The Financial and Capital Market Commission (hereinafter – the Commission) is an autonomous public institution, which carries out the supervision of financial and capital market and its participants, including insurance companies. The goal of the Commission’s activities shall be to protect the interests of investors, depositors and the insured, and to promote the development and stability of the financial and capital market. According to the Law on the Financial and Capital Market Commission, which specifies the provisions for the establishment and operation of the Commission, the Commission shall have the following functions:
- to issue binding rules and take decisions setting out requirements for the functioning of financial and capital market participants and calculation and reporting of their performance indicators;
- by controlling compliance with laws and regulations and rules and decisions adopted by the Commission, to regulate activities of financial and capital market participants;
- to specify the qualification and conformity requirement for financial and capital market participants and their officials;
- to establish the procedure for licensing and registration of financial and capital market participants;
- to collect and analyse information (data) relating to the financial and capital market and to publish it;
- to ensure accumulation of funds with the Deposit Guarantee Fund, and Protection Fund for the Insured, their management and payment of compensation from these funds in accordance with the Deposit Guarantee Law and Law On Insurance Companies and Supervision Thereof;
- to ensure payment of compensations to investors in accordance with the Investor Protection Law;
- to analyse regulatory requirements pertaining to financial and capital market and draft proposals for their improvement and harmonisation with the regulatory requirements Community;
- to engage in systemic studies, analysis and forecasting of the financial and capital market development;
- to cooperate with foreign financial and capital market supervision authorities and participate in international organizations of the financial and capital market supervision institutions;
- to administer the financial stability fee in accordance with the regulatory requirments that govern the tax and fee area;
- to control that activities described in the laws and regulations governing the financial and capital market shall be provided only by the persons mentioned thereof.
Priorities for 2021
- Conduct of on-site and off-site inspections of market participants according to approved plan of supervisory measures.
- Improvement of on-site and off-site insurance supervision methodological framework, supplementing on-site and off-site supervisory handbooks according to amendments laid down in relevant legislation.
- Improvement of supervisory framework for insurance and reinsurance distributors to ensure the compliance of insurance and reinsurance distributors activity with the requirements of Insurance Distribution Directive, ensuring clients (consumer) protection in conformity with the requirements of the mentioned Directive.