Financial regulation

• Central Bank (Banco Nacional de Angola (BNA));
• Capital Market Commission (Comissão de Mercado de Capitais (CMC)).

Regulation of the financial services sector is split between the Reserve Bank of Australia (RBA), the Australian Prudential and Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

The RBA is Australia’s central bank and responsible for the overall stability of financial markets and monetary policy.

APRA has the responsibility of supervising Australia’s Authorized Deposit Taking Institutions (ADIs), with the primary task to ensure that organizations in the banking and financial services sector manage their risk appropriately.

ASIC has responsibility for the supervision of operators of financial markets, clearing and settlement facilities, and market participants. It advises the Australian government on licensee operating rules as well as on new market and clearing and settlement facility operators. ASIC’s other main role is to regulate consumer protection in the financial sector.

Other regulators to note are:

• the Australian Transaction Reports and Analysis Centre (Austrac); and
• the Australian Competition and Consumer Commission (ACCC).

Austrac is the regulator and specialist financial intelligence unit responsible for regulation of anti-money laundering and counter-terrorism financing.

The ACCC is the national agency responsible for enforcing the Competition and Consumer Act 2010 (Cth)(CCA), Australia's key legislation in respect of trade practices. The ACCC regulates anti-competitive and unfair market practices, mergers or acquisitions of companies, consumer protection (including product safety) and third-party access to facilities of national significance.

Supervision is organized according to the ‘Twin Peaks’ model, with two autonomous supervisors, namely the National Bank of Belgium (Banque Nationale de Belgique/Nationale Bank van België) (NBB) and the Financial Services and Markets Authority (Autorité des services et marchés financiers/Autoriteit voor Financiële Diensten en Markten) (FSMA), each of which has a specific set of objectives.

The NBB performs macro prudential supervision of ‘system relevant’ financial institutions and is also responsible for the individual prudential supervision (including compliance with anti-money laundering legislation) of financial institutions authorized to hold funds on behalf of their clients.

The FSMA is the supervisor with respect to financial markets, investment products and the rules of conduct that apply to financial institutions. It is also responsible for contributing to the financial education of savers and investors.

Beside the national authorities, the European Central Bank (ECB) is the competent authority in Belgium for carrying out its micro-prudential tasks within the single supervisory mechanism (SSM) under Regulation (EU) No 1024/2013 in respect of Belgian credit institutions and (mixed) financial holding companies that are classified as significant. The ECB is also the competent authority to authorize these institutions and to withdraw their authorizations subject to the relevant provisions laid down in Regulation No 1024/2013.

The basic structure of the Brazilian financial system (Sistema Financeiro Nacional) was established by Law No. 4.595, which created the CMN (as defined below) and granted the Central Bank, among other things, the powers to issue money and control credit.

Main regulatory agencies

The Brazilian financial system consists of the following regulatory and fiscal bodies:

• the National Monetary Council (Conselho Monetário Nacional or CMN);
• the Central Bank of Brazil;
• the Brazilian Securities Commission (Comissão de Valores Mobiliários or CVM);
• the Superintendence of Private Insurance (Superintendência de Seguros Privados or SUSEP); and
• the Complementary Pensions Secretariat (Superintendência Nacional de Previdência Complementar - PREVIC).

The CMN and the Central Bank regulate the Brazilian banking sector. The CVM is responsible for the policies of the Brazilian securities market. Below is a summary of the main attributes and powers of each of these regulatory bodies.

The CMN

Currently, the CMN is the highest authority in the system and is responsible for Brazilian monetary and financial policy and for the overall formulation and supervision of monetary, credit, budgetary, fiscal and public debt policies. The CMN is responsible for:

• adjusting the volume of forms of payment to the needs of the Brazilian economy;
• regulating the domestic value of the currency;
• regulating the value of the currency abroad and the country’s balance of payments;
• regulating the constitution and operation of financial institutions;
• directing the investment of the funds of financial institutions, public or private, taking into account different regions of the country and favorable conditions for the stable development of the national economy;
• supervising Brazil’s reserves of gold and foreign exchange;
• enabling the improvement of the resources of financial institutions and instruments;
• monitoring the liquidity and solvency of financial institutions;
• coordinating monetary, credit, budgetary, fiscal and public debt policies; and
• establishing the policy used in the organization and operation of the Brazilian securities market.

