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Orgány dohľadu nad finančným trhom v
Rakúsku a na Slovensku (porovnanie fragmentov právnej úpravy)
Authorities
supervising the financial market in Austria and Slovakia (a comparison of
fragments of the regulation)
JUDr. Andrea Slezáková, LL.M.,
PhD., Faculty of Commerce of the University of Economics in Bratislava
Právny obzor, Volume 103, 2020,
No. 2,
pp. 132 – 148.
Published online: 31.8.2021
Abstract. The paper
compares the regulation of material scope and certain procedural aspects of the
activities of financial market supervisors in Austria and Slovakia, with a
special emphasis on institutional developments leading to the integration of
financial market supervision in both countries. In Austria, the financial market
is being supervised by the Financial Market Authority (Finanzmarktaufsichtsbehörde)
and in Slovakia by the National Bank of Slovakia (Národná banka Slovenska). The
institutional integration of financial market supervision took place in both
countries, in Austria and Slovakia in the first decade of the 21st century. A
common element of the legislation in both countries is that the lex generalis in
the area of financial market supervision is followed by legi speciali. It is a
set of specific legislation that regulates individual sectors of the financial
market. The material scope of both supervisory authorities is defined similarly,
common elements are found mainly in the conduct of on-site supervision (with
certain specifics in banking supervision in Austria), off-site supervision,
conduct of proceedings, issuing secondary legislation and protection of
financial consumers. Unlike the Slovak regulation, the Federal Law on the
Financial Market Authority does not contain a procedure for the performance of
on-site and off-site supervision or for conducting proceedings. The procedural
rules for the procedure of the Financial Market Authority are contained in the
Federal Law on General Administrative Proceedings. It can therefore be stated
that while the Austrian legislation constitutes a general administrative
procedure, in Slovakia the proceedings in supervisory matters is a special type
of administrative procedure, without subsidiary application of the
Administrative Procedure Code.
Key words: financial
market supervision, integration of the financial market supervision, Financial
Market Authority in Austria
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ISSN 2729-9228
(online)
ISSN 0032-6984
(print)
THEORETICAL REVIEW FOR ISSUES OF STATE AND LAW.
Právny obzor is peer-reviewed journal and is indexed in SCOPUS and HeinOnline database (INDEX TO FOREIGN LEGAL PERIODICALS).
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