Developments in the Organisational Structures of Banking and Financial Market Supervision: Aligning Organisational Solutions with the Country’s Needs



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tarix06.09.2018
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Developments in the Organisational Structures of Banking and Financial Market Supervision: Aligning Organisational Solutions with the Country’s Needs


Current Status

  • Central Bank – National Bank of Slovakia (NBS), responsible for banking supervision

  • Financial Market Authority (FMA),

  • responsible for capital and insurance market supervision, pension funds (retirement system reform)



Future (as of January 1, 2006)

  • Integrated Financial Market Supervision will be

  • exercised by:



Integrated financial market supervision will include:

  • Banking and e-money institutions supervision

  • Capital and insurance market supervision

  • Supervision over entities of the capitalisation pillar of the compulsory retirement system (pension funds)

  • Financial market regulation - authorisation to issue secondary legislation



Open Questions

  • 1. Decision Making Process

  • A two-level decision making process remains

  • - First level (Vice-governor)

  • - Second Level (Bank Board)

  • + Possibility to appeal to the Supreme Court



Open Questions

  • 2. Integrated Supervision Authority Independence

  • Overall responsibility for the coduct of supervision and issuing of first level decisions in proceedings will

  • a. remain with one person - vice-governor appointed and dismissed by the President of the SR upon the recommendation of the Goverment and with approval of the National Council of the SR

  • b. special board of directors will be established



Open Questions

  • 3. Financing of integrated financial market supervision

  • Multiple-source financing model is under consideration:

  • Self-financed by the NBS (direct link to the NBS budget)

  • From contributions collected from supervised entities



Financial market supervision will cover the following areas:

  • Licensing activities

  • Off-site and on-site supervision on an individual and a consolidated basis

  • Conduct of proceedings and issuing of decision in such proceedings, enforcement of issued decisions, including conditions imposed in such decisions

  • Preparation of relevant legislation



Draft legislative changes to establish integrated financial market supervision

  • Legislation addressing the institutional arrangement of supervision (The National Bank of Slovakia Act)

  • Process law (Act on Financial Market Supervision)

  • Substantive law (Laws and other legislation covering areas such as banking, stock exchanges, securities and investment services...)



Organisational and technical requirements for the implementation of integrated financial market supervision



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