Malta Strengthens Regulatory Ties With Slovakia

by Ulrika Lomas, Tax-News.com, Brussels

23 December 2011

The Malta Financial Services Authority has signed a cooperation agreement with the National Bank of Slovakia (NBS).

The Memorandum of Understanding (MoU) establishes a framework for cross-border cooperation, including the sharing of supervisory information. The MoU expands on the previous agreement signed between the two regulators in 2004, which was limited to the banking sector. Under the updated version, the MoU will provide the authorities access to information to enhance the supervision of the territories' insurance and securities markets.

The NBS was established on January 1, 1993, as the independent central bank of the Slovak Republic. Since January 2009, when Slovakia joined the Euro area, the NBS has also become responsible for financial market supervision, including supervision of banks, branch offices of foreign banks, investment firms, intermediaries of investment services, stock exchanges, management companies, mutual funds and collective investment undertakings, reinsurance undertakings, pension fund managing companies, pension funds, supplementary pension fund managing companies and other supervised entities of the Slovak financial market.

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