Sitemap

Marko Ćulafić, President Of The FIC Legal Committee (Karanovic & Partners)

Progress In Building The Legislative Framework

Although work is constantly being done in Serbia to harmonise the legislative framework with that of Europe, it is necessary for more uniform practice among the Serbian courts, but also greater efficiency of the judiciary and regulatory bodies that would follow these changes

The previous period has seen legislative progress observed in various areas that are covered by the White Book. First and foremost, the new Law on Consumer Protection has been adopted and has created a significant shift from the perspective of resolving consumer disputes. The new legal solutions introduced a mechanism for out-of-court settlements of consumer disputes that functions adequately in practice, in contrast to previous solutions.

It nonetheless appears as though the greatest progress in the Serbian legislative framework has been achieved in the domain of energy, with the adopting of a set of regulations governing the use of renewable energy sources. The most important and umbrella regulation in this area is the Law on the Use of Renewable Energy Sources. This is the first law that exclusively addresses renewable energy sources and that has established a new incentive system for projects that use renewable sources. The incentive system encompasses a premium on the price of electricity that will be paid to companies that prove victorious in the auctions. It is necessary to bear in mind that actual auctions have yet to be carried out because the relevant statute (to regulate balanced liability) has yet to be adopted. Whatever the case, this Law, and the regulations adopted on the basis of it, represent great success for Serbia in the domain of renewable energy sources and the green agenda.

The Law on the Use of Renewable Energy Sources, and the regulations adopted on the basis of it, represent great success for Serbia in the domain of renewable energy sources and the green agenda

The adoption of the new Law on the Protection of Trade Secrets also represents a notable advance – this new Law more precisely determines various issues, deals more with protecting trade secrets from the aspect of protecting intellectual property, and represents even greater harmonisation with EU regulations. The new Law on the Capital Market has also been adopted and also provides for the more detailed regulating of various topics, which represents further harmonisation with EU regulations and should serve to accelerate the development of the capital market in Serbia. It will only begin to be applied in 2023, thus more time is required to determine this Law’s true effect.

With regard to the aforementioned harmonisation with EU regulations, it is generally necessary to stress that laws are being constantly passed and amended in Serbia in order for the domestic regulatory framework to be harmonised with the EU regulatory framework and in order to achieve the market economy standards that exist in the EU. However, it is my consideration that there is plenty of room for progress and advancement when it comes to the implementation of (new) legal provisions or the achieving of EU standards, which the FIC Legal Committee will continue to work on. It is primarily necessary for more uniform practice among the Serbian courts, but also greater efficiency of the judiciary and regulatory bodies (in which there should be no neglecting of the work required to improve the relevant bodies, considering the large number of new and specific areas of importance to the business environment). Similarly, more practical options for implementing various legal solutions should be enabled (as would be the case with the introduction of “foreign” electronic signatures that would ease business operations in Serbia significantly). Finally, it is also necessary to adopt new laws in certain areas, as is the case with the protection of competition, for example, or to work on improving existing regulations, as is the case with the Law on Personal Data Protection.

CorD Recommends

More...

Milan Marković, General Manager, Smurfit Kappa Belgrade

Returning Treated Water to the Danube

Here Milan Marković, General Manager of Smurfit Kappa Belgrade, shares his insights about the company’s legacy and innovative strides in environmental protection Founded in 1921...

Bogdan Gavrilović, Managing Director, WTO Serbia

Transport and Logistics Without Borders

World Transport Overseas is one of the fastest-growing logistics companies in Eastern Europe, with branches in Bulgaria, China, Croatia, Greece, Kosovo, North Macedonia, Serbia,...

Vesna Jovanović, Director, EurologSystem

Connecting Italy and Serbia by Rail

EurologSystem, which is set to commemorate two decades of successful operations in 2025, transports an average of 500,000 tons of goods annually, primarily agricultural...

Branko Milikić, Business Development Director at Halcom Serbia

Innovations in Digital Banking

Halcom is a leader in the domain of digital banking and banking solutions. This company has spent 30 years enabling the safe and efficient...

News

The Foreign Investors Council and EBRD Hosted Conference On Financial Services

The Foreign Investors Council of Serbia, in cooperation with the European Bank for Reconstruction and Development (EBRD), organised the...

Belgrade Prepares for Expo 2027 with a Focus on Play and Creativity

Belgrade is gearing up to host the Specialized Expo 2027, a global event set to captivate the world from...

Sweden’s National Day Celebrated in Serbia with a Touch of ABBA

The Embassy of Sweden in Serbia celebrated the nation's 501st National Day in a lively reception hosted by Ambassador...

Serbian High Jumper Angelina Topić Wins Silver at European Championships in Rome

Serbian high jumper Angelina Topić secured a silver medal at the European Championships in Rome, clearing a height of...

Angola’s Foreign Minister Visits Belgrade, Emphasizes Stronger Ties with Serbian Companies

During an official visit to Belgrade, Angola's Foreign Minister Tete Antonio highlighted the importance of strengthening ties between Angolan...

German Voters Dominate, Malta Least Represented in Upcoming European Parliament Elections

As the 2024 European Parliament elections draw near, set to take place from 6 to 9 June, Eurostat has...

Regional Creative Network Established in Belgrade

In an initiative led by the National Platform "Serbia Creates" and the Ložionica Center, the first gathering of creative...

Chile to Install World’s Largest Astronomy Camera 

Chile is set to install the world's largest astronomy camera atop Cerro Pachón in the Coquimbo region, on the...

Montenegro Earns €17 Million from Toll Roads in Two Years

Montenegro has generated €17 million in toll revenue from the Bar-Boljare-Smokovac-Mateševo motorway in two years Since the opening of the...

John Lennon’s Acoustic Guitar Sells for Over $2.8 Million

An acoustic guitar once played by John Lennon at the height of The Beatles' fame has sold at auction...

German Voters Dominate, Malta Least Represented in Upcoming European Parliament Elections

As the 2024 European Parliament elections draw near, set to take place from 6 to 9 June, Eurostat has...

Regional Creative Network Established in Belgrade

In an initiative led by the National Platform "Serbia Creates" and the Ložionica Center, the first gathering of creative...

Chile to Install World’s Largest Astronomy Camera 

Chile is set to install the world's largest astronomy camera atop Cerro Pachón in the Coquimbo region, on the...

Montenegro Earns €17 Million from Toll Roads in Two Years

Montenegro has generated €17 million in toll revenue from the Bar-Boljare-Smokovac-Mateševo motorway in two years Since the opening of the...

John Lennon’s Acoustic Guitar Sells for Over $2.8 Million

An acoustic guitar once played by John Lennon at the height of The Beatles' fame has sold at auction...