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14-701: In July 1998, the Republika Srpska passed the Law on Securities to create the capital markets. The following year the National Assembly of the Republic of Srpska appointed the first members of Republika Srpska Securities Commission newly created financial regulator and in 2001 the Central Registry of Securities (CRHoV) was established. On 9 May 2001, Eight banks and one company trading in securities signed established

28-649: Is the legislative body of Republika Srpska , one of two entities of Bosnia and Herzegovina . The current assembly is the ninth since the founding of the entity. The National Assembly of Republika Srpska was founded on 24 October 1991 as the Assembly of the Serb People of Bosnia and Herzegovina , with its administrative seat in Sarajevo . Due to the Bosnian War , the seat was moved to Pale , where it remained until 1998, when it

42-695: The Dayton Agreement . The agreement divides the country into two federal entities : the Federation of Bosnia and Herzegovina (FBiH) and the Republika Srpska (RS) and one condominium of the two entities named the Brčko District . The vast majority of the population in the Federation of Bosnia and Herzegovina are Bosniaks and Croats , while in Republika Srpska , the vast majority are Serbs . Due to

56-665: The Stock Exchange Index of Republic of Srpska ( BIRS ), Investment Funds Index of Republic of Srpska ( FIRS ) and the Index of the Power Utility Companies of Republic of Srpska ( ERS10 ). The official market is the main part of the stock exchange market, where, apart from the general conditions, there are also requirements of specific conditions regarding the amount of equity , class diversification in public, business performance and objectivity of financial statements . As

70-651: The Union of Reform Forces of Yugoslavia (SRSJ) and one for the Serbian Renewal Movement (SPO). The first parliamentary bloc formally opposed to nationalist forces came into scene in 1994 with the Independent Members of Parliament Caucus (IMPC) , a splinter of the SRSJ led by Milorad Dodik . Political divisions of Bosnia and Herzegovina The political divisions of Bosnia and Herzegovina were created by

84-696: The Banja Luka Stock Exchange, it obtained its license on the 9 August 2001. It obtained the electronic trading system (BTS) developed by the Ljubljana Stock Exchange (LJSE) in 2002 and on the 14 March 2002 the first trading session took place, involving six Members that traded 20 listed securities. Later that year it agreed to cooperate with the Ljubljana Stock Exchange and the Belgrade Stock Exchange . In January 2003

98-587: The Constitutions of the Republika Srpska prescribes that the right acquired by investment of capital shall not be reduced by the law or any other regulation and guarantees free expatriation of profit and of capital after the end of investment. National Assembly of the Republic of Srpska Supported by (9) Opposition (27) The National Assembly of Republika Srpska ( Serbian Cyrillic : Народна скупштина Републике Српске , romanized :  Narodna skupština Republike Srpske , abbr. НСРС/NSRS)

112-512: The Stock Exchange or other regulated public market. This database has to include all securities traded on the BLSE. Transactions concluded on the BLSE are settled on T+3 . A foreign investor has equal rights as a native investor concerning rights and liabilities and legal status in an enterprise. A foreign investor acquires the right on additional guaranties that are not granted to local persons since

126-448: The entities wield most of the authority. Both the Federation of Bosnia and Herzegovina and Republika Srpska control the majority of responsibilities and resources, each with its own constitutions, presidents, parliaments, governments, and prime ministers. They manage citizenship matters and primarily enforce laws since the state level lacks this ability. The entities serve as the primary level for distributing state-collected funds and oversee

140-469: The financial capital market of the Republika Srpska were still in its infancy most securities from privatisation process were listed on the free market. General conditions for listing securities on organised market are: The free market lists securities that meet all general conditions for listing. Securities are listed on the free market segment if required by the issuer or by the law. Shares from privatization process and publicly offered shares are listed on

154-493: The first session of The Listing Commission took place and stocks of 13 Privatisation Investment Funds were admitted to the official market. The first auction government bonds took place on the 20 August. A month later shares of the company Rafinerija ulja a.d. Modriča were listed on the official market being the first private company to listed on an official market in Bosnia. In 2004 and 2005, three stock market indices were created,

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168-616: The free market after registration with the Central Registry of Securities. As of 2003, the number of shares listed on this market segment was 630, according to the Stock Exchange Monitor, and it was expected to reach 830 after the registration of shares from privatization in the Central Registry of Securities has been completed. The Central Registry of Securities for all members of the Central Registry takes on fulfillment of monetary liabilities and fulfillment of obligation to transfer securities arising from transactions concluded on

182-450: The high powers the entities have and the political differences between the entities themselves, Bosnia and Herzegovina is described as a confederation . The Federation of Bosnia and Herzegovina is split into 10 cantons , local governing units that were endowed with substantial autonomy, whereas Republika Srpska operates under a centralised government structure. While the state level holds a limited set of exclusive or joint responsibilities,

196-734: Was moved to Banja Luka , its current location. From 1991 to 1996, the Assembly was composed of Serb representatives elected in 1990 for the Assembly of the Socialist Republic of Bosnia and Herzegovina , most of them members of the Serb Democratic Party (SDS). By the time when the Constitution of Republika Srpska was promulged in February 1992, the Assembly was made of 72 seats for the SDS, 4 for

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