LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010)

Transcription

1 LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010) I. GENERAL PROVISIONS Article 1 This Law defines the terms and proceedings of bank administration, as well as terms and proceedings of bankruptcy and liquidation of banks and insurance companies. Article 1a The bank administration proceedings shall be conducted in a bank which was granted consent by the National Bank of Serbia to the decision on dissolution reached by the bank s assembly and in a bank whose operating license has been revoked by the National Bank of Serbia. The bank administration proceedings referred to in paragraph 1 of this article shall be carried out by the deposit insurance agency established by the separate law (hereinafter: Agency), which was appointed by the National bank of Serbia as the bank s administrator by the ruling on granting consent to the bank s assembly decision on the bank s dissolution or by the ruling on revocation of the bank s operating license. Article 2 Bankruptcy proceedings shall be instituted against a bank, whose operating license has been revoked by the National Bank of Serbia, in line with the law governing banks, and the competent court, upon Agency s proposal, has rendered the decision on institution of bankruptcy proceedings against the bank. Bankruptcy proceedings shall be instituted against an insurance company, whose operating license to conduct insurance operations has been revoked by the National Bank of Serbia, in accordance with the law governing insurance. Bankruptcy proceedings against a bank and insurance company shall also be instituted upon the request of a liquidation administrator, determining that liquidation debtors assets are not sufficient to settle all creditors claims. Article 3 Liquidation proceedings shall be instituted over a bank, whose operating license has been revoked by the National Bank of Serbia, in line with the law governing banks, and the competent court, upon Agency s proposal, has rendered the decision on institution of liquidation proceedings. Liquidation proceedings shall be instituted over an insurance company, whose operating license for the conduct of insurance operations has been revoked by the National Bank of Serbia, in line with the law governing insurance, and when the National Bank of Serbia has rendered the decision on liquidation of

2 the insurance company because the conditions for institution of bankruptcy proceedings have not been met, and the competent court, upon the National Bank s of Serbia proposal, rendered the decision on institution of liquidation proceedings over that company. IA THE BANK ADMINISTRATION PROCEEDINGS Article 3a The bank administration shall last not longer than 25 days from the date of the National Bank of Serbia rendering of the decision referred to in Article 1a hereof. The Agency shall carry out the function of the bank administrator with all the powers of the management and executive boards and the bank s assembly set by law. In the period of the bank administration, assets of the bank may not be the subject to enforcement, and all court and administrative proceedings against the bank shall be suspended. Provisions of the law governing bankruptcy of business entities shall respectively apply to labor relations of the bank s employees in the period of the bank administration. During the period of the bank administration, the Agency may: 1) conclude the sale and purchase agreement with a bank which purchases and assumes all assets and liabilities of the bank in administration or a portion thereof (hereinafter: the assuming bank): 2) establish the bridge bank in line with the law and transfer all assets and liabilities of the bank in administration or a portion thereof to the bridge bank. The provisions of paragraph 5, item 2 of this article shall not apply to the bank in administration which was granted consent by the National Bank of Serbia to the bank s assembly decision on dissolution of the bank. Article 3b Purchase and assumption, i.e. transfer of all assets and liabilities of the bank in administration or a portion thereof, referred to in Article 3a hereof (hereinafter: transfer of assets and liabilities), shall be conducted without the consent of shareholders, depositors and other creditors, i.e. debtors of the bank in administration. The Agency shall include all deposits of depositors up to the level of the insured amount defined by the law governing deposit insurance in the transfer of assets and liabilities of the bank in administration, in line with the balance and conditions as at the date of rendering of the decision by the National Bank of Serbia referred to in article 1a hereof.

