Starting with the New Year, the Management Board of the Estonian Financial Supervision Authority to have three members
The Supervisory Board of the Estonian Financial Supervision Authority (EFSA) reappointed ANDRES KURGPÕLD and KAIDO TROPP as members to the management board at its meeting on December 10.
The term of office for the mentioned management board members will commence on January 1, 2005 and is for three years. Andres Kurgpõld is on the current management board of the EFSA responsible for banking supervision. Kaido Tropp is in charge of insurance supervision.
Due to the amendment to the Financial Supervision Act entering into force in the beginning of 2005, the Supervisory Board made a principal resolution to have three members on the management board. Currently, the management board has five members. Due to the reduction in the number of management board members, the EFSA's internal distribution of responsibilities will be modified as well. There will be a shift from the current sector-oriented approach to management oriented toward capital and service supervision. The transfer will be completed during the first half of next year.
Kilvar Kessler was the only member of the current management board who did not apply for an appointment on the new board membership. His term of office will conclude in April 2005. The tenure of Angelika Koha, currently on maternity leave, will end at the end of June 2005.
Andres Trink serves as the chairman to the management board of the EFSA, and he will be in the office until the end of 2005.
CV's of management board members are available on the EFSA website: www.fi.ee > Press Center > Board members� CVs.
The Financial Supervision Authority is an agency with autonomous competence and a separate budget which performs financial supervision in the name of the state and is independent in its activities and decision-making. The objective of financial supervision lies in protecting the interests and resources of customers and investors, thereby fostering stability of the Estonian monetary system.
Entities supervised by the Financial Supervision Authority include banks, insurance companies, insurance brokers and agents, fund management companies and funds, investment companies, publicly traded companies, stock exchange, etc.
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livia dot kulm at fi dot ee