Financial market supervision
On 1st January 2006, the entire financial market supervision of the National Bank of Slovakia covering banking, capital market, insurance and pension saving was integrated. As a part of the financial market supervision integration, the Financial Market Authority was dissolved by law and all its powers and responsibilities were transferred to the National Bank of Slovakia. The objective of the integrated financial market supervision is to contribute to the stability of the financial market as a whole, as well as to the secure and sound operation of the financial market in the interest of maintaining credibility of the financial market, protecting clients, and respecting the competition rules.
Basic activities of the integrated financial market supervision include not only on-site and off-site supervision over supervised entities of the financial market in the area of banking, capital market, insurance and pension saving, but also acting and deciding on supervision issues (for example, acting and deciding on applications for grant of permissions, consents or prior consents in the financial market area, as well as acting and deciding on sanctions and corrective measures), the actual conduct of the on-site and off-site supervision, as well as the preparation of draft regulations (secondary legislation) implementing the financial market laws. Therefore, in addition to its other activities, the tasks of the National Bank of Slovakia since the beginning of 2006 have included the granting of the permissions, approvals, consents, prior consents, and other decisions concerning the financial market which were the responsibility of the Financial Market Authority until the end of 2005. Legal effects of acts taken before the start of 2006 remain the same. The conduct of the integrated financial market supervision is mainly governed by the Financial Market Supervision Act (Act No. 747/2004 Coll. On Supervision of the Financial Market, as amended) and the Act on the National Bank of Slovakia (Act of the National Council of the Slovak Republic No. 566/1992 Coll. On the National Bank of Slovakia, as amended).
Information documents of the former Financial Market Authority, posted on the website www.uft.sk until the end of 2005, have been incorporated in the website of the National Bank of Slovakia. These documents will be updated on the NBS website continuously as the need arises, and they will be replaced depending on the actual development and changes in the financial market.
Since 2nd January 2007 the National Bank of Slovakia has collected and processed reports from the financial market entities concerning investment firms, capital market, insurance and pension saving via the application software STATUS-DFT.
Update: December 2009