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Latvian parliament upholds in first reading bill about limiting tenure of FCMC officials
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    Latvian parliament upholds in first reading bill about limiting tenure of FCMC officials

    RIGA, May 17 (LETA) - The Latvian parliament today upheld in the first reading a bill about limiting the tenure of the members of the Council of the Financial and Capital Market Commission (FCMC).

    The bill will also authorize the parliament to appoint not only the FCMC chairperson and vice-chairperson, but also all other Council members of the financial watchdog.

    Under the current law, the parliament appoints the FCMC chairperson and his or her deputy for a six-year term at a joint recommendation by the Bank of Latvia governor and the finance minister. The other members of the FCMC Council are appointed by the FCMC head with the consent of the Bank of Latvia governor and the finance minister. The current law sets no other tenure limits for FCMC officials.

    Under the proposed legislative amendments, a person will be allowed to serve as the FCMC chairperson, vice-chairperson or a council member for not more than two consecutive terms.

    The amendments are needed to harmonize the FCMC Law with other laws providing for limits on the tenure of the officials in key positions.

    Moreover, two of the current FCMC Council members have been sitting on the Council of the financial watchdog since its establishment nearly 17 years ago, MP Imants Paradnieks (National Alliance) said earlier at the meeting of the committee on budget and finances (taxes).

    As reported, the parliament on March 22 upheld in the first reading the draft amendments to the Law on the Bank of Latvia that would limit the number of successive tenures permitted to anyone serving as the Bank of Latvia governor.

    • Published: 17.05.2018 15:54
    • LETA
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