MEĐUNARODNE PLATNE USLUGE U SVETLU NOVE SRPSKE REGULATIVE
INTERNATIONAL PAYMENT SERVICES IN THE LIGHT OF THE NEW SERBIAN REGULATION

Summary/Abstract: In order to adjust its national payment system to new digital trends, as well as to models and rules applicable in the EU the Republic of Serbia brought the Law on payment services, applicable as of October 2015. The new law regulates manners and conditions of provision of payment services, e-money, payment system and supervision over application of the provisions of the new law. The law is mostly harmonized with the EU rules in this field, mainly with Directive 2007/64/EC on payment services in the internal market and Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions. New rules introduced with the new law brought major changes in the field of domestic and international payments. For the first time all types of payment services were regulated including those in electronic and internet banking, the market was open for new providers of payment services - payment institutions and electronic money institutions, specific rules on informing the users of payment services were thoroughly developed, all with the aim of raising the level of legal security, increase of competition in field of provision of payment services, as well as improvement of the protection of payment services users’ rights. The author in this paper scrutinizes, firstly the field of application of the Law, and secondly two main novelties introduced by the law - payment institutions and electronic money institutions.

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