The paper deals with several aspects of the international financial system. The first aspect reflects the appreciation of character and possible impacts of the Multilateral Agreement on Investments (MAI). One characterises this agreement not only from the point of view of real and system framework (contents and key aspects), but also from the influence on candidate countries point of view. The release of capital flows and new level of co-operation of national governments and strategic investors changes not only the position of candidate countries but also the position of national governments toward foreign investors. Temporary interception of the admission process into MAI or its temporary constricted application to OECD member countries only (two groups of candidate countries, OECD members and non-members) makes no difference here. Second aspect constitutes a draft of expected changes in the international financial architecture in the horizon of 2-5 years. Drafting of key changes in the sphere of new rules for world financial markets, abolition of unsteadiness of international capital markets and the reform of globally operating institutions are involved here. The point is not only the design of current and future changes, but also to draft new level of co-operation between: IMF, World Bank, WTO and BIS. New system of rules is involved; which should limit turbulence in world financial markets, make financial flows more transparent and mitigate the unsteadiness of international capital flows. The inevitability to define conditions for international capital flows (investors, exchange rates) and also the provision of a set of fools to limit the danger of infection of healthy economies through panics among investors appears in a new shape. Also it will be necessary to accept international rules;for the limitation of capital drift (above all short-term one) during turbulence in-capital markets. New international financial architecture (yet in the process of completing) markedly influences Slovakia's position too. It represents not only the formation of conditions for foreign investors' entry (the possibility to foresee changes in enterprising environment), but also to provide conditions;to gain capital resources in international capital markets. One therefore analyses not only barriers that exist and limit the entry for foreign investors, but drafts also needful changes that might lead to make Slovakia more attractive from foreign investors' point of view. Special part of the paper is dedicated to the discussion of the relation of enterprising subjects and capital market. Interconnection of smaller national stock:exchanges, new business strategy of diversifying possible acquisition of capital resources (capital market-banks-foreign investors), decreased vulnerability of national economy in relation to international capital flows create one aspect of changes. The second aspect is constituted by the new regulation framework represented by the establishment of the Financial Market Regulatory Office, which integrates in itself the supervision of bank, insurance and capital markets. The privatisation process of commercial banks and drafting its potential influence provides the third aspect. The aim of the paper is to draft the interconnection of individual changes in the whole structure of international capital flows currently and in the near future including the outline of possible consequences for the Slovak Republic also for the accession process into the EU.
