Financial Market Supervisory to head to Bank of Lithuania

November 19, 2011

The financial market in Lithuania has been in the limelight with the country’s central bank to merge with the Insurance Supervisory Commission and the Securities Commission. The news was approved by the Lithuania Parliament which is great for the country and its economy especially at times of the Eurozone crises.

The Insurance Supervisory Commission and the Securities Commission are to be liquidated post completion.

The SEB in a client note said “After restructuring of the financial market supervision function, it would be financed from instalments of the companies engaged in the financial services.” They carried on my saying “At present, the Bank of Lithuania provides financing for supervision of the credit institutions from its own resources, the Securities Commission is financed from the budget and the Insurance Supervisory Commission – from instalments of insurance companies,”

The Insurance Supervisory Commission recently joined the Multilateral Memorandum of Understanding (MMoU) part of the International Association of Insurance Supervisors (IAIS). Joining this has strengthened its integrate.

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