Statement from the NBS Bank Board’s 10th meeting of 2024
3 Jun 2024
On 3 June 2024 the Bank Board of Národná banka Slovenska (NBS) held its 10th meeting of the year, chaired by NBS Governor Peter Kažimír.
- The Bank Board discussed and approved the Bank’s May 2024 Financial Stability Report, which will be published on the Bank’s website (www.nbs.sk).
- The Bank Board discussed and approved an NBS Decree on reporting for supervisory purposes by pension fund management companies and supplementary pension management companies.
The Decree has been drafted on the basis of enabling provisions contained in Section 67(11) of Act No 650/2004 on the supplementary pension scheme (and amending certain laws), as amended by Act No 318/2013, and in Section 35(2) of Act No 747/2004 on financial market supervision (and amending certain laws), as amended.
The Decree has been drafted as a new NBS legal act stipulating the following in respect of reporting statements: their structure, scope, content, form and layout; when, how, in what manner and where they are to be submitted; and instructions for their preparation. For the supervised entities concerned, the new reporting statements are necessary for supervisory purposes and regulate the demonstration of compliance with their notification and information obligations towards NBS arising under laws governing the second pillar and third pillar of the Slovak pension system.
The Decree takes effect on 1 July 2024.
- The Bank Board discussed and approved an NBS Decree on annual reports and half-yearly reports submitted by pension fund management companies.
The Decree has been drafted on the basis of the enabling provisions contained in Section 55a(6)(d) and Section 105(10) of Act No 43/2004 on the old-age pension scheme (and amending certain laws), as amended, and in Section 35(2) of Act No 747/2004 on financial market supervision (and amending certain laws), as amended.
The Decree regulates the scope of information contained in annual and half-yearly reports on the portfolio management of pension funds and in annual and half-yearly reports on pension fund management companies’ management of their own assets (‘management reports’), as well as how these reports are to be submitted to NBS and the scope of their publication.
The Decree will repeal and replace NBS Decree No 229/2016 on annual reports and half-yearly reports submitted by pension fund management companies. The new provisions take into account and incorporate knowledge and experience gained from current practice, also considering the content of management reports as defined in Section 105(6) and (7) of Act No 43/2004 and the previous duplication of some information submitted to NBS.
The new Decree’s application will also imply a lower administrative burden for pension fund management companies as entities subject to NBS supervision. It was necessary to repeal and replace Decree No 229/2016 given the extent of the changes to individual reporting statements.
The Decree takes effect on 1 July 2024.
- The Bank Board discussed and approved an NBS Decree on annual reports and half-yearly reports submitted by supplementary pension management companies. The Decree has been drafted on the basis of enabling provisions contained in Section 65(8) of Act No 650/2004 on the supplementary pension scheme (and amending certain laws), as amended, and in Section 35(2) of Act No 747/2004 on financial market supervision (and amending certain laws), as amended.
The Decree regulates the scope of information contained in annual and half-yearly reports on the portfolio management of supplementary pension funds and in annual and half-yearly reports on supplementary pension management companies’ management of their own assets (‘management reports’), as well as how these reports are to be submitted to NBS and the scope of their publication. The Decree will repeal and replace NBS Decree No 3/2016 on annual reports and half-yearly reports submitted by supplementary pension management companies.
The new provisions take into account and incorporate knowledge and experience gained from current practice, also considering the content of management reports as generally defined in Section 65(7) of Act No 650/2004 and the previous duplication of some information submitted to NBS. The new Decree’s application will also imply a lower administrative burden for supplementary pension management companies as entities subject to NBS supervision. It was necessary to repeal and replace Decree No 3/2016 given the extent of the changes in the individual reporting statements through which management reports are submitted to NBS.
The Decree takes effect on 1 July 2024.
National Bank of Slovakia
Communications Section
Imricha Karvaša 1, 813 25 Bratislava
Contact: press@nbs.sk
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