The Financial Supervision Authority is a financial supervision and crisis resolution institution with autonomous competence and budget, which acts on behalf of the Estonian state and is independent in its decisions. The Financial Supervisory Authority carries out state supervision over banks, insurance companies, insurance intermediaries, investment companies, fund management companies, investment and pension funds, payment institutions, e-money institutions, credit providers and intermediaries, and the securities market that have received an operating license from the Financial Supervision Authority. *** Finantsinspektsioon is a financial supervision and resolution authority of Estonia with autonomous competence and a separate budget which conducts supervision in the name of the state and is independent in its activities and decisions. Finantsinspektsioon conducts state supervision over the banks, insurance companies, insurance intermediaries, investment firms, management companies, investment and pension funds as well as the payment service providers, e-money institutions, small loan offices and securities market that have been authorized by the Finantsinspektsioon . The supervision authority of the domicile of a bank, an insurance company or an investment firm conducts primary supervision over the branches of the banks, insurance companies and investment firms operating in Estonia.