Second reading of the Draft Act on Amendments to the Financial Supervision Authority Act and Other Acts (422 SE)
Session: Fifteenth Riigikogu, fourth session, plenary session
Date: 2024-09-11 19:55
Participating Politicians:
Total Speeches: 7
Membership: 15
Agenda Duration: 13m
AI Summaries: 7/7 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
Among the four items on the agenda, the discussion focused on Draft Act 422, initiated by the Government of the Republic, concerning amendments to the Financial Supervision Authority Act and other acts. The presentation was delivered by Finance Committee member Maris Laur. The purpose of the bill is to transpose the European Union's digital operational and resilience requirements for financial institutions, thereby mitigating risks associated with the interruption of critical business process functions, enhancing client and investor protection, and increasing cybersecurity and data protection. Highlighting the committee's interest and involvement, attention was also drawn to the opinions of market participants and the fact that no proposals for amendments were received during the first reading. During the two subsequent sessions, linguistic and technical corrections, as well as summer amendments, were addressed, and it was decided to place the second reading on the agenda. The bill has been consolidated, and the aim is to hold the second reading today. The third reading, which will include the final vote, is scheduled for September 18th.
Decisions Made 2
The second reading has been concluded. The third reading is scheduled for September 18th, and the final vote will be held after the completion of the third reading.
Two amendments were noted and taken into consideration: the first amendment adds the bill's effective date under the general procedure, but no earlier than October 9, 2024; the second amendment involves the linguistic and technical streamlining of the regulations (references and similar adjustments).
Most Active Speaker
The most active speaker was pid="pQKBV_fEwKY". This individual represents a member of the Riigikogu, and their performance stands out as the one requiring the most speeches and attention—the position is marked as "other" (without being clearly attributed to the right or left side).
Aseesimees Arvo Aller
AI Summary
The Riigikogu moves on to the fourth item on the agenda, which is Government-initiated draft bill No. 422 concerning amendments to the Financial Supervision Authority Act and other acts, followed by the presentation by Finance Committee member Maris Lauri.
Maris Lauri
Profiling Eesti Reformierakonna fraktsioonAI Summary
Maris Lauri stated that the draft bill transposes the European Union’s digital operational resilience requirements for financial institutions into Estonian law, explained the progress of the Finance Committee’s consensual procedure, noted that several linguistic and technical amendments were made, and the date of the bill’s entry into force was specified. She also apologized for the error that the materials mistakenly indicated that the second reading had taken place, when in fact only the first reading had occurred.
Aseesimees Arvo Aller
AI Summary
Vice-Chairman Arvo Aller thanked the rapporteur, specifically mentioning the clarifying note in the explanatory memorandum. He noted that there were no questions, opened the debate, and invited Peeter Tali to the podium.
Peeter Tali
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Peeter Tali asks for three more minutes, although perhaps it isn't necessary.
Aseesimees Arvo Aller
AI Summary
That means three extra minutes will be given.
Peeter Tali
Profiling Fraktsiooni mittekuuluvad Riigikogu liikmedAI Summary
Peeter Tali stressed that modern warfare operates across six domains—land, sea, air, cyberspace, space, and the information environment—and noted that even if there isn't a physical war, cyberattacks and information exchange are constantly occurring. Therefore, Estonia and the European Union must strengthen cybersecurity, cyber defense, and secure information cooperation. Furthermore, they need to implement the CER, NIS2, and DORA regulations to guarantee the availability of digital services and the functioning of the state, while simultaneously countering cyber threats on the international stage.
Aseesimees Arvo Aller
AI Summary
Since there are no further requests to speak, I declare the debate closed. The second reading of Draft Bill 422 has been concluded, as two amendments submitted by the Finance Committee and the Lead Committee were fully accepted.