In the event there may be discrepancies which arise between the Serbian and English versions of the document, the Serbian version is the legally biding document.

Pursuant to Article 244, paragraph 2 of the Law on Market of Securities and Other Financial Instruments (“Official Gazette of RS”, No. 47/2006), the Securities Commission hereby adopts

GENERAL PROVISIONS

Article 1
The present Rules shall govern the amount of fees charged for the activities under the competence of the Securities Commission (hereinafter: the Commission), as determined by the Law on Securities Market and Other Financial Instruments (hereinafter: the Law on Securities), the Law on Takeover of Joint Stock Companies (hereinafter: the Takeover Law), the Law on Investment Funds (hereinafter: the Law on IF) other law and regulations promulgated by the Commission.

Article 2
Funds for the operation of the Commission shall be provided from the fees for conducting activities within its competence, in accordance with the present Tariff Rules and from other sources in compliance with the law.
The Commission shall pay the surplus of revenues over expenditures into the budget of the Republic.

Payment obligors

Article 3
The persons under obligation to pay the fees are the persons who file a request. Evidence attesting payment of fees shall be attached to the filed request.

Article 4
In addition to the persons referred to in Article 3 of the Rules, the obligors shall also include legal persons – subjects of supervision, where the Commission in conducting supervision observes irregularities, and illegal activities in conduct of business
The persons – subject to supervision, referred to in paragraph 1 of this Article shall be: market operators, broker-dealer companies, authorized banks, custody banks, Central Securities Depository House, takeover process participants, investment fund management companies, investment funds,        issuers in the process of issuing securities, public companies in the process of reporting, investors and other persons conducting activities on the securities market,
The Commission shall decide on the fees charged referred to in paragraph 2 of this Article, by its determination.

Tariffs

Article 5

1. Prospect Approval  28 [0.3% of nominal value of the issue]
2. Preliminary prospect approval 30  [0.3% of nominal value of the issue]
3. Shelf prospect approval 32  [0.3% of nominal value of the issue]
4. Approval of prospectus of a foreign legal entity 37  [0.3% of nominal value of the issue]
5. Prospect Approval- Certificate of Deposits 40  [0.3% of nominal value of the issue]
6.  Approval of short-term securities prospectuses 35 [0.2% of nominal value of the issue] 
7. Registration of prospectuses for foreign securities 38 [350,000.00 RSD]
8. Prospect approval when preliminary or shelf prospect has already been approved 34 [40,000.00 RSD]
9. Approval of amendments to a prospectus 33 [40,000.00 RSD]
10. Approval of prolongation of deadline for subscription and payment 44 [40,000.00 RSD]
11. Professional Investor status approval 11 [40,000.00 RSD] 
12. Approval of initial offering of securities to a professional investor 55 [0.15%  of nominal value of the issue] 
13. Approval of initial offering to known buyers (NBS, Republic of Serbia, shareholders, employees) [70,000.00 RSD]
14. Approval of securities issue 47, 59 [40,000.00 RSD]
15. Approval of a prospectus for admission of securities issued without  public offering 57 [0.3% of nominal value of the issue] 

LICENSED PARTICIPANTS

16. License  - Market Operator 81 [3% of initial capital]
17. License  -   Stock Exchange as organizer of OTC market 260 [100,000.00 RSD]
18. License- Broker-Dealer Companies, authorized banks 130, 179 [3% of initial capital]
19. License – expansion or narrowing of business activity BDC, authorized banks [70,000.00 RSD]
20. License – branch office BDC, authorized bank 133, 179 [40,000.00 RSD]
21. License- Custody Bank 180 [150,000.00 RSD]
22. License- expanding the scope of activities of the existing custody bank with respect to the Law on Investment Funds LIF [100,000.00 RSD]
23. Approval for amendments of governing instruments - BDC, authorized banks 135, 179. [20,000.00 RSD]
24. Approval for amendments of governing instruments – Custody Banks 135, 184 [40,000.00 RSD]
25. Approval for amendments of governing instruments – harmonization with the law BDC, authorized banks 258 [40,000.00 RSD]
26. Approval for amendments of governing instruments (OT, CR) 94, 213 [70,000.00 RSD]
27. Approval for amendments of governing instruments  - harmonization with the law – Stock Exchange and  Central Securities Depository 260, 259 [50,000.00 RSD]
28. Approval  – member of management (market operator, BDC, Central Securities Depository )) 85, 136, 213 [40,000.00 RSD]
29. Approval  - the person who manages an authorized/custody bank 179,182 [40,000.00 RSD]
30. Approval  - qualifying holding (market operator, BDC, Central Securities Depository) 77, 123, [40,000.00 RSD]
31. Approval  - status changes (market operator, BDC) 76, 132, [40,000.00 RSD] 

