ЗАКОНОДАВНА СМУШЕНОСТ У ПРЕТВАРАЊУ ЈАВНОГ У НЕЈАВНО ДРУШТВО
LOOPHOLE IN REGULATING GOING PRIVATE PROCESS

Summary/Abstract: In this article the author explains conversion of a public company into the private one (going private) and points to the loophole in its regulation, which was created by the Securities Market Act of Serbia in 2011. That Act explicitly regulates going private process, but only when the shares of the subject public company are traded on an organised market (so called, regulated market and MTP). Тhe Act does not regulate the case when a public company, whose shares are publicly traded on overthe- counter market, decides to withdraw the shares from the public trade and to become private company. The author contemplates possible interpretations of the loophole, pointing to the earlier illegal practice of prohibiting that process in Serbia. The conclusion is that the statutory rules on going private process have limited scope and that the amendments should enlarge their coverage to the public companies on the over-thecounter market.

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