Agenda Profile: Mart Võrklaev
Draft law amending the Act on Payment Institutions and E-Money Institutions and the Act on Payment and Settlement Systems (634 SE) – second reading
2025-06-11
15th Riigikogu, 5th session, plenary sitting
Political Position
The political stance strongly supports updating financial regulation to expand the ability of payment and e-money institutions to offer instant payment services. The objective is to create a level playing field in a market currently restricted solely to banks. The formation of this position is clearly policy-driven, focusing on improving service accessibility and increasing competition.
1 Speeches Analyzed
Topic Expertise
The speaker demonstrates technical expertise regarding the regulations governing payment and e-money institutions, as well as the settlement account systems managed by the Bank of Estonia. Specific terminology, such as "instant payment," is employed, and reference is made to the necessity of ensuring access to the required settlement accounts. This expertise is grounded in close cooperation and proposals received from the Financial Supervision Authority and the Ministry of Finance.
1 Speeches Analyzed
Rhetorical Style
The rhetorical style is formal, neutral, and procedural, characteristic of the presenter of the draft legislation. The focus is on the detailed reporting of the draft's objectives, the amendments made, and the committee's consensus decisions. Emotional appeals are absent; the emphasis is placed on logical and technical explanation.
1 Speeches Analyzed
Activity Patterns
The course of action involves legislative work within the Riigikogu, encompassing the management of the Finance Committee's operations and the presentation of its results. The speaker coordinates the drafting of amendments in cooperation with the ministry and sets the schedule for the final vote on the draft bill (June 18, 2025).
1 Speeches Analyzed
Opposition Stance
There is no opposition; the speaker notes that neither members of the Riigikogu, nor factions, nor committees submitted any amendments to the draft bill. This indicates widespread support, or at the very least, an absence of opposition regarding the substantive objectives of the bill.
1 Speeches Analyzed
Collaboration Style
The collaboration features a consensual approach and tight inter-agency cooperation, especially with the Ministry of Finance and the Financial Supervisory Authority, as the changes were drafted based on their recommendations. The Commission's decisions were reached unanimously, highlighting a willingness to compromise and achieve a common goal.
1 Speeches Analyzed
Regional Focus
The focus is strictly at the national level, addressing the regulation of the Estonian financial market and the Bank of Estonia's settlement account system. There is no regional or international focus.
1 Speeches Analyzed
Economic Views
Economic perspectives favor relaxing regulations to boost competition in the financial services market, thereby allowing payment and e-money institutions to offer instant payment services. This move is aimed at expanding the market and enhancing the accessibility of services, while simultaneously supporting the growth of financial technology (fintech).
1 Speeches Analyzed
Social Issues
There is not enough data.
1 Speeches Analyzed
Legislative Focus
The legislative focus is on the second reading of Bill 634 SE, which aims to enable payment and e-money institutions to provide instant payment services. The speaker is a supporter of the bill and its procedural sponsor, ensuring the incorporation of the Financial Supervisory Authority's proposals and the amendment of the entry into force provision.
1 Speeches Analyzed