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8. What legislation underpins it?
At the European level macroprudential policy is defined primarily by Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macroprudential oversight of the financial system and establishing a European Systemic Risk Board, and two ESRB recommendations – Recommendation ESRB/2011/3 on the macroprudential mandate of national authorities and Recommendation ESRB/2013/1 on intermediate objectives and instruments of macroprudential policy.
In Slovakia macroprudential policy is laid down mainly in the following laws:
- Act No 747/2004 Coll. on financial market supervision requires that macroprudential supervision be performed by the NBS and that the NBS, in the framework of this supervision, identify, monitor, assess and mitigate risks;
- Act No 566/1992 Coll. on the National Bank of Slovakia sets the NBS the general task of contributing to financial stability;
- The amendment to Act No 483/2001 Coll. on banks, implementing the CRD IV Directive and the CRR Regulation into Slovak legislation, grants the NBS powers to use legislative macroprudential policy instruments