Financial market supervision in the European Union and its impact on Lithuania

Efektyvus finansų rinkų subjektų viešasis administravimas yra ypač svarbus kiekvienos Europos Sąjungos valstybės narės ekonominei plėtrai. Atsižvelgiant į Europos Sąjungos siekį tobulinti valstybių narių finansų rinkų priežiūrą, Lietuvoje nuo 2012 m. sausio 1 d. įsigaliojo Lietuvos finansų rinkos priežiūros reforma, pagal kurią Lietuvos Respublikos vertybinių popierių komisija ir Lietuvos Respublikos draudimo priežiūros komisija yra likviduojamos, o jų teisės ir pareigos perduodamos Lietuvos bankui. Straipsnyje skiriami pagrindiniai su viešuoju administravimu susiję finansų rinkos priežiūros pakeitimai Lietuvoje. Akcentuojama, kokia apimtimi šie pakeitimai atitinka Europos Sąjungos siekį harmonizuoti ir sugriežtinti nacionalinių finansų rinkų priežiūrą makroekonominiu ir mikroekonominiu lygmenimis. Straipsnyje siekiama įvertinti viešojo administravimo, vykdomo per Lietuvos banką, efektyvumą ir galimą naudą Lietuvos finansų rinkos tobulinimui.Financial sector supervisory bodies are organized in different forms in different countries of the European Union. These "models" range from independent stand-alone supervisory authorities to consolidated (centralized) supervisors responsible for supervising the entire financial sector, including banks, insurance companies and securities firms. The aim of this article is to analyse the new financial market supervision approach in the Republic of Lithuania. Since 1 January 2012 the supervision of the Lithuanian financial market has been centralized. Therefore, the Central Bank of the Republic of Lithuania is the sole supervisory authority that supervises the Lithuanian financial market. The new financial market supervision approach has led to the further amendments. Under the Law on Bank of the Republic of Lithuania (Central Bank); since 1 January 2012 the supervision of the financial market funding partly derives from the fees imposed on regulated entities. The operational independence of the supervisory authority leads to more transparent and professional financial market supervision and unburdens public administration costs. However, as it is mentioned in the article, the global financial crisis has led to the disputes that the supervision of the national financial market as well as the financial market of the European Union should develop a harmonized core set of supervision standards that can be applied throughout the European Union. Therefore, by the de Larosiere report as a basis, the European Commission is attempting to establish a new European financial supervision system. Consequently, the new macroeconomic supervision approach will impact the further developments in the Lithuania’s financial market supervision