Transposition of EU directives regarding investment funds into Serbian legislation

Abstract

This paper is about the regulation of the investments funds industry in the Republic of Serbia in the light of the European Union (hereinafter: EU) accession process and it will focus on the transposition of the respective EU directives into Serbian legislation. The methodological framework is based on an overview of these directives as the main sources of the investment funds industry regulation in the EU. This research seeks to provide an insight into the new Serbian laws governing investment funds. In order to provide such an overview, this paper will primarily explain the main differences between the regulation of open-ended funds with a public offering and alternative investment funds. The aim of this paper is to gradually guide the reader through the process of harmonization of Serbian legislation in the field of investment funds with the EU acquis by providing historical reasons for enactment of the respective laws, by going through the content of the draft laws, and, in the end, by describing the anticipated impact of the new legislation, in order to fully understand the plausible positive implications that the new laws could have on the Serbian investment funds industry, as well as on the overall development of the Serbian capital market.