NATIONAL AND INTERNATIONAL SECURITY
Security Aspects of the Regulation of Financial Market Infrastructure and Financial Services Distribution in the Internal Market of the European Union: The Perspective of the Czech Republic
The financial market and financial services are important sector of the economy where various types of risks arise. These risks affect both entities making their financial business as well as their customers. Some of these risks, especially those that are systemic in nature and that concern more vulnerable customers (typically consumers), are responded to by regulation as a key instrument of public intervention in the freedom of enterprise. Most of the current legislative framework in this area today has its prototype in the European Union member states in community law. The security aspects of the organization of the financial market and the activities of financial service providers are today the subject of a whole series of directives and regulations. Security here has either a primarily macroeconomic (ensuring financial stability) or a microeconomic dimension (protection of individual customers). The interest of the state in this area, which captures criminal activity here (money laundering, financing of terrorism, tax evasion), is specific. The aim of the article is to structure the system of these regulations, to analyse its (local) effectiveness using data from relevant administrative authorities of the Czech Republic and to estimate future developments in the area, taking into account current geopolitical dynamics within the European Union and globally.