Banking & Finance

11 Dec, 2015

Serbia: Amendments to the Financial Restructuring Act

In line with the action plan included in the non-performing loan resolution strategy (“NPL Strategy”), the Serbian Parliament passed amendments to the Voluntary Financial Restructuring Act (“the Act”) on 23 October 2015. The law entered into force on 4 November 2015 and will be enforced as of 2 February 2016. Pending financial restructurings will continue in line with the provisions of the Act. The changes the Act introduces may not be monumental, but legislators expect they will contribute to developing a more favorable economic environment in the country. It remains to be seen how the Act is going to be […]

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05 Oct, 2015

NBS Adopts Changes to the Single Register of Accounts

On October 1, 2015, the new Payment Services Act came into force.  This new piece of legislation introduced numerous and rather important changes to the Serbian payment operations system.  These changes are also a part of Serbia’s harmonization with European Union laws and business practices, which presumes liberalization of payment services provision and widening of authorized service providers in this field, other than the National Bank of Serbia (NBS) and licensed banks, will have a significant positive impact on the market efficiency. One of the most significant changes in this sense introduced in the Payment Services Act relates to the formation of a […]

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