At the sitting held on 18 May, the members of the Finance Committee discussed the Republic of Serbia Securities Commission’s Activity Report, Report on movements on the organised securities market in the Republic of Serbia in the period January – December 2009 and Republic of Serbia Securities Commission’s 2009 Financial Report accompanied by the “EuroAudit” d.o.o. Belgrade Independent Auditor’s Report.

They also considered the Securities Commission’s 2010 Financial Plan and Budgetary Inspection’s 2009 Annual Activity Report.

The Securities Commission’s 2009 Reports and 2010 Financial Plan were presented by the Commission President Milko Stimac. In 2009 the Securities Commission decreased its expenditure by 10.5% compared to 2008. Like every year, the Commission achieved a favourable balance, and deposited the realised surfeit of slightly over 2 million RSD into the Republic of Serbia budget. The number of employees remained the same, and the authorised auditor’s house confirmed all of the Commission’s reports. The Commission estimates that the 2010 income would be enough to cover the costs. The Commission has planned 1,500 controls, and is obligated to respond to two large initiatives, one on the international and the other on the regional level. The international organisation gathering all organisations dealing with capital market control shall recommend new regulations and forward them to national organisations including the Serbian Commission. On the regional plane, there is a tendency to create a regional capital market since none of the countries has a large enough market, and since Serbia boasts the highest development potential this initiative should not be overlooked. The Commission President deemed that the domestic capital market has been stabilising in the past few months and exhibiting a slow growth.

The Budgetary Inspection’s 2009 Annual Activity Report was presented by a representative of the inspection who stressed that out of the 62 inspection controls planned for last year, 45 had been carried out. 203 measures for removal of irregularities had been ordered, 23 petitions initiated for misdemeanor proceedings against 63 persons, as well as 1 economic offense charge and 2 criminal charges against two persons. The return of 747 million RSD into the budget of the Republic of Serbia and local self-governments was ordered. Last year gave rise to increased requests to control state subsidies in bad privatisation cases. Statistically, financial discipline grew 2009, because the number of inspections without noted irregularities increased from 11.27% in 2008 to 26.67% in 2009. The inspections’ biggest problem is the decreased number of inspectors, as well as the execution of decisions by state institutions in the case of returning funds into the budget.

The sitting was chaired by Zoran Krasic, Committee Chairman.