Di-
rectives, as well as for preparation of other bylaws
that will derive from the Securities Law.
The Project itself consists of several components, of
which the first two are directly intended for the Secu-
rities and Exchange Commission, the Ministry of Fi-
nance and the National Bank of the Republic of Mac-
edonia, because they refer to the technical assistance
provided by experts on the Project for the implemen-
tation of the relevant European Directives in the cap-
ital market legislation of the Republic of Macedonia,
and preparation of draft-regulations deriving from the
current Securities Law.
Taking into consideration the further activities within
these components, technical assistance of the
Project would be used to the fullest extent in 2004
when drafting the new Securities Law, which will be
implementing the European Directives from this field,
and when preparing bylaws (regulations etc.) on the
basis of that law.
The activities of the EAR’s Project for Technical As-
sistance for Banking Sector Reform in the Republic
of Macedonia in 2003 were being monitored at regu-
lar monthly meetings of the Management Board of the
Project where the Commission has its representative.
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IOSCO (Me\unarodna
organizacija na komisiite
za hartii od vrednost)
Komisijata i vo 2003 godina prodol`i so aktiv-no u~estvo vo rabotata na IOSCO (Me\unarodnaorganizacija na komisiite za hartii od vred-nost), ~ij polnopraven ~len e od 1994 godina. Odedna strana, IOSCO za Komisijata pretstavuvaglobalna afirmacija na me\unaroden plan, a oddruga strana sloboden pristap za koristewe nabrojnite pogodnosti [to IOSCO im gi ovozmo`-uva na svoite ~lenki ~ii pazari na kapital sevo razvoj.
Aktivnostite na IOSCO , vo koi neposredno evklu~ena i na[ata Komisija, vo 2003 godina pov-torno bea vo nasoka na afirmacija na sé poin-tenzivnata sorabotka pome\u site nejzini ~len-ki, pri [to vlo`uvaa ponatamo[ni napori zaprivlekuvawe na [to pogolem broj nejzini ~len-ki za potpi[uvawe na multilateralniot Memo-randum za razmena na informacii (MoU) pome\uregulatorite na pazarot na kapital vo zemjite-~lenki na IOSCO, koj pak be[e promoviran mina-tata godina.
Isto taka, vo ramkite na na[ata aktivnost voIOSCO, i vo 2003 godina se prodol`i so odgova-raweto na razni pra[alnici koi proizleguvaatod rabotata na pooddelnite regionalni komite-ti na IOSCO.
Komisijata od objektivni pri~ini, vo 2003 go-dina ne u~estvuva[e na 28-mata godi[na konfe-rencija na IOSCO, koja se odr`a vo Seul-Koreja,no sepak, preku kontaktite i razmenata na in-formacii so drugite nejzini ~lenki, postojanobe[e vo tek so site slu~uvawa i aktivnosti naIOSCO vo tekot na 2003 godina.
Seminari
Pretstavnici na Komisijata vo 2003 godinaprisustvuvaa na nekolku sredbi i seminari naregulatorite na pazarot na kapital vo svetot itoa:
� maj 2003 godinaBudimpe[ta, Ungarija - Sovetuvawe za"Izgradba i razvoj na pazarot na dol`ni~kihartii od vrednost"
� septemvri 2003 godinaSolun, Grcija - Prva konferencija napazarite na kapital organizirana odSolunskiot berzanski centar
� septemvri 2003 godinaIgalo, Crna Gora- Seminar za "Propisi zabrokersko dilersko rabotewe naJugoisto~na Evropa" organiziran odKomisijata za hartii od vrednost na SAD ,USAID i crnogorskata KHV
Obuki
Osven na gorenavedenite seminari i sredbi,Komisijata vo 2003 godina u~estvuva[e so svoipretstavnici i na obuki, kako [to se:
� april - maj 2003 godinaVa[ington, SAD-Me\unaroden institut zarazvoj na pazarite na hartii od vrednost or-ganiziran od Komisijata za hartii od vred-nost na SAD
� noemvri 2002 godinaMadrid, {panija-obuka za implementacija nacelite i principite na IOSCO
� noemvri 2002 godinaQubqana, Slovenija-obuka za " " " " "NIS/CEE Tre-ning-programa za kontrola na pazarot na ka-pital" vo organizacija na amerikanskata islovene~kata KHV, USAID i FSVC
Komisijata vo 2003 godina odr`uva[e redovnikontakti so regulatorite na pazarite na hartiiod vrednost (komisiite) na zemji od Evropa isvetot, osobeno so onie od regionot, a osobenomo`e da se istakne sorabotkata so Solunskiotberzanski centar, koja zapo~na i intenzivnotrae od 2003 godina, pa navamu.