3 During the transfer of assets and liabilities of the bank to the assuming bank or bridge bank, the Agency shall secure equal treatment of creditors of the bank in administration, in line with the payout grades in bankruptcy proceedings determined hereby. Transfer of assets and liabilities of the bank is not subject to payment of taxes, commissions and other type of fees. The Agency shall inform depositors of the bank in administration on conducted transfer of assets and liabilities of the bank via mass media, whereas other creditors and debtors of the bank shall be notified individually, in writing, within three days from the date of transfer. Article 3c For the conduct of transfer of assets and liabilities of the bank referred to in Article 3b hereof, the Agency may provide financial support to the assuming bank or bridge bank, in line with the law governing Deposit Insurance Agency. Financial support to the assuming bank may be provided only in case the amount of such support is the result of the least cost test, determined by the Agency in line with the law governing Deposit Insurance Agency. Article 3d The bridge bank shall be established by the Agency s assets for a period not longer than two years from the date of issuance of operating license by the National Bank of Serbia to that bank. Upon the Agency s request, National Bank of Serbia may extend the period referred to in paragraph 1 of this article for maximum two years. Members of the management and executive boards of the bridge bank shall be appointed by the Agency, subject to consent of the National Bank of Serbia, in manner and under conditions prescribed by the law governing banks. The bridge bank shall contain the words New and Bank in its official name. Provisions of the law governing the market of securities and other financial instruments shall not apply to the establishment of bridge banks. In order to establish the bridge bank, competent bodies, upon Agency s request, shall adopt the acts and carry out activities prescribed by the law within two business days from the date of submission of that request Article 3e During the period of the bridge bank s business operations, the Agency may close the sale and purchase agreement with a bank which purchases and assumes all assets and liabilities of the bridge bank or a portion thereof, on which occasion financial support may be provided to that bank, in line with the law governing Deposit Insurance Agency.

4 Following the transfer of assets and liabilities referred to in paragraph 1 of this article, the Agency shall without delay submit the proposal to the National Bank of Serbia to revoke the bridge bank s operating license. During the period of the bridge bank s business operations, the Agency may sell the shares of the bridge bank to a person who has to obtain previous consent of the National Bank of Serbia for acquiring ownership in the bank in line with the law governing banks. After the person referred to in paragraph 3 of this article has been registered as the owner of shares of the bridge bank with the Central Securities Depository and Clearing House, the bridge bank shall continue to operate as the bank in line with the law governing banks. The funds generated through sale of shares of the bridge bank shall be paid in to the Agency s account. II. BANKRUPTCY PROCEEDINGS 1. Institution of bankruptcy proceedings Article 4 On the basis of the decision on revocation of the license to conduct insurance operations, the National Bank of Serbia shall promptly make the decision that the requirements for instituting bankruptcy proceedings over the insurance company have been met. The decision on meeting the requirements for instituting bankruptcy proceedings over the insurance company is final and shall be executed when delivered to the competent court. Article 5 An administrative procedure may be initiated against the National Bank s of Serbia decision related to meeting the requirements for instituting bankruptcy proceedings. The competent court shall make the decision in the dispute brought in the context of paragraph 1 of this article within 60 days from the date of receipt of the appeal. If the decision of the National Bank of Serbia has been annulled in an administrative procedure, and the National Bank of Serbia makes another decision on meeting the requirements for instituting bankruptcy proceedings in a renewed procedure, the legal consequences of instituting bankruptcy proceedings will run from the date of expiration of the first announcement on instituting the bankruptcy proceedings, placed on the notice board of the competent court. Article 6 The decision that the requirements for instituting bankruptcy proceedings referred to in article 4 hereof have been met, shall be delivered to the insurance company, Agency, as well as to the competent court, which shall make the decision on instituting bankruptcy proceedings against the insurance company

5 (hereinafter: bankruptcy debtor), not later than the first business day following the day of receipt of this decision. Article 6a Competent court shall render the decision on institution of bankruptcy proceedings over a bank in administration (hereinafter: bankruptcy debtor), not later than the first business day from the date of receipt of the Agency s proposal. Decision referred to in paragraph 1 of this article shall be delivered to the bank, Agency and National Bank of Serbia. 2. Bodies of bankruptcy proceedings Article 7 Bodies of the bankruptcy proceedings are bankruptcy judge, bankruptcy administrator and board of creditors. The Agency shall perform the function of the bankruptcy administrator, in accordance with this Law. Upon the Agency s request, the bankruptcy judge performs selection of members to the board of creditors, taking into account the volume of their claims. 3. Legal consequences of instituting bankruptcy proceedings 3.1. Basic rule Article 8 Legal consequences of instituting bankruptcy proceedings will run from the date of expiration of the announcement on instituting bankruptcy proceedings placed on the notice board of the competent court Insured deposits of the bank in bankruptcy or liquidation Article 9 The Agency shall pay out insured deposits of the bank over which bankruptcy or liquidation proceedings have been instituted, in accordance with the law governing deposit insurance Transfer of the insurance portfolio of insurance company in bankruptcy Article 10

