Translated by the Ministry of Finance
New version since 03-12-2015
Article 1. Purpose of the Law
1. The present Law establishes the services which are considered financial services, the requirements set for the founders, participants and heads of the financial and credit institutions engaged in the provision of financial services, the rights and duties thereof, conditions of, procedure for and peculiarities of the establishment, pursuit of business, termination and restructuring of financial institutions as well as conditions of, procedure for and peculiarities of supervision of the activities of the financial institutions providing licensed financial services.
2. The present Law applies to all financial institutions – legal persons of the Republic of Lithuania and the establishments of financial institutions of foreign states operating in the Republic of Lithuania and providing in the Republic of Lithuania the financial services referred to in Article 3 of this Law, unless international treaties of the Republic of Lithuania provide otherwise.
3. The present Law does not apply to:
1) the state and municipal institutions and agencies of the Republic of Lithuania providing the financial services specified in laws of the Republic of Lithuania;
2) the providers of postal services providing domestic and international postal remittance services;
Article 2. Principal concepts for the purpose of the Law
1. Closely related persons shall mean two or more persons who:
2. Persons related by blood as well as by marriage shall mean a person and his spouse, their (adopted) children, (adopted) parents, grandparents, grandchildren as well as (adopted) brothers, and (adopted) sisters of this person and of his spouse and spouses of these (adopted) brothers and (adopted) sisters as well as the persons who have registered partnership in accordance with the procedure set forth by laws.
4. Balance-sheet financial assets shall mean cash on hand, funds in accounts of banks and other credit institutions, rights of claim to the funds payable to a financial institution or to other assets to be returned under loan agreements, acquired debt securities, other payment obligations of a financial undertaking’s client, obligations to return or to transfer financial assets, equity securities or other rights.
5. General provisions shall mean certain accumulated monetary funds which are formed and intended to reduce (cover) possible losses of the activities of a financial institution.
6. Financial guarantee shall mean a guarantee granted by a financial institution in accordance with the procedure set forth by laws, whereby it enters into an irrevocable commitment to disburse the amount of funds specified in the guarantee provided all the conditions specified in the guarantee are fulfilled.
7. Financial undertaking shall mean an undertaking of the Republic of Lithuania or an establishment of a foreign state’s undertaking operating in the Republic of Lithuania in accordance with the procedure set forth by the laws regulating the provision of financial services and activities of financial institutions and the main activities whereof are one or more financial services referred to in Article 3(1) except para. 1 of this Law.
8. Client of a financial institution shall mean a person to whom financial services are provided by a financial institution.
9. Assets of a financial institution shall mean the movable and immovable assets, as well as the intangible and the financial assets.
10. Financial holding company as defined in Article 4(1)(20) of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation No. (EU) No. 648/2012 (OJ 2013 L 176, p.1) (hereinafter – Regulation (EU) No. 575/2013).
Amendments to the Article:
No. XII-2079, 18-12-2014, published in TAR, 31-12-2014, i.k. 2014-21167.
No. XII-1549, 19-03-2015, published in TAR, 31-03-2014, i.k. 2015-04829.
11. Financial assurance shall mean an irrevocable commitment entered into by a financial institution under an assurance agreement drawn up in accordance with the procedure set forth by laws to disburse the amount of funds indicated in the assurance agreement, where the person provided with assurance by the financial institution fails to perform all or part of its obligations.
12. Financial intermediation (the activity of the agent) shall be the activity on behalf and for the benefit of one or several financial institutions consisting of receiving deposits and other repayable funds, lending, accepting payments for the services provided by other persons, providing other financial services as well as the activities of a tied insurance intermediator pursued by financial institutions, with the exception of the administration of insured events.
13. Financial assets shall mean the sum total of the values of a financial institution’s on-balance-sheet financial assets and off-balance-sheet claims.
14.Parent undertaking shall mean an undertaking holding authorised capital and/or voting rights of another undertaking granting the right to control it.
15. Net value:
1) the value of investment acquisition (creation, increase of the value) reduced by the value of amortisation or depreciation and/or by the special provisions made for the amortisation of the risk of this investment;
2) the value of a financial institution’s balance sheet financial assets and/or off-balance sheet claims at the market price on the open market or, where the on-balance-sheet financial assets and/or the off-balance-sheet claims are not an object of public trading or where there is no reliable information about their market prices, the value of acquisition reduced by the special provisions formed with respect of the assets concerned.
16. Deposit shall mean a positive balance of funds in an account opened by a depositor in a credit institution under a bank deposit or bank account agreement
17.Receipt of deposits and other repayable funds from non-professional participants of the market shall mean the receipt of monetary funds from the persons not identified in advance for the purposes of management, use and/or disposal thereof subject to repayment with or without interest. The following shall not be considered the receipt of deposits or other repayable funds from non-professional participants of the market.
1) receipt of monetary funds from users of payment services for the purpose of provision of payment services;
2) receipt of monetary fund’s where the funds accepted are immediately exchanged into issued electronic money;
18. Investment shall mean movable and immovable as well as intangible assets, shares of the authorised capital and/or voting rights as well as subordinated loans that may be converted into a financial institution’s new shares or granted to financial institutions.
19. Proportion of the authorised capital and/or voting rights granting the right to control the activities of an undertaking shall mean a proportion of an undertaking’s authorised capital and/or voting rights which is directly and/or indirectly managed by a single person or the relations between the person and the undertaking due to which the person:
2) being a member of the undertaking has a right to elect and remove the manager of the undertaking, and the majority of the members of the management or supervisory bodies of the undertaking;
3) according to the provisions of the undertaking’s incorporations instrument, or the contracts concluded with the undertaking can exercise a dominant influence over the undertaking;
4) being a participant of the undertaking and on the basis of the agreements entered into with the other participants shall have a right to decide how to use the majority of the voting rights of the undertaking’s participants;
20. Proportion of the authorised capital and/or voting rights” shall mean at least one share, unit or other means issued by an undertaking and confirming participation in the management of the undertaking’s capital or the voting right acquired together with these means or a proportion of the undertaking or assets (capital) thereof (where no means confirming participation in the management of the undertaking’s capital have been issued).
21. Supervision on a consolidated basis shall mean supervision of a parent undertaking and of a financial group controlled by it exercised on the basis of (consolidated) financial statements and other reports meant for supervision which shall be prepared and submitted to the supervisory institution by the parent undertaking.
22. Controlled undertaking shall mean an undertaking in which a person or a group of related persons holds a proportion of the authorised capital and/or voting rights granting the right to control the activities of the undertaking. All the undertakings controlled by the controlling undertakings shall be considered to be the undertakings controlled by the parent company controlling all the undertakings concerned.
23. Creditworthiness assessment services shall mean management of the data, the assessment of the personal solvency and financial risk, as well as the determination of the personal credit worthiness (score), except the ratings subject to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, carried out for the purpose of personal solvency and financial risk assessment and the indebtedness management.
24. Credit institution shall mean as defined in Article 4(1)(1) of Regulation (EU) No. 575/2013.
Amendment of the para. of the Article:
No. XII-1549, 19-03-2015, published in TAR, 31-03-2014, i.k. 2015-04829.
25. Qualifying holding in the authorised capital and/or voting rights shall mean a proportion of an undertaking’s authorised capital and/or voting rights which is directly and/or indirectly managed by a single person or relations between the person and the undertaking, and accounting for 10 % or more of the undertaking’s authorised capital and/or voting rights, or a share enabling to exercise decisive influence upon the management of the undertaking:
26. Licensed financial services shall mean the financial services subject to a licence issued in accordance with the procedure set forth by laws.
27. Liquid assets shall mean the assets which may be immediately sold at the market price or at a price close to the market price with minimum impairment risk. The price close to the market price shall be the highest price at which the parties related to a financial institution and known as the parties intending to purchase (sell) assets may directly (outside the market) exchange the assets placed on the market.
28. Mixed-activity holding company shall mean a parent undertaking (but not a financial holding company or a credit institution, a credit institution or a mixed financial holding company as defined in the Law on the Supplementary Supervision of Entities in a Financial Conglomerate of the Republic of Lithuania ) at least one of the controlled undertakings whereof is a credit institution.
Amendment of the para. of the Article:
No. XII-2079, 18-12-2014, published in TAR, 31-12-2014, i.k. 2014-21167.
29. Off-balance-sheet claims shall mean the assets (claims) not specified on the balance sheet of a financial institution: the financial undertaking’s rights of claim to the sums of money payable to the financial institution and to other assets to be returned or otherwise transferred according to future, option and other transactions.
