News

2602.21

No new investment and saving products are being offered for the money that is leaving the pension system

Finantsinspektsioon investigated banks, fund managers and investment firms to establish whether any new products were coming to the market because of the pension reform, and if so what they are and what the risks attached to them are. It was found that all the larger banks are starting to provide investment account options for pensions, but that no other major changes were planned.

2502.21

Finantsinspektsioon has fined AB Kreditex AS 20 000 euros

Finantsinspektsioon fined AB Kreditex AS (registry code 12041659) 20 000 euros because the internal rules of the creditor did not contain a method that would allow the nature of bullet loans to be considered in the assessment of consumer creditworthiness.

1002.21

Admiral Markets AS has been fined 32,000 euros

Finantsinspektsioon fined Admiral Markets AS (registry code 10932555) 32,000 euros for breaching its legal obligations in providing investment services. The investment firm changed the conditions of financial instruments signed with clients significantly, unilaterally and without warning.

1002.21

Finantsinspektsioon recommends that financial companies be conservative in paying out dividends

Finantsinspektsioon has introduced recommended limits for the distribution of profits by credit institutions, insurance companies and investment firms until the end of September this year. Last year Finantsinspektsioon recommended that dividends should not be paid out at all because of the coronavirus pandemic, but it now recommends that dividends be paid out very conservatively.

0502.21

News from the EU financial supervisors

ESMA consults on appropriateness and execution-only under MIFID II

The European Securities and Markets Authority (ESMA), the EU’s securities regulator, launched a consultation on guidelines on the application of certain aspects of the appropriateness and execution-only requirements under MiFID II.

2801.21

Finantsinspektsioon is temporarily stopping publishing investor alerts

Finantsinspektsioon is temporarily stopping publishing investor alerts on its website from today while it analyses the decision of the Supreme Court and finds the most appropriate way to amend the legislation. The decision of the Supreme Court is that Finantsinspektsioon does not have a legal basis for publishing investor alerts on its website.