The jurisdiction of the Slovak Republic

Brief description of jurisdiction

Slovakia (Slovak Republic) is a country in Central Europe, formed on January 1, 1993 after the dissolution of the Czech and Slovak Federal Republic (CSFR).

From 1918 to 1992 inclusive - part of Czechoslovakia; until 1918 - for almost nine centuries - part of Hungary.

The country has an area of 49,035 square km; its population is 5,410,000 people (2013). It is bordered on the north by Poland, in the east with Ukraine, in the south - with Hungary, in the west - with Austria and the Czech Republic. Its capital is Bratislava.

Since 2004, Slovakia is a member of NATO and the European Union, three years later, Slovakia joined the Schengen area. Also during his nearly twenty-year history of Slovakia gained membership in a number of international communities such as the United Nations (UN), World Trade Organization (WTO), the Organization for Economic Cooperation and Development (OECD) and the Organization for Security and Cooperation in Europe (OSCE). First January 2009 Slovakia joined the euro area.

Slovakia - a parliamentary republic. Executive authority is vested in the government headed by Prime Minister (Robert Fico). Legislative power is vested in a unicameral parliament, called the National Council of the Slovak Republic, which consists of 150 members. The head of state in Slovakia is the president, the current president of the country is Andrej Kiska. At present, Social Democrats are in power.

Slovakia's economy is one of the successful economies, which in 2004 joined the European Union in the 90s of the 20th century underwent the transformation of the economy from socialist central planning to a market economy.

Currently Slovakia is one of the most successful countries of the former Eastern bloc, although it is like other countries affected by the global economic crisis, but thanks to the renewal of foreign demand for its products since 2010 the economy has returned to stable growth.

Compared with the economies of Western European countries, the Slovak economy has a very large share of agriculture, which is dominated by the cultivation of grain, hops, potatoes and cattle.

An important sector of the economy is the industry, particularly engineering and automotive. The chemical and metallurgical industries are also interesting ones. As for the largest share in the country's GDP, it is the services sector accounting for 64%.

Slovakia can also be characterized as a country with cheap and skilled workforce, convenient geographical location, reasonable fiscal policy and fairly liberal government – all these factors attract foreign investors.

Regulatory base

Slovakia created a detailed legal and regulatory framework for the operation of the financial market after its independence proclamation in 1993. As of March 2004, as a new member of the European Union, it has accepted all the EU Directives.

The legal framework of the financial sector includes the following basic laws:

  • Law №747 / 2004 "On the supervision of financial markets";
  • Law №659 / 2007 "On Introduction of Euro in the Slovak Republic";
  • Law №483 / 2001 "On Banks";
  • Law №276 / 2009 "On measures to mitigate the effects of the global financial crisis on the banking sector";
  • Law №186 / 2009 "On the financial intermediation and financial counselling";
  • Act of the National Council of the Slovak Republic № 202/1995 «On the foreign exchange market";
  • Act of the National Council of the Slovak Republic № 118/1996 «On protection of bank deposits";
  • Law №492 / 2009 "On Payment Services";
  • Law №566 / 2001 "On securities and providing investment services";
  • Law №530 / 1990 "On Bonds";
  • Law №429 / 2002 "On the Stock Exchange";
  • Law №203 / 2011 "On Collective Investment";
  • Law №8 / 2008 "On insurance"
  • Law №381 / 2001 "On insurance of civil liability for damage caused by vehicles";
  • Law №43 / 2004 "On Pensions";
  • Law №129 / 2010 "On the consumer credit and other loans and advances".
  • Financial market

    The financial sector in Slovakia includes banks, insurance companies, asset management companies (collective investing), pension management companies, supplementary pension companies (insurance companies), securities markets, payment institutions and others.

    The share of foreign ownership of companies in the financial sector in Slovakia is usually dominant.

    The banking sector plays the key role in the financial sector. Its share in the assets and property of more than 70%. The banking sector in Slovakia is represented by 28 banks, 14 of which are branches of foreign banks.

    The banking sector shows good results. The dominant trend of Slovak banks is the increase in the rate of growth of credit products, the level of which in early 2015 reached the highest value since the beginning of the financial crisis (12.2%).

    Also increases the amount of contributions for 2014 in the banking sector profit contribution in the amount of €1.3 bn., it is twice more than in 2013. The annual increase in the volume of deposit products was 4.8%.

