Heads of financial supervision authorities from Nordics, Central and Eastern Europe meet in Tallinn
On 19-20 January, the heads of financial supervision authorities from the Nordics and Central and Eastern Europe met in Tallinn at the behest of the Financial Supervision Authority.
At joint meeting, representatives of the financial sector supervision authorities from Bulgaria, Lithuania, Poland, Slovakia, Slovenia, the Czech Republic and Hungary discussed matters related to financial regulations, focusing on consensus-building on salient issues. The discussion topics pertained to cooperation between authorities in the financial institutions’ home countries and countries of location, various countries’ experiences in regard to the mandatory funded pension system, challenges in performing supervision of the information technology field, and cross-border supervisory oversight on the securities market.
At the 20 January seminar held to mark the 10th anniversary of the Financial Supervision Authority at the Saku cinema hall of the Solaris Centre, representatives of the financial supervision authorities of Finland, Sweden, Austria and Great Britain also gave presentations alongside officials from the aforementioned countries.
The anniversary seminar was opened by the chairman of the supervisory board of the Financial Supervision Authority, Minister of Finance Jürgen Ligi, the chairman of the management board of the Financial Supervision Authority Raul Malmstein and Vice President of Eesti Pank Madis Müller. The first panel discussion featured speakers from the European Banking Authority EBA, the European Insurance and Occupational Pensions Authority EIOPA and the European Securities and Markets Authority ESMA, and focused on the role of European supervisory authorities in today’s Europe. In the afternoon panel, led by the former CFO of Swedbank Group Erkki Raasuke, the Great Britain FSA director Martin Wheatley and SEB Group chief economist Robert Bergqvist analysed the situation on the world’s financial markets. In the last panel discussion of the day, led by Financial Supervision Authority member of the management board Kilvar Kessler, Director General of the Swedish Finansinspektionen Martin Andersson, the Director General of Finland’s Finanssivalvonta Anneli Tuominen and representatives of the Austrian and Czech financial authorities discussed how to more effectively organise cooperation between supervisory authorities of financial institutions’ home countries and countries of location.
The Financial Supervision Authority has actively promoted cross-border cooperation in the recent years in order to ensure better protection for its interests. In addition to its usual good cooperative ties with the Nordics, cooperation with Eastern and Central European colleagues has been expanded in noteworthy fashion. This will continue to be done with the goal of intermediating positions between the Nordics and Central and Eastern European countries, insofar as such a role gives the Estonian Financial Supervision Authority’s opinions and proposals much greater weight in Europe than would be the case if the Financial Supervision Authority acted alone and defended only its own interests.