ACI Financial Markets Association Serbia is proud to announce an important milestone in the development of the Serbian financial market: ICMA issued a positive legal opinion on close-out netting and collateral netting under a GMRA.
This success is the result of years of dedicated work. Back in 2018, recognizing the importance of legal certainty in financial transactions, we initiated a call for the introduction of a comprehensive Financial Collateral Law (Zakon o finansijskom obezbeđenju). This initiative was quickly recognized and supported by the National Bank of Serbia, leading to the successful adoption of this important legislation in 2019. Following the adoption of the law:
- 2019: ISDA issued positive legal opinions on close-out netting, ensuring enforceability of financial contracts;
- 2022: ISDA issued collateral netting, strengthening protection for secured financial transactions;
- 2025: ICMA issued a positive legal opinion on close-out netting and collateral netting under a GMRA, covering the central bank, commercial banks and financial institutions.
These developments mark a crucial step in strengthening Serbia’s credibility in the global financial markets and boosting investor confidence.
This milestone wouldn’t have been possible without the collaboration of key stakeholders, particularly the National Bank of Serbia, whose strong support has been instrumental. We would also like to express our thanks to Mr Petar Kojdić, whose expertise and dedication as legal counsel played a crucial role throughout the process.
ACI Serbia remains committed to promoting innovation, transparency, and continuous improvement of the financial market in Serbia.