Estonian Financial Supervision Authority

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Estonian Financial Supervision Authority
Founded 2001
Headquarters Tallinn, Estonia
Key People Raul Malmstein, Chairman of the Management Board

The Estonian Financial Supervision Authority (EFSA), [1] is an autonomous agency that exercises state supervision over companies operating in Estonian banking, insurance and sercurities markets.

Organization and Purpose[edit]

In addition to ensuring the stability of the Estonian financial sector, the organization's objective is to protect the interests of clients and investors by safeguarding their financial resources.

The EFSA's specific tasks include:

  • Promoting the stability and soundness of the financial sector
  • Reducing risks in the financial system
  • Enhancing transparency of the financial sector and ensuring competitiveness on the market
  • Protecting the interests of clients and investors in preserving their assets
  • Contributing to the prevention of abuse of the financial sector for criminal purposes
  • Improving the efficiency of the financial sector
  • Facilitating the stability of the Estonian monetary system


In response to the growing integration of the Estonian financial sector and the resulting fast growth in non-banking financial intermediation in the late 1990s, the need for the institutional reform of financial supervision became apparent. Reform had been called for by both the Bank of Estonia and the Government of the Republic. A committee was created and charged with drafting legislation to establish a new agency. After rejecting an initial draft, the Riigikogu (Estonian Parliament) passed the Financial Supervision Authority Act on 09 May 2001. [2]

The Estonian Financial Supervision Authority is a member of the Committee of European Securities Regulators. Raul Malmstein represents EFSA on the Committee.


  1. Homepage. Estonian Financial Supervision Authority.
  2. History. Estonian Financial Supervision Authority.