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

Decree on approving authorization for performing exchange operations (hereinafter referred toas: authorization), based on submitted request shall be issued by the Foreign CurrencyInspectorate when it determines that the applicant meets the following requirements:1) That as a business entity is registered with the competent authority;2) That it has concluded contract with a bank for exchange operations, which has no legal effectif a commercial entity has no authorization;3) That the owner or founder of the commercial entity, or the general manager of the founder ofthe commercial entity and the employee who will directly perform exchange operations is notlegally convicted of crimes against the economy, property, life and body, against public orderand legal transactions;4) That it has trained personnel, adept organization and technical equipment to performexchange operations.Trained personnel to carry out exchange operations means that employees who directly performexchange operations in the commercial entity by have at least high school education and acertificate for exchange operations.Adept organization means provision of adequate office space.Having technical equipment means the provision of adequate equipment and information systemthat allows the performance of exchange operations in the prescribed manner.Detailed requirements and manner of performing exchange operations shall be prescribed bythe National Bank of Serbia.In the event that the requirements for the issuance of authorization referred to in Paragraph 2 ofthis Article have not been fulfilled, Foreign Currency Inspectorate shall issue a decree to refusethe issuance of authorization.Foreign Currency Inspectorate shall decide on the submitted request within 30 days of receipt ofrequest with complete documentation.Minister in charge of finance affairs shall prescribe in more detail the procedure and conditionsfor obtaining a certificate for performance exchange operations, establishes a unique trainingprogram for performance of exchange operations and conditions to be met by teachers whocarry out training.Certificate for exchange operations shall be issued by the Foreign Currency Inspectorate. Theappropriate register on such certificates shall be kept by the Foreign Currency Inspectorate.Decree of the Foreign Currency Inspectorate from Paragraphs 2 and 7 of this Article is final andagainst it no administrative litigation can be led.Article 39a