Market Profiles

RBC IS operates a segregated account structure in this market.

Whilst no documents are required in this market, it is prudent to hold on record client documents to show the legal existence of the client in case the agent or the country regulator requests it.

For further information or support around accessing this market, please contact your RBC IS representative.

Bosnia and Herzegovina (BH) is an independent country, made up of two entities. One entity is the Federation of Bosnia and Herzegovina (FBH) and the other one is the Republic of Srpska (RS). 

When investing in BH, any investor should consider it as two separate markets within one country. The Federation of BH and Republic of Srpska have separate central depositories, stock exchanges, regulatory bodies (with the exception of the Central Bank of Bosnia and Herzegovina) and legislation (although some Laws are on a state level, such as the Law on VAT). One stock exchange is Sarajevo Stock Exchange (SASE, within FBH) and the other is the Banja Luka Stock Exchange (BLSE, within RS). The two depositories are respectively the Registry of Securities of FBH (RVP) and the Central Registry of Securities of RS (CRHOV). In a similar manner, Ministries of Finance and Securities Commissions exist separately in the two territories.

RBC Investor Services' subcustodian offers entry into both markets.

Sarajevo Stock Exchange 
Sarajevo Stock Exchange (SASE) was founded on September 13, 2001 as an incorporated company. The brokerage houses that founded the Exchange have the status of "founding members" and can use the term "Founder of the Sarajevo Stock Exchange" in their company name. Trading on SASE officially commenced on April 12, 2002.

According to the law, the stock exchange is organised in the form of a joint-stock company. SASE is the central marketplace for trading securities in FBH. Shareholders of the stock exchange, besides brokerage companies, may also be other stock exchanges, fund managers, banks, insurance companies and other financial institutions in accordance with the current legislation (legal or private entities). 

Sarajevo Stock Exchange comprises the following market segments:

On Sarajevo Stock Exchange securities are traded on the Official Market and the Free Market. Official market consists of:

• Official Market of Companies
• Official Market for Funds
• Official Market for Bonds
• Official Market for Other Securities

Official Market is the place where our "blue-chips" are beeing traded. In order to be listed at this market segment, an issuer has to meet certain requirements.

Free Market consists of:

• Free Market of Companies, divided into following subsegments:
• Market of Bonds
• Free Market of Other Securities
  • Subsegment 1 (ST1)
  • Subsegment 2 (ST2)
  • Subsegment 3 (ST3)
  • Subsegment for issuers in bankruptcy proceedings

Banja Luka Stock Exchange 
Banja Luka Stock Exchange (BLSE) was founded on May 9, 2001 by eight banks and a brokerage company. Official trading on BLSE commenced on March 14, 2002.

The stock exchange is incorporated as a joint stock company. It is the central marketplace for trading securities in RS.

Banja Luka Stock Exchange is divided into two markets: the Official Market and the Free Market. The Official Market is a prestigious part of the stock exchange market where, besides general conditions, issuers are also required to fulfil specific conditions regarding years of existence, reality and objectivity of financial statements, corporate governance standards, absolute and minimum equity size, free float and number of shareholders. The biggest number of securities from the privatisation process is listed on the Free Market of BLSE.

There is no dual listing of shares, neither on SASE nor on BLSE.

Sarajevo Stock Exchange:

Trading on SASE is performed electronically, where brokers are connected to BTS (the SASE trading system) via remote workstations. Trading activities can be conducted only by a member of SASE. The trading model of BTS is order-driven with price-time priority used for ranking the orders

There are two trading algorithms (modes) on SASE – auction and continuous (MFTS - Multi-Fixing Time Schedule). MFTS is used on:

Official Market: Official Market of companies, Market of investment funds, Market of bonds and Market of other securities

Free Market: Free Market of companies – subsegments ST1 and ST2, Market of bonds and Market of other securities

Auction trading mode, with one or more daily auctions, is used on Free Market of companies – subsegment ST3 and and the subsegment for issuers in bankruptcy proceedings.

