In order to fully comply with the EU regulations in the financial services segment covered by Chapter 9, Serbia should amend the laws on the capital market and investment funds and adopt a completely new law on alternative investment funds – said Serbian Deputy Minister of Finance, Aleksandar Janjusevic.
Serbia is due to start negotiations with the EU about Chapter 9 in June this year. Janjusevic told the media at the briefing called “On the Road to the EU – Chapter 9”, organized by the EU Info Centre and the Legal Support Negotiations (PLAC II) project, that the Law on Capital Market would be amended in the segment on the financial instruments and the protection of participants in the financial market.
Simultaneously, the new law on alternative investment funds, such as entrepreneurial and similar funds, which Serbia does not have as yet, should provide the basis or establishing such funds, regulate the issuance of licenses, their business methods, and the like.
Chapter 9 is one of the three chapters, along with Chapter 13 on fisheries and 33 on financial and budgetary provisions, which Serbia should open during the negotiations on EU membership in June.
Chapter 9 applies to banks, capital markets, investment funds and financial system infrastructure which are all intertwined and increasingly internationalized and digitized.
The objectives of the regulation adopted under Chapter 9 are financial stability, consumer protection and the creation of a single European financial market. By harmonizing its legislation in the field of financial services with the EU Acquis, Serbia will contribute to the stability of its financial system, improving the position of market participants and users of services, protecting consumers, as well as having a diversified offer of services in the financial market.
Head of the European Integration Sector at the EU Delegation to Serbia, Radica Nusdorfer, pointed out at the meeting that Chapter 9 includes complex issues that do not attract much political and media attention, which are aimed at the safety and efficiency of the financial system for the benefit of citizens, businessmen and investors.
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