Český finanční a účetní časopis 2026(2):69-86

Financial Regulation Between Stability and Regulatory Complexity: A Discussion on the Transformation of Supervisory Architecture in the EU and the Czech Republic

Lukáš Volf

The article is conceived as a discussion contribution to the debate on the institutional design of financial market regulation and supervision. It builds on the strand
of literature that traditionally links the quality of regulation primarily to the choice
of supervisory model, whether integrated, sectoral or functionally divided. The article reconstructs why this perspective was persuasive in the pre-crisis and immediate post-crisis period, while also explaining why it remains only partially sufficient today. It challenges the view that supervisory architecture continues to be the main determinant of regulatory effectiveness. Regulatory developments after 2020 indicate that the key issue is no longer merely institutional design, but the ability of the regulatory framework to respond to technological, cyber, climate-related
and systemic risks through supervision that is adaptive, data-driven, proportionate and effectively coordinated. The article argues that the current challenge for European and Czech regulation lies not only in the allocation of competences between national and European authorities, but also in the growing complexity
of rules, overlapping regulatory objectives and uneven impacts on large and small regulated entities. The conclusion shows that the integrated model of the Czech National Bank remains an important institutional advantage; however, it is no longer in itself a sufficient guarantee of regulatory effectiveness.

Keywords: Financial regulation, financial supervision, institutional design of supervision, macroprudential policy, regulatory complexity, DORA, MiCA, Czech National Bank

Published: September 21, 2026  Show citation