National and International Financial Market Regulation and Supervision Systems: Challenges and Solutions
2. National Models of Financial Regulation
2.1. The Conservative, Sectoral, Two-Tier Model
2.2. The Twin Peaks Model
2.3. The “Mega-Regulator” Model
3. International Organisations, Standards, and Legislation as Drivers for Strengthening Financial Systems
4. Regulation of Financial Markets
4.1. Macro-Economic and Monetary Regulation (Case Study of the USA)
- Term Auction Facility (TAF), where banks have the opportunity to borrow money from the Fed on full collateral terms (Fed also takes mortgage-backed low-rated securities as collateral);
- Primary Dealer Credit Facility (PDCF)—overnight loans with qualified collateral;
- Term Securities Lending Facility (TSLF). According to this procedure, the banks’ primary dealers can receive loans for a period in the form of Treasury securities secured by other securities;
- The Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (ABCP) repurchase program provides loans to banks to repurchase high-quality asset-backed commercial securities from mutual funds. The program is designed to help mutual funds that face a shortage of funds due to the desire of investors to withdraw their deposits;
- Commercial Paper Funding Facility (CPFF)—issuers of such securities (both secured and unsecured) through authorized primary dealers. Designed to improve the liquidity situation of commercial enterprises;
- The Money Market Investor Financing Facility (MMIFF) is designed to buy back certain types of assets from qualified investors who have difficulties with liquid funds;
- Term Asset-Backed Securities Lending Facility (TALF). According to the program, the Fed provides, without the right of turnover, up to USD 1 trillion to holders of securities created in the order of securitization of loans to students, households, small businesses, etc. The evaluation of such securities when issuing loans is carried out at market value.
4.2. The Basel Regulatory Framework: US Implementation of the Basel Accords
5. Subregional-National System of Financial Regulation and Supervision (the Case Study of the EU and Finland)
5.1. FIN-FSA Register of Financial Market Participants
- Does the service provider actually exist? (The internet has enabled the use of fictitious names and the creation of fake identities and company websites. Even well-known service providers and branded products have been used for some other purposes). The authenticity and reliability of the service provider can be verified through contact details, local authorities, and governments;
- Who runs the company? What is the company’s ownership structure and history?
- Is a permit required? Does the service provider have a permit?
5.2. The Financial Supervision Authority (FSA)
Data Availability Statement
Conflicts of Interest
- Act on the Financial Supervisory Authority. 2018. Available online: https://www.finanssivalvonta.fi/globalassets/en/fin-fsa/fin-fsa_act.pdf (accessed on 10 September 2019).
- APRA The Australian Prudential Regulation Authority. 2022. Available online: https://www.apra.gov.au/ (accessed on 17 November 2022).
- ASIC The Australian Securities and Investments Commission. 2022. Available online: https://asic.gov.au/about-asic/asic-events/asic-annual-forum-2022/ (accessed on 20 May 2023).
- Bank of England. 2023. Prudential Regulation. Available online: https://www.bankofengland.co.uk/prudential-regulation (accessed on 13 January 2023).
- BOI Bank of Israel. 2022. Available online: https://www.boi.org.il (accessed on 15 November 2022).
- CFPB Consumer Financial Protection Bureau. 2010. Available online: https://www.consumerfinance.gov/ (accessed on 25 November 2022).
- CFTC Commodity Futures Trading Commission. 2022. Available online: https://www.cftc.gov/ (accessed on 25 November 2022).
- CMB. 2021. The Capital Markets Board of Turkey. Available online: https://www.cmb.gov.tr (accessed on 15 November 2022).
- Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 Laying Down Implementing Technical Standards with Regard to Supervisory Reporting of Institutions According to Regulation (EU) No 575/2013 of the European Parliament and of the Council. 2014. Available online: https://eur-lex.europa.eu/eli/reg_impl/2014/680/2016-12-01 (accessed on 9 September 2020).
- CSRC China Securities Regulatory Commission. 2021. Available online: https://www.csrc.gov.cn (accessed on 15 November 2022).
- CVM. 2022. The Securities and Exchange Commission of Brazil. Available online: http://www.cvm.gov.br/ (accessed on 5 December 2022).
