The Montenegrin Parliament adopted the Act on Financial Leasing, Factoring, Purchase of Receivables, Microcredit and Credit-Guarantee Operations on 25 October 2017. The new legislation will come into effect on 11 May 2018, regulating for the first time in Montenegro financial leasing, factoring, and purchase of receivables. Companies currently engaged in the business of financial leasing, […]
The Serbian Ministry of Finance has published draft amendments to the Corporate Income Tax Act (CITA), which were formally approved by the Government on 1 December 2017 and sent to the Parliament. If approved by the Parliament, as expected, CITA amendments will take effect from 1 January 2018. The most important novelties concerns recognition of […]
The Companies Act introduced in 2011 the obligation of the Serbian Business Registers Agency (SBRA) to institute compulsory liquidation over companies for failure to comply with legal obligations under the statute. SBRA is, inter alia, obliged to initiate compulsory liquidation over a company which has failed to: (a) submit its annual financial statements for the previous […]
The Montenegrin Parliament adopted the new Act on Spatial Development and Construction on 30 September 2017. The new legislation introduces radical changes in the areas of spatial planning and construction. Reduced number of spatial planning documents and centralized decision making Under the previous legislation, the competence for enacting planning documents was divided between the state […]
Tariffs offered by mobile companies usually contain a maximum volume of monthly data (megabytes) to which the client is entitled. Consumption of this data takes place every time the customer goes online, without the phone being connected to a WIFI network. Zero-rating, a common practice across the mobile sector, is an exception to this rule. […]
The 2014 amendments to the Labour Act enabled the employer to terminate an employee for a breach of discipline that constitutes a criminal offence committed at work or in relation to work, regardless of whether the employee has been found guilty of the crime, and even regardless of whether criminal proceedings have been initiated against […]
January cold blast spanning the region was a suitable mizenscène for the signing ceremony of the Memorandum of Understanding for the development of bidirectional gas interconnector between Bulgaria (Sofia) and Serbia (Niš). The Bulgaria – Serbia interconnection, or IBS, is a large infrastructure project in the energy sector for the development of electricity, gas and […]
The Serbian Capital Markets Act enters 2017 with the new provisions on market abuse, bringing it closer to the Regulation (EU) No 596/2014 (Market Abuse Regulation or MAR). The amendments took effect on 6 January 2017. In addition, the definition of financial instruments has been, in our view, unnecessarily extended to include separate definitions of “commodity […]
On 28 December 2016, the Serbian Parliament adopted amendments to the Takeover Act (“Amendments to the Takeover Act“), which became applicable on 6 January 2017. Thresholds for mandatory takeover bid The threshold for mandatory takeover bid remains unchanged. ToB is triggered if a person, acting alone or in concert with another, acquires, directly or indirectly, […]
Introduction The International Swaps and Derivatives Association (ISDA) published in March 2000 a document in which it briefly outlined the principles that an effective and efficient modern legal regime for collateral arrangements should embody1. Sixteen years later, Serbia still does not have legislation dedicated to creation and enforcement of eligible financial collateral. With respect to […]
