Agencija za trg vrednostnih papirjev (ATVP) — Securities Market Agency

Overview

The Agencija za trg vrednostnih papirjev (ATVP), or Securities Market Agency in English, is the independent regulatory authority responsible for the supervision and regulation of Slovenia's securities markets, investment services, and related capital markets activities. Founded on 13 March 1994, the ATVP is a legal entity under public law established to maintain a safe, transparent, and efficient market in financial instruments in the Republic of Slovenia.

The Agency is independent in implementing its tasks and responsibilities, operating autonomously from the executive branch. Its basic mission is investor protection, market integrity, and the orderly functioning of Slovenia's capital markets. The ATVP's tasks and competencies are defined primarily by the Market in Financial Instruments Act (ZTFI) and related legislation. The Agency exercises binding regulatory authority over securities issuance, investment firms, fund management companies, regulated markets, and market conduct in Slovenia.

With Slovenia's EU membership since 1 May 2004 and euro adoption since 1 January 2007, the ATVP is fully integrated into the European regulatory framework, coordinating closely with the European Securities and Markets Authority (ESMA) and participating in IOSCO at the international level. The Agency has recently expanded its supervisory perimeter to include crypto-asset service providers (CASPs) under the EU Markets in Crypto-Assets Regulation (MiCA), making Slovenia a relevant jurisdiction for digital finance licensing within the EU.

Current Director: Anka Cadez (appointed by the National Assembly on 31 March 2021 for a six-year term)

Headquarter Location: Poljanski nasip 6, 1000 Ljubljana, Slovenia

Basic Identity

Classification

Inclusion Justification

What This Entity Oversees

Securities Markets and Investment Services

The ATVP is the competent authority for securities markets regulation in Slovenia, responsible for maintaining fair, transparent, and efficient capital markets. Key functions include:

• Investment Firm Authorization and Supervision — Licensing and ongoing supervision of investment firms providing investment services and activities (brokerage, dealing, portfolio management, advisory) in compliance with MiFID II requirements as transposed into Slovenian law

• Public Offerings and Prospectuses — Review and approval of prospectuses for public offerings of securities and admission to trading on regulated markets

• Market Abuse Prevention — Investigation and enforcement against insider trading, market manipulation, and unlawful disclosure of inside information under the EU Market Abuse Regulation (MAR)

• Regulated Market and MTF Oversight — Supervision of the Ljubljana Stock Exchange (Ljubljanska borza, LJSE) and any multilateral trading facilities operating in Slovenia

• Post-Trade Infrastructure — Oversight of the central securities depository (KDD - Centralna klirinsko depotna druzba) for securities clearing and settlement

• Corporate Governance and Financial Reporting — Monitoring of listed company disclosure obligations, periodic financial reporting, and corporate governance standards

• Takeover Bids — Supervision of mandatory and voluntary takeover bid procedures under the Takeovers Act

The Ljubljana Stock Exchange (LJSE) is the primary regulated market in Slovenia, and the ATVP oversees its operations, listing rules, and trading conduct.

Collective Investment Schemes and Asset Management

The ATVP authorizes and supervises collective investment scheme operators and asset managers in Slovenia:

• UCITS Management Companies — Authorization and supervision of UCITS management companies, fund prospectuses, and ongoing investment policy compliance

• Alternative Investment Fund Managers (AIFM) — Authorization and registration of AIFM under the AIFMD framework as transposed into Slovenian law

• Fund Governance and Risk Management — Oversight of fund management company governance, valuation procedures, liquidity management, and risk controls

• Cross-Border Fund Distribution — Supervision of EU fund passporting into and from Slovenia

• Investor Information and Disclosure — Fund prospectus requirements, Key Information Documents (KIDs), periodic reporting, and performance disclosure standards

Market Conduct and Investor Protection

The ATVP places significant emphasis on conduct-of-business supervision and investor protection:

• Conduct Standards — Enforcement of suitability assessments, best execution requirements, inducements disclosure, and conflict of interest management for investment firms

• Consumer Information — Transparency of charges, terms, and risks for retail investors

• Complaint Handling — Oversight of investment firm complaint handling procedures

