Agenda Profile: Aivar Sõerd
Draft law amending the Securities Market Act and, as a consequence, amending other laws (regulation of derivatives and repo transactions) – second reading
2025-09-24
Fifteenth Riigikogu, sixth sitting, plenary sitting.
Political Position
The political position is directed towards the technical streamlining of financial regulation, supporting the alignment of derivatives and repo transaction regulation with international standards. The position is moderate and procedure-based, emphasizing the consensus decisions made by the steering committee. Although the core content of the draft bill is strongly supported, attention is also being paid to ancillary issues, such as the valuation of real estate serving as collateral for consumer credit agreements.
1 Speeches Analyzed
Topic Expertise
Profound technical expertise is demonstrated regarding the Securities Market Act, crisis resolution measures, and the scope of financial supervision competencies. Specific terminology is utilized, such as "green bonds," "netting regulation," and "trading in derivative instruments," while explaining amendments to several pieces of legislation (e.g., the Bankruptcy Act, the Reorganization Act). This expertise is directed toward clarifying regulatory standards and correcting the precise legal phrasing.
1 Speeches Analyzed
Rhetorical Style
The speech is highly formal, procedural, and informative, focusing exclusively on reporting the work and decisions of the commission. The tone is neutral and objective, employing a logical structure complete with references to specific dates, interest groups, and amendment numbers. Emotional appeals are absent; the emphasis is placed on detail and procedural correctness.
1 Speeches Analyzed
Activity Patterns
The activity pattern is linked to intensive work within the leading committee, which held three sessions (on September 9, 15, and 22) in preparation for the second reading of the draft bill. This work involves engaging stakeholders (the Financial Supervision Authority, the Estonian Association of Real Estate Companies) and reaching consensus decisions. A detailed overview of the committee's workflow and timeline is provided (for example, the final vote is scheduled for October 15).
1 Speeches Analyzed
Opposition Stance
No political confrontation exists, and criticism is lacking. The only disagreement was a technical discussion with the Estonian Association of Real Estate Companies regarding collateral valuation models, which was treated more as a peripheral issue requiring resolution. This disagreement was resolved by adding clarifying text to the explanatory memorandum, not through opposition.
1 Speeches Analyzed
Collaboration Style
The cooperation style is highly consensual, repeatedly emphasizing that all decisions of the steering committee and the nine proposed amendments were adopted by consensus. Close cooperation took place with representatives from the Ministry of Finance and the Financial Supervision Authority, as well as the consultation of interest groups. The readiness for compromise was demonstrated by the addition of explanatory text concerning real estate valuation.
1 Speeches Analyzed
Regional Focus
The focus is on the national level (Estonian legislation and the competencies of the Financial Supervisory Authority) and the international level (bringing regulation into compliance with the international standard). Specific local or regional interests are absent, although the discussion did touch upon the Estonian real estate market and housing loans.
1 Speeches Analyzed
Economic Views
Support is provided for financial market stability and regulation compliant with international standards, specifically targeting derivatives and repo transactions. Regulatory clarity for financial institutions (credit institutions) is crucial, and attention is being paid to protecting consumer interests in the context of real estate valuation. The focus is directed towards ensuring financial discipline and regulatory accuracy.
1 Speeches Analyzed
Social Issues
Not enough data
1 Speeches Analyzed
Legislative Focus
The primary legislative priority involves amending the Securities Market Act and other related legislation concerning the regulation of derivative and repo transactions, ensuring compliance with international standards. The speaker serves as the rapporteur for the leading committee, tasked with ensuring the successful passage of nine consensus amendments during the second reading. A key accomplishment is considered to be bringing the draft bill to the final vote with unanimous support.
1 Speeches Analyzed