30. Non-professional participants of the market shall mean all persons, with the exception of the Bank of Lithuania, financial institutions, insurance undertakings as well as other persons qualified to assess the borrowing risk.
31. Indirect control shall mean the control arising through other controlled undertakings or through the undertakings controlled by the controlled undertakings.
32. Interest shall mean a sum of money paid for a granted loan, a deposit held, debt securities, the assets transferred for use or other debt-claim, i.e., a percentage set by an agreement and calculated from the amount of the deposit held or the granted loan, the par value of the debt securities or the value of the assets transferred for use or of other debt-claim.
33. Option transaction shall mean a transaction granting the right, but not the obligation, to purchase or sell the subject of the transaction at the agreed price on or prior to the agreed date.
34. Subordinated loan shall mean a loan granted for a time period of at least one year, provided all of the following conditions are fulfilled:
2) under the loan agreement, the lender undertakes not to demand repayment of the loan from the borrower prior to the expiry of the time limit specified in the agreement for repayment thereof;
35. Administration of money shall mean the collection, transportation and storage of cash, counting of coins and banknotes, verification of their authenticity and suitability for circulation as well as packing prior to return to circulation.
36. Taking of risk (transactions having possible risk characteristics) shall mean:
3) granting of a financial guarantee, financial assurance or the means to secure the performance of all other obligations as issued by a financial institution (in order to secure the performance of its or other persons’ obligations), the acceptance of other financial institutions’ financial guarantees or financial assurances
4) assumption of all obligations according to which the financial institution undertakes to pay according to a payment claim accepted by it or to accept them for redemption, where the buyer requires them;
5) acquisition of a proportion of the authorised capital and/or voting rights of other undertakings irrespective of the purpose and the period of time for which the proportion is acquired;
7) transfer of the assets belonging to the financial institution by the right of ownership for use by other persons under to a financial lease (leasing) agreement;
37. Lease of safes shall mean the lease of safes located in permanently guarded premises to the persons keeping their valuables therein.
38. Lending shall mean:
2) purchase, advance payment (including factoring and forfeiting) or discounting of a pecuniary claim arising from an irrevocable payment obligation, with or without the taking of lending risk, irrespective of a person into whose accounting these claims are included and who collects monetary fund’s according to the claims.
39. Special provisions shall mean the amount by which the value of assets and off-balance-sheet claims is reduced and which corresponds to the probability of likely losses.
40. Group of interrelated clients:
1) shall mean two or more clients of a financial institution that, unless specified otherwise, create a single risk because one of them is directly or indirectly controlling the second or the other customers, or
2) two or more customers of the financial institution between whom there is no relationship of control as set out in point 1 of this paragraph, but who are to be regarded as constituting a single risk because they are so interconnected that, if one of them were to experience financial problems, in particular funding or repayment difficulties, the other or all of the others would be likely to encounter funding or repayment difficulties.
41. Trade in precious metals shall mean the trade in:
2) fine silver and platinum (the silver and platinum of a fineness not less than 999.9 per thousand);
3) gold, silver and platinum in bars or in another form which is recognised on the international markets of precious metals, irrespective of fineness thereof;
43. Pursuit of the provision of financial services shall mean:
1) declaration of the provision of financial services in the documents regulating economic activities (founding documents, licences, patents, etc.);
2) the activities mainly consisting of the provision of financial services.
Amendments to the Article:
No. IX-2067, 23-03-2004, Official Gazette, 2004, No. 54-1828 (15-04-2004)
No. IX-2528, 01-11-2004, Official Gazette, 2004, No. 167-6107 (17-11-2004)
No. X-1037, 18-01-2007, Official Gazette, 2007, No. 12-498 (30-01-2007)
No. X-1306, 25-10-2007, Official Gazette, 2007, No. 117-4775 (15-11-2007)
No. XI-554, 10-12-2009, Official Gazette, 2009, No. 153-6892 (28-12-2009)
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
No. XI-1373, 12-05-2011, Official Gazette, 2011, No. 62-2935 (24-05-2011)
No. XI-1872, 22-12-2011, Official Gazette, 2011, No. 163-7763 (31-12-2011)
Article 3. Financial services
1. Financial services are:
5) issue and administration of travel cheques, bills of exchange and other means of payment, provided such activities do not include the service specified in Item 4 of para. 1 of this Article;
7) conclusion of transactions, at one’s own or a client’s expense, on the money market instruments (cheques, bills, deposit certificates, etc.), a foreign currency, financial future and option transactions, the establishment of a currency exchange rate and interest rate, public securities and precious metals;
16) provision of advice to undertakings on the capital structure, production strategy and related issues as well as the advice and services related to reorganisation, restructuring and purchase of the undertakings;
19) management of investment funds, closed-ended investment companies, pension funds or investment companies with variable capital;
4. Only a credit institution shall have the exclusive right to:
2) borrow from non-professional participants of the market in excess of the size of the equity capital;
5. Financial institutions may provide financial services in a foreign currency, where provided for by laws of the Republic of Lithuania.
Amendments of the Article:
No. IX-1720, 04-07-2003, Official Gazette, 2003, No. 74-3435 (25-07-2003)
No. X-1306, 25-10-2007, Official Gazette, 2007, No. 117-4775 (15-11-2007)
No. XI-203, 19-03-2009, Official Gazette, 2009, No. 38-1442 (04-04-2009)
No. XI-554, 10-12-2009, Official Gazette, 2009, No. 153-6892 (28-12-2009)
No. XI-1373, 12-05-2011, Official Gazette, 2011, No. 62-2935 (24-05-2011)
No. XI-1872, 22-12-2011, Official Gazette, 2011, No. 163-7763 (31-12-2011)
Article 4. Financial institution
2. Collective investment undertakings intended for informed investors and management companies managing only such undertakings shall not be considered to be financial institutions.
3. The activities of a financial institution which is engaged in the provision of licensed financial services shall be supervised by the Bank of Lithuania, except the cases where according to the provision of Council Regulation (EU) No. 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ 2013 L 287, p. 63) the supervision is carried out by the European Central Bank (hereinafter – the supervisory authority).
Amendments to the Article:
No. XII-1694, 14-05-2015, published in TAR, 20-05-2015, i.k. 2015-07670
4. Financial institutions shall act in compliance with the Constitution of the Republic of Lithuania, the present Law, the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions as well as a legal person of an appropriate legal form on the basis whereof a financial institution is established and operates and other legal acts.
5. Where the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions lay down other provisions than those laid down by this Law, the provisions of the laws regulating the provision of financial services and pursuit of the activities of financial institutions shall be applied.
6. The procedure set forth in Article 20(2), Article 44(3), Article 45(4), and Article 46(2) of the present Law shall not apply to financial institutions providing only non-licensed financial services referred to in the Law on Consumer Credit of the Republic of Lithuania.
Amendments to the Article:
No. IX-2067, 23-03-2004, Official Gazette, 2004, No. 54-1828 (15-04-2004)
No. XI-1373, 12-05-2011, Official Gazette, 2011, No. 62-2935 (24-05-2011)
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
No. XI-1872, 22-12-2011, Official Gazette, 2011, No. 163-7763 (31-12-2011)
No.XII-377, 18-06-2013, Official Gazette, 2013, No. 68-3411 (28-06-2013)
Article 5. Establishment of a financial institution
Financial institutions shall be established in compliance with the laws of the Republic of Lithuania regulating the establishment and pursuit of the activities of a legal person of an appropriate legal form as well as other laws of the Republic of Lithuania, unless the present Law provides otherwise.
Article 6. Founders
1. A founder of a financial institution may only be a person fulfilling all of the following conditions:
1) is acquiring a proportion of the authorised capital and/or voting rights of the financial institution being established;
2) can prove that the funds used for the acquisition of the authorised capital and/or voting rights of the financial institution being established are his legitimate income;
2. A founder of a financial institution may not be a natural person convicted of particularly serious or serious crimes or of crimes against the financial system, economy and business practice, property, property rights and property interests or of other crimes, where his conviction has not expired.
