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Serbia's National Bank (Amendment) Act (Official Gazette of the Republic of Serbia, no. 76/12) established the Financial Institutions Supervisory Authority [Uprava za nadzor nad finansijskim institucijama] (“FISA”). The FISA is designated as a specialised regulatory unit within the National Bank (i.e. Serbia's central bank) with responsibility for and corresponding powers to supervise certain financial services and their providers in Serbia.
Belgrade Stock Exchange
On 7 May 2012 new Belgrade Stock Exchange bylaws came into force. The new rules were adopted in order to align the operation of the Belgrade Stock Exchange ("Belex") with the Capital Markets Act [Zakon o tržištu kapitala] ("CMA") and the Companies Act [Zakon o privrednim društvima] ("CA"). All principal Belex governing acts have been either superseded or amended, and the following adopted:
Although the Office for Competition and Consumer Protection (OCCP) states that there shall be no mercy for competition law offenders, recidivists will be granted
The proposed future banking regulatory liquidity framework is widely regarded as favouring corporate bond issues as compared to corporate lending. The reasons for this are explained by Walter Gapp in his article in this roadmap.
After a few months of public debate, the new Insolvency Law1 has finally seen daylight in Serbis. The law was adopted in December 2009, and is effective since the end of January 2010. This has been such a major leap forward in protecting creditors and "cleaning" the business space in Serbia from heavily indebted companies. The law is generally based on the UNITRAL rules pertaining to insolvency, which have also been introduced by many countries in the region.