Kako rezultat na ovie sorabotki, vo tekot na2003 godina proizlegoa i na~elni pregovori sonekolku regulatori na pazarite na hartii odvrednost od regionot za potpi[uvawe na bila-teralni memorandumi za sorabotka so na[ataKomisija, kako [to se regulatorite na: Hrvat-ska, Bosna i Hercegovina, Republika Srpska, Sr-bija, Crna Gora, Bugarija, Turcija i Romanija.
Ovie pregovori o~ekuvame da dadat konkretenrezultat vo prvata polovina na 2004 godina, zakoga se planira i potpi[uvawe na memorandu-mite za sorabotka, osobeno so regulatorite naHrvatska, Bosna i Hercegovina, Bugarija, Turci-ja i Romanija.
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IOSCO (International
Organization of Securities and
Exchange Commissions)
In 2003 the Commission continued with its active par-
ticipation in the work of IOSCO, of which it is full
member since 1994. For the Commission, IOSCO of-
fers global affirmation at international level, as well as
provides free access for utilizing the advantages that
IOSCO offers to its members whose capital markets
are in the process of development.
The IOSCO activities in which our Commission is di-
rectly involved as well, in 2003, were directed to-
wards affirmation of the more intensive cooperation
between all its members, making further efforts to
attract greater number of its members to sign the
multilateral Memorandum of exchange of information
(MoU) between the capital market regulators in the
IOSCO members countries which was promoted last
year.
Furthermore, in 2003, within the framework of our
activity in IOSCO, continued the responding of vari-
ous questionnaires conferred in the IOSCO’s sepa-
rate regional committees.
Due to grounded reasons, the Commission did not
participate at the 28th Annual Conference of IOSCO,
that took place in Seoul, but through communication
and exchange of information with other members of
IOSCO, the Commission was constantly informed
about all the events and activities of IOSCO in the
course of 2003.
Seminars
In 2003, representatives of the Commission attended
several meetings and seminars of the capital market
regulators in the world, as follows:
� May, 2003
Budapest, Hungary – Conference on “Creation
and development of the debt securities market”
� September, 2003
Thessalonica, Greece - "The first International
Capital Markets Conference organized by the
Thessalonici Stock Exchange Center
� September, 2003
Igalo, Serbia and Montenegro – A seminar on
“Regulations for Broker-Dealer operations of
South-Eastern Europe” organized by the US Se-
curities and Exchange Commission and by the
Montenegrian Securities and Exchange Commis-
sion.
Trainings
Apart from the meetings and seminars mentioned
above, in the course of 2003 the Commission with its
own representatives took part of various trainings,
such as:
� April - May, 2003
Washington DC, USA, - International Institute of
Capital Markets Development organized by the
US Securities and Exchange Commission
� November, 2003
Madrid, Spain – Training on the Implementation
of IOSCO Principles and Objectives
� November, 2003
Ljubljana, Slovenia – NIS/CEE Enforcement and
Market Oversight Training Programme, organized
by the US Securities and Exchange Commission,
the Slovenian Capital Market Authority, the US
Agency for International Development and the Fi-
nancial Services Volunteer Corps
During 2003, the Commission maintained regular
contacts with the capital markets regulators (the com-
missions) of the European and other countries in the
world, particularly with countries from the region, of
which we can point out the cooperation with the
Thessalonica Stock Exchange Centre that began in
2003 and intensively lasts up to present.
Due to this cooperation established and maintained
during 2003, the Securities and Exchange Commis-
sion of the Republic of Macedonia made some gen-
eral negotiations with several securities markets reg-
ulators from the region for signing Memorandums of
Understanding on bilateral level, i.e. with securities
regulators from: Croatia, Bosnia and Herzegovina,
the Republic of Srbska, Serbia, Montenegro, Bulgar-
ia, Turkey and Romania.
