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Decree of the Ministry of Finance of the Slovak Republic No. 42/2002
Coll. on the Methods of Proving the Fulfilment of the Requirements for Issue of the Permission
to Provide Investment Services
This decree describes the documents that should be submitted to the Office for Financial
Market (also known as the Financial Market Authority) together with an application for issue of
permission to provide services described in Sections 55 (2) and 56 (2) of the Act No. 566/2001
Coll. on Securities and Investment Services.
These documents should be provided as originals or as verified copies to prove the
following:
- a)
- repayment of the minimum registered capital required for a securities broker (the
``Securities Broker'');
- b)
- transparent and credible source for the registered capital and other financial resources
of the Securities Broker;
- c)
- suitability of persons with qualified interest in the Securities Broker and transparency
of relations among these persons, in particular transparency of their interests in registered
capital and voting rights,
- d)
- professional competence and trustworthiness of persons who are proposed as members of the
Board of Directors, managers, and persons responsible for internal audit,
- e)
- transparency of a group with close links of which a shareholder with qualified interest
in Securities Broker is a member,
- f)
- close links within a group mentioned in letter e) do not prevent effective
supervision,
- g)
- law and its application in the country where a group mentioned in letter e) has close
links, do no prevent the effective supervision,
- h)
- the registered seat and the principal place of business of the Securities Broker is in
the territory of the Slovak Republic;
- i)
- technical and organisational readiness to perform licensed activities of the Securities
Broker.
A foreign Securities Broker should submit documents proving:
- a)
- sufficient volume and transparency of finances provided by the foreign Securities Broker
to its branch with respect to the range and risk level of the business of the branch,
- b)
- trustworthiness of the foreign Securities Broker and its financial strength corresponding
with the scope of business of the branch,
- c)
- professional competence and trustworthiness of persons proposed by the foreign Securities
Broker as managers of its branch,
- d)
- transparency of a group with close links of which the Securities Broker is a member,
- e)
- close links within a group pursuant to letter d) do not prevent the effective
supervision,
- f)
- the law and its application in the country where the group mentioned in d) has close
links do not prevent effective supervision,
- g)
- the foreign Securities Broker seeking to operate through its branch in the Slovak
Republic has its principal place of business in the country, where it has its registered
office.
This Decree is effective as of 1 February 2002.
Last modified: 2003-03-01
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