| SSE Initiative

Name	Macedonian Stock Exchange
Country	North Macedonia
Number of listed companies	368
Domestic market capitalization	32,470 million US$
SSE Partner Exchange	Yes
Has annual sustainability report	No
ESG reporting required as a listing rule	No
Has written guidance on ESG reporting	Yes MSE - ESG reporting guidelines
Offers ESG related training	No
Market covered by sustainability-related index	No
Has sustainability bond listing segment	No
Has SME listing platform	Yes Within the official market of the MSE, there are special sub segments for listing of small joint stock companies.
Women on boards mandatory minimum rule	No
Additional information
Organizational model of stock exchange	The MSE is organized as a joint-stock company, governed by a Board of Directors composed of one executive member, Chief Executive Director - and seven non-executive directors (one-tier management system), operating on a for profit basis. MSE is not listed on the Official Listing tier, although its shares are traded on the Free Market sub-segment of its Regular Market.
Regulatory bodies	Securities and Exchange Commission of the Republic of Macedonia (SEC)
Regulatory model	SEC's supervision authority legally prescribes SRO functions for the MSE (limited SRO) The SEC is the primary regulatory authority for the capital market in Macedonia. The SEC regulates, supervises and monitors enforcement of the Law on Capital Market, Takeover Law and Law on Investment Funds. The SEC's main responsibilities in regulating the stock exchange operations are to supervise the legality of the stock exchange organization and proper conduct of stock exchange trading, operations and membership. Rules of the MSE that regulate membership, trading, listing and business conduct are subject to the SEC's approval, hence the limited self-regulatory powers of the Macedonian Stock Exchange. The SRO status of the MSE is regulated in the Law on Securities, art. 82, which stipulates that MSE as a self-regulatory organization adopted conduct rules for its members regarding implementation of the MSE's regulations and the Law on Securities. Under the positive legislation, MSE determines listing criteria for the companies in its listing rules, although this concept will be changed once the MIFID II is introduced into domestic legislation.
About the stock exchange	Location: Skopje, former Yugoslav Republic of Macedonia Macedonian stock exchange was founded in 1995. On September 13 the inaugural meeting of the MSE took place. This is the official date of the establishment of the first organized securities exchange in the history of the Republic of Macedonia considering that the country had never before had a stock exchange. The total number of initial founders of the MSE was 19 (13 banks. 3 insurance companies and 3 savings houses). These founders simultaneously became the first exchange members with right to trade securities. MSE started trading on March 28, 1996. Today, MSE is a modern and regulated market operator which operates the only securities exchange in the country. Currently, MSE has 11 members (4 brokerage houses and 7 banks). It organizes trading in financial instruments in a fair, efficient and transparent manner. Additional services include data vending, index development and specialized educational seminars and training courses.