Dr Zoran Ćirović

Department for Stock Exchange Securities

Present Work:

Since 2010, Zoran Cirovic has been a Member of the Commission for Licensing Chartered Auditors at the Chamber of Chartered Auditors, where he serves as an evaluator in the field of financial analysis.

Previous Work:

From July 2011 until October 2015, Zoran Cirovic served as the Chairman of the Securities Commission (SC) of the Republic of Serbia, where he played a pivotal role in overseeing the country’s capital markets. During his tenure, he was responsible for monitoring the current activities and general trends within the market, ensuring the regulatory framework adapted to emerging developments. One of his key responsibilities was analyzing innovative financial products proposed by companies and banks for the local market, evaluating these offerings from a regulatory perspective to ensure compliance with existing financial regulations.

Zoran represented the Securities Commission before various governmental bodies and institutions, as well as domestic and international organizations. He also acted as a liaison with foreign capital market regulators and market participants, promoting Serbia’s capital market interests on the global stage. In this capacity, he actively participated in the work of the International Organization of Securities Commissions (IOSCO), particularly contributing to the European Regional Committee (ERC) and the Growth and Emerging Markets Committee (GEMC), where he helped shape global regulatory standards.

His leadership extended to the Committee for Financial Stability; a critical advisory body focused on strengthening the financial stability of the domestic financial system. The committee included prominent figures such as the Governor of the Central Bank, the Minister of Finance, and the Director of the Deposit Insurance Agency. Zoran’s participation in this committee involved advising on measures and strategies to enhance financial stability within Serbia.

As Chairman of the SC, Zoran was also instrumental in proposing by-laws and secondary legislation, aligning these legal frameworks with European Union directives. He played a key role in multilateral and bilateral screenings with high-level representatives from the European Commission, contributing to the negotiation process on four crucial chapters: Company Law, Free Movement of Capital, Financial Services, and Economic and Monetary Issues.

In addition to his regulatory and representational duties, Zoran chaired Securities Commission sessions and actively participated in the decision-making processes, guiding the commission’s direction alongside other members. His leadership was integral to shaping the regulatory landscape and enhancing the development of Serbia’s capital markets during his time as Chairman.

From September 2007 until September 2011, Zoran Cirovic held the position of Assistant Minister at the Ministry of Finance of the Republic of Serbia, where he was responsible for leading a wide array of critical financial and international relations activities. As Assistant Minister in charge of International Financial Relations and European Integrations, Zoran played an instrumental role in negotiating and securing funding from major international financial institutions. His responsibilities included leading numerous negotiations for new program and project loans and grants with key organizations such as the World Bank (WB), European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), and the Council of Europe Development Bank (CEB). These negotiations spanned various sectors, including general budgetary support, infrastructure development, energy, healthcare, small and medium-sized enterprises (SMEs), and social housing.

Zoran also led negotiations with a range of bilateral creditors, tackling a variety of complex financial issues. His work included resolving outstanding debt issues with creditors such as the Export-Import Bank of China and the State of Kuwait, as well as securing loan agreements supporting Serbia’s budget and infrastructure financing with the Ministry of Finance of the Russian Federation. His diplomatic and financial acumen was critical in managing these relationships and ensuring favorable terms for the country.

In addition to his work with international financial institutions, Zoran was heavily involved in the European integration process. As Project Director for the Strategy of the Ministry of Finance for the Successful European Integration Process, he was responsible for aligning Serbia’s national legislation with the European Union’s acquis Communautaire in several key areas, including financial services, free movement of capital, public procurement, state aid control, taxation, and customs. This strategic role required extensive knowledge of EU regulations and an ability to navigate the complex process of European integration.

Zoran also served as the Senior Program Officer (SPO) for managing the Instrument for Pre-Accession Assistance (IPA) funds, overseeing the implementation of the Decentralized Implementation System (DIS). His leadership in managing these funds contributed significantly to Serbia’s preparations for EU integration by ensuring that pre-accession assistance was effectively allocated and utilized.

In addition to his work in international financial relations, Zoran was responsible for overseeing the development of Serbia’s financial system. As Assistant Minister in charge of the Financial System, he played a key role in drafting and proposing critical financial legislation. This included laws on accounting and auditing, payment systems, banking, insurance (both life and non-life), voluntary pension funds, pension schemes, capital markets, deposit insurance, leasing, and anti-money laundering. Zoran’s work in this area was vital in strengthening Serbia’s financial infrastructure and ensuring that the country’s financial systems were in alignment with international standards.

Zoran Cirovic’s tenure at the Ministry of Finance was marked by his comprehensive leadership across a broad range of financial, international, and regulatory issues. His efforts were pivotal in securing crucial funding, advancing Serbia’s European integration, and developing the legal framework necessary to support the country’s financial and economic growth.

