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Abstract

Regulatory role and immediate supervision of all market participants are the basic competencies of the Securities Commission of the Republic of Serbia (Securities Commission). Regulatory role comprise of different competencies including approving issuance of securities, disclosing information about issuers of securities, granting licenses and controlling authorized participants at the capital market. Securities Commission is authorized for the passing of legally binding regulations and the definition of bylaws that provides for operation of the laws. According to the principles of International Organization of Securities Commissions (IOSCO), Securities Commission needs to be organized as a self-standing and independent institution, i.e. it needs to have operational, financial and personal independence in its work. Current law regulation does not meet the IOSCO Principles: according to the legal stipulation, the Commission “is responsible for tasks conferred on it.” The upcoming changes of the Law on the Market for Securities and other Financial Instruments will, inter alia, contribute to the implementation of the IOSCO Principles in stipulation of the Securities Commission as a self-standing and independent institution.

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