International cooperation among supervisory authorities, both within the European Union and on the global level, is becoming increasingly significant for an efficient supervisory procedure, taking into account that a large number of globally active firms offer financial services outside their national borders. Hanfa’s international activities are pursued both on multilateral and bilateral basis.
European Financial Stability Facility (EFSF)
The main goal of the European Financial Stability Facility (EFSF) is to ensure adequate implementation of EU regulations relating to the financial sector, for the purpose of safeguarding financial stability, maintaining public confidence in the financial system and protecting consumers.
Supervision of the EU financial system comprises two pillars: macro-prudential supervision by the European Systemic Risk Board (ESRB) and micro-prudential supervision by European and Member States’ supervisory authorities.
The European Systemic Risk Board is responsible for the stability of the overall EU financial system, whereas responsibility for the supervision of the market and financial institutions’ solvency on micro-prudential basis lies with the European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), European Banking Authority (EBA) and supervisory authorities of individual Member States. EBA, EIOPA and ESMA (forming the European Supervisory Authorities – ESAs) meet on a regular basis and closely cooperate through their Joint Committee.
Hanfa is a member of EIOPA and ESMA and participates in the work of ESRB.
Hanfa is a member of the International Organization of Securities Commissions (IOSCO), with a membership consisting of capital market regulators worldwide, who participate in IOSCO’s fight against capital market misconduct using a Multilateral Memorandum of Understanding as a basis for the exchange of information on their respective experiences. Hanfa is a member of IOSCO’s European Regional Committee and Emerging Markets Committee.
Bilateral cooperation between Hanfa and foreign supervisory authorities is based on Memoranda of Understanding signed. Hanfa is a signatory to the Memoranda of Understanding with the supervisory authorities of the following countries: