What are the national authorities for banking regulation, supervision and resolution in the jurisdiction?

Banking & Finance

Israel Small Flag Israel

The main national authority for banking regulation and supervision in Israel is the Bank of Israel (the "BoI"), which regulates and supervises the licensing applicable to banking entities in Israel, subject to the Israeli Banking Law (License), 1981 ("The Banking Law"). Other laws which regulate the activity of banks in Israel are: The Banking Ordinance, 1941 ("The Banking Ordinance") and The Banking Law (Service to Customer), 1981 ("The Banking Law (Service to Customer)").

In addition, there are other banking activities in Israel which are regulated and supervised by two other authorities: Investment Advice Investment Marketing and Portfolio Management activities are regulated by the Israeli Securities Authority (the "ISA"); while some Financial Assets Services and the non - banking Credit Extension are regulated by the Israeli Capital Market, Insurance and Savings Authority (the "CMISA").

Hungary Small Flag Hungary

In October 2013 the Hungarian Financial Supervisory Authority (in Hungarian: Pénzügyi Szervezetek Állami Felügyelete) merged into the Hungary National Bank (the “HNB”) being the central bank of Hungary. Since then the HNB acts as sole regulatory and supervisory authority of the financial sector in Hungary.

HNB in its role as financial supervisory authority monitors and supervises the operation and activities of financial and capital market institutions, funds, insurance companies and other institutions of the financial sector (regulated market, clearing house and central depository).
HNB has also been appointed and designated to act as authority in accordance with the Recovery and Resolution Directive (Directive 2014/59/EU of the European Parliament and of the council of 15 may 2014).

Latvia Small Flag Latvia

The national authority responsible for banking regulation and supervision in Latvia is the Financial and Capital Market Commission (FCMC). Moreover, the central bank of Latvia (the Bank of Latvia) contributes to the smooth conduct of policies pursued by the FCMC relating to the prudential supervision of banks and the stability of the financial system. As regards the resolution of banks, the responsible authority is also the FCMC.

Lithuania Small Flag Lithuania

The national competent authority in Lithuania is the Bank of Lithuania (the Central Bank) (hereinafter – BoL).

Poland Small Flag Poland

The main Polish banking regulatory authority is the Financial Supervision Authority (in Polish Komisja Nadzoru Finansowego), which is responsible for supervision of the financial market, including banking supervision, supervision of the capital markets, supervision of the insurance market, supervision of the pensions market, supplementary supervision of financial conglomerates, and supervision of electronic money institutions, payment institutions and payment service bureaus, as well as supervision of co-operative savings & credit unions.

Romania Small Flag Romania

In Romania, the competent authority for banking regulation, supervision and resolution is the National Bank of Romania (NBR), i.e. the central bank.

India Small Flag India

In India, the Ministry of Finance acting through the Department of Financial Services, prescribes laws and regulations applicable to banking entities. The Reserve Bank of India (RBI) (India’s central bank) established under the Reserve Bank of India Act, 1934 supervises and is responsible for management and operation of the financial system including banking operations. RBI also administers the provisions of Foreign Exchange Management Act, 1999 (FEMA) which regulates cross-border exchange transactions by Indian entities, including banks.

Additionally, there are certain other financial sector regulators such as the Securities and Exchange Board of India (SEBI) which closely liaise with the RBI to monitor the interaction of banking activities with various other financial services.

Japan Small Flag Japan

The Financial Services Agency (FSA) has the authority under the Banking Act to regulate and supervise banks in Japan.

The resolution of failed banks is performed by the Deposit Insurance Corporation of Japan (DICJ), although the resolution commencement and methods are ordered by the FSA or the Prime Minister and deliberations by the Financial Crisis Response Council, consisting of the Prime Minister, the Minister of Finance, the Commissioner of the FSA and the Governor of the Bank of Japan, may be required, pursuant to the Deposit Insurance Act.

Malta Small Flag Malta

The Malta Financial Services Authority (“MFSA”) is the national competent authority supervising credit institutions in Malta. Following the transposition of the Bank Recovery and Resolution Directive (Directive 2014/59/EU) (“BRRD”), the Board of Governors of the MFSA also acts as the Resolution Authority and has appointed a Resolution Committee which has all powers assigned to it by virtue of the domestic Recovery and Resolution Regulations (S.L. 330.09).

Nigeria Small Flag Nigeria

The national authorities for banking regulation, supervision and resolution of banks in Nigeria are the Central Bank of Nigeria (CBN) and the National Deposit Insurance Corporation (NDIC). The CBN has, amongst others, the overall responsibility for licensing and supervision of deposit money banks, discount houses and other financial institutions as well as the resolution of banks by prescribing the resolution measures, prohibiting a failing bank from extending any further credit facility or requiring the bank to take any steps whatsoever, subject to the CBN’s oversight. The CBN also has the power to remove any manager, officer, or director of a failing bank and appoint such other persons in lieu for an efficient resolution process.

The NDIC on the other hand guarantees the payment of bank deposits up to a maximum limit of N200,000 from the Deposit Insurance Fund of licensed banks or N100,000 from the Deposit Insurance Fund of other licensed deposit taking financial institutions in the event of failure of an insured financial institution. It also supervises banks so as to protect depositors; reduce the potential risk of failure and ensures the unsafe and unsound banking practices do not go unchecked, and promote competition and innovation in the banking system. It has the mandate for ensuring that failing and failed institutions are resolved in a timely and efficient manner.

Other regulatory bodies with some form of oversight over banks are the Financial Services Regulations Co-ordinating Committee (FSRCC) which is responsible for supervising and setting out the plans and policies for the promoting best practices to be observed by financial intermediaries carrying out business in Nigeria; and the Financial Regulation Advisory Council of Experts (FRACE) which is responsible for providing expert opinion to the CBN on non-interest (Islamic) banking and finance matters in the Nigerian financial system. The Corporate Affairs Commission (CAC) is vested with the role of incorporation of companies generally (including banks) and maintain a company registry where company records are kept.

Norway Small Flag Norway

The main national authority for banking regulation, supervision and resolution is the Norwegian Financial Supervisory Authority (Finanstilsynet) ("NFSA"). However, Finansdepartementet (the "MoF") still holds substantial powers and authority, i.a. in matters of importance and / or of principle.

Furthermore, the EFTA Surveillance Authority (EFTA's overvåkningsorgan) ("ESA") formally serves the role as financial markets supervisor of the EEA-EFTA states similar to the corresponding EU authorities (EBA and ESMA), although ESA will in practice only carry out decisions by EBA and ESMA.

The Norwegian Financial Services Complaints Board (Finansklagenemnda) handles disputes between member banks and their retail or consumer clients. Both the bank and the consumer may bring a NFSCB decision to the ordinary court system.

The Consumer Authority (Forbrukertilsynet) (formerly the Consumer Ombudsman) and The Consumer Council (Forbrukerrådet) are independent administrative bodies, albeit financed by the government, that collectively supervise and seek to influence the consumer market stakeholders in a consumer friendly direction as well as to assist consumers in disputes with banks (even in class actions).

The Data Protection Agency's (Datatilsynet) ("DPA") main purpose is to protect the individual’s privacy and its focus areas includes the banking industry.

The Central Bank of Norway is Norges Bank. Norges Bank's mandate is broad, and encompasses monetary, credit and currency policy. Norges Bank has executive and advisory responsibilities in the areas of monetary, credit and foreign exchange policy and is responsible for promoting robust and efficient payment systems, both domestically and abroad, and financial markets Norges Bank is also tasked with monitoring monetary, credit and foreign exchange markets Norges Bank manages Norway’s foreign exchange reserves and a sub-section of Norges Bank, Norges Bank Investment Management, manages Norway's Sovereign Wealth Fund (Statens Pensjonsfond Utland).

The framework laws are adopted by the parliament (Stortinget), whilst detailed regulations are normally adopted by either the MoF or the NFSA, depending on the relevant statutory basis for the regulations. In addition the NFSA regularly confirms that it will apply international standards for financial supervision and regulation.

Portugal Small Flag Portugal

Banco de Portugal (www.bportugal.pt) is the national competent authority for banking regulation, oversight and resolution.

