Foreign exchange business

A foreign exchange place is defined in the Foreign Exchange Act (No 202/1995 Coll.) as a bank, foreign bank, or branch of a foreign bank, which is authorised to conduct currency exchange business (to the extent set out in the Banking Act), or a legal or natural person issued with a foreign exchange licence allowing conduct of foreign currency transactions. This licence allows the purchase or sale of foreign currency in exchange for euro cash. The Foreign Exchange Act also lays down the elements required in an application for a foreign exchange licence.

Legislation

Decree No 139/2013 Coll. of Národná banka Slovenska laying down detailed provisions on the elements of an application for a foreign exchange licence and on requirements for conducting foreign currency transactions.

Methodological Guideline No 7/2012 of the Financial Market Supervision Unit of Národná banka Slovenska on the application process for a foreign exchange licence that allows the conduct of currency exchange business involving the purchase or sale of foreign currency in exchange for euro cash, and on the compliance of foreign exchange licence holders with their obligations relating to foreign currency business.

Legislation concerning the activity of foreign exchange places may be found here by selecting "Foreign exchange business" in the dropdown menu "Regulatory field".

Participants

Entities conducting specialist courses related to foreign currency

An up-to-date summary of entities authorised to run courses on how to identify counterfeit and altered foreign currency.