Serbia's National Bank (Amendment) Act (Official Gazette of the Republic of Serbia, no. 76/12) established the Financial Institutions Supervisory Authority [Uprava za nadzor nad finansijskim institucijama] (“FISA”). The FISA is designated as a specialised regulatory unit within the National Bank (i.e. Serbia's central bank) with responsibility for and corresponding powers to supervise certain financial services and their providers in Serbia.
Financial institutions which will be supervised by the FISA are banks, insurance companies, financial leasing companies and voluntary pension funds (“regulated financial institutions”). The supervision of other participants in Serbian financial and capital markets, such as broker-dealers, investment funds, stock exchanges and securities clearing house will remain under the remit of the Securities Exchange Commission.
According to the amended National Bank Act, the FISA will have the following broadly defined statutory powers (while its organisation, activities and regulatory approach are yet to be specified by the Statute of the National Bank):
- Supervision of regulated financial institutions. In carrying out this supervisory role, the FISA will have a wide range of investigatory powers e.g. the power to inspect the books of regulated financial institutions and related entities;
- Issuing individual decisions, orders, and measures concerning regulated financial institutions;
- Proposing new rules and regulations for regulated financial institutions to the Executive Board of the National Bank;
- Proposing decisions on the issuance and revocation of regulated financial institutions' licences to the Executive Board and the Governor of the National Bank; and
- Cooperating with foreign and local institutions and financial services regulatory and supervisory authorities.
The FISA will be headed by a director to be appointed by 2 November by the Serbian Parliament for a six-year term of office (may be re-elected).