2008-01-25 Forthcoming Changes in the Management of the Financial and Capital Market Commission of Latvia

25.01.2008
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Riga, 25 January 2008

Press Release

Forthcoming Changes in the Management of the Financial and Capital Market Commission of Latvia

Chairman of the Financial and Capital Market Commission Uldis Cērps has decided to accept a job offer in the banking supervisory sector of Sweden as the Director of the Stability Department (Stabilitetstillysn) and a member of the managerial body of the Swedish Financial Supervisory Authority (Finansinspektionen). Uldis Cērps’ professional duties will encompass supervision of compliance of the Swedish financial sector with prudential regulations. It is expected that Uldis Cērps will assume his new position in April.

Uldis Cērps has notified Saeima Chairman Gundars Daudze of his decision, as well as informed Minister of Finance Atis Slakteris and Governor of the Bank of Latvia Ilmārs Rimšēvičs. Both the Minister and Governor will have to jointly decide on a nominee for the position of FCMC Chairman. The Saeima is entitled to appoint the FCMC Chairman and Deputy Chairman.

Uldis Cērps has been heading the Financial and Capital Market Commission of the Republic of Latvia (FCMC) since its inception in 2001. On 12 October 2006, the Parliament of the Republic of Latvia (Saeima) repeatedly appointed Mr Cērps to a six-year term of office. Uldis Cērps: “I am very pleased that during this seven year period the FCMC has developed into a respected and efficient supervisory authority of the financial sector. In my future work I will continue to devote my attention to the issues of banking supervision. Considering the significant presence of the Swedish banking groups in the Latvian financial market, it will provide an excellent opportunity for enhancing the stability of the financial system also in Latvia.”

The Swedish Financial Supervisory Authority is the consolidated regulator for the Swedish financial sector, exercising supervision of banking and insurance services providers, and the securities market. The number of employees is about 260. The key business lines are monitoring the compliance with financial regulations; licensing; securities market oversight and protection of consumers’ rights in the financial sector.

For more information please contact:

Ieva Upleja

Head of PR Division

Financial and Capital Market Commission of Latvia

Phone: +37167774807

Cellphone: +37129476003

ieva.upleja@fktk.lv

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