Supervisory Board approved FSA's strategy for 2004-2006
The Supervisory Board of the Estonian Financial Supervision Authority (EFSA) approved the agency's strategy for 2004-2006 at its meeting on Monday, May 17, 2004. The FSA sees its main objective as creating financial services supervision compatible in the expanded European Union.
"In order to achieve its main objective, the FSAs prioritizes such courses of action as ensuring stable development of the financial sector; protecting consumer interests by increasing transparency of financial services; effectively implementing regulation concerning the EU financial services market and participating in the development of such regulation by considering its impact on our market; and forming a professional, open and effective organization," commented Mr. Andres Trink, chairman of the EFSA management board. "We see our mission as assuring the reliability of the financial market and improving its transparency," he added.
According to Mr. Trink, the key position in the EFSA's strategy is to tighten cross-border cooperation. "Due to the structure of the Estonian financial sector where Nordic financial groups dominate, we prioritize foremost collaboration with Nordic supervision authorities," said Mr. Trink. In upcoming years, the activities within the cooperation framework of EU financial supervisors will be a focal point for the EFSA as well. "We support alignment of supervisory requirements imposed in different countries since this would promote effectiveness and rapid development of financial services in Estonia too. Likewise, we want with our activities to boost foreign financial institutions' interest in the Estonian market in order to ensure dynamic growth of the financial sector and widen opportunities for its customers," noted Mr. Trink.
"In the near future, financial sector regulation faces several important changes such as the introduction of new, risk-sensitive capital framework in banking and insurance, the EUs uniform requirements to securities offers, transparency of issuers and other investment services, likewise implementation of international accounting standards in the financial sector. Our goal is to contribute to the continuously competitive operational environment for financial services in Estonia," said Mr. Trink.
A full text of the EFSA's strategy is posted on the agency's Web site at www.fi.ee > Financial Supervision > Strategy .
Ms. Livia Kulm
Head of Communication
Phone: + 372 6680 546