- Dubai FSA The Dubai Financial Services Authority. 2022. Available online: https://www.dfsa.ae/ (accessed on 15 November 2022).
- EBA European Banking Authority. 2022. Available online: https://eba.europa.eu/ (accessed on 5 December 2022).
- EIOPA European Insurance and Occupational Pensions Authority. 2022. Available online: https://www.eiopa.europa.eu/ (accessed on 5 December 2022).
- ESMA European Securities and Markets Authority. 2022. Available online: https://www.esma.europa.eu/ (accessed on 5 December 2022).
- ESRB Recommendations. 2022. Available online: https://www.esrb.europa.eu/mppa/recommendations/html/index.en.html (accessed on 5 December 2022).
- European Central Bank. 2022. Available online: https://www.ecb.europa.eu/home/html/index.en.html (accessed on 10 September 2022).
- FCA. Financial Conduct Authority. 2022. Available online: https://www.fca.org.uk/ (accessed on 5 December 2022).
- FDIC The Federal Deposit Insurance Corporation. 2022. Available online: https://www.fdic.gov/ (accessed on 25 November 2022).
- Federal Reserve Issues FOMC Statement. 2022. Available online: https://www.federalreserve.gov/newsevents/pressreleases/monetary20220615a.htm (accessed on 25 June 2022).
- FED Federal Reserve System. 2022. Available online: https://www.federalreserve.gov/ (accessed on 25 November 2022).
- Financial Regulator. 2020. Available online: https://www.masterforex-v.org/wiki/finansovyj-rjeguljator.html (accessed on 11 November 2022).
- Financial Supervisory Authority (FIN-FSA). 2018a. Before you Invest or Deposit Money. Available online: https://www.finanssivalvonta.fi/en/Consumer-protection/before-you-invest-or-deposit-money/ (accessed on 10 September 2019).
- Financial Supervisory Authority (FIN-FSA). 2018b. Before You Buy Insurance. Available online: https://www.finanssivalvonta.fi/en/Consumer-protection/before-you-buy-insurance/ (accessed on 10 September 2019).
- Financial Supervisory Authority (FIN-FSA). 2018c. Financial Supervisory Authority’s Role in Customer Protection. Available online: https://www.finanssivalvonta.fi/en/Consumer-protection/financial-supervisory-authoritys_role-in-consumer-protection/ (accessed on 10 September 2019).
- Financial Supervisory Authority (FIN-FSA). 2020a. Summary of Sector-Specific Assessment of Money Laundering Risk Concerning Payment Service Providers Has Been Published. 53/2020. Available online: https://www.finanssivalvonta.fi/en/publications-and-press-releases/supervision-releases/2020/summary-of-sector-specific-assessment-of-money-laundering-risk-concerning-payment-service-providers-has-been-published/ (accessed on 10 September 2021).
- Financial Supervisory Authority (FIN-FSA). 2020b. Updated EBA Guidelines on Legislative and Non-Legislative Moratoria on Loan Repayments Applied in the Light of the COVID-19 Crisis Incorporated into FIN-FSA’s Set of Regulations and Guidelines. 52/2020. Available online: https://www.finanssivalvonta.fi/en/publications-and-press-releases/supervision-releases/2020/updated-eba-guidelines-on-legislative-and-non-legislative-moratoria-on-loan-repayments-applied-in-the-light-of-the-covid-19-crisis-incorporated-into-fin-fsas-set-of-regulations-and-guidelines/ (accessed on 10 September 2021).
- Financial Supervisory Authority (FIN-FSA). 2021a. Supervised Entities. Available online: https://www.finanssivalvonta.fi/en/registers/supervised-entities/ (accessed on 10 September 2021).
- Financial Supervisory Authority (FIN-FSA). 2021b. Banking Supervision. Available online: https://www.finanssivalvonta.fi/en/banks/#panel-TiedotteetEN-0 (accessed on 10 September 2021).
- Financial Supervisory Authority (FIN-FSA). 2022. Consumer Protection. Available online: https://www.finanssivalvonta.fi/en/Consumer-protection/ (accessed on 10 September 2022).
