The Security and Exchange Commission of Serbia, supervises the operations of registered fund management companies, the fund itself and the performance of the depository service according to the Law on Alternative Investment Funds.

In case the SEC finds illegalities or irregularities in acting by the provision of the law, the Commission can order the elimination of illegalities and irregularities within a certain period. Furthermore it has several supervisory measures at its disposal to, such as: issuing a public warning, appointment of members of the management board, issuance of orders prohibiting the issuance of shares in the fund for a period of up to three months, as well as other measures by the law governing the capital market.

Irrespective of the above measures, the Commission may always impose a fine on supervised entities, or may always impose a fine on a member of the management board.

Also concerning depositaries, specific oversight measures are available to the Commission, such as making recommendations to the depositary’s administration or withdrawing consent to the choice of the depositary.