Amendments to the Article:
No. IX-1481, 03-04-2003, Official Gazette, 2003, No. 38-1726 (24-04-2003)
Article 7. Participants of a Financial Institution Holding a Qualifying Holding in the Authorised Capital and/or Voting Rights
1. A participant of a financial institution holding a qualifying holding in the financial institution’s authorised capital and/or voting rights may be a person who:
1) alone or acting under the influence of another person, is not going to pose a threat to the safety and soundness of activities of the financial institution and who can guarantee a sound management and control of the activities of the financial institution as provided for by laws of the Republic of Lithuania;
2) by his property, management, blood as well as marriage and operational relations and the structure of participants, could not impair the control of activities of the financial institution exercised by the participants of the financial institution;
2. The procedure for acquiring, transfer and reduction of a qualifying holding in the authorised capital and/or voting rights of a financial institution providing licensed financial services shall be set forth by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions.
Amendments to the Article:
No. XI-203, 19-03-2009, Official Gazette, 2009, No. 38-1442 (04-04-2009)
Article 8. Requirements to Ensure Activities of a Financial Institution
1. A financial institution may provide financial services, where it has in place an adequate:
2. The provisions of para. 1 of this Article shall also be applied to the subsidiary undertakings of institutions, branches, other structural divisions or to the work stations located in a place other than the registered office of the financial institution and providing financial services to clients.
Article 9. Procedure for Registering a Financial Institution
1. A financial institution shall be registered in the Register of Legal Entities in accordance with the procedure set forth by laws of the Republic of Lithuania A financial institution the establishment whereof is subject to an authorisation of the supervisory authority as provided for by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions shall be registered in the Register of Legal Entities only upon the receipt of this authorisation. A financial institution registered in the Legal Entities’ Register shall be considered to have been established.
2. The registered office of a financial institution registered in the Legal Entities’ Register of the Republic of Lithuania must be in the Republic of Lithuania.
3. A registered financial institution or an undertaking in operation which has taken a decision on the provision of financial services may commence the provision of financial services only upon obtaining of a licence (authorisation) to provide them, where laws of the Republic of Lithuania establish that such a licence (authorisation) is necessary.
4. A licence (authorisation) to provide financial services shall be issued to a financial institution in accordance with the procedure set forth by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions.
5. Laws of the Republic of Lithuania may establish that an authorisation of the supervisory authority is necessary in order to:
1) register amendments to founding documents in the cases specified by this Law and other laws of the Republic of Lithuania;
6) elect or appoint persons members of the supervisory board and the board, including the chairperson and the head of the administration, as well as the auditor or the inspector;
7) acquire, for investment and management purposes, a qualifying holding in the authorised capital and/or voting rights of another undertaking or to increase it in the cases specified by laws of the Republic of Lithuania;
8) set up branches, representative offices or other structural divisions of a legal person in a place other than the registered office of the financial institution, in the Republic of Lithuania or abroad;
9) sell or otherwise transfer all or a part of its obligations under deposit agreements or all or a part of other obligations of the financial institution arising upon the transfer of settlement for issued financial instruments (hereinafter referred to as the transfer of a portfolio of obligations);
Article 10. Withdrawal of a Licence
1. The supervisory authority must withdraw a licence issued to a financial institution to provide licensed financial services, where the financial institution:
2. The supervisory authority has a right to withdraw a licence issued to a financial institution to provide licensed financial services, where the financial institution:
1) has not made use of the licence within 12 months of the issuance of the licence to provide financial services;
3) does not meet the requirements set by this Law and other legal acts of the Republic of Lithuania for the safe and sound activities of respective financial institutions;
4) has breached the financial accounting, management and control requirements set by legal acts of the Republic of Lithuania, the provisions of this Law as well as other legal acts or instructions of the supervisory authority regarding the safe and sound activities of a financial institution;
5) has become insolvent and/or its activities pose a threat to interests of its clients or violate them, interfere or may interfere with the settlements or operations carried out on the money and capital markets;
7) fails to fulfil its duties according to the relevant obligations, or there is evidence that the licence holder will not be able to do that in the future;
8) its participants take a decision on the return of the licence to provide licensed financial services;
3. Taking account of the contents of an infringement, the consequences of the infringement and of the imposition of a sanction for the security, stability and soundness of the system of financial institutions and upon the taking of a decision on the withdrawal of a licence granted to a financial institution to provide financial services, the supervisory authority may propose that its participants wind up the financial institution or initiate bankruptcy proceedings against it as well as may itself initiate the bankruptcy proceedings against the financial institution.
Article 11. Activities of Financial Institutions of Foreign States in the Republic of Lithuania
1. A financial institution of a foreign state may establish in the Republic of Lithuania controlled undertakings or acquire the authorised capital and/or voting rights of the undertakings in operation and set up branches and representative offices.
2. A financial institution of foreign states may provide financial services in the Republic of Lithuania only upon the receipt of an authorisation and/or licence to provide financial services issued by an institution specified by laws of the Republic of Lithuania (where the laws establish that such an authorisation or licence is necessary). Prior to the granting of an authorisation or licence to provide financial services to a financial institution of a foreign state in the cases specified by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions, the foreign institution exercising supervision thereof must be consulted with in advance.
3. The conditions of and the procedure for the operation of financial institutions of foreign states in the Republic of Lithuania shall be set forth by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions.
4. It shall be prohibited to refuse an authorisation to provide financial services or to register a financial institution of a foreign state or to otherwise restrict the activities of financial institutions of foreign states in the Republic of Lithuania or to hinder them for the reasons of economic expediency or congested market, where all the requirements set by this Law and other laws of the Republic of Lithuania for the establishment or registration of the financial institutions of foreign states in the Republic of Lithuania have been met.
Article 12. Right of the Financial Institutions Licensed in the Member States of the European Union to Provide Financial Services in the Republic of Lithuania
1. A financial institution licensed in a Member State of the European Union may establish a branch in the Republic of Lithuania, where the foreign supervisory authority has forwarded to the supervisory authority of financial institutions of the Republic of Lithuania an operating plan of the institution and has specified the types of activities, the intended address of the branch, the structure as well as information about the heads of the branch. Upon the receipt of such a notification, the supervisory authority of financial institutions of the Republic of Lithuania shall prepare for the exercise of supervision and specify to the financial institution the activity requirements which it must comply with. The branch may be established upon the receipt by the financial institution of the said notification from the supervisory institution of financial institutions of the Republic of Lithuania, and where no notification is received – two months from the submission of the information provided for in this paragraph by the foreign supervisory institution to the supervisory institution of financial institutions of the Republic of Lithuania.
2. Where a financial institution referred to in paragraph 1 of this Article has already established at least one branch in the Republic of Lithuania, the procedure set forth by this Article shall not be applied to the establishment of other branches thereof.
3. A financial institution licensed in a Member State of the European Union may commence the provision of financial services in the Republic of Lithuania without establishing a branch one month from the submission of an operating plan of the financial institution by the foreign supervisory institution to the supervisory institution of financial institutions of the Republic of Lithuania.
4. In the event of a change in any of the particulars on a financial institution referred to in para. 1 of this Article, the institution must notify thereof the supervisory institution of financial institutions of the Republic of Lithuania at least one month in advance. A financial institution which provides services without establishing a branch must notify the supervisory institution of financial institutions of the Republic of Lithuania of a change in its operating plan in advance.
Amendments to the Article:
No. XII-1044, 17-07-2014, published in TAR, 04-08-2014, i.k. 2014-10855
Article 13. Participant of a financial institution
1. A participant of a financial institution shall be a person on behalf whereof a proportion of the financial institution’s authorised capital and/or voting rights has been acquired, irrespective of whether he has acquired the proportion of the financial institution’s authorised capital and/or voting rights on his own behalf for the benefit of a third party or in another representative capacity.
2. A participant of a financial institution may only be a person whose identity or legal registration has been confirmed by relevant documents.
3. A person shall become a participant of a financial institution and acquire all rights and duties which are granted to him by the proportion of the authorised capital and/or voting rights of the financial institution acquired by him:
1) in the case of the establishment of the financial institution – as of the day of registration of the financial institution, and in the case of the establishment of a financial institution which is going to engage in the provision of licensed services – as of the receipt of a licence. Until the receipt of the licence, the participant of the financial institution may have and acquire only the rights and duties which are not related to the provision of the licensed services;
2) in the case of an increase of the authorised or share capital – as of the day of full settlement for the proportion of the financial institution’s authorised capital and/or voting rights which is being acquired, and where laws establish that the amendments to founding documents related to the increase of the authorised capital and/or voting rights must be registered – as of the day of registration of the amendments to the financial institution’s founding documents related to the increase of the authorised capital and/or voting rights;
Article 14. Rights and Duties of Participants of a Financial Institution
1. The rights and duties of participants of financial institutions shall be established by the laws of the Republic of Lithuania regulating pursuit of the activities of a legal person of an appropriate legal form on the basis whereof a financial institution operates and by the founding documents of these institutions, unless other laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions provide otherwise.