    The growth of deposits volume has made ​​a significant contribution to revenue growth of Slovak banks profit sector for 2014 amounted to €560 million. The capital adequacy of the banking sector in 2014 amounted to 17.3% (the required minimum recommended by the Basel Committee is 8%).

    It is safe to say that the banking sector in Slovakia is in a stable situation and continues to increase the profits each year.

    There are 52 pension management companies and supplementary pension companies (insurance companies) in the financial market of Slovakia. This segment is also profitable, the annual profit growth showed 13.3% and amounted to €179 million.

    85 firms are involved in collective investment in Slovakia. Collective investment shows an outstanding increase in the net asset value (NAV), which for 2014 amounted to €938 million. The largest amount of funds is attracted by mutual funds.

    On the securities market of Slovakia in 2014, the value of client assets reached the level of €2 billion. Trade in financial derivatives has the dominant share in the structure of trading operations on the market (about 80%).

    At present there are 203 payment organizations in Slovakia, which registration started from 2009. In a short period of 6 years, the country has attracted a large number of organizations interested in the activities associated with payment systems. The current situation on the market of payment services provides many opportunities for the emergence of a competitive organization with favourable conditions and a wide range of services.

    The activities of payment institutions, electronic money institutions

    The concept of payment institution is determined by the directive of the European Parliament and Council Directive 2007/64 / EC of November 13, 2007 "on payment services in the internal market" and the Law 492/2009 "On Payment Services";

    Payment institution is a legal entity with an address on the territory of the Slovak Republic, which according to the license for the provision of payment services is allowed to provide payment services:

  • a) without limiting the scope of provision of payment services,
  • b) with limited scope of provision of payment services.
  • The term ‘payment services’ in accordance with § 2 of the Law №492 / 2009 on payment services means:

  • a) deposit of funds in the checking account and the operations associated with the account management,
  • b) withdrawal of funds to the account and the operations associated with the account management,
  • c) the execution of payment transactions, including transfer of funds from one account to another maintained by the organization providing payment services:
  • Payments with a payment card or other payment instrument, collection.
  • d) execution of payment transactions through credit payment service user:
  • form of an acceptable overrun of checking account
  • 1a. Payments
  • 1b. with a payment card or other payment instrument,
  • 1c. collection, or
  • form of a line of credit with a payment card or other payment instrument,
  • d) money order,
  • e) execution of payment transactions where the consent of the payer to the execution of payment transactions is provided by means of any telecommunication device, digital or information technology. Payment is made ​​by a manager of telecommunication devices, digital or information technology, which acts as an intermediary between the payment service user and performer.
  • f) carrying out acquisitions or issuing a payment card or other payment instrument.
  • The payment institution provides payment services on the basis of a one-time provision of payment services, or on the basis of the total contract.

    Contract for the provision of one-time payment service regulates the implementation of a single payment transaction without any subsequent operations.

    The general contract, which integral part are terms of payment services, provides for a one-time payment transaction and the subsequent operations. Also, this agreement contains the terms for opening and maintaining a payment account.

    The issuer of electronic money is an institution that has a license in accordance with this Act and is authorized to issue electronic money.

    Electronic money is a means of payment, expressed and existing in electronic form, which represent the financial obligations of the issuer of electronic money appeared at the receipt of funds for effecting payment transactions.

    Electronic money can be issued only on the basis of prior funding in the amount of their nominal value.

    Acceptation of financial means by which the issuer of electronic money immediately issues electronic money, not a contribution.

    E-money issuers are:

  • a) banks, foreign banks or a branch of a foreign bank that has a banking license, which includes the authorization of issuing electronic money,
  • b) an electronic money institution, foreign electronic money institution or a branch of a foreign electronic money institution,
  • c) postal organizations, if according to a special law it is allowed to issue e-money,
  • d) The National Bank of Slovakia and the European Central Bank when it is not acting as a source of monetary policy,
  • or there is is no reference to the actions related to the provision of social needs,
  • e) the State Treasury, the Export-Import Bank of the Slovak Republic, local state administrations, municipalities and other territorial units, which according to a special law are authorized to issue electronic money.
  • Institute of electronic money is a legal entity with an address on the territory of the Slovak Republic, which in accordance with a license to issue electronic money is authorized to issue electronic money, manage electronic money and carry out payment transactions related to the issuance of electronic money:

  • a) without limiting the volume of the issued electronic money,
  • b) with limiting to the volume.
  • In addition to the issue of electronic money, electronic money institutions may also carry out the following activities:

  • a) provide payment services
  • b) provide credits to the user to perform the following activities of payment services related to payment services.
  • Such credits are never granted from the funds received for the issuance of electronic money or funds received for the provision of payment services,
  • c) provide operational services and closely related ancillary services directly related to
  • the issuance of electronic money or
  • the provision of payment services,
  • d) maintenance of the payment system, if this activity has the appropriate permissions,
  • e) carry out other business activities.
  • Institute of e-money with limited issue volume of e-money can issue e-money only with a license, while an average volume of electronic money issued as a result of business activities should not exceed €5 000 000.