The Central Bank

Law No. 4.595 granted the Central Bank powers to implement the monetary and credit policies established by the CMN, as well as to supervise public and private sector financial institutions and to apply the penalties provided for in law, when necessary. According to Law No. 4.595, the Central Bank is also responsible for, among other activities, controlling credit and foreign capital, receiving mandatory payments and voluntary demand deposits from financial institutions, carrying out rediscount operations and providing loans to banking institutions, in addition to functioning as the depositary for official gold and foreign currency reserves. The Central Bank is also responsible for controlling and approving the operations, the transfer of ownership and the corporate reorganization of financial institutions, as well as the establishment of transfers of principal places of business or branches (whether in Brazil or abroad) and requiring the submission of periodical and annual financial statements by financial institutions.

The President of the Central Bank is appointed by the President of Brazil, subject to ratification by the Federal Senate, and holds office for an indefinite period of time.

The CVM

The CVM is a government agency of the Ministry of Economy, with its headquarters in Rio de Janeiro and with jurisdiction over the whole Brazilian territory. The agency is responsible for implementing the securities policies of the CMN and is able to regulate, develop, control and supervise this market strictly in accordance with the Brazilian Corporate Law and securities laws.

The CVM is responsible for regulating the supervision and inspection of publicly-held companies (including with respect to disclosure criteria and penalties applicable to violations in the securities market), the trading and transactions in the securities and derivatives markets, the organization, functioning and operations of the stock exchanges and the commodities and futures exchanges and the custody of securities.

Provincial (Québec)

The Autorité des marchés financiers is the regulator of the Québec financial sector, notably in the areas of insurance, securities, derivatives, deposit institutions (other than banks) and the distribution of financial products and services, as well as products and services related to insurance, in both retail and wholesale markets. It is also responsible for any enforcement of market abuse and listing regimes.

Self-regulatory organizations (eg Montréal Exchange) receive certain delegation of powers from the Autorité des marchés financiers in order to monitor and supervise the conduct of its members, including development of rules and compliance control in respect of these rules.

 

The Financial Market Commission (CMF) (formerly known as Superintendence of Securities and Insurance /”SVS”/) is in charge of the supervision of the banking enterprises, irrespective of their nature, and the financial entities whose control is not otherwise entrusted by the laws of a different institution. The CMF is also in charge of the supervision of the companies whose corporate purpose consists of the issuance or operation of credit cards or any other similar system, provided the said system considers that the issuer or operator ordinarily assumes monetary obligations to the public or certain sectors or specific groups thereof. Furthermore, the CMF has the main objective of ensuring the transparency of the markets by monitoring and publishing the public information it maintains and collaborating in the knowledge and education of investors, insured persons and the public in general.

The Financial Market Commission, was created by Law No. 21,000, published in the Official Gazette on 23 February 2017, constituting the collegial and technical institution which replaced the SVS.

Additionally, since June 1, 2019, the Superintendence of Banks and Financial Institutions (“SBIF”) was integrated to the CMF. The main effect of the integration was that the SBIF ceased to exist and the CMF assumed all the faculties and responsibilities of the SBIF.

The National Consumers Service (SERNAC), strengthens the rights of consumers of financial products and services, and imposes obligations on companies of this sector.

The Chilean Central Bank looks after the stability of the currency, that is, to keep inflation low and stable over time. The Chilean Central Bank must also promote the stability and efficacy of the financial system and the normal functioning of internal and external payment systems, to generate a predictable environment for decision making of economic agents contributing to reduce the ups and downs of the economic cycles, thus providing a solid basis for the country´s permanent growth.

The Fuel and Electricity Superintendence (SEC) is a supervisory body that, among other things, is in charge of monitoring and supervising the compliance of legal and regulatory dispositions as well as technical norms on generation, production, storage, and distribution of liquid fuel, gas and electricity, as well as the administrative interpretation of the norms in the electrical sector. The SEC’s duties include ensuring the correct operation of the electricity, gas and fuel services in terms of safety, quality and price.

The Agency of Promotion of Foreign Investment is the authority in charge of qualifying and granting the certificate of ‘foreign investor’ under the Direct Foreign Investment in Chile Law.

Central Bank

The Colombian Central Bank exercises the customary functions of a central bank, including price stabilization, legal currency issuance, regulation of currency circulation, credit and exchange rate monitoring and administration of international reserves. Its board of directors is the regulatory authority for monetary, currency exchange and credit policies, and is responsible for the direction and execution of the Colombian Central Bank duties. The Colombian Central Bank also acts as a last resort lender to financial institutions.