6 Within 20 days from the date of instituting bankruptcy proceedings, the Agency shall announce, by means of the public tender, the transfer of complete or partial insurance portfolio, in accordance with available financial resources of a bankruptcy debtor and payout grades, in line with this Law. In addition to the transfer of insurance portfolio to an insurance company taking over the insurance portfolio, adequate financial resources shall be transferred as well. The National Bank of Serbia shall issue an approval for the selection of the best bidder - the portfolio acquirer. Insurance portfolio transfer shall be executed by the contract concluded between the bankruptcy debtor and insurance company portfolio acquirer, within two business days from the date of receipt of the approval referred to in paragraph 3 of this article. The Agency shall notify insurance clients and other beneficiaries about the conclusion of the contract referred to in paragraph 4 of this article via the announcement in the media, within two business days from the date of conclusion of the contract. Provisions of the law governing insurance shall respectively apply to the insurance portfolio transfer Refutation of legal actions Article 11 The Agency and creditors have the right to refute legal affairs and legal actions, by which bankruptcy debtor conducted operations with creditors, in terms of the law governing bankruptcy of business companies, apart from legal affairs and legal actions referring to transfer of assets and liabilities of the bank undertaken during the bank administration by the Agency. Legal affairs and legal actions referred to in paragraph 1 of this article may be refuted, if executed within six months prior to the date of occurrence of legal consequences of instituting bankruptcy proceedings, and within one year, if these affairs were conducted with a connected party. The time limits referred to in paragraph 2 of this article shall be applied as of the date of occurrence of legal consequences resulting from the institution of liquidation proceedings, if bankruptcy proceedings are conducted upon the proposal of the liquidation administrator, determining that liquidation debtor s assets are not sufficient to settle all creditors claims. Connected persons in terms of paragraph 2 of this article, has the meaning prescribed by the law governing banks in the event of bankruptcy or liquidation of a bank, and/or the meaning prescribed by the law governing insurance in the event of bankruptcy or liquidation of an insurance company. Legal affairs and legal actions referred to in paragraph 1 of this article shall be refuted by a legal suit, which can be brought not later than within six months from the date of enactment of legal consequences of instituting bankruptcy proceedings Prohibition to sell a debtor as a legal entity Article 12

7 Sale of a bankruptcy debtor, as a legal entity, shall not be allowed in the bankruptcy proceedings over a bank or insurance company. 4. Obligations of the Agency Article 13 The Agency shall perform an inventory of a bankruptcy debtor s assets and make an opening bankruptcy balance sheet within 60 days from the date of enactment of legal consequences of the bankruptcy. Article 14 The Agency shall determine the merits and volume of reported creditors claims, within six months from the date of expiration envisaged for registration thereof. An examination hearing, where a final list of all registered claims will be put together, will be held no later than within 60 days from the date of expiration of the period referred to in paragraph 1 of this article. Article 15 The Agency may decide to temporarily cover the bankruptcy proceedings expenses from its own funds, while maintaining the right to recover those funds after forming of bankruptcy estate, to the extent sufficient to cover such expenses. 5. Settlement of creditors 5.1. Payout of expenses Article 16 Before the main distribution, a bankruptcy debtor, as a claim against the bankruptcy estate, shall pay out: 1) unpaid net wages of employees, amounting to the minimum wages for the last year, prior to the opening of the bankruptcy proceedings, 2) unpaid contributions for pension and disability insurance of employees for the last two years prior to the opening of bankruptcy proceedings, 3) monthly wages of persons employed with the bankruptcy debtor, 4) costs encumbering the assets of the bankruptcy debtor and costs of converting this property into cash, 5) bankruptcy proceedings costs,

