National Bank of Serbia adopts secondary legislation to govern the operations of payment

The decisions from the secondary legislation are: Decision Implementing Provisions of the Law on Payment Services Relating to Granting of the National Bank of Serbia’s Licenses and Approvals, Decision on Capital and Capital Adequacy of Payment and Electronic Money Institutions, Decision on Management and Internal Controls Systems of Payment and Electronic Money Institutions and Safeguarding of Funds of Payment Service Users and Electronic Money Holders, Decision on the Conditions and Manner of Exercising Supervision of Payment and Electronic Money Institutions and the Public Postal Operator Decision on the Contents of Registers of Payment and Electronic Money Institutions and the Conditions and Manner of Maintaining the Registers.

In addition to the above, the NBS Governor adopted the Decision Implementing Provisions of the Accounting Law Relating to the Chart of Accounts, Financial Statements and Statistical Report for Payment and Electronic Money Institutions. The NBS thus fulfilled the obligation, within the statutory deadline, arising from the Law on Payment Services (RS Official Gazette, No 139/2014 ?f 18 December 2014) to adopt regulations implementing the Law within six months from its entry into force, i.e. by 26 June 2015.

The above decisions were adopted based on the powers to pass secondary legislation arising from the Law on Payment Services and based on the Accounting Law (RS Official Gazette, No 62/2013). By adopting these decisions, the NBS has not only fulfilled its statutory obligation, but has also transposed relevant European into national regulations (Directive on payment services in the internal market 2007/64/?C and Directive on the taking up, pursuit and prudential supervision of the business of electronic money institutions 2009/110/?C), while at the same time incorporating relevant comparative legal solutions.

All six decisions enter into force on the eighth day following their publication in the RS Official Gazette and will apply as of 1 October 2015. In accordance with the Law on Payment Services, applications for operating licenses for payment and electronic money institutions may be submitted to the NBS starting from 1 August 2015.