Ministry of Finance

The Ministry of Finance designs, coordinates, regulates and executes economic policy, seeking to create an optimal administration of public finances for the economic and social development of the country. The Ministry of Finance regulates all aspects of finance, securities and insurance activities, pursuant to powers conferred by the Colombian Constitution. As part of its duties, the Ministry of Finance issues decrees related mainly to financial, taxation, customs, public credit and budgetary matters that may affect banking transactions in Colombia. In particular, the Ministry of Finance is responsible for regulations relating to financial institutions’ capital adequacy, risk limitations, authorized transactions, disclosure of information and accounting.

Superintendency of Finance

The Superintendency of Finance is a technical entity affiliated with the Ministry of Finance that acts as the inspection, supervision and control authority of persons involved in financial, insurance and securities exchange activities, and any other operations related to the management, use or investment of resources collected from the public. The Superintendency of Finance is responsible for supervising the Colombian financial system with the purpose of preserving its stability and trustworthiness, as well as promoting, organizing and developing the Colombian securities market and protecting the users of financial and insurance services and investors in general.

Financial institutions must obtain the authorization of the Superintendency of Finance before commencing operations. In addition, all public offering of securities requires the prior approval of the Superintendency of Finance.

Securities Market Self-Regulatory Organization

Self-regulation in the capital markets was formally introduced in Colombia by Law 964 of 2005, and the Securities Market Self-Regulatory Organization (Autoregulador del Mercado de Valores de Colombia, or SRO) was created in 12 June 2006.

The SRO is a private entity that has the power to supervise, sanction and regulate the entities subject to self-regulation (ie including securities intermediaries and any entity that voluntarily submits itself to self-regulation).

The SRO’s supervisory powers entitle it to review compliance with applicable laws and regulations and impose sanctions in the case of violations. The SRO may also propose regulation aimed at various matters, including conflicts of interest and improving the integrity and quality of the capital markets.

The Czech National Bank (CNB) is the supervisory authority for the financial market in the Czech Republic.

CNB therefore supervises the banking sector, the capital market, the insurance industry, pension funds, credit unions, exchange offices and payment system institutions.

The CNB lays down rules to safeguard the stability of the banking sector, the capital market, the insurance industry and the pension scheme industry. It systematically regulates, supervises and, where appropriate, issues penalties for non-compliance with these rules.

Finanssivalvonta, or the Finnish Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies, virtual currency providers and the Helsinki Stock Exchange. The FIN-FSA identifies the problems encountered by the markets and supervised entities and takes appropriate action. The supervision supplements controls undertaken by supervised entities and markets themselves. The FIN-FSA ensures that the supervised entities are professionally managed and that they have adequate risk management systems in place and operate according to ethically and professionally qualitative business principles and practices.

Rahoitusvakausvirasto, or, the Financial Stability Authority protects depositors and taxpayers from the effect and expenses of financial crises. It also prevents financial crises and promotes bail-in as part of the Single Resolution Mechanism. It is responsible for the Finnish deposit guarantee system.

There are two main regulators:

• the Prudential Supervisory and Resolution Authority (Autorité de contrôle prudentiel et de résolution) (ACPR), which supervises regulated entities acting in the banking, payments, investment and insurance industries (eg credit institutions, payment institutions, electronic money institutions, investment companies, digital assets service providers (DASPs), insurance firms, etc.); and
• the Financial Markets Authority (Autorité des Marchés Financiers) (AMF), which supervises and authorises participants and products in financial markets including, without purporting to be exhaustive:
  • financial markets and market infrastructures;
  • listed companies;
  • financial intermediaries authorized to provide investment services and financial investment advice (credit institutions authorized to provide investment services, investment firms, alternative investment fund managers (AIFMs), financial investment advisors);
  • alternative investment funds (AIFs); 
  • undertakings for collective investments in transferable securities (UCITS); and
  • DASPs.

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – (BaFin)) and the Deutsche Bundesbank share banking supervision in Germany.

Pursuant to Section 6 para 1 of the German Banking Act (Kreditwesengesetz (KWG)), BaFin is the administrative authority responsible for the supervision of institutions under the Banking Act. The cooperation between BaFin and the Deutsche Bundesbank is governed by Section 7 of the German Banking Act (Kreditwesengesetz (KWG)), which stipulates that, among other things, the Deutsche Bundesbank shall, as part of the ongoing supervision process, analyze the reports and returns that institutions have to submit on a regular basis and assess whether their capital and risk management procedures are adequate.

