Republic of Serbia Securities Commission

What Republic of Serbia Securities Commission does

The Republic of Serbia Securities Commission (Комисија за хартије од вредности Републике Србије) is an independent statutory regulatory body founded in 1990, headquartered in Belgrade at Prokop. It holds exclusive legal jurisdiction over Serbia's capital market, responsible for licensing investment firms, broker-dealers, portfolio managers, investment advisors, fund managers, depositories, audit firms, and digital asset service providers. The Commission performs market supervision, AML/CFT oversight, prospectus approval, investor protection, and enforcement through public warnings, administrative measures, and cooperation with prosecutorial authorities.

The Commission's core technology infrastructure consists of an electronic reporting portal (report.sec.gov.rs) through which regulated entities submit financial statements and regulatory disclosures, supplemented by video-identification capability for remote client onboarding. It maintains multiple official public registers including those for public companies, ISIN-coded securities instruments, approved prospectuses, investment funds (UCITS and alternative), and digital token service providers. It also administers formal licensing examinations for broker, portfolio manager, and investment advisor certifications, and publishes investor education materials, risk indicators, and a dedicated reporting portal. The entity is a member of IOSCO (including the FinTech Knowledge Network), IFIAR, and MONEYVAL, and cooperates with the OSCE, Council of Europe, and international counterparts.

The Commission is funded by the Serbian state budget and supplemented by regulatory tariffs (fees) from licensed entities, with no commercial revenue model and no products or services sold to end customers. It does not seek profitability and operates as a monopoly regulator. Its customer-facing interactions are with licensed capital market participants (required to comply and report), issuers (requiring prospectus approval), and retail investors (served through education and protection mechanisms). As a government state entity, it is owned and controlled by the Republic of Serbia through the National Assembly with oversight from the Ministry of Finance.

Name

Republic of Serbia Securities Commission

Legal name

Комисија за хартије од вредности Републике Србије (Republic of Serbia Securities Commission)

Website

https://sec.gov.rs

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

The Republic of Serbia Securities Commission is an independent statutory regulator founded in 1990, overseeing Serbia's capital markets through licensing, supervision, AML/CFT enforcement, and digital asset regulation. It serves licensed market participants, issuers, and retail investors from its Belgrade headquarters, maintaining public registers and licensing examinations.

Ownership category

akta.pro rank

Product category

Securities Market Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150), Executive, Legislative, and Other General Government Support (921)

akta.pro industry

PRIMARYBPAIAOAK

Financial Services Regulators (Banking, Securities, Insurance)

Business & Public Services/Public Sector & Government Administration/Regulatory Agencies & Licensing (Cross-sector)

SECONDARYBPAIAOAD

Competition/Antitrust & Market Conduct Regulators

Business & Public Services/Public Sector & Government Administration/Regulatory Agencies & Licensing (Cross-sector)

SECONDARYBPAIABAO

State/Provincial Licensing, Permitting & Regulatory Administration (Cross-sector)

Business & Public Services/Public Sector & Government Administration/State/Provincial & Regional Government Administration

Keywords

• Securities market regulation
• Capital market supervision
• Investor protection
• AML/CFT compliance
• Financial licensing authority

Headquarters

HQ city

Belgrade

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Distribution channels1 record

Marketing channels5 records

Core offering

The Republic of Serbia Securities Commission is the independent statutory regulator of Serbia's capital market. It licenses and supervises investment firms, brokers, portfolio managers, investment advisors, fund managers, depositories, and digital asset service providers; approves prospectuses and white papers; maintains official public registers of regulated entities, instruments, and prospectuses; oversees AML/CFT compliance; and provides professional licensing courses and examinations for capital market professionals.

Product overview

The Republic of Serbia Securities Commission operates as the primary regulatory body for Serbia's capital market, providing regulatory services through its website portal and specialized registers. The core offering consists of the official website portal (sec.gov.rs) serving as the main interface for regulatory information and services, supplemented by the dedicated Reporting Portal (report.sec.gov.rs) for electronic submission of market participant data. The Commission's product portfolio centers on maintaining official registers including the Digital Token Service Providers Register, Public Companies Register (register.sec.gov.rs), Securities Instruments Register (ISIN), Investment Funds Register (UCITS and AIF), and Approved Prospectuses Register. Education services are provided through certification courses and examinations for brokers, portfolio managers, and investment advisors. The Commission also publishes regulatory documents, guidelines, and investor education materials through its digital platforms.

