The paper deals with the role of the central institutions of the capital market seen in the light of the current and imminent integration processes. The consolidation of markets and the institutions of their supervision does not always proceed smoothly. To a large degree, this is due to the fact that some of those institutions are finding it hard to accept the changes. Numerous agreements and cooperation contract have been signed in the past few years, and the creation of a single all-European market seems inevitable. The paper outlines trends in the development of capital market institutions of supervision and points to the challenges and threats involved in the development of this market. At the same time, the author discusses the international interactions of the Polish Securities and Exchanges Commission as well as its activities leading to harmonising Polish capital market regulations with the EU directives.