On 12 December 2025, amendments to the Capital Markets Law (“Official Gazette of RS”, Nos. 129/2021 and 109/2025) and the Alternative Investment Funds Law (“Official Gazette of RS”, Nos. 73/2019, 94/2024 and 109/2025) came into force. The changes aim to strengthen the regulatory framework and further align Serbian rules with European Union standards in financial services.
The amendments to the Capital Markets Law include technical corrections and clarifications to certain provisions. These changes make the law easier to apply, reduce differing interpretations, and simplify operations for market participants.
The amendments to the Alternative Investment Funds Law align the legislation with Directive 2011/61/EU, including updates up to January 2024. They also prepare for the future implementation of the European Long-Term Investment Funds (ELTIF) Regulation, with some provisions postponed until Serbia joins the European Union.