- Finansinspektionen—Sweden’s Financial Supervisory Authority. 2020. Available online: https://www.fi.se/en/financial-stability/ (accessed on 3 September 2020).
- FinCom (The Financial Commission). 2022. Available online: https://www.financialcommission.org (accessed on 15 November 2022).
- Finnish Financial Supervisory Authority (FIN-FSA). 2022. Available online: https://www.finanssivalvonta.fi/en (accessed on 25 June 2022).
- FINRA (Financial Industry Regulatory Authority). 2022. Available online: https://www.finra.org/#/ (accessed on 5 December 2022).
- FMA NZ (Financial Markets Authority of New Zealand). 2022. Available online: https://www.fma.govt.nz/ (accessed on 17 November 2022).
- FPC (The Financial Policy Committee). 2022. Available online: https://www.bankofengland.co.uk/about/people/monetary-policy-committee (accessed on 5 December 2022).
- FSA (The Financial Services Agency). 2022. Available online: https://www.fsa.go.jp/en/ (accessed on 15 November 2022).
- FSC (Korea’s Financial Services Commission). 2021. Available online: http://www.fsc.go.kr/eng/ (accessed on 15 November 2022).
- FSCA (Financial Sector Conduct Authority). 2022. Available online: https://www.fsca.co.za (accessed on 17 November 2022).
- FSCL (Financial Services Complaints Ltd.). 2022. Available online: https://www.fscl.org.nz/ (accessed on 25 November 2022).
- FSF (Financial Stability Forum). 2020. Available online: https://www.fsb.org/history-of-the-fsb/ (accessed on 3 September 2020).
- Financial Stability Oversight Council (FSOC). 2010. The division of UST. Available online: https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/fsoc/ (accessed on 25 May 2023).
- FSPR (Financial Service Providers Register). 2022. Available online: https://fsp-register.companiesoffice.govt.nz/ (accessed on 17 November 2022).
- IIROC (Investment Industry Regulatory Organization of Canada). 2022. Available online: https://www.iiroc.ca/Pages/default.aspx (accessed on 25 November 2022).
- ISA (Israel Securities Authority). 2022. Available online: https://www.isa.gov.il (accessed on 15 November 2022).
- Jakelu FIN-FSA. 2022. Available online: https://jakelu.finanssivalvonta.fi/jakelu/english/ (accessed on 10 September 2022).
- JSDA (Japan Securities Dealers Association). 2022. Available online: https://www.jsda.or.jp/en (accessed on 15 November 2022).
- Langdon, Kate. 2001. Implementing international standards for stronger financial systems. BIS Quarterly Review 47. Available online: https://www.bis.org/publ/r_qt0103f.pdf (accessed on 25 May 2023).
- Measures of National Macroprudential Policy: Capital Conservation Buffer (CCoB), Countercyclical Capital Buffer (CCyB), Systemic Risk Buffer (SyRB), Systemically Important Institutions (Global-SIIs, Europe-SIIs). 2023. Available online: https://www.esrb.europa.eu/national_policy/html/index.en.html (accessed on 20 January 2023).
- NCUA (National Credit Union Administration). 2022. Available online: https://www.ncua.gov/ (accessed on 5 December 2022).
- NFA (National Futures Association). 2022. Available online: https://www.nfa.futures.org/ (accessed on 5 December 2022).
- SCA (Securities & Commodities Authority). 2022. Available online: https://www.sca.gov.ae/default.aspx (accessed on 15 November 2022).
- SEBI (Securities and Exchange Board of India). 2022. Available online: https://www.sebi.gov.in (accessed on 15 November 2022).
- SEC (The United States Securities and Exchange Commission). 2022. Available online: https://www.sec.gov/ (accessed on 25 November 2022).
- SFC (Securities and Futures Commission). 2022. Available online: https://www.sfc.hk/web/EN/index.html (accessed on 15 November 2022).
- The Central Bank of the United Arab Emirates. 2022. Available online: https://www.centralbank.ae/ar (accessed on 15 November 2022).
- The Market in Financial Instruments Directive. 2007. Available online: https://lawlegal.eu/markets-financial-instruments-directive/ (accessed on 25 May 2023).
