The Decisions adopted by the Governing Board on the occasion of its 306th regular meeting on 24 February 2005

Decisions adopted by the Governing Board on the occasion of its 306th regular meeting:

1. In its 306th session, the Governing Board of the Bank of Slovenia inter alia adopted the Minimum Requirements for Dealing in Banks and other services related thereto. The Minimum Requirements will take effect on 1 January, 2006, replacing the Recommendations for the Execution of Dealing in Banks, which were issued in 1997. Banks must built the aforementioned Minimum Requirements in work processes, since they primarily aim at deferring accountability in dealing in securities, in particular deferring accountability between the Dealing Room and Middle Office. In addition to the guidelines of the procedures for risk management, the Minimum Requirements also stipulate the duties of banks´ Management Boards, Supervisory Boards and Offices of Internal Audit. The document also sets out requirements for launching new products in entering new markets.
   
   Deviation from and non-compliance with the Minimum Requirements will be dealt with by the Bank of Slovenia in the procedures of supervision as a violation of adequate measures taken for the purpose of risk management, stipulated in the Banking Act. They will simultaneously present a starting point for assessing present processes in banks in giving licence as well. The Minimum Requirements introduce the principles according to which banks should set up a system of internal controls and risk management in the field of trading in securities.