The Supervisory Board heard the EFSA management report and approved the budget for next year
Today, on November 3, 2005, the Supervisory Board heard at its regular meeting the Management Board's review of EFSA activities and new developments in the Estonian financial sector and approved the 2006 budget of 44,291,399 kroons.
Additionally to the above matters, the Supervisory Board was provided an overview of the EFSA proceeding against AS LHV and its employees. The Supervisory Board was assured by the Management Board that their approach to the relevant case is operative as well as professional. "In this case, close cooperation with the U.S. Securities and Exchange Commission is very important as well as that activities under investigation receive a legal evaluation in the Estonian judicial area," said Aivar Sõerd, Chairman of the Management Board. According to Supervisory Board Chairman Andres Trink, the EFSA will do everything necessary to make sure that the given case is cleared as soon as possible. "For this purpose, we have joined forces with our counterpart in the USA," Trink noted.