The Republika Srpska Securities Commission ( sr, Комисија за хартије од вриједности Републике Српске or ''Komisija za hartije od vrijednosti Republike Srpske'') is a financial services regulator in

Republika Srpska Republika Srpska ( sr-Cyrl, Република Српска, lit=Serb Republic, also known as Republic of Srpska, ) is one of the two entities of Bosnia and Herzegovina, the other being the Federation of Bosnia and Herzegovina. It is locat ...

Bosnia and Herzegovina Bosnia and Herzegovina ( sh, / , ), abbreviated BiH () or B&H, sometimes called Bosnia–Herzegovina and often known informally as Bosnia, is a country at the crossroads of south and southeast Europe, located in the Balkans. Bosnia and H ...

. It is based in the city of

Banja Luka Banja Luka ( sr-Cyrl, Бања Лука, ) or Banjaluka ( sr-Cyrl, Бањалука, ) is the second largest city in Bosnia and Herzegovina and the largest city of Republika Srpska. Banja Luka is also the ''de facto'' capital of this entity. I ...

. In Bosnia, the two political entities

and the Federation have each taken separate responsible for the regulation and development of

capital markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers ...

within their own territories. In June 1998, the National Assembly of the Republika Srpska adopted the

Securities Market Security market is a component of the wider financial market where securities can be bought and sold between subjects of the economy, on the basis of demand and supply. Security markets encompasses stock markets, bond markets and derivatives mar ...

Law Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been vario ...

which included the establishing of the Republika Srpska Securities Commission. The commissions jurisdiction is limited to the territory governed by the Republica Srpska within Bosnia and Herzegovina. The equivalent Federation agency, is the "Securities Commission of the Federation of Bosnia and Herzegovina" ( bs, Komisija za vrijednosne papire Federacije Bosne i Hercegovine).

Objectives

The objectives if the commission are: * supporting the establishment and development of a

securities market Security market is a component of the wider financial market where securities can be bought and sold between subjects of the economy, on the basis of demand and supply. Security markets encompasses stock markets, bond markets and derivatives mar ...

s in the Republika Srpska * the efficient functioning of a regulated, fair, open securities market in order to gain the confidence of all stakeholders * protection of

investor An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Type ...

s' and other market participants' interests.

Roles and responsibilities

According to the Commission website, the commission is delegated, among others, the following authorities and powers: * pass regulations on the Republika Srpska securities market operations * prescribe the conditions, issuing method and trading of securities distributed through the public offer * license and supervise

investment fund An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages in ...

s, investment fund management companies and other participants in the securities market * monitor compliance with rules for ordinary trading and fair

competition Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, indiv ...

in securities trade * ensuring the efficient functioning of the securities market and the protection of investors' interests * prescribe elements of mandatory

disclosure Disclosure may refer to: Arts and media * ''Disclosure'' (The Gathering album), 2012 *Disclosure (band), a UK-based garage/electronic duo * ''Disclosure'' (novel), 1994 novel written by Michael Crichton ** ''Disclosure'' (1994 film), an American ...

to investors and the public * suspend the issuance and trade of particular securities and undertake other activities in the case of manipulation during trade

Organisation

The commission is composed of a

President President most commonly refers to: *President (corporate title) * President (education), a leader of a college or university * President (government title) President may also refer to: Automobiles * Nissan President, a 1966–2010 Japanese ...

, Deputy President and three other Commissioners appointed by the National Assembly of the Republika Srpska on the proposal of the Republika Srpska Government. Commissioners are appointed for 5-year terms (most recent from 2005 to 2010).

Laws and regulations

Since its formation, the commission has passes the following laws:
Investment Funds Act
(RS official gazette 92/06, published on 22 September 2006)
Securities Market Law
(RS official gazette 92/06, published on 22 September 2006)
Law on takeovers
(RS official gazette 64-II/02, published on 14 October 2002)
Law on privatisation investment funds and privatisation fund companies
(RS official gazette 67/05, published on 15 June 2000)

Information technology

The commission had web presence since 2006, but it was until September 2007 that fully functional web site was operational. New web site features access to all public databases, such as information on all market participants (issuers, brokerage firms, investment funds, custody banks,

brokers A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be con ...

, investment/portfolio

managers Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business. Management includes the activities o ...

and investment advisers), issues of new shares), past and current mergers, and access to all

laws Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior,Robertson, ''Crimes against humanity'', 90. with its precise definition a matter of longstanding debate. It has been vari ...

, regulations, standards, manuals and decisions that have been passed by the commission. In January 2009, Commission made available information system fo
electronic data gathering - EPI
(Serbian: Elektronsko Prikupljanje Informacija), which is similar to United States Securities and Exchange Commission's EDGAR. In first phase, Commission is gathering reports in digital format from brokerage firms, custody banks, stock exchanges and central registry of securities, while in second phase, which is scheduled for mid-2009, Commission plans to unveil electronic data gathering system for investment funds and their management companies, as well as securities deposit banks. Last phase in development will include publishing all public reports and developing web interface for analysis of those information.

External links

Republika Srpska Securities CommissionBanja Luka Stock ExchangeThe Central Registry of SecuritiesThe Government of the Republika SrpskaISOCO - International Organization of Securities CommissionsAPIF BanjalukaBanking Agency Of Republika SrpskaBiH Indirect Taxation AuthorityChamber of Commerce of the Republic SrpskaCouncil Of Competition BHCouncil of Ministers of BHDeposit Insurance Agency of BHForeign Investment Promotion Agency of BHMinistry of Foreign Affairs of BiHNational Assembly of the Republic of SrpskaRepublic Of Srpska Directorate For PrivatizationRS Official Gazette
{{DEFAULTSORT:Republic Of Srpska Securities Commission Srpska Economy of Bosnia and Herzegovina Economy of Republika Srpska Economy of Banja Luka Regulation in Bosnia and Herzegovina Securities and exchange commissions Organizations based in Republika Srpska