In auction trading, investors' orders for a stock are gathered together in the order book and executed in multilateral trades at a single price (the auction price) at the time of the auction (and not before that moment, even if their prices are matching). The auction price is always defined in such a way so as to enable most securities to be traded.

In contrast to the above, with continuous trading a transaction is executed any time a buy and a sell order price meet during the trading day, so one security may have multiple prices during the day. 

The decision of whether a security is traded via MFTS or auction is made according to the liquidity of the particular security. Securities which are traded rather thinly and which do not have a great market depth are traded through the auction system. 

Banja Luka Stock Exchange:
Only members of BLSE can trade securities via its order-driven electronic trading system, which is developed by Ljubljana Stock Exchange. Currently there are two trading methods used on BLSE: continuous trading and single price auction. 

The method of continuous trading is applied to all shares listed on the Official Market and to those listed on the Free Market that meet certain liquidity criteria, while all other shares listed on the Free Market, which do not fulfil these liquidity criteria are traded using the method of single price auction. In addition to the above, BLSE members may conclude deals outside of the organised market (block trades) if certain conditions are met.

Sarajevo Stock Exchange: Monday to Friday: 09:00 - 13:30

Banja Luka Stock Exchange: Monday to Friday: 08:30 - 13:00

ISIN (International Securities Identification Numbering): ISIN codes in BH are assigned by the respective CSD. After assigning the code, the code is entered into the CSD system. On December 2, 2008 the Central Registry of Securities signed a contract with a substitute agency (ANNA member) on ISIN codes being internationally recognised and the new ISIN codes in Republic of Srpska are applicable from February 2009. WM Datenservice in its function as Substitute Numbering Agency (SNA) for Bosnia and Herzegovina has agreed with the Registry of Securities of the Federation of Bosnia and Herzegovina in Sarajevo on the replacement of existing ISIN codes with new internationally recognised ones and this change became effective as of October 19, 2009.

Other: Beside ISINs, each issuer has a unique ticker that is used for identifying the shares of that issuer on the respective stock exchange.

Securities Commission of FBH
Functioning under a number of local pieces of legislation, the mission of the Securities Commission is: to support the establishment and the development of the capital market; to regulate, maintain and promote a fair, secure and transparent capital market; to protect and promote investor protection; to build trust in the efficiency and fairness of the local capital market.

Based on the provisions of the local legislation there is a basic division of jurisdiction between the Commission and the Exchange. The Commission may freely inspect books, letters and other documents of brokerage firms and banks, referring to dealing in securities. It may also authorise the Exchange or another legal person to carry out individual tasks related to surveillance. The Exchange and the Securities Registry are bound to notify the Commission of any violations committed by a brokerage firm.

The surveillance of SASE focuses mainly on detection of members' malpractices such as insider trading, price manipulation, dishonest applications and cancellations of trades, front running, and on detection of acts contrary to good business practice, which are dealt with at the Court of Honour of the Exchange. In addition, the Trading and Surveillance Division, in co-operation with the Legal Department, prepares regular reports on completed supervision, provides the exchange with information and co-operation with the Commission, and in the event of established violations prepares proposals for action. 

Ministry of Finance of FBH
Involved in the preparation of draft laws on finance and financial policy. Supervision of regulations regarding tax and contribution system and policies, banking system, capital market, property and personal insurance, non-depository financial institutions, foreign transactions and credit relationships and external debt.

The Central Bank of Bosnia and Herzegovina
CBBH was established with the Law adopted by the Parliament on June 20, 1997 and started its operation on August 11, 1997. Its main goals and tasks as established by the law are to maintain the monetary stability by issuing domestic currency; to define and control the implementation of monetary policy; to maintain appropriate payment and settlement systems and to coordinate the activities of the banking agencies which are in charge of bank licensing and supervision.

