The Securities Commission is comprised of the Chairman and three Commissioners.

The Chairman and the Commissioners are persons appointed by the National Assembly of the Republic of Serbia.

The Secretary General is appointed by the Chairman and the Commission. They are all full time employees of the Securities Commission. The current X term of office (sitting) took their duties on 24 November 2021.

The Securities Commission is comprised of Chairman Marko Janković and Commissioners: Mirjana Ivošević, Aleksandar Stojković, Irena Radulović and Nemanja Ristić. 

Internal organization of the Securities Commission:

1.Department for Securities and Public Company Register   
2.Market Participants Department
3.Supervision Department
4.Legal Affairs Department
5.IT Department
6.International Cooperation and Development Department
7.Financial Affairs Service
8. Quality Assurance Review Department


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  • X Term of Office

    X TERM OF OFFICE (current, from 24.11.2021)
    Chairman Marko Janković 
    Commissioners Mirjana Ivošević
    Irena Radulović
    Aleksandar Stojković 
    Nemanja Ristić
    Secretary General Goran Kuprešanin (from 21 March 2022)
    Željko Vulović (until 28 February 2022)

  • IX Term of Office

    IX TERM OF OFFICE (from 28.11.2016 to 23.11.2021)
    Chairman Marko Janković (from 15 April 2019)
    (Predrag Dedeić until 15 February 2019)
    Commissioners Mirjana Ivošević
    Vladislav Stanković
    Žarko Milićević (to 13 November 2017)
    Marko Janković (until April 2019)
    Aleksandar Stojković (from 30 April 2018)
    Marija Đorđević (from 25 November 2019)
    Secretary General Maja Anđelić (from 16.01.2017 to 30.09.2019)
    Nemanja Ristić to 13.01.2017
    Željko Vulović

  • VIII Term of Office

    VIII TERM OF OFFICE
    Chairman Žarko Milićević, from 14 October 2015
    Zoran Ćirović, PhD, from July 2011 to October 2015
    Commissioners Zorica Krnjević Mišković, PhD
    Milko Štimac, PhD
    Dušan Bajec
    Mirjana Ivošević, from 14 October 2015
    Secretary General Nemanja Ristić from 12.02.2016
    Lana Janković to 05.01.2015 
    Aleksandra Gojković to 18.07.2013

  • VII Term of Office

    VII TERM OF OFFICE
    President of the Commission Milko Štimac
    Commissioners Dejan Malinić, PhD
    Miloš Selić
    Đorđe Jovanović
    Dušan Bajec
    Secretary General Aleksandra Gojković
    Olivera Savović to 16.06.2010

  • VI Term of Office

     VI TERM OF OFFICE
     President of the Commission  PhD Dobrosav Milovanović
     Commissioners  Mira Prokopijević
     PhD Dejan Erić
     Marko Mićanović
     Dušan Bajec
     Secretary General  MA Luka Tanjga

  • V Term of Office

    V TERM OF OFFICE
    President of the Commission PhD Boško Živković
    Commissioners PhD Dobrosav Milovanović
    PhD Dejan Erić
    Milko Štimac
    Dušan Bajec
    Secretary General MA Luka Tanjga

  • IV Term of Office

    IV TERM OF OFFICE
    President of the Commission Veselin Rajković
    Commissioners Leposava Kelečević
    Božidar Vujisić
    Milko Štimac
    Dušan Bajec
    Secretary General Miroslav Marjanović

  • III Term of Office

    III TERM OF OFFICE
    President of the Commission Vuk Ognjanović  / MA Miloš Janković
    Commissioners Prof. PhD. Mirko Vasiljević
    Prof. PhD. Radiša Radovanović
    PhD Đorđe Đukić
    Mihajlo Banjevnić
    Božidar Koprivica
    Secretary General Stoja Milošević / Čeda Vukić

  • II Term of Office

    II TERM OF OFFICE
    President of the Commission Stojan Dabić
    Commissioners PhD Milovan Milutinović
    Prof.  PhD Đorđe Đukić
    Prof.  PhD Mirko Vasiljević
    MA  Vuk Ognjenović
    Slavko Drljević
    Secretary General Stoja Milošević

  • I Term of Office

    The first Chairman/President of the Securities Commission, which was founded in 1990, was Milovan Milutinović, PhD.

