Statement from the 28th Meeting of the Bank Board of Národná banka Slovenska
The 28th Meeting of the Bank Board of Národná banka Slovenska was held today (23 August 2011) and was chaired by Jozef Makúch, the NBS Governor.
The Bank Board discussed the Report on Economic Development for July 2011, which will be published in electronic form on the NBS website as the Monthly Bulletin of NBS.
The Bank Board discussed and approved the draft Decree of Národná banka Slovenska on conditions for the defining of liquid financial assets and on details of transferable securities and money market instruments embedding derivatives and on index-replicating undertakings for collective investment in transferable securities (UCITS).
The Decree continues the transposition of Commission Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions. The purpose of this Decree is to set conditions for defining particular terms or categories of financial instruments mentioned in the Collective Investment Act in the way and extent laid down in the implementing Directive. This will ensure that the definitions of terms used in the Collective Investment Act are consistent with the overall regulatory framework for collective investment and that the high level of unit-holder protection that is a feature of UCITS established and processed in accordance with the Collective Investment Act is maintained.
The Decree will enter into force on 15 September 2011.
The Bank Board noted the document entitled “Analysis of the current Slovak legislation on the insurance sector in regard to the Solvency II Directive”. The Analysis will be published on the NBS website.
Petra Pauerová
Spokesperson of the NBS
National Bank of Slovakia
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