The central bank (Bank of Ghana) is the supervisory and regulatory authority for all banks, specialized deposit-taking institutions and non-bank financial institutions. 

The securities industry is regulated by the Securities Exchange Commission under the Securities Industry Act, 2016 (Act 929). 

The Ghana Stock Exchange is recognized by the Securities and Exchange Commission as a self-regulatory organization authorized to prescribe rules for its members as market participants. 

The National Insurance Commission supervises and regulates institutions within the insurance industry under the Insurance Act, 2006 (Act 724). 

The National Pensions Regulatory Authority establishes standards, rules and guidelines for the management of pension funds, including guidelines for pension fund investments. It approves, regulates and monitors trustees, pension fund managers, custodians and other institutions that deal with pensions and supervises the administration by trustees of registered schemes.

The National Bank of Hungary 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 National Bank of Hungary is also responsible for the prudential regulation of systemically important financial institutions, including banks, building societies, insurers and major investment firms.

The Central Bank of Ireland is the body responsible for prudential regulation and conduct of business of financial services firms operating in Ireland. It is also responsible for enforcing Ireland’s market abuse and listing regimes.

Since November 2014, following the implementation of the EU single supervisory mechanism, credit institutions have been subject to EU-wide regulation. This grants the European Central Bank (the ECB) powers in relation to the prudential supervision of credit institutions. There are two categories of “credit institution” in Ireland – those which are designated by the ECB as “significant” and those designated as “less significant”. Where a credit institution is designated as “significant” , it is supervised directly by the ECB, whereas credit institutions designated as “less significant” are subject to direct supervision by the Central Bank of Ireland, and to indirect supervision by the ECB.

Financial institutions may also be subject to the supervision of other regulatory bodies or agencies, such as the Data Protection Commission. In addition, certain agencies have statutory responsibility for investigating and/or enforcing financial services law. For example, the Financial Services and Pensions Ombudsman is empowered to investigate and resolve disputes between consumers and financial institutions. The Competition and Consumer Protection Commission has statutory responsibility for enforcing competition and consumer protection law.

The Bank of Italy is the central bank of Italy and is entrusted with the supervision of banks and financial intermediaries, which are the entities entitled to carry out banking and financial activities vis-à-vis the public. In particular, the Bank of Italy pursues the objective of ensuring the stability and the efficiency of the banking and financial system and compliance with Italian rules and regulations. To this end, the Bank of Italy issues secondary legislation and monitors the activities carried out by banking and financial institutions, also in relation to the payments system and the overall regulatory supervision.

The Bank of Italy has also powers of inspection and sanctioning powers vis-à-vis the banks and the financial intermediaries.

In addition to the above, Italian banks qualifying as significant institutions are also directly subject to the prudential supervision of the European Central Bank (ECB), which is also entrusted with both hard and soft regulatory powers, in accordance with the overall European framework.

The Commissione Nazionale per le Società e la Borsa (CONSOB) is the Italian government authority responsible for regulating the Italian securities market. More precisely, CONSOB is entrusted with supervision on transparency and correctness of regulated entities, including banks and financial intermediaries providing investment services and other financial activities. This authority also regulates, inter alia, the solicitation of investment (ie public offers) and the marketing of financial instruments, including units of collective investment funds. For the purposes of its supervisory competence, CONSOB also has powers of inspection and sanctioning powers vis-à-vis the banks and the financial intermediaries.

The Financial Market Authority is the Regional Council for Public Savings and Financial Markets (CREPMF). It regulates the functioning of the market and authorizes public offering procedures by granting visas.

It enacts rules and regulations concerning the regional stock market, market access conditions, publicity rules and information of the public.

It has the power to control the different stakeholders operating in the regional market.

The Regional Stock Exchange (BRVM) is responsible for organizing the stock market; ensuring the listing and trading of securities; ensuring the dissemination of stock market prices and information; promoting and developing the market.

The Central Bank of the West African States (BCEAO) issues currency, manages monetary policies, and organizes and monitors banking activities in general.

The WAMU Securities Agency (Agence UMOA Titres) assists states using the regional and international capital markets to raise their needed resources to finance and fund their economic development through the identification of the most suitable means.