We expect these negotiations will result in signing of
the Memorandums of Understanding in the first half
of 2004, when the signing of the memorandums is
scheduled to happen, especially with the regulators
from Croatia, Bosnia and Herzegovina, Bulgaria, Tur-
key and Romania.
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INTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATION
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Od seto gorenavedeno proizleguva deka golem broj
aktivnosti vo 2003 godina ostavija zna~aen beleg na
pazarot na kapital vo Republika Makedonija i deka
prodol`i tendencijata na ponatamo[en razvoj na
pazarot. Pritoa, podednakvo zna~ajni bea aktivnostite
na Komisijata za hartii od vrednost, no isto taka i
aktivnostite na ostanatite u~esnici na pazarot na
hartii od vrednost vo RM.
Komisijata za hartii od vrednost ne samo [to ima
regulativna, kontrolna i edukativna funkcija vo
odnos na pazarot na hartii od vrednost, tuku ima uloga
i na inicijator ili koordinator na golem broj drugi
aktivnosti, so [to go poddr`uva i ovozmo`uva
ponatamo[niot razvoj na site u~esnici na pazarot na
kapital.
Rezimirano, od slu~uvawata na pazarot na kapital vo
2003 godina, kako posebno zna~ajni momenti mo`e da
se izdvojat:
� zbogatuvaweto na pazarot na hartii od vrednost so
novi u~esnici;
� izmenuvaweto na Zakonot za hartii od vrednost vo
nasoka na zgolemuvawe na transparentnosta na
akcionerskite dru[tva so ~ii hartii od vrednost se
trguva na Makedonskata berza;
� sprovedena e prvata postapka na uspe[no pre-
zemawe na akcionersko dru[tvo, vo soglasnost so
Zakonot za prezemawe na akcionerskite dru[tva;
� odobrena e tretata emisija na akcii na FHL "Mer-
meren Kombinat" AD - Prilep, koja be[e nameneta
za poznat kupuva~ - Pireos bank od Atina, a istata,
vo forma na gr~ki sertifikat za depozit e
predmet na kotacija na Atinskata berza-pazarniot
segment vo Solun, so [to, posredno, akciite na ova
dru[tvo se prvi hartii od vrednost na edna make-
donska kompanija koi se prisutni na stranska
berza, a istovremeno i prv pazaren materijal od
vakov vid [to kotira na noviot pazar na Atinskata
berza lociran vo Solun, kreiran za kompanii od
Centralna i Jugoisto~na Evropa;
� organizirawe na prva obuka i prv ispit za vr[ewe
na raboti so hartii od vrednost vo samostojna
organizacija na Komisijata za hartii od vrednost
na Republika Makedonija i so licenci se steknaa
40 novi lica;
� promovirana e Belata kniga na OECD za korpo-
rativno upravuvawe, vo izdanie na Komisijata za
hartii od vrednost, kako i knigite: "Me\unaroden
zakon za hartii od vrednost" i "Tolkuvawe na
finansiskite izve[tai"; i dr.
Komisijata za hartii od vrednost pri izvr[uvawe na
svoite aktivnosti i pri definirawe na idnite nasoki
na razvoj sekoga[ pred sebe kako patokaz gi ima
zakonski utvrdenite odgovornosti na Komisijata za
zakonsko i efikasno funkcionirawe na pazarot na
hartii od vrednost i za za[tita na pravata na
investitorite, so cel postojano jaknewe na doverbata
na [irokata javnost vo instituciite na pazarot na
hartii od vrednost vo Republika Makedonija.
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Of all the previously stated it can be concluded that in
2003 plenty of activities marked the capital market in the
Republic of Macedonia and the tendency of further devel-
opment of the marked continued. Whereby, of equal im-
portance were the activities of the Securities and Ex-
change Commission and the activities of other partici-
pants on the securities market in the Republic of Macedo-
nia.
The Securities and Exchange Commission, apart from per-
forming its regulatory, supervisory and educational func-
tion on the capital market, is also an initiator and coordi-
nator of many other activities, thus supporting further
development of all participants on the capital market.
