International activities in the area of regulation and supervision

As the authority supervising the financial market, the CNB, through its membership in numerous European bodies and institutions, contributes to the creation of a single European financial services market. In addition, the CNB actively engages in the activities of international organisations, enabling it to influence the development of global standards in the field of financial market regulation and supervision.

Within the EU, the CNB is involved in the European System of Financial Supervision (ESFS). Its task is to ensure effective and consistent supervision across the European Union based on a single set of rules. The main objectives of the ESFS are to strengthen confidence in the financial system, protect consumers and promote financial stability. The ESFS also seeks to develop a common supervisory culture and improve the functioning of the EU’s single market for financial services.

The ESFS comprises, in addition to national supervisory authorities, one macroprudential and three microprudential European authorities. The European Systemic Risk Board (ESRB) focuses on macroprudential supervision and assessing risks to the stability of the financial system as a whole. The development and implementation of European standards for microprudential supervision and regulation are the responsibility of three European Supervisory Authorities: EBA for the banking sector, ESMA for capital markets and securities and EIOPA for insurance.

The CNB is also involved in the activities of the Anti-Money Laundering Authority (AMLA).

Beyond the EU framework, the CNB also operates within international organisations that develop global standards and methodological approaches for regulation and supervision. In the area of capital markets, this includes the International Organization of Securities Commissions (IOSCO); in insurance, the International Association of Insurance Supervisors (IAIS); and, for pension systems, the International Organisation of Pension Supervisors (IOPS). The CNB’s involvement in these institutions enables it to contribute to the creation of internationally recognised standards and principles in financial regulation and supervision, to reflect global developments, and to cooperate and exchange information and experience with foreign supervisory authorities.

In addition to multilateral cooperation, the CNB also develops bilateral relationships with supervisory authorities of individual countries to exchange best practices and experience and to support the implementation of regulatory and supervisory standards. The CNB also cooperates with foreign supervisory authorities in the exercise of supervision, including within supervisory colleges established for cross-border groups.