Reference: 2/0-01-517/2-11

Belgrade 22 September 2011

Pursuant to the Law on the Capital Market (Official Gazette of RS, No 31/2011), the Securities Commission of the Republic of Serbia, on its 22nd session on 22 September 2011 has adopted:


ARTICLES OF ASSOCIATION OF THE SECURITIES COMMISSION

I. GENERAL PROVISIONS

Article 1

The Articles of Association shall govern in detail the competencies, organization and manner of carrying out the activities falling within the remit of the Securities Commission (hereinafter: the Commission), rights, obligations and responsibilities of Commissioners, Chairman and Secretary General of the Commission, rights and obligations of other employees, the manner of securing the funding for the Commission’s operations, the manner of passing general and individual enactments and other issues of significance for the operation of the Commission.

Article 2

The Commission is a legal entity that is an independent and autonomous organization of the Republic of Serbia, accountable to the Assembly of the Republic of Serbia.

The head office of the Commission shall be in Belgrade, 1 Omladinskih brigada Street.

The Commission shall take the decision on the change of its head office.

Article 3

The Commission has regulatory and supervisory responsibilities and authorities on the Republic of Serbia capital market.

The Commission has authorities and competencies set forth in the Law on the Capital Market (Official Gazette of RS No 31/2011, hereinafter: the Law), the Law on Takeover of Joint Stock Companies (Official Gazette of RS No 46/2006 and 107/2009), and the Law on Prevention of Money Laundering and Terrorism Financing (Official Gazette of RS No 20/2009 and 72/2009), as well as other regulations governing the capital market.

Moreover, the Commission carries out the activities from its remit in accordance with the international rules and principles of the International Organization of Securities Commissions (IOSCO).

Article 4

The Commission has a round seal containing the following text written in Cyrillic: "Република Србија, Комисија за хартије од вредности", forming concentric circles with the national coat of arms in the middle and below the coat of arms the ordinal number of the seal.

The Commission has a square-shaped stamp containing the following text: "Republika Srbija, Komisija za hartije od vrednosti," and spaces left for reference numbers and date of receipt of documents.

The Commission has an embosser, embossing seal, containing the same text as the seal.

The enactment of the Chairman of the Commission shall regulate the way in which the seals and stamps are used and their number, as well as other issues related to the stamp, seal and embossing seal.

Article 5

The Commission has a letterhead stationery. The letterhead stationery shall have a letter-pressed coat of arms of a circular shape and with two concentric circles. The first circle, which is blue, contains the national coat of arms of the Republic of Serbia. The second circle, which is of a golden yellow color, contains the text written in Cyrillic (of blue color): “SECURITIES COMMISSION, REPUBLIC OF SERBIA” with a period preceding the name of the Commission and followed by a period.

Article 6

The Commission has a badge and official ID card.

The Commission has a medallion of the same shape and look as the badge.

The use of badge, official identification and award of the medallion shall be governed by an enactment of the Chairman of the Commission.

II THE COMMISSION COMPETENCIES

Article 7

The Commission, within its remit and in accordance with the provisions of the Law shall:

1) Adopt regulations and other enactments enforcing the Law;

2) Approve public offerings for which a prospectus is required to be published and admission to trading of financial instruments;

3) Approve those exempt offerings and exempt admissions to trading of financial instruments for which Commission approval is authorized under Chapter III of the Law;

4) Approve legal and natural persons as qualified investors;

5) Grant licenses to investment companies, license the market operator, deny, withdraw and suspend licenses;

6) License the Investor Protection Fund operator;

7) Approve takeovers of joint stock companies;

8) Approve changes in general enactments, acquisition of qualified participation, grants prior approval to the appointment of directors of the market operator, investment firms and the Central Securities Depository;

9) Organize classes and exams and license brokers, portfolio managers and investment advisors,

10) Regulate, supervise and monitor:

(1) The activities of issuers and public companies;

(2) Fulfillment of obligations of reporting to issuers and participants on the regulated market and/or MTF;