Qatar Small Flag Qatar

Qatar issued the Qatar Central Bank Law no. 13 of 2012 (QCB Law). The QCB Law addresses many issues for the first time, including Islamic banking, mergers and acquisitions of financial institutions, credit rating agencies, insurance, treating customers fairly and resolution of failing banks.

Qatar Central Bank (the “QCB”) is the competent higher authority, which layouts and enforce the State monetary policy, policy of the exchange rate and financial and banking supervision within the framework of the national strategy and in accordance with the best international standards and practices.

Qatar Central Bank is also the primary regulator of financial institutions operating in Qatar, and the QCB Law has now expanded its supervisory powers to cover the insurance sector and the Qatar Financial Centre.

Switzerland Small Flag Switzerland

In Switzerland, the primary regulator for supervising the financial market and its participants as well as certain products is the Swiss Financial Market Supervisory Authority FINMA (FINMA). FINMA also acts as rule maker where federal acts or their implementing ordinances delegate such power to FINMA, and acts as resolution authority in restructuring or liquidation proceedings of Swiss banks and securities dealers. The Swiss National Bank (SNB) is entrusted with the task to ensure the stability of the Swiss financial market – including the task commonly referred to as the macro-prudential supervision.

Turkey Small Flag Turkey

A. Regulation
There are five lead national authorities for the regulation of banking sector in the Republic of Turkey (“Turkey”); the Central Bank of Turkey (the “CBRT”); the Banking Regulation and Supervision Agency (the “BRSA”) and the Banking Regulatory and Supervision Board (“BRSB”) as the decision-making authority of BRSA; the Saving Deposits Insurance Fund of Turkey (the “SDIF”); the Capital Markets Board (the “CMB”) and the Financial Crimes Investigation Board (“FCIB”).

Other national regulatory authorities that also oversee the relevant aspects of banking activities in Turkey are as follows:

  1. The Competition Board;
  2. The Data Protection Board;
  3. The Consumer Protection Board;
  4. Revenue Administration
  5. Undersecretariat of Treasury

B. Supervision
National authorities listed above under Section A, the CBRT, BRSA, CMB and FCIB being primary authorities, are also supervisory authorities for banks and financial institutions in Turkey, relating to specific matters such as cross-border lending transactions, money laundering and financing of terrorism, KYC requirements, data protection and Basel compliance.

C. Resolution
The SDIF is a public legal entity which has a unique role in execution and bankruptcy proceedings of banks in Turkey and been granted with exceptional powers. As such, the SDIF is authorized to take over the management and audit banks whose operation permit has been revoked due to insolvency reasons and fulfill the necessary operations for financial restructuring or the bankruptcy and liquidation of the same.

Austria Small Flag Austria

The Austrian Financial Market Authority (“FMA”) is established as an integrated supervisory institution, supervising all financial service providers in Austria. The FMA shares responsibilities with the Oesterreichische Nationalbank (“OeNB”) in connection with banking supervision. While the OeNB is in charge of fact-finding, including on-site and off-site analysis of banks, the FMA is tasked with decision-making and has therefore been empowered as the competent authority in the area of banking supervision and banking recovery and resolution. The European Central Bank (“ECB”) is responsible for banking supervision in the Euro area under the Single Supervisory Mechanism (“SSM”) and supervises significant entities in Austria, in conjunction with the FMA as the national competent authority (“NCA”) and the OeNB.

Bulgaria Small Flag Bulgaria

The Bulgarian National Bank (BNB) is the competent authority in the Republic of Bulgaria for exercising control and supervision on banks in the meaning of Regulation 575/2013 of the European Parliament and the Council of 26 June 2013 on prudential requirements to credit institutions and investment firms and amending Regulation (EU) No.648/2012 (“Regulation 575/2013”).

Ecuador Small Flag Ecuador

The Monetary and Financial Political and Regulation Board, which is part of the Executive Power, is in charge of the formulation of public policies, the monetary, credit, exchange, financial, insurance and securities regulation and supervision.