The Financial Instruments and Exchange Act delegates control over the disclosure of information related to securities and the regulation of securities to the Financial Services Agency, an external bureau of the Cabinet Office.

The Prime Minister has regulatory authority to order a financial instruments business or an intermediary service to:

• improve its operations;
• suspend its businesses; or
• rescind its registration.

The Luxembourg Supervision Commission of the Financial Sector (Commission de Surveillance du Secteur Financier) is the regulator which supervises the professionals and products of the Luxembourg financial sector. 

. It supervises, regulates through regulations and circulars, authorizes, informs, and, where appropriate, carries out on-site inspections (investigation power) and issues sanctions. Moreover, it is in charge of promoting transparency, safety, soundness and fairness in the markets of financial products and services and is responsible for the enforcement of laws on financial consumer protection and on the fight against money laundering and terrorist financing.

The Commission de Surveillance du Secteur Financier has 5 main missions: (i) prudential supervision of certain entities, (ii) public oversight of the audit profession, (iii) compliance with professional obligations, (iv) power of sanction and (v) national, European and international cooperation.

The Financial Services Commission 

The Financial Services Commission is the integrated regulator for the non-bank financial services sector and global business. 

The Bank of Mauritius 

The Bank of Mauritius is the regulator of financial institutions under its purview, namely banks, non-bank deposit-taking institutions, and money changers and foreign exchange dealers.

The Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) (SHCP) plans and directs the Federal Government’s economic policy in Mexico, as regards to finance, tax, spending, income and public debt. It supervises the Mexican banking system.

Mexico’s central bank, Banco de México (BANXICO), promotes the sound development of the Mexican financial system and the optimal functioning of the payment systems. BANXICO ensures the stability of the domestic currency’s purchasing power.

The National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) (CNBV), supervises and regulates all entities of the Mexican financial system (including banks, non-bank finance companies, stockbrokerage houses, financial technology institutions and mutual funds) in order to ensure its stability and proper operation and to protect the interests of the general public.

The National Commission for the Protection and Defense of Users of Financial Services (Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros) (Condusef), promotes financial education and transparency and protects financial services users before entities of the Mexican financial system.

The National Retirement Savings System Commission (Comisión Nacional de Sistemas de Ahorro para el Retiro) (CONSAR), supervises and regulates AFORES, companies that administer the employees retirement savings.

The Bank Savings Protection Institute (Instituto para la Protección al Ahorro Bancario) has the authority to provide depositary insured institutions with limited deposit insurance in favor of banking depositors and suggest and oversee capital restoration plans to financially assist banks for the benefit of depositors.

The National Insurance and Bonding Commission (Comisión Nacional de Seguros y Fianzas), supervises and regulates insurance and bonding companies.

Morocco has two (2) main regulators:

• Bank Al-Maghrib (BAM) which ensures the proper functioning of the banking system and ensures the application of the laws and regulations relating to the exercise and control of the activity of credit institutions and similar bodies;
• L'Autorité Marocaine du Marché des Capitaux/AMMC (Moroccan capital market authority) whose main objective is to ensure effective market and stakeholder supervision and, more generally, to support the market development process.

In addition of these two regulators, there is the Comité des Etablissements de Crédits (the credit institutions committee), which carries out all studies relating to the activity of credit institutions, in particular, their relations with customers and public information. This committee is chaired by the Wali (Governor) of Bank Al-Maghrib.

The Netherlands has a ‘twin-peaks’ supervisory model. This entails the division of supervision into two areas:

• prudential supervision, on the soundness of financial entities and the stability of the financial industry (this area is supervised by the Dutch Central Bank (de Nederlandsche Bank)); and
• market conduct supervision, on the market conduct of entities that are active on the financial markets (this area is supervised by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten)).

In addition, since 4 November 2014, the European Central Bank – in cooperation with the Dutch Central Bank (de Nederlandsche Bank) – carries out the prudential supervision on Dutch ‘significant banks’ directly and Dutch ‘less significant banks’ indirectly. The market conduct supervision of all - significant and less significant – banks remains with the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten).

The Financial Markets Authority (FMA) regulates the conduct of financial service providers in both retail and wholesale markets markets and is responsible for enforcing securities, financial reporting and company law as they apply to financial services and securities markets. The FMA also authorizes and regulates licensed financial product markets.

The Reserve Bank of New Zealand regulates banks, insurers and non-bank deposit takers and manages monetary policy to maintain price stability, promotes the maintenance of a sound and efficient financial system, and supplies New Zealand banknotes and coins.

