The Securities Commission 2011 financial report and business report and the Independent Auditor’s Report on IEF JSC Belgrade were presented by Zoran Cirovic, Commission President. In the previous year the Commission realised income from fees according to the tariff book, and, as before, did not receive any funds from the Republic of Serbia budget. The Commissions expenditure mainly consisted of wages, then immaterial expenditure and expenses for membership fees in international associations, as well as project costs. The Commission realised 160,401,620.80 RSD in income, while its expenditure amounted to 160,165,387.54 RSD. The 236,233.26 RSD of profit are status reserve funds.

In the ensuing debate the Committee members showed particular interest in the Commission’s expenditure structure, employee wages, in view of their representation on the expenditure side, as well as compliance of the wages with the provisions of the Law Establishing Maximum Earnings in the Public Sector.

Following the debate, the Committee members noted that the Commission needs to round up the Report on which the Committee would rule subsequently.

The Committee members went on to consider the Bill amending and modifying the Customs Law, which was briefly outlined by Predrag Aleksic, representative of the Ministry of Finance.

Following a debate, which mainly focused on the reasons why the Bill should come into force in January 2013 and why a completely new customs law should be adopted, the Committee members accepted the Bill.

The Committee members also considered and accepted the Deposit Insurance Agency 2011 Activity Report, presented by Lidija Petrovic, the Agency’s acting President. They also considered the Sate Audit Institution 2011 Activity Report, presented by the SAI Council President Radoslav Sretenovic, outlining the basic results of its operation, such as 47 audits accompanied by 536 recommendations. The Committee members were interested in whether the audited subjects abide by the SAI’s recommendations and eliminate the irregularities observed, how many of the irregularities were eliminated, as well as how the SAI exercises control. Following the debate, the Committee accepted the Sate Audit Institution 2011 Activity Report.

The Committee members also considered the 2011 Business Report of the Central Registry, Depository and Clearing of Securities and the Independent Auditor’s 2011 Report, presented by the Registry’s acting Director, Vida Uzelac. In the previous year the Registry processed more than 8,000 cases and registered more than 5.3 million shareholders into the Central Registry, and all securities issued in the Republic of Serbia have been registered. The 2011 income and expenditure were briefly outlined after which the Report was adopted.

By the end of the sitting the Committee members also considered the National Housing Loans Insurance Corporation Business Report for the period 1 January to 31 December 2011. Presenting the Report, Sasa Jovanovic, the Corporation’s acting Director, stressed that the Corporation had insured a total of 64,858 housing loans amounting to 2.4 billion EUR, most of them from 2008. In 2011 it realised 928 million RSD of profit, 50% of which was deposited into the budget of the Republic of Serbia. In the ensuing debate the Committee members asked how the Corporation’s income was realised and allocated, and about the risks in view of the drop in real estate prices, after which the Report was accepted.

The Committee members also accepted the Bill on the Confirmation of the Agreement between the Government of the Republic of Serbia and Government of the State of Palestine on Avoidance of Double Taxation with respect to Taxes on Income and decided that the Committee should organise a presentation on the work of the Business Register Agency for the MPs.