In the sixth part, the Act separately regulates certain relationships related to the bankruptcy of the Slovak financial institutions (a bank, electronic money institution having its registered office in the Slovak Republic, insurance company or reinsurance company) as well as the bankruptcy of foreign financial institutions (a branch of the legal entity with the similar scope of business activities like the Slovak financial institution, having its registered office in other than the Member State) and of the European financial institutions (a legal entity with the similar scope of business activities like the Slovak financial institution, having its registered office in the Member State). Certain provisions stated in this part of the Act shall be also applicable to a securities trader, asset management company, pension management company, supplementary pension company, or a branch office of a similar foreign financial institution that has been established in the territory of the
Slovak Republic.
The new Act amends and supplements the Insurance Act and the Securities Act particularly with respect to the institute of the forced administration.
This Act came into effect on 1 January 2006, save for the provisions amending and supplementing the Securities Act and the Insurance Act, which became effective on 1 July 2005.