• Financial Education — Investor education initiatives and public awareness programs on capital markets risks and opportunities

Crypto-Asset Service Provider (CASP) Authorization under MiCA

Following the entry into force of the EU Markets in Crypto-Assets Regulation (MiCA) and Slovenia's transposition through the Law on the Implementation of the EU Regulation on Crypto-Asset Markets (ZIUTK, effective 23 November 2024), the ATVP has taken on a significant new supervisory role:

• CASP Authorization — The ATVP is the competent authority for issuing and withdrawing CASP authorizations in Slovenia

• Asset-Referenced Token (ART) Issuers — Supervision of ART issuers operating in Slovenia

• Transition Regime — Entities operating before 30 December 2024 must submit full license applications and either receive authorization or cease operations by 30 June 2026

• Application Review — The ATVP must assess within 25 working days of receiving an application whether all required information has been included

• Ongoing Supervision — Conduct and prudential supervision of authorized CASPs, including consumer protection, market integrity, and AML/CFT compliance requirements

Slovenia was among the early EU Member States to formally align its legal framework with MiCA, positioning the ATVP as a relevant authority for crypto-asset businesses seeking EU-wide authorization through the passporting mechanism.

AML/CFT Compliance Supervision

The ATVP exercises AML/CFT supervisory authority over entities within its regulatory perimeter:

• Customer Due Diligence — Verification of KYC, CDD, and EDD requirements for investment firms, fund management companies, and CASPs

• Suspicious Activity Reporting — Coordination with the Office for Money Laundering Prevention (Urad za preprecevanje pranja denarja, UPPD), Slovenia's Financial Intelligence Unit

• Sanctions Compliance — Monitoring of compliance with EU, UN, and national sanctions lists

• Beneficial Ownership — Verification of beneficial ownership identification and transparency requirements

• CASP AML/CFT — Enhanced AML/CFT requirements for crypto-asset service providers, including transaction monitoring and travel rule compliance

Recent Developments (2025-2026)

MiCA Implementation (2024-2026): The ATVP has assumed competent authority status for CASP authorization under MiCA, with the transitional period running until 30 June 2026. This represents a significant expansion of the Agency's supervisory perimeter and workload.

ZIUTK Adoption (November 2024): Slovenia adopted the Law on the Implementation of the EU Regulation on Crypto-Asset Markets (ZIUTK), effective 23 November 2024, formally aligning its legal framework with MiCA and designating the ATVP as the competent authority.

Director Anka Cadez: Director Cadez continues to lead the Agency through a period of significant regulatory expansion, with her six-year term running through 2027. She is also Chairwoman of the Council of the Securities Market Agency and a regular member of the ESMA Board of Supervisors and multiple IOSCO Committees.

Digital Finance Focus: The ATVP has prioritized digital finance supervision, operational resilience, and cybersecurity within its supervisory approach, reflecting EU-wide regulatory trends.

Regulatory Powers

The ATVP possesses comprehensive administrative enforcement authority over supervised entities:

• Administrative Fines — Imposition of fines for regulatory violations, with amounts determined by violation severity and applicable legislation

• Corrective Orders and Mandatory Compliance Directions — Binding directives requiring regulatory compliance within specified timelines

• License Suspension or Revocation — Withdrawal of authorization for serious or persistent violations

• Prohibition Orders — Prohibitions on individuals from holding management or supervisory positions in regulated entities

• Supervisory Measures — Enhanced monitoring, business activity restrictions, and mandatory governance changes

• Public Disclosure — Publication of enforcement actions and sanctions decisions

• Supervisory Warnings — Issuance of formal warnings and recommendations

• Temporary Suspension of Trading — Authority to temporarily suspend trading in specific financial instruments on regulated markets

The ATVP publishes annual reports and activity summaries detailing supervisory activities, enforcement actions, and market developments. The Agency's enforcement approach emphasizes proportionality and transparency.

Criminal Referral

For serious violations involving potential criminal conduct (such as insider trading and market manipulation), the ATVP coordinates with the Slovenian prosecution authorities and law enforcement agencies for criminal investigation and prosecution.

