Judicial Review of the Exercise of Administrative Powers by the Serbian Securities Commission

In this paper, the author explains the competences of the Securities Commission of the Republic of Serbia, the head office of which is in Belgrade. The Securities Commission applies the Law on General Administrative Procedure when deciding on administrative matters. Administrative review of its decisions in second-instance administrative procedures is not permitted. However, judicial review is available—administrative disputes may be initiated against the Securities Commission before the Administrative Court. Nevertheless, judges of the Administrative Court are not specialized for capital market law and corporate law issues. After providing information about the application of the rules of administrative law, the author analyzes 41 decisions of the Administrative Court. Conclusions are drawn regarding the available judicial review of the exercise of administrative powers by the Serbian Securities Commission, while considering the reasons for accepting and rejecting the claims in court practice. Finally, proposals for improvement of the current situation are made, considering the author’s conclusion that the judicial review of the exercise of administrative powers by the Serbian Securities Commission is unsatisfactory.