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Republika Srpska is one of the two entities comprising Bosnia and Herzegovina, by the Dayton Peace Agreement. Entities are delegated various authorities, one being to regulate independently the establishment and development of Capital Markets. On the basis of this, in June 1998, the Republika Srpska National Assembly adopted the Law on Securities that regulates the issue and trade of securities, authorities and responsibilities of capital markets participants, as well as the protection of investors' interests on the securities market. This Law also regulates establishment of the Republika Srpska Securities Commission (Commission), determines its liabilities, authorities and method of work.
The Commission is a permanent and independent legal entity, which through regulation, promotion and surveillance will attempt to attain its primary objectives of:
- upporting the establishment and development of a securities market in the Republic Srpska,
- the efficient functioning of a regulated, fair, open securities market in order to gain the confidence of all, institutions and market participants,
- protection of investor's and other market participant's interests.
The Commission is comprised of a President, Deputy President and three other Commissioners appointed by the Republika Srpska National Assembly on the proposal of the Republic Srpska Government. Commissioners are appointed for five-year terms. Commissioners may be local or foreign experts holding a university degree in Law or Economics with personal attributes that contribute to thee credible performance of the function of the Commission.
Among other restrictions defined by the Law, Commissioners may not:
(1) be members of political parties or participate in political activities incongruous with the work of the Commission,
(2) be members of any legislative, executive or judicial authority, supervisory or management board of any joint stock company or securities firm,
(3) perform any other activity in exchange for financial compensation except scientific, researching or lecturing activities
(4) own directly or indirectly more than 5% of the shares of any joint stock company or securities firm and
(5) perform or approve activities which are contrary to the principles of investor protection or the Commission's independence.
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