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Box 1. Slovak Republic: FSAP Update Recommendations

1. Short term/ongoing

Regulatory and supervisory framework

  • Continue integration of supervision through implementation of a risk-based approach for all intermediaries supervised by NBS, and through creating a common supervisory approach within the NBS through the dissemination of general supervisory principles across different financial subsectors.

  • Continue monitoring closely prudential indicators and banks’ credit assessment standards, so as to be prepared to take such actions as necessary to address any risks that may emerge.

  • Work to strengthen coordination and lines of communication between the NBS and home country supervisors, especially regarding Basel II implementation.

Insurance sector

  • Enhance the supervision of capital adequacy ratios of life insurance policies.

    • 2.

      Medium term

Regulatory and supervisory framework

  • Provide the NBS with the power to bar persons who come into positions of responsibility in existing banks and who do not meet fit and proper tests.

  • Ensure fit and proper tests and enforcement for the nonbank financial institutions, including insurance companies.

Insurance sector

  • Ensure adequate technical provisions.

  • Define in law the supervisory responsibilities of external insurance auditors and actuaries.

Financial sector infrastructure

  • Ensure that the IFRS financial reporting framework is fully implemented for financial sector entities.

Second pillar pension funds

  • Provide incentives for diversification of pension fund portfolios.

Capital markets

  • Develop a debt management strategy that includes fewer but larger bond issues and following the standards established for government bond-issues in large Euro markets.

  • Decide on a strategy for the development of the Slovak capital market and the future of the Bratislava stock exchange.

Consumer protection

  • Review and fine tune the legal and institutional structure for consumer protection.

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