    It can also provide payment services not related to the issuance of electronic money, however the average total amount of payment transactions in the last 12 months, including the agent's payment service through which payment service was provided, should not exceed €3 000 000 per month.

    This requirement shall be assessed on the basis of the total amount of payment transactions alleged in the business plan of the company, taking into account the comments of the National Bank of Slovakia.

    Institute of electronic money with a limited amount of e-money is not allowed to do the following in another member state:

  • a) to issue electronic money
  • b) to carry out the activities referred to in paragraphs a) - c).
  • Control of the financial market and payment services sector

    The National Bank of Slovakia provides control of the financial market in the Slovak Republic, in accordance with the Law "On the Supervision of Financial Markets”. The National Bank as the executive control body should be a professionally qualified, independent in decision-making and recognized by other market participants.

    To perform the control of the financial market, the National Bank has a special department of financial control.

    This department is managed by the Vice Governor, to whom the Organizational department entrusted the management of the National Bank.

    The National Bank ensures that financial control department employees have all necessary conditions for the professional and efficient performance of duties. Department of Financial Control acts independently, impartially and independently.

    NBS cooperates with foreign control authorities on the financial market control, the National Bank is a member of many international organizations and performs tasks arising from its participation.

    As part of the financial control, NBS provides:

  • - Licensing.
  • - Supervision on site,
  • - Supervision at distance.
  • The purpose of licensing is to issue permits for the activities of individuals and legal entities who meet all requirements for financial activities.

    The licensing process is very thorough, to allow for identifying the sources of future problems before the decision making to issue a license, and to ensure that a license is only issued to those persons who will act in the market "transparently". In this case the NBS makes sure that the licensing procedure is followed without undue delay, on the basis of procedural efficiency, and voids bureaucratic barriers to entry to the financial market.

    Supervision is collection of information, usually directly from the controlled entity or by its staff, and its subsequent evaluation.

    The purposeof supervision on-site is to identify and eliminate risks inherent to financial actors.

    In addition to on-site supervision process that is triggered by certain events in the financial market, the National Bank carries out supervision on-site every three years.

    Supervision at a distance means collection and evaluation of information about controlled entity in a way other than on-site, for example, based on a written petition of the National Bank or on the basis of legal provisions on mandatory reporting of financial institutions.

    Evaluation of the information received could draw attention to some of the problems of controlled entities and help them solve such problems in time.

    Executive authority in the financial market is the Ministry of Finance of the Slovak Republic. The duties of the Ministry of Finance are management of the state budget and the national accounts of the Republic, implementation of tax and customs control, financial management, financial control. In addition to other obligations, its scope also includes activities against legalization of proceeds from crime, as well as coordination of procedures for international sanctions at the national level.

    Obtaining a license from the competent authority

    Payment institution is part of the financial market and as other market participants it must be licensed to carry out their activities.

    The decision on granting a license to conduct payment services is made on the basis of a written application by the National Bank of Slovakia.

    The license application is submitted by the applicant, who would like to organize the payment institution.

    In accordance with the Law 492/2009 "On Payment Services» § 64 to obtain a payment institution license an applicant must comply with the following conditions:

