bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Friday 15.12.2017 | Name days: Jana, Johanna, Hanna
LatviaLatvia

Associations: unified EU regulations for financial service providers are needed

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUUnified European Union regulations and conditions for all financial service providers, wider access to public registers on an EU level for personal identification and assessment of a person’s creditworthiness, as well as remote identification – these are some of many proposals nine Latvian financial and other industries submitted to European Commission Vice-President Valdis Dombrovskis on Monday, 5 June.

Proposals from financial industry associations were compiled in one big document detailing the future of the EU and Latvian finance market and technological innovations in the field of financial services.

Sanda Liepina, chairperson of Association of Latvian Commercial Banks, says this is the first document that details accomplishments of Latvia’s finance industry in the field of innovations and digital changes, as well as clear up steps for future progress. «Financial industry data shows that we have high competence and a high level of digitization of financial services to secure fast, convenient, safe and effective accessibility of services,» admits Liepina.

«We also agreed more rapid development on a European level requires unified regulations for all financial service providers, which would contribute to competitiveness and cross-border activities. Also EU member states require access to public registries and databases for the identification of individuals and assessment of creditworthiness and improvement of cross-border cooperation. Quicker introduction of remote identification is also important for helping Latvian companies to offer services of equal quality with EU market participants. This is only part of the look at innovations for the financial market also included in proposals from EC,» Liepins said.

EC Vice-President Valdis Dombrovskis says Fintech industry in Europe continues rapidly developing and offering user-friendly products. ‘Already millions of consumers benefit from mobile payments, mutual loans without mediation from banks, as well as online investments. Thoughtfully applied new technologies can significantly improve access of residents and businessmen to financial services.’

‘EC’s goal is making sure Europe’s finance industry is able to develop, contribute to the digital revolution and retaining its security and attractiveness for consumers. We have to create a unified market that uses technological potential to the fullest potential, offering local and foreign service providers to consumers. A unified market with companies motivated to expand and offer services in the entire European Union are something we all need,’ said Dombrovskis.

Ref: 224.109.109.1401


Leave a reply

Head of Latvian Association of Regions to spend Christmas thinking on remaining in the party

Dissatisfied with multiple decisions made by Latvian Association of Regions (LAR), Riga City Council member Mārtiņš Bondars will spend the holiday thinking about his place in this political party, as he mentioned in his interview to Rīta panorama or LTV.

Estonian fund permitted to purchase several Latvia energy production companies

Latvian Competition Council has permitted Estonian fund to purchase several energy production and agricultural companies.

Meat processing giant sees room for growth in ready-to-eat foods

Consumption in the meat market segment of ready-to-eat foods is growing quickly, evaluated Finnish meat processing group HKScan that is planning to invest eight million euros in its factory in Estonia.

To fight for national minority schools, Russian representatives promise to hold a referendum

Defenders of Russian schools in Latvia promise to organize a referendum for autonomy of national minority schools, said co-chairman of Latvian Russians Association Miroslavs Mitrofanovs in regards to the transition to education only in Latvian language.

Tax payment process from capital growth to change in Latvia

As part of the tax reform, changes will be added to the Personal Income Tax Law starting from 1 January 2018. One of the changes is associated with payment and declaration of income from capital growth. The tax rate and the term for submission of declarations on income from capital growth will change next year.

Tusk deems EU migrant quotas ineffective as some states oppose taking in migrants

Donald Tusk, the head of the Council of the European Union and chairman of this week's EU summit, has evaluated that mandatory EU-wide quotas are ineffective and that there is a split between east and west as regards asylum policy.

Riga City Council’s 2018 budget – poorly planned or well-developed?

As the vote for the 2018 budget of Riga City Council draws near, representatives of all opposition parties say they will not support it as long as politicians of the ruling coalition continue viewing the city’s most important financial document as good and aimed at development.

Euro area economy has grown quicker than expected, European Central Bank estimated

Growth has been at a faster pace in the eurozone prompting the European Central Bank to raise its economic growth forecasts.

Weekends in Latvia expected to be snowy

A layer of snow will form in Latvia’s central and western regions that will remain until the middle of next week, as reported by State Environment, Geology and Meteorology Centre.

Opinion: Latvia at risk of restricting healthcare to 300,000 people

Kustība Par! political party has sent a letter to Latvia’s President Raimonds Vējonis, asking him to return to the Saeima the recently approved law on healthcare funding legislative draft. According to the party, the law restricts healthcare for 300,000 people in Latvia.

