THE EFFECTS OF INCORPORATING THE EU REGULATION IN THE SERBIAN LEGISLATION ON INVESTORS' PROTECTION

Snežana R Stojanović, Danijela Milić

Abstract


The paper deals with the securities market in the Republic of Serbia and the protection of investors participating in this market, in accordance with EU standards. The development of the capital market and its transformation by incorporating the provisions of EU legislation into Serbian law is observed. Prior to the adoption of the new Capital Market Law, the existing legislation did not specifically regulate the protection of property investment intermediaries’ clients: in case of property fraud, clients of investment companies and investors could get the right to restitution only in court, dealing with the burden of additional costs. The result was that investors gave up investing, which negatively affected the development of the capital market in the Republic of Serbia. To prevent such a praxis, the Republic of Serbia incorporate the EU regulation aiming to establish the system of investors' protection in case of negligent business of investment companies and without additional costs for the clients themselves. This also fulfills the obligation that Serbia has undertaken by signing the Stabilization and Association Agreement with the EU: to harmonize domestic legislation with EU legislation and standards, to improve the business environment in Serbia. The paper deals with the question of whether the new provisions really achieve investor protection and make recommendations for improving the current system.

Keywords


Republic of Serbia; EU; capital market; investors; investment intermediaries; investors' protection.

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