- The Panel on Takeovers and Mergers. 2022. Available online: https://www.thetakeoverpanel.org.uk/ (accessed on 5 December 2022).
- UK Financial Services Act. 2012. Available online: https://www.lexisnexis.co.uk/legal/guidance/financial-services-act-2012 (accessed on 25 May 2023).
- U.S. Department of the Treasury. 2022. Available online: https://home.treasury.gov/ (accessed on 25 November 2022).
|Specialized Regulators||1 |
+ CB *
|Mega Regulator||2 Regulators|
“The Twin Peaks”
|3 and More Regulators “Trident”||2 |
+ CB *
|No Regulator||Region Banks, Foreign CB|
|Financial Services Markets||Regulators|
|Banking||Federal Reserve System, FED—The central bank was established on 23 December 1913 with the mandate of centralized control over the US banking system, ensuring price stability and economic growth. Website: https://www.federalreserve.gov/ (accessed on 25 May 2023).|
|The Office of the Comptroller of the Currency, OCC, 1863—US Department of Treasury (1789), with the task of regulating and supervising all the banks of the country; federal national associations; Fifty branches and agencies of foreign banks, according to the Charter. Website: https://www.occ.gov/ (accessed on 15 November 2022).|
|The Federal Deposit Insurance Corporation, FDIC. Website: https://www.fdic.gov/ (accessed on 25 May 2023).|
It was created in 1933 in the wake of bank defaults to protect individual savings after the closure/bankruptcy of banks. Since 2011, the corporation has provided deposit insurance of up to USD 250,000 for all accounts in one bank.
|National Credit Union Administration, NCUA. Established in 1970; it carries out state supervision of federal and state credit unions. At the same time, it insures the savings of individuals. Website: https://www.ncua.gov/ (accessed on 15 November 2022).|
|The State Banking Regulator. Established in 1851. In each state, it is engaged in licensing and approving the charters of national banks, foreign agencies, savings institutions, and trust companies. The oldest in the country is the New York State Banking Department.|
|Stock market and Investment banks||Stock Exchange Commission, SEC. It was established in 1934 by the Government Agency for Regulation and Supervision of the Securities Market. |
Website: https://www.sec.gov/ (accessed on 25 May 2023).
|State Attorney General|
|State Security Regulator—an analogue of the SEC within the state market.|
|Financial Industry regulatory authority, FINRA. It was created in 2007 to protect investors. Authorized by Congress, the SRO monitors firms doing business in the United States with securities and monitors compliance with the rules of trading on the OTC market, including 624,000 brokers, 175,000 branches, and more than 650,000 representative offices. |
Website: https://www.finra.org/#/ (accessed on 25 May 2023).
|Commodity/Futures||Commodity Futures Trading Commission, CFTC. The independent agency was established by Congress in 1974 to regulate the market of commodities and financial futures and options. Website: https://www.cftc.gov/ (accessed on 25 November 2022).|
|Insurance||State Insurance Regulators have a mandate to oversee and regulate the entire insurance business in the state. The principles of insurance regulation were fixed in 1945 by the McCarran-Ferguson Act, which determined that the regulation of insurance in the United States does not fall within the competence of federal authorities but within the competence of each state separately. For example, the Insurance Department Consumer Services of Arkansas. Website: https://insurance.arkansas.gov/ (accessed on 25 November 2022).|
|National Association of Insurance Commissioners (NAIC), 1871, SRO—develops rules and regulatory requirements, many of which are approved by the states. |
Website: https://content.naic.org/ (accessed on 25 November 2022).
|All financial markets||Consumer Financial Protection Bureau (CFPB), 2010.|
Websites: https://www.consumerfinance.gov/ (accessed on 25 May 2023);
https://www.consumerfinance.gov/language/ru// (accessed on 25 May 2023). The Government Bureau monitors banks, credit unions, and other financial companies to ensure compliance with financial laws that protect against unfair treatment, fraud, and abuse.
|Financial Stability Oversight Council (FSOC). The division of UST (FSOC 2010). Website: https://home.treasury.gov/policy-issues/financial-markets-financial-institutions-and-fiscal-service/fsoc/ (accessed on 25 May 2023). |
The board is responsible for identifying risks to US financial stability, encouraging market discipline, and responding to emerging risks to the stability of the financial system.