The Commerce Commission enforces competition, fair trading and consumer credit laws. Together with the Ministry of Business, Innovation and Employment (MBIE) and the Treasury, these five regulators form the Council of Financial Regulators in New Zealand.

The Inland Revenue has responsibility for the collection of tax and the administration of the Inland Revenue Acts in New Zealand, including the Income Tax Act 2007.

The Norwegian Financial Supervisory Authority (Finanstilsynet) (the FSA) is responsible for the supervision and follow-up of banks, finance companies, mortgage companies, insurance companies, pension funds, investment firms, securities fund management and market conduct in the securities market, stock exchanges and authorized market places, settlement centers and securities registers, estate agencies, debt collection agencies, external accountants and auditors. Finanstilsynet is an independent government agency that builds on laws and decisions emanating from the Parliament (Stortinget), the Government and the Ministry of Finance (Finansdepartementet) and on international standards for financial supervision and regulation.

The Norwegian Ministry of Finance is responsible for planning and implementing Norwegian economic policy and for coordinating the work with the Fiscal Budget. The Ministry of Finance is the complaints body for the FSA.

The Superintendence of Banking, Insurance and Private Pension Fund Management Companies (Superintendencia de Banca, Seguros y AFP, or SBS) is a constitutionally autonomous institution in charge of the regulation and supervision of the financial, insurance and private pension fund system in Peru and the companies that are part of it, being the conduct regulator for firms and companies providing banking and financial services. It enjoys functional, administrative and economic independence.

The Superintendence of Securities Market (Superintendencia del Mercado de Valores, or SMV) is a specialized technical entity attached to the Ministry of Economy and Finance whose purpose is to protect investors, ensuring the efficiency and transparency of the markets under its supervision, as well as of the correct firm pricing and the dissemination of the necessary information for such purposes, through its regulatory, supervisory and promotional functions. It enjoys functional, administrative, economic, technical and budgetary independence.

Both Peruvian institutions are entitled to initiate administrative and sanctioning procedures against entities that are under their supervision and, when applicable, apply sanctions that include warnings, economic fines and revocation of licenses.

The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego) supervises financial markets, including banking, capital markets, insurance market, pension market, financial conglomerates, electronic money institutions, payment institutions and payment service bureaus, as well as cooperative savings and credit unions.

The Polish Financial Supervision Authority  carries out the licensing, regulatory, control and disciplinary function. The PFSA issues licenses for banks, cooperative banks, domestic payment institutions, insurance and reinsurance undertakings, open pension funds, investment funds or investment companies.  The PFSA may impose financial penalties provided for by the law and withdraw license held by a financial institution. It may also issue individual recommendations for a specific entity or recommendations or guidelines aimed to affect the entire financial market sector. The PFSA analyses reports submitted by financial institutions on running basis and assesses whether they satisfy legally defined capital requirements. The scope of competence of the PFSA also includes carrying out control procedures in supervised entities.

The Bank of Portugal is responsible, among other functions, for ensuring the stability of the national financial system. To this end, it performs its functions as lender of last resort and the national macro-prudential authority. The Bank of Portugal also enacts general regulations and specific recommendations applicable to entities subject to its supervision. It also has powers to conduct investigations and apply penalties for infringement.

The Portuguese Securities Market Commission "CMVM" oversees the securities and derivatives market and is responsible for the supervision of investment services activities (known as conduct of business supervision) and the establishment of investment funds and the commercialization of units in investment funds. The Portuguese Securities Market Commission also issues general regulations and specific recommendations. It also has powers to conduct investigations and apply penalties for infringement.

The Portuguese Insurance and Pensions Funds Supervising Authority is the official body that controls and supervises the business of insurance and reinsurance, pension funds and brokerage activities.

The main financial regulator in Puerto Rico is the Office of the Commissioner of Financial Institutions of Puerto Rico. However, other financial institutions are regulated by:

• the Office of the Commissioner of Insurance (e.g. insurance companies, brokers and agencies);
• the Public Corporation for the Regulation and insurance of Cooperatives (COSSEC) (e.g. cooperatives and credit unions); and
• the Secretary of the Treasury (the main tax authority in Puerto Rico).

The main regulator in the banking sector is the National Bank of Romania (NBR) which is the Romanian central bank. The NBR has, inter alia, authorization, prudential supervising and regulatory competences in relation to credit institutions.