The most important events that occurred on the Macedo-
nian capital market in 2003 are:
� entrance of new participants on the market
� amending the Securities Law with respect to increas-
ing the transparency of the companies whose shares
are traded on the Macedonian Stock Exchange
� completion of the first successful takeover bid proce-
dure, according to the Takeover Law;
� the approved third issue of shares of FHL Mermeren
Kombinat Inc. Prilep intended for the known buyer –
Pireos Bank from Athens, which by virtue of Greek
certificates of deposit is subject to listing on the Thes-
salonica Market Segment of the Athens Stock Ex-
change. This is in some way, the first listing of shares
of a Macedonian company on a foreign Stock Ex-
change, and also first trading material of this kind,
listed on the new market segment of Athens Stock Ex-
change, located in Thessalonica, for trading in shares
of companies form South-Eastern Europe
� the first training and examination for dealing with se-
curities organized and conducted by the Securities
and Exchange Commission of the Republic of Macedo-
nia itself, whereby 40 persons obtained certificate for
dealing with securities
� promotion of the Macedonian edition of the “OECD
White Book on Corporate Governance” published by
the Commission, as well as promotion of the Macedo-
nian editions of “The International Securities Law”
and “The Interpretation of Financial Statements”.
While performing its activities as well as while determin-
ing its future prospects, the Commission assumes as
benchmark, its legal powers and authorizations for provid-
ing the legal and efficient functioning of the long-term
market, as well as for investors' rights protection, with
the aim of continual building up public trust in the institu-
tions on the market of long-term securities in the Repub-
lic of Macedonia.
* * *
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KOMISIJA ZA HARTII OD VREDNOSTBul. Sv. Kliment Ohridski br. 54, p.fah 859, Skopjetelefon: 3290-975, 3290-985, faks: 3114-199e-mail: [email protected]
web site: www.sec.gov.mk
PretsedatelProf. D-r Vesna Pendovska
^lenoviProf. D-r Goce PetreskiProf. D-r Vladimir FilipovskiIvan {terievSabaudin {asivariBorislav AtanasovskiVladimir Iliev
Direktor na Stru~na Slu`ba na KHVElena Jakimovska Petrovska
MAKEDONSKA BERZA NA DOLGORO^NI HARTII OD VREDNOST AD SKOPJEul. "Mito Haxi-Vasilev" br. 20 p.fah 852, Skopjetel. 3112-055, faks. 3112-069e-mail: [email protected]
web site: www.mse.org.mk
CENTRALEN DEPOZITAR ZA HARTII OD VREDNOST AD SKOPJEKompleks Banki bb, SkopjeZa akcii: 3299-809, 3299-802, 3299-815Za obvrznici: 3299-801Faks: 3227-781web site: www.cdhv.org.mk
KONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACII
1. "Bro-Dil" AD Skopjeul: "Partizanski odredi" br. 3, blok 11tel: 3118-670faks: 3118-670e-mail: bro-deal@ bro-deal.com.mk
www.bro-deal.com.mk
2. "Bitola Broker" AD Bitolaul: "Vasko Karangeleski" bbHotel Bitolatel. 047/258-830faks. 047/258-830
3. "Euro Broker" AD Skopjeul: "Veqko Vlahovi}" br. 1/2/21000 Skopjetel. 3215-198
4. "Komercijalna Banka"AD SkopjeDirekcija za trguvawe so hartii od vrednostKej "Dimitar Vlahov" br. 4tel. 3218-218, 3218-228, 3218-221faks. 3218-222e-mail: [email protected]
www.kb.com.mk
OVLASTENI U^ESNICI NA BERZATA
