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First Fintech Board Members Academy to be Launched in Latvia




Latvia is set to host the inaugural “Fintech Board Members Academy: Empowering Excellence” at the end of this month. This meticulously crafted, two-day, in-person event is tailored for industry leaders, offering a comprehensive program that explores critical topics shaping the future of the fintech industry in Latvia. Scheduled for January 25-26, the Academy will bring together over 10 local and international experts.

The Academy is organised by the Fintech Latvia Association in cooperation with the Baltic Institute of Corporate Governance, which promotes the implementation of good corporate governance principles in the Baltic States, including the organisation of 15 years of educational programs for high-level managers, business owners, supervisory board members, and board members.These two-day intensive sessions with expert speakers will cover topics such as Latvia’s Fintech development strategy, regulatory news and developments, establishing a compliance and internal control system, creating an effective governance structure, risk management, etc.

Tīna Lūse, Managing Director of Fintech Latvia Association: “It is a rewarding start to the year to work actively and systematically to create attractive development conditions for fintech companies in Latvia and to bring new and competitive players to the market, thus contributing to economic growth. The aim of the Academy is to provide the managers and founders of fintech companies with a comprehensive overview of the Latvian regulator’s expectations on the various issues related to the company’s activities, as well as to provide access to the perspectives of the best experts on these issues, and to share the experience of other market players. We therefore appreciate the active participation of experts from the Bank of Latvia, the Ministry of Finance, Finance Latvia Association and the Baltic Institute of Corporate Governance in the preparation of the Academy’s training programme and in the engagement of experts.”

Just as importantly, the Academy is a platform to build professional relationships and contacts with more than 10 local and international experts and representatives of other companies. As the Vice President and Head of the Baltic Institute of Corporate Governance in Latvia Andris Grafs says: “The fintech sector is developing rapidly, and to ensure the effective governance of fintech companies, facilitate their development in line with regulations and industry trends, and provide practical steps to overcome challenges, we have enlisted speakers who are knowledgeable in their field. They can offer practical, experience-based advice and solutions. The combination of thoughtful, high-quality content and the opportunity to network with other companies and experts are prerequisites for this training to be valuable for fintech CEOs and founders.”

As Marine Krasovska, head of Financial Technology Supervision Department at Latvijas Banka, points out: “Last year, several important steps were taken to make Latvia an attractive location for fintech companies. The industry and regulation are evolving dynamically, so we are constantly advising and educating existing and future market players. This training programme for fintech managers is a valuable initiative where both existing and potential fintech market

participants will be able to learn about new developments in fintech regulation, IT risk and cyber risk management, building internal control systems for financial companies and other supervisory issues.”

The Academy will feature speakers from the Ministry of Finance of Latvia, the Bank of Latvia, Fintech Latvia Association, Baltic Institute of Corporate Governance, Finance Latvia Association, drill, WALLESS, Pedersen & Partners, Sorainen, Gravity HUB, Tenity, DelfinGroup, Nasdaq Riga, KPMG, IIZI Broker, TeraSky and Mintos.

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Expressions of Interest for Director of the European Bank for Reconstruction and Development




The Minister for Finance, Michael McGrath, is inviting Expressions of Interest from suitably qualified candidates to be considered as Ireland’s Director of the London-based European Bank for Reconstruction and Development (EBRD). The remunerated position of Director is an important post with a demanding workload. A full-time residential position, it is based at Bank headquarters in London.

The Minister’s nominee is expected to be appointed by the EBRD, with the agreement of Ireland’s Constituency partner countries, for a three-year term from 1 August 2024.

Minister McGrath commented:

“This is an exciting opportunity to represent Ireland (and our Constituency partners Denmark, Lithuania and Kosovo) as a Director on the Board of the European Bank for Reconstruction and Development overseeing the policy-making and governance of the Bank. The EBRD is a unique International Financial Institution supporting projects across three continents. By investing in projects which otherwise would not be fully met by the market, the EBRD promotes entrepreneurship and fosters transition towards open and sustainable market economies. I am keen to ensure our Irish representative has the ability, education, vision, and experience to make a significant contribution to the Board and brings a range of skills and diverse perspective to the deliberations of the Board.

My nominee will need high competence in economic and financial matters. Expertise can come from notable or significant achievements in the corporate or financial sector, academia, policy-focused institutions, or public service. Importantly, they will have the highest ethical standards, a strong sense of professionalism and commitment, and dedication to serving the interests of all the shareholders and be able to make themself readily available to the Board in the fulfilment of their duties.”

Expressions of interest will be accepted up to 3pm on 27th March 2024

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Council adopts regulation on instant payments





The Council adopted today a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

The new rules will improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures. Improving the possibilities to mobilize cash-flows will bring benefits for citizens and companies and allow for innovative added value services.

The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The regulation takes into consideration particularities of non-euro area entities.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro. The charges that apply (if any) must not be higher than the charges that apply for standard credit transfers.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area, that needs more time to adjust.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD). As a result, these entities will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period. The regulation includes appropriate safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

The regulation includes a review clause with a requirement for the Commission to present a report containing an evaluation of the development of credit charges.


This initiative comes in the context of the completion of the capital markets union. The capital markets union is the EU’s initiative to create a truly single market for capital across the EU. It aims to get investment and savings flowing across all member states for the benefit of citizens, businesses, and investors.

On 26 October 2022 the Commission put forward a proposal on instant payments that amends and modernises the single euro payments area (SEPA) regulation of 2012 on standard credit transfers in euro by adding to it specific provisions for instant credit transfers in euro.

Source: European Council

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FCA highlights need for enhanced competition in wholesale data markets





The FCA has unveiled the outcomes of its in-depth study into the wholesale data market, focusing on the sectors of credit ratings data, benchmarks, and market data vendor services.

Despite deciding against major regulatory actions due to the risk of unintended consequences that could affect the data’s availability and quality—a crucial resource for global investors—the FCA has pinpointed several areas where competition could be significantly improved.

The study’s revelations indicate that the current state of competition in these markets may lead to users incurring higher costs for data than would be the case in a more competitive environment. This concern is particularly pressing given the critical role that such data plays in supporting effective investment decisions across the financial sector.

In a move to address these findings, the FCA has proposed initiatives aimed at ensuring wholesale data is distributed under fair, reasonable, and transparent conditions. This approach forms a part of the regulator’s broader strategy to ‘repeal and replace’ assimilated EU law, reinforcing the UK’s status as a premier global financial hub fostering investment, innovation, and sustainable growth.

Sheldon Mills, the FCA’s Executive Director of Consumers and Competition, emphasised the importance of quality and accessible wholesale data for the efficiency of financial markets. “The quality and availability of wholesale data is integral to well-functioning wholesale financial markets,” Mills stated. He further clarified, “Our market study found that firms can access the data they need to make effective investment decisions. We do not believe the case has been made for significant interventions. However, we will examine ways to help support wholesale data being provided on fair, reasonable and transparent terms.”

In its commitment to fostering a competitive and fair marketplace, the FCA will continue to scrutinize allegations of anti-competitive behavior across all markets, including wholesale data markets, leveraging its powers under the Competition Act to address any such issues.

Source: Fintech Global


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