Within the framework of its mandate, the NBG has approved the guideline for holding public consultations with the sector and stakeholders in developing legal acts.

 

The NBG has extensive practice of holding public consultations with the sector and stakeholders in the process of developing legislative documents, however, the guideline will help to formalize the process and bring it closer to the best international practices, granting the NBG even more transparency in policy development and implementation.

 

The guideline details the process and timelines for conducting consultations. As mentioned, the public consultation process becomes even more transparent: if a document developed by the NBG leads to a material change in the active policy or will have a significant impact on the sector and community concerned, draft legal acts and the opinions provided to the NBG by the stakeholders will be published on the NBG website together with the NBG's response summary document to the submitted views and comments.

 

When publishing a draft legal act, the NBG may also attach to the draft a list of specific topics and questions on which public opinion is particularly interesting.

 

An important update is that the minimum period for public consultations has been defined. According to the guideline, the sector and the public are given at least 7 working days to present their opinions.

 

It should be noted that this document is part of the NBG's internal guidelines for policy development and implementation. The NBG worked on the paper under the guidance of the best international practices, including the standards and practices of the European Banking Authority (EBA) and the Central Bank of England.

 

The guideline for holding public consultations with the sector and stakeholders was developed with the involvement of the sector and incorporates their views.

 

The guideline (with appendices) is available on the NBG website.