khv godisen izv 2003-5

ANNUALANNUALANNUALANNUALANNUAL REPORTREPORTREPORTREPORTREPORT

SECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSIONSECURITIES AND EXCHANGE COMMISSION

20

03

1

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

20

03

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 UÊSNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICI:KONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICI: 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



20

03

3

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



20

03

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 moème 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 zabeleà 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 zabeleàni 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, prodolì daja vr[i i ulogata na inicijator ili koordina-tor na golem broj drugi aktivnosti, so [to gopoddrùva i ovozmoùva 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 prodolùva 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 podleàt 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 zabeleàni 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



20

03

5

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-



20

03

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 gopoloìja 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 ovozmoì 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 moàt 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 ovozmoì 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



20

03

7

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



20

03

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 odrànivkupno 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



20

03

9

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



20

03

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 predloèni 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 prodolènie, 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 moè da bide imenuvano lice koe giispolnuva slednive uslovi:

� da e dràvjanin 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 dràvenorgan.

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 koipodleàt 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 moè 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 dràven 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

1



20

03

11

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



20

03

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 ovozmoì Berzata da moè da obezbeduvauslovi za povrzuvawe na ponudata i pobaruva~-kata i na dràvnite kratkoro~ni hartii odvrednost, kako i prodolùvawe na obvrskata zakotacija na, sega ve]e utvrdeniot instituciona-liziran pazar na Berzata, koja vaì 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 sodrìna na mese~niot izve[tajza raboteweto na Centralniot depozitar zahartii od vrednost koj se dostavuva vo Komi-sijata za hartii od vrednost;

� Upatstvo za sodrìna 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.

ZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVAZAKONSKA I PODZAKONSKA REGULATIVA

2



20

03

13

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


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



20

03

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 moàt da izvr[at procenka na site as-pekti od vloùvaweto 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 moàt 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 moè da donese delovna odluka za op-ravdanosta od vloùvaweto 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.

IZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLIIZDAVAWE NA ODOBRENIJA I DOZVOLI

1



20

03

15

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.



20

03

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, sepokaàlo deka na pazarot na kapital vo Repub-lika Makedonija akcionerskite dru[tva pote[-ko moàt 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 moè 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 moè da se realizira), a ~estopa-ti ja koristat i zakonskata mo`nost za prodol-ùvawe 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.




20

03

17


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.




20

03

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 moàt 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 angaì-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 angaìrawe na slobodnitefinansiki resursi na naselenieto ne e ~es-to prisutna;

� nivoto na akumulacija na pari~ni sredstvakaj naselenieto e relativno nisko, zaradi[to ne moè 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 zabeleàno 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-dolènie se dadeni podatocite za brojot ivrednosniot obem na izdadenite re[enija zaodobruvawe na emisii na hartii od vrednost pogodini:




20

03

19

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:




20

03


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



20

03

21

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




20

03

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


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 prikaàn vo Gra-fikon 3.



20

03

23

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.


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



20

03

Kako konkretni pri~ini za zgolemuvaweto na ak-cionerskiot kapital na stopanskite subjekti vo2003 godina moàt 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 prikaàn vo Grafikonot 4.




20

03

25

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.




20

03

{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.


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)



20

03

27

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


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)



20

03

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-leàna 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).




20

03

29

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).




20

03

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 sedolì 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 dràvata. So ogled na faktot [to iz-dava~ na ovie obvrznici e Republika Makedoni-ja, nivnoto izdavawe ne podleì 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 dolì 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 moàt 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




20

03

31

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


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.


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




20

03

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 predloè-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 predloènite 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 moàt da dadatnova ponuda za otkup vo rok od edna godina oddenot na otkaùvaweto 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-ùvaweto 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 otkaùvaweto na na-merata za davawe ponuda za otkup.

3




20

03

33

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.

3




20

03

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 odràn vo dekemvri 2003 go-dina e prviot ispit samostojno sproveden odstrana na Komisijata za hartii od vrednost naRepublika Makedonija.

Predava~ite koi gi drèa 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 odrùvawe na u[te dve samostoj-no organizirani obuki.

4




20

03

35

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.

4




20

03

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 vaè~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 moè 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 dràvnite 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



20

03

37

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).



20

03

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 dràvnite 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 dràvnite 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 dràvata 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 dràvata, 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 dràvnata 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.




20

03

39

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.




20

03

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 zabeleà 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 zabeleàna 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.