2. Laws of the Republic of Lithuania may also establish the following additional duties to participants of a financial institution:
1) to pay additional contributions in order to increase the authorised capital of the financial institution or to cover the losses incurred by it;
Article 15. List of participant of a financial institution
1. The administration of a financial institution must draw up and manage a list of participants of the financial institution. The list must contain the following information:
1) on a participant of the financial institution: the surname, name, address of the place of residence, citizenship, personal code and/or name and number of a personal identification document of a natural person; the business name, the undertaking’s registration code, location of the registered office, surname and name of the head of the administration of a legal person;
2) where a proportion of the authorised capital and/or voting rights of the financial institution is held by several persons – the data referred to in Item 1 of para. 1 of this Article on every participant and a person representing him;
3) the number of the proportions – shares or units of interest – held by a participant in the authorised capital and/or voting rights of the financial institution, par value of the shares or size of the units of interest, other possible identification data (the type and class of the shares, emission number, its registration number) as well as the property and non-property rights granted;
5) the date of entering of the data on the acquisition of proportions of the authorised capital and/or voting rights in the list of participants of the financial institution;
2. Data of a list of participants of a financial institution must be updated at least once per month. A person must also be appointed to continuously record occurred changes, provide information about the data entered in the list and related to participants of financial institutions to the persons who have been granted such a right in accordance with the procedure set forth by laws or by a decision of the management bodies of a financial institution and register every submission of such information.
3. The data required to identify the indirect holding of 5 % or more of the authorised capital and/or voting rights of a financial institution must be entered in a list of participants of the financial institution. The persons holding or acquiring 5 % or more of the authorised capital and/or voting rights of the financial institution must notify the administration of the financial institution of the proportion of the authorised capital and/or voting rights which is indirectly held by them and the data required for identification thereof.
Article 16. Bodies of a financial institution
The bodies of a financial institution, structure, composition, procedure for the formation, convening and operation, duties and rights as well as limitations of liability thereof shall be established by the Civil Code of the Republic of Lithuania and the laws of the Republic of Lithuania regulating pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates and founding documents thereof, unless this Law and other laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions provide otherwise.
Article 17. General Meeting of Participants of a Financial Institution
1. At the general meeting of participants of a financial institution, the following persons shall not have the right to vote:
1) owners of a qualifying holding in the authorised capital and/or voting rights of the financial institution without an authorisation of the supervisory authority to acquire or hold a qualifying holding in the authorised capital and/or voting rights of the financial institution, where this authorisation is necessary under the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions;
2) the participants of the financial institution whose voting rights have been suspended on the grounds provided for by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions as well as by activities of supervisory authorities or by a decision of a court.
2. For the purpose of determining the quorum a proportion of voting rights held by the participants of financial institutions referred to in para. 1 of this Article shall not be counted.
3. The general meeting of participants of a financial institution may, by at least 2/3 of votes, take a decision to transfer the right to dispose of all assets of the financial institutions to the management bodies of the financial institution, where this decision has been provided for in the founding documents of the financial institution.
4. The management body of a financial institution which is subject to the obligation to convene meetings under laws of the Republic of Lithuania and the founding documents must convene an extraordinary general meeting of participants of the financial institution, where:
1) the equity capital of the financial institution falls below than the minimum authorised capital established by legal acts of the Republic of Lithuania;
2) the equity capital of the financial institution is insufficient to ensure safe and sound activities of the financial institution;
3) the supervisory institution which sets the time limits for the convening of the meeting and agenda thereof so requires;
5) Where the supervisory authority takes a decision to request that an extraordinary general meeting of participants of a financial institution is convened, it must be convened within the time limits specified by the supervisory authority without regard to the time limits laid down by the laws of the Republic of Lithuania regulating pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates.
Article 18. Collegial Management Bodies of a Financial Institution
1) The collegial management bodies of a financial institution shall be the supervisory board and the board.
2) Minutes shall be taken of sittings of the supervisory board and the board of a financial institution in accordance with the procedure set forth by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions as well as by other laws.
Article 19. Administration of a financial institution
1. The procedure for forming the administration of a financial institution, powers, functions and duties as well as working procedure thereof shall be specified by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions as well as pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates.
2. The administration of a financial institution, unless the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions provide otherwise, must be made up of two persons – the head of the administration and his deputy (hereinafter referred to as the heads of the administration), who, in accordance with the founding documents, job descriptions, resolutions of the higher management bodies and the rules of procedure of the administration, have the right to conclude transactions on behalf of the financial institution. The founding documents of a financial institution and the rules of procedure of the administration must specify the areas of activities in which:
1) only both heads of the administration acting jointly and in concert may act and conclude transactions;
Article 20. Heads of a financial institution
1. Heads of a financial institution are:
5) employees of the financial institution as well as other persons who, in accordance with the financial institution’s founding documents, resolutions of the board and the rules of procedure of the administration and by a decision of the heads of the administration, have been authorised to independently take decisions on the provision of financial services and to conclude, on behalf of the financial institution, the transactions specified by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions or by other legal acts adopted in compliance therewith and having risk attributes;
2. Where supervision of the activities of a financial institution is exercised, in accordance with the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions, by the supervisory authority, only the persons holding an authorisation granted therefore in advance by the supervisory authority may become heads of financial institutions. The supervisory institution shall have the right to specify the cases when a prior authorisation of the supervisory institution to become the head of a financial institution shall not be required. Powers of the head of a financial institution may be suspended by a decision of the supervisory institution, he may be removed from the office of the head of the financial institution, or the body of the financial institution which has elected, appointed or authorised him may be imposed an obligation to revoke the said person from office, to terminate an employment contract concluded therewith, to divest him of the powers, and the financial institution may be imposed a sanction, where he has been elected, appointed or granted powers without a prior authorisation of the supervisory authority or this authorisation has been cancelled upon the transpiration of at least one circumstance specified in para. 3 of this Article.
3. The supervisory authority shall have the right to refuse an application for the office of the head of a financial institution or to cancel a prior authorisation, where a person who has submitted the application:
1) holds or held a qualifying holding in the authorised capital and/or voting rights of the financial institution or was the head of the financial institution subject to sanctions by the supervisory institution in order to restore its liquidity and solvency or wound up by reason of insolvency or by a court’s decision for the infringements of law as specified by laws of the Republic of Lithuania;
2) once or on several occasions violated the provisions of this Law or of other laws and legal acts of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions and has been imposed an administrative penalty more than once per year (with the exception of the cases when, according to other laws of the Republic of Lithuania, it is considered that he has not been subjected to an administrative penalty) or convicted of particularly serious or serious crimes, crimes against the financial system, crimes against the economy and business practice, crimes against property, property rights and property interests or of other crimes, where his conviction has not expired or, by a decision of the supervisory authority, he has been removed from the office of the head of the financial institution and 5 years have not lapsed since then;
3) may not hold the office of the head of the financial institution, because the time period for which the court has prohibited him to hold the office has not expired;
4) has obligations or exercises the functions which pose a threat to the safety and soundness of activities of the financial institution;
4. Members of the management bodies of a holding company shall be of impeccable repute, have the required qualification and sufficient experience to hold the position. A natural person shall not be considered to be of good repute if:
1) the person has been convicted of a serious or particularly serious crime or a criminal offence to the financial system, economy and business practice or of a crime against property, property rights and property interests and the conviction is not spent or has not been quashed;
Article 21. Liability of Members of the Supervisory Board and the Board of a Financial Institution
Members of the supervisory board and the board of a financial institution shall, in accordance with the procedure set forth by laws of the Republic of Lithuania, be responsible for ensuring the compliance of activities of the financial institution with provisions of this Law and other legal acts of the Republic of Lithuania.
Article 22. Competence of the Management Bodies of a Financial Institution and the Granting of Powers
Founding documents of a financial institution must specify the competence of the management bodies of the financial institution to act on behalf of the financial institution, including the management, use and disposal of assets thereof as well as conclusion of the transactions related to the provision of financial services and the procedure for granting and revoking the powers to act on behalf of the financial institution.
Article 23. Internal Control of the Activities of a Financial Institution
1. The internal control of the activities of a financial institution shall be ensured in the financial institution by a sound and adequate internal control system and by an independent and adequate internal audit service, which may be made up of one or several persons.