  • a) a payment institution shall be a legal entity established as a business organization that is required to form the share capital and the supervisory board,
  • b) minimal paid cash contribution of payment institution to the share capital is
  • 20,000 €, if the payment institution intends to provide only the services specified in § 2, point b)
  • 50,000 €, if the payment institution intends to provide only the services referred to in § 2, point f)
  • 125,000 €, if the payment institution intends to provide only the services specified in § 2, point a), e) and g)
  • c) a transparent, fair and lawful origin of the share capital and other financial assets the payment institution,
  • d) suitability of the persons involved in the payment institution and transparent relationship of these persons with other persons, especially the transparency of their shares in the authorized capital,
  • e) professional competence and integrity of persons who are offered a place in the statutory body, authorized representative, member of the supervisory board, the chief of staff and heads of HR and internal control departments,
  • f) transparency of the group to which belong the management of the payment institution,
  • g) the staff of the payment organizations should not tamper with the supervision,
  • h) legal procedures, method of their application and support of the State where the management is based,
  • h) the charter of the payment institution,
  • a) reasonable and appropriate technical systems, resources and procedures to ensure proper payment services
  • i) address of the payment institution, its head office and the place of provision of payment services should be located at the territory of Slovakia,
  • j) adequate and relevant organizational conditions for the activities of payment institutions that meet prudential standards and rules of the payment institution,
  • k) logistics and technical support of the payment institution activities,
  • l) general entrepreneurship conditions of payment institution, which must conform to the current law,
  • m) persons related to management of the payment institution must prove their financial ability to overcome the unfavourable financial situation, if such a situation happens
  • n) systems to protect the funds of payment service users.
  • The license application form shall include:

  • a) company name, registered office, identification number, share capital amount and sphere of business activity,
  • b) a list of all officials and information about them:
  • name, permanent address in Slovakia or the address of permanent residence abroad, nationality and date of birth, in a case of an individual.
  • name, permanent address in Slovakia or the address of permanent residence abroad, nationality, date of birth, company name, registered office, identification number, in the case of an individual entrepreneur,
  • company name, registered office, identification number, if it is a legal entity,
  • c) name, permanent address in Slovakia or the address of permanent residence abroad, citizenship, date of birth of the individual proposed as a member of the statutory body, an authorized representative, a member of the supervisory board, chief of staff, or head of the internal control, and information proving this person’s reliability and professional competence,
  • d) planned payment services and other activities
  • e) confirmation of the applicant about the completeness, accuracy, authenticity and relevance of the application and the documents attached thereto,
  • f) place and date of application submission and officially certified signature of the applicant,
  • g) trade name, registered address, identification number or name, permanent address in Slovakia or the address of permanent residence abroad, nationality, date of birth of the person proposed as an auditor, if the applicant has entered into a contract with an auditor or an audit company.
  • The application must be submitted with the following additional documents:

  • - Extract from the commercial register,
  • - Certificate of depositing share capital,
  • - Articles of association,
  • - The payment institution charter
  • - Brief professional biography, confirmation of education and professional practice,
  • - Certificate of compliance with all conditions of the law "On Payment Services", which should not be older than three months,
  • - The project's organizational structure and organizational rules of the payment institution,
  • - A draft internal rules regulating the governance and internal control, including risk management processes and rules that are set in order to prevent money laundering and terrorist financing,
  • - Project of preparation, conclusion, execution of transactions, including the mechanisms and pricing rules, if the payment institution wishes to make transfers of funds in foreign currency, their activity is the sale or purchase of funds in one currency for funds in another currency with its own account or third party accounts, or at the distribution of such transfers,
  • - A business plan based on the proposed strategy of activities of payment institutions, including the provisional budget for the first three years, which demonstrates the ability of payment institutions to use appropriate technical systems, resources and procedures for the provision of payment services,
  • - A detailed description of participation of payment institutions in the payment system,
  • - A detailed description of the planned payment agents and branches, by which the payment institution will operate, if provisioned.
  • Agent of the payment service is a person who provides payment services on behalf of the payment institution on the basis of a written contract.

  • - A detailed description of the order fulfilment workflow to a third party, if the payment institution intends to outsource
  • - A description of measures taken to insure funds of payment services users
  • - Developed general business conditions,
  • - Documentary evidence clearly demonstrating the ability of the financial management of the payment institution to overcome the unfavourable financial situation, if it happens.
  • Payment institution applying to the National Bank for obtaining a license under the Act shall pay the competent authority the amount of € 3500 as a filing fee and its processing regardless of whether the result obtained a license or not.

    The National Bank of Slovakia shall decide on the issuance of the license within three months from the date of complete application. National Bank refuses to issue a license if the applicant could not or did not confirm the fulfilment of conditions referred to above, and does not submit an application in accordance with all of the points. The conditions required for obtaining a license must be also followed after the license receipt, during its term. An applicant willing to become a payment institution, must prove to the National Bank own technical, organizational and personal willingness and ability to provide payment services properly.

