LEGAL NATURE OF SUPERVISORY INSTRUMENTS ABOVE THE FINANCIAL MARKET IN THE EU — CHOSEN ISSUES
Abstract and keywords
Abstract (English):
In the article taken analysis of character of supervisory instruments was as part of uni-form financial markets the EU applied by EU organs of the supervision. To the end of 2010 the supervision of financial markets constituted the control domain of Member States in the financial, procedural and organizational aspect. At present European Sys-tem of Financial Supervisors (ESFS) and organs acting in his structures of the EU su-pervision have a right to issuing decisions of superintendents directly binding supervised entities, that is organs of the supervision and financial institutions acting on the market. A possibility of drawing up by European Supervisiory Authorities (ESA) is a special standard solution of projects binding technical standards (BTS) being subject to approving by the European Commission and having a power of direct being applicable in all Member States.

Keywords:
financial market, supervision macroprudential, supervision microprudential, security, stability.
Text

Introduction

In market economies providing for the stability markets is a basic aim of the supervision of the financial market (bank, insurance, investment), safeties of the turnover and confidences of his participants. In the initial phase of functioning of the single market the primary importance had the EU implementing common standards for taking, acting and finishing of activities of the institutions financial and concerning the unification of norms the supervision in this respect. At present however a similarity is also gaining the more and more great significance in the process of applying the law. Additionally amendments to the law in the supervision increasingly are taking the influence on the stability into account not that much of individual states, as the entire EU.

Existing legal norms determining the organizational structure and legal forms of action of organs of the supervision of the financial market by virtue of directives of the European Parliament and European Council, let organs of the supervision until recently domestic to taking the dissimilarity of domestic financial markets into account and implementing statutory instruments appropriate to national needs and at the same time accomplishing purposes of these directives. However it turned out that supervision based on domestic models wasn’t keeping up with the globalization on the financial market, where markets are integrated and combined. Financial institutions activity because conducted in many countries, according to the principle of the uniform permission. The changing situation on financial markets appointed the need from one side of introducing the new type of the supervision of all market segments financial i.e. of the supervision macroprudential, on the other changes of existing solutions in the current supervision of the financial market. As part of the current supervision peculiarly an issue of the tuning of instruments of the prudent, applying supervision turned out to be the sensitive element of this surveillance system above all solvencies of financial institutions. Regulations prudent, imposing an obligation of the effective risk management and caring about the safety to financial institutions along with the prudent supervision being supposed to verify warning prudent regulations and monitoring the financial stability, this preventing being aimed at instruments crises on the financial market [1, pp. 339].

References

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