(3) Operations of persons referred to in point 5) of this paragraph, including persons possessing qualified holdings, directors and other employees of such persons;

(4) Business activities of the Central Securities Depository, persons with qualified holding and employees of the Central Securities Depository;

(5) Secondary trading in financial instruments in the Republic, regardless of whether such trading occurs on or off the regulated market and/or MTF;

(6) Business activities of the Investor Protection Fund, the Fund Operator and Fund Members;

11) License investment fund management companies;

12) Approve changes in general enactments, acquisition of qualified participation, grants prior approval to the appointment of directors of the management companies;

13) Grant a license for the organization of an open-end investment fund and/or license for establishment of a closed-end fund;

14) Keep registers of open-end funds, closed-end funds and private funds;

15) Approve prospectuses and changes in fund prospectuses;

16) Grant licenses to custody banks;

17) Monitor compliance with provisions and violations of the laws, general enactments of the Commission and general enactments of the market operator, investment firms and the Central Securities Depository;

18) Organize, undertake and control implementation of measures and sanctions that ensure the fair, orderly and efficient functioning of the regulated market and/or MTF with a view to minimizing market disturbances and ensuring protection of investors;

19) Keeps registers;

20) Exercise the authority and powers with regards to the manner of exercising supervision and general authorities in enforcement of supervision;

21) Cooperate and enter into agreements with international organizations, foreign regulators and other local and/or foreign bodies and organizations in order to provide legal assistance, exchange information and in other cases as needed;

22) Render reports and information on the regulated market and/or MTF;

23) Promote investor education;

24) License and adopt secondary legislation relating to the licensing, regulation and supervision of credit rating agencies within the Republic;

25) Supervise, undertake and control implementation of measures and sanctions regarding implementation of the law regulating takeovers of joint stock companies, the law regulating operations of investment funds and the law regulating prevention of money laundering and terrorism financing;

26) Carry out other activities specified by the regulations within its remit.

The Commission shall carry out its activities in accordance with the Law.

The Commission may institute and conduct court proceedings in order to protect the interests of investors in financial instruments and of other entities for which it determines that certain rights of theirs, or their interest arising from that right, have been violated, in connection with transactions involving financial instruments.

In case the Commission considers there are facts indicating the existence of criminal acts, commercial violations or infractions, the Commission refers a proposal i.e. request for charges against a person to an authorized state agency responsible for investigating and/or prosecuting a commercial violation or a criminal act.

Article 8

The Commission shall exercise the supervision procedures in accordance with the laws referred to in Article 3 herein and regulations of the Commission governing in detail the conditions and the manner of conducting supervision.

III ORGANIZATION AND MANNER OF PERFORMING ACTIVITIES

Article 9

Organization and the manner of performing activities of the Commission are founded on principles of efficiency, rational organization of work, successful management and accountability, establishment of cooperation with competent authorities.

Article 10

The Commission is a collegial authority whose competencies and authorities are set by laws. The Commission has five Commissioners, including the Chairman of the Commission.

The Chairman and the Commissioners of the Commission are elected and released from duty by the Assembly of the Republic, at the proposal of the competent working body for finance operations of the Assembly of the Republic.

The Commission is represented and acted on behalf of by the Chairman, who manages its work.

The Chairman and the Commissioners of the Commission are appointed for a five-year period and entitled to serve until they have been replaced or relieved.

If the Chairman’s function or the function of a Commissioner ceases, prior to the end of their term of office, the new Chairman, i.e. a Commissioner is appointed for the period until the end of the term of office of the Chairman, i.e. the Commissioner whose function ceased.

The Chairman of the Commission and Commissioners can be reelected.

The President and the Commissioners are permanent employees of the Commission.

Article 11

The Commission shall decide matters in sessions presided by the Chairman of the Commission or a Commissioner authorized by the Chairman.

The quorum shall comprise of three Commissioners.

The Commission shall decide matters by a majority vote of all Commissioners, including the Chairman.

The sessions are convened by the Chairman or a Commissioner, if the Chairman is absent.

The manner of operations of the Commission is regulated by the Rules of Procedures of the Commission.

Article 12

The Commission has the expert staff comprised of the Secretary General and other employees in the Commission.

