Workshop for Securities Commission’s members

In the organisation of PLAC III project, a workshop on harmonisation of legislation in the area of Negotiation Chapter 9 (Financial Services) was held for members of the Securities Commission on Thursday, 15 October 2020. The workshop was held in the form of a video-conference, in order to respect preventive measures during the Covid-19 pandemic.

Project expert Pierre Matek presented to the workshop participants the relevant EU legislation in the part on the market in financial instruments - the MiFID II Directive and the MiFIR Regulation, as well as the analysis of the degree of harmonisation of national legislation with these documents. MiFID II is a key document of EU regulation in the field of capital markets; as well as accompanying MiFIR Regulation, it has been in force since January 2018, when the amendments to the first MiFID Directive (from 2007) were adopted.

Through the PLAC II project, amendments to the Law on Capital Market have already been drafted implementing MiFID and MiFIR. However, in order to ensure alignment with Union acquis, it is necessary to transpose a large number of legislative acts based on that directive and the MiFIR Regulation into the Serbian legal framework.

This includes the transposition of delegated acts, implementing and regulatory technical standards and guidelines of the European Securities and Markets Authority (ESMA). The MiFIR Regulation stipulates that the ESMA has the right to prohibit the marketing, distribution and sale of certain financial instruments, as well as certain practices in order to protect investors and the integrity of the financial market.

Matek presented to the workshop participants an action plan for the transposition as well as proposals for Securities Commission’s regulations that would enable complete transposition of relevant legislation.