First Reading of the Bill to Amend the Financial Supervision Authority Act and Other Acts (422 SE)
Session: 15th Riigikogu, 3rd session, plenary session
Date: 2024-05-16 00:08
Participating Politicians:
Total Speeches: 5
Membership: 15
Agenda Duration: 4m
AI Summaries: 5/5 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
The agenda began with the first reading of Draft Act 422, initiated by the Government of the Republic, concerning amendments to the Financial Supervision Authority Act and other acts. Minister of Finance Mart Võrklaev introduced the bill, the main objective of which is to improve the digital security and cyber defense of financial institutions, as the financial sector is particularly vulnerable to cyberattacks. The bill is based on a European Union regulation and directive and establishes an ICT risk management framework for financial institutions consisting of six measures, which include system mapping, protection, incident detection, response, personnel training, and crisis communication. The new digital security rules will enter into force on January 17 of next year. Maris Lauri, representative of the Finance Committee, confirmed that the committee supported the first reading of the bill and proposed to conclude it. After the opening and closing of negotiations (due to lack of interest), the first reading was concluded. The sitting ended unexpectedly because Vadim Belobrovtsev, the rapporteur for Draft Act 404 initiated by the Estonian Centre Party faction, and other members of the faction were absent, making it impossible to open the discussion on the agenda item.
Decisions Made 2
The first reading of Bill 422 (Draft Act on Amendments to the Financial Supervision Authority Act and Other Acts) was concluded.
The deadline for submitting amendments was set for May 29th at 5:15 PM.
Aseesimees Toomas Kivimägi
AI Summary
The Riigikogu is debating the first reading of Draft Act 422, initiated by the government, concerning amendments to the Financial Supervision Authority Act and other acts, under agenda item 11. Minister of Finance Mart Võrklaev has been invited to serve as the rapporteur.
Rahandusminister Mart Võrklaev
AI Summary
The aim of this draft legislation is to enhance the digital security of financial institutions and implement a risk management framework, based on an EU regulation and directive, consisting of six measures. This framework covers mapping systems and information assets, protection and threat prevention, immediate detection, swift response, learning and development, and crisis communication. These rules will enter into force on January 17th next year, while the changes concerning insured amounts will take effect on October 9th this year.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi thanked the Minister, said he had no questions, and requested Maris Lauri, as a member of the Finance Committee, to present the lead committee's positions and decisions.
Maris Lauri
Profiling Eesti Reformierakonna fraktsioonAI Summary
The Finance Committee discussed Draft Bill 422 and concluded that its objective is to enhance the operational capacity of the financial sector through the transposition of European Union law. Stakeholder engagement will proceed as usual, and all parties concerned will be invited to submit their opinions. Decisions were adopted by consensus, including placing the draft bill on the agenda for May 15th, concluding the first reading, and appointing committee member Maris Lauri as the lead rapporteur. The deadline for other amendments is ten working days, in accordance with the Riigikogu Rules of Procedure and Internal Rules Act.
Aseesimees Toomas Kivimägi
AI Summary
Toomas Kivimägi announced that the first reading of Bill 422 has been concluded and the deadline for submitting amendments is May 29th at 5:15 PM. Furthermore, the next agenda item, Bill 404, could not be opened due to a lack of quorum, which led to the conclusion of the Riigikogu plenary session, and thanks were extended to all present.