|Regulatory Goals||Forms of Regulation||Regulatory Institutions||Objects of Regulation|
|Financial system Stability:|
-Bank control and monitoring
-Reducing risks from the potential outflow of banks
-Minimization of systemic risks
|Banking conduct regulation|
Tightening of capital adequacy and reliability requirements
|Bank of England||Prudential supervision of|
system infrastructure institutions:
in case of default, loss of liquidity and bank flight
|Prudential Regulation Authority (PRA),|
subsidiary of the Bank of England
|Prudential supervision of|
institutions accepting deposits:
|Countering money laundering and attempts to conceal a transaction under the guise of a financial fund and shell companies (Financial firewalls)||The Financial Policy Committee (FPC).|
Functions: recommendations to PRA and financial institutions to limit systemic risk.
|Recommendations on reserve capital in order to implement countercyclical policy (Countercyclical capital buffer, CCB). |
Capital requirements in certain sectors (sector capital requirements, SCR).
Financial leverage control.
|Financial Conduct Authority (FCA).|
protecting investors and maintaining healthy competition, countering transactions by persons with insider information,
investigating and monitoring the enforcement of laws aimed at protecting and regulating the financial system.
|Trust companies, hedge funds, brokers, independent financial advisors, financial companies that are not subject to PRA regulation.|
|The Committee on Takeovers and Mergers (the Panel on Takeovers and Mergers). An independent body, 1968. |
Functions: monitoring compliance with the “City Code” on takeovers and mergers, guaranteeing protection of shareholders in transactions related to the takeover of companies.
|All companies involved in M&A transactions.|
|Swedish Ministry of Finance|
Swedish Financial Supervisory Authority (FSA Sweden), 1991
|Goals||Consumer protection||Financial literacy of the population.|
Education. Various educational programs with Pension and Consumer agencies. Youth programs
|Increasing the share of private investors|
|Verification of counterparty firms through the Register of Companies|
|Warning from ESMA (European Association of Securities and Markets)|
|Financial stability||Transfer of savings to financing (investment) S—I|
|Reliability of payments|
|Banking supervision||Capital buffer requirements|
|Insurance||Institute of Risk Management, Firm Stability, and Asset Protection||Objectives: prevention of problems, finding a reasonable balance between risks and payments, and consumer protection|
|Markets||FI is the administrator of the Benchmark regulation (BMR) in the ESMA registry.||Securities markets and infrastructure|
(trading platforms and transactional systems)—a key element of the financial system is regulated through licensing, the analysis of reports, and BMR.
|Functions||Report on the financial stability of the financial system, firms, and markets in terms of risks||The report is prepared two times a year with an analysis of the risk system and recommendations for their reduction|
|Regulatory objects, areas of responsibility||Banks|
|Insurance Co||FI supervision objects: life insurance companies (approx. 300), mutual insurance companies (approx. 55), pension funds (75), and insurance intermediaries (1000)|
|Securities, derivatives, Forex markets||brokers, market makers, jobbers, dealers of large traders, and clearing and payment companies.||Represent the interests of investors, exchange traded funds, (ETFs), issuers of shares, bonds, promissory notes, derivatives, and other financial instruments;|
listed securities on a major international stock exchange with headquarters in Stockholm OMX Nasdaq Nordic Exchange
|Forms of regulation and supervision||Supervision||Assessment of the financial condition of companies and the entire market. Risk assessment and management systems|
|Regulation||Determination of countercyclical capital buffer for banks|
|Issuing permits||Permission to banks, insurance companies, and firms for payment services with a turnover of EUR/per year 3 million, brokers, traders, stock exchanges, service providers APA, ARM, and CTP.||Permits for financial services under the “Law on Permits” (2015:1016, Chapter 1, section 1). Last updated: 2020-11-17 CM. Permits administered by Swedish Financial Supervisory Authority. Website:|
https://www.verksamt.se/web/international/services/find-permits?p_p_id=tvv_hitta_tillstand_WAR_tvv_hitta_tillstand&p_p_lifecycle=0&p_p_state=normal&p_p_mode=view&p_p_col_id=column-1&p_p_col_count=2&_tvv_hitta_tillstand_WAR_tvv_hitta_tillstand_orgLangId=50326&_tvv_hitta_tillstand_WAR_tvv_hitta_tillstand_parentNav=%2FshowAuthorities.xhtml&_tvv_hitta_tillstand_WAR_tvv_hitta_tillstand__facesViewIdRender=%2FshowOrganization.xhtml (accessed on 25 May 2023).
