Bank of Lithuania Provides Recommendations for Licence Applicants

Bank of Lithuania provides recommendations for licence applicantsThe Bank of Lithuania has prepared a comprehensive guide for beginners in financial markets willing to start any licensed activities in Lithuania.
“These recommendations are a kind of homework that needs to be done by new market players before applying for licenses to ensure better dialogue. All new arrivals can familiarize themselves with the most frequent errors and best practices collected in recent years,” said Ekaterina Govina, Director of the Supervisory Service of the Bank of Lithuania.

Rules of business planning, accounting requirements, governing body and central functional units; aspects to be taken into consideration in ensuring compliance with and compliance with the needs of the prevention of money-laundering; these and other specific recommendations are intended for those seeking a licence for an electronic money or payment institution, a bank, a specialized bank, a management company, a financial intermediation company or a financial adviser, or to be included in public lists of crowdfunding platform operators, credit issuers, etc. The Recommendations also include recommendations for those seeking to raise funds, for example, by issuing securities.

These recommendations reflect the experience of the Bank of Lithuania in the area of licensing and the implementation of the New Arrivals Programme, which has already involved 500 companies from 60 countries since 2016. This comprehensive consultation programme is intended for financial market participants interested in providing financial services in and from Lithuania.

Since the Bank of Lithuania uses a careful risk-based approach in assessing potential participants in the financial market, not all applicants for a license are granted a permit. Since 2018, the Bank of Lithuania has received more than 300 applications, but only 200 of them have been approved. The most significant number of licenses (about 50) were issued to electronic money institutions in three years.

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