Company in Lithuania UAB – Practice areas – Financial Licenses in Lithuania – Forex Licence in Lithuania
Forex Licence in Lithuania
The foreign exchange (Forex) market is a decentralised global market in which currencies are exchanged and currency-related financial instruments are traded. It operates predominantly around the clock during the international business week, generally from Sunday evening to Friday evening. Forex trading, particularly through leveraged derivatives and CFDs, involves substantial financial risk and can result in significant losses. It does not guarantee or promise high returns. Firms offering Forex-related investment services to retail clients in Lithuania must comply with the applicable MiFID II investor protection requirements, including product governance, appropriateness assessments, risk disclosures and restrictions on the marketing and distribution of CFDs. Forex trading offers such benefits as flexibility and plenty of trading options at low transaction costs.
Before starting to plan any forex activities in Lithuania, it’s important to note that only companies holding a financial brokerage licence issued by the supervisory authority of the Republic of Lithuania or another EU country may provide investment services in Lithuania. A company licensed in another EU country has the right to provide investment services in Lithuania, with or without the establishment of a branch.
A financial brokerage licence is granted by the Financial Services and Markets Supervision Department of the Bank of Lithuania, who regulates financial and investment services as well as securities markets according to the local act “Law on the Markets of Financial Instruments of the Republic of Lithuania”. The department ensures that financial brokerage and management companies operate reliably, i.e. have sufficient capital, are liquid and manage their risks properly. All licensed operators are listed on the website of the Bank of Lithuania.
Forex Licence in Lithuania
| Service | Price |
|---|---|
|
STAGE 1 |
23,000 EUR |
Requirements:
- Assessment of shareholders required for the procedure
- Assessment of the manager with duties and responsibilities performed properly
- Assessment of the information about close relations with other natural and legal persons in the Republic of Lithuania
- Assessment of the initial capital and ongoing own funds requirements applicable to the proposed investment services. Under Lithuanian legislation and the EU Investment Firms Directive (IFD), the minimum initial capital for a financial brokerage firm is EUR 75,000, EUR 150,000 or EUR 750,000, depending on the activities covered by its authorisation. A firm dealing on its own account or underwriting financial instruments generally requires initial capital of at least EUR 750,000. The applicable amount must be determined after assessing the proposed business model and investment services.
- Assessment of description of the office and equipment
- Assessment of the information regarding financial brokers to be employed
- Assessment of confirmation of the payment for the state fee
- Assessment of the documents and information confirming compliance with requirements for brokerage firms
- Assessment of the information regarding implementation of money laundering and terrorist financing prevention measures
The Pre-Application stage:
- Support when filling out the initial application form for the Bank of Lithuania
- Assistance in the preparation of documents describing the structure of the company
- Assistance in developing a business plan that meets the requirements Bank of Lithuania
- Analysis of the project platform/website, a guide to its presentation to the Bank of Lithuania
- Assistance in opening an account for the subsequent payment of the authorized capital of the company
- Communication with the regulator at the application stage,
- Organization of a meeting with representatives of the Bank of Lithuania
- Assessment of all the requirements met by the Client
- Preparing all the necessary information for the procedure.
- Introducing the representatives of a prospective financial brokerage firm to the regulation applied in Lithuania,
- Pre-Application meetings and discussions with specialists of the Bank of Lithuania
|
STAGE 2 |
Submission:
- Submission of documents to the Bank of Lithuania
- Assistance in the construction of the list submitted documents and their contents
- Assistance in submission of an application for a financial brokerage firm licence to the Supervision Service of the Bank of Lithuania
- The Supervision Service within 5 business days, reviews whether all necessary documents have been submitted and, where no formal deficiencies are identified
- Submitting the application for consideration to the Bank of Lithuania
- Assistance in examining an application for a financial brokerage firm licence and attached documents before handing in the application.
- Assistance in remarks and preparation of additional documents if The Supervision Service requests.
- The Supervision Service usually submits comments to the applicant for a financial brokerage firm license by asking to submit additional information or documents. In such a case, the time limit for review is extended.
Finalising:
- After finishing assessment of submitted documents, the Board of the Bank of Lithuania analyses summary information submitted by the Supervision Service and takes a decision regarding the issuance of a license or requests remarks and additional documents to be presented.
- Under the Lithuanian Law on Markets in Financial Instruments, the Bank of Lithuania generally makes a decision on granting or refusing an investment firm licence within six months after receiving a complete application containing all required information. The total licensing process may take longer where the initial application is incomplete or additional documentation and regulatory clarification are required. Authorisation is subject to the Bank of Lithuania’s assessment and cannot be guaranteed within six months.
| Service | Price |
|---|---|
| Legal Services for Your Forex Project | from 1,500 EUR |
Advantages of a forex licence:
- Licence fees are relatively affordable
- Inexpensive ownership and operating costs
- A Lithuanian financial brokerage firm authorised under MiFID II may provide permitted investment services in other EU/EEA Member States through the applicable passporting and notification procedures. Providing investment services outside the EU/EEA is subject to the laws and licensing requirements of the relevant third-country jurisdictions. A Lithuanian investment firm licence does not automatically authorise unrestricted global operations.
- Relatively affordable capital contribution
It should be clear by now that if you’re preparing to embark on a new forex business journey, one of the first steps you’ll have to take is obtaining a forex licence, which is mandatory for regulatory purposes. Prior to starting the application process, you usually have to either establish a Limited Liability Company (UAB) or open a branch office in Lithuania. Furthermore, you’ve got to make sure that your business reputation is intact and transparent and there are no negative records about the company’s operational activities (e. g. bankruptcy or convictions).
The subjects of the licence requirements are divided into the following categories: licence holder, company shareholders, and office with staff in Lithuania. Company in Lithuania UAB will be pleased to provide a detailed personalised consultation, if you wish to find out more about the specific requirements, start taking action and ultimately grow your forex business.
A Lithuanian investment firm licence may authorise one or more of the following investment services and activities under MiFID II:
- Reception and transmission of orders in relation to financial instruments.
- Execution of orders on behalf of clients.
- Dealing on own account.
- Portfolio management.
- Investment advice.
- Underwriting of financial instruments or placing of financial instruments on a firm commitment basis.
- Placing of financial instruments without a firm commitment basis.
- Operation of a multilateral trading facility (MTF).
- Operation of an organised trading facility (OTF).
The precise activities permitted depend on the scope of the authorisation granted by the Bank of Lithuania. Holding an investment firm licence does not automatically authorise the institution to perform every listed activity. Different services are subject to different minimum capital, governance and prudential requirements.
Before submitting an application for the issuance of a licence for a forex company, it is necessary to pay a state fee for the issuance of a licence to the account of the State Tax Inspectorate, which is currently 947 EUR.
Forex Licence Application Requirements for Companies
The Bank of Lithuania requests that detailed documents be provided when submitting the application. The duration of the evaluation of the application depends on the specifics of planned activities and the business plan.
The following key elements must be taken into consideration before deciding to apply for a forex licence in Lithuania:
- The submitted documents must comply with the requirements established by the legal acts regulating the activities of the financial brokerage company and its supervision, all correct data established by the legal acts or additionally required must be submitted.
- Meeting the applicable initial capital and ongoing prudential requirements is a fundamental condition for obtaining and maintaining a Lithuanian investment firm licence. Under Article 14 of the Lithuanian Law on Markets in Financial Instruments, minimum initial capital requirements are generally EUR 75,000, EUR 150,000 or EUR 750,000, depending on the authorised activities and whether the firm safeguards client assets or deals on its own account. Under Regulation (EU) 2019/2033, investment firms must also maintain the required own funds, calculated according to their regulatory classification, including the permanent minimum capital requirement, fixed overheads requirement and, where applicable, K-factor requirement.
- Persons holding a qualified share of the authorised capital and/or voting rights of the financial brokerage company must be able to ensure sound and prudent management of it, demonstrate excellent reputation and financial reliability.
- The company’s managers must be of impeccable reputation, have qualifications and experience that allow them to perform their duties properly.
- The business plan must be in line with the capacity of the founders of the financial brokerage company (holders of shares and/or voting rights) to implement it, and the company must be ready to provide financial services safely and reliably at the time of licensing.
In order to ensure reliable and prudent management of forex companies, it’s necessary to have comprehensive arrangements, appropriate to the nature, scale and complexity of the financial activities, including an organisational structure that ensures separation of functions as well as clearly defined vertical and horizontal responsibilities. Moreover, it’s imperative to design a well functioning system for identifying and controlling the risks that may arise, including reliable administrative arrangements and an accounting system.
Investment services in Lithuania may be provided by financial brokerage firms authorised by the Bank of Lithuania and by eligible investment firms authorised in other EU/EEA Member States under the applicable passporting arrangements. The number of authorised firms and cross-border service providers changes over time. Current information about licensed Lithuanian investment firms and notified EU/EEA providers should be verified against the official registers maintained by the Bank of Lithuania and the relevant supervisory authorities. Historical registration figures should not be presented as current statistics.
Company in Lithuania UAB will be pleased to support you in obtaining a forex, or a financial brokerage, licence in Lithuania. With dedicated legal advisors, tax experts and financial accountants at your side, you will find the application process easy, simple and transparent.
Frequently asked questions
Currency is bought and sold on the forex market, or foreign exchange market. In addition to being the largest financial market around the world, it also offers high returns to those who are willing to take on high risks. There are many benefits to forex trading, including low transaction costs, flexibility, and plenty of trading options.
Investment services involving financial instruments, including qualifying Forex derivatives and contracts for difference (CFDs), generally require authorisation as an investment firm under MiFID II. In Lithuania, the competent authority is the Bank of Lithuania. Investment firms authorised in other EU/EEA Member States may provide services in Lithuania through the applicable cross-border passporting or branch notification procedures. However, a firm must hold authorisation covering the specific services and financial instruments offered. The regulatory treatment of spot foreign exchange transactions must be assessed separately because ordinary spot currency exchange does not automatically constitute a regulated MiFID II investment service.
Based on the local act “Law on the Markets of Financial Instruments of the Republic of Lithuania”, the Financial Services and Markets Supervision Department of the Bank of Lithuania grants a licence for financial brokerage, which regulates financial and investment services as well as securities markets. Assuring that financial brokerages and management companies operate reliably means ensuring that they are adequately capitalized, liquid, and manage their risks properly. It is possible to find a list of all licensed operators on the website of the Bank of Lithuania.
Forex licenses have the following advantages:
- There is a relative affordability to licence fees
- Expenses associated with ownership and operation
- International operations are possible
- Contribution to capital that is relatively affordable
Getting a forex license is a mandatory step for regulatory purposes if you’re contemplating a forex business venture. The first step in the application process usually entails establishing a Limited Liability Company (UAB) or opening a branch office in Lithuania. You should also make sure that your company’s reputation is intact and transparent, and that there are no negative records about the company’s operational activities (e.g. bankruptcy or conviction).
The following services may be provided by holders of forex licences:
- Orders are accepted and transmitted
- Client-directed order execution
- Completion of transactions on one’s own account
- Managing the portfolio of financial instruments
- Recommendation of investments
- Creating an obligation to distribute financial instruments by signing and/or distributing them
- Financial instruments are distributed
- System of multilateral trading administration
- Managing a trading facility that is organised
The State Tax Inspectorate requires that a state fee of 947 EUR be paid before an application for the issuance of a licence for a forex company can be submitted.
Detailed documents are required when submitting an application to the Bank of Lithuania. Based on the business plan and the specifics of the planned activities, the evaluation of the application will take a certain amount of time.
A forex license in Lithuania must take the following factors into account:
- Financial brokerage companies must submit documents that comply with legal requirements governing their activities and supervision, and all correct information required by the legal acts.
- In accordance with the aforementioned local legal act, the minimum capital requirement for a financial brokerage company is 150,000 EUR, although the amount may be higher or lower depending on specific activities.
- Financial brokerage companies must demonstrate excellent reputation, financial stability, and sound management by individuals holding qualified shares of the authorised capital and/or voting rights.
- A company’s managers must be capable of performing their duties properly, have impeccable reputations, and have the necessary qualifications and experience.
- At the time of licensing, the business plan must be compatible with the capability of the company’s founders (shareholders and/or voting rights) to implement it.
The management of forex companies needs to be reliable and prudent, which is why comprehensive arrangements need to be in place, which are appropriate to the financial activities’ nature, scale and complexity, as well as an organisational structure that ensures function separation and clear vertical and horizontal responsibilities. Additionally, an accounting system and an administrative arrangement that are reliable are essential for identifying and controlling risks.
The Lithuanian investment services market includes domestically authorised financial brokerage firms and investment firms from other EU/EEA Member States that are entitled to provide services in Lithuania under the applicable notification procedures. The total number of eligible providers changes as authorisations and cross-border notifications are granted, amended or withdrawn. Current figures should be obtained from the official Bank of Lithuania registers rather than relying on historical statistics.
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