In order to effectively represent the interests of Latvia in the United States in resolving various issues related to the financial service markets, the Compliance Adviser of the Financial and Capital Market Commission Arnis Lagzdiņš is granted a diplomatic attaché rank.
The scope of his duties include maintenance of cooperation between the Latvian and US institutions, in particular between the US authorities and financial market participants, provision of information on the financial system in Latvia thus raising the US competent authorities’ awareness and practical application of requirements, as well as informing the Latvian competent authorities about the latest financial market development trends.
“Developments in the US market have always been of great importance for Latvia’s financial sector. Analysing the situation we have come to a conclusion that with a fragmentary and mediated communication as it had been so far it would be impossible to effectively represent the interests of Latvia in the market of such a great importance as the US market. We have a good pattern of successful cooperation and partnership with the colleagues from other EU Member States and the European Central Bank, where a permanent FCMC representation has been established thanks to the Single Supervisory Mechanism. We are witnessing that resolving of many issues proceed successfully through a direct contact, and for this reason we are extending such practice in the United States as well,” FCMC Chairman Kristaps Zakulis emphasises.
Arnis Lagzdiņš is a qualified professional in the banking and compliance management fields with an experience in the international financial sector. For 10 years he had been performing tasks on behalf of the World Bank in Latvia and the US, after that he had held executive positions in credit institutions, as well as acted as an independent consultant on compliance control issues. He holds a PhD in Management.
Commenting on the new tasks Arnis Lagzdiņš points out: “In my experience, all supervisory authorities are well aware of the characteristic nuances of their local markets and are capable of managing the risks identified. However, a supervisor has to take into account the overall context and take a broader look at the global situation, analyzing how it could affect the banking activities and consequently the tasks of the regulator. The financial market is very dynamic, new trends that must be taken into account in the surveillance process are emerging regularly. That will also be one of my tasks – to identify potential transformation tendencies and follow developments to be reasonably informed of ongoing events that may have an impact on the Latvian financial sector and supervisors’ performance.”
The FCMC representative’s office will be based at the Latvian Embassy in Washington.
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Financial and Capital Market Commission
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