Lithuania's parliament approved a merger of the Securities Commission and the Insurance Supervisory Commission with the country's central bank.
The Bank of Lithuania will be taking over the supervisory role of financial market institutions starting in 2012. After completion of the restructuring process, the Securities Commission and Insurance Supervisory Commission will be liquidated.
"After restructuring of the financial market supervision function, it would be financed from instalments of the companies engaged in the financial services. At present, the Bank of Lithuania provides financing for supervision of the credit institutions from its own resources, the Securities Commission is financed from the budget and the Insurance Supervisory Commission – from instalments of insurance companies," wrote SEB in a client note.