Regulatory Role and Function

Executive Leadership

Director: Anka Cadez (appointed by the National Assembly on 31 March 2021 for a six-year term, running through 2027)

As Director of the Securities Market Agency, Anka Cadez:

• Presents and represents the Agency externally

• Manages the Agency's operations and organizes its work

• Serves as Chairwoman of the Council of the Securities Market Agency

• Is a regular member of the ESMA Board of Supervisors

• Is a member of three IOSCO Committees

Council of the Securities Market Agency:

The bodies of the Agency are the Council and the Director. The Council serves as the Agency's decision-making body for regulatory matters.

Management Team:

• Director: Anka Cadez

• Assistant Directors including Primoz Damjanovic (at the Agency since 2003; graduated Faculty of Economics, Ljubljana, 2000)

Organizational Structure:

The ATVP is organized into the following functional areas:

• Market Supervision Department — Oversight of regulated markets, MTFs, trading conduct, and market abuse prevention

• Investment Firms Supervision Department — Licensing and ongoing supervision of investment firms and conduct compliance

• Collective Investment Schemes Department — Authorization and supervision of UCITS and AIFM

• Issuers and Disclosure Department — Review of prospectuses, takeover bids, and listed company disclosure compliance

• Crypto-Assets Supervision Department — CASP authorization and supervision under MiCA

• Legal and Enforcement Department — Legal affairs, enforcement proceedings, and regulatory drafting

• International Cooperation and EU Affairs — ESMA coordination, IOSCO participation, and cross-border regulatory cooperation

• General Affairs and Administration — Internal operations, IT, and support services

Legal Foundation

The ATVP operates under the following primary legislative framework:

Market in Financial Instruments Act (ZTFI — Zakon o trgu financnih instrumentov)

• Primary legislation establishing the regulatory framework for securities markets and investment services in Slovenia

• Transposition of MiFID II into Slovenian law

• Defines the ATVP's licensing and supervisory authority over investment firms, regulated markets, and market infrastructure

• Establishes market conduct rules, investor protection standards, and transparency requirements

Investment Funds and Management Companies Act (ZISDU — Zakon o investicijskih skladih in druzbi za upravljanje)

• Transposition of the UCITS Directive into Slovenian law

• Grants the ATVP authorization and supervisory authority over UCITS management companies and funds

Alternative Investment Fund Managers Act (ZUAIS — Zakon o upravljavcih alternativnih investicijskih skladov)

• Transposition of the AIFMD into Slovenian law

• Grants the ATVP authorization and supervisory authority over alternative investment fund managers

Takeovers Act (ZPre — Zakon o prevzemih)

• Establishes the framework for mandatory and voluntary takeover bids

• Grants the ATVP supervisory authority over takeover proceedings

Law on the Implementation of the EU Regulation on Crypto-Asset Markets (ZIUTK)

• Effective 23 November 2024

• Formally aligns Slovenia's legal framework with the EU Markets in Crypto-Assets Regulation (MiCA)

• Designates the ATVP as the competent authority for CASP authorization and ART issuer supervision

Prevention of Money Laundering and Terrorist Financing Act (ZPPDFT)

• Establishes AML/CFT compliance requirements for ATVP-supervised entities

• Transposition of EU AML Directives

Companies Act (ZGD — Zakon o gospodarskih druzbah)

• Corporate governance and financial reporting framework for listed companies

EU Regulatory Frameworks:

• Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)

• Market Abuse Regulation (MAR)

• Markets in Crypto-Assets Regulation (MiCA)

• Alternative Investment Fund Managers Directive (AIFMD)

• UCITS Directive

• Prospectus Regulation

• Transparency Directive

• Sustainable Finance Disclosure Regulation (SFDR)

• European Market Infrastructure Regulation (EMIR)

• Central Securities Depositories Regulation (CSDR)

• Digital Operational Resilience Act (DORA)

Licensing and Authorization Relevance

The Securities Market Agency (ATVP) licenses and authorizes capital market participants in Slovenia:

The licensing process involves assessment of capital adequacy, fitness and propriety of management and key personnel, business plan viability, organizational structure, compliance systems, AML/CFT frameworks, IT systems readiness, and risk management capabilities.