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SECURITIES AND EXCHANAGE COMMISSIONBld. St. Kliment Ohridski No. 54, P.O.Box 859
1000 Skopje, Republic of Macedonia
phones: ++ 389 2 3290-975, 3290-985, fax: ++ 389 2 3114-199
e-mail: [email protected]
web site: www.sec.gov.mk
PresidentVesna Pendovska, Ph.D
MembersGoce Petreski, Ph.D
Vladimir Filipovski, Ph.D
Ivan Steriev
Sabaudin Sasivari
Borislav Atanasovski
Vladimir Iliev
Director of StaffElena Jakimovska Petrovska
MACEDONIAN STOCK EXCHANGE, Inc.Mito Hadjivasilev Jasmin Street, No. 20, P.O. Box 852
1000 Skopje, Republic of Macedonia
phone: ++389 2 3112 055, fax: ++389 2 3112 069
E-mail: [email protected]
web site: www.mse.org.mk
CENTRAL SECURITIES DEPOSITARY Inc.Kompleks Banki bb
1000 Skopje, Republic of Macedonia
phone.: ++389 2 3299-809, 3299-802, 3299-815, 3299-801
fax.: ++389 2 3227-781
web site: www.cdhv.org.mk
AUTHORISED SECURITIES MARKET’S PARTICIPANTS:
3. "Euro Broker" Inc. SkopjeVeljko Vlahovic Str. No. 1/2/2,
tel. 3215-198
4. "Komercijalna Banka" Inc. SkopjeSecurities department
Kej Dimitar Vlahov Str. No. 4
tel. 3218-218, 3218-228, 3218-221
fax 3218-222
e-mail: [email protected]
www.kb.com.mk
CONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATION
1. "Bro-Dil" Inc. SkopjePartizanski Odredi Str. No..3, block 11
tel 3118-670
fax. 3118-670
e-mail: [email protected]
www.bro-deal.com.mk
2. "Bitola Broker" Inc. BitolaVasko Karangelevski Str. nn Hotel Bitola
tel. 047/258-830
fax. 047/258-830
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5. "Mak-Broker" AD Skopjeul: "Skopska" br. 9a, Skopjetel. 3116-213 (brokeri)tel. 3118-006 (direktor)faks. 3116-213e-mail: [email protected]
6. "Makos-Invest Broker"AD Skopjeul: "Mito Haxi-Vasilev" br. 20tel. 3110-290faks. 3110-290e-mail: [email protected]
7. "Ohridska Banka" AD Ohrid-Ekspozitura SkopjeOddel za rabota so dolgoro~ni hartiiod vrednostul: "Narodern front" br. 19tel. 3222-902faks. 3222-920e-mail: [email protected]
8. "Po[tel-Broker" AD Skopjeul: "Marks i Engels" br. 3tel. 3163-054faks. 3163-054e-mail: [email protected]
9. "Stopanska Banka" AD SkopjeDirekcija za rabota so dolgoro~ni hartiiod vrednostul: "11 Oktomvri" br. 7, GTC 1-vi kattel. 3295-135, 3295-549 (brokeri)tel. 3295-547, 3296-480 (direktor)faks. 3295-551e-mail: [email protected]
10. "Sileks Banka" AD SkopjeDirekcija za rabota so hartii od vrednostul: "Vasil Glavinov" br. 28/II
1000 Skopjetel. 3112-699faks. 3114-891e-mail: [email protected]
11. "Tutunska Broker" AD Skopjeul: "Dame Gruev" br. 14tel. 3133-464faks. 3133-464e-mail: [email protected]
12. "Teteks-Kreditna Banka"AD-filijala BitolaDirekcija za rabota so dolgoro~ni hartiiod vrednostul: "Mar[al Tito" br. 167000 Bitolatel. 047/203-691, 226-360faks. 047/203-692e-mail: [email protected]
13. "Univerzalna InvesticionaBanka" AD SkopjeDirekcija za rabota so hartii od vrednostul: "Dame Gruev" br. 7-4/7, Skopjetel. 3210-910, 3210-912faks. 3210-950e-mail: [email protected]
14. "Fer[ped Broker" AD Skopjeul: "Veqko Vlahovi]" br. 11, Skopjetel. 3219-219, 3219-210tel. 3219-211, 3219-212faks. 3219-222, 3219-213e-mail: [email protected]
MINISTERSTVO ZA FINANSII NA RMul. Dame Gruev br. 14, Skopjetel. 3117-288, faks: 3117-280web site: www.finance.gov.mk
NARODNA BANKA NA RMKompleks banki bb, Skopjetel. 3108-108web site: www.nbrm.gov.mk
ME|UNARODNA ORGANIZACIJA NA KOMISIITE ZA HARTII OD VREDNOST (IOSCO)www.iosco.org
