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Regulatory bodies

Regulatory bodies provide investor protection and ensure the orderly operation of financial markets. 

This section of the website deals with the different regulatory authorities and their roles in the Euronext marketplaces:

  • Belgium
  • France
  • Ireland
  • Italy
  • Norway
  • The Netherlands
  • Portugal
  • The United Kingdom

Regulators in Belgium, France, Ireland, Norway, The Netherlands and Portugal work together to co-ordinate the supervision of the Euronext markets.

Investment firms and credit institutions that wish to perform cross-border activities should inform the home regulator. The other regulators involved will be notified and a European passport can be drawn up for the necessary countries (within the European Economic Area, or EEA).

Belgium

The Financial Services and Markets Authority (FSMA) is an autonomous public institution. As a legal identity the FSMA supervises financial institutions and the financial sector.

The Belgian National Bank (BNB) is responsible for supervising the conduct of the financial markets.

FSMA website: fsma.be
BNB website: nbb.be

France

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).

ACP website: banque-france.fr
Ministry of Economics and Finance website: minefe.gouv.fr
AMF website: amf-france.org

Ireland

The Irish Stock Exchange plc, trading as Euronext Dublin, is regulated by the Central Bank of Ireland

The Central Bank of Ireland:

  • regulates investment firms and stock brokers including:
    • client monies
    • conduct of business
    • consumer protection
  • reviews and approves prospectuses under the Prospectus Directive (Euronext Dublin)
  • monitors disclosure of information under the Transparency Directive (Euronext Dublin)
  • investigates market abuse

Central Bank of Ireland

Italy

The Commissione Nazionale per le Società e la Borsa (CONSOB) is the national competent authority in charge of regulating and supervising the Italian financial markets.

With this regard, CONSOB aims at ensuring primarily:

  1. transparency and correct behaviour by financial market entities;
  2. disclosure by listed companies and supervised entities of complete and accurate information to the public;
  3. accuracy of the facts represented in the prospectuses related to offerings of transferable securities to the investors.

It monitors financial markets in order to prevent and, if necessary, to sanction any misconduct or any infringement of the law.

CONSOB’s website: consob.it

Norway

The Norwegian financial markets are supervised by Finanstilsynet (the Financial Supervisory Authority of Norway). Finanstilsynet is an independent government agency that builds on laws and decisions emanating from the Storting (Norwegian parliament), the government and Finansdepartementet (the Ministry of Finance).

Finanstilsynet website: finanstilsynet.no

The Netherlands

Supervision of the Dutch financial markets is carried out by: 

  • De Nederlandsche Bank (DNB) supervises financial institutions and the financial sector;
  • The Netherlands Authority for the Financial Markets (AFM) is responsible for supervising the conduct of the financial markets.

DNB website: dnb.nl
AFM website: afm.nl

Portugal

The Portuguese Securities Market Commission (CMVM) is the regulatory authority for Euronext Lisbon. CMVM is 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: cmvm.pt

United Kingdom

The Financial Conduct Authority (FCA) is 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.

The FCA 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. The PRA is responsible for the prudential regulation and supervision of

  • banks
  • building societies
  • credit unions
  • insurers
  • major investment firms

The PRA sets standards and supervises financial institutions at the level of the individual firm.

FCA website: fca.org.uk
PRA website: bankofengland.co.uk