|Area||Key Standard||Who Released||References|
|Transparency of Macro-economic policy and Information|
|Transparency of monetary and financial policy||Code of Good Practices on Transparency in Monetary and Financial Policies||IMF||www.imf.org (accessed on 25 May 2023).|
https://www.imf.org/en/Publications/CR/Issues/2016/12/31/Spain-Financial-Sector-Assessment-Program-Detailed-Assessment-of-the-IMF-Code-of-Good-19347 (accessed on 25 May 2023).
|Transparency of fiscal policy||Code of Good Practices on Fiscal Transparency||IMF||https://www.imf.org/external/np/fad/trans/code.htm (accessed on 25 May 2023).|
|Dissemination of information||Special Data Dissemination Standard (SDDS)/General Data Dissemination System (GDDS)||IMF||www.imf.org (accessed on 25 May 2023).|
|Institutional and Market Infrastructure|
|Insolvency||Principles and guidelines for effective systems of insolvency risk management and Protection of Creditors’ Rights.||World bank||https://www.worldbank.org/ (accessed on 25 May 2023).|
|Corporate Governance||Principles of Corporate Governance||OECD||www.oecd.org (accessed on 25 May 2023).|
https://www.oecd.org/daf/ca/Corporate-Governance-Principles-ENG.pdf (accessed on 25 May 2023).
|Bookkeeping||International Accounting Standards (IAS)||International Accounting Standards Committee (IASC)||https://www.iasplus.com/en/resources/ifrsf/history/resource25 (accessed on 25 May 2023).|
|Audit||Standards on Auditing (ISA)||International Federation of Accountants (IFAC)||www.ifac.org (accessed on 25 May 2023).|
|Payments and settlements||Core Principles for Systemically Important Payment Systems||Committee on Payment and Settlement Systems (CPSS)||https://www.bis.org/ (accessed on 25 May 2023).|
https://www.bis.org/cpmi/info_pfmi.htm?m=3%7C16%7C598 (accessed on 25 May 2023).
|Market integrity||The Forty Recommendations of the Financial Action Task Force on Money Laundering||Financial Action Task Force (FATF)||https://www.fatf-gafi.org/home/ (accessed on 25 May 2023).|
|Financial Regulation and Supervision|
|Banking Supervision||Core Principles for Effective Banking Supervision||Basel Committee on Banking Supervision (BSBC)||https://www.bis.org/bcbs/index.htm?m=3%7C14%7C625 (accessed on 25 May 2023).|
|Security markets Regulation||Objectives and Principles of Securities Regulation||International Organization of Securities Commissions (IOSCO)||https://www.iosco.org/ (accessed on 25 May 2023).|
|Supervision of insurance activities||Insurance Core Principles||International Association of Insurance Supervisors (IAIS)||https://www.iaisweb.org/home (accessed on 25 May 2023).|
|Objects of general supervision||Credit organizations. |
Financial holding companies, mixed financial holding companies.
Branches of credit institutions registered in EU countries that are not participating in SSM, operating in the Eurozone.
|“Significant” national banks (not under ECB supervision, but with current supervisory functions).|
|Objects of direct supervision||Global and Europe-SIBs that meet one of these criteria: ||“Less significant” banks; |
credit organizations of foreign countries operating through a branch or directly.