The Financial Supervisory Authority (FSA) is the regulatory and supervisory body responsible for capital markets. The FSA's role includes authorizing investment firms, management companies and investment funds, providing the general listing requirements for issuers, regulating the securities exchange and enforcing the market abuse regulations.

The Central Bank of the Russian Federation is the main regulator of the financial and investment market. Its functions, among others, include:

• banking supervision;
• regulating activities of non-banking credit organizations;
• supervision of corporate relations by joint-stock companies;
• regulation and supervision of the securities market and activities of the professional participants on the securities market;
• organization and performance of currency regulation and control;
• organization and methodological support of official statistical recording of direct investments;
• control of compliance with the requirements of the insider trading regulation;
• protection of rights and legitimate interests of shareholders and investors on the financial markets; and
• regulation, control and supervision of insurance activities;
• control over the activities of investment platforms operators.

The Financial Market Authority is the Regional Council for Public Savings and Financial Markets (CREPMF). It regulates the functioning of the market and authorizes public offering procedures by granting visas.

It enacts rules and regulations on the regional stock market, market access conditions, publicity rules and information of the public.

It has the power to control the different stakeholders operating in the regional market.

The Regional Stock Exchange (BRVM) is responsible for organizing the stock market, ensuring the listing and trading of securities, ensuring the dissemination of stock market prices and information, promoting and developing the market.

The Central Bank of the West African States (BCEAO) issues currency, manages monetary policies, organizes and monitors banking activities in general.

The WAMU Securities Agency (Agence UMOA Titres) assists states, through the regional and international capital markets, in raising their resources needed to finance and fund their economic development through the identification of the most suitable means.

The Monetary Authority of Singapore is the central bank of Singapore and the main regulator for all financial regulated activities.

The Accounting and Corporate Regulatory Authority is the regulator of business entities and other corporate service providers.

The National Bank of Slovakia is responsible for the supervision of the financial markets.

The supervisory tasks of the National Bank of Slovakia include:

• laying down prudential business rules and other requirements in relation to the business activities undertaken by supervised entities;
• monitoring compliance with the relevant laws and regulations of Slovakia, as well as with legal acts of the EU;
• conducting proceedings, issuing authorizations, licenses, permissions and approvals, and imposing sanctions and remedial measures;
• issuing other decisions, opinions, methodological guidelines and recommendations relating to financial markets supervision;
• conducting on-site and off-site supervision of supervised entities; and
• preventing the legalization of proceeds of criminal activity and financing of terrorism.

The Bank Supervision Department of the South African Reserve Bank (the central bank of South Africa) (SARB), headed up by the Registrar of Banks, is responsible for regulating and supervising all banks and banking groups registered in South Africa.

The SARB and the Financial Surveillance Department of South Africa are responsible for implementing and administering South African exchange control policy and as such oversee the inflow and outflow of local currency and other local assets.

The Financial Sector Conduct Authority (previously known as the Financial Services Board) oversees the non-banking financial services industry, which includes retirement funds, short-term and long-term insurance, companies, funeral insurance schemes, collective investment schemes (unit trusts, funds and listed derivatives) and financial advisors and brokers. The Financial Sector Conduct Authority (previously known as the Financial Services Board) also supervises JSE Limited (the Johannesburg Stock Exchange).

The Comisión Nacional del Mercado de Valores (Spanish Securities and Exchange Commission, CNMV) is the conduct regulator for firms providing investment services and fund managers in both retail and wholesale markets, and also the prudential regulator for investment firms and fund managers. It is also responsible for enforcing the market abuse and listing regimes.

The Bank of Spain is responsible for the prudential regulation of credit institutions, payment and e-money service providers, financial credit establishments and real estate lenders and intermediaries. It is also the conduct regulator for firms providing banking, payment and e-money services, financial credit establishments and real estate lenders and intermediaries.

The Swedish Financial Supervisory Authority (Finansinspektionen or SFSA) is the conduct regulator for firms providing financial products and services in both retail and wholesale markets. The SFSA is also the prudential regulator for many firms and is responsible for the regulation of systemically important financial institutions, including banks, insurers and major investment firms.

The Securities and Exchange Commission (SEC) is the supervisory authority responsible for securities regulations. The remit of the SEC covers a wide range of securities-related activities and transactions in both the retail and wholesale market.

The Stock Exchange of Thailand (SET) is the supervisory authority which provides a platform for the sale and purchase of listed securities. The SET also acts as a clearing house and securities depository.