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5. "Mak Broker" Inc. SkopjeSkopska Str. No. 9_
tel. 3116-213 (brokers)
tel. 3118-006 (director)
fax. 3116-213
e-mail: [email protected]
6. "Makos Invest Broker" Inc. SkopjeMito HaziVasilev Str. No. 20
tel. 3110-290
fax. 3110-290
e-mail: [email protected]
7. " Ohridska Banka " Inc. Ohrid-branceoffice in SkopjeSecurities department
Naroden Front Str. No.19
tel. 3222-902
fax. 3222-920
e-mail: [email protected]
8. "Postel Broker" Inc. SkopjeMarks&Engels Str. No. 3
tel. 3163-054
fax. 3163-054
email: [email protected]
9. "Stopanska Banka" Inc. SkopjeSecurities department
11 Oktomvri Str. No. 7, 1st floor
tel. 3295-135, 3295-549 (brokers)
tel. 3295-547, 3296-480 (director)
fax. 3295-551
e-mail: [email protected]
10. "Sileks Banka” Inc. SkopjeSecurities department
Vasil Glavinov Str. No.28/II
tel. 3112-699
fax. 3114-891
e-mail: [email protected]
11. "TutinskaBroker" Inc. SkopjeDame Gruev Str. No. 14
tel. 3133-464
fax. 3133-464
e-mail: [email protected]
12. "Teteks-Kreditna Banka" Inc. Skopje–brance office in BitolaSecurities department
Marsal Tito Str. No.16--Bitola
tel. 047/203-691, 226-360
fax. 047/203-692
e-mail: [email protected]
13. “Univerzalna Investiciona Banka”Inc. SkopjeSecurities department
Dame Gruev Str. No.7-4/7
tel. 3210-910, 3210-911, 3210-912
fax. 3210-950
e-mail: [email protected]
14. "Fersped Broker" Inc. SkopjeVeljo Vlahovic Str. No. 11
tel. 3219-219, 3219-210, 3219-211, 3219-212
fax. 3219-222, 3219-213
e-mail: [email protected]
MINISTRY OF FINANCE OF THE REPUBLIC OF MACEDONIADame Gruev Street No. 14
1000 Skopje, Republic of Macedonia
phone: ++ 389 2 3117-288, faks: ++ 389 2 3117-280
web site: www.finance.gov.mk
NATIONAL BANK OF THE REPUBLIC OF MACEDONIAKompleks banki bb
1000 Skopje, Republic of Macedonia
phone: ++ 389 2 3108-108
web site: www.nbrm.gov.mk
INTERNATIONAL ORGANISATION OF SECURITIES COMMISSIONS (IOSCO)www.iosco.org
CONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATIONCONTACT INFORMATION
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IMPRESUMIMPRESUMIMPRESUMIMPRESUMIMPRESUM
KOMISIJA ZA HARTII OD VREDNOSTBul. Sv. Kliment Ohridski br. 54, p.fah 859, Skopjetelefon: 3290-975, 3290-985, faks: 3114-199e-mail: [email protected]
web site: www.sec.gov.mk
Dizajn, podgotovka za pe~at i pe~atNAM, Skopjee-mail: [email protected]
© CopyrightKomisija za hartii od vrednost
avgust, 2004
IMPRESSUMIMPRESSUMIMPRESSUMIMPRESSUMIMPRESSUM
SECURITIES AND EXCHANAGE COMMISSIONBld. St. Kliment Ohridski No. 54, P.O.Box 859
1000 Skopje, Republic of Macedonia
phones: ++ 389 2 3290-975, 3290-985, fax: ++ 389 2 3114-199
e-mail: [email protected]
web site: www.sec.gov.mk
Design, prepress and printNAM, Skopje
e-mail: [email protected]
© CopyrightSecurities and Exchange Commision
August, 2004
Izve[tajot e izgotven soglasno ~len 163 stav 2 od zakonot za hartii od vrednost(Slu`ben vesnik na RM br. 63/2000, 103/2000, 34/2001, 4/2002 i 37/2002)
i za negovo izgotvuvawe Komisijata za hartii od vrednost koriste[e podatoci odsopstvenata evidencija
This Report was written in compliance with Article 163, paragraph 2 of the Securities Law
(Official gazete of RM No. 63/2000, 103/2000, 34/2001, 4/2002 and 37/2002)
and for its preparation the Securities and Exchange Commision used data from its own database