Supervisory board approves Financial Supervision Authority's 2009 budget
The supervisory council of the Financial Supervision Authority approved today, 14 November 2008, the Financial Supervision Authority's 2009 budget and the rates for next year's supervision fees. The principal objectives of the Financial Supervision Authority's activity next year will continue to be the preservation of stability in the financial sector by means of risk-based capital supervision and cross-border cooperation.
The volume of the Financial Supervision Authority's budget next year is MEEK 71.6. The Financial Supervision Authority's budget revenue is made up of supervision fees paid by the market participants, including foreign financial institutions' subsidiaries in Estonia.
The supervisory council decided to lower the supervision fees for banks, pension funds, fund managers managing investment and venture capital funds, and insurance brokers. It was decided to propose to the Minister of Finance that the rate of the supervision fee for credit institutions be set at 0.01 per cent of the assets of a credit institution; for all-risks insurance providers at 0.08 per cent of an insurer's total gross premiums; for life insurance providers at 0.02 per cent of the total life insurance premiums; for insurance brokers at 0.7 per cent of the total of commission fees collected by an insurance broker; for investment firms at 0.15% per cent of the assets of an investment firm; for a fund manager managing money market funds at 0.01%, for a fund manager managing pension funds at 0.005% and for a fund manager managing investment and venture capital funds at 0.01% of a fund manager?s assets.