Differentiator

Problem solved

Functional benefit

Products and services

• Official Website Portal (sec.gov.rs) The Commission's official website serving as the primary digital portal for regulatory information, news, official registers, education services, investor protection resources, and regulatory document distribution. It serves licensed entities, issuers, and the general public.
• Reporting Portal (report.sec.gov.rs) Electronic portal for licensed market participants to submit required reports, financial statements, and regulatory information to the Commission electronically.
• Digital Token Service Providers Register Official registry of digital asset service providers operating under the Digital Asset Law, tracking licensed entities in the crypto/digital token space.
• Broker/Portfolio Manager/Investment Advisor Certification Courses Educational programs and examination system for obtaining professional licenses to operate in the capital market, including broker, portfolio manager, and investment advisor certifications.
• Public Companies Register Official registry containing documents and instruments for public companies listed on the Belgrade Stock Exchange.
• Securities Instruments Register (ISIN) Register of securities instruments (ISIN codes) managed by the Commission for the Serbian capital market.
• Approved Prospectuses Register Official registry of approved prospectuses for public offerings of securities.
• Investment Funds Register Registry of UCITS and alternative investment funds authorized by the Commission.

Quantifiable outcome

• Serbia achieved investment-grade credit rating
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered moderate, core and minor.

• Faculty of Law, Union University Belgrade (Правни факултет Универзитета Унион у Београду)moderateStrategic or Co-development Partner · 12 June 2026The Commission signed a cooperation agreement with the Faculty of Law, Union University in Belgrade, a higher education institution with more than a quarter-century of tradition. The agreement aims to develop and implement joint educational and professional activities aimed at bringing topics related to capital markets, investment funds, financial instruments, and digital assets to students. Cooperation includes student involvement in programs, lectures, workshops, professional events, and other activities for acquiring practical knowledge and better understanding of modern financial markets and the role of regulatory institutions.
• Faculty of Law, University of Belgrade (Правни факултет Универзитета у Београду)moderateStrategic or Co-development PartnerThe Commission signed a cooperation agreement with the Faculty of Law, University of Belgrade to advance topics related to capital markets, investment funds, financial instruments, and digital assets through lectures, workshops, and professional events for students.
• Faculty of Economics, University of Belgrade (Економски факултет Универзитета у Београду)moderateStrategic or Co-development PartnerThe Commission signed a memorandum of cooperation with the Faculty of Economics, University of Belgrade to support educational activities related to capital markets, financial instruments, and digital assets for economics students.
• OSCE Mission to Serbia (Мисија ОЕБС-а у Србији)coreStrategic or Co-development PartnerThe Commission collaborates regularly with the OSCE Mission to Serbia on workshops addressing anti-money laundering and counter-financing of terrorism in the context of digital assets, as well as new forms of financial crime including money laundering, terrorism financing, and weapons of mass destruction proliferation on capital markets. These workshops target participants in the capital market and digital asset sector.
• International Organization of Securities Commissions (IOSCO)coreStrategic or Co-development PartnerThe Commission is a member of IOSCO and has joined its FinTech Knowledge Network, enabling participation in international regulatory standard-setting, information exchange, and fintech policy development for securities regulators.
• Deposit Insurance Agency of Serbia (Агенција за осигурање депозита)moderateStrategic or Co-development PartnerThe Commission and the Deposit Insurance Agency of Serbia signed a cooperation agreement in the area of protection of small investors, aimed at enhancing investor protection mechanisms.
• International Forum of Independent Audit Regulators (IFIAR)coreStrategic or Co-development PartnerA delegation of the Commission participated in the annual IFIAR plenary session in Berlin, engaging with international audit oversight peers on public audit supervision matters.
• MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures)coreStrategic or Co-development PartnerThe Commission cooperates with MONEYVAL in the context of national money laundering and terrorism financing risk assessments. A MONEYVAL report confirmed Serbia's progress, with the role of the capital market regulator highlighted.
• Central Bank of Russia (Централна банка Русије)minorStrategic or Co-development PartnerThe Commission signed a cooperation agreement with the Central Bank of Russia for information exchange and regulatory cooperation.
• Capital Market Commission of Montenegro (Комисија за тржиште капитала Црне Горе)moderateStrategic or Co-development PartnerRepresentatives of the Commission and the Capital Market Commission of Montenegro held a meeting to discuss cooperation and exchange of experiences in capital market regulation.
• Council of Europe (Савет Европе)coreStrategic or Co-development PartnerThe Council of Europe launched a new project 'Suppression of Economic Crime in Serbia' aimed at further improving the fight against economic crime and money laundering in Serbia, in which the Commission participates. The Council of Europe also supports workshops on AML/CFT in the context of digital assets and capital markets.
• UN Global Compact in Serbia (Глобални договор УН у Србији)minorStrategic or Co-development PartnerThe Commission is a member of the UN Global Compact in Serbia, supporting its principles on anti-corruption and human rights in the context of financial market integrity.
• Belgrade Stock Exchange (Београдска берза)coreStrategic or Co-development PartnerThe Commission cooperates with the Belgrade Stock Exchange on market development, supervision of listed companies, and the organization of the capital market. Representatives of the Commission attended the presentation of the Belgrade Stock Exchange's development plan. The Athens Stock Exchange acquired a qualified stake in the Belgrade Stock Exchange with the Commission's consent.

