Financial Market Guarantee System | Legislation

The Directive 2014/59/EU empowered EBA to issue a range of binding technical ... EBA Guidelines (EBA/GL/2015/10) on methods for calculating contributions to ... AbouttheGuaranteeSystem News LegislationandEUFramework OrganisationalStructure InternationalCooperation ForMedia Glossary Documents InformationAboutPersonalDataProcessing DisclosingInformation MandatoryInformationDisclosure UsefulLinks Leaflet AccessibilityStatement Informationprovidedonrequest(inCZonly) Callsandnotificationsunderthelaw(inCZonly) Videos Education(inCZonly) Legislation TheCzechlegislationfortheframeworkforfinancialmarket stabilitysupportisbasedontwoEuropeandirectives.Thefirstis Directive2014/59/EUoftheEuropeanParliamentandoftheCouncil establishingaframeworkfortherecoveryandresolutionofcredit institutionsandinvestmentfirms,knownunderitsEnglishtitle-the BankRecoveryandResolutionDirectiveortheBRRD. ThisdirectivehasbeenimplementedintotheCzechlegalsystembyActColl. 374/2015.BythisAct,on1stJanuary2016,theFinancialMarketGuarantee systemwasfoundedthroughtransformationfromtheformerDepositInsuranceFund.InrelationtotheenactmentoftheFinancialCrisisPreventionandResolutionAct,anumberofotherActswereamendedbyActNo375/2015Coll.,whiletheActonBanksunderwentthemostsignificantchange. ThesecondEuropeandirectiveisDirective2014/49/EUoftheEuropean ParliamentandoftheCouncilondepositguaranteeschemes(knownunder itsEnglishtitletheDepositGuaranteeSchemeDirectiveorasDGSD). ThisdirectiveisreflectedintheCzechlegalsysteminActNo.21/1992 Coll.,onBanks,asamended. AkeyroleinensuringthestabilityoffinancialmarketsatEuropean levelisplayedbytheEuropeanBankingAuthority(EBA).TheDirective 2014/59/EUempoweredEBAtoissuearangeofbinding technicalstandards,guidelinesandreportswiththeaimofestablishingeffectiveand consistentcrisispreventionandresolutionproceduresinthefinancial sector.Theprimaryobjectiveinbuildingthisframeworkisto strengthenfinancialstability,reducemoralhazard,protectdepositors and,intheeventofacrisis,ensurethecontinuityofthecore processesessentialtotheuninterruptedfunctioningofthefinancial system,savepublicspendingandensurethesmoothfunctioningofthe internalmarketfortheprovisionoffinancialservices.TheseactivitiesareaccompaniedbycontinuousevaluationoftheimpactsbroughtbytheDirective2014/49/EUondepositguaranteeschemesthatalsoempowerstheEBAtoperformmanyregulatoryactivities. LegislationrelevanttoGuaranteeSystemactivities: ActNo374/2015Coll.,onFinancialCrisisPreventionandResolution (availableinCzechonly),asamended ActNo21/1992Coll.,onBanks(availableinCzechonly),as amended No87/1995Coll.,onSavingsandCreditCooperatives(availablein Czechonly),asamended ActNo95/1993Coll.,onBuildingSavings(availableinCzechonly), asamended ActNo6/1993Coll.,ontheCzechNationalBank(availableinCzech only),asamended ActNo182/2006Coll.,oninsolvencyandinsolvencyprocedures (InsolvencyAct),asamended Directive2014/59/EUofthe EuropeanParliamentandoftheCouncilestablishingaframeworkforthe recoveryandresolutionofcreditinstitutionsandinvestment firms Directive2014/49/EUofthe EuropeanParliamentandoftheCouncilondepositguarantee schemes Usefullinkstolegislationrelevanttodepositinsurance: CzechMinistryofFinanceDecreeNo71/2011Coll.,ontheform, structureandmethodofkeepingandprovidingdatathatabankanda branchofabankfromnon-EUMemberStatemustkeep,andwhichmustbe providedtotheFinancialMarketGuaranteeSystem(availableinCzech only) Regulation(EU)No575/2013ofthe EuropeanParliamentandoftheCouncilonprudentialrequirementsfor creditinstitutionsandinvestmentfirmsandamendingRegulation(EU)No 648/2012 EBAGuidelines(EBA/GL/2015/10)onmethodsfor calculatingcontributionstodepositguaranteeschemes EBA Guidelines(EBA/GL/2015/09)onpaymentcommitmentsunderDirective 2014/49/EUondepositguaranteeschemes EBAGuidelines(EBA/GL/2016/02)on cooperationagreementsbetweendepositguaranteeschemesunderDirective 2014/49/EU EBAGuidelines(EBA/GL/2016/04)onstress testsofdepositguaranteeschemesunderDirective2014/49/EU Usefullinkstolegislationrelevanttocrisisresolution mechanisms: CommissionDelegatedRegulation (EU)2015/63of21October2014supplementingDirective2014/59/EUof theEuropeanParliamentandoftheCouncilwithregardtoexante contributionstoresolutionfinancingarrangements