Draft law amending the Securities Market Act and, as a consequence, amending other laws (regulation of derivatives and repo transactions) – second reading
Session: Fifteenth Riigikogu, sixth sitting, plenary sitting.
Date: 2025-09-24 19:46
Participating Politicians:
Total Speeches: 6
Membership: 15
Agenda Duration: 10m
AI Summaries: 6/6 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The agenda item was the second reading of Draft Act 633, initiated by the Government of the Republic, concerning the amendment of the Securities Market Act and the resulting amendment of other acts (regulation of derivative and repo transactions). Aivar Sõerd, a member of the Finance Committee, presented the report of the lead committee, providing an overview of the discussions held during three sittings (on September 9, 15, and 22). The main substance of the draft act was to bring the regulation of derivative and repo transactions into line with international standards. During the discussions, an ancillary issue also arose concerning the valuation of real estate serving as collateral for consumer credit agreements, particularly the introduction of statistical models in the valuation of residential real estate, regarding which the Estonian Association of Real Estate Companies expressed concern about jeopardizing consumer interests. The Finance Committee submitted a total of nine amendments to the draft act, which were largely technical in nature and clarified the competencies of the Financial Supervisory Authority, the liability for violating requirements for issuing green bonds, and the regulation of netting. All nine amendments were fully adopted. The lead committee made a consensus proposal to conclude the second reading and hold the final vote on October 15. The Plenary Assembly concluded the second reading of the draft act.
Decisions Made 4
The Finance Committee made a unanimous proposal to conclude the second reading of Bill 633.
The Finance Committee made a unanimous proposal to hold the final vote on the draft bill on October 15.
All nine amendment proposals submitted by the Finance Committee were fully taken into account.
The second reading of Bill 633 was concluded.
Most Active Speaker
Aivar Sõerd, a member of the Finance Committee and the rapporteur, provided a comprehensive overview of the committee's work, the proposed amendments, and the involvement of interest groups (the Financial Supervision Authority, the Estonian Association of Real Estate Companies) in preparing the bill for its second reading (and others).
Aseesimees Arvo Aller
AI Summary
Vice-Chairman Arvo Aller announced the transition to the fourth item on the agenda, which was the second reading of Bill 633—the draft act amending the Securities Market Act (regulation of derivative and repo transactions)—initiated by the Government of the Republic, and invited Aivar Sõerd, a member of the Finance Committee, to serve as the rapporteur.
Aseesimees Arvo Aller
AI Summary
Arvo Aller introduces the fourth item on the agenda, which is the second reading of Draft Act 633, initiated by the government, concerning amendments to the Securities Market Act and other resulting acts. Aivar Sõerd, a member of the Finance Committee, is requested to serve as the rapporteur.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
Aivar Sõerd provided an overview of the Finance Committee’s work in preparing for the second reading of the draft amendment to the Securities Market Act (regulation of derivatives and repo transactions), initiated by the Government of the Republic. He noted that while the core substance of the bill involves harmonization with international standards, based on proposals from interest groups, the committee also discussed clarifications regarding the powers of the Financial Supervisory Authority and the liability concerning green bonds, as well as the ancillary topic of real estate valuation methodology. Regarding the latter, it was decided to add explanatory text to the explanatory memorandum. The committee makes a consensus proposal to conclude the second reading and send the bill to the final vote.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
The Riigikogu Finance Committee discussed the second reading of the draft act on amending the Securities Market Act and the resulting harmonization of the regulation of derivative and repo transactions, adopted nine proposed amendments, heard stakeholders, and emphasized that the issue of real estate valuation is peripheral and the main objective is bringing the regulation into compliance with international standards; it decided to place the draft act on the agenda for September 24, conclude the second reading, and hold the final vote on October 15.
Aseesimees Arvo Aller
AI Summary
Deputy Chairman Arvo Aller closed the debate, as no request for it had been submitted, and proceeded to review the nine amendments to Draft Law 633. All these amendments had been submitted by the Finance Committee and were approved for full consideration, following which the second reading of the draft law and the discussion of the agenda item were concluded.
Aseesimees Arvo Aller
AI Summary
Vice-Chairman Arvo Aller announced that the second reading of Draft Law 633 has been concluded, and nine amendments submitted by the Finance Committee and the leading committee have been reviewed, ensuring their full consideration.