It is composed by the maximum authorities of: i) Ministry of Economy and Finance; ii) the Ministry of Production; iii) The Secretary of the National Secretariat of Planning and Development (Secretaría Nacional de Planificación y Desarrollo); and, iv) a delegate of the President of the Republic. The representatives of the following entities are able to participate in the deliberations of the Board, with voice but without vote: The Superintendents of Companies, Banks, Popular and Solidary Economy (the popular and solidary economy is the form of economic organization, where its members organize and perform process of production, exchange, commercialization, financing of goods and services, based in the relationship of solidarity, cooperation and reciprocity. These activities are performed in a specific community (Art. 1, Ley Orgánica de la Economía Popular y Solidaria y del Sector Financiero Popular y Solidario)), the General Manager of the Central Bank and the Chairman of the Deposit, Liquidity Fund and Private Insurance Fund Corporation (Corporación de Seguro de Depósitos, Fondo de Liquidez y Fondo de Seguros Privados).

The Central Bank is a legal entity of Public Law, that is part of the Executive Power, with administrative, financial and organizational autonomy. Its activity is to establish monetary, credit, exchange and financial policies for the State.

The Superintendence of Banks is a technical body of Public Law, that is part of the transparency and social control power (in Ecuador there are five types of state branches: the executive, judicial, legislative, electoral and transparency and social control) with administrative, financial and organizational autonomy. Its main purpose is to monitor, audit, intervene, control and supervise the financial activities that perform public and private entities of the National Financial System.

Article 74 of COMF states that the Superintendence of Popular and Solidary Economy is a technical body of Public Law, that is part of the transparency and social control power with administrative, financial and organizational autonomy. Its main purpose is to organize, control and monitor the popular and solidarity financial sector.

As per article 78 of COMF states that the Superintendence of Companies is a technical body of Public Law, that is part of the transparency and social control power with administrative, financial and organizational autonomy. Its main purpose is to monitor, audit, intervene, control and supervise the corporate matters of the companies of the securities market, insurance sector and of the non-financial legal entities.

Ireland Small Flag Ireland

(a) Regulation

The Single Supervisory Mechanism Regulation (Regulation (EU) No. 1024/2013) (SSMR) provides that the European Central Bank (ECB) is the lead regulator of banking in Ireland with the Central Bank of Ireland (CBI) appointed as the competent regulatory authority in Ireland.

Other national regulatory authorities also oversee aspects of banking in Ireland, namely:

(i) the Data Protection Commissioner;
(ii) the Financial Services and Pensions Ombudsman (relating to unresolved complaints of con-sumers and small and medium sized enterprises (SMEs)); and
(iii) the Competition and Consumer Protection Commission (CCPC) (consumer and SME guide-lines and enforcement of consumer and SME complaints).

(b) Supervision

Since the introduction of the ECB Single Supervisory Mechanism (SSM), the ECB is the supervisory authority for ‘significant institutions’ operational in Ireland. A Joint Supervisory team (JST), led by the ECB and comprised of supervisors from the ECB and the CBI, directly supervises the activities of significant institutions in Ireland. The CBI is the authority for supervision of ‘less significant insti-tutions’ operational in Ireland however the ECB oversees this supervision to achieve harmonisation of supervisory approaches.

The SSMR distinguishes between core and non-core supervisory responsibilities. The ECB is re-sponsible for all core supervisory responsibilities relating to all banks operating in Ireland while the CBI undertakes all non-core supervisory responsibilities (mainly conduct of business and anti-money laundering) relating to all banks operating in Ireland.

(c) Resolution

The Bank Recovery and Resolution Directive (Directive 2014/59/EU) (BRRD) has been transposed in-to Irish law by European Union (Bank Recovery and Resolution) Regulations 2015 (SI 289/2015) (BRRD Regulations). The CBI is the competent authority and resolution authority under the BRRD Regulations other than the ECB will act as the competent authority in respect of specific tasks con-ferred on it under the SSMR.

France Small Flag France

In addition to the European regulator, ECB, there are two main national authorities for banking regulation, supervision and resolution in France:

  • the Autorité de contrôle prudentiel et de resolution (“ACPR”) is responsible for the supervi-sion of the banking and insurance sectors. It insures the stability of the financial system and the protection of the customers ; ACPR conducts investigations and issues sanctions.
  • the Autorité des Marchés Financiers (“AMF”) regulates participants and products in France’s financial markets. It regulates, authorises, monitors, and, where necessary conducts investiga-tions and issues sanctions. In addition, it ensures that investors receive material information, and provides a mediation service to assist them in disputes.

