Finansų rinkos priežiūra Europos Sąjungoje ir jos įtaka Lietuvai

Translated title of the contribution: Financial market supervision in the European Union and its impact on Lithuania

Vytautas Senavicius, Tomas Talutis

    Research output: Contribution to journalArticle

    Abstract

    Financial sector supervisory bodies are organized in different forms in different countries of the European Union. These “models” range from independent stand-alone supervisory authorities to consolidated (centralized) supervisors responsible for supervising the entire financial sector, including banks, insurance companies and securities firms. The aim of this article is to analyse the new financial market supervision approach in the Republic of Lithuania. Since 1 January 2012 the supervision of the Lithuanian financial market has been centralized. Therefore, the Central Bank of the Republic of Lithuania is the sole supervisory authority that supervises the Lithuanian financial market. The new financial market supervision approach has led to the further amendments. Under the Law on Bank of the Republic of Lithuania (Central Bank); since 1 January 2012 the supervision of the financial market funding partly derives from the fees imposed on regulated entities. The operational independence of the supervisory authority leads to more transparent and professional financial market supervision and unburdens public administration costs. However, as it is mentioned in the article, the global financial crisis has led to the disputes that the supervision of the national financial market as well as the financial market of the European Union should develop a harmonized core set of supervision standards that can be applied throughout the European Union. Therefore, by the de Larosiere report as a basis, the European Commission is attempting to establish a new European financial supervision system. Consequently, the new macroeconomic supervision approach will impact the further developments in the Lithuania’s financial market supervision.
    Original languageLithuanian
    Pages (from-to)129-138
    JournalViešoji politika ir administravimas
    Volume11
    Issue number1
    Publication statusPublished - 2012

    Fingerprint

    Lithuania
    Financial markets
    European Union
    Supervision
    Authority
    Central bank
    Financial sector
    Supervisors
    Macroeconomics
    Insurance companies
    Amendments
    Funding
    Global financial crisis
    Dispute
    Financial supervision
    Fees
    European Commission
    Public Administration
    Costs

    Keywords

    • Financial market
    • Supervisory authorities
    • Bank of the Republic of Lithuania

    Cite this

    Finansų rinkos priežiūra Europos Sąjungoje ir jos įtaka Lietuvai. / Senavicius, Vytautas; Talutis, Tomas.

    In: Viešoji politika ir administravimas, Vol. 11, No. 1, 2012, p. 129-138.

    Research output: Contribution to journalArticle

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