The role of regulatory bodies is to provide investor protection and ensure the orderly operation of financial markets.
Since the merger of Euronext’s marketplaces, regulators in Belgium, France, The Netherlands and Portugal have worked together to co-ordinate the supervision of NYSE Euronext's European cash markets. This section of the website deals with the different regulatory authorities and their roles in Euronext’s marketplaces: Belgium, France, The Netherlands and Portugal, and also the UK.
Please be advised that when an investment firm or a credit institution wishes to perform cross-border activities, the home regulator should be informed so that the other regulators involved can be notified and the European passport can be drawn up for the necessary countries (within the European Economic Area, or EEA).
The Financial Services and Markets Authority (FSMA), formerly the CBFA, is an autonomous public institution with its own legal identity and supervises financial institutions and the financial sector.
The Belgian National Bank (BNB) is responsible for supervising the conduct of the financial markets.
The French Prudential Supervisory Authority (Autorité de Contrôle Prudentiel – ACP) is an independent administrative authority operating under the auspices of the French central bank, Banque de France. It was created in January 2010 by the merger of the four previous banking and insurance licensing and supervisory authorities, the Commission bancaire, the ACAM, the CECEI and the CEA.
In addition, the Ministry of Economics and Finance establishes general rules governing the operation of credit institutions and investment firms, including management standards, prudential ratios and the setting of capital requirements.
The French financial community also has one major public independent authority, the Autorité des Marchés Financiers (AMF).
The supervision on the Dutch financial markets is divided between:
The Portuguese Securities Market Commission (CMVM) is the regulatory authority for Euronext Lisbon in charge of supervising and regulating financial markets, and those active within these markets.
Banco de Portugal is responsible for the supervision of the banking system.
Within its supervision role, CMVM follows the activity of the entities under its supervision, monitors compliance with laws and regulations, files registries with a legality control purpose, develops inspections, imposes sanctions within its range of powers and issues ordinances and specific recommendations.
CMVM website: www.cmvm.pt
On 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
The Prudential Regulation Authority (PRA) is a part of the Bank of England and is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.