LAW ON FOREIGN CURRENCY TRANSACTIONS (âOfficial ... - Siepa

More documents

Recommendations

Info

than 10% of voting rights, in a period not longer than one year after the first investment into thatlegal entity in the event of successive investments (for the purpose of reaching the threshold of10%).Investments in terms of Paragraph 1 of this Item shall also include credit facilities and loans witha maturity of five years or longer if they have the characteristics of a subordinated claim(subordinated credit facilities and loans).(18) Transactions with securities shall be transactions with long-term and short-term securitiesand equity securities.(19) Credit facility operations shall be credit facility operations in the Republic and internationalcredit facility operations.(20) Credit facility operations in the Republic shall be credit facilities that the bank approves to aresident in foreign currency.(21) International credit facility operations shall be credit facilities and loans between residentand non-resident concluded in foreign currency, whereby the credit facilities shall be approvedby a bank or foreign bank.Credit facility operations in Paragraph 1 of this Item are:- Commercial loans that the seller approves to the buyer in the sale of goods or provision ofservices in foreign trade with the agreed deferred payment up to one year with interest, or withthe agreed deferred payment over one year;- Commodity credit facilities and loans that the creditor or the lender approves the debtor tofinance foreign trade of goods and services. The creditor or lender shall execute suchcommodity credit facilities and loans by direct payment to the supplier of goods, or provider ofservices in foreign trade, at the order of the debtor;- Financial credit facilities and loans which the creditor, or lender approves the debtor by makingthe funds available by payment to the account of debtor.Commodity and financial credit facilities and loans to the debtor may be approved by onecreditor, or lender or group of creditors or lenders (syndicated commodity or financial credit orloan).Foreign credit operations under Paragraph 1 of this Item are also:- Subordinated credit facilities and loans and loans under Item (17), Paragraph 3 of this article,- Short-term termed bank deposits with maturities up to one year between the bank and foreignbank. Such bank deposits shall be used in a way that the bank - creditor pays funds to theaccount of the bank - debtor,
- Short-term bank credit facility lines with maturities up to one year between the bank and foreignbank. Such bank deposits shall be used in a way that the bank - creditor makes payments byorder of the bank - debtor,- Exports and imports of goods and services, which are under this law, considered as foreigncredit facility transactions,- Other operations that have features of a foreign credit facility transaction.Following operations shall also be considered as foreign credit facility operations underParagraph 1 of this Item:- Bank guarantees, endorsements and other forms of surety that the bank gives the nonresidents- creditors for credit facilities taken by residents from abroad and for credit facilitytransactions between two non-residents abroad,- Sureties and other collaterals that the resident - legal entity and entrepreneur gives to the nonresident- creditor under credit facilities taken abroad by residents, as well as sureties and othercollaterals that a resident - legal entity gives under credit facility transactions between two nonresidentsabroad.Credit facilities and loans in dinars, which, in accordance with the provisions of this Law,international financial organizations and development banks or financial institutions whosefounders are foreign states approve to residents, as well as loans in dinars that the banksapprove to non-residents, shall also be considered as foreign credit facility transactions.Credit facility operations referred to in this Item are filed at the National Bank of Serbia.(21a) Guarantee operations that the bank conducts in accordance with the regulations on banksalso include:- Issuance of guarantees, endorsements and other forms of surety at the order of a resident ornonresident under current and capital transactions with foreign countries, except the guaranteesreferred to in Item (21) Paragraph 5, first line of this Article, and obtaining guarantees of foreignbanks and guarantees and sureties of non-residents under these transactions,- Obtaining guarantees from foreign banks and guarantees and sureties of non-residents ascollaterals for bank’s receivable from a resident.Following operations shall also be considered as guarantee operations:- Sureties given by the resident legal entity to non-resident under foreign trade of goods andservices and execution of investment works in the Republic,- Guarantees and sureties obtained by a resident legal entity from non-resident under foreigntrade of goods and services and execution of investment works abroad, as well as under atransaction with another resident legal entity in the Republic.
Page 1 and 2: LAW ON FOREIGN CURRENCY TRANSACTION
Page 3: (10) Long-term securities shall be
Page 7 and 8: Export and import of goods or servi
Page 9 and 10: Payment and transfer of capital wit
Page 11 and 12: Bank may participate in the syndica
Page 13 and 14: Residents - legal entities may appr
Page 15 and 16: Republic. Such non-resident and res
Page 17 and 18: Notwithstanding the provisions of P
Page 19 and 20: VI FOREIGN CURRENCY MARKET AND DINA
Page 21 and 22: Foreign Currency Inspectorate shall
Page 23 and 24: The Foreign Currency Inspectorate s
Page 25 and 26: When conducting on-site supervision
Page 27 and 28: 1) If it fails to comply with the r
Page 29 and 30: 31) If it acts contrary to the prov
Page 31 and 32: 60) If it performs the activity of
Page 33 and 34: For the acts referred to in Paragra
Page 35 and 36: 24) If it performs the activity of
Page 37 and 38: 12) Fails to comply with the regula
Page 39 and 40: By way of exception to paragraph 1
Page 41: ("Official Herald of the RS", No. 6

LAW ON FOREIGN CURRENCY TRANSACTIONS (âOfficial ... - Siepa

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?

LAW ON FOREIGN CURRENCY TRANSACTIONS (âOfficial ... - Siepa