Other national authorities could also act against banks and financial institutions as for example the “Auto-rité de la Concurrence” (anti-competition agency).

Belgium Small Flag Belgium

The system of financial supervision in Belgium is organised as a bipolar model (the so-called ‘Twin-Peaks’ model) including the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA). The NBB is the Belgian supervisory authority for banking regulation, supervision and resolution. As the supervisory architecture in this regard is multilayered since the introduction of the Single Supervisory Model (SSM), the NBB shares this role with the European Central Bank (ECB) depending on the size of the institution, in accordance with Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (SSM Regulation). The FSMA, on the other hand, supervises the Belgian financial markets. To this extent, it mainly focuses on financial products and rules of conduct.

Estonia Small Flag Estonia

In Estonia the Financial Supervision Authority (hereinafter the “FSA”) is the national authority for banking regulation, supervision and resolution. FSA is a financial supervision institution with autonomous competence and a separate budget and conducts supervision in the name of the state and is independent in its activities and decisions.

Greece Small Flag Greece

The Bank of Greece ('BoG') is the main competent national authority in respect to matters pertaining to banking regulation, supervision and resolution in Greece.

Further to the establishment of the European Single Supervisory Mechanism ('SSM') by virtue of Regulation 1024/2013 and Regulation 468/2014, the European Central Bank ('ECB') has been entrusted with the exercise of prudential supervision of the four (4) Greek systemic banks, i.e. Piraeus Bank, National Bank of Greece, Alpha Bank and Eurobank Ergasias, in close collaboration with the BoG.

The BoG retains direct competence for the prudential supervision of the remaining Greek banks, which are considered 'less significant' for the overall stability of the European banking system, in accordance with the provisions of Law 4261/2014. It also remains the competent regulatory authority over all Greek banks and credit institutions in respect of AML compliance and consumer protection issues.

Τhe Hellenic Capital Markets Commission ('HCMC') is the designated supervisory authority for investment services companies. Given that all Greek systemic banks are listed, the competence of the HCMC also extends thereon, as far as capital markets legislation is concerned (eg compliance with MiFID provisions).

Germany Small Flag Germany

The main authority for banking regulation and supervision in the Federal Republic of Germany (“Germany”) is the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”). Effective 1 January 2018 BaFin also became the German National Resolution Authority (NRA). Further, the German Central Bank (Bundesbank) is cooperating with BaFin on certain elements of banking supervision. In addition, it should be noted that the European Central Bank (“ECB”) is directly responsible for the supervision of “significant banks” resident in Germany. As a result of the Single Supervisory Mechanism (SSM), the ECB also oversees less significant banks indirectly.

United States Small Flag United States

US banking law and regulation is deeply marked by the engagement of both state and federal government in chartering and supervising banking organisations. A patchwork of federal legislation that has developed since 1863 has gradually eroded, but not extirpated, state authority. Thus, the regulation of banks in the US is divided between the federal government and the states. This dual responsibility, sometimes called ‘dual regulation,’ significantly complicates any effort to understand the regulation of banks in the US. Both because federal law is supreme in its area of competence and because of an extraordinary expansion of the scope of the federal regulation of banking that has occurred in response to episodic crises affecting depository institutions, federal law is the most important element of dual regulation.

There are three federal banking regulators primarily responsible for supervising banking organisations in the US: the Office of the Comptroller of the Currency, an independent division of the US Department of the Treasury (OCC), the Board of Governors of the Federal Reserve System, an independent agency and the central bank of the US (FRB), and the Federal Deposit Insurance Corporation, an independent agency that also is responsible for the insurance of deposits maintained by banking organisations (FDIC).

The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) with the objective of consolidating within a single agency consumer financial protection authority that had previously been dispersed across multiple financial regulators. The CFPB’s primary functions include issuing and amending regulations to implement various federal consumer financial protection statutes, pursuing enforcement actions under those laws and regulations, and developing consumer education initiatives.

