Amendments to the Decision on the Conditions and Manner of Performing Foreign Exchange Operations (hereinafter: the “Decision”) have been adopted in accordance with the amendments to the primary regulation – the Foreign Exchange Operations Act, which was amended by the adoption of the Law on Amendments to the Foreign Exchange Operations Act (hereinafter: the “Law”) on 6 March 2025. The Decision entered into force on 19 April 2025, while certain provisions thereof shall enter into force on 2 June 2025.
What’s new:
- The amendments to the Law include:
- Expansion of the competences of the National Bank of Serbia (hereinafter: “NBS”), which now has the authority to maintain a register of authorised exchange offices;
- Enhanced and detailed regulation of the supervision of exchange operations performed by authorised exchange offices – including the NBS’s authority to issue a written warning, temporarily revoke authorisation to perform exchange operations, impose a monetary fine, or permanently revoke such authorization.
- The Decision sets out the conditions that must be met in order for a legal entity to commence the performance of exchange operations.
- The latest amendments introduce specific circumstances under which it is strictly prohibited to submit a request for authorisation to perform exchange operations – for example, a legal entity whose authorisation has been revoked by a decision of the NBS in the course of supervision of exchange operations at all of its exchange locations may not submit such a request, nor may any person/legal entity closely associated with the business operations of the entity in respect of which such a decision was rendered.
- The Decision shortens the deadlines for notifying the NBS of any changes to the data relating to the legal entity which are required for the performance of exchange operations. Such changes must be reported either on the day the change occurs or, at the latest, on the following day.
- Any change in the working hours of an authorised exchange office must now be submitted to the NBS in the form of an electronic notice. Such notice shall subsequently be published on the NBS website.
For additional information or consultations, the Tasić & Partners team is at your disposal.