Andres Trink presented the annual report of the Estonian Financial Supervision Authority to the Riigikogu
ANDRES TRINK, Chairman to the Management Board of the Estonian Financial Supervision Authority (EFSA) presented today, October 13, the agency's 2003 Annual Report to the Riigikogu.
Andres Trink outlined in his presentation the 2003 developments in the Estonian financial sector as well as financial supervision and highlighted the key issues to be solved in upcoming years.
In summarizing last year, Andres Trink said: "I believe that the EFSA�s activities have so far promoted an increase in the reliability and transparency of Estonian financial services for our depositors, investors and insured alike. We will continue our efforts in this area since this is one of the premises for an efficient and competitive financial sector."
The rapid development of the financial sector all the time sets new tasks for Estonia. "The Estonian financial services market is part of the European financial services market that will experience several significant changes in the forthcoming years. The EU Financial Services Action Plan prescribes many measures also to be implemented in Estonia with the goal to expand the single European services market and raise its competitive edge. Let's mention, for example, the directives concerning investment services, market abuse, public offer prospectuses, transparency requirements for public issuers, etc." said Andres Trink.
"Prevention of money laundering and implementation of international sanctions has become an increasingly more relevant issue where the financial sector as well as the involved state agencies play a vital role in ensuring the trustworthiness of our financial market as well as our country as a whole. The EFSA hopes that this area will be more prioritized in state strategies in the near future," stressed Andres Trink in his presentation.
"By implementing these measures, we have to be able to promote growth of the Estonian financial sector and also find inexpensive and progressive solutions on a legislative level. That is only possible when we participate in the design of the regulation for the European financial services market. As of May 1, the EFSA is involved as a member to independent European banking, securities market and insurance supervision committees. Likewise, we see the necessity of active collaboration, by focusing on the areas where we have expertise and which affect the most the development of financial services in Estonia," said Andres Trink. �Likewise we prioritize involvement of our financial market participants - banks, insurance companies and others - in designing regulation for the financial sector. Compared to the previous years, we have been more active in developing information exchange and consultations with market participants and we will continue to do so in the future as well," promised Andres Trink.
The EFSA�s 2003 Annual Report and Yearbook can be accessed at www.fi.ee > Press Center > Publications.
According to the Financial Supervision Authority Act, the agency has to submit yearly its annual report as well as make a relevant presentation to the Riigikogu.
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