EFSA to advance supervision over market conduct
The EFSA will besides supervising the solvency of financial institutions capital supervision advance supervision of market conduct.
The EFSA press conference on Tuesday, April 5, discussed the structural changes in the agency and greater focus on market conduct in its supervisory activities. The EFSA will monitor more closely that customers and investors of financial institutions are provided with adequate information and that their interests are protected during the sales of financial services. Likewise, the quality of financial reporting by issuers and financial firms and prevention of market misconduct are under scrutiny.
"Advancing supervision of market conduct has proven to be a right step since consumer expectations to transparency of financial services and fair markets have steadily increased in the last few years. A fair and transparent market is a pre-requirement for an effective financial market. In regards to so-called capital supervision, we are increasing focusing on cooperation with the financial supervisors of Nordic countries and countries where parent undertakings of our supervised entities reside," Chairman of the EFSA Management Board Andres Trink said.
Additionally, the EFSA announced that the Management Board will continue with three members as of May. The Chairman of the Board will be Andres Trink, and Kaido Tropp and Andres Kurgpõld were approved as members of the Management Board by the Supervisory Board at the end of 2004.
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