BROKERS, INVESTMENT ADVISORS AND PORTFOLIO MANAGERS

LECTURES

32. Broker 128 [70,000.00 RSD]
33. Investment advisor [180,000.00 RSD]
34. Portfolio manager [220,000.00 RSD]
35. Portfolio manager who has previously obtained investment advisor certificate [100,000.00 RSD]
36. Recognition of foreign degrees 70,000.00 RSD
 

EXAM

37. Broker 128 [7,000.00 RSD]
38. Portfolio manager [22,000.00 RSD]
39. Investment advisor [20,000.00 RSD]
40. Portfolio manager who has previously obtained investment advisor certificate [12,000.00 RSD]
41. EXAM SUBJECT/AREA 6,000.00 RSD
42. Diploma – another copy 3,000.00 RSD
 

LICENSES

43. Broker, investment advisor, portfolio manager 128 [5,000.00 RSD]
44. Certificate of registering  a brokerage license, for brokers that have obtained their brokerage licenses in compliance with the superseded rules 128 [500.00 RSD]
 

INVESTMENT FUNDS LAW

45. License – Management Company 10 [3% of initial capital]
46. License  - Investment Fund 25 [3% of initial capital]
47. Approval  - amendments to governing instruments 18 [50,000.00 RSD]
48. Approval  - member of management 13 [40,000.00 RSD]
49. Approval – qualifying holding 11 [40,000.00 RSD]
50. Approval  - prospectus text 25 [100,000.00 RSD]
51. Approval for marketing 40 [10,000.00 RSD]
52. Entry into the register of inv. funds 39 [40,000.00 RSD]
53. Approval for changing a management company and management of a new fund 50, 68, 69 [40,000.00 RSD]
54. Approval for contract with a new management  in cases when license has been revoked to a previous management company 55 and 70 [40,000.00 RSD]
55. Merger of open-end investment funds and approval for – status change 51 [40,000.00 RSD]
56. Approval for acquisition of own shares – closed-end funds  65 [20,000.00 RSD]

THE TAKEOVER LAW

57. Approval for publication of an offer and amendments to the offer 13 [0.35%, but not less than 40,000]

SUPERVISION

58. Market Operator,  Central Securities Depository 221 [200,000 RSD]
59. Professional Investor Article 11, paragraph 1, item 6   of the Law on Securities Market 221 [200,000 RSD]
60. Management company, Investment Fund, Custody Bank(Law on Investment Funds) 81 [200,000 RSD]
61. Issuer – public company 70, [200,000 RSD]
62. Participant in takeover of a joint stock company 4 [200,000 RSD] 
63. BDC, authorized bank, custody bank 221 [100,000]
64. Investor 221 [200,000 RSD]

PUBLIC COMPANIES

65. Entry and removal from the registry of public companies 63 [10,000 RSD]
66. Excerpt from the Registry 63 [10,000 RSD]
67. Proxy statement 75 [10,000 RSD]

OTHER FEES

68. Opinion (natural persons) 226 [20,000 RSD]
69. Opinion (legal persons) 226 [30,000 RSD]
70. Opinion (licensed participants, lawyers) 226 [40,000]
71. Representation in front of  a court 220 [As lawyers charge]
72. Other requests [10,000 RSD]
73. Copy (duplicate) of a certificate [3,000 RSD]
 
Payment of Fees

Article 6
The fees paid to the account of the Securities Commission shall be executed with an indication of the tariff number. 
The fees paid in accordance with the Tariff Rules shall not be reimbursed if the expert service of the Commission has started processing the matter.

Article 7
On the effective date of these Rules, the Rules on the Fees of the Commission ("RS Official Gazette”, No 102/2003, 111/2004, 27/2005, 67/2005, 92/2005, 116/2005, 8/2006, 10/2006, 23/2006, 34/2006 and39/2006) shall cease to be valid.

The present Rules shall become effective a day upon publication in the “Official Gazette of the Republic of Serbia” and applied from the beginning of implementation of the Law on the Market of Securities and Other Financial Instruments (“Official Gazette of the Republic of Serbia”, No.47/2006).

No: 2/0-02-501/16-06 Belgrade, November 10th, 2006
No: 2/0-02-501/22-06 Belgrade, December 7, 2006

PRESIDENT OF THE COMMISSION

Milko Štimac, signed