From February 2007 until September 2007, Zoran Cirovic worked as a Financial Consultant at the Centre for Financial and Corporate Consulting, Institute FEFA, where he led a project team focused on corporate consulting for small and medium enterprises (SMEs). In this role, Zoran served as the head of the team, overseeing various consulting projects aimed at improving business operations and introducing new principles of corporate organization. His work primarily revolved around helping SMEs optimize their internal structures and adopt more efficient business practices. Zoran’s expertise in financial consulting played a crucial role in enabling these enterprises to enhance their operational effectiveness and overall performance, providing them with the strategic guidance needed to navigate challenges and achieve sustainable growth.

From October 2006 until February 2007, Zoran Cirovic worked as a Financial Consultant at the Centre for Investment and Entrepreneurship, where he served as an expert consultant on the project titled “The European Development of the Financial Markets of Serbia.” This project, financed by the Fund for an Open Society and implemented by the Centre, aimed at advancing Serbia’s financial markets by aligning them with European standards and practices. In his role, Zoran provided valuable expertise, contributing to the development of strategies that supported the modernization and integration of Serbia’s financial markets into the broader European financial framework. His involvement in this project was key in helping shape policies and practices that would enhance the country’s financial market infrastructure and improve its competitiveness on an international scale.

Education:

2006: Diploma for the successful completion of the Junior Faculty Development Program n the field of Economics, post-doctoral program sponsored by the United States Department of State, at the Haas School of Business, University of California at Berkeley, California, USA.

1997-2003: PhD in Economics, Doctorial dissertation in the field of Financial Derivatives, at the Faculty of Economics, University of Belgrade, Belgrade, Serbia

1992-1995: M.S. in Economics Master’s Thesis in the field of Portfolio Management, at the Faculty of Economics, University of Belgrade, Belgrade, Serbia

1988-1992: B.Sc. in Economics Specialization in Finance and Banking, Faculty of Economics, University of Belgrade, Belgrade, Serbia

1991-1992: Non-diploma program, research work in the field of Economics and Finance, London School of Economics (LSE), London, United Kingdom

 

Academic Experience and the Experience in Education for Professionals:

May 2014-Present: Visiting Professor at University of Donja Gorica (UDG), Podgorica, Montenegro. Lecturing courses at the graduate and undergraduate studies in the fields of Financial Markets and Institutions, Financial Derivatives, Financial Engineering.

July 2005- October 2015: Lecturer at the Brokerage Course, which is a Course for Investment Advisors and Portfolio Managers, jointly organized by the Securities Commission of the Republic of Serbia and the Faculty of Economics, Belgrade University in Belgrade, Serbia. Lecturing various modules in Finance.

October 2017- August 2019: Associate Professor at University Union- Nikola Tesla in Belgrade, Serbia. Lecturing courses at the graduate and undergraduate studies in the fields of Financial Markets and Institutions and Risk Management.

October 2006- January 2011: Visiting Professor at Slobomir P University at Bijeljina/Doboj, Bosnia and Hercegovina. Lecturing courses at the graduate and undergraduate studies in the fields of Financial Management/Corporate Finance, Financial Markets and Institutions, Stock Exchange Operations, and Financial Derivatives.

October 2006- November 2009: Associate Professor/Assistant Professor at University Singidunum, Faculty of Economics, Finance and Administration (FEFA) in Belgrade, Serbia. Lecturing courses at the graduate and undergraduate studies in the fields of Financial Management/Corporate Finance, Financial Markets and Institutions, Stock Exchange Operations, and Financial Derivatives.

September 2005- March 2007: Visiting Professor at ISM University of Management and Economics in Vilnius/Kaunas, Lithuania. Lecturing courses at the graduate and undergraduate studies in the fields of The Theory of Finance, Financial Management/Corporate Finance, Financial Markets and Institutions, Financial Derivatives, Financial Engineering, and Behavioral Finance.

 

Special Appointments:

November 2007-September 2023: Representative of the Republic of Serbia on the Administrative Council (Vice-Chairman of the Administrative Council in two successive terms) of the Council of Europe Development Bank (CEB), Paris/France.

December 2013- November 2015: Member of the Audit Oversight Board, an independent state body in charge of licensing and oversight of the work of auditors, audit companies, and the Chamber of Chartered Auditors, Belgrade/Serbia.

November 2009- September 2013: Representative of the Republic of Serbia and the President of Shareholders’ Assembly at the Postal Savings Bank, Belgrade/Serbia

January 2009- September 2012: Authorized representative of the Republic of Serbia on the Committee for the Distribution of Financial Assets and Liabilities of the former Yugoslavia, Belgrade/Serbia

May 2011 – October 2012: President of the Deposit Insurance Agency Governing Board, Belgrade/Serbia

 

Membership of Professional Bodies:

Associate member of the Serbian Scientific Society of Economists.

Publications:

• Financial Markets Analysis, textbook, Belgrade: Serbian State Company of Textbooks nd the Faculty of Economics, Finance and Administration (FEFA), 2009, p.202
• Financial Derivatives, textbook, Belgrade: Students’ Cultural Centre, 2003, p. 269
• Portfolio Management, textbook, Belgrade: Bridge Company, 1995, p. 136
• Large number of scientific studies, research papers, texts and articles.

 

Fluently speaks English Language.