The Financial Regulatory Commission (FRC) is a parliamentary authority for regulation and supervision of the non-bank financial markets. FRC is Mongolia’s (non-bank) financial markets regulator. It is mandated to supervise and regulate the non-bank financial sector and is responsible for promoting stable and sound financial markets. The FRC exercises power over non-bank financial institutions, insurance companies and intermediaries, securities firms, saving and credit cooperatives, real estate brokers, and dealers of precious metals and stones; ensuring the rights of individual financial market clients (including securities holders, domestic and foreign investors, and insurance policyholders) against financial malpractices. Established in 2006, the FRC commenced its activities with a greater degree of responsibility than its predecessor; the former Securities Commission. As a regulatory authority formed under parliament, the FRC is accountable to the Mongolian parliament - which oversees its work - and is subject to annual reporting to the parliament’s Economic Standing Committee. Based on statutory objectives, the FRC promotes transparency and fair competition in the non-bank financial sector; in the wider interests of the public, and the financial markets’ clients.
As an integrated supervisory authority established in 2002, the Austrian Financial Market Authority brings together the supervision of all significant providers and functions under a single roof. Primarily, the Financial Market Authority supervises banks, insurance undertakings, Pensionskassen (pension companies), corporate provision funds, investment firms and investment services providers, investment funds, financial conglomerates and stock exchange companies. Additionally, it also monitors compliance with legal requirements, fairness and transparency in relation to trading of stock-exchange listed securities (the supervision of markets and stock exchanges); that for securities that are to be offered to the public that comprehensive prospectuses are issued that portray the opportunities and risks associated with the investment in an appropriate manner (supervision of capital market prospectuses); that the principles of good governance and orderly advice are adhered to (supervision of compliance and rules of conduct); that the unauthorised offering and provision of financial services is prohibited and punished; and that all financial institutions have the necessary systems in place to work preventively in relation to money laundering and terrorist financing. In 2022, the FMA supervised: - 473 banks (excluding EEA branches and payment institutions) - 8 corporate provision funds - 78 insurance undertakings - 8 Pensionskassen (pension funds) - 65 investment firms and 45 investment services providers - 10,624 foreign funds, which are marketed in Austria - 2,070 Austrian investment funds managed by 14 investment fund management companies (of which 13 licensed as AIFMs ), 4 companies exclusively licensed as AIFMs , as well as 34 registered AIFMs - 5 real estate investment fund management companies (at the same time AIFMs ) - 107 issuers with 22,572 listed securities as well as 69 million notified transactions
Financial services play a critical role in the lives of everyone in the UK, from junior ISAs to pensions, direct debits to credit cards, loans to investments. How well financial markets work has a fundamental impact on us all. UK financial services employ over 1.1 million people and contribute about £75 billion in tax per year. Based on our policy and enforcement work, we estimate that we add at least £11 of benefits to consumers and small businesses for every pound we spend. If UK markets work well, competitively and fairly they benefit customers, staff and shareholders, and maintain confidence in the UK as a global financial hub.
