Four draft laws on financial services prepared by NBS

The National Bank of Serbia (NBS) announced Tuesday (20 May 2014) that it had drafted four laws regulating financial services and invited the public, professionals and all other interested parties to forward their suggestions and objeections to these pieces of draft legislation by 3 June 2014.

Pursuant to its mandate, the National Bank of Serbia has drawn up the Draft Law on Insurance, Draft Law on Payment Services, Draft Law Amending and Supplementing the Law on Foreign Exchange Operations and Draft Law Amending and Supplementing the Law on the Protection of Financial Services Consumers, it was announced on the NBS website.

- The NBS invites the public, professionals and all other interested parties to take part in the public debate and to forward their suggestions and objections to the above pieces of draft legislation by 3 June 2014 at [email protected] - the release on aforementioned website reads.

As it was pointed out, the proposed solutions in the Draft Law on Insurance create the necessary preconditions for further growth and development of the insurance activity and protection of users of financial services, improved efficiency and better quality operation of insurance companies, improvement of financial discipline in the insurance market, gradual alignment with the acquis of the EU and the outcome of negotiations between the Republic of Serbia and the World Trade Organization in this area.

The Draft Law on Payment Services creates a unique and comprehensive set of rules for rendering payment services in the Republic of Serbia and establishes conditions for improved efficiency of payment operations, better protection of users of payment services and improvement of competition in the payment services market.

At the same time, the Draft Law ensures alignment with the acquis of the EU in the area of payment services, electronic money and the finality of settlement in payment systems. The Draft Law Amending and Supplementing the Law on Foreign Exchange Operations and Draft Law on the Protection of Financial Services Consumers aim to ensure smooth implementation of the new legal framework for payment services, but primarily serve to remove practical problems identified in the course of their implementation, the release reads.