Lithuania’s 2018 budget focuses on spending cuts, NATO commitment and social security

Lithuania's 2018 budget, approved this week by the Seimas, Lithuanian Parliament, makes history for being the first budget ever with fewer spending for the governmental sector, the commitment to NATO of earmarking 2 per cent of the gross domestic product to defence and bigger allotments for social security. The budget was adopted by 84 MPs, 29 voted against, with 15 abstentions.

EU member states have to strengthen measures against sexual abuse of children

Member states of the European Union have to take more serious measures and cooperate more intensely with Europol and information technology industry to better combat sexual abuse of children, as noted by members of the European Parliament.

Latvian parliament views initiative for changing VAT rate for food product

On Thursday, 14 December, Latvia’s Saeima made its decision on the collective application that proposes reducing VAT on everyday healthy food products and increasing VAT on unhealthy products.

Maxima: residents have become more conservative in their choice of products

In Q2 and Q3, a higher degree of conservatism was noticed in residents’ choice of products. The number of buyers who gladly purchase new products has declined, whereas the number of buyers who do not change anything in their purchasing habits has increased, according to results of a study performed by Maxima.

Civil processes to be sped up and simplified in Latvia

On Thursday, 14 December, Saeima supported amendments to the Civil Process Law in the final reading. Amendments propose several major changes to the process of review of civil processes to make court sessions quicker and more efficient.

State Auditor dissatisfied with parliament’s slow legislative process

Latvian State Auditor Elita Krūmiņa plans to inquire to the Saeima about the delay with the approval of the legislative draft on the expansion of authority of her institution, as she mentioned in an interview to Rīta panorama programme of LTV.

Aldaris commences exports to France, China and Netherlands

Aldaris concludes 2017 with three new export contracts, commencing exports of products to China, France and Netherlands. Until now Aldaris has exported products to eight markets, with the largest one being United Kingdom, taking up 78.71% from Aldaris export volume, as reported by the company.

Estonian budget passed with 0.25 billion-euro deficit

The Estonian Riigikogu with 55 votes against 41 has passed the country’s 2018 state budget bill planning to spend by 0.25 billion more than it is planned to earn.

AFSAL: loan requests in non-banking industry are declined in 69% of all cases

In the first six months of 2017 Alternative Financial Services Association of Latvia (AFSAL) issued a total amount of EUR 84.7 million in consumer loans. No increase is noted in this amount when compared with the same period of 2016. Increase did not exceed 0.2%, as reported by the association.

European Parliament supports changes for combating activities detailed in Panama Papers

Public registries with names of true owners of businesses, effective protection of whistle-blowers and stricter requirements for financial intermediaries are some of the proposals intended to assist with the fight against tax avoidance, as noted by members of the European Parliament.

Former deputy chief of anti-corruption bureau: Christmas lights are more important to Riga mayor than residents’ welfare

«Mayor of Riga Nils Ušakovs focuses a lot on ‘shiny things’ and procurements performed by capital associations in which flow of money is hard to control. For example, Ušakovs has decided to allocate from the budget EUR 200,000 for Rīgas Gaisma to procure Christmas decorations. Meanwhile in Riga there are nearly 50 km of streets with no lighting. This demonstrates that the mayor focuses on ‘shiny things’ instead of improving life for Riga’s residents,» former deputy chief of Corruption Prevention and Combating Bureau (KNAB) Juta Strīķe told BNN in an interview.

Turkey and 56 other countries recognise East Jerusalem as capital of Palestine

In a summit of the Organisation of Islamic Co-operation, held in reaction to Washington’s decision to recognise the city of Jerusalem as only the capital of Israel, Turkey and 56 other Muslim countries have called on the rest of the world to recognise «the State of Palestine and East Jerusalem as its occupied capital».

Ventspils City Council opposition member sees possibility of establishing closer ties with Unity

«If Unity is interested, and wants to come back to the values it once had, we may consider working more closely. My knowledge and experience from the past 5-6 years may be useful in restarting political cooperation and restoration of lost influence,» said Ventpils City Council opposition member Ģirts Valdis Kristovskis.

FM mentions progress in combating grey economy; prime minister expects more

Latvia will continue combating grey economy in construction field and fight envelope wages, said Latvian Finance Minister Dana Reizniece-Ozola during the ministry’s Taxpayer Forum 2017 organized by the ministry on Wednesday, 13 December.

EP agrees to EU moving on to phase II of Brexit talks

Members of the European Parliament have overwhelmingly supported what has been negotiated upon in the joint EU-UK progress report in Brexit talks and have recommended Brussels to move on to phase two negotiations on the future relations of the parties.

When do you go shoping for Christmas gifts?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: