21st Special Session ended: New Law on Banks adopted
MPs ended 21st Special Session by adopting the Law on Banks of the Republic of Srpska, in an emergency procedure, regulating the termination of banks in Srpska, as well as the protection of users of banking services.
The new law stipulates that no one but the bank can not accept deposits or other repayable funds, nor make loans and issue credit cards, if there is no permission of the Banking Agency.
Law on banks is devoted to the areas where they are present shortcomings to be rectified. Thus, a number of new things, which are primarily related to: making plans for the recovery of banks, determine measures to improve their financial situation; taking measures early intervention agencies in the event of a significant deterioration of the bank; establishing a legal system for the restructuring of troubled banks and establishing authority of the Agency for the implementation of this procedure.
The provisions on the restructuring of banks are being introduced in order to take measures necessary to prevent or ease the occurencce of crisis situations of individual banks and the banking and financial system as a whole, and thus ensuring the effective restructuring of banks that can not or probably will not be able to continue.
Because of the need to harmonize with the new Law on banks, MPs also adopted the Law on Amendments to the Law on Banking Agency, whose aim is to expand the jurisdiction of the Agency for consolidated supervision and restructuring of banks.
This legal solution had proposed the establishment of the monitoring committee and the committee for restructuring as two independent bodies within the Agency for the consideration of key decisions in relation to the supervision and restructuring of banks, with the competent organizational unit of the Agency to make recommendations for the final decision.
The National Assembly under urgent procedure adopted the Law on Amendments to the Law on the securities market, whose goal is to improve the securities market and harmonization with EU directives and harmonization with the Law on companies.