Supervisory board approves new Financial Supervision Authority management board
On Thursday, 26 September 2013, the supervisory board of the Financial Supervision Authority appointed Kilvar Kessler as the new chairman of Financial Supervision Authority’s management board. Kessler will assume his post on 16 January 2014.
Kessler served as member of the Financial Supervision Authority management board from 2002 to 2005 and from 2008 to present, when his areas of responsibility were supervision of securities markets and legal issues.
“In my future position, I wish to ensure that the Financial Supervision Authority has a reputation as a professional, efficacious supervisory body that behaves in a predictable and legitimate manner, both in Estonia and in the cooperative framework of European financial supervision authorities,” said Kessler.
Starting from 1 January 2014, the Financial Supervision Authority’s management board will have three members instead of four. By supervisory board resolution, Andres Kurgpõld was reappointed as management board member. Andre Nõmm, who is currently the head of the Financial Supervision Authority’s business conduct supervision division, was named the new management board member. The new management board members’ term begins on 1 January 2014.
Business conduct supervision and prudential supervision will remain distinct areas in the Financial Supervision Authority’s structure. The objective of prudential supervision is the analysis of the risks and sustainability of the financial institutions subject to supervision. Management board member Andres Kurgpõld will be responsible for the prudential supervision function. The main goal of business conduct supervision is to ensure the transparency of the financial services and market as well as the reliable supply of services. Andre Nõmm will be responsible for this function as of 1 January 2014.