NEW CAPITAL MARKET LAW AND HARMONIZATION WITH MiFID II

VIĆIĆ SIMIĆ Marija (Адвокатска канцеларија Karanović & Partners, Београд; Правни факултет Универзитета у Београду), marija.vicic@karanovicpartners.com

In this paper, the author deals with the results of the harmonization of the new Capital Market Law of the Republic of Serbia with the relevant European Union Directive (MiFID II). The analysis shows that the harmonization of domestic legislation with EU law in the subject matter is a big step forward in the further development of the Serbian capital market, which is vital for the progress of the Serbian economy as a whole. The paper is divided into three parts. In the first part, the current state of capital market regulation is considered and some key problems that have arisen from practice are pointed out. The second part presents the basic concepts and institutes of MiFID II, as well as its basic values. In the final and most important part of the paper, the institutes implemented in the new law on the capital market in the Republic of Serbia are discussed, their basic characteristics are presented, as well as the assessment of the achieved improvements in relation to previous legislative solutions.

Ključne reči: Capital Market Law, Republic of Serbia, European Union, MiFID II, harmonization