2



20

03

41

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.


2



20

03

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;


� "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.



20

03

43

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


� ‘Broker SB’ Inc. Skopje with 10.2 % share in the


� ‘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


� ‘Bitola Broker’ Inc. Bitola with 4.5% share in the


� Balkanska Banka Inc. Skopje with 2.4% share in


� Sileks Banka Inc. Skopje with 1.4% share in the


� ‘Poshtel Broker’ Inc. Skopje with 0.4% share in


� Ohridska Banka Inc. Ohrid with 0.21% share in


� Teteks Kreditna Banka Inc. Skopje with 0.1%

share in the total number of transactions.




20

03

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 UÊSNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICIKONTROLA NA PAZAROT NA KAPITAL I NEGOVITE UÊSNICI

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



20

03

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



20

03

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 iskaàniot 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 iskaàni 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 drà-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 iskaà-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 dràvni 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.




20

03

47

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.


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.




20

03

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.




20

03

49

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.




20

03

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 prodolùvawe 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

1 2



20

03

51

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



20

03

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 odrùvawe,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.



20

03

53

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.



20

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 ODANOÛVAWE 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




20

03

55

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


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



20

03

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 vloùva~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


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



20

03

57

STATEMENT ON CHANGES IN CAPITAL AND RESERVES


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


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



20

03

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 sodrì odredeni preporaki,kako za Komisijata za hartii od vrednost, takai za samata organizacija i funkcionirawe napazarot na kapital vo Republika Makedonija voodnos na pribliùvawe 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 sodràni 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 angaìrani 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 odrùvawe 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



20

03

59

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.



20

03

IOSCO (Me\unarodna

organizacija na komisiite

za hartii od vrednost)

Komisijata i vo 2003 godina prodolì 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 vloùvaa 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 prodolì 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 odrà 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 odrùva[e redovnikontakti so regulatorite na pazarite na hartiiod vrednost (komisiite) na zemji od Evropa isvetot, osobeno so onie od regionot, a osobenomoè 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.

1

2

ME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKAME|UNARODNA SORABOTKA

3



20

03

61

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.

1

2

INTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATIONINTERNATIONAL COOPERATION

3



20

03

Od seto gorenavedeno proizleguva deka golem broj

aktivnosti vo 2003 godina ostavija zna~aen beleg na

pazarot na kapital vo Republika Makedonija i deka

prodolì 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 poddrùva i ovozmoùva

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 moè 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.

* * *



20

03

63

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.

* * *



20

03

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 UÊSNICI NA BERZATA



20

03

65

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]


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


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


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


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


www.bro-deal.com.mk

2. "Bitola Broker" Inc. BitolaVasko Karangelevski Str. nn Hotel Bitola

tel. 047/258-830

fax. 047/258-830



20

03

KONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACIIKONTAKTNI INFORMACII

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



20

03

67

5. "Mak Broker" Inc. SkopjeSkopska Str. No. 9_

tel. 3116-213 (brokers)

tel. 3118-006 (director)

fax. 3116-213


6. "Makos Invest Broker" Inc. SkopjeMito HaziVasilev Str. No. 20

tel. 3110-290

fax. 3110-290


7. " Ohridska Banka " Inc. Ohrid-branceoffice in SkopjeSecurities department

Naroden Front Str. No.19

tel. 3222-902

fax. 3222-920


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


10. "Sileks Banka” Inc. SkopjeSecurities department

Vasil Glavinov Str. No.28/II

tel. 3112-699

fax. 3114-891


11. "TutinskaBroker" Inc. SkopjeDame Gruev Str. No. 14

tel. 3133-464

fax. 3133-464


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


13. “Univerzalna Investiciona Banka”Inc. SkopjeSecurities department

Dame Gruev Str. No.7-4/7

tel. 3210-910, 3210-911, 3210-912

fax. 3210-950


14. "Fersped Broker" Inc. SkopjeVeljo Vlahovic Str. No. 11

tel. 3219-219, 3219-210, 3219-211, 3219-212

fax. 3219-222, 3219-213


MINISTRY OF FINANCE OF THE REPUBLIC OF MACEDONIADame Gruev Street No. 14


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


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



20

03

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]


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


phones: ++ 389 2 3290-975, 3290-985, fax: ++ 389 2 3114-199



Design, prepress and printNAM, Skopje


© 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

Documents

khv godisen izv 2003-5