2012-03-28
After consultations with market participants, the fees for supervision for this year were established
After the reform of the country’s financial market supervision system from the beginning of this year, the market participants themselves are required to contribute to its maintenance. This year, their fees will make up 50 per cent of the maximum fees foreseen in the Law on the Bank of Lithuania.
It is planned that in 2012 all financial market supervision expenses will make up LTL 16.75 million. Slightly less than a half of this amount will be paid by market participants, while the remaining part will be covered by the Bank of Lithuania.
The description of the calculation methodology and payment procedure of the fees of the supervised financial market participants adopted by the Board of the Bank of Lithuania today establishes the procedures of consultation with the supervised market participants, describes the rules regulating the calculation and payment of the fees. It should be noted that they are not applicable to the issues related to the size of the fees for 2012, since such consultations with market participants were already held. In the beginning of March, draft documents were published on the Bank of Lithuania website and sent to financial market participants, which were asked to provide comments and proposals.
Until the end of last year, the Bank of Lithuania financed credit institutions supervision from its own funds, the Securities Commission was financed as a manager of state budget appropriations. Only the activity of the Insurance Supervisory Commission was financed basically by the contributions of market participants.
Fees of the supervised financial market participants paid to the Bank of Lithuania depend on their status or nature: banks will have to pay the fees according to their average annual assets, insurance undertakings according to the written insurance premiums, whereas some institutions, such as payment institutions, according to their turnover.
Specific sizes of the fees of the supervised market participants will be published in the nearest time.