2. The internal control system of a financial institution shall be made up of:
3. The objectives of the internal audit service shall be as follows:
1) to assess compliance with the requirements set by legal acts of the Republic of Lithuania and internal regulations;
2) to verify and assess the adequacy and efficiency of the financial institution’s internal control system;
3) to evaluate whether the accounts of the financial institution fairly reflect the actual situation;
4) to assist the board of the financial institution in defining orientations and their implementation measures;
5) to determine whether the activities of the financial institution are efficient, whether its selected policies are reasonable and whether the application of its selected measures is sufficiently efficient;
4. The functions, liability, rights, duties and working procedure of employees of the internal audit service and the permanent internal control system of a financial institution shall be specified by laws of the Republic of Lithuania, the legal acts issued by the supervisory institution, the founding documents of the financial institution, the rules of procedure thereof, employment contracts, job descriptions and other internal documents of the financial institution.
5. The internal audit service must forthwith notify the management bodies of a financial institution and, where necessary, the supervisory institution of discovered infringements of laws and other legal acts of the Republic of Lithuania which pose a threat to interests of the clients of the financial institution and to safe and sound activities of the financial institution.
Amendments to the Article:
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
Article 24. Capital of a financial institution
The capital of a financial institution shall consist of the equity capital and borrowed capital.
Article 25. Borrowed capital
The borrowed capital of a financial institution shall be made up of the funds which the financial institution has acquired by the right of ownership through borrowing by issuing long-term debt securities (bonds) or concluding loan agreements where the term to maturity of the borrowed funds is longer than 1 year and the agreements have all characteristics of a subordinated loan.
Article 26. Own capital
1. The equity capital of a financial institution shall be made up of contributions of participants of the financial institution for proportions of the financial institution’s authorised or share capital and/or voting rights acquired by them and of the profit of the financial institution.
2. The equity capital of a financial institution, unless the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions provide otherwise, shall consist of:
Article 27. Authorised capital
1. The authorised capital or share capital of a financial institution shall be formed, increased and reduced in accordance with the procedure set forth by the laws of the Republic of Lithuania regulating pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates as well as the provision of financial services, unless this Law provides otherwise.
2. The authorised capital or share capital of the financial institutions being established shall be formed by paying for the proportions of the authorised capital and/or voting rights being acquired in money’s worth only. They shall be transferred to a cumulative account opened for this purpose in the name of founders in one of the credit institutions holding a licence to provide financial services in the territory in the Republic of Lithuania. Accumulated funds shall be transferred to a financial institution’s account upon the registration of an undertaking being established in the Legal Entities’ Register and, where this has been specified by laws of the Republic of Lithuania, upon the receipt of a licence to provide financial services.
3. A financial institution operating in accordance with the procedure set forth by the Republic of Lithuania Law on Companies shall be allowed to acquire its issued shares in its own name, where a special non-distributable reserve was built-up for this purpose from the profit of the previous financial year. However, the sum of the par values of the shares already held and being acquired may not exceed 5 % of the authorised capital, and expenditure thereon may not exceed the amount of the special retained reserve built-up.
Article 28. Reserves
1. The capital reserves of a financial institution shall consist of share premium account (the excess over the par value) or of other cash contributions by participants of the financial institution to obtain the right to a proportion of the authorised capital and/or voting rights of the financial institution, where the contributions are not part of the authorised capital.
2. The capital reserves of a financial institution shall be formed from a difference in earnings obtained after selling new proportions of the authorised capital and/or voting rights at issue price above their par value or from other cash contributions by owners of the financial institution to obtain the right to a proportion of the authorised capital of the financial institution and/or to participation in management thereof, where the contributions are not part of the authorised capital.
3. At the close of the financial year, participants of a financial institution may take a decision on the use of the capital reserves to cover the losses incurred by the operations related to the sale of own issued proportions of the authorised capital and/or voting rights and on inclusion thereof in the result available for appropriation or on use thereof to increase the authorised capital.
4. The tangible non-current assets revaluation reserve shall be the amount of the increase in the value of tangible fixed assets resulting after the revaluation of the assets.
5. The financial assets revaluation reserve shall be changes in the value of a financial institution’s available-for-sale financial assets which have been appreciated and revaluated at their fair value.
6. A change in the value of the assets acquired by a financial institution from its client or from a third party that has provided an assurance or guarantee or pledged the assets for the liabilities of the financial institution’s client in order to satisfy the right of claim according to the client’s financial liabilities may not be included in the revaluation reserve.
7. The revaluation reserves may be reduced during the financial year without the consent of participants of a financial institution, in the event the revaluated assets are written off, written down or transferred into the ownership of other persons. In such a case, the revaluation reserves shall be reduced by the amount which has been included in the revaluation reserves at the time of the revaluation of the assets.
8. A financial institution may not use the assets revaluation reserve to cover operating losses and to include it into the result available for appropriation.
9. The mandatory reserve or reserve capital of a financial institution shall be formed in accordance with the procedure set forth by the laws of the Republic of Lithuania regulating pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates.
10. Prior to allocating the net profit of the accounting year for other purposes, a financial institution must make deductions therefrom to the loss reserve, where provided for by the laws of the Republic of Lithuania regulating pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates, in accordance with the procedure set forth by these laws.
11. A financial institution may, by a decision of owners thereof, use the loss reserve only to cover the losses incurred by it.
12. Other reserves of a financial institution shall consist of the reserves are available or not available for distribution. The purpose as well as the procedure for forming, using and liquidating thereof shall be set forth by the founding documents of a legal person as well as by the laws of the Republic of Lithuania regulating the provision of financial services, pursuit of the activities of financial institutions and the legal form of the activities of a legal person on the basis whereof the financial institution operates.
Article 281 . Granting of financial assistance for acquiring shares of a financial institution
Subject to the requirements of the present Law and the Law on Companies of the Republic of Lithuania a financial institution has a right to provide financial assistance to legal and/or natural persons by directly or indirectly paying the amounts in advance, granting a loan or providing security with a view to the acquisition by such persons shares of the financial institution, or at least one of the following conditions is met:
1) the legal form of the financial institution is a public company or a private company, and the actions concerned are attributed to the financial services provided thereby;
2) the legal form of the financial institution is a public company, it complies with the criteria set forth in the second paragraph of Article 17(7) of Directive 2012/30/EU of the European Parliament and of the Council of 25 October 2012, and thereby enables natural and/or legal persons to acquire fully paid shares issued by the financial institution, or, upon the investor’s request, of the fully paid shares acquired by the financial institution or a financial institution belonging to the group of entities. In all the documents (letters, accounts, trade documents, etc.) used by the financial institution in relations with other entities shall use the words investment company.
Supplemented by the Article:
No. XII-913, 05-06-2014, published in TAR, 16-06-2014, i.k. 2014-07640
Article 29. Retained earnings (loss)
The retained earnings (loss) of a financial institution as of the beginning of the financial year may be used only at the close of that financial year, with the exception of the cases when the financial institution is reorganised, wound up or restructured, and included in the result available for appropriation.
Article 30. Profit and its appropriation
1. The profit or loss of a financial institution shall be the financial result of the financial institution’s annual activities, which shall be calculated by deducting the financial institution’s expenses of the financial year from the financial institution’s earnings of the year. The earnings and expenses of the financial institution shall be determined in compliance with the accounting policy selected, taking account of the provisions of legal acts of the Republic of Lithuania and established international practice, by the management bodies of the financial institution and approved by decisions thereof.
2. Net profit or loss shall be the net financial result of annual activities. It shall be calculated by deducting the taxes for the reporting period from the financial result of a financial institution’s annual activities.
4. The net financial result (profit or loss) of annual activities for the financial year must be appropriated not later than within 3 months of the close of the financial year by a decision of participants of the financial institution approving the annual set of financial statement
5. A decision of participants of a financial institution on the appropriation of the net financial result (profit or loss) of the annual results must specify:
4) contributions of the participants to cover losses (where the participants of the financial institution have decided to cover the whole or part of the result (loss) available for appropriation)
6. Participants of a financial institution may take a decision on the allocation of a part of the result available for appropriation for the payment of dividends or other forms of profit and for other purposes, provided the following conditions are fulfilled
1) the loss left uncovered from the previous financial year has been brought forward to the beginning of the financial year;
2) compulsory deductions to the mandatory reserve or reserve capital and loss reserve as specified by laws of the Republic of Lithuania have been carried out;
3) 3) deductions to the reserves specified in the founding documents of the financial institution have been carried out;
7. Where at the close of the financial year and at the beginning of the next financial year the sum total of the result unavailable for appropriation and the net result of annual activities of the financial institution is negative (loss), participants of the financial institution must take a decision to cover this loss – to include the amounts transferred from reserves and capitals to the result available for appropriation in the following sequence:
8. Where the amounts transferred from those reserves are not sufficient to cover the loss:
1) the remaining retained loss shall be brought forward to the beginning of the next financial year, where the capital of the financial institution meets the requirements set by laws of the Republic of Lithuania and other legal acts;
2) participants of the financial institution must take a decision on the covering of the loss by contributions of the participants of the financial institution – the capital of the financial institution must be restored to meet the requirements set by laws of the Republic of Lithuania and other legal acts.
