The Alternative Investment Funds Act (“Act”) came into force on 19 October 2019 and applies as of 20 April 2020, except certain provisions whose application is postponed. Additionally, the Securities Commission adopted 7 bylaws implementing the Act, which came into force on 5 May 2020.
As we witness the progress of technological achievements in our society, certain advancements in this field may give cause for concern in others, such as privacy and personal data protection laws. Although facial recognition technology has been around for a while, an increasing number of countries are starting to implement this technology in dealing with the ongoing pandemic. Its use is not limited only to special circumstances such as health emergencies; its use far exceeds a narrow scope of crises and extends into anything from preventing terrorist activities to keeping track of class attendance at school. Naturally, while this technology should be welcomed as its possibilities are further explored, there is a legitimate reason for legislators to stay alert, approach regulation of this issue carefully, and not abolish the privacy rights of citizens.
The Alternative Investment Funds Act (“Act”) came into force on 19 October 2019 and applies as of 20 April 2020, while the provisions governing small investors and public offering will be applicable from 1 January 2021, and the provision governing cross-border activity will be applicable from the date of accession of the Republic of Serbia to the European Union. Besides harmonization of the Serbian law with EU law, one of the main aims for adopting the Act was the improvement of the Serbian financial market and development of micro, small, and medium-sized businesses (MSMEs).
Since the state of emergency was declared in Serbia on 15 March 2020, the status of foreign citizens has been uncertain. This is because the Directorate for Foreigners has been closed for serving parties at the counters (as well as all other public institutions except for Tax Administration, Customs Administration and Treasury Department). Due to the fact that the Directorate for Foreigners has not yet introduced the possibility of submitting requests and documentation electronically, foreign citizens residing in Serbia were basically unable to initiate proceedings in order to regulate their stay.
The outbreak of COVID-19 in Serbia, which resulted in Government declared State of emergency, has strong impact on companies across all industries, creating a number of challenges that need to be addressed by the employers. Over the last few days, we’ve received many enquiries from our clients about business implications of the current situation. We present you below some of the most common ones, followed by answers that will help you in your response to the immediate key issues affecting your business.
As of 2011, the Serbian Capital Market Act has been changed multiple times due to the need for improvement of domestic legislation and alignment with the market’s demands, as well as harmonization of Serbian legislation with the EU acquis. Once again, on 3 February 2020, the National Assembly of the Republic of Serbia adopted amendments to the Capital Market Act, which came into force on 12 February 2020.
The rising importance of data protection practice inevitably affects even those who intentionally want to ignore it. There is already an infinite quantity of material about the new data protection regime. The practice is getting richer every day, which makes the interpretation of the existing legislation even more complex. As in other areas of law, there are no shortcuts. It is not possible to read from one specific source and to immediately get to the point of at least general understanding.
A new procedure in our judiciary system was recently implemented through changes to the Enforcement and Security Act (“Act”) – the procedure of voluntary debt settlement before Public Bailiffs, prior to enforcement procedure. The procedure of voluntary debt settlement is also regulated by the Rulebook on the procedure of voluntary debt settlement before enforcement proceedings (the “Rulebook”) that was enacted on 1 January 2020. Compared to the Act, the Rulebook manages the procedure of voluntary debt settlement in a much more concise and clear manner.