8 6) other expenses and obligations emerging after instituting bankruptcy proceedings. The Agency s claims on the basis of the insured amount of deposit along with the expenses the Agency may have incurred in the process of the insured deposit payout, as well as the Agency s claim on the basis of provision of financial support to a bank in line with the law governing deposit insurance agency shall be recovered from the bankruptcy estate of the bank in bankruptcy, prior to the main distribution. The bankruptcy debtor shall pay out the expenses referred to in paragraphs 1 and 2 of this article on a monthly basis, in line with the rate of inflow of funds, taking due care not to jeopardize performing of activities in the bankruptcy proceedings. The minister in charge of finance will prescribe grounds and criteria for determining the remuneration for work and compensation for all real expenses of the Agency for performing activities referred to herein Payout grades Article 17 Claims of creditors of the bank in bankruptcy shall be determined at the examination hearing and paid out according to the following priority claims (payout grades): 1) claims of the creditors on the basis of deposits insured in terms of the law governing deposit insurance, remaining after the payout of the insured deposit amount, as well as the Agency s claim on the basis of establishment of the bridge bank; 2) claims on the basis of public revenues that were due in the last three months prior to the institution of bankruptcy proceedings, except for contributions for pension and disability insurance of employees; 3) claims of the National Bank of Serbia including the claims on the basis of loans that were granted to a bank which are not fully settled due to decrease of value of the collateral; 4) claims on the basis of deposits of large legal entities referred to in the law governing accounting and audit with the exception of the deposits of large legal entities connected to the bank, coded deposits and deposits on behalf of bearer; 5) claims of other creditors, excluding the creditors referred to in items 6 and 7 of this article; 6) claims of creditors on the basis of subordinated liabilities of the bank; 7) claims of a bank s shareholders. Article 18 Claims of creditors of an insurance company in bankruptcy shall be determined at the examination hearing and paid out according to the following priority claims (payout grades): 1) claims of creditors on the basis of the contracts of life insurance or reinsurance, amounting to the level of obligations declared in the funds of mathematical reserves, in conformity with the law governing insurance;

9 2) claims of creditors on the basis of contracts of accident insurance, 3) claims of creditors on the basis of contracts on insurance for all other types of insurance, 4) claims of creditors on the basis of contracts on re-insurance for all other types of insurance, 5) claims on the basis of public revenues due in the last three months prior to the institution of bankruptcy proceedings, except for contributions for pension and disability insurance, 6) claims of other creditors, 7) claims of shareholders of insurance companies i.e. members (insurance clients) of mutual insurance companies. 6. Application of the law governing bankruptcy of business companies Article 19 Unless otherwise prescribed hereby, provisions of the law governing bankruptcy of business companies, except for provisions on previous bankruptcy proceedings, board of creditors, National standards prescribed by the ministry in charge of economy, Agency for licensing bankruptcy administrators and reorganization, shall apply to the bankruptcy proceedings of banks and insurance companies. III. LIQUIDATION PROCEEDINGS Article 20 The competent court shall render the decision on institution of the liquidation proceedings over the bank in administration not later than the following business day from the date of receipt of the Agency s proposal on institution of the liquidation proceedings over that bank. On the basis of decision on revocation of the operating license for the conduct of insurance operations and if the conditions for institution of the bankruptcy proceedings have not been met, the National Bank of Serbia shall without delay render the decision on liquidation of the insurance company and submit the proposal to the competent court for institution of the liquidation proceedings over the insurance company. Article 21 Provisions of the law governing bankruptcy of business entities and provisions of this law governing bankruptcy shall also respectively apply in liquidation, except for the provisions regulating the board of creditors, individual creditors, refutation of legal actions, and payout grades.

10 Claims of individual creditors in liquidation proceedings are prioritized and shall be paid prior to the main distribution. Article 22 Liquidation proceedings bodies are liquidation council and liquidation administrator. The Agency shall perform the function of liquidation administrator, in conformity with this Law. Article 23 If the Agency, in the course of liquidation of a bank or an insurance company, establishes that the conditions for institution of bankruptcy proceedings have been met, it shall promptly submit the proposal to the competent court for institution of bankruptcy proceedings over the bank in liquidation, i.e. it shall submit the proposal to the National Bank of Serbia for rendering of decision on meeting the requirements for institution of bankruptcy proceedings over the insurance company in liquidation. In the event referred to in paragraph 1 of this article, the actions conducted in the liquidation proceedings will also be valid in the bankruptcy proceedings. Article 24 The voluntary liquidation proceedings shall be conducted, with the consent by the National bank of Serbia, over the insurance company, whose assembly has rendered the decision to dissolve it. The director of the entity referred to in paragraph 1 of this article, whose assembly rendered the decision to dissolve it, shall submit the request to the National Bank of Serbia for obtaining consent for the conduct of the voluntary liquidation proceedings, not later than the following business day from the date of rendering of that decision. In addition to the request referred to in paragraph 2 of this article, the director shall submit the evidence that insurance company possesses the assets in the amount sufficient to settle claims of all creditors, as well as other documents in accordance with the regulations of the National Bank of Serbia. The National Bank of Serbia shall render the decision regarding the request referred to in paragraph 2 of this article within 60 days from the date of receipt of that request. The decision referred to in paragraph 4 of this article is final. Article 25 If the National Bank of Serbia gives consent for the conduct of voluntary liquidation proceedings over an insurance company, these proceedings shall be conducted in accordance with the law regulating business entities.