    The license is issued by the National Bank for an indefinite period of time and it can not be transferred to another person. Also, the license may contain conditions that payment institutions must fulfil before providing payment services. After receiving the license, the payment institution shall submit an application to the appropriate Court of registration for the registration of all types of allowed activities within 30 days of receipt of the license. After payment institution receives confirmation from the Court on the record in the Commercial Register, it is obliged to provide to the National Bank within ten days an extract from the register.

    The National Bank of Slovakia may revoke the license of payment institution if:

  • - It was issued on the basis of incomplete or inaccurate information,
  • - There have been significant changes in the decisive issues for a license,
  • - Payment institution has repeatedly or grossly violated the terms of the license,
  • - Payment institution does not start to operate within 12 months of receiving a license,
  • - Payment institution will cease to carry out the activities specified in the license for six calendar months,
  • - Payment institution prevents supervision or sanctions applied to it.
  • Company registration

    Commercial organizations in Slovakia are guided by the "Commercial Code". In accordance with § 105 of the Code, a limited liability company (LLC) is a company, which capital consists of predetermined contributions of its members. The company can be created by one person, and include no more than 50 participants.

    The Company is liable for breach of its obligations with all of its property. Its owner(s) is responsible for the obligations of the company up to the amount of its unpaid contributions recorded in the commercial register.

    To create a limited liability company in Slovakia, it is required to make an appropriate commercial name that will represent the company on the market. In order to make sure that the chosen name is not already on the market, it is necessary to take advantage of the commercial register. The company name must contain the words "limited liability company", but it is sufficient availability of abbreviations LLC.

    The minimum amount of capital must be 5000 €. The amount of the contribution of each participant cannot be less than 750 €. With the establishment of the company, each participant has the right do make only one contribution to the share capital. The amount of input from each shareholder can be different, but it is must be expressed with a whole positive number. If a shareholder plans to make a non-cash contribution to the society, it should be documented in the articles of association, specifying the subject and its cost.

    Memorandum must contain the following information:
  • a) full and abbreviated company name and location of the company,
  • b) composition of the society; in the case of individuals, the address of the place of residence, in the case of legal entities, company name and legal address,
  • c) key activities of the company,
  • d) the amount of the authorized capital of the company, contribution of each member, the amount of contributions paid, method and procedure of their application. In case of non-monetary contributions of the participants - the object and its value,
  • e) names, addresses and identification numbers of founders. In the case of foreign physical persons, not having an identification number, their dates of birth are indicated,
  • f) names, addresses and identification numbers of the members of the Supervisory Board. In the case of foreign physical persons, not having an identification number, their dates of birth are indicated,
  • g) full name of the account manager,
  • h) the size of the reserve fund, if the company creates it, and the way of its completion,
  • i) award granted to persons who participate in the creation of companies or activities in order to obtain permission to create,
  • j) the expected costs associated with the establishment of the company,
  • k) additional information, if required by law.
  • The signatures of all founders in the contract should be notarized, so the agreement is signed in the presence of a notary.

    Limited Liability can not be created by a person who has overdue tax or any other payments. This restriction does not apply if the founder is a foreign person. When applying for registration in the commercial register of the company, a founder of an LLC shall submit an appropriate document to prove the absence of tax debts, and obtain the approval of the tax authorities to continue with registration of the company. For this purpose, the founding person must apply to the relevant tax or customs authority. Applying is free and does not require notarized signatures. If the company has more than one founder, then it must be approved by the tax authority for each founder.

    Tax and customs authorities will give its consent to the registration of the company in the commercial register, if the amount of debt on taxes and duties does not exceed 170 €. The tax authority issues a written consent to registration within five working days of receipt of the request.

    An important step is to identify the company’s major activity. Limited liability companies in most cases choose an activity that belongs to the category of free entrepreneurship. For this purpose, it is necessary to obtain a certificate of entrepreneurial activity. Application for this certificate is submitted to the competent regional authorities, depending on the address of the company.

    A newly formed company (which has not yet been recorded in the commercial register) will receive a certificate of entrepreneurial activity from the competent regional authority in the case of fulfilment of all legal conditions for LLC founding. After consideration of the application, the company will receive the certificate within five business days. Upon receipt of this certificate, the company will get a unique identification number.

    Certificate of business is a resolution on entrepreneurship, but it comes into force only as of the day of recording in the commercial register.

