Management

Management Board

Juhatus

The members of the Management Board are Mr. Kilvar Kessler (Chairman), Mr. Andre Nõmm, Mr. Andres Kurgpõld and Mr. Siim Tammer

Competence of the Management Board

The Management Board is competent to pass all resolutions related to performance of the obligations of the Finantsinspektsioon, and to perform all obligations and exercise all rights which pursuant to the Financial Supervision Authority Act are not in the competence of the Supervisory Board, the Chairman of the Supervisory Board or the Chairman of the Management Board.

The Management Board shall decide on:

  • the issue and revocation of activity licenses and other issues relating to activity licenses
  • the grant of consent, permission or concordance
  • issues relating to the performance of the registration obligation and entering items in lists; the issue of precepts; the application of administrative coercive measures
  • the imposition of administrative penalties
  • the ordering of special audits or expert assessments
  • the establishment of a moratorium or a special regime and the performance of related acts
  • the filing of bankruptcy petitions and the performance of other acts relating to bankruptcy or liquidation proceedings.

The list above does not apply to the banking sector. The largest banks in Estonia come under the supervision of the European Central Bank. The European Central Bank takes decisions on issuing or withdrawing operating licences and on the major shareholders of all the credit institutions operating in Estonia.

Responsibilities of the Management Board

Chair of the Management Board Kilvar Kessler is responsible for the following positions and structural units:

  • Public and International Relations Department
  • Financial Services Supervision Department
  • Assistant to the Chair of the Board
  • Human Resources Manager and staff
  • Resolution Department
  • Internal Audit

The following core functions are directly answerable to him as Chair of the management board:

  • Strategy setting and institutional development
  • General management and arranging the work of management
  • Public and international relations and coordinating domestic cooperation
  • Promoting public understanding of financial services and products
  • Preparation for and resolution of emergencies, resolution of financial crises or the resolution of individual large but weak subjects of supervision, in cooperation with other members of the management board
  • Crisis resolution is managed with support from Eesti Pank as the institution organising vital services
  • Managing the work of the Guarantee Fund within the agreements signed and the law
  • Supervision of financial services
  • Supervision of debt collection companies, creditors and credit intermediaries, and insurance brokers
  • Creating the conditions for the internal audit to function within
  • Managing human resources and staff training

Member of the Management Board Andres Kurgpõld is responsible for the following positions and structural units:

  • Financial Sector Information Technology Supervision Department
  • Information Technology Department
  • Financial Risk Supervision Department
  • Capital Supervision Department for Credit and Investment Institutions

The following core functions are directly answerable to him as member of the management board:

  • Supervision over technology risks and other IT risks, including supervision of transfers of information technology
  • Supervision over compliance by subjects of financial supervision with prudential ratios, including defining prudential ratios for individual credit institutions and investment firms
  • Supervision over the credit risk, liquidity risk and market and interest rate risk of subjects of financial supervision
  • Issuing activity licences for covered bonds and supervision of them
  • Organising the operation of internal information technology processes at Finantsinspektsioon
  • Compliance with cyber security requirements and cyber development

Member of the Management Board Andre Nõmm is responsible for the following positions and structural units:

  • Reporting and Information Department
  • Capital Markets Department
  • Accounting
  • Anti-Money Laundering Department

The following core functions are directly answerable to him as member of the management board:

  • Regular reporting by subjects of financial supervision
  • Registration of prospectuses, fund conditions, rules and other such financial products
  • Supervision of the disclosure of statutory reports and supervision of market manipulation
  • Supervision of fund managers, depositories and other forms of custody of assets
  • Supervision of the compliance of the organisation and due diligence of subjects of supervision with sanctions and the prevention of money laundering and terrorist financing
  • Managing the accounting, budgeting and processing of supervision fees at Finantsinspektsioon
  • Organising financial controls

Member of the Management Board Siim Tammer is responsible for the following positions and structural units:

  • Administrative Services Department
  • Enforcement Department
  • Licensing and Innovation Department
  • Corporate Governance Department
  • Legal Department

The following core functions are directly answerable to him as member of the management board:

  • Granting and withdrawing licences for activity to subjects of financial supervision and restricting their activity
  • Mapping innovative solutions within the financial sector, and participating reasonably in dialogue and implementation
  • Supervision of the internal governance, operating risks and internal control systems of organisations that are subject to financial supervision under the Financial Supervision Authority Act
  • Ensuring that financial supervision is conducted lawfully, and representing Finantsinspektsioon in court cases
  • Ensuring quality control and risk management
  • Arranging suitability assessments for the financial sector
  • Conducting enforcement over subjects of financial supervision, reporting criminal activity
  • Ensuring the proper administration of Finantsinspektsioon

Supervisory Board

The activities of the Finantsinspektsioon are planned and the management thereof is monitored by the Supervisory Board of the Authority. The Board consists of six members, two of whom are members by virtue of office - the Minister of Finance and the Governor of the Bank of Estonia - and four of whom are appointed members. 

One-half of the appointed members are appointed and removed by the Government of the Republic on the proposal of the Minister of Finance and one-half by the Board of the Bank of Estonia on the proposal of the Governor of the Bank of Estonia. The Minister of Finance is the Chairman of the Board by virtue of office. 

The members of the Supervisory Board:

Mr. Jürgen Ligi, (Chairman), Minister of Finance 
Mr. Madis Müller, Governor of the Bank of Estonia 
Mr. Veiko Tali, Deputy Governor of the Bank of Estonia
Mr. Rein Minka, Member of the Supervisory Board of the Bank of Estonia
Mr. Ardo Hansson, Economic Adviser to the Prime Minister
Ms. Evelyn Liivamägi, Deputy Secretary General for Financial and Tax Policy of the Ministry of Finance

Competence of the Supervisory Board

The competence of the Board derives from the Financial Supervision Authority Act, and pursuant to the Act, the Board shall:

  • approve the operating strategy of the Finantsinspektsioon on the proposal of the Management Board of the Authority
  • approve, on the proposal of the Management Board, the budget of the Finantsinspektsioon and make a proposal to the Minister of Finance concerning the rate of the share of the supervision fee calculated on the basis of assets for the following budgetary year
  • approve, on the proposal of the Management Board, the bases for setting up the structure of the Authority and for the payment of remuneration
  • appoint the members of the Management Board and elect the chairman of the Board from among the members; remove members of the Management Board
  • decide on entry into, amendment of and termination of contracts of service with the Chairman and Members of the Management Board
  • approve the size of the remuneration and additional remuneration payable and the social guarantees provided to the Chairman and Members of the Management Board
  • decide on the filing of a claim against the Chairman or a Member of the Management Board concerning compensation for damage caused by him or her to the state through violation of a legal act or his or her obligations
  • approve the annual report of the Finantsinspektsioon submitted by the Management Board
  • approve the rules for the activities of the Supervisory Board.