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The Government of the Republic of Serbia

In the service of citizens

Adoption of four laws will allow further development of financial market in Serbia

Belgrade, 10 May 2006

Serbian Assistant Minister of Finance Goran Andjelic said today that adoption of the Bill on accounting and auditing, on securities, on investment funds and on the takeover of joint-stock companies will roundup the entire institutional regulative in the area of regulating the financial market.

Goran Andjelic at today's press conference

Speaking at a press conference Andjelic said that these four laws, together with the already adopted Law on Voluntary Pension Insurance and pension plans and the set of laws which regulate the banking sector, insurance societies, deposit insurance, bankruptcy and liquidation of banks and insurance societies, has allowed the creation of healthy, mature and good institutional bases for further development of the financial market in Serbia.

He said that exhaustive work was done on the preparation of these laws; they have passed through a public debate and are completely in line with European directives.

Speaking on the novelties introduced by these laws, he said that the Securities Commission will get more authority and the shareholders will be better protected, and all participants in the financial market will go through a strict assessment by the Securities Commission.

According to Andjelic, the election of new members for the Securities Commission is not envisaged, and the commission will carry on working with the current members, but in line with new laws.

He said that a transitional period of six months is envisaged for the implementation of the Law on securities and the Law on investment funds, while the implementation of the Law on takeover of joint-stock companies will begin one month after its adoption.

He recalled that the area of takeover of joint-stock companies was regulated until now by the existing market law, but on the basis of the experience of other countries it has been decided that this area should be regulated independently.