2012-02-29
The Bank of Lithuania launched consultations with financial market participants concerning the size of the fees for supervision
After the reform of the country’s financial market supervision system from the beginning of this year, the system should be maintained by the market participants themselves. The Bank of Lithuania addressed the supervised financial market participants concerning the size of the fees planned for this year. It is planned to approve the sizes of the fees by 31 March.
It is proposed for the fees of market participants to make up this year a half of the potential maximum sizes of the fees provided in the legal acts.
It is planned that in 2012 all financial market supervision expenses will make up LTL 16.75 million. After the approval of the sizes of the fees proposed by the Bank of Lithuania, slightly less than a half of this amount would be paid by market participants, while the remaining part would be covered by the Bank of Lithuania. Fees of market participants 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.
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.
Taking into consideration the provisions of the Law on the Bank of Lithuania, the draft schedule of the calculation methodology and payment procedure for the fees of supervised financial market participants was prepared. It was presented to market participants and is available on the website (50.5 KB download icon) of the Bank of Lithuania. Market participants were asked to submit their remarks and suggestions on the said document by 9 March. It will be submitted for the approval by the Board of the Bank of Lithuania.