The Bank of Thailand (BOT) is the supervisory authority which regulates financial institutions, currency exchange, payment system, regulated non-banks, peer-to-peer lending and asset management.

The Ministry of Finance (MOF) oversees the SEC, the SET and the BOT. The MOF also regulates other specific finance activities, such as credit bureau and escrow agent.

The Ministry of Commerce (MOC) overseas the business registration and the business security registration.

There are three independent state authorities which supervise financial markets and financial products:

• The National Bank of Ukraine (NBU) oversees banks and the bank lending market.
• The National Securities and Stock Market Commission (Securities Commission) is responsible for supervision of securities, regulated markets and derivatives.
• The National Commission for Regulation of Financial Services Markets of Ukraine (Financial Market Commission) is the regulator for non-banking financial lending, for example, peer-to-peer lending and lombard lending.

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 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.

This depends on the entity, its location and the relevant regulations and laws that apply.

The UAE is a federation of seven independent emirates each of which has its own judicial capacity. The applicable laws are those federal laws passed by the federal government of the UAE but each can be supplemented by laws passed by the rulers of individual emirates.

The UAE has a federal court system which is followed in the Emirates of Ajman, Fujairah, Sharjah and Umm Al Quwain.  The Emirates of Abu Dhabi, Dubai and Ras Al Khaimah have separate court systems or judicial departments (independent from the federal system).

In addition, through changes to the UAE Constitution, two financial free zones have been created (Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC)) which have their own court systems based not on the federal Civil Code but English common law.

The Central Bank of the UAE (Central Bank) and the Securities and Commodities Authority (SCA) are the main regulatory bodies for financial services in the UAE. Pursuant to Federal Law No. 14 of 2018 (New Banking Law), the Central Bank regulates financial institutions, including those who wish to provide financing and engaged in financial licensed activities in or from the UAE. The New Banking Law replaces and repeals the Federal Law No. 10 of 1980 and Federal Law No. 6 of 1985 (together the Old Banking Laws).

Taking this together when considering the question of regulation of a particular entity or activity, it may be possible that any of the following regulatory bodies may have authority:

• UAE Central Bank;
• UAE Securities and Commodities Authority;
• Abu Dhabi Global Market Authority Courts;
• Dubai International Financial Centre Courts;
• Dubai Financial Services Authority;
• a relevant Free Zone Authority;
• UAE Penal Code; and
• laws and regulations passed by individual emirates.

Lending

Federal

The Office of the Comptroller of the Currency (OCC) is an independent bureau within the US Treasury Department that charters, regulates, and supervises all national banks and thrift institutions and the federal branches and agencies of foreign banks in the US.

The Federal Deposit Insurance Corporation (FDIC) is a US government corporation that provides deposit insurance to depositors in US banks. It also examines and supervises certain financial institutions for safety and soundness, performs certain consumer-protection functions, and manages receiverships of failed banks.

The Federal Reserve Board of Governors (Federal Reserve) is the main governing body of the Federal Reserve System and is charged with overseeing the Federal Reserve Banks and helping to implement monetary policy in the US.

The Consumer Financial Protection Bureau (CFPB) is an independent US government agency that enforces consumer protection laws and regulations specific to the US financial sector. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, debt collectors, and other financial companies operating in the US.

The Federal Trade Commission (FTC) is an independent US government agency that enforces consumer protection laws and regulations.

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the US Treasury Department that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

State

State regulatory agencies regulate state-chartered banks and certain non-affiliates of federally chartered banks, as well as non-bank lenders.

Securities

Federal

The US Securities and Exchange Commission (SEC) is the primary regulator of the US securities markets and oversees the key participants in the securities world, including securities exchanges, brokers and dealers, investment advisors and mutual funds.

The Financial Industry Regulatory Authority (FINRA) is an independent, not-for-profit organization authorized by Congress to protect investors and market integrity through regulation of broker-dealers.

National Securities Exchanges (acting in the role of self-regulatory organizations) are securities exchanges that have registered with the SEC under section 6 of the Securities Exchange Act of 1934.

The US Commodity Futures Trading Commission (CFTC) is an independent US government agency that polices the derivatives markets and futures and swaps markets to lower the risk to the public.

State

State securities regulators enforce 'blue sky' laws, which cover many of the same activities the SEC regulates, but are confined to securities sold or persons who sell them within each state.