The legal grounds for signing protocols

In line with Article 262 of the Law on the Capital Market, the Securities Commission is competent to cooperate 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.

Protocols on cooperation with securities regulators of other countries represent a written consent of the signatories on mutual cooperation and provision of technical assistance and exchange of information within their remit and in the area of securities markets.

The purpose of signing protocols

Bilateral cooperation of the national securities commission with national regulatory authorities of financial markets of other countries has the purpose of:

• Exchange of experience in regulation, supervision and development of national financial markets
• Exchange of public information on international transactions and efficient conduct of transactions on the securities markets
• Sanctioning violations
• Preventing disturbances of the securities market caused by external factors etc.
• Bilateral agreements with securities regulators of other countries have the aim to integrate the national financial market into the world market. They should also enhance application of principles of the International Organization of Securities Commissions (IOSCO) and facilitate efficient cross-border transactions of securities with maximum protection of investors.

Signed bilateral agreements on cooperation

The Securities Commission has signed the following Protocols regarding Technical Cooperation, Mutual Assistance and Consultations (Protocols on Cooperation), and Memoranda of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MoU):

1. Protocol on Cooperation signed with the Federal Commission for the Capital Market of the Russian Federation, in St Petersburg, 19 June 2001;
2. Protocol on Cooperation signed with the Securities Commission of Republika Srpska, in Banja Luka, 07 November, 2001;
3. Memorandum of Understanding signed with the Securities Commission of Bosnia and Hercegovina, in Belgrade, 17 November, 2004;
4. Memorandum of Understanding signed with the Securities Commission of Romania, in Belgrade, 22 November, 2004;
5. Memorandum of Understanding signed with the Securities Commission of the Republic of Croatia, in Zagreb, 12 October, 2005;
6. Memorandum of Understanding signed with the Securities Commission of Montenegro, in Belgrade, 3 November, 2005;
7. Memorandum of Understanding signed with the Securities Commission of the Republic of Greece, in Athens, 6 December, 2005;
8. Memorandum of Understanding signed with the Financial Supervision Commission of the Republic of Greece, 5 October, 2007;
9. Memorandum of Understanding signed with the Financial Supervision Commission of the Republic of Bulgaria, 5 October, 2007;
10. Memorandum of Understanding signed with the Securities Commission of B&H Brčko District, in Belgrade, 13 March, 2008;
11. Memorandum of Understanding signed with the Securities Commission of the Republic of Macedonia, Ohrid, 9 October, 2008;
12. Memorandum of Understanding signed with the Securities Market Agency of Slovenia, in Opatija, 12 April, 2010;
13. Declaration on Cooperation, signed by the regional capital market regulatory authorities on 30 November 2011.

 

The legal grounds for signing agreements

In line with Article 262 of the Law on the Capital Market, the Securities Commission is competent to cooperate with international organizations, foreign regulators and other local and foreign bodies and organizations in order to provide legal assistance, exchange information and in other cases.

Agreements on cooperation with securities regulators of other countries represent a written consent of the signatories on mutual cooperation and provision of technical assistance and exchange of information within their remit and in the area of securities markets.

The purpose of signing agreements

Bilateral and multilateral cooperation of the national securities commission with national regulatory authorities of financial markets of other countries has the purpose of:

• Exchange of experience in regulation, supervision and development of national financial markets
• Exchange of public information on international transactions and efficient conduct of transactions on the securities markets
• Sanctioning violations
• Preventing disturbances of the securities market caused by external factors etc.   
• Agreements with securities regulators of other countries have the aim to integrate the national financial market into the world market. They should also enhance application of principles of the International Organization of Securities Commissions (IOSCO) and facilitate efficient cross-border transactions of securities with maximum protection of investors.

Signed agreements on cooperation

The Securities Commission has signed the following agreements regarding technical cooperation, mutual assistance and consultations (Protocols on Cooperation), and memoranda of understanding concerning consultation and cooperation and the exchange of information (MoU):

1. Protocol on Cooperation signed with the Federal Commission for the Capital Market of the Russian Federation, in St Petersburg, 19 June 2001
2. Protocol on Cooperation signed with the Securities Commission of Republika Srpska, in Banja Luka, 07 November 2001
3. Memorandum of Understanding signed with the Securities Commission of Bosnia and Hercegovina, in Belgrade, 17 November 2004
4. Memorandum of Understanding signed with the Securities Commission of Romania, in Belgrade, 22 November 2004
5. Memorandum of Understanding signed with the Securities Commission of the Republic of Croatia, in Zagreb, 12 October 2005
6. Memorandum of Understanding signed with the Securities Commission of Montenegro, in Belgrade, 3 November 2005
7. Memorandum of Understanding signed with the Securities Commission of the Republic of Greece, in Athens, 6 December 2005
8. Memorandum of Understanding signed with the Financial Supervision Commission of the Republic of Greece, 5 October 2007
9. Memorandum of Understanding signed with the Financial Supervision Commission of the Republic of Bulgaria, 5 October 2007
10. Memorandum of Understanding signed with the Securities Commission of B&H Brčko District, in Belgrade, 13 March 2008
11. Memorandum of Understanding signed with the Securities Commission of the Republic of Macedonia, Ohrid, 9 October 2008
12. Memorandum of Understanding signed with the Securities Market Agency of Slovenia, in Opatija, 12 April 2010
13. Declaration on Cooperation, signed by the regional capital market regulatory authorities on 30 November 2011 for the period of five years. The continuation of the Declaration signed on 12 October 2016 in Ljubljana
14. Memorandum of Understanding signed with the Central Bank of Russia, 11 July 2018 

MONEYVAL - The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism was established in 1997. MONEYVAL assesses its members' compliance with all relevant international standards in the legal, financial and law enforcement sectors through a peer review process of mutual evaluations.

The aim of MONEYVAL is to ensure that its member states have in place effective systems to counter money laundering and terrorist financing and comply with the relevant international standards in these fields.

Such standards are those contained in the recommendations of the FATF, including the Special Recommendations on Terrorist Financing, the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, the United Nations Convention against Transnational Organized Crime, the 1999 United Nations International Convention for the Suppression of the Financing of Terrorism, the Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and the relevant implementing measures and the 1990 Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime, concluded within the Council of Europe.

Moneyval reports provide highly detailed recommendations on ways to improve the effectiveness of domestic regimes to combat money laundering and terrorist financing and states’ capacities to co-operate internationally in these areas. The first evaluation report for Serbia was published in 2005 and the last progress report in this area was published in December 2012.
MONEYVAL also conducts typologies studies of money laundering and terrorist financing methods, trends and techniques.

In November 2009, the Securities Commission adopted the Guidelines for Application of the Law on Prevention of Money Laundering and Terrorism Financing for Obligors within the Remit of the Securities Commission (broker-dealer companies, authorized banks, custody banks, and investment fund management companies) in accordance with the recommendations and international standards applying the risk-based approach.

Moreover, the Securities Commission cooperates with international organizations and regulatory authorities considering the application of regulations for prevention of money laundering and terrorism financing, participating in exchange of information and by responding to official requests for information and assistance.