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The main reason for adoption of the new Banking Act was fulfilment of requirements of the Organisation for Economic Co-operation and Development (OECD) for operation of banks, harmonisation of the Banking Act with the law of the European Communities (EC), as well as increase of the scope of implementation of the Basel Principles for Performance of Bank Supervision. Further, banking activities have been harmonised with the banking activities stipulated in the Directive of the European Parliament and Council No. 2000/12 relating to taking up and pursuit of the business of credt institutions by adoption of the new Banking Act.
The new Banking Act newly regulates some relations connected with the establishment, organisation, management, conducting of business activities and winding-up of banks with their registered seats in the territory of the Slovak Republic and some relations in respect of the operation of foreign banks in the territory of the Slovak Republic for purpose of regulation and supervision of banks, branch offices of foreign banks and other entities to secure operation of the banking system.
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