    The application for the certificate is submitted by all founders of a limited liability company, in accordance with the law, they must be over 18 years old, have no criminal record and legal capacity. When applying it is necessary to attach the following documents:

  • - a notarized copy of the constituent agreement,
  • - a notarized power of attorney for representation of the company, in case the application is submitted by founder’s representatives,
  • - a completed application form,
  • - a proof of payment of administrative fees. For each selected object of the company’s activity, there is a fee of 5 - 15 € (depending on type of activity).
  • Also, the company performs registration in the competent regional authority for income taxes and provides an application for registration of the company in the commercial register.

    In order to apply for the initial registration of the company in the commercial register, the contributions of the participants in the share capital of the company must be paid at least at 30%, the total amount of paid authorized capital shall not be less than 2500 € (the minimum amount of authorized capital of 5000 €). If the Company founder is only one person, share capital must be paid in full before applying for initial registration.

    Contributions of the shareholders must be deposited on a bank account. Through a bank statement of the company, the company provides evidence to the competent authority on the amount of the paid share capital.

    To open a bank account in the Slovak bank, companies usually have to provide:
  • A completed application for opening an account, specifying the type of account and currencies,
  • A certificate of registration issued by the Commercial Register as soon as company is registered. The bank may also require a description of the company, as well as information on past and expected turnover,
  • Documents certifying the identity of the participants of the company,
  • Bank statement should be attached to the application for registration of the company in the commercial register. In addition to the application is required to report the following:

  • - articles of association with notarized signatures,
  • - if the company is established by one person, that person should provide two notarized certificates that he/she is not the founder of more than two other companies,
  • - certificate of granting individual functions of the founder of the company or a member of the Supervisory Board,
  • - certificate of entrepreneurial activity,
  • - confirmation of ownership of the property where the legal address will be registered or a lease contract, with the consent of the owner to provide the address for registration in the commercial register,
  • - the consent of the tax authority to the company's registration in the commercial register, two notarized copies,
  • - confirmation of payment to the court of the fee for the registration of companies. The amount of the court fee of 331.5 €,
  • If all the requirements of the application for registration of the company are met, the court will register the company within five business days from the filing date.

    Every company that has been recorded in the commercial register, in accordance with the Law №595 / 2003 "On Taxes", is obliged to apply for registration of taxes on profits to the district tax authority.A company is required to do it not later than 1 month from the date of registration.

    Profit tax is applicable for:
  • - profits or income from business, profession or occupation
  • - remuneration from employment or self-employment, including fringe benefits
  • - dividends, bonuses, interest or discount
  • - pensions, compensation, annuities
  • – rents, royalties, bonuses and other income from property
  • - other income
  • Income tax in Slovakia is:
  • 19% - from profits, not exceeding a total of 32,022 €,
  • 25% - from profits, exceeding the amount of 35,022 €.
  • Limited Liability Company is required to keep accounts. In accordance with the "Commercial Code" a LLC should provide to the Registry of financial statements the following documents:

  • - balance sheet at the end of the accounting year,
  • - interim balance sheet,
  • - annual financial report
  • - audit report,
  • - notification of the date of approval of the balance sheet.
  • To approve the balance sheet of a limited liability, there should be a meeting of the founders up to six months at the end of the year. If the Company is composed of one person, the balance sheet is approved by its independent decision.

    Accounting records must meet all the requirements, depending on the accounting system. The company has to record in the accounting book all transactions that are recognized in the accounts. A company can not record in this book any transactions, which in fact were not effected. In case of such violations, a company can be penalized with a fine ranging from 1 000 € to 3 000 000 €.

    Documentation

    In accordance with the decision of the National Bank of Slovakia from December 9, 2014 a payment institution is required to provide the following reports:

  • - a balance sheet of the institution,
  • - a Profits and Losses report,
  • - a report on own funds
  • - a report on the economic and financial situation,
  • - a report on low- and high-risk assets
  • - a report on completed payment transactions.
  • A financial institution must submit to the National Bank any information and statements, which it might require in the exercise of its duties in accordance with the Law on Financial Institutions. All such reports must be submitted in the form and at terms established by the appropriate authority.

    A payment institution is obliged, in accordance with the Law 510/2002 "On the payment relations," to preserve the confidentiality of all information and documents relating to clients and their operations, which it has received while carrying out its activities. A payment institution shall conceal, securely store and protect these data and documents from unauthorized access, disclosure, misuse, alteration, destruction, loss or theft. A payment institution may disclose to third parties the information and documents relating to clients and their operations only with the prior written consent of the client or according to his written instructions, unless otherwise required by law.