- citati u SCIndeksu: [1]
- citati u CrossRef-u:0
- citati u Google Scholaru:[
 ]
- posete u poslednjih 30 dana:9
- preuzimanja u poslednjih 30 dana:4
|
|
|
2020, vol. 58, br. 2, str. 329-343
|
|
Republika Srbija kao ugovorna strana ISDA okvirnog ugovora o trgovanju finansijskim derivatima
The Republic of Serbia as a party to ISDA master agreement on financial derivative transactions
Sažetak
Cilj rada je da ukaže na posebnosti regulative trgovanja finansijskim derivatima na OTC tržištu kada je ugovorna strana Republika Srbija. Fokus autora je, pre svega, na analizi mogućnosti Republike Srbije da bude ugovorna strana ISDA okvirnog ugovora o trgovanju finansijskim derivatima, uzevši u obzir rasprostranjenost upravo ovog model-ugovora kada su u pitanju poslovi sa finansijskim derivatima na OTC tržištu. Autor u prvom delu rada daje opšti pregled ISDA okvirnog ugovora o trgovanju finansijskim derivatima, skrećući pažnju na posebna mesta u ovom model-ugovoru i njegov istorijski razvoj. U drugom delu rada obrazložili smo srpsku pozitivnopravnu regulativu u vezi sa trgovanjem finansijskim derivatima na OTC tržištu sa Republikom Srbijom i taj pregled je pretežno inspirisan donošenjem novog podzakonskog akta u ovoj oblasti krajem 2019. godine. Poseban osvrt i analiza pojedinih ključnih mesta sprovedeni su i u pogledu propisa koji regulišu budžetski sistem, javni dug, devizno poslovanje, javne nabavke i finansijska obezbeđenja.
Abstract
This article summarizes Serbian legislative framework on regulation of financial derivative transactions on OTC market when a party to the transaction is the Republic of Serbia. Main focus of the article is the analysis of capacity and due authorizations of the Republic of Serbia as a sovereign state to enter into ISDA Master Agreement taking into account practical use and reach of that model agreement in commercial transactions. First part of the article explains background and history of ISDA Master Agreement and its general functioning and main principles. Second part of the article focuses on up to date Serbian legislation on financial derivative transactions on OTC market with a state as a party. Financial derivative transactions with the Republic of Serbia are regulated by the special bylaw rendered in mere end of 2019, however there are still numerous linked legislations which should be observed when the Republic of Serbia enters into financial derivative transaction under ISDA Master Agreement. We focused on budgetary regulations, public debt general rules, public procurement, foreign exchange operations and financial collaterals legislation in this article.
|
|
|
|
Reference
|
|
|
*** (2005-2018) Zakon o vladi. Službeni glasnik RS, br. 55/2005, 71/2005 - ispr., 101/2007, 65/2008, 16/2011, 68/2012 - odluka US, 72/2012, 7/2014 - odluka US, 44/2014 i 30/2018 - dr. zakon, čl. 4
|
|
|
*** (2014-2017) Zakon o ministarstvima. Službeni glasnik RS, br. 44/2014, 14/2015, 54/2015, 96/2015 - dr. zakon i 62/2017, čl. 3
|
|
|
*** (2005-2019) Zakon o javnom dugu. Službeni glasnik RS, br. 61/2005, 107/2009, 78/2011, 68/2015, 95/2018 i 91/2019
|
|
|
*** (2019) Zakon o javnim nabavkama. Službeni glasnik RS, br. 91
|
|
|
*** (2011-2020) Zakon o tržištu kapitala. Službeni glasnik RS, br. 31/2011, 112/2015, 108/2016 i 9/2020
|
|
|
*** (2018) Odluka o obavljanju poslova sa finansijskim derivatima - Odluka o derivatima. Službeni glasnik RS, br. 76
|
|
|
*** (2019) Uredba o obavljanju poslova sa finansijskim derivatima u cilju upravljanja javnim dugom Republike Srbije - Uredba o derivatima. Službeni glasnik RS, br. 94
|
|
|
*** (2009-2019) Zakon o budžetskom sistemu. Službeni glasnik RS, br. 54/2009, 73/2010, 101/2010, 101/2011, 93/2012, 62/2013, 63/2013 - ispr., 108/2013, 142/2014, 68/2015 - dr. zakon, 103/2015, 99/2016, 113/2017, 95/2018, 31/2019 i 72/2019, čl. 50
|
|
|
*** (2006-2018) Zakon o deviznom poslovanju. Službeni glasnik RS, br. 62/2006, 31/2011, 119/2012, 139/2014 i 30/2018
|
|
|
*** (2018) Zakon o finansijskom obezbeđenju. Službeni glasnik RS, br. 44
|
|
|
*** Osnovni pregled odredaba ISDA okvirnog ugovora dat je prateći okvirne ugovore iz 1992. i 2002. godine. (samo za registrovane korisnike ISDA-e): www.isda.org, 10. 4. 2020
|
|
|
Enochs, C.R., Pappenfus, J., Bruner, A. (2019) A comparison of terms across master trading agreements. https://utcle.org/elibrary, 12. 4. 2020
|
|
4  
|
Eremić, M.B. (2004) Razvoj i aktuelna struktura globalnog tržišta derivata. Finansije, vol. 59, br. 1-6, str. 5-54
|
|
|
ISDA Legal Guidelines for Smart Derivatives Contracts: the ISDA Master Agreement. dostupno na adresi: https://www.isda.org/a/23iME/Legal-Guidelines-for-Smart-Derivatives-Contracts-ISDAMaster-Agreement.pdf, 5. 4. 2020, 7-11
|
|
|
ISDA (2010) Market Review of OTC Derivative Bilateral Collateralization Practice. dostupno na adresi: https://web.archive.org/ web/20130512183553/http://www.isda.org/c_and_a/pdf/Collateral-Market Review.pdf, 10. 4. 2020
|
|
|
ISDA About ISDA. dostupno na adresi: https://www.isda.org/about-isda/, 20. 4. 2020
|
|
|
Jomadar, B.K. (2007) The ISDA master agreement: The rise and fall of a major financial instrument. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1326520, 12. 4. 2020
|
|
1 
|
Jovanić, T. (2008) Pravna priroda sporazuma o netiranju i preduslovi njegove izvršivosti. Bankarstvo, vol. 37, br. 3-4, str. 38-52
|
|
|
Rudić, S. (2016) Uloga derivata u upravljanju valutnim rizicima na finansijskom tržištu Srbije. Beograd
|
|
|
Slaughter and May (2002) ISDA Master Agreement - Guide to Principal Changes, 2003. dostupno na adresi: http://www.slaughterandmay.com/media/38944/2002_isda_master_ agreement_guide_to_principal_changes.pdf, 11. 4. 2020, 3-7
|
|
|
Vrana, P.E., Enochs, C.R., Mwamba, F.A. (2002) How to use the ISDA master agreement. https://utcle.org/elibrary, 12. 4. 2020
|
|
1
|
Vuković, D. (2012) Trgovinski repozitorijum - nova infrastruktura tržišta OTC derivata. Bankarstvo, vol. 41, br. 4, str. 32-41
|
|
|
|
|