EN ECB -PUBLIC  
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 29 June 2022  
on the screening  of foreign investments  
(CON/20 22/22) 
 
Introduction and legal basis  
On 16 May 2022 the European Central Bank (ECB) received a request from the Minist er for Economy of 
the Slovak Republic  for an opinion on a draft law on the screening of foreign investments and on 
amendments to certain acts (hereinafter the ‘draft law’) . 
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union  and the third  indent of Article  2(1) of Council Decision 98/415/EC1, as 
the draft law relates to Národná banka Slovenska (NBS) and the ECB’s tasks concerning the prudential 
supervision of credit institutions pursuant to Article 127(6) of the Treaty . In accordance with the fir st 
sentence of Article  17.5 of the Rules of Procedure of the European Central Bank, the Governing Council 
has adopted this opinion.  
 
1. Purpose of the draft law  
1.1 The draft law aims to  further implement Regulation (EU) 2019/452 of the European Parliament and 
of the Council2. The draft law covers  (a) the screening of foreign investments on grounds of the 
protection of security and public order in the Slovak Republic and security and public order in the 
Union; (b) certain aspects  of cooperation between the Slovak Republic and other Member States 
and the European Commission under Regulation (EU) 2019/452; (c) the competences of the Ministry 
of Economy of the Slovak Republic ( hereinafter the ‘Ministry ’) and selected government authorities 
as regards the screening of foreign investments; (d) the rights and obligations of a foreign investor 
and the target entity in connection with the screening of foreign investments ; and (e)  procedural rules 
applicable in the context request s for cooperation.  
1.2 The Ministry, when performing its tasks under the draft law and Regulation (EU) 2019/452, will be 
authorised to request the cooperation of government authorities, local government authorities and 
public institutions3. These authorities  are required to cooperate with the Ministry  at its request , unless 
there are any specific  national legislative provisions prevent ing them from provid ing requested 
 
1  Council Decision 98/415/EC of 29  June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisions ( OJ L 189, 3.7.1998, p. 42). 
2  Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework 
for the screening of foreign direct investments into the Union (OJ L 79I, 21.3.2019, p. 1).  
3  See Article 46 of the draft law.  
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2 information4. The draft law does not exhaustively list institutions  that are exempted from the 
obligation to cooperate with the Ministry at its request . Furthermore, the obligation to cooperate will 
not apply in cas es where the provision of  information  could jeopardise  the purpose or objective of an 
investigation, administrative proceedings or judicial proceedings , or result in a breach of the 
confidentiality obligation as set out in separate legislative acts5.  
1.3 When cooper ation is requested,  the concerned authorities must  supply , within the time limit set by 
the Ministry,  the information identified by the Ministry in the  request for cooperation, as well as other 
information that may help to evaluat e the risk of a negative impact of foreign investments, a qualified 
submission, a comment by an Union  Member State or opinion by the European Commission, or the 
impact of a foreign investment on security and public order in the Slovak Republic6.  
1.4 The Minis try, when performing its tasks under the draft law and Regulation (EU) 2019/452, will also 
be authorised to access, without charge, the information systems of public administration as defined 
by Article 2(4) of Law No. 95/2019 Coll. on information technology in public administration7. The 
government authorities are required to accommodate the request for access to public administration 
information systems unless specific laws prevent them from doing so . Based on the combined 
reading of Articles 2(4), 2(5) and 5(2) of Law No. 95/2019 C oll., the ECB understands that information 
systems of NBS and the ECB do not fall within the scope of the draft law.  
 
2. Specific observations   
2.1 The ECB understands that NB S will be included among the government authorities and public 
institutions whose cooperation the Ministry  may request  when performing its tasks under the draft 
law and Regulation (EU) 2019/4528. The ECB also understands that target entities as defined in  the 
draft law include credit and financial institutions9, and that a request for  NBS’ cooperation may 
therefore include such entities. Further more, the ECB understands that  ‘foreign investor’ refers to  a 
natural person or a third-country undertaking.10 
2.2 Council Regulation (EU) No 1024/201311 confers on the ECB specific tasks concerning the prudential 
supervision of credit institutions pursuant to Article 127(6) of the Treaty . The ECB carries out these 
tasks within a single supervisory mechanism composed of the ECB and national competent 
authorities. Accordi ngly, NBS is also  responsible for the prudential supervision of credit institutions12, 
within the framework of Article 6 of Council Regulation (EU) No 1024/2013. Both the ECB and NBS , 
 
