VILNIUS — In a shake up of Lithuanian government departments, the Securities Commission and the Insurance Supervisory Commission may have their duties lumped in under the country’s central bank.
The two supervisory bodies would have their duties transferred to Lietuvos Bankas, which would also add a corporate contributions inspectorate to its list of functions. The new scheme would allow the bank to make solid proposals to the Minister of Finance Ingrida Šimonytė for changes in [private_supervisor]policy.
Šimonytė told business newspaper Verslo Žinios that there are now three supervisory bodies, two large and one small and that directives on policy are often at odds with each other.
The minister also noted that by having the three departments put together, the central bank would have access to more data and information that it needs to make decisions that affect the economy.
“Lietuvos Bankas will be technically able to really absorb the best people. The best man has the opportunity to engage in a stronger body than to be part of a smaller body, albeit a guaranteed position,” Šimonytė said.
On Wednesday, the Finance Ministry will start drafting a bill so the idea can be presented to Seimas to be passed into law.
The Securities Commission presently is charged with monitoring the observance of the rules of fair trading in financial instruments trading and providing necessary measures that guarantee effective functioning of the securities market and investor protection. It also provides advice to the government on policy.
The Insurance Supervisory Commission is responsible for the reliability, efficiency, safety, and stability of the insurance system and the protection of interests and rights of the policyholders, those insured, beneficiaries, and injured third parties. [/private_supervisor] [private_subscription 1 month]policy.
Šimonytė told business newspaper Verslo Žinios that there are now three supervisory bodies, two large and one small and that directives on policy are often at odds with each other.
The minister also noted that by having the three departments put together, the central bank would have access to more data and information that it needs to make decisions that affect the economy.
“Lietuvos Bankas will be technically able to really absorb the best people. The best man has the opportunity to engage in a stronger body than to be part of a smaller body, albeit a guaranteed position,” Šimonytė said.
On Wednesday, the Finance Ministry will start drafting a bill so the idea can be presented to Seimas to be passed into law.
The Securities Commission presently is charged with monitoring the observance of the rules of fair trading in financial instruments trading and providing necessary measures that guarantee effective functioning of the securities market and investor protection. It also provides advice to the government on policy.
The Insurance Supervisory Commission is responsible for the reliability, efficiency, safety, and stability of the insurance system and the protection of interests and rights of the policyholders, those insured, beneficiaries, and injured third parties. [/private_subscription 1 month] [private_subscription 4 months]policy.
Šimonytė told business newspaper Verslo Žinios that there are now three supervisory bodies, two large and one small and that directives on policy are often at odds with each other.
The minister also noted that by having the three departments put together, the central bank would have access to more data and information that it needs to make decisions that affect the economy.
“Lietuvos Bankas will be technically able to really absorb the best people. The best man has the opportunity to engage in a stronger body than to be part of a smaller body, albeit a guaranteed position,” Šimonytė said.
On Wednesday, the Finance Ministry will start drafting a bill so the idea can be presented to Seimas to be passed into law.
The Securities Commission presently is charged with monitoring the observance of the rules of fair trading in financial instruments trading and providing necessary measures that guarantee effective functioning of the securities market and investor protection. It also provides advice to the government on policy.
The Insurance Supervisory Commission is responsible for the reliability, efficiency, safety, and stability of the insurance system and the protection of interests and rights of the policyholders, those insured, beneficiaries, and injured third parties. [/private_subscription 4 months] [private_subscription 1 year]policy.
Šimonytė told business newspaper Verslo Žinios that there are now three supervisory bodies, two large and one small and that directives on policy are often at odds with each other.
The minister also noted that by having the three departments put together, the central bank would have access to more data and information that it needs to make decisions that affect the economy.
“Lietuvos Bankas will be technically able to really absorb the best people. The best man has the opportunity to engage in a stronger body than to be part of a smaller body, albeit a guaranteed position,” Šimonytė said.
On Wednesday, the Finance Ministry will start drafting a bill so the idea can be presented to Seimas to be passed into law.
The Securities Commission presently is charged with monitoring the observance of the rules of fair trading in financial instruments trading and providing necessary measures that guarantee effective functioning of the securities market and investor protection. It also provides advice to the government on policy.
The Insurance Supervisory Commission is responsible for the reliability, efficiency, safety, and stability of the insurance system and the protection of interests and rights of the policyholders, those insured, beneficiaries, and injured third parties. [/private_subscription 1 year]
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