Τhomson Reuters Regulatory Intelligence: Securities & Banking
(Contribution by Jelena Pejovic and Suzana Pavlovic, Attorneys at Law in Rokas Belgrade, published in Thomson Reuters, Regulatory Intelligence, Country update – Serbia: Securities & Banking, March 2024).
INTRODUCTION
Having undergone a significant transformation in the past few decades, Serbia is now widely recognised as an attractive destination
for investment opportunities, both for domestic and foreign investors. This article provides a general overview of the current state of the
Serbian securities and banking sector, through a regulatory framework.
I SECURITIES
Overview
The capital market in the Republic of Serbia has transitioned from the limitations of socialism to the dynamics of a modern trading
market. Namely, as of the late 20th century, the country went through an economic restructuring, implementing a series of reforms
aimed to release from its centrally planned economy and develop its capital market.
Today, the regulation and oversight of securities in the Republic of Serbia are managed by several key entities, each with specific
responsibilities aimed at ensuring the integrity and efficiency of the capital market. Serbia’s capital market is primarily regulated by
the Capital Market Act (which adoption was preceded by the adoption of a Strategy for Capital Markets Development for the period
2021-2026), and related by-laws, while the main regulatory authority in this domain is the Securities Commission of the Republic of
Serbia.
Besides the Securities Commission, other entities that play a role in Serbia’s capital market are the Belgrade Stock Exchange and
the Central Securities, Depository and Clearing House. The following section outlines the key regulators and provisions from the most
significant laws pertinent to the securities domain in the Republic of Serbia.
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