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Slovakia’s Národná banka Slovenska: Shaping the Future of Financial Regulation

Amidst the ever-evolving landscape of Europe’s financial sector, Slovakia stands out as a key player with its robust financial regulatory framework overseen by the Národná banka Slovenska (NBS).

Overview

The NBS was established in 2006 and has been the central force in supervising the Slovak financial market, taking charge of regulating financial market participants in the sectors of banking, capital markets, insurance, and pension funds.

European System of Financial Supervision (ESFS)

As an intrinsic part of the ESFS, which came into effect on 1 January 2011, NBS is responsible for supervising the EU’s financial system as a whole. In June 2013, NBS earned the authority to implement macroprudential policy to manage and mitigate systemic risks within the Slovak financial system.

Single Supervisory Mechanism (SSM) and Banking Union

As part of the European banking union, NBS is active in the SSM, which entered into operation in November 2014. The banking union was initiated in response to the global economic crisis, aiming to provide stability to the financial sector through comprehensive supervision.

Expanded Role and Responsibilities

Starting from January 2015, NBS has broadened its role in the Slovak financial market. It is now the competent authority for consumer protection, overseeing the protection of the rights of financial consumers to ensure a secure and sound financial market. Additionally, NBS offers expertise and support to the Resolution Council, the national resolution authority for institutions in Slovakia’s financial sector, and part of the Single Resolution Mechanism (the second pillar of the banking union).

Upcoming Events

22 May 2024: European Securities and Markets Authority (ESMA) hosts an online event on the effectiveness of capital markets in the European Union. Deadline for registration is 19:00 on 21 May 2024.
10 July 2024: ESMA holds a public hearing on shortening the settlement cycle. Deadline for registration is 5 July 2024.
6 June 2024: ESMA invites applications for membership in the Reporting Working Group and the Disclosure Working Group until this date.
7 August 2024: ESMA has recently published a Call for Evidence on the review of the UCITS Eligible Assets Directive. Responses are invited by this date.
31 May 2024: NBS has opened a consultation on proposed methodological guidelines for investment services and will consider responses received by this date.

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