RS Securities Commission
Established under the local securities legislation, the Commission is the territory's financial services regulator. It is a permanent and independent legal entity, which through regulation, promotion and surveillance shall attempt to achieve its primary objectives of: supporting the establishment and the development of the capital market; the efficient functioning of a regulated, fair, open securities market in order to gain the confidence of all market participants; protection of investor and other market participants' interests.

All securities are issued in dematerialised and registered form as electronic records.

Sarajevo Stock Exchange:

If a security is listed on the Official market, trades cannot be concluded at a price that differs more than +/-10% from the last trading day's official price. Static limits on the Subsegment 1 (TS1)  are +/-20% comparing to the last official price. Static limits on the Subsegment 2 (TS2) are +/-50% comparing to the last official price. Shares that are listed on ST3 are delisted from the Free Market if following conditions are fulfilled simultaneously:

1. the issuer has not applied for presegmentation to ST2 in 12 months, and
2. the shares have not been traded 12 months after presegmentation to ST3.

No price limitations are stipulated with regards to the market for issuers in bankruptcy proceedings. Under certain circumstances the Management Board of SASE may decide to temporarily suspend any of the above limitations.

Banja Luka Stock Exchange:
Transactions with securities may be concluded at prices, which shall not vary by more than +/-20% from the official average daily price of the preceding trading day, if they are traded using the continuous method. Volatility interruption interval ±3%.

If the security is traded via single price auction, there are no specific limitations to the prices at whichtransactions may be concluded, as compared to the official average daily price of the preceding trading day.
Volatility interruptions lasts 60 minutes. Volatility interruption interval ±3%

BAM

Money market instruments (Treasury bills issued by the Government, banks or other financial institutions; commercial bills; certificates of deposit issued by banks or other financial institutions) and financial derivatives can be traded on the OTC market. Debt securities issued by closed-end companies or limited liability companies can also be traded on the OTC market. OTC transactions are concluded using professional intermediaries (brokers) and are reported to the stock exchange in accordance with its rules. The transfer of the settlement amounts related to such OTC transactions is to be done using special purpose accounts of the professional intermediaries - such funds will not be included in the clearing and settlement performed at CSD level.

All Bosnian securities are kept in book-entry form on accounts held with the respective local depository. CSD members have access to account balances. The reconciliation of the Bosnian holdings (as well as any other holdings) should be done on a daily basis.

Settlement of SASE and BLSE trades

1. Settlement procedures for purchase/receipt - valid for clearing and settlement at the depositories in both FBH and RS

*Please note: Settlement is mandatory. The market recognises the custodian as liable for the settlement. 

2. Settlement procedures for sale/delivery - valid for clearing and settlement at the depositories in both FBH and RS

Please note the following:
Bosnia is a pre-funding market so cash is required on T+0. On T+2 the depository delivers the securities to the respective securities account and confirms the transfer. Simultaneously, the cash is transferred from the depository's settlement account to the cash account of the delivering party.

Settlement is mandatory once the trade is executed on the stock exchange. The market recognises the custodian bank as liable for the settlement. Therefore, only the following brokers, for which RBC Investor Services' local subcustodian has given its approval (and with which the latter has a cooperation agreement in place), can be used for trade executions (additional brokers might be added to this list upon prior approval):

Federation of BiH

• VGT Broker d.d. Visoko
• SEE Investment Solutions d.o.o. Sarajevo
• AW Broker d.o.o. Sarajevo
• Raiffeisen Bank d. Sarajevo
• Unibroker d.o.o. Sarajevo

Republic of Srpska

• Advantis broker a.d. Banja Luka
• Raiffeisen Capital a.d. Banja Luka
• Eurobroker a.d. Banja Luka
• Monet broker a.d. Banka Luka
• Nova banka a.d. Banja Luka

Physical: N/A

Short selling is not permitted in the market.

Turnaround trades are possible on both stock exchanges (SASE and BLSE), but please note that such transactions are still rarely practiced on the markets.