9. Where participants of a financial institution fail to take a decision on the covering of a loss by contributions of the participants to restore the capital up to the amounts specified in legal acts of the Republic of Lithuania, or where such a decision is taken, but the capital is not restored to the amounts specified in the legal acts within the time limits laid down therein, the financial institution shall be subjected to the sanctions provided for by laws.
Amendments to the Article:
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
Article 31. Taking up of business risk
1 A financial institution must have written internal rules to ensure that:
1) the financial institution operates safely and soundly when concluding transactions on the provision of financial services and investing funds
2) the financial institution is capable of timely identifying the possible risk arising from the conclusion of transactions, appropriately assessing and reducing it as well as continuously monitoring and managing it.
2. The transactions concluded by a financial institution and having possible risk characteristics must be concluded in writing. A financial institution operating on the capital and money markets may also conclude oral transactions, however, information on the conclusion of such transactions must be subsequently presented in writing or in another form allowing the transactions to be disclosed.
3. Prior to taking a decision on the acquisition of the capital or money market instruments, lending or assumption of obligations for a client, a financial institution must ascertain that:
1) the financial assets being acquired, the assets being pledged or other assets wherefrom a claim of the financial institution may be satisfied in the future actually exist and the acquired claim of the financial institution may be satisfied therefrom;
2) the client’s financial as well as economic situation and forecasts about it allow to expect that the client will be capable of performing his obligations;
4. A financial institution must, in accordance with the procedure set forth by the Republic of Lithuania Law on Archives, store all documents on the basis whereof a decision was taken on the conclusion of a transaction as well as other documents specified by legal acts.
5. In order to secure the performance of a client’s obligations, a financial institution may not accept:
1) the pledge of the client’s or a third party’s assets already pledged under another transaction, with the exception of the case when the pledge of these assets is registered in the mortgage register;
2) the pledge of the client’s or a third party’s assets the pledge whereof is registered in the mortgage register, where the client’s obligation to other creditors (creditor’s claim) as secured by this pledge exceeds 70 % of the value of the pledged assets;
3) the pledge of a proportion of the authorised capital and/or voting rights of the financial institution;
6. Upon the conclusion of a transaction, a financial institution must continuously monitor and record in documents, whether the client performs contractual obligations and whether his financial and economic situation poses a threat to the proper performance of contractual obligations to the financial institution.
7. When concluding a transaction having possible risk characteristics with a client, a financial institution must require that the agreement clearly specifies:
1) the subject of the agreement on the provision of financial services and the purpose of the provision of a financial service (if any);
3) the rights, obligations of the contracting parties, the means of securing the performance of the obligations, if any;
4) the right of the financial institution, in the event of nonfeasance or misfeasance of the contractual obligations by the client, to terminate the agreement prior to the expiry of validity thereof or to require that the client or the third party assuming the client’s obligations performs the obligations prior to the expiry of the validity or to require to provide additional means securing the performance of the obligations;
5) other measures not prohibited by laws which would allow the financial institution to reduce the risk it takes.
Amendments to the Article;
No. IX-1734, 16-09-2003, Official Gazette, 2003, No. 91(1)-4109 (26-09-2003)
Article 32. Assessment of business risk and its mitigation
1. A financial institution must assess and apply prudential treatment of the risk arising:
1) due to the provision of financial services to the heads of the financial institution and/or to the persons related thereto by blood as well as by marriage or being otherwise closely related thereto
2) due to the provision of financial services to the owners of the qualifying holding in the authorised capital and/or voting rights of the financial institution and/or to the persons related thereto by blood as well as by marriage or being otherwise closely related thereto;
3) due to the provision of financial services to a single client or to a group of interrelated clients;
4) due to investments in proportions of the authorised capital and/or voting rights of other undertakings;
2. A financial institution must, in accordance with the procedure set forth by legal acts of the Republic of Lithuania, revaluate its assets and determine the net value thereof by taking account of the risk of each transaction concluded on the provision of financial services, the financial as well as economic condition of the client, the performance of obligations under transactions on the provision of financial services and the available means of securing the performance of these obligations as well as other circumstances influencing the value of the financial institution’s assets.
3. A financial institution must take all measures specified by legal acts of the Republic of Lithuania and adopted in the pursuit of the activities of the financial institution to safeguard its assets against depreciation.
4. A financial institution must, in accordance with the procedure set forth by legal acts of the Republic of Lithuania, form provisions to reduce its operational risk, including the lending, market, interest rate, currency exchange rate, investments, country (state or part thereof) risk as well as other types of risk which may be determined and assessed, and to cover the losses incurred due to the risk as well as to determine the market value of assets of the financial institution (hereinafter referred to as “special provisions to reduce operational risk”).
Article 33. Liquidity and solvency of a financial institution
1. A financial institution must always be prepared to perform its obligations at the first request of a client (liquidity) and to meet all its obligations (solvency).
2. A financial institution must carry out the requirements set for liquidity by legal acts of the Republic of Lithuania by agreeing the maturity dates and amounts of acquired claims with the maturity dates and amounts of assumed obligations and taking account of the type, scope and risk of its activities as well as the requirements set by the supervisory institution for the liquidity of financial institutions.
3. A financial institution must have written internal rules for liquidity and solvency setting forth detailed procedures of liquidity and solvency control and management.
4. Requirements for the liquidity and solvency of financial institutions shall be set by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions as well as by the legal acts adopted by supervisory institutions.
Amendments to the Article:
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
Article 34. Entities controlled by a financial institution
Acting in accordance with laws of the Republic of Lithuania a financial institution has a right to establish, acquire and manage entities controlled thereby.
Article 35. Divisions of a financial institution
1. Unless prohibited by laws of the Republic of Lithuania regulating pursuit of its activities a financial institution shall have the right to provide financial services in the manner specified in laws of the Republic of Lithuania regulating the provision of financial services and the operations of financial institutions in its properly established branches operating in the same or a different place as the registered office of the financial institution.
Article 36. Branches of a financial institution
1. Unless prohibited by laws of the Republic of Lithuania regulating pursuit of its activities a financial institution shall have the right to establish branches in the Republic of Lithuania and foreign states.
2. A branch of a financial institution shall have the right, in implementing the objectives of its activities as specified in the branch’s regulations approved by the management bodies of the financial institution, to provide financial services in a location other than the registered office of the financial institution. The financial institution which has established the branch shall be held liable for the transactions and activities thereof.
Article 37. Representative Offices and Other Establishments of Financial Institutions
1. The financial institutions of the Republic of Lithuania may for the representation of their interests, where this is not prohibited by the laws of the Republic of Lithuania regulating pursuit of the activities thereof, establish representative offices in foreign states, and the financial institutions of foreign states – representative offices in the Republic of Lithuania.
2. Financial institutions may, where this is provided for in founding documents and is not prohibited by the laws of the Republic of Lithuania regulating pursuit of the activities thereof, provide financial services in a location other than their own or that of the registered office of their branch upon the setting up of separate establishments, work stations or automated outlets.
Article 38. Financial groups
1. 1. A financial institution, including a financial holding company, and the financial institutions controlled by it as well as other financial institutions controlled by these financial institutions which are directly and/or indirectly controlled by the former financial institution shall make up a financial group.
Amendments to the Article:
No. XII-1478, 18-12-2014, published in TAR, 31-12-2014, i.k. 2014-21167
2. The undertakings which are directly and/or indirectly controlled by financial institutions may not acquire or hold a proportion of the authorised capital and/or voting rights of the financial institutions controlling them.
3. A financial institution which is the parent institution of other financial institutions of a financial group must:
1) manage them or influence their activities so that the whole financial group in general and each financial institution of this group in particular operate safely and soundly;
Article 38.1Joint (consolidated) supervision of financial groups
1. In the cases referred to in the laws of the Republic of Lithuania governing the provision of financial services and the pursuit of operations of financial institutions a financial group shall be subject to a joint (consolidated) supervision.
