外汇交易规则英文.docx

外汇交易规则英文.docx

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外汇交易规则英文

LAW

ONFOREIGNEXCHANGETRANSACTIONS

（"OfficialHeraldoftheRepublicofSerbia",No62/2006）

IGENERALPROVISIONS

Article1

ThepresentLawshallgovern:

1）payments,collectionsandtransfersbetweenresidentsandnon-residentsinforeignmeansofpaymentanddinars;

2）payments,collectionsandtransfersbetweenresidentsinforeignmeansofpayment;

3）purchaseandsaleofmeansofpaymentbetweenresidentsandnon-residents,aswellaspurchaseandsaleofforeignmeansofpaymentbetweenresidents;

4）unilateraltransfersofmeansofpaymentfromandintotheRepublicofSerbia（hereinafterreferredtoas:

theRepublic）whichdonothavethecharacteristicsoftransactionsperformedbetweenresidentsandnon-residents;

5）currentanddepositaccountsofresidentsabroadandofresidentsandnon-residentsintheRepublic;

6）creditoperationsintheRepublicbetweenbanksandresidentsinforeignexchange,andbetweenbanksandnon-residentsindinars,aswellasinternationalcreditoperations.

TheestablishmentofForeignExchangeInspectorate,asanadministrationbodywithintheministryinchargeoffinance,anditscompetencesandorganizationarestipulatedbythepresentLaw.

IIDEFINITIONSOFTERMS

Article2

ForthepurposesofthepresentLaw:

（1）Residentsshallbe:

1）legalentityregisteredinaccordancewithregulationsandheadquarteredintheRepublic;

2）entrepreneur-physicalentityregisteredintheRepublicandpursuingalegallyallowedactivityasaformofprofessionforthepurposeofmakingprofit;

3）branchofaforeignlegalentityenteredintotheregisterwiththecompetentbodyintheRepublic;

4）physicalentityresidingintheRepublic,exceptforaphysicalentitywithtemporaryresidenceabroadforoverayear;

5）physicalentity-foreigncitizenresidingintheRepubliconthebasisofresidencepermit,and/orworkvisaforoverayear;

6）statebodyandorganization,beneficiariesofbudgetfundsoftheRepublic,beneficiariesoffundsofmandatorysocialinsuranceorganizations,andbeneficiariesoflocalgovernmentbudgetfunds;

7）diplomatic,consularorotherrepresentativeofficeabroadfinancedfromthebudgetoftheRepublic,domesticcitizensemployedintheseoffices,aswelltheirfamilymembers.

（2）Non-residentsshallbeallpersonsnotlistedinItem

（1）ofthepresentArticle.

（3）Bankshallbeajoint-stockcompanyheadquarteredintheRepublic,withanoperatinglicenseissuedbytheNationalBankofSerbiafortheperformanceofdeposit,creditandotheroperationsinlinewiththelaw.

ForthepurposesofthepresentLaw,thebankshallbethebankauthorizedbytheNationalBankofSerbiafortheperformanceofpaymenttransactionsandinternationalcreditoperations.

（4）Meansofpaymentshallbedinarsandforeignmeansofpayment.

（5）Foreignmeansofpaymentshallbe:

1）foreignexchange-externalclaimsdenominatedinforeigncurrency;

2）foreigncash-claimsincash,and/orbanknotesandcoinsdenominatedinforeigncurrency.

（6）Paymentinstrumentsshallbe:

cheques,billsofexchange,lettersofcredit,remittances,paymentcardsandotherpaymentinstruments-claimsfromtheissuer-non-resident,denominatedinforeigncurrencyandcashableinforeigncurrency.

（7）Securitiesshallbesecuritiesdeterminedbythelawgoverningthemarketofsecuritiesandotherfinancialinstruments.

（8）Domesticsecuritiesshallbesecuritiesissuedbytheresidentinthedomesticandforeignmarket,andmayalsobedenominatedinforeigncurrencyifprescribedbyaspeciallaw.

（9）Foreignsecuritiesshallbesecuritiesissuedbyanon-residentanddenominatedinforeigncurrency.

（10）Long-termsecuritiesshallbedebtsecuritieswithmaturitylongerthanoneyear.

（11）Short-termsecuritiesshallbedebtsecuritieswithmaturityuptooneyear.

（12）Financialderivatesshallbefinancialinstrumentsasdefinedbythelawgoverningthemarketofsecuritiesandotherfinancialinstruments.

（13）Foreignexchangemarketshallbethemarketwhereforeignexchangeandforeigncasharepurchasedandsold.

（14）Exchangeoperationsshallbetheactivitiesofpurchaseandsaleofforeigncashandchequesdenominatedinforeigncurrency,fromandtophysicalentities.

（15）Currenttransactionsshallbetransactionsconcludedbetweenresidentsandnon-residentsandthepurposeofwhichisnotthetransferofcapital.

（16）Capitaltransactionsshallbetransactionsbetweenresidentsandnon-residentsandthepurposeofwhichisthetransferofcapital.