Registry of Securities in FBH and Central Registry of Securities in RS. The registry is a unique database on all securities that are traded at the securities market, and especially the database of those data pertaining to the registration of ownership and changes of ownership of the securities. This database has to include all securities, i.e. also those issued before privatisation, securities issued in course of privatisation and all other securities issued in accordance with the Law on Securities Market. In order for the shares to be listed on the stock exchange, i.e. to be offered in a regulated public market, they have to be registered in the registry, otherwise a shareholder is not able to sell them. 

In FBH the custodians are members of the clearing and settlement system. This means that money stays with our local subcustodian and they transfer the money to the CSD account with the Central Bank according to local market deadline. In this market pre-funding of cash is required on T+0. 

Custody banks in RS are also members of the clearing and settlement system. Pre-funding of cash is required on T+0.

Registry of Securities in FBH
Founded in 1999 as a joint stock company, the Registry performs the following operations for securities issuers:

• registration, safekeeping, keeping and maintaining data on securities
• making the list of shareholders and list of securities holders with the balance as of the day requested by the issuer as well as other reports requested by the issuer
• services in case of changes in property status and in case of changes in securities due to conversion, securities denomination, merger and division of issuer's shares
• services in exercising the rights derived from securities (submitting data to issuers on securities holders, data on shareholders, who have the right to: vote in the shareholder meeting, payment of dividend, as well as other rights) and other, in accordance with the special contract.

It also performs the following operations for securities holders:

• keeping the balance of securities on securities holders' accounts
• transfer of securities based on applications for transfer of securities, submitted directly to the Registry by the security holder
• issuing certificates – statements and confirmations on balance of the securities account
• services in connection with keeping, on separate accounts, the rights of third parties on securities, of the lien, right of limitation of disposition, and other rights
• services in connection with joint stock company takeover and conducting tender offer based on a special contract between securities holder and the Registry.

Central Registry of Securities in RS
Established in 2001, the Central Registry's operations are as follows:

• registration and keeping of securities, i.e. data on securities, securities holders and all transactions pertaining to transfer of ownership
• registration and keeping data on acquiring ownership and other rights contained in securities
• registration and deletion of third party rights on securities, as well as registration and deletion of ban of disposal right based on contracts, court decisions and other decisions issued by relevant bodies
• opening and keeping the issuers' accounts, keeping the book of shareholders, opening and keeping securities holders' accounts, issuing of reports, statements and certificates on the balance and changes on those accounts
• creation and keeping accounts for brokerage companies and other Registry members
• clearing, settlement and transfer of securities based on operations with securities made on the stock exchange and other regulated public markets
• transfer of securities based on contract, court decisions and other decisions issued by other relevant bodies.

It may also perform operations of a depository for investment funds as well as other operations approved by the regulator.

BIS is an international organisation which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. The Committee on Payments and Market Infrastructures (CPMI) uses three common structural approaches, or models, to categorise the links between delivery and payment in a securities settlement system.

Both depositories in BH operate under BIS Model 2 environment - securities are settled on a trade-by-trade (gross) basis, cash is settled on net basis. Settlement of cash and securities happens simultaneously and is unconditional and irrevocable.

Book-Entry: All Bosnian securities are kept in book-entry form on accounts held with the respective local depository. The reconciliation of the Bosnian holdings (as well as any other holdings) is done on a daily basis.

Physical: N/A

The respective local depository.

All securities are in dematerialised and registered form as electronic records and registration of dematerialised securities is done automatically upon settlement (on T+2).

Share holdings may be required to be disclosed by the beneficial owner, particularly when holdings reach or exceed prescribed disclosure limits. Investors must ensure that they comply in full by reporting such holdings to the appropriate organisations for this market, within the timeframe required. If you have any questions regarding this issue we encourage you to consult your legal counsel.

