Financial market supervision models and trends of legal regulation change

Four main financial market supervision models can be distinguished: functional, institutional, twin-peaks and integrated. Functional and institutional models are being changed by the twin-peaks and integrated supervision models. Majority of the Member States of the European Union apply integrated supervision model. Financial crisis usually encourage amending supervision model. The latest financial crisis is not an exemption. It has triggered a lot of reforms at worldwide, European Union and national levels. General trend of on-going regulatory changes and reforms is the increasing role of the state in the financial market supervision. Furthermore, performed analysis of legal acts changes and initiatives in the European Union, Member States and United States of America reveals a new emerging trend – the growing role of central banks in micro-prudential and macro-prudential supervision of financial market. The Republic of Lithuania also falls under this trend