Scale indicators3 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• U.S. Securities and Exchange Commission (SEC): The largest and most established securities regulator globally. Comparable as a broad incumbent whose supervisory model, electronic reporting infrastructure, and investor education programs closely parallel the Serbian Commission's product set, even though the market context differs radically.
• European Securities and Markets Authority (ESMA): EU-wide securities regulator that sets pan-EU standards the Commission is aligning with. Comparable as the supra-national incumbent whose frameworks increasingly shape the Serbian Commission's mandate and operational design.

Direct peers

• Securities Commission of Montenegro: Montenegro's capital market regulator. Comparable as a direct regional peer with whom the Commission already maintains an active cooperation and experience-exchange relationship.
• Cyprus Securities and Exchange Commission (CySEC): Cyprus's national securities regulator. Comparable as a small EU-member securities supervisor with a strong focus on investment firm licensing, AML/CFT, and cross-border investment services — functions mirrored by the Serbian Commission.
• Croatian Financial Services Supervisory Agency (HANFA): Croatia's integrated financial supervisor covering capital markets, insurance, and pensions. Directly comparable as a neighboring Western Balkans securities regulator with similar EU-accession-driven mandate and supervisory scope.
• Securities Market Agency of Slovenia (ATVP): Slovenia's capital market regulator. Comparable as a small EU-member securities supervisor operating a comparable scope of licensing, prospectus approval, and supervision of investment firms and funds.
• Bulgarian Financial Supervision Commission (FSC): Bulgaria's securities, insurance, and pensions supervisor. Comparable as an EU-member regional peer operating the same capital market oversight functions in a neighboring Balkan jurisdiction.
• Romanian Financial Supervisory Authority (ASF): Romania's integrated financial regulator for securities, insurance, and private pensions. Comparable as a larger regional peer executing equivalent capital market supervision, licensing, and AML/CFT oversight.
• Hellenic Capital Market Commission (HCMC): Greece's securities regulator and a regional counterpart. Highly comparable given the Athens Stock Exchange's qualified stake in the Belgrade Stock Exchange (with the Commission's consent), creating a direct cross-jurisdictional link.

Regional players

• Hungarian National Bank (MNB) — integrated supervision: Hungary integrates capital market supervision into its central bank. Comparable as a regional peer demonstrating an alternative institutional model for securities oversight in a neighboring jurisdiction.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Republic of Serbia Securities Commission