Serbian residents are generally allowed to acquire shares in foreign companies. However, the Serbian Capital Markets Act (CM Act) prohibits cross-border public offers of shares directed at Serbian residents. Public offer is defined as any notice providing sufficient information on the conditions of the offering and the securities being offered so to allow offerees to decide on the purchase of, or subscription to, the securities. Public offer of shares must be conducted in accordance with the procedure prescribed by the CM Act. This includes an obligation of a foreign offeror to register the prospectus with the SEC. Moreover, a foreign issuer cannot offer on the Serbian market securities denominated in foreign currency but may offer only Serbian dinar-denominated depository certificates relating to the foreign securities.