The Republic of Serbia Securities Commission adopted a series of 13 bylaws implementing the Law on Open-End Investment Funds subject to Public Offering and the Law on Alternative Investment Funds, in addition to the amendments to rulebooks governing application for approval to publish a prospectus and the documents attached and the format, minimum information contained in prospectuses and base prospectuses and advertisements.
The rulebooks were published in the Official Gazette of RS, No 61/2020, and will come into force on 5 May 2020.
The Law on Open-End Investment Funds subject to Public Offering (Official Gazette of RS, No 73/2019), which came into force on 19 October 2019, provides for six months for the Securities Commission to adopt bylaws implementing this Law.
To implement the Law the Securities Commission adopted the following bylaws:
1. Rulebook on operating requirements for management companies of open-end investment funds subject to public offering
2. Rulebook on open-ended investment funds subject to public offering
3. Rulebook on operating requirements for depositaries of open-end investment funds subject to public offering
4. Rulebook on capital of management companies of open-end investment funds subject to public offering
Please note that management companies that manage open-ended investment funds in compliance with the Law on Investment Funds ("Official Gazette of the Republic of Serbia", No 46/06, 51/09, 31/11 and 115/2014), are required to harmonize their operations and general documents, i.e. the operation of the funds they manage, with the provisions of the Law on Open-End Investment Funds subject to Public Offering within nine months from the day of entry into force of the Law, i.e. by 20 July 2020.
Moreover, the Law on Alternative Investment Funds (Official Gazette of RS, No 73/2019) provides for a time period of six months for the Securities Commission to adopt bylaws implementing this Law.
The Commission adopted the following bylaws:
1. Rulebook on alternative investment funds
2. Rulebook on types of alternative investment funds
3. Rulebook on operating requirements of alternative investment fund management companies
4. Rulebook on operating requirements for depositaries of alternative investment fund management companies
5. Rulebook on chart of accounts and financial statements for alternative investment funds
6. Rulebook on chart of accounts and financial statements for alternative investment fund management companies
7. Rulebook on capital of management companies of alternative investment funds
Please note that, management companies of closed-end or private funds in the context of the Investment Funds Law (RS Official Gazette, No 46/06, 51/09, 31/11 and 115/14) are required to align their corporate bylaws and operations, and the operations of the funds they manage, with the Law, and apply with the Commission for authorization pursuant to the Law and the Commission bylaws, within 9 months of the effective date of this Law, i.e. by 20 July 2020.
Moreover, persons trading under names that include the phrase ‘investicioni fond’ [‘investment fund’] without being duly authorized by the Commission are required to align their corporate bylaws and operations with the provisions of the Law, and apply with the Commission for authorization within 9 months of the effective date of the Law, i.e. by 20 July 2020.
In addition, the Securities Commission amended the following bylaws governing application for approval to publish a prospectus and the documents attached and the format, minimum information contained in prospectuses and base prospectuses and advertisements:
1. Rulebook amending the Rulebook on the content of application for approval to make public a prospectus and the documents attached
2. The Rulebook amending the Rulebook on the form, minimum information to be included in prospectus and base prospectus and advertisements in connection to the prospectus
The rulebooks were amended in order to simplify the procedure for issuing debt securities in Serbia and the approval process before the Commission for prospectuses for issues of corporate debt securities and their admission to trading, and apply to drawing up a Registration Document, Securities Note, and a single document prospectus.