Political parties will be able to spend on their electoral campaigns no more than three million euro in elections, presidential candidates up to five hundred thousand euro, similarly as candidates in municipal elections. All will be required to disclose information not only about how much money they spent on the campaign, but also where the money came from.
Financing of election campaigns and party financing will be overseen by a State Commission for Elections and Control of Party Funding. These are some of the new provisions enacted in the Election Code that the Slovak Parliament approved on Thursday. The new law introduces so-called transparent accounts for parties to which the public will have access. Political parties will thus have to have money for the election campaign in a separate account in a bank, which is set up separately for each campaign. They will be required to publish account information on the Internet. The same rules will apply to presidential candidates and independent candidates in other elections. In addition, political parties will have to inform the public about their campaign costs in the form of final financial reports. The State Commission for Elections and Control of Party Funding that will oversee the flow of money for candidates and political parties will be composed of fourteen members; five will be delegated by the governing coalition, five by the opposition, in proportion to the number of mandates obtained in elections.