Payments and Money Movement Relevance

The Securities Market Agency (ATVP) does not directly regulate payment systems or payment service providers. Payment institution licensing and supervision in Slovenia falls under the jurisdiction of the Bank of Slovenia (Banka Slovenije). However, the ATVP's regulatory activities intersect with payments and money movement in several areas:

Payment Systems Governed or Overseen

The ATVP does not directly operate or oversee payment systems. Payment system oversight is the responsibility of the Bank of Slovenia (Banka Slovenije). However, the ATVP oversees post-trade infrastructure relevant to securities markets:

[Payment systems operated by Banka Slovenije are documented in A284-SI-NAT-bank-of-slovenia.md]

Relationship to Other Regulators

Bank of Slovenia (Banka Slovenije) — A284

The ATVP and the Bank of Slovenia form Slovenia's dual regulatory structure for the financial sector:

• Bank of Slovenia Jurisdiction: Banking supervision (under SSM as Eurosystem member since 2007), payment institution licensing, electronic money institution licensing, monetary policy (within Eurosystem), payment systems operation and oversight, AML/CFT supervision for banks and payment service providers, insurance supervision coordination

• ATVP Jurisdiction: Securities markets, investment firms, fund management companies, crypto-asset service providers, market conduct, and capital markets regulation

• Coordination: The two regulators coordinate on financial stability matters, cross-sectoral risk assessment, and AML/CFT enforcement

• Complementary Roles: An entity seeking to operate across both banking and capital markets in Slovenia must obtain authorizations from both Banka Slovenije (for banking/payment activities) and the ATVP (for investment/securities activities)

• Insurance Supervision: Insurance supervision in Slovenia involves coordination between the Bank of Slovenia and the Insurance Supervision Agency (AZN), while the ATVP focuses on securities and investment services

European Securities and Markets Authority (ESMA)

• Director Anka Cadez serves as a regular member of the ESMA Board of Supervisors

• Policy coordination, supervisory convergence, and regulatory harmonization

• Participation in supervisory colleges for cross-border investment firms

• Market surveillance data sharing and enforcement cooperation

• MiFID II and MiCA implementation coordination

• Supervisory peer review participation

International Organization of Securities Commissions (IOSCO)

• Director Anka Cadez is a member of three IOSCO Committees

• Securities regulation harmonization

• Cross-border enforcement cooperation (IOSCO Multilateral MoU)

• Market integrity and investor protection standards development

• Crypto-asset regulatory coordination

European Systemic Risk Board (ESRB)

• Macroprudential risk assessment coordination

• Systemic risk monitoring in capital markets sector

• Financial stability data reporting

Office for Money Laundering Prevention (UPPD)

• AML/CFT coordination for investment firms and CASPs

• Suspicious activity report processing and intelligence sharing

• Sanctions enforcement coordination

Financial Action Task Force (FATF) / MONEYVAL

• Slovenia is evaluated by MONEYVAL (Council of Europe)

• ATVP participates in AML/CFT mutual evaluation processes for its supervisory domain

• Implementation of FATF Recommendations for securities and crypto-asset sectors

Geography and Jurisdiction Notes

Important Departments and Divisions

Key Public Resources

Securities Market Agency Headquarters

• Address: Poljanski nasip 6, 1000 Ljubljana, Slovenia

• Telephone: +386 1 280 04 00

• Fax: +386 1 280 04 30

• Email: [email protected]

• Website: https://www.a-tvp.si/en

Director's Office

• Contact: Office of Director Anka Cadez

• Telephone: +386 1 280 04 00 (Central Switchboard)

Press Contact

• Available through: https://www.a-tvp.si/eng/media-contact/press-contact

General Contact Point

• Available through: https://www.a-tvp.si/eng/contact-point

Lists and Registers

• Supervised entities registers available at: https://www.a-tvp.si/eng/about-lists-and-registers/about-lists-and-registers

Publications and Annual Reports

• Available at: https://www.a-tvp.si/eng/annual-report/publications

Notes on Naming and Language