Capitaltransactionsreferredtoinparagraph1ofthepresentItemshallbethefollowing:

-directinvestments,

-investmentsinrealestate,

-transactionswithsecurities,

-transactionswithinvestmentandvoluntarypensionfunds,

-creditoperations,

-depositoperations,

-operationsbasedoninsurancecontractinlinewiththelawgoverninginsurance,

-unilateraltransfersofmeansofpayment（personalandphysical）.

（17）Directinvestmentsshallberesident’sinvestmentsintolegalentityabroadandnon-resident’sinvestmentsintolegalentityintheRepublicforthepurposeofgettingincludedinthemanagementofsuchlegalentity’sactivities.

Forthepurposesofparagraph1ofthepresentItem,investmentsshallbeunderstoodas:

incorporationoflegalentity,branchorrepresentativeoffice,purchaseofsharesorstakeinthecapitaloflegalentity,additionalcapitalformationofthelegalentityaswellasanyotherformofinvestmentwherebytheinvestoracquiresmorethana10%stakeinsharecapital,and/ormorethan10%ofvotingrights,inaperiodnotlongerthanoneyearafterthefirstinvestmentintothatlegalentityintheeventofsuccessiveinvestments（forthepurposeofreachingthethresholdof10%）.

Forthepurposesofparagraph1ofthepresentItem,investmentsshallalsobecreditswithmaturityoffiveyearsorlongerprovidedtheyhavethecharacteristicsofsubordinatedclaims（subordinatedcredits）.

（18）Transactionswithsecuritiesshallbetransactionswithlong-termandshort-termsecurities,equitiesandfinancialderivates.

（19）CreditoperationsshallbecreditoperationsintheRepublicandinternationalcreditoperations.

（20）CreditoperationsintheRepublicshallbeoperationswherebythebankapprovesthefollowing:

-creditinforeigncurrencytoresidentand

-creditindinarstonon-resident.

（21）Internationalcreditoperationsshallbecreditsandloansbetweenresidentandnon-residentconcludedinforeigncurrency.

Creditsshallbeoperationsbetween:

-bankandnon-resident,wherebythebanktakescreditfromthenon-residentorapprovescredittothenon-residentand

-residentandforeignbankwherebytheresidenttakescredit.

Loansshallbeoperationsbetweenresidentandnon-residentwherebytheresidenttakesaloanfromthenon-residentorgivesaloantothenon-resident.

Creditoperationsreferredtoinparagraphs1-3ofthepresentItemshallincludeparticularlythefollowing:

-commercialcredits,

-commoditycredits,

-financialcredits,

-short-termtermedbankdeposits,

-short-termbankcreditlines.

Internationalcreditoperationsshallalsobe:

-bankguarantees,approvedbybanksinfavourofthenon-residentunderinternationalcreditoperationsandcreditoperationsbetweentwonon-residentsabroad,

-warrantiesandothermeansofcollateralthatresidents-legalentitiesapproveinfavourofthenon-resident-creditorunderinternationalcreditoperationsandcreditoperationsbetweentwonon-residentsabroad,inlinewiththepresentLaw.

（22）ForthepurposesofthepresentLaw,depositoperationsshallbeoperationsbasedonthedepositcontractconcludedbetweenthenon-residentandthebank,aswellasbetweentheresidentandthebankabroad.

（23）Operationsbasedoninsurancecontractshallencompasspaymentsofpremiumsandinsuredsumsonthebasisofcontractconcludedbetweentheinsurancecompany-non-residentandresidentastheinsured,aswellasbetweentheinsurancecompany-residentandnon-residentastheinsured,inlinewiththelawgoverninginsurance.

（24）Currencyclauseshallmeancontractingthevalueofliabilityinforeigncurrency（liabilitycurrency）intheRepublic,whereaspaymentandcollectionundersuchcontractsareexecutedindinars（paymentcurrency）.

（25）PersonaltransferofmeansofpaymentshallbethetransferoffundsfromtheRepublictoabroadorfromabroadtotheRepublicwhichisnotbasedontheexecutionoftheactivity-itshallbeperformedbetweenaresidentphysicalentityandnon-resident,andshallincludegiftsandaid,inheritance,annuities,settlementofdebtofimmigrantsintheRepublicandthetransferofimmigrants’fundstoabroad.

（26）Physicaltransferofmeansofpaymentshallbeanytransferofcashindinars,aswellastransferofforeigncashandsecuritiesfromtheRepublicandintotheRepublic.

IIICURRENTTRANSACTIONS

Article3

Payment,collectionandtransfersundercurrenttransactionsbetweenresidentsandnon-residentsshallbeexecutedfreely,inlinewiththepresentLaw.

Paymentsandtransfersundercurrenttransactionsshallinclude,withoutrestrictions,thefollowing:

1）paymentsunderexternaltradeactivitiesandotherexternalcurrenttransactionsasprovidedbythelawgoverningforeigntrade;

2）paymentswithregardtotherepaymentofapartoftheprincipalandinterestsoncredits;

3）returnofinvestmentfunds,aswellastransferabroadandrepatriationofprofitfromdirectinvestments;

4）transfersinfavourofphysicalpersonswithregardto:

pensions,disabilitypensionsandothersocialcontributions,transferswithregardtotaxesandfees,interstatecooperation,liquidateddamageswithregardtotheinsurancecontract,tra