Workshop on the Operational Rules and Tariff List of the Central Securities Depository and Clearing House

The Ministry of Finance hosted a workshop which presented the results of a gap analysis of the Serbian legislation and the internal acts of the Central Securities Depository and Clearing House (CSDCH) with European standards, as well as a comparison of CSDCH’s tariffs with those of central depositories in EU member states. The workshop was intended for representatives of the CSDCH, the Securities Commission, the Ministry of Finance, the National Bank of Serbia and other relevant bodies, with the aim of familiarising them with the findings and preparing for the next steps in the process of harmonising with EU regulations.

Project experts Ivana Tomašić and Karlo Nikolovski presented both the results of the analysis and recommendations for further alignment of local regulations and the internal acts governing capital market infrastructure and the organisation and operation of the CSDCH, with EU regulations and best practices. In the section devoted to comparing the tariffs charged by securities depositories in selected EU member states, emphasis was also placed on ways to improve the CSDCH’s tariff policy and to introduce new services. Concrete steps for future implementation and alignment with European standards were outlined during the workshop, marking an important move toward Serbia’s European integration in the area of capital market infrastructure.

According to the presented results, Serbia has made good progress in aligning its legislation and internal acts with European standards in the field of capital market infrastructure, but further work is required to achieve full implementation and to adapt tariffs, rules and procedures. It was recommended that the CSDCH continue adjusting its tariff policy and internal rules so as to meet all the conditions for obtaining a license to provide central-securities depository services in line with EU Regulation No 909/2014 on central securities depositories. Continuous efforts to improve the regulatory framework and to introduce new services were also emphasised as essential for strengthening the institution’s functionality and financial stability.

The workshop constitutes an important step in Serbia’s European integration process in the area of capital market infrastructure. Its contribution is aimed at strengthening the regulatory framework and creating the conditions for a stronger and more efficient financial market in line with EU best practices.

When it comes to Negotiating Chapter 9 – Financial Services, the key objectives of the EU acquis in this area are to ensure the financial stability of businesses operating in the financial sector and to provide adequate protection for consumers, investors and policy holders.

Why is this important for Serbia and its citizens? By fully aligning its legislation with the EU acquis and applying it correctly, Serbia creates the conditions for a high level of stability of its financial system. At the same time, it improves the position of market participants and users of financial services. Regulating how financial services activities are carried out also allows a wider range of services to be offered on the market.

Negotiating Chapter 9 is part of Cluster 2 – the Internal Market. Chapter 9 – Financial Services was opened in June 2019.