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NBS Took Over Supervision of Foreign Exchange Oprations from Ministry of Finance

NBS Took Over Supervision of Foreign Exchange Oprations from Ministry of Finance

Serbia
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As of 1 January 2019, the National Bank of Serbia (“NBS”) took over the competencies of the Ministry of Finance and its department Tax Administration for issuance and revocation of licences to perform exchange operations. The NBS also took over the supervision of foreign exchange operations of Serbian residents and non-residents, being natural persons, entrepreneurs and general legal entities. The NBS adopted several decisions in order to execute the delegated competencies:

  • Decision on Conditions and Manner of Performing Exchange Operations (“Official Gazette of the RS”, No. 84/2018 and 86/2018);
  • Decision on Detailed Conditions and Manner of Performing the Supervision of Exchange Operations (“Official Gazette of the RS”, No. 84/2018);
  • Decision on Detailed Conditions and Manner of Performing the Supervision of Foreign Exchange Operations of Residents and Non-Residents (“Official Gazette of the RS”, No. 84/2018);
  • Decision on Procedure and Conditions for Obtaining a Certificate for the Performance of Exchange Operations, Single Training Programme for the Performance of Exchange Operations and Eligibility Requirements for Trainers (“Official Gazette of the RS”, No. 84/2018);
  • Decision on the Guidelines for the Application of the Provisions of the Law on the Prevention of Money Laundering and the Financing of Terrorism for Obligors Supervised by the National Bank of Serbia (“Official Gazette of the RS”, No. 13/2018 and 103/2018).

The relevant provisions and amendments thereto entered into force on 1 January 2019.

By Stefan Jovicic, Senior Associate JPM Jankovic Popovic Mitic

JPM Jankovic Popovic Mitic at a Glance

The oldest full service commercial law firm in Serbia, founded in 1991, JPM with three decades of experience in assisting local and international businesses presence and growth not only in Serbia but throughout the SEE region.

We have accumulated a wealth of knowledge in every industrial and corporate sector, from energy to banking, transport, manufacturing and telecommunications, while remaining true to a pioneering spirit that has always drawn us to follow the latest trends and developments in providing of our services to clients. Today we use the latest legal tech available in serving our clients and are expanding our services to clients from growing industries such as renewable energy, IT and life sciences, by offering innovative solutions and a pro-active approach to broaching new grounds.

Our expertise, experience, and commitment to professional excellence mean we are routinely involved in landmark cases and transactions, while our high standing among clients and peers sees us ranked among the leading law firms by independent guides such as Chambers & Partners, Legal 500, and IFLR1000.

We are known for working closely with clients and treating their problems as our own. Our lawyers pride themselves on being team players, fast and available, specialised in terms of practice area and industry, but versatile and creative in their thinking. We believe our advice should be tailor-made and that even the thorniest issue has a legal solution.

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