Law on investment funds of Serbia put into effect

The Law on investment funds, which was adopted six months ago, was put into effect yesterday (December 11, 2006).

Application of that Law will provide all conditions for founding of the investment funds in Serbia in which both juristic and physical persons will be able to invest their money.

The investment and voluntary pension funds can not obtain the work permit if they don't own the fund management company and the portfolio managers, for which the license is issued by the Securities Commission. So far, only six such licenses have been issued and the new testing of the candidates for that title will take place in January 2006.

Also, the Law on securities market and other financial instruments, which should ensure better protection of participants in that market, has been put into effect.