Failure to comply with reporting requirements may lead to penalties and/or other sanctions.

FBH: According to the Law on Securities Market in FBH, article 248, there are certain significant threshold levels (percentages of shares with voting rights) for securities owners, which if reached or crossed (both upwards and downwards), then the investor must inform the Security Commission in FBH and the issuer in writing not later than eight days of such change. Also, the notification must be published in a daily newspaper distributed throughout FBH.

These threshold levels are 5%, 10%, 20%, 25%, 33% (1/3), 50% and 66%(2/3).

RS: According to the Law on Securities in RS, article 290, the Registry must notify the issuer and the Securities Commission in writing and make public within three days of execution the data on transactions when the following thresholds are reached/crossed:

• the person collects 5% or more shares with voting rights or rights incorporated in such shares
• the person's portion of any class of shares with voting rights increases up to a level divisible by 5 or over 5% of that class of shares
• the person's portion of shares with voting rights decreases to a level divisible by 5 or below 5% of that class of shares

Ownership thresholds in broker-dealer companies

• acquisition of or increase in the number of shares in the capital of a broker-dealer company equal to or exceeding 10%, 20%, 33%, 50% and 66% has to be approved by the Securities Commission.
• shareholders that hold exactly or above 10%, 20%, 33%, 50% and 66% of the shares in the capital of a broker-dealer company are required to notify the Securities Commission of their intention to decrease their shares.

Ownership thresholds in stock exchange companies

• shareholders in a stock exchange may be both domestic and foreign individuals and legal entities.
• any shareholder intending to acquire, increase or decrease its participation in the capital of a stock exchange company to exactly, above or below 10%, 20%, 33%, 50% and 66% is required to obtain the approval of the Securities Commission.

In addition as per the law on takeover of joint-stock companies a person/entity who directly or indirectly acquires more than 25% (FBH)/30%(RS) shares with voting rights of an issuer has to notify the issuer, the Securities Commission, the stock exchange as well as the public and will have the obligation to publish a takeover offer.

Definition of ownership thresholds for professional intermediary :

• Increase of thresholds in the professional intermediary company including and above 10%, 20%, 30%, 50% (qualified share) needs to be approved by the Securities Commission. The application and the supporting documents that need to be submitted to the Securities Commission in order for it to approve the increase of the participation in a professional intermediary company (a legal entity that has a licence to provide securities services according to the Law on the Securities Market) as well as in a stock exchange refer to the identification documents of the individual or legal persons that intend to reach such qualified shareholding. The Securities Commission can also request additional documentation, which can be related to regulations on anti money laundering and preventing the financing of terrorism as well as to other relevant documentation.  The application for reaching the respective threshold can be approved or rejected by the Securities Commission based on the submitted documentation or if the Securities Commission estimates that such acquisition will have a negative impact on the professional intermediary company, the other market participants, the securities market itself, the investors or the public
• Securities commission needs to be notified about the intention of owners of professional intermediary company to decrease threshold in the professional intermediary company below 10%, 20%, 30% and 50%.

Owners that do not comply with the above noted provisions will have restricted voting rights on the acquired shares and the Securities Commission will instruct the sale of such securities

Parliament of FBiH has adopted amendments to the Law on Securities Markets as well as to the Law on Investment Funds in the Federation of Bosnia and Herzegovina (FBiH). The amendments will came into force on 13 April 2017. 

Amendments to the Law on Securities Markets

The amendments introduce new conditions for approval and circumstances under which the Securities Commission will refuse to issue approval for legal entities and natural persons to acquire or increase their qualified share (10%, 20%, 30% or 50%) in capital of professional intermediaries or the Stock Exchange.

Amendments to the Law on Investment Funds

The Amendments also introduce obligation for  investors which intend to acquire shares or increase their share in capital of fund management company  over 20%, 30% or 50% to obtain approval from the Securities Commission.

Settlement is mandatory in the market. In the case the seller fails to deliver securities buy-in process is initiated by the CSD.

