Legal status and independence of the commission of securities in the Republic of Serbia

Abstract

The Commission for Securities is a regulatory authority in the capital market of the Republic of Serbia. It ensures safety and legality of financial transactions in the capital market, supervises the participants in financial transactions, and provides for a proper and consistent implementation of the legal provisions aimed at regulating trade in the financial markets. In the circumstances of global financial crisis, the legal status and competences of the Commission for Securities have been updated in order to keep up with the global trends in this area. In that context, the research in this paper is primary aimed at analyzing the current situation on the capital markets and the status of the Commission for Securities in Serbian legislation. The paper first focuses on analyzing the legal position, autonomy and independence of the Commission. In particular, the author discusses the importance of introducing control over the financial market participants by instituting a special regulatory body in the Serbian capital market. The author points out to the basic issues pertaining to the Commission status and analyzes each segment of its institutional independence, including its personnel, financial and operative independence. In addition, the author provides a comparative law overview of legal solutions related to specific issues in the field of independence of this regulatory authority, including the legislation envisaged in the neighbouring countries and common law countries.

Keywords

• Commission for Securities
• legal status
• institutional independence
• personnel independence
• financial independence
• operative independence