Bank Regulation
There are essentially two kinds of commercial banking organisations in the US: national banks, which are chartered by the OCC under federal law, and state banks, which are often chartered by the applicable state banking supervisor under state law. All national banks that accept deposits are required to have deposit insurance from the FDIC and to be members of the Federal Reserve System, which is administered by the FRB. All state banks that accept deposits are required to have deposit insurance from the FDIC. State banks may, with the permission of the FRB, become members of the Federal Reserve System. Other types of depository institutions include mutual and stock-form savings banks, credit unions and savings associations.

The principal federal supervisor of national banks is the OCC. The OCC has the power both to regulate and to examine the activities of national banks. Although national banks are subject to generally applicable state laws, national bank powers may not be expanded by the states and, because federal law is paramount, many state laws that purport to restrict the exercise of banking power have only limited effect on national banks. The states may not examine the general conduct of banking activities by national banks.

While the principal regulator of state banks is the appropriate state regulator, each FDIC-insured state bank also has a principal federal regulator. If a state bank is a member of the Federal Reserve System (such banks are referred to as ‘state member banks’), its principal federal regulator is the FRB. If an FDIC-insured state bank is not a member of the Federal Reserve System (such banks, which as a group tend to consist of smaller banking organisations, are called ‘state nonmember banks’), its principal federal regulator is the FDIC.

National banks and state member banks, as members of the Federal Reserve System, are subject to regulation under the Federal Reserve Act. The Federal Reserve System is comprised of twelve regional Reserve Banks, coordinated by a Board of Governors in Washington, DC. Several provisions of the Federal Reserve Act relating to safety and soundness have been made applicable to state nonmember banks as well.

All FDIC-insured banks, state or national, are also subject to regulation by the FDIC to the extent necessary to protect the deposit insurance system.

Bank Holding Company Regulation
Most larger banking organizations in the US are organised as banking holding companies, in which one or more banks and various permitted nonbank companies are held under a common holding company that is supervised and regulated by the FRB under the Bank Holding Company Act of 1956 (BHC Act).

Concern about the power of banking and, in particular, its association with general commercial activity has been a continuing popular concern in the US. The BHC Act was enacted to help address concerns with respect to perceived increases in the concentration of financial resources in bank holding company systems, geographic expansion of bank holding companies that appeared to threaten state regulation and local control of financial institutions, and the affiliation of banks with nonbanking companies, which was believed to threaten credit allocation and other unsound and unfair banking practices.

Any company intending, directly or indirectly, to acquire control of a state or national bank must obtain the prior approval of the FRB under the BHC Act. Furthermore, any company that directly or indirectly controls a bank, must, with few exceptions, obtain approval of the FRB prior to acquiring more than 5% of any nonbanking company, and may acquire only companies that engage only in activities that are so closely related to banking as to be a proper incident thereto. Consequently, any company, including a foreign bank, acquiring a US bank is subject to significant federal regulation of its activities and investments in the US.

Data concerning regulated bank holding companies, banks and affiliates in the US is available from the National Information Center:

https://www.ffiec.gov/nicpubweb/nicweb/nichome.aspx

Colombia Small Flag Colombia

The Colombian Constitution states that the government must previously authorize any financial, capital markets and insurance activities, as well as any activity regarding resources collected from the public. Congress has the power to enact the legal framework within which the government and other financial authorities regulate and intervene the financial market.

Having said this, there are four main national authorities for banking regulation, supervision and resolution in Colombia that are: The Central Bank, the Ministry of Finance and Public Credit, the Superintendence of Finance and the Guarantee Fund for Financial Institutions (Fondo de Garantías de Instituciones Financieras - FOGAFIN).

The customary functions of a central bank are carried out by the Colombian Central Bank, this being, activities involving monetary policy, financial policy, foreign exchange regulation, price stabilization, legal currency issuance, regulation of currency circulation, credit and exchange rate monitoring, management of international reserves, and acting as a last resort lender to financial institutions.

The Ministry of Finance and Public Credit, delegated by the President of the Republic, oversees the design, coordination, regulation and execution of economic policy in the country. The Ministry of Finance and Public Credit regulates all aspects of finance, securities and insurance activities by issuing decrees related mainly to finance, taxation, customs, public credit and budgetary matters in order to generate economic and social growth. It regulates financial institutions’ capital adequacy, risk limitations, authorized transactions, disclosure of information and accounting.