FBH: According to Law on Securities Market, securities lending/borrowing is permitted with the written permission of the securities owner based on a valid agreement.

RS: According to Law on Securities Market, a stock exchange intermediary may grant and raise loans in securities with the written consent of the securities owner.

Transactions related to securities lending are permitted only for the purpose of settlement. Stringent conditions for reporting have been put in place.

Guarantee funds are set up with both depositories, comprising member contributions and reserve fund, to cover potential damages in case a depository member fails to meet its obligations. All brokers and banks, as members of the clearing and settlement systems, are required to make contributions to these funds. The funds are used to meet the liabilities of a member by first using that member's contribution and then utilising other members' contributions. The defaulting member is required to repay the funds utilised plus a default interest and a monetary fee. The fund would be activated on T+2 to meet the net financial obligations relating to securities settlement.

All transactions that exceed BAM 30,000 (approximately EUR 15,000) are reported by the bank's anti money laundering department to the regulators. All multiple payments by individual or business entity that are less then BAM 30,000 but in total are exceeding BAM 30,000 are also reported to the regulators.

This is an FII market. Please contact your RBC Investor Services' Client Manager.

According to the Law on the Policy of Foreign Investment in Bosnia and Herzegovina, foreign equity ownership of an enterprise engaged in the production and sale of arms, ammunition, explosives for military use, military equipment and public information, must not exceed 49% of the equity of the enterprise. In the case of investment in mentioned sectors, foreign investors must receive prior approval from the competent body of the respective entity.

Under the amendments to the Law on Foreign Investments, which entered into force on October 5, 2015, if deemed justified, the government of FBiH may decide, based on a proposal from the competent ministry, to exempt certain companies from the existing restriction stipulating that the participation of a foreign entity in the equity capital of a company engaged in the production and sale of arms, ammunition and explosives for military use, in the production of military equipment or in the media business shall not exceed 49% of the total capital of the company.

According to Article 21 of the Law on Banks a private or legal entity, alone or in agreement with other parties, may not acquire or increase its substantial voting rights in the bank over 10%, 33%, (1/3) 50% and 66.7% (2/3) in the equity of the bank or in the total number of voting shares of the bank, without the consent of the Federal Banking Agency.

In RS this matter is regulated by Article 23 of the Law on Banks.

According to Article 58 of the Law on Investment Funds in FBH a private or legal entity may not, directly or indirectly, be the owner of more than 25% of shares of the same closed-end investment fund with public offering. 

On May 14, 2016, Securities Intermediation Services amendment initiated by the FBiH Securities Commission came into force. The amendments allows banks, insurance and reinsurance companies as well as other legal entities to participate in off-exchange transactions. However investment funds, pension funds, fund management companies and professional intermediaries are not included in the new amendment and therefor are still prohibited from participation in off-exchange transactions. 

Every sale or purchase of an Off-exchange security transaction must be mediated and conclude its purchase agreement through a professional intermediary (broker). 

Repatriation can be done freely. There are no special restrictions on foreign investors, except when investing in military industry where government approval is required.

An active Currency Board and the pegging of the Convertible Mark (BAM) to the Euro (1 EUR=1.95583 BAM) ensure currency stability.

Commercial banks in BH are connected in the payment network with the Central Bank of BH and have an active role in the process of settlement. The payment network is entirely electronic and all domestic payments are routed and processed via it. Due to the legislation commercial banks must observe and offer enough liquidity for transactions to be executed in timely manner throughout the day. 

Two systems are used to process payments: Gyro clearing and Real time gross settlement. 

Gyro clearing is used for transactions below a certain limit (BAM 10,000), and for transactions that are not urgent payments. Settlement periods for transactions are at 10:00, 13:00 and 15:00, and are enforced by the Central Bank of BH. 