2. The rights and obligations of the financial institutions subject to consolidated supervision, of mixed operations of financial holding companies, and of the holding companies engaged in mixed operations, as well as the rights and obligations of the supervisory authority exercising joint (consolidated) supervision are established by laws of the Republic of Lithuania governing the provision of financial services and the operations of financial institutions, as well as other legal acts governing the operations of financial institutions and their supervision.
Amendments to the Article:
No. XII-1478, 18-12-2014, published in TAR, 31-12-2014, i.k. 2014-21167
No. XII-1694, 14-05-2015, published in TAR, 20-05-2015, i.k. 2015-07670
The Law supplemented by the Article:
No. X-1037, 18-01-2007, Official Gazette, 2007, No. 12-498 (30-01-2007)
Article 39. Right of the Financial Institutions Licensed in the Republic of Lithuania to Provide Financial Services in the Member States of the European Union
1. Prior to establishing a branch in a Member State of the European Union, a financial institution must notify thereof the supervisory authority of financial institutions of the Republic of Lithuania, enclose an operating plan and specify types of activities, address of a branch at which, where necessary, documents may be requested as well as the structure of the branch and information about the managers of the branch.
2. The supervisory authority of financial institutions of the Republic of Lithuania must forward the information referred to in para. 3 of this Article to the foreign supervisory institution within 3 months. The supervisory authority of financial institutions of the Republic of Lithuania must not allow establishing a branch and refuse the forwarding the information provided for only where the organisational structure of the intended branch or the financial situation of the undertaking does not meet the requirements set by the Republic of Lithuania supervisory institution of financial institutions for pursuit of such activities. The financial institution shall be immediately notified about the communication or the refusal to communicate the relevant information.
3. Where a financial institution has already established at least one branch in a foreign state, the procedure set forth in this Article shall not be applied to the establishment of other branches thereof in that state.
4. In order to provide financial services in a foreign state without establishing a branch, a financial institution must notify thereof the supervisory authorities of financial institutions of the Republic of Lithuania. This institution must also submit an operating plan setting out the financial services to be provided. The supervisory authorities of financial institutions of the Republic of Lithuania must, within 1 month, forward this notification to the foreign supervisory authority and notify thereof the financial institution.
5. In the event of a change in any of the particulars communicated by a financial institution when effecting a notification of the establishment of a branch, the institution must notify thereof the supervisory authorities of financial institutions of the Republic of Lithuania at least 1 month in advance. In such a case and on the ground referred to in para. 2 of this Article, the supervisory authorities of financial institutions of the Republic of Lithuania must instruct that activities of the branch are terminated. In the event of a change in an operating plan of a financial institution providing financial services without establishing a branch, it must give advance notice thereof to the supervisory authorities of financial institutions of the Republic of Lithuania and the foreign supervisory authority.
SECTION TEN
(Repealed as of 30-01-2007)
Amendments to the Law:
No. X-1037, 18-01-2007, Official Gazette, 2007, No. 12-498 (30-01-2007)
Article 40. Repealed as of 30-01-2007.
Amendments to the Article:
No. X-1037, 18-01-2007, Official Gazette, 2007, No. 12-498 (30-01-2007)
Article 41. Repealed as of 30-01-2007.
Amendments to the Article:
No. X-1037, 18-01-2007, Official Gazette, 2007, No. 12-498 (30-01-2007)
Article 42. Repealed as of 30-01-2007
Amendments to the Article:
No. X-1037, 18-01-2007, Official Gazette, 2007, No. 12-498 (30-01-2007)
Article 43. Accounting
1. A financial institution must keep accounts in compliance with laws of the Republic of Lithuania and other legal acts as well as the accounting policy selected by management bodies of the financial institution, which is implemented by taking account of specific circumstances, the nature of the business pursued and in conformity with international or business accounting standards.
2. The accounting organisation of a financial institution must such that:
1) accounts reflect the actual financial situation and performance results of the financial institution;
2) it provides conditions for the heads of the financial institution to safely and soundly use and manage the financial institution’s assets and to dispose thereof;
3) it provides conditions for participants of the financial institution and the institutions authorised by law to carry out verifications and to control the activities of the financial institution, heads and other employees thereof having the right to take decisions which give rise to the financial institution’s obligations to other persons and the financial situation of the financial institution.
3. Upon the end of the financial year, a financial institution must:
1) within 3 months of the close of the financial year, but not later than 10 days prior to the annual general meeting of participants of the financial institution, provide access for the participants of the financial institution to and, where provided for by laws of the Republic of Lithuania, submit to the supervisory authority the set of annual financial statements, a draft decision on the appropriation of profit and the auditor’s opinion;
2) not later than within 3 months of the close of the financial year, approve annual accounts by a decision of the general meeting of the participants of the financial institution and take a decision on the appropriation of profit;
3) within 3 days of the taking of a decision by the general meeting of the participants of the financial institution on the approval of annual financial statements, submit to the supervisory authority the annual accounts approved by the meeting and a decision on the appropriation of profit, where the supervision of the activities of the financial institution is established by laws of the Republic of Lithuania;
4) within 4 months of the close of the financial year, provide to the public the set of the annual financial statements and an auditor’s opinion in accordance with the procedure set forth by laws of the Republic of Lithuania and other legal acts, where provided for by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions;
5) within 4 months of the close of the financial year, the parent financial institution of other financial institutions belonging to a financial group must publish consolidated annual financial statements in accordance with the procedure set forth by laws of the Republic of Lithuania and other legal acts.
4. The general meeting of a financial institution’s participants may not consider and approve the set of the annual financial statements which have not been audited.
5. A decision taken by the general meeting of participants of a financial institution on the appropriation of profit shall be valid only provided the set of the annual financial statements has been audited.
Amendments to the Article:
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
Article 44. Audit
1. An audit firm must carry out an audit of the annual financial statements and consolidated financial statements, and, on the basis of the audit, provide an auditor’s opinion on such financial statements and the report on audit. In the report on audit the auditor shall provide the information on whether the financial institution and the financial group:
1) have accurately and in a qualified manner valued the assets according to legal acts effective in the Republic of Lithuania;
3) have formed mandatory and required capitals, reserves and provisions to reduce the operational risk;
4 comply with capital requirements set by legal acts of the Republic of Lithuania;
5) meet the requirements set by legal acts of the Republic of Lithuania for the efficient and sound management of assets and for safe and sound activities;
2. The general meeting of a financial institution’s participants shall select an audit firm to perform an audit of the annual financial statements and the consolidated financial statements.
3. A financial institution must, before the end of the first six-months' period of the current financial year, conclude a contract with the audit firm selected at the general meeting of the participants of the financial institution on the performance of the audit of the financial statements and submit it to the supervisory authority, where the supervision of the activities of the financial institution is established by laws of the Republic of Lithuania.
Amendments to the Article:
No. X-1680, 03-07-2008, Official Gazette, 2008, No. 82-3237 (19-07-2008)
Article 45. Requirements for the auditor and the audit firm
1. The audit of annual accounts of a financial institution may be performed only by an auditor that meets the following requirements:
3) is not closely related to any owner of a qualifying holding in the authorised capital and/or voting rights of the financial institution being audited;
2. The audit of the set of the annual financial statements of a financial institution may be performed only by an audit firm that meets the following requirements:
1) its civil liability has been insured in accordance with the procedure set forth by laws of the Republic of Lithuania;
2) the annual income received from one financial institution being audited for auditing services does not exceed 20 % of the total income received by the audit firm for two successive years;
3. An auditor, also another person in connection with the auditor participating in performing the audit shall be prohibited from performing audit of the same financial institution for more than five financial years in succession, unless the laws of the Republic of Lithuania governing the activities of such companies provide differently.
4. The supervisory institution may take a decision to prohibit the financial institutions the supervision of activities whereof is established by laws of the Republic of Lithuania from concluding contracts for audit of the set of financial statements with the audit firms which do not meet (carry out) the requirements of this Article.
Amendments to the Article:
No. IX-2067, 23-03-2004, Official Gazette, 2004, No. 54-1828 (15-04-2004)
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
Article 46. Duties of the Auditor and the Audit Firm
1. An audit firm must, within the time limits laid down in a contract of a financial institution and the audit firm, but not later than 15 days prior to the annual general meeting of participants of the financial institution, submit to the financial institution the auditor’s opinion.