|Parliament of Finland||European Parliament|
|European Council for Regulation (2013)|
|European System of Financial Supervision (ESFS), 2011|
|“The Law on the Financial Supervisory Authority” FIN-FSA|
(No. 878 Act on the Financial Supervisory Authority Amendments up to 19.12.2014/1198 included Adopted in Helsinki on 19 December 2008) *
Parliamentary Commission on Financial Regulation
Act on the Bank of Finland (214/1998)
|European Central Bank (ECB)||European Banking Authority (EBA),||European Insurance and Occupational Pensions Authority (EIOPA)||European Securities and Markets Authority (ESMA), 2011|
|Government||Bank of Finland|
|Ministry of Finance||FIN-FSA **|
Finnish Financial Supervisory Authority and ESFS member
|Bank of Finland FIN-FSA||FIN-FSA|
|Financial market participants Forms of regulation||Financial market participants Forms of regulation||Directives|
|All market participants||Banks||1. Authorization, registration, approval of the rules of activity of market participants and their monitoring;|
2. Control over the issuance and trading of financial instruments and compliance with the regulations and rules governing clearing and custodial services;
3. Supervision of compliance with international financial reporting standards;
4. Prevention and detection of money laundering and terrorist financing;
5. Management and control over the activities of the Savings Bank Inspection;
monitoring and analysis of the availability and pricing of basic banking services;
6. Monitoring and evaluation of the development of financial markets and operational activities of companies;
7. Collection and publication of comparable data on the financial position of financial market participants.
|1. CRD III|
(Tier II Capital 15%);
3. Stress tests covering credit, % and operational risks in the Coef DC;
5. Mandatory bank reserves for deposits (2%);
|SD||Registration and supervision of RA and TR|
|Markets||Market Participants||Registration Procedures and Forms||Reporting Procedures and Forms|
|Banking market||EBA reporting frameworks||Authorisation and registration||Table of reporting scope (Credit Market)|
|Payment service providers||Authorisations, registrations and notifications|
|Mortgage credit intermediaries||Authorisations, registrations and notifications|
|Insurance market||Employee pension insurance Life||Reporting:|
|Capital market||Table of reporting scope|
|Investment service providers||Application for authorisation|
Authorisations, registrations and notifications
|Fund management companies||Authorisations, registrations and notifications||Reporting|
|Investment service providers||Authorisation, registrations and notifications||Reporting|
|Crowdfunding intermediaries||Authorisation, registrations and notifications||Reporting|
|Issuers and investors||Notification of major holdings|
|EU regulatory requirements||Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories|
|European Market Infrastructure Regulation (EMIR)|
The Market in Financial Instruments Directive (2007) *
|EU reporting requirements||Alternative Investment Fund Management Directive, 2011 (AIFMD) **: Regulatory reporting Reports and notifications||Notifications||AIFMD-reporting|
Reporting of financial standing and risks
|FIN-FSA requirements for registration and reporting of financial sector innovations|
FinTech─Financial sector innovations
|Virtual currency providers||Innovation Help Desk advises on license issues|
|The Regularity of Reporting and Releases||Report Form|
|Monthly||Liquidity report. (Liquidity coverage ratio, LCR)|
|Quarterly||Income statement, expenses, balance sheet|
|Net stable financing report (net stable funding ratio, NSFR)|
|Asset encumbrance reporting|
|The credit institution’s report on risks: interest rate risk, loans to maturity, large borrowers.|
|On capital adequacy|
|About international agreements|
|Twice a year||About payment services of Finnish providers in the domestic market and branches of foreign companies in Finland|
|Annually||Report on funding plans|
|Releases on supervision of credit institutions on capital adequacy in accordance with the CRD Act, article 78|
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© 2023 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
Shavshukov, V.M.; Zhuravleva, N.A. National and International Financial Market Regulation and Supervision Systems: Challenges and Solutions. J. Risk Financial Manag. 2023, 16, 289. https://doi.org/10.3390/jrfm16060289
Shavshukov VM, Zhuravleva NA. National and International Financial Market Regulation and Supervision Systems: Challenges and Solutions. Journal of Risk and Financial Management. 2023; 16(6):289. https://doi.org/10.3390/jrfm16060289Chicago/Turabian Style
Shavshukov, Viacheslav M., and Natalia A. Zhuravleva. 2023. "National and International Financial Market Regulation and Supervision Systems: Challenges and Solutions" Journal of Risk and Financial Management 16, no. 6: 289. https://doi.org/10.3390/jrfm16060289