EFSA grants to Parekss-Banka permission to open a branch in Estonia
The Management Board of the EFSA decided on its March 10, 2004 meeting to grant permission to A/s Parekss-Banka (registry code: 000307459; Latvia) to open a credit institution branch in Estonia.
In accordance with the Credit Institutions Act, the branches of foreign credit institutions registered in an EU member state are supervised by their home country's banking supervision agency, including on-site inspection, provided that the Financial Supervision Authority has received prior notice. The Estonian branch of A/s Parekss-Banka is supervised by the Latvian Financial Supervision Authority from May 1, 2004. Prior to this date, supervision was conducted according to the co-operation agreement between the FSA and the Latvian financial supervision agency.
The Estonian Branch of A/s Parekss-Banka is obligated to observe all Estonian laws and requirements thereof concerning the operation of a foreign legal entity in Estonia.
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livia dot kulm at fi dot ee