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FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.
Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment.
Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.
Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making.
There are also FinTech-advertising-services which advertise various financial services or products.
Introduction
Attitude of the country towards modern financial advisory and broking services
Generally, the CM Law regulates provision of investment services, ancillary services, investment advice and investment recommendation in Serbia. Investment advisory and brokering services explicitly fall under the definition of investment services which may be provided in Serbia only by the local investment companies and credit institutions licensed by the SEC for the activities of investment company. Robo advisory and auto-trading are not explicitly regulated, but these services could fall under the aforementioned activities regulated under the CM Law, such as investment services in regard to the receipt and transfer of the orders for financial instruments trading and provision of the investment advice.
In case these services are provided in Serbia from abroad, besides licensing issues, the services providers must also be aware of the strict forex legal framework which regulates in detail payments to/from abroad.
It seems that there is a growing interest for such services on the market.
Legal affairs
Obligations and requirements to provide financial advisory and broking services, or ancillary services described above
Under the CM Law, investment services, including investment advisory and brokering services may be provided in Serbia by the local investment companies and credit institutions licensed by the SEC for the activities of investment company. Provision of investment services and by foreign investment firms without an authorization of the SEC, is allowed only through intermediation of investment firms holding the authorization of the SEC.
The documents necessary for obtaining the license are listed in the CM Law and relevant SEC decisions/by-laws and include for example business plan, information about qualifications of the management of the investment company, proof of fulfilment of staff and technical requirements, organizational structure, capital requirements proof, etc.