11 Legal consequences of the liquidation proceedings shall occur as of the date of submission of the National Bank of Serbia decision referred to in paragraph 1 of this Article to the insurance company. If the National Bank of Serbia rejects the request referred to in article 24, paragraph 2 hereof, it shall initiate compulsory liquidation proceedings or bankruptcy proceedings over the insurance company, in accordance herewith. National Bank of Serbia shall carry out indirect and direct supervision over the voluntary liquidation proceedings over the insurance company, in accordance with the regulation of the National Bank of Serbia. If during supervision referred to in paragraph 4 of this article, National Bank of Serbia determines that the rights of creditors are threatened, it shall issue the decision on compulsory liquidation of the insurance company. Assembly of the insurance company shall adopt the report on conducted liquidation, final liquidation balance sheet and report by authorised auditor on this balance sheet, as well as the proposal for distribution of the liquidation remainder, after previously obtained consent by the National Bank of Serbia. Article 26 In case of liquidation of a mutual insurance company, the assets of such company shall be utilized for reimbursement of deposits to the founders and distribution among the members (insurance clients), commensurately with the amount of their contributions paid in the last three years. Articles 26a and 26 b (Deleted) Article 26 c In order to settle obligations in respect of incurred but not reported damages and the damages in dispute regarding compulsory insurance, the funds for the settlement of these damages shall be provided and reserved in the final liquidation balance sheet of an insurance company. Providing and reservation of the funds referred to in paragraph 1 of this article shall be effected according to the rules on the level of technical reserves for such type of damages for the annual accounts and shall be transferred to the special account of the insurance guarantee fund. A certified auditor s opinion on the level of such reserves shall be obtained. In order to settle obligations in respect of incurred but not reported damages and the damages in dispute from the other insurance bases, the funds for settlement of these damages shall be provided and reserved in the final liquidation balance sheet of the insurance company, in accordance with the rules on criteria and method of calculation of the reserved damages. The funds referred to in paragraph 2 of this article shall be transferred to the account of liquidation proceeds and/or bankruptcy estate of the insurance company, held with the Agency.

12 Regarding any dispute referred to in paragraph 2 of this article, the proceedings will be continued against the liquidation proceeds and/or bankruptcy estate. Article 27 If, upon completion of the liquidation proceedings, certain funds are left over, such funds shall be distributed to the shareholders of the liquidation debtor in accordance with the shareholding rights and in the amount commensurate with the participation in shareholding capital of the liquidation debtor. Claims of the creditors, not registered until the date of distribution of liquidation proceeds, except for the claims for settlement of obligations referred to in article 26c hereof, will be settled upon completion of the liquidation proceedings by entities, on whose behalf the remaining part of the liquidation proceeds after the main distribution has been paid in and only up to the value of assets that have been taken over. Creditors must file appeals in respect of payment of claims referred to in paragraph 2 of this article against entities to whose benefit the rest of liquidation proceeds have been paid, not later than within 6 months upon the completion of the liquidation proceedings. IV. TRANSITIONAL AND FINAL PROVISIONS Article 28 Bankruptcy proceedings and liquidation proceedings over banks initiated according to the Law on Restructuring, Bankruptcy and Liquidation of Banks ( SFRY Official Gazette, numbers 84/89 and 63/90 and FRY Official Gazette, numbers 37/93, 26/95, 28/96, 16/99, 44/99 and 53/01) and Law on Enforced Settlement, Bankruptcy and Liquidation ( SFRY Official Gazette, no. 84/89 and FRY Official Gazette, numbers 37/93 and 28/96) will continue according to provisions of these laws. Bankruptcy proceedings and liquidation proceedings over banks initiated according to the Law on Restructuring, Bankruptcy and Liquidation of Banks ( SFRY Official Gazette, numbers 84/89 and 63/90 and FRY Official Gazette, numbers 37/93, 26/95, 28/96, 16/99, 44/99 and 53/01) and Law on Bankruptcy Proceedings ( RS Official Gazette, no. 84/04) will continue according to the provisions of this law. If the National Bank of Serbia has revoked the operating license from a bank, and if the competent court, until enactment of this Law, has not made the decision on instituting bankruptcy proceedings, i.e. liquidation proceedings, such bankruptcy proceedings, i.e. liquidation proceedings over the bank will be conducted according to the provisions hereof. Article 29 Bankruptcy proceedings over insurance companies initiated according to the Law on Enforced Settlement, Bankruptcy and Liquidation ( SFRY Official Gazette, no. 84/89 and FRY Official Gazette, numbers 37/93 and 28/96) will continue according to the provisions of that law. Bankruptcy proceedings over insurance companies initiated according to the Law on Bankruptcy Proceedings («RS Official Gazette», number 84/04), will continue according to the provisions of that law.

13 Liquidation proceedings over insurance companies initiated according to the Law on Enforced Settlement, Bankruptcy and Liquidation ( SFRY Official Gazette, no. 84/89 and FRY Official Gazette, numbers 37/93 and 28/96) will continue according to the provisions of that law. Liquidation proceedings over insurance companies initiated according to the provisions of the Law on Business Entities ( RS Official Gazette, no. 125/04), will continue according to the provisions of that law. If the National Bank of Serbia has revoked the license for the conduct of insurance operations from an insurance company, and if the competent court until enactment of this law has not made the decision on instituting bankruptcy proceedings, or liquidation proceedings, such bankruptcy proceedings and liquidation proceedings of insurance company shall be conducted according to the provisions hereof. Article 30 Restructuring proceedings of banks initiated prior to the enactment of this Law will continue according to the provisions of the Law on Restructuring, Bankruptcy and Liquidation of banks ( SFRY Official Gazette, numbers 84/89 and 63/90 and FRY Official Gazette, numbers 37/93, 26/95, 28/96, 16/99, 44/99 and 53/01). Article 31 By the day of enactment of this Law, the Law on Restructuring, Bankruptcy and Liquidation of Banks («SFRY Official Gazette», numbers 84/89 and 63/90 and «FRY Official Gazette», numbers 37/93, 26/95, 28/96, 16/99, 44/99 and 53/01), Article 177 and Articles of the Law on Insurance («RS Official Gazette», numbers 55/04 and 70/04) and provisions of Articles 202 and 208 of that law in the part regarding the insurance companies will cease to be valid. Article 32 This Law will enter into force on the eighth day from the date of its publication in the «RS Official Gazette». Separate articles of the Law on Amendments and Supplements to the Law on Bankruptcy and Liquidation of Banks and Insurance Companies ("RS Official Gazette", number 91/2010) Article 24 Exceptionally from artcile 28 of the Law on Bankruptcy and Liquidation of Banks and Insurance Companies ("RS Official Gazette", numbers 61/05 and 116/08), in the bankruptcy and liquidation proceedings over banks initiated according to the Law on Restructuring, Bankruptcy and Liquidation of Banks ("SFRY Official Gazette", numbers 84/89 and 63/90 and "FRY Official Gazette", numbers 37/93, 26/95, 28/96, 16/99, 44/99 and 53/01) and Law Zakonu on Enforced Settlement, Bankruptcy and Liquidation ("SFRY Official Gazette", number 84/89 and "FRY Official Gazette", numbers 37/93 and 28/96), which have not been concluded with the final binding decision until the date of this law entering into force, the Agency, as bankruptcy or liquidation administrator has the right to compensation for work

14 and reimbursement of actual expenses in accordance with the article 16, paragraph 3 of the Law on Bankruptcy and Liquidation of Banks and Insurance Companies ("RS Official Gazette", numbers 61/05 and 116/08). Article 25 This law will enter into force on the eighth day from the date of its publication in the "RS Official Gazette".