To encourage the participation of the financial market participants under Latvijas Banka's supervision in the regulation and supervision of the operation of the financial market and its participants, application of resolution tools and implementation of compensation disbursement schemes, Latvijas Banka has established an advisory body – the Consultative Financial Market Council.
The Consultative Financial Market Council comprises the delegated representatives of all financial market participant associations under Latvijas Banka's supervision and three representatives of Latvijas Banka. The composition of the Consultative Financial Market Council is approved by the Governor of Latvijas Banka.
Tasks of the Consultative Financial Market Council:
- present proposals for the draft regulations of Latvijas Banka,
- provide an opinion about Latvijas Banka's planned next year's expenditure designated for the regulation and supervision of the operation of the financial market and its participants, application of resolution tools and implementation of compensation disbursement schemes,
- evaluate the results of accumulating the compensation disbursement scheme resources and disbursements of compensations under those schemes.