USIAD BEP and NBS Start Developing Legal Framework for Non-Bank Financial Institutions (NBFIs)

USAID BEP and the NBS Working Group on Non-Bank Financial Institutions (NBFIs) held the first meetings to develop an enabling statutory framework for NBFIs in Serbia. USAID BEP presented its paper “Regulation of Non-Deposit Taking Credit Providers and its “Comparative Analysis of Statutory Frameworks Governing Non-Deposit-Taking Financial Institutions in France, Romania and Bulgaria”. Discussion mainly focused on types of NBFIs activities that should be regulated, prudential vs. non-prudential supervision, sources of financing for NBFIs, credit bureaus and registers, consumer protection, business vs. consumer loans, and capping of interest rates. Both USAID BEP and the NBS agreed that a new regulation – comprised of an umbrella law and bylaws – was preferable to amendments to existing laws, and that the law should cover leasing, factoring, consumer lending, and microfinance. USAID BEP is preparing specific recommendations for legislation, including provisions governing supervision and consumer protection requirements, reporting requirements, performance indicators, minimum capital, registration/licensing requirements, and interest rates for consumer loans.





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