The National Bank of Serbia announced moratorium on all debts towards banks and finance lease providers as a measure to preserve stability of the financial system of Serbia. The measure is part of actions undertaken by Serbian authorities during the declared state of emergency to fight the coronavirus.
The state of emergency due to COVID 19 pandemic was proclaimed in the Republic of Serbia on March 15th 2020, and the Decree on Measures during the State of Emergency („Official Gazette of RS“, no. 31/2020 dated March 16th 2020) and the Decree on Organization of Work with the Employer during the State of Emergency („Official Gazette of RS“, no. 31/2020 dated March 16th 2020), both aiming to regulate in more detail the effects of introduced state of emergency, followed right after. Decrees do not regulate the duration of the state of emergency, whereas the Constitution of the Republic of Serbia prescribes that the state of emergency may last up to 90 days, and it may be renewed under the same conditions upon the expiry of the 90 day deadline.
Pursuant to the Decree on Organizing the Work of the Employers during a State of Emergency (“Official Gazette of the RS” No. 31/2020), each employer is obliged to enable employees to perform work outside the premises of the employer (working remotely or working from home), at all workplaces where this type of work organization is possible. Equal obligation is foreseen also in the Serbian Labor Law (“RS Official Gazette”, No. 24/2005, 61/2005, 54/2009, 32/2013, 75/2014, 13/2017 – US Decision, 113/2017 and 95/2018 -aut. interpretation) as part of the employer’s obligation to provide employees with safety and health at work (Article 12. of the Labor Law) and in accordance with the Law on Health and Safety, (“Official Gazette of RS”, No. 101/2005, 91/2015 and 113/2017).
History has taught us that after all great tragedies, such as the one affecting the World currently, the age of revival arrives, as well as that during the extraordinary circumstances, no matter how serious they are, life finds its path. We at JPM are trying to spend our time working and making efforts so that our common work and goals does not suffer any or suffer minimal damage during the time that the restrictive measures imposed by all governments are in force.
The outbreak of COVID-19 in Serbia, which resulted in Government declared State of emergency, has strong impact on companies across all industries, creating a number of challenges that need to be addressed by the employers. Over the last few days, we’ve received many enquiries from our clients about business implications of the current situation. We present you below some of the most common ones, followed by answers that will help you in your response to the immediate key issues affecting your business.
As of 2011, the Serbian Capital Market Act has been changed multiple times due to the need for improvement of domestic legislation and alignment with the market’s demands, as well as harmonization of Serbian legislation with the EU acquis. Once again, on 3 February 2020, the National Assembly of the Republic of Serbia adopted amendments to the Capital Market Act, which came into force on 12 February 2020.
After much rescheduling and protraction, the long-awaited new Trademark Act was finally adopted on 24 January 2020 and came into force a week later. The new law introduces a number of fundamental changes, eliminating certain shortcomings of the previous law, allowing for more efficient protection and further harmonisation of Serbia's legislation with EU law.