Real Time Gross Settlement (RTGS) is used for transactions above a certain level (BAM 10,000). Urgent payments are also executed through RTGS. Transactions are done electronically and in real time. RTGS is available from 08:00 until 16.00; Monday to Friday.

Overdraft services are permitted in the market.

These are usually announced at annual general meetings. Entitlements are determined according to settled position as of record date. Dividends are distributed according to ownership records in the respective depository on the record date.

In FBH the record date is determined by the date of the written decision on the dividend payment (same date as the date of the written act). In RS the record date must be included in the written decision on the dividend payment.

No set frequency, dividends are generally payable on annual basis. Provisions in the Law do not define exact pay date, it is up to issuers to define pay date.

Interest on bonds is usually paid semi-annually and annually.

N/A

Entitlements are based on settled position on record date. There is no centralised source of information on corporate actions. Proxy voting is legally allowed based on written instructions and authorisation from the owner (notarised Power of Attorney).

Decisions on stock split, reverse split, conversion and denomination of securities are to be announced within eight days of decision. A period for stock split, reverse split, conversion and denomination of securities is between 30 and 90 days.

Supervising function of Securities Commissions is to promote and regulate a secure and transparent capital market. The Securities Commissions are also responsible for investors' protection and promotion of confidence of market.

No, except restriction that the share in companies engaged in the production and sale of arms, ammunition, explosives for military use, military equipment and public information must not exceed 49% of the equity. In the case of investment in mentioned sectors, foreign investors must receive prior approval from the competent body of the respective entity.

No

All meeting dates and announcements are communicated to the investor. Agenda of the meeting is included in notification. Meeting agenda is translated and issued.

FBH: Announcement on ordinary shareholders meetings must be published in at least one newspaper widely spread in FBiH at the latest 21 days prior to the meeting. Announcement on extraordinary shareholders meeting must be published at the latest 14 days prior to the meeting. Companies with only one shareholder are not required to publish the announcement. If the general shareholders meeting was not held due to lack of quorum, the announcement on the repeated meeting must be published within the following 3 days, and not earlier than 10 days prior to the recurring meeting.

RS: Ordinary meeting announcements are announced at least 30 days prior to the meetings or at least 15 days prior to the extraordinary meetings in a way regulated by the company statue.

Communicated within 48 hours

Available on request

Yes

FBH: A shareholder or a group of shareholders, which control at least 5% of the voting shares have the right to propose, in writing, a change in the meeting agenda at least eight days from the day of announcement of the AGM in the daily newspapers.

RS: A shareholder or a group of shareholders, which control at least 10% of the voting shares, have the right to propose two new agenda points.

FBH: 5% on dividends, (for foreign legal entities)
RS: 10% (for foreign legal entities)

FBH: (for foreign legal entities) Interest on corporate bonds: 10%. Interest from government bonds: exempt. 
RS: (for foreign legal entities) Interest on corporate bonds: 10%. Interest from government bonds: exempt. 

FBH: A new Law  on Corporate income in  FBiH effective as of 5 March 2016 introduced the tax with respect to  trading  with shares by foreign legal entities. Even though this new tax has characteristics of the capital gains tax, the Law and the Rulebook on implementation of the Corporate Income Tax Law in FBiH which come into force on 17 November 2016, declare the tax as the withholding tax.

RS: 10% - (for private entities) capital gains from the sale of stakes in legal entities, shares, debt securities(with the exception of the first trade with War Damage bonds issued by the Republic of Srpska) and other securities.

N/A

VAT 17% (applicable to safekeeping fees).

Bosnia & Herzegovina Holiday Calendar

• Sarajevo Stock Exchange sase.ba
• Banja Luka Stock Exchange blberza.com
• Registry of Securities of FBH rvp.ba
• Central Registry of Securities of RS crhovrs.org
• Securities Commission of FBH komvp.gov.ba
• RS Securities Commission secrs.gov.ba
• Central Bank of Bosnia and Herzegovina cbbh.ba