Q:
A:
Continued reform of financial sector to be in line with EU regulations
Belgrade,
7 December 2005
Serbian Assistant Minister of Finance Goran Andjelic announced today that the government will discuss the draft law on amendments to the Law on the securities market and other financial instruments, and the draft law on takeover of joint-stock companies at its session tomorrow.
Andjelic told a press conference that the adoption of these systemic legal solutions proposed by the government's finances committee will round off legislation regulating the financial market.
He added that these drafts were positively evaluated by World Bank consultants and pointed out that the amendments to the Law on the securities market and other financial instruments have been harmonised with the EU directives, international standards and the provisions of the new Law on companies.
In the existing Law on the securities market, the takeover is regulated with a series of provisions, but guided by EU practice, a decision has been made to write a separate law on the takeover of joint-stock companies, Andjelic explained.
He said that the main purpose of this law is the regulation of conditions and biddings for taking over joint-stock companies, and the rights and obligations of participants in this process with the aim of protecting small shareholders.
The law will be applied to joint-stock companies whose shares are traded on an organised securities market, bearing in mind that the joint-stock companies whose shares hadn't been traded on an organised securities market three months before the announcement of the intention of takeover cannot be subject to takeover, the Assistant Finance Minister said.
He said that the major new aspect of this law is that the biddings for the takeover must be done publicly and addressed to all shareholders.
He added that these drafts were positively evaluated by World Bank consultants and pointed out that the amendments to the Law on the securities market and other financial instruments have been harmonised with the EU directives, international standards and the provisions of the new Law on companies.
In the existing Law on the securities market, the takeover is regulated with a series of provisions, but guided by EU practice, a decision has been made to write a separate law on the takeover of joint-stock companies, Andjelic explained.
He said that the main purpose of this law is the regulation of conditions and biddings for taking over joint-stock companies, and the rights and obligations of participants in this process with the aim of protecting small shareholders.
The law will be applied to joint-stock companies whose shares are traded on an organised securities market, bearing in mind that the joint-stock companies whose shares hadn't been traded on an organised securities market three months before the announcement of the intention of takeover cannot be subject to takeover, the Assistant Finance Minister said.
He said that the major new aspect of this law is that the biddings for the takeover must be done publicly and addressed to all shareholders.
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