LAW ON FOREIGN CURRENCY TRANSACTIONS (“Official ... - Siepa

Residents, except for residents referred to in paragraph 1 of the present Article, cannot effectpayment for the purpose of purchasing foreign short-term securities.Non-residents cannot make payments for the purchase of short-term securities in the Republic.4. Transactions with Financial DerivatesArticle 16Payment, collection, transfer, set-off, as well as reporting on transactions with financialderivatives are carried out under conditions and in the manner prescribed by the National Bankof Serbia.5. Operations with Investment and Voluntary Pension FundsArticle 17Residents - investment and voluntary pension fund management companies may effect paymentfor the purpose of investing abroad, in line with the provisions of the law governing activities withinvestment and voluntary pension funds.Non-residents may effect payment for the purpose of investing into investment funds andvoluntary pension funds in the Republic, in line with the provisions of laws governing activitieswith investment and voluntary pension funds.6. International Credit facility OperationsArticle 18Credit facility transactions in foreign currency in Article 2 Item (21) Paragraphs 1 to 3, Paragraph4 in the first and third lines and Paragraph 5 of this law, a bank, a resident - legal entity orentrepreneur conclude in written form with a non-resident - a bank, a legal entity and naturalperson.International financial organizations and development banks or financial institutions founded byforeign states can approve the bank, resident - legal entity and entrepreneur credit facilities andloans in dinars in Article 2 Item (21) Paragraph 6 of this law, under conditions and in mannerprescribed by the National Bank of Serbia. Banks may approve credit facilities to non-residentsin dinars under the conditions and in manner prescribed by the National Bank of Serbia.Bank may enter into credit facility transactions with foreign countries in Article 2 Item (21) of thislaw in its name and for its own account, in its name and for the account of others, and in others’name and for the others’ account. The Bank may issue bank guarantees, endorsements andother forms of surety for the benefit of non-resident - creditor for credit facilities taken byresidents from abroad and to obtain guarantees, sureties and other for of collateral from nonresidentsfor credit facilities that it approves to non-residents, while guarantees, endorsementsand other forms of surety for credit facility transactions between two non-residents abroad it mayapprove under the condition that it contracts and obtains from the non-resident instruments ofpayment collateral.