4  See Article 46(2) of the draft law. F ootnote 16  refers to Law No. 215/2004 Coll. on the protection of classified 
information and on amendments to certain acts, as amended.  
5  See Article 46(3) of the draft law.  
6  See Article 46(4) of the draft law.  
7  See Article 47 of the draft law.  
8  Nevertheless, it is worth noting that NBS, as a sui generis  institution , might not fall within any of the authorities listed.  
9  Article 5 of the draft law  states that the ‘target entity is an existing or newly -established enterprise or other entity 
establ ished in the Slovak Republic, regardless of its legal form, legal personality, the means of funding and scope of 
business activities, including activity aimed at profit making’ . 
10  See Article 4 of the draft law.  
11  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank 
concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).  
12  Article 2(3) and  Article  36 of Law No. 566/1992  Coll. on  the National Bank of Slovakia and Article 6(1) of Law 
No. 483/2001  Coll. on Banks and on amendments and supplements to certain laws.  
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3 when performing prudential supervision,  must apply the relevant  provisions of  Union law relating to 
prudential supervision, including as contained in Directive 2013/36/EU  of the European Parliament 
and of the Council13, as transposed in national law.  
2.3 Pursuant to Article 53 of Directive  2013/36/EU14 the competent authorities for prudential supervision  
are bound by professional secrecy. P ersons having access to confidential  information are subject to 
professional secrecy requirements at least equivalent to those referred to in Article 53(1)  of Directive 
2013/36/EU15. As noted in previous ECB opinion s16, national legislation should be compatible with 
the obligation under Union law  to maintain professional secrecy in respect of confidential supervisory 
information. Disclosure of such confidential information can only be permitted in the cases specified 
in Article 53  to 62 of Directive 2013/36/EU.    
2.4 According to the provisions of Article s 56 to 59 of Directive 2013/36/EU , as transposed into national 
law, information relating to prudential supervision may be transmitted to specific entities , including 
other departments of central government administrations respons ible for  law on the supervision of 
institutions, financial institutions and insurance undertakings and to inspectors acting on behalf of 
those departments17. However, such disclosures may be made only where necessary for reasons of 
prudential supervision, and prevention and resolution of failing institutions18. The ECB understands  
that the Ministry has no competence in these  fields, under Union  or national law19. Therefore, even 
if the M inistry request ed cooperation, NBS , in its capac ity as a prudential supervisor  bound by 
Directive 2013/36/EU  and national  provisions  transposi ng it , would not be allowed to share 
confidential information obtained in the course of the prudential supervision of credit institutions  when 
fulfilling such request.  
2.5 Further more , for prudential supervisory purposes , the ECB is competent to act  in questions of 
qualif ying holdings in credit institutions  established in SSM participating Member States20. The 
procedure for  the screening of foreign investments laid down in Regulation (EU) 2019/452 is 
recognised to be different from the prudential assessment of acquisitions of qualifying holdings in the 
financial sector, which is a distinct procedure with a specific objective21. If the Ministry approach ed 
NBS with a request for cooperation concerning a credit institution in a qualif ying holding  procedure, 
NBS would have to consult the ECB , which would be bound by the relevant provisions of Union law, 
including the provisions of Article 53  et seq.  of Directive 2013/36/EU.   
 
 
13  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit 
institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing 
Directives 2006/48/EC and 2006/49/EC  (OJ L 176, 27.6.2013, p. 338 ). 
14  See Section II , Chapter I of Title VII of Directive 2013/36/EU . 
15  See Article  59(1) , second subparagraph  of Directive 2013/36/EU .  
16  See paragraphs 2.1 and 2.3 of Opinion CON/2021/13  and paragraph 2.3 of Opinion CON/2019/20.  All ECB opinions 
are available on EUR -Lex. 
17  See Article 59(1)  Directive 2013/36/EU . 
18  See Article 59(1) , second subparagraph  Directive 2013/36/EU . 
19  See also Article 3(3) of Law no 747/2004 Coll. on Supervision of the financial market and on amendments and 
supplements to certain laws .  
20  Article 4(1)(c) and Article 15 of Council Regulation (EU) No 1024/2013.   
21  See recital 37  of Regulation (EU) 2019/452:  ‘This Regulation does not affect Union rules for the prudential assessment 
of acquisitions of qualifying holdings in the financial sector, which is a distinct procedure with a specific objective  …’. 
ECB -PUBLIC  
4 This opinion will b e publis hed on EUR -Lex.  
 
 
Done at Frankfurt am Main, 29 June 2022.  
 [signed]  
 
The President of the ECB  
Christine  LAGARDE