Rulebook on staffing and organization of work governs organizational units and their scope of work, the management, types of jobs, conditions for performance of tasks of a position, authorizations and obligations in performance of work.

Article 13

The Commission can form and appoint standing bodies, interim bodies and an expert task force, for the purpose of consideration of issues within its remit.

The Rules of Procedures of the Commission regulate the manner standing bodies, interim bodies and an expert task force are formed, their scope of work and their composition.

Article 14

The Chairman of the Commission:

1. The Commission is represented and acted on behalf of by the Chairman at other domestic and international organizations, foreign regulatory bodies and other domestic and foreign organizations and other capital market participants;

2. Organizes and manages the work of the Commission;

3. Convenes sessions and presides over the work of the Commission;

4. Proposes to the Commission adoption of the regulations and other general enactments not issued by the Chairman;

5. Enacts the general regulation on staffing and job organization in the Commission and other general enactments laid down in the law and the Articles of Association.

6. Signs and enforces enactments passed by the Commission;

7. Is responsible for compliance, use and management of assets of the Commission and for the legitimate deployment of the Commission’s resources;

8. Decides on employment – establishment of labor relations and their termination, salaries and allowances of employees, appointed and contracted persons;

9. Issues orders for the execution of supervision;

10. Takes decisions and performs other tasks specified by the the Law, the Articles of Association and other Commission regulations.

Article 15

The Chairman of the Commission establishes a cabinet, Office of the Chairman, carrying out, at his order, expert and other activities for the Chairman.

The Office of the Chairman is headed by the Chief of Staff appointed by the Chairman of the Commission.

The scope of work of the Office of the Chairman as well as the rights and obligations of the employees in the Office of the Chairman are set forth in the Regulation on Staffing and Organization of Jobs, with other regulations and general enactments of the Commission governing employee rights and obligations applied accordingly.

The Chairman of the Commission can establish by an enactment a Consultation Board, which at his request considers and analyzes issues of significance for the development and work of the Commission and proposes relevant measures and decisions.

Article 16

The Chairman of the Commission signs decisions, rulings and other enactments passed by the Commission, and in his absence – the Commissioner presiding the session at which the enactments were adopted.

The Chairman of the Commission may authorize the Commissioners, Secretary General and employees of the Commission to carry out certain tasks from the Chairman’s scope of work and sign certain enactments, determined by a special enactment.

Article 17

Chairman and the Commissioners

1. Represent and act on behalf of the Commission at other domestic and international organizations, foreign regulatory bodies and other domestic and foreign organizations and other capital market participants;

2. Take decisions on issues referred to in Article 7 of the Articles of Association, unless in accordance with the Law and the Articles of Association the Chairman decides on the issues;

3. Pass the Articles of Association of the Commission and submit it to the Assembly of the Republic of Serbia for consent;

4. Pass the Rules of Procedures;

5. Pass the annual report of the Commission and submit it to the Assembly of the Republic of Serbia;

6. Adopt Commission financial statements;

7. Adopt opinion of the certified auditor;

8. Adopt an annual business report of the Commission;

9. Prepare a financial plan for the following year and forward it to the Assembly for approval;

10. Provide to the Government, at least once every six months, a report on its operations and movements on the capital market, with attached documentation, in accordance with Article 261 of the Law;

11. Appoint members of the expert task force, members of the standing and interim bodies;

12. Ensure professional development of the staff;

13. Take decisions on reports rendered based on other regulations.

Article 18

The Commission appoints the Secretary General.

The Secretary General is permanently employed and accountable for its work to the Commission.

Article 19

Secretary General of the Commission

1. Organizes and manages the work of the expert staff of the Commission;

2. Introduces initiatives to the Chairman of the Commission for adoption, changes and amendments of the Commission general enactments;

3. Introduces instructions pertaining to the organization of the expert staff with the approval of the Chairman;

4. Organizes general activities and tasks as assigned by the Chairman of the Commission or delegated by a separate authorization;

5. Performs other tasks specified by the Articles of Association and other Commission regulations.


V RIGHTS AND OBLIGATIONS OF THE COMMISSION EMPLOYEES

Article 20

The general regulations governing the labor relations, Articles of Association and general enactments of the Commission shall apply to the rights and obligations of employees in the Commission.