The Superintendence of Finance is a technical entity responsible for inspecting, supervising and controlling any persons involved in operations related to the management, use or investment of resources collected from the public, including financial, insurance and securities exchange activities. The main purpose of the Superintendence of Finance is preserving the stability and trustworthiness of the Colombian financial market, as well as promoting, organizing and developing securities market and protecting the users of financial and insurance services. With this, any financial institutions must obtain previous and express authorization of the Superintendence of Finance in order to be incorporated and to carry out financial activities.

Finally, the Guarantee Fund for Financial Institutions (Fondo de Garantías de Instituciones Financieras FOGAFIN) is a financial authority, essential to the financial system’s security network. It is responsible for protecting the financial consumer’s savings accounts, helping to minimize the impacts of a financial crisis by managing a reserve, managing security deposits and monitoring financial institutions in liquidation processes.

Finland Small Flag Finland

The supervision of banking activities in Finland is divided between the European Central Bank (ECB), the European Banking Authority (EBA) and the Finnish Financial Supervisory Authority (FFSA). The ECB monitors developments in the EU banking sector and addresses possible systemic risks in the financial system through macroprudential policies. Regulation (EU) 1024/2013 on the single supervisory mechanism (the SSM Regulation) confers specific tasks on the ECB related to the prudential supervision of credit institutions. Together with national supervisory authorities, the ECB directly supervises globally systemically important institutions (G-SIIs) considered as significant based on their size, economic importance, cross-border activity or direct public financial assistance. The EBA works to ensure effective and consistent prudential regulation and supervision across the European banking sector in order to maintain financial stability, efficiency and orderly functioning of the banking sector. The main task of EBA is to provide harmonised prudential rules for financial institutions throughout the EU and promote convergence of supervisory practices in the EU banking sector.

The primary supervisory responsibility for other banks and credit institutions lies with the FFSA. The functions of the FFSA are aimed at safeguarding financial stability and the stable operation of credit institutions and other supervised entities and ensuring adherence to good market practices in order to maintain confidence in the financial markets. The FFSA also decides on capital buffers and holds administrative sanctioning powers with respect to breaches against the Finnish Act on Credit Institutions (610/2014, as amended). The FFSA engages in international co-operation in the field of regulation and supervision, and is a member of the single supervisory mechanism that comprises the ECB and the national competent authorities of the participating EU countries.

The Finnish Financial Stability Authority operates as Finland's national resolution authority. It is responsible for resolution planning concerning credit institutions and investment firms, and for decision making relating to the reorganisation of institutions experiencing financial difficulties. The Financial Stability Authority also maintains the Finnish deposit guarantee scheme.

The activities of the Finnish central bank, the Bank of Finland, include four core tasks:

  • Monetary policy and research;
  • Financial supervision;
  • Banking operations; and
  • Maintenance of currency supply.

The Bank of Finland oversees the financial and economic system. It implements the European monetary policy in Finland through its own monetary policy operations, and safeguards the domestic financial system's liquidity management and manages payment transfers between banks.

The Finnish Financial Ombudsman Bureau provides advisory services to individuals and small enterprises free of charge in the fields of banking, insurance and securities.

The Finnish Consumer Agency monitors laws protecting consumers in the market while the Consumer Adviser, operating in connection with the Finnish Consumer Agency, provides advisory and mediation services to consumers also in the field of retail banking services.

United Kingdom Small Flag United Kingdom

The Financial Conduct Authority (FCA) is the conduct regulator for firms providing financial products and services in both retail and wholesale markets, and also the prudential regulator for many firms. It is also responsible for enforcing the market abuse and listing regimes.

The Prudential Regulation Authority (PRA) is responsible for the prudential regulation of systemically important financial institutions, including banks, building societies, insurers and major investment firms.

The Bank Recovery and Resolution Directive (BRRD) establishes a common approach within the European Union (EU) to the recovery and resolution of banks and investment firms. The Bank of England is the resolution authority in the United Kingdom for the purposes of BRRD.

In addition, the UK’s own special resolution regime provides the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority and the Treasury with tools to protect financial stability by managing the failure of financial sector firms.

Updated: February 14, 2018