(Contribution by Aleksandar Mladenovic, Attorney at Law in Serbia (Mladenovic & Stankovic in cooperation with Rokas), published in Thomson Reuters, Regulatory Intelligence, Country update – Serbia: Securities & Banking, Feb 2023)



Securities — regulators
Securities Commission
Primary regulator in the area of securities is the Securities Commission, which is entrusted with safeguarding the orderly functioning of
the securities market, enhancing investor protection and ensuring integrity, efficiency and transparency of the market and overseeing
the application of the regulations in this area including the Capital Markets Act (Official Gazette of RS, No. 129/2021) (hereinafter
Capital Markets Act or Act), Act on Takeover of Joint Stock Companies (Official Gazette of RS, No. 46/2006, 107/2009, 99/2011 and
108/2016),the Law on Open Investment Funds with Public Offers (Official Gazette of RS, No 73/2019) and Law on Digital Assets
(Official Gazette of RS, No 153/2020) .
Belgrade Stock Exchange
The activities of the market operator are entrusted to Belgrade Stock Exchange which exercises its competencies in relation to the
regulated markets and multilateral trading platform (MTP). In addition the activities of MTP operator can be performed by a broker-
dealer company or a Stock Exchange with a license from the Securities Commission.
Central Registry and Clearing House
Central Registry and Clearing House is in charge of the keeping of a registry of financial instruments, performing clearing and
settlement operations on the basis of transactions with financial instruments and registration of rights of third parties attached to
financial instruments or the transfer thereof.

Securities legislation
The main statute governing the securities regulation is the Capital Markets Act which entered into force on January 5, 2022, but started
to apply with a one year delay i.e., from January 6, 2023.
The aim of the Act is to make the domestic market safer, more diversified, more transparent and more attractive for investors and to
expand the offer of quality financial instruments, as well as to make clear the conditions for access and trading on the domestic market.
The Act further aligns domestic regulation with the EU acquis on financial instruments (MiFID I and II), prospectus form and
transparency, compensation schemes, settlement of securities and sanctioning of market abuse and also introduces novelties
concerning: (i) dematerialized securities (ii) operations of authorised market participant to perform transactions with financial
instruments, (iii) conditions and forms of organized trading, (iv) increase of transparency through introduction of data reporting services
provider, (v) improvement of the quality of services provided by investment services providers, (vi) regulation of new trading platforms
(vii) greater authorities and supervisory powers of the Securities Commission.

Prospectus regulation
The Act sets the basic principles and rules on the prospectus compilation, approval and publishing during the public offering of
securities or on occasion inclusion in trading on the regulated market

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