Article 21

Only persons fulfilling the general conditions laid down in the law and special requirements specified by the general regulation on staffing and job organization can be employed by the Commission and become part of the Commission’s expert staff.

Article 22

Salaries and remuneration for the work in the Commission shall be governed by the general enactment and labor contracts.

Article 23

No Commissioner, Chairman, employee or a contractor of the Commission shall be personally liable for any act or omission taken in the discharge of his or her official functions within the scope of his or her authority under the laws and Commission regulations, absent a finding of malice and intentional abuse of office.

The Commission shall indemnify the persons referred to in paragraph 1 of this Article against any legal costs, including damages or fines incurred, provided that the person is not convicted of a crime arising out of the activities.
VI PROVISION OF FUNDS FOR THE OPERATION OF THE COMMISSION

Article 24

Funds for operations of the Commission are provided from the fees charged for activities within its competence in accordance with the Rulebook on Fees and from other sources in compliance with the law.

The Commission adopts the schedule of tariffs - Rulebook on Fees determining the amount of fees charged for its activities.

The Commission shall publish on its website the schedule of its tariffs.

Article 25

The financial plan for the current year determines the necessary funds per appropriations. The decisions on utilization of the funds are made by the Chairman of the Commission.

The Commission may change its financial plan in the course of a year. The changes must be approved by the Assembly.

In the event the Assembly fails to approve the financial plan prior to the commencement of the business year, financing of the Commission is conducted according to the decision of the Chairman of the Commission on temporary financing.

Article 26

In accordance with its financial plan, the Securities Commission shall allocate the amount of at least 20% of last year’s realized revenues for reserves.

The Commission shall finance the excess of expenditures over revenues from its own reserves, and - should that be insufficient - from the Republic budget.

The Commission pays the surplus of revenues over expenditures into the budget of the Republic.

Article 27

The Commission submits an annual report to the Assembly of the Republic of Serbia not later than four months after the close of the financial year.

The annual report referred to in paragraph 1 of this Article shall include financial statements for the preceding year accompanied by an auditor's report and a report on the Commission’s operations during the year.

The annual financial statements and the audit of the annual financial statements of the Commission is conducted pursuant to provisions of the law governing accounting and audits.

The Commission appoints an auditor who shall conduct the audit referred to in the paragraph 2 of this Article.

The Commission shall prepare a financial plan for the following year by November 30th of the current year and forward it to the Assembly for approval.

VII GENERAL AND SPECIFIC ENACTEMENTS AND THEIR ADOPTION

Article 28

In administrative matters, the Commission accordingly applies the provisions of the law governing general administrative procedure.

Pending the adoption of the Commission decision, the expert staff of the Commission instigates actions in the administrative procedure on its own initiative, or at the request of a client.

The rulings of the Commission are finally binding and administrative proceedings may be instituted against them.

The Commission may empower persons tasked with execution of supervision to pronounce oral rulings on actions to be undertaken, if the reasons for such a ruling are obvious, unless otherwise stipulated by law. The contents of an oral measure are noted in the report on executed supervision.

Article 29

For the purpose of implementation of the Law and execution of activities specified by the Law and the Articles of Association the Commission shall enact rulebooks, orders, instructions and other general enactments, as well as rules.

Article 30

The Commission may issue guidance, interpretations and opinions and other forms of public statements, when necessary for the implementation and execution of certain provisions of the Law or the Commission enactments.

Article 31

The Commission shall publish the Articles of Association and its regulations on the Commission website.

The Commission shall publish the interpretive releases and opinions on the Commission website.

The internal general enactments of the Commission shall be published on the bulletin board of the Commission and forwarded to the organizational units of the Commission.

VIII OTHER MATTERS SIGNIFICANT FOR THE WORK OF THE COMMISSION

1. Publicity of work and disclosures

Article 32

The work of the Commission is public.

Notwithstanding paragraph 1 of this Article, the Commission may exclude the public when deciding on certain matters whose disclosure might have an adverse effect on the capital market.

The Commission notifies the public of its work via the Information on Operation published on the Commission website, by disclosing information, holding press conferences, special press releases and in other adequate manners.

The Chairman and Commissioners provide the information and data about the work of the Commission or another person authorized to do so by the Chairman. The Commission issues a press release on significant issues of the Commission work, primarily those pertaining to the functioning of the capital market and investor protection.

2. Obligation of confidentiality

Article 33

The previous and current Chairman and the other Commissioners and employees of the Commission as well as persons delegated with activities from the remit of the Commission shall keep safe the information on issuers of securities, entities that are licensed or supervised by the Commission, and other information on facts and circumstances made available to them due to performance of their functions and/or work, except for the information accessible to general public, and they shall not use such information for personal purposes, disclose such information to third parties or enable third parties to use them.

The information referred to in paragraph 1 of this Article, except for the information available to general public, shall be considered official secrets.

The information considered a business secret may be disclosed and provided for inspection based on the order of the court and/or Commission order.

The Commission may disclose and provide for inspection the information referred to in paragraph 2 of this Article to:

1) Competent authorities within the Republic;

2) Competent authorities within other countries with whom the Commission is authorized to obtain or share information for supervisory, regulatory, investigatory or enforcement purposes under provisions of the Law.

3. Information System

Article 34

The Commission shall establish a secure information system using electronic means that enables it to communicate with the Central Securities Depository, market operators, regulated markets, investment firms, management companies and investment funds and other capital market participants.

The Commission shall prescribe the criteria for safe communication and protection of information submitted to the Commission, including technical compatibility of equipment and information systems of the Commission and use of electronic means to receive, transmit and publish information.

Information received by electronic means through the information system and telecommunications system, in accordance with and under the conditions prescribed by the Commission, shall be considered original documents.

4. Code of Ethics

Article 35

The Chairman, Commissioners and other employees of the Commission shall act with expertise, conscientiously and impartially in performing their duties.

The Chairman, Commissioners and other employees of the Commission shall not jeopardize their autonomy in enacting their decisions, as well as the autonomy of the Commission.

Any person, agency or organization shall not undertake any action to influence the autonomy in operation and decision-making of the Commission or any of its members other than the right of such person, agency or organization to appear and be heard by the Commission in accordance with the Commission’s regulations.

Any person, agency or organization shall not take actions that are foreseen by law as the competence of the Commission, unless otherwise stipulated by law.

Article 36

The Chairman, Commissioners and other employees of the Commission shall not engage in activities involving financial instruments trading or providing advice regarding investment in financial instruments.

Persons referred to in paragraph 1 of this Article shall not use their employment in the Commission for the advancement of their own interests or the interest of other persons.

Article 37

The Chairman, Commissioners and other employees of the Commission shall provide the Commission with the information on securities they have at their disposal, as well as the information on any changes in those securities holdings.

The obligation referred to in paragraph 1 of this Article shall also apply to the immediate family members of person referred to in that paragraph.

Information on securities holdings referred to in paragraphs 1 and 2 of this Article shall be accessible to general public.

5. Changes and Amendments to the Articles of Association

Article 38

The Chairman and Commissioners may propose changes to the Articles of Association.

Changes and amendments to the Articles of Association shall be effected in the manner and according to the procedure foreseen for the adoption of the Articles of Association.

IX TRANSITIONAL AND FINAL PROVISIONS

Article 39

If there is disagreement considering the application of the Articles of Association, the Commission shall give the interpretation thereof.

Article 40

General enactments passed on the basis of this Statue shall be adopted within 60 days following its coming into force and the Chairman shall be authorized to regulate the subject matter in its decisions.

Article 41

As of the day when the Articles of Association become applicable, the Articles of Association of the Securities and Financial Market Commission No: 3/0-01-59/39-03, dated 29th September 2003, with changes and amendments No:3/0-01-282/2-05 dated 12 May 2005 shall cease to be in force.

Article 42

The Articles of Association shall come into force on the eighth day following their publication on the website of the Securities Commission, after the Assembly of the Republic of Serbia granted its consent thereto.

CHAIRMAN OF THE SECURITIES COMMISSION

Zoran Ćirović, PhD




Subcategories

Cooperation

Chairman and Commissioners