Frequently Asked Questions

  1. 1. What is the investor compensation scheme?
      • Investor compensation scheme covers the funds of natural and legal persons trading in financial instruments at the Serbian securities market.
      • The funds of natural and legal persons include RSD funds for trading and financial instruments.
  2. 2. Which institution is running the investor protection scheme?
      Deposit Insurance Agency is responsible for the establishment, organization and management of the Investor Compensation Fund (the ICF).
  3. Who are the members of the ICF?
      Membership in the ICF is mandatory for the following companies operating in the Republic of Serbia:
      • investment companies (broker-dealer companies and licensed banks) authorized to keep the monetary resources of their clients and/or when they provide investment and ancillary services,
      • credit institutions providing ancillary services,
      • management companies providing the services of portfolio management to clients who are not investment funds and when they are authorized to keep the monetary resources and financial instruments.
  4. Who are the insured clients?
      The insured clients are the resident and non-resident natural and legal persons who are not professional investors, i.e. who are not:
      • investment companies;
      • credit institutions;
      • financial institutions and other entities specified in Art. 172, paragraph 1, items 1) and 3) of the Capital Market Law (“Official Gazette of the RoS”, Nos. 31/11 and 112/15 );
      • insurance companies;
      • collective investment institutions;
      • investment fund management companies, investment funds, pension fund management companies and pension funds;
      • supranational institutions, governments and central authorities, as well as the APV, regional and local authorities.
  5. What is the coverage limit for the insured claims of the clients of the ICF members?
      The clients’ funds are insured to the maximum level of EUR 20,000 in RSD equivalent per client of the ICF member.
  6. What is the total insured claim?
      The total insured claim is the sum of claims on the basis of the RSD funds for trading and the claims on the basis of the financial instruments.
  7. What is the insured event?
      The insured event occurs when:
      • bankruptcy proceedings are opened against an ICF member;
      • the Securities Commission determines that an ICF members is unable to fulfill its due obligations to the clients, including the amounts owed to the clients and the financial instruments kept for the benefit of the clients, and any significant change of these circumstances in the near future is unlikely.
  8. How do I file my claim and get my compensation?
      By submitting the proof of claim to the Deposit Insurance Agency. The template of the proof of claim can be downloaded from http://www.aod.rs/zi-pravni-okvir.html collected at the Deposit Insurance Agency.
      In case of cash claims, only the RSD claims can be filed, whereas in case of the financial instruments, the claims in any currency can be submitted.
      The value of the financial instruments claimed by a client is calculated on the basis of the market value published at the closing of the Belgrade Stock Exchange on the day preceding the day when the court ruling on the initiation of the bankruptcy proceedings or the resolution of the Securities Commission on the determination of the insured event was published.
      The value of financial instruments denominated in a foreign currency is converted into a RSD equivalent at the middle exchange rate of the National Bank of Serbia.
  9. How are the insured claimants reimbursed?
      The Deposit Insurance Agency disburses the insured amounts of claims via an agent bank.
  10. What happens if the claim exceeds the coverage limit?
      In case a client of the ICF member claims an amount in excess of EUR 20,000, the difference to the full amount can be claimed from the bankruptcy or liquidation estate.