Two elements of the notion of alternative investment fund in Serbian law
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Abstract
Legal regulations related to investment funds in the Republic of Serbia were reformed in 2019. In order to harmonize Serbian law with the European Union directives two new laws that regulate investment funds were enacted – one regulating open investment funds and the other alternative investment funds.
This paper analyzes the current legal notion of the alternative investment fund, but the emphasis is placed on the two key elements of the said notion in a wider sense – the notion of the investment fund and the notion of the investor. The concepts are examined in the light of the above mentioned legislation, and the specific legal implications arising from them are described. In conclusion, the author proposes a lege ferenda solution with the ultimate objective of developing the market for alternative investment funds in the Republic of Serbia.
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Propisi i ostali izvori
Austrijski zakon o upravlјačima alternativnih investicionih fondova iz 2013. godine (Alternative Investmentfonds Manager-Gesetz, AIFMG, StF: BGBl. I Nr. 135/2013 idF BGBl. I Nr. 9/2020 (VFB) (NR: GP XXIV RV 2401 AB 2516 S. 216. BR:9051 AB 9088 S. 823).
Direktiva Evropske unije koja se odnosi na upravlјanje alternativnim investicionim fodnovima iz 2011. (Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, OJ L 174, 1. 7. 2011, p. 1-73).
Direktiva Evropske unije o društvima za kolektivno investiranje u prenosive hartije od vrednosti iz 2009. (Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)).
Direktiva Evropske unije o tržištima finansijskih instrumenata iz 2004. (Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, OJ L 145, 30. 4. 2004, p. 1-44)
European Securities and Markets Authority, "Guidelines on key concepts of the AIFMD", of 13. 8. 2013 (corrected version from 30.1.2014), ESMA/2013/611), Tz. III. 4, 2013.
Godišnji izveštaj Evropske komisije o napretku Srbije za 2020. godinu.
Hrvatski zakon o alternativnim investicionim fondovima iz 2021. godine (Zakon o alternativnim investicijskim fondovima, Narodne novine, br. 21/2018, 126/2019, i 110/2021).
Nemački zakon o investicionim fondovima iz 2013. godine (Kapitalanlagegesetzbuch vom 4. Juli 2013 (BGBl. I S. 1981).
Pravilnik o vrstama alternativnih investicionih fondova, Službeni glasnik RS, br. 61/2020-85.
Uredba Evropske unije o evropskim fondovima preduzetničkog kapitala iz 2013. (Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds, OJ L 115, 25. 4. 2013, p. 1-17).
Zakon o alternativnim investicionim fondovima, Službeni glasnik RS, br. 73/2019.
Zakon o otvorenim investicionim fondovima sa javnom ponudom, Službeni glasnik RS, br. 73/2019.
Zakon o tržištu kapitala, Službeni glasnik RS, br. 129/2021.
Zakon o tržištu kapitala, Službeni glasnik RS, br. 31/2011, 112/2015, 108/2016, 9/2020 i 153/2020.