The Securities Commission is an independent and autonomous organization of the Republic of Serbia, established in 1990.

The Securities Commission has five Commissioners, including the President of the Commission – Chairman, elected and dismissed by the National Assembly of the Republic of Serbia at the proposal of the Assembly's Finance Committee. The Commission adopts decisions at sessions headed by the Chairman or a Commissioner authorized by the Chairman. The work of the expert staff is managed by the Secretary General of the Commission.

The Securities Commission safeguards orderly functioning of the capital market, enhancing investor protection and ensuring integrity, efficiency and transparency of the market. In this regard, the Securities Commission oversees the application of:

1. Law on the Capital Market, carrying out part of its competencies set forth in Article 262 of the Law, as delegated activities
2. Takeover Law
3. Law on Open-End Investment Funds subject to Public Offering
4. Law on Alternative Investment Funds
5. Law on Prevention of Money Laundering and Terrorism Financing, when it comes to custody and broker-dealer activities of authorized banks, investment fund management companies, broker-delaer companies and audit firms and auditors
6. Law on Commodity Exchanges  
7. Law on Audit
8. Law on Digital Assets


The Commission is accountable to the Assembly of the Republic of Serbia for activities carried out within its competence.


Powers and Authorities

Specific supervisory, investigatory, enforcement and remedial competencies, powers and authority of the Commission are regulated by the following laws:

1. Law on the Capital Market
2. Takeover Law 
3. Law on Open-End Investment Funds subject to Public Offering
4. Law on Alternative Investment Funds
5. Law on Commodity Exchanges
6. Law on Audit
7. Law on Digital Assets

The Law on the Capital Market sets forth in its Article 262 that the Securities Commission:

1) Adopts secondary legislation and other regulations for the purpose of implementation of the Law;
2) Approves public offerings and admission to trading of financial instruments;
3) Approves exempt offerings and exempt admissions to trading of financial instruments for which Commission approval is necessary under Chapter III of the Law;
4) Approves the status of qualified investors to natural and legal persons;
5) Grants licenses to investment firms, licenses a market operator, denies, withdraws and suspends licenses;
6) Licenses the Fund operator and approves the general enactments of the Fund and changes to the general enactments of the Fund;
7) Approves 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;
8) Organizes classes and exams and licenses brokers, portfolio managers and investment advisors,
9) Regulates, supervises and monitors:

(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;

10) Monitors compliance with provisions and violations of provisions of the Law, Commission regulations referred to in Article 241 of this Law and general enactments of the market operator, investment firms and the Central Securities Depository;
11) Organizes, undertakes and controls implementation of measures and sanctions that ensure the fair, orderly and efficient functioning of the regulated market and/or MTF, in order to prevent market disturbances and ensure protection of investors;
12) Keeps registers;
13) Exercises the authority and powers set forth more specifically in Articles 264 and 267 of the Law;
14) Cooperates and concludes agreements with international organizations, foreign regulatory authorities and other local and/or foreign bodies and organizations in order to provide legal assistance, exchange information and in other cases as needed;
15) Prepares reports and provides information on the regulated market and/or MTF;
16) Promotes investor education;
17) Licenses and adopts secondary legislation relating to the licensing, regulation and supervision of credit rating agencies within the Republic;
18) Supervises, undertakes and controls implementation of measures and sanctions regarding implementation of the law regulating business operations of investment funds and the law regulating prevention of money laundering and terrorism financing;
19) Performs other tasks specified by the laws. The Commission carries out the activities referred to in points 1)-13), 17) and 18) of Article 262 of the Law on Capital Market as delegated activities.

The Commission may institute and conduct court proceedings against any person in order to protect the interests of investors in financial instruments and of other persons 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.