NBS: Public hearing on Draft Law on Financial Conglomerates

In order to fulfill the obligations assumed in the process of Serbia’s accession to the European Union from the negotiation chapter 9 - Financial Services, the National Bank of Serbia has prepared the Draft Law on Financial Conglomerates.

This draft aligns the domestic regulatory framework with Directive 2002/87/EC of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate.

As announced by the NBS, it regulates the determination of a financial conglomerate, as well as the supplementary supervision of regulated entities that have been granted a license to operate in accordance with the regulations governing the operations of credit institutions, investment firms, insurance and reinsurance companies, management of open-ended investment funds with a public offering, alternative investment fund management companies and voluntary pension fund management companies, which constitute a financial conglomerate.

This draft law also regulates, as added, other issues of importance for financial conglomerates.

The National Bank of Serbia invites public experts and all other interested parties to submit comments and objections to this draft by May 25 to the following email addresses: kabinetguvernera@nbs.rs and kontrola.banaka@nbs.rs.

Narodna banka Srbije Beograd

accession of Serbia to European Union

accession negotiations with EU

Draft Law on Financial Conglomerates