GDPR’s Influence and Consequences for Serbian Companies

GDPR’s Influence and Consequences for Serbian Companies

On 25 May 2018, the General Data Protection Regulative (GDPR) will enter into force and apply in all 28 EU member-states. GDPR imposes much stricter rules for personal data processing in comparison to current regulations, as well as penalties which can be characterized as draconian – for the breach of certain GDPR provisions, a maximum monetary penalty of up to 4% of global annual company’s turnover is provided, or 20 million EUR, whichever of the two is higher.

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An Explication of the National Bank of Serbia – Usage of Stamp with Invoices

An Explication of the National Bank of Serbia – Usage of Stamp with Invoices

One of the most resilient traits of the Serbian business environment is the omnipresence of the stamp. The electronic signature is still not widely accepted, and the long established practice both in business and legal community is that any document (invoices included) is valid only if certified with the appropriate stamp.

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Changes to the Serbian Employment Act

Changes to the Serbian Employment Act

On 25 December 2017 the latest changes and amendments to the Serbian Employment Act will enter into force. Most of the amendments reflect the effort of authorities to eliminate “unregistered employment”, i.e. employment without a written employment agreement and without registering the employees for social security in line with mandatory legal requirements.

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Serbian Parliament to Resurrect Serbian NPL Market

Serbian Parliament to Resurrect Serbian NPL Market

It has been more than a year since the Serbian Appellate Commercial Court attempted to ruin the Serbian NPL market: it had established a much criticized interpretation of the now famous Article 48 of the 2015 Enforcement Act, which made it impossible to directly enforce an assigned claim based on an enforceable title or a directly enforceable document.

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Investing Into Art in Serbia – Is it a Good Idea?

Investing Into Art in Serbia – Is it a Good Idea?

There are number of ways one can invest their money, but people are known not to be as creative in these situations and stick to traditional investment strategies – investing into a business or into real estate. People see traditional investment as a well-known, safe place for their money, expecting earnings such as dividends, rents or interest. However, outside the traditional investment choices, alternative investments offer a broad range of unconventional opportunities, which may be gold mine for potential investors, such as art market.

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Employee Profit Sharing in Serbia

Employee Profit Sharing in Serbia

Offering of securities to company employees through some form of employee profit sharing plan is a common way for companies around the world to reward their top managers and employees. Employee Participation in Investments Program (hereinafter: “EPIP”) is a generic term taken from the EU Directive 2004/39/EC, and although it is thoroughly regulated in most of the countries of the EU, this legal concept remains to a large extent unregulated in Serbia, and this is also the stance that the Serbian Securities Commission (hereinafter: the “SSC”) has adopted in its only opinion up to date pertaining to the issue of EPIP’s and related investment services, in 2014 (hereinafter: the “Opinion 2014”).

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Serbia to Release First Saving Bonds

Serbia to Release First Saving Bonds

Ministry of Finance announced that Serbia will release its first saving bonds on 27 December 2017. The saving bonds will be available for purchase until 11 December 2017 at the state-owned bank Poštanska Štedionica.

Saving bonds represent a long term affordable financial instrument, with an investment minimum of RSD 2.000 for dinars-dominated bonds and EUR 100 for euro-dominated bonds. The saving bonds will mature in the period between two and ten years, with coupons between 1 and 4% for euro-dominated bonds and between 4 and 6,25% for dinars-dominated saving bonds.

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Facing Amendments to the Insolvency Act of Serbia: Towards More Efficient and Just Insolvency

Facing Amendments to the Insolvency Act of Serbia: Towards More Efficient and Just Insolvency

Since 14 August 2017 the Serbian Government’s proposal of new Amendments to the Insolvency Act („Amendments“) has been on the agenda of the National Parliament of Serbia. There is no information when the National Assembly will open the discussion and voting procedure on the Amendments. However, recent legislative practice in Serbia shows that Government’s bills rarely suffer material amendments during discussion and voting procedure in the Parliament. Below is a closer insight into the future legislative amendments to the Insolvency Act.

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Seeking Legal Opinions from the Government – a Double-Edged Sword?

Seeking Legal Opinions from the Government – a Double-Edged Sword?

It is a long-established practice in Serbia for companies and individuals to request legal opinions on interpretation of various legislation from the government departments competent for enforcing the legislation in question.

For a fee (around 10 EUR for an individual and around 100 EUR for a company) the Ministry will issue a legal opinion i.e. an answer to a question arising from a real life situation relating to application of a certain provision from a law or a regulation.

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Serbian Business Registry Agency Starts Cleaning Up the House

Serbian Business Registry Agency Starts Cleaning Up the House

Serbian Business Registry Agency initiated a nationwide process of “cleaning” the registry of all companies which operate contrary to the law.

On 20 October 2017, Serbian Business Registry Agency (the “SBRA”) initiated a nationwide process of statutory winding-up of all companies which operate and exist contrary to the Serbian Companies Act (the “Act”).

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