Slovakia Banks Face Stricter Compliance Procedures Amid Regulatory Overhaul

New Regulations for Slovakian Banks: A Comprehensive Set of Rules

The National Bank of Slovakia has introduced a comprehensive set of rules and guidelines governing compliance procedures for banks operating within its jurisdiction. These new regulations, which come into effect immediately, aim to ensure that Slovakian banks adhere to the highest standards of prudential regulation and supervision.

Key Changes to Supervisory Practice

As part of this overhaul, the National Bank of Slovakia will exercise options and national discretions available in EU banking legislation with the goal of strengthening financial stability and mitigating risk. Some key changes include:

• Enhanced Supervisory Review and Evaluation Process (SREP): New criteria and methodologies will be implemented to assess the compliance posture of Slovakian banks.
• Transparency: The supervisory practice of National Bank of Slovakia will be made public in accordance with EU directives and regulations, including Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
• Data Disclosure: Aggregate statistical data on key aspects of the implementation of the prudential framework in Slovak Republic will be disclosed, as well as aggregated data on an annual basis for each national property market to which institutions in Slovakia are exposed.

Enhanced Regulatory Oversight

The changes aim to strengthen financial stability and enhance regulatory oversight within the Slovakian banking sector. As a result, banks operating within the jurisdiction can expect increased scrutiny and more stringent compliance requirements in the coming months.