{"id":799,"date":"2025-10-13T11:05:20","date_gmt":"2025-10-13T11:05:20","guid":{"rendered":"https:\/\/euinfo.rs\/plac4\/?p=799"},"modified":"2025-10-16T11:07:14","modified_gmt":"2025-10-16T11:07:14","slug":"new-draft-law-on-the-takeover-of-joint-stock-companies-to-enhance-shareholder-protection-and-enable-a-more-transparent-capital-market","status":"publish","type":"post","link":"https:\/\/euinfo.rs\/plac4\/en\/new-draft-law-on-the-takeover-of-joint-stock-companies-to-enhance-shareholder-protection-and-enable-a-more-transparent-capital-market\/","title":{"rendered":"New Draft Law on the Takeover of Joint-Stock Companies to Enhance Shareholder Protection and Enable a More Transparent Capital Market"},"content":{"rendered":"

Serbia\u2019s capital market and investors will benefit from clearer rules and stronger protection under the new draft\u00a0Law on the Takeover of Joint-Stock Companies<\/strong>, which is now fully aligned with the EU\u00a0Takeover Bids Directive<\/strong><\/a> (2004\/25\/EC)<\/strong>. This is an output of the Policy and Legal Advice Centre (PLAC IV)<\/strong><\/a> project and its cooperation with the\u00a0Securities Commission\u00a0and the\u00a0Ministry of Finance of the Republic of Serbia, and it represents a significant step forward in regulating Serbia\u2019s capital market. The most important changes include extending the law\u2019s application to all public joint-stock companies in order to safeguard the stability of the capital market and protect shareholders in smaller companies; removing discriminatory exemptions; and eliminating legal gaps which had enabled abuses and led to unequal treatment of market participants. Together, these measures will contribute to a more stable financial system and greater legal certainty for both investors and shareholders themselves.<\/p>\n

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The workshop<\/strong> presenting the draft new Law was held on\u00a030 September 2025\u00a0at the\u00a0Securities Commission of the Republic of Serbia<\/strong>, with a large number of experts from the institution in attendance. The event was opened by\u00a0Prof. Dr. Dijana Markovi\u0107 Bajalovi\u0107<\/strong>, the PLAC IV project\u2019s Key Legal Expert, and the results of the work were presented by\u00a0Prof. Dr. Neboj\u0161a Jovanovi\u0107<\/strong>, an expert engaged under the PLAC IV project.<\/div><\/div>\n

The project\u2019s activities included an analysis of the compliance of the current Law with EU law; proposals for amendments to the Law were prepared, along with a table of concordance, as well as a draft of a new Rulebook on Takeover Bids with forms for practical application. On the basis of these proposals, the Securities Commission and the Ministry of Finance are tasked with finalizing the text and submitting it into the further legislative procedure. The deadline set for adopting this Law is the fourth quarter of 2026, so that it would enter into force at the beginning of 2027.<\/p>\n

Asked about the significance of the new law for citizens and the economy, Prof. Dr. Jovanovi\u0107<\/strong> highlighted: \u201cThe benefit lies in the fact that Serbia will obtain a more detailed and clearer Law on the Takeover of Joint-Stock Companies, which will result in better legal protection for the capital market and investors, and will also facilitate the Commission\u2019s work in the domain regulated by the Law. Until Serbia joins the EU, the rules regarding the Commission\u2019s obligations vis-\u00e0-vis the European Securities and Markets Authority (ESMA), the breakthrough rule, and access to the European Single Access Point (ESAP) will not apply<\/em>.\u201d<\/p>\n

PLAC IV is an EU-funded project <\/strong>which provides Serbian institutions with expert legal support in the process of harmonizing legislation with EU law. Through these activities, the project has helped institutions to act proactively within Negotiation Chapter 6 \u2013 Company Law and to implement the necessary harmonization of the Law on the Takeover of Joint-Stock Companies. This step constitutes the fulfillment of one of the key measures under this chapter, and also on Serbia\u2019s path toward EU membership. In doing so, it strengthens the capacity to conduct the accession negotiations successfully, while gradually ensuring the introduction of European standards into business practice and everyday life for citizens and businesses.<\/p>\n

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