Gradual Integration of Financial Regulation and Supervision In the Czech Republic. Pavel Racocha May, 2004 Dubrovnik, Croatia. General considerations. Variety in institutional structure of financial regulation and supervision world-wide. Two basic models - traditional and functional.
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Gradual Integration of Financial Regulation and Supervision In the Czech Republic
- three (or more) authorities
- partial integration (twin peak arrangement etc.)
- single authority
- If concentrated within central bank, then central bank becomes a real mega-regulator.
- Otherwise close co-operation between single authority (FSA) and central bank necessary.
- First stage - establishment of twin peak system, principle of regulation and supervision under one roof is followed.
- Second stage - integration of financial regulation and supervision into a single authority.
- preparation of laws
- supervision of use of regular state support for building savings scheme, pension funds and life insurance
- the issue of independence of unified authority
- the role of the CNB and the SEC
- regulation and supervision under one roof