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TERMS OF REFERENCE OF THE WORKING GROUP ON BANKING AND FINANCE

 Pursuant to Article 4 and 12 of the BSEC Charter, the Working Group on Banking and Finance is a BSEC Subsidiary Organ and shall carry out its activities in accordance with the following Terms of Reference (ToR) :

SPECIFIC PROVISIONS*

1. PURPOSES/GENERAL OBJECTIVES:

The purposes/general objectives of the Working Group are:
a) Encouraging the promotion of a closer and more beneficial cooperation among the BSEC Member States in the field of banking and finance.
b) Initiating joint actions for the cooperation in this field.
c) Expanding, where possible, dialogue on issues related to banking and financial sector regulations, supervision and exchange of information among the BSEC Member States.
d) Developing a strategy of securing financial resources for the BSEC projects and programs.
e) Reviewing periodically the situation regarding the creation of BSEC special funds and their further utilization.
f) Exploring opportunities for regional cooperation and coordination in combating crime in banking and financial services, including elaboration of appropriate mechanisms of interaction and coordination of the BSEC Member States in the area of combating organized crime in banking and finance spheres, money laundering, etc.
g) Making good use by the BSEC Member States of the Modalities for the BSEC – Black Sea Trade and Development Bank (BSTDB) Interaction and existing frameworks with regard to the other International Financial Institutions active in the BSEC Region.
h) Creating an appropriate mechanism of interaction between the BSEC and the BSTDB.
i) Seeking cooperation and support from national institutes and other relevant international bodies in order to provide training of personnel on good practices and evolving standards in the field of banking and finance, through thematic workshops and seminars.
j) Considering the possibility of founding a union/association of the banks and finance institutions of the BSEC Member States.
k) Studying the possibility of developing, in collaboration with interested banks and financial institutions in the BSEC Member States, a sub-regional/regional capital market.
l) Policy dialogue in the field of banking and finance and coordinating policy implementation.
m) Ways and means of developing collaboration between public authorities and private sector institutions.

2. MANDATE/TASKS:

The mandate of the Working Group is to:
a) carry out the task defined by the Council in this ToR, as well as in the other resolutions, decisions and recomendations of the Council related to its activities;
b) draw up the cooperation projects and joint projects as well as pursue implementation of such projects/activities in the area of its competence;
c) aprove the priority areas for PDF funding of projects in the field of banking and finance;
d) consider the  reports of its subordinated bodies and decide accordingly;
e) consider and approve the final documents (reports, conclusions, recommendations, summary of the proceedings etc) of the other BSEC events (seminars, workshops, symposia, conferences) or, whenever necessary, submit to the CSO together with the relevant draft decisions;
f) submit to the Council reports on the progress of its activities, as well as relevant recommendations.

3. RELEVANT EVENTS:

3.1 The Working Group will convene periodically and in rotation meetings among banks and finance institutions from the BSEC Member States where representatives may familiarize themselves with the state of national economies on macro scale and future trends therein. The objective of this exercise is to seek business and other investment opportunities, individually or as joint enterprises.

3.2 The Working Group will invite on a regular basis representatives from the banking community of the BSEC Member States to its meetings and thus create a durable interaction and cooperation between the BSEC programs/activities/projects and the national banking and finance institutions.

3.3 The final documents (reports, conclusions, recommendations, summary of the proceedings etc) of the other BSEC events (seminars, workshops, symposia, conferences) relevant for the regional cooperation in the field of banking and finance shall be submitted for consideration and approval to the Working Group on Banking and Finance and the CSO.

*The "Sepcific Provisions" of the Terms of Reference have to be read in conjunction with the "General Provisions".