2. An audit firm shall forthwith give written notice to the management bodies of a financial institution and, upon the receipt of their opinion (comments) on the following issues, to the supervisory authority (where the supervision of the activities of a financial institution being audited is established by laws of the Republic of Lithuania), where it establishes the facts:
1) due to which the auditor will have to refuse to express an opinion on the annual financial statements of the financial institution or to express a qualified or adverse opinion;
2) testifying a criminal activity, or severe breaches of internal regulations which have been committed or are likely to be committed;
3) of infringements of the laws of the Republic of Lithuania and other legal acts setting requirements for safe and sound operations;
4) of insufficient securing of claims of the financial institution according to concluded transactions or insufficient safeguarding of the assets owned (managed) by it against depreciation (loss);
6) due to which the auditor and heads of the financial institution are clearly of a different opinion regarding the ability to meet all their obligations (solvency), income or profit, the collection and processing of information and the soundness of the information system or the financial accounting;
3. An audit firm shall be bound by the duty specified in para. 2 of this Article also in the case when it comes to know the mentioned facts while performing its work in another undertaking closely related to the financial institution.
4. An audit firm may provide advice to the supervisory authority or warn it of the results of a verification in the cases not provided for by para. 2 of this Article.
5. The supervisory authority may request that an audit firm submit, and the financial institution must submit to the supervisory authority the entire information at its disposal on the results of a verification carried out in a financial institution.
Amendments to the Article:
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
Article 47. Liability of the audit firm and the auditor
1. An audit firm and auditor shall be held liable for the performance of an audit and for the submission of the auditor’s opinion on the completeness, authenticity and accuracy of the data contained in the annual financial statements of a financial institution which has been audited in accordance with the procedure set forth by laws of the Republic of Lithuania and a contract signed by the audit firm and the customer on the performance of the audit.
2. An audit firm must compensate for the losses incurred by a customer, a financial institution which has been audited or third parties in accordance with the procedure set forth by laws and a contract signed by the audit firm and the customer on the performance of the audit.
Amendments to the Article:
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
ADVISORY COMMISSION ON FINANCIAL MARKETS POLICY FORMATION
Change of the name of the Section:
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
Article 48. Advisory Commission on Financial Markets Policy Formation
1. The Advisory Commission on Financial Markets Policy Formation delivers advice to the Minister of Finance on financial markets policy formation issues and monitors the implementation of the financial markets policies (hereinafter – the Commission).
2. The Commission shall consist of:
3. Upon a decision of the Commission representatives of associated business structures may be invited to attend meetings of the Commission with an advisory vote when considering specific issues.
5. Functions of the Commission:
1) submit proposals to the Minister of Finance regarding the formation of the policy of the financial markets;
2) monitor and analyse the trends in the development, supervision and regulation of the financial markets, and submit proposals on the issues to the Minister of Finance;
3) submit its opinion to the Bank of Lithuania on issues of coordination of legal regulation in individual financial market sectors;
6. For the purpose of exercising the functions assigned to it the Commission shall have a right to:
1) receive from public authorities and institutions, organisations different explanations, statistical data and the analytical generalisation of such data, other information required for the performance of the Commission's functions, provided the provision of such information is not limited by laws and other legal acts;
7. The Bank of Lithuania shall at least twice per year submit to the Commission the information about the development of the financial markets and execution of the supervisory functions.
8. The Commission, members of the Commission and the specialists are obliged to ensure secrecy of the data and the information that they have learned in relation to the Commission implementing its rights and performing other functions, in case such data and the information constitute a secret protected by laws.
Amendments to the Article:
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
Article 49. Repealed as of 01-01-2012.
Amendments to the Article:
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
Article 50. Repealed as of 01-01-2012.
Amendments to the Article:
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
Article 51. Repealed as of 01-01-2012.
Amendments to the Article:
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
SECTION THIRTEEN
TERMINATION AND RESTRUCTURING OF A FINANCIAL INSTITUTION, INITIATION OF BANCRUPTCY PROCEEDING AGAINST IT
Article 52. Termination of a financial institution
Article 53. Reorganisation and Restructuring of a Financial Institution
A financial institution shall be reorganised and restructured in accordance with the procedure set forth by the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions.
Article 54. Winding up of a financial institution
A financial institution may be wound up at the initiative of participants thereof or compulsorily in accordance with the procedure set forth by the Civil Code of the Republic of Lithuania and the laws of the Republic of Lithuania regulating the provision of financial services and pursuit of the activities of financial institutions as well as pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates.
Article 55. Winding up of a Financial Institution at the Initiative of its Participants
1. A financial institution may be wound up by a decision of the general meeting of participants of the financial institution in accordance with the procedure set forth by the laws of the Republic of Lithuania regulating pursuit of the activities of a legal person of an appropriate legal form on the basis whereof the financial institution operates. Where the laws establish supervision of the activities of this financial institution, participants thereof shall apply to the supervisory authority in writing for the granting of an authorisation to wind up the institution and for the withdrawal of the financial institution’s licence.
2. The supervisory authority may refuse to grant an authorisation to wind up a financial institution, where it establishes that this institution is unable to fully settle with creditors.
3. Where the liquidator (liquidation commission) of a financial institution establishes during the winding up that the institution is unable to fully settle according to assumed obligations (hereinafter referred to as insolvent), he must terminate the satisfaction of creditors’ claims as well as other winding-up proceedings and apply to the courts on the opening of bankruptcy proceedings against the financial institution.
Article 56. Compulsory Winding-up of a Financial Institution
1. The general meeting of participants of a financial institution whose licence to provide financial services has been withdrawn by a decision of the supervisory authority shall take a decision on the termination of activities of the financial institution.
2. A financial institution shall be wound up upon a decision of court, where the general meeting of participants of the financial institution whose licence to provide financial services has been withdrawn does not take a decision on the termination of activities of the financial institution within the time limit laid down by the supervisory authority. The right to apply to the courts on the winding up of a financial institution shall be vested in the supervisory institution, the supervisory board, the board or at least one participant of the financial institution.
Article 57. Bankruptcy up of a financial institution
1. Financial institutions’ bankruptcy procedures shall be regulated by the Law on the Bankruptcy of Enterprises of the Republic of Lithuania, unless this Law and other laws regulating the provision of financial services and pursuit of the activities of financial institutions provide differently.
2. The bankruptcy proceedings of a financial institution may be conducted in a judicial manner only.
3. Repealed as of 03-12-2015.
Invalidation of the para. of the Article:
No. XII-2059, 24-11-2015, published in TAR, 02-12-2015, i.k. 2015-19170
4. Repealed as of 03-12-2015.
Invalidation of the para. of the Article:
No. XII-2059, 24-11-2015, published in TAR, 02-12-2015, i.k. 2015-19170
5. A petition to court regarding the institution of bankruptcy proceedings against the financial institution may be submitted by participants of the financial institution, the liquidators (the liquidation commission), head of the administration, the creditor (creditors), the restructuring institution, and with respect to a financial institution providing licensed financial services also by the supervisory authority.
Amendments to the Article:
No. XII-2059, 24-11-2015, published in TAR, 02-12-2015, i.k. 2015-19170
Article 58. Coming into effect of the Law
2. Provisions of this Law shall also be applied to the financial undertakings and credit institutions already in operation as of its entry into force.
3. An undertaking providing only the financial services referred to in Items 16 and 17 of Article 3(1) of this Law shall not considered a financial institution until the Republic of Lithuania’s accession to the European Union.
4. Articles 12 and 39 of this Law shall enter into force upon the accession of the Republic of Lithuania to the European Union.
Amendments to the Article:
No. IX-1125, 08-10-2002, Official Gazette, 2002, No. 101-4496 (23-10-2002)
Article 59. Proposals to the Government and the Bank of Lithuania
A proposal shall be submitted to the Government and the Bank of Lithuania to draft and to submit, by 1 November 2003, to the Seimas drafts of the laws amending and/or supplementing the laws not meeting provisions of the Law on Financial Institutions as well as to draft the secondary legislation required for the implementation of this Law.
Amendments to the Article:
No. IX-1125, 08-10-2002, Official Gazette, 2002, No. 101-4496 (23-10-2002)
No. IX-1734, 16-09-2003, Official Gazette, 2003, No. 91(1)-4109 (26-09-2003)
I promulgate this Law passed by the Seimas of the Republic of Lithuania.
PRESIDENT OF THE REPUBLIC VALDAS ADAMKUS
Law on Financial Institution
of the Republic of Lithuania
ANNEX
New version as of 01-05-2015:
No. XII-1549, 19-03-2015, published in