В статье проведен анализ характерных особенностей механизмов контроля как части общего регулирования единого финансового рынка ЕС. До конца 2010 финансовый, процедурный и организационный аспекты контроля своих финансовых рынков входили в компетенцию государств – членов ЕС. В настоящее время Европейская Система Финансовых Инспекторов (ESFS) и функционирующие в ее структурах органы ЕС имеют право на принятие решений, обладающих прямой юридической силой по отношению к контролируемым организациям, иначе говоря, являются органами контроля действующих на рынке финансовых учреждений. Европейские контролирующие органы (ESA) отныне имеют возможность разрабатывать проекты обладающих юридической силой технических стандартов (BTS), подлежащих одобрению Европейской комиссией и обязательных для непосредственного применения во всех государствах-членах ЕС.
финансовый рынок, макропруденциальный контроль, микропруденциальный контроль, стабильность.
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].
1. Piotrowska A. Supervision macroprudential above the insurance market and in extraordinary situations [in:] Directions of the development of economic insurance, ed. B. Gnela, M. Szaraniec, Warsaw 2013.
2. Jackowicz K. Market discipline on integrating internal markets (in;) integration of financial markets in the European Union from and to from, ed. M. Iwonicz-Drozdowska, Warsaw 2009.
3. https://ec.europa.eu/internal_market/finnces/docs/de_larosier_report_en.pdf access: 12.02.2014.Michór A. Administrativelegal forms of the interference of European organs of the supervision on the financial market of the European Union, Economics and the law, volume VII, Generation 2011.
4. Zalcewicz A. the Change of the institutional structure and the concept of the supervision of uniform financial markets of the EU, [in:] System of the public finance. Revenue law in view of challenges of the 21st century, ed. A. Dobaczewska, E. Juchniewicz, T. Sowiński, CeDeWu publishing company, Warsaw 2010.
5. The PE regulation and the No. council 1092 / 2010 from 24 November 2010 on the EU supervision macroprudential above the financial system and of establishing the European Council for System risk, OJ The EU L 2010. 331.1, farther ruling No. 1092 / 2010.
6. Stanisławiszyn P. Prospects of changes of European regulations in the financial control in 2011 (in:) J. Szambelańczyk (ed.), control Challenges in view of experience of the global financial crisis, Warsaw 2011.
7. Fedorowicz M. Supervision of financial markets of the European Union, Warsaw 2013.
8. Council regulation No. 1096 / 2010 from 17 November 2010 on entrusting EBC with particular tasks in ERRS functioning; OJ THE EU OF 2010,331,162 L.
9. Treaty on functioning of the European Union - consolidated version (D. Urz. The C 326 EU from 26.10.2012, p. 47).
