18.05.2020

The Securities Commission has adopted a set of bylaws on investment funds

The Securities and Exchange Commission (“the Commission”) adopted 13 bylaws governing open-end investment funds subject to public offering and alternative investment funds, as well as amendments to the rulebook regulating the content of application for approval to publish a prospectus, i.e. amendments to the rulebook on minimum information contained in the prospectus.

The Law on Alternative Investment Funds and the Law on Open-End Investment Funds subject to public offering were adopted in October 2019. Having in mind that various technical and substantive issues remained open, the National Assembly of the Republic of Serbia postponed the implementation of these laws until April 20, 2020, therefore, with the adoption of new bylaws, their practical application began.

Companies that manage open-end investment funds in accordance with the Law on Investment Funds are obliged, within 9 months from the date of entry into force of the said law, to harmonize their operations and general acts with the provisions of the Law on Open-End Investment Funds.

By the same date, companies that manage closed-end or private funds in accordance with the Law on Investment Funds are obliged to harmonize their acts and operations, and submit an application to the Commission for a license in accordance with the Law on Alternative Investment Funds and bylaws of the Commission.

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