FCMC Chairman Kristaps Zakulis decides to quit

29.01.2016
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Riga, 25.01.2016

Press Release 

FCMC Chairman Kristaps Zakulis decides to quit 

The head of the Financial and Capital Market Commission (FCMC) Kristaps Zakulis has decided to step down as chairman of the FCMC and handed in his resignation.

Stepping down is a considered decision and information on the possible replacement of the FCMC head circulating in the media over past days is not an unexpected news: “For the four years in the position I have been working with my colleagues intensively to achieve goals we had set and defined; including also improvements in the area of prevention of money laundering and terrorist financing, for example, quantitatively and qualitatively intensifying regular inspections of banks, as well as increasing fines. Since the position of the FCMC chairman is a position of confidence, I believe that my resignation will dispel the shadow of doubts and suspicion cast over the FCMC by rumours. Besides, this post has never been the end in itself for me,” FCMC Chairman Kristaps Zakulis points out. 

Kristaps Zakulis emphasises that after four years in the position of FCMC chairman he will start a new phase of career with a sense of job well done, ”In these years the FCMC managed to grow into a strong and professional team that is able to efficiently supervise and regulate the financial market in accordance with the EU requirements. On taking up my duties in January 2012 I prioritised revising the FCMC work in the areas of supervision and communication approach. During these years the tasks have been fully implemented thanks to intense and solid team’s work. FCMC has become a dynamic and open financial market supervisory authority not only at Latvia’s but also the European level.“ 

During the term of Kristaps Zakulis’ office, the single supervisory mechanism as well as the single resolution mechanism was successfully implemented by joining the European-level bank supervisors; supervision of non-resident banks has been strengthened, as well as enhancing the area of prevention of laundering the proceeds from criminal activity and of terrorist financing and introducing the package of special measures for efficient bank supervision. Adoption of the euro in 2014, one of the greatest challenges for the Latvian financial participants, also proceeded successfully. 

By implementation of more open approach to communication, the FCMC introduced a reform to the disclosure of its supervisory decisions, making publicly available information on all the sanctions imposed by the FCMC on the commercial banks, as well as increased the amounts of fines applicable to banks that, depending on the amounts of bank assets, may reach even several tens of millions of euro.

On 28 January 2016, Saeima (the Parliament) decided on the dismissal of Kristaps Zakulis from the post of FCMC chairman. From 29 January, FCMC Deputy Chairman becomes acting head of the FCMC Pēters Putniņš.

The Board of the FCMC may continue performing all of their statutory functions also with four members on the Board until Saeima approves a new chairman, thus the FCMC team is able to fully continue the work started already in 2014.

Further information:

Elīna Avotiņa

Public Relations Specialist

Communications Division 

Financial and Capital Market Commission 

Telephone: +371 67774860

elina.avotina@fktk.lv

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