Determination of Public Supervision Aspects and Legal Pillars of Activities of Financial Agents in Central European Countries

Mikuláš Sidak (), Andrea Slezáková, Edita Hajnišová and Stanislav Filip
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Mikuláš Sidak: Institute of Public Administration, Bratislava University of Economics and Management, Furdekova 16, 851 04 Bratislava, Slovakia
Andrea Slezáková: Faculty of Commerce, University of Economics in Bratislava, Dolnozemská Cesta 1, 852 35 Bratislava, Slovakia
Edita Hajnišová: Faculty of Law, Pan-European University, Tomášikova 20, 820 09 Bratislava, Slovakia
Stanislav Filip: Institute of Public Administration, Bratislava University of Economics and Management, Furdekova 16, 851 04 Bratislava, Slovakia

Administrative Sciences, 2023, vol. 13, issue 3, 1-19

Abstract: Financial intermediation can be performed by certain types of financial agents or financial brokers in selected European countries. Using primarily analysis and the comparison, the authors focus on certain legal aspects of distribution of financial services in selected Member States of the EU and the EEA, providing a comparative legal analysis. In Slovakia, it is being focused on the subordinate financial agent. The subordinate financial agent is an entrepreneur entitled to perform financial intermediation. The subordinate financial agent belongs under the delegated supervision of the independent financial agent. The paper deals with a consideration de lege ferenda , a change to the relevant legislation according to which the subordinate financial agents could belong to the supervised financial market entities. The authors provide pros and cons regarding the direct supervision of this entity realized by the National Bank of Slovakia. The paper is being prepared by using analysis, synthesis, the inductive method, the deductive method, and the comparative method. When regulating distribution of financial services on the European level, the Insurance Distribution Directive had played a key role. Mainly due to protection of financial consumers, the subordinate financial agent should belong under the direct supervision of the National Bank of Slovakia.

Keywords: distribution of financial services; financial agent; financial broker; financial market supervision; Central Bank (search for similar items in EconPapers)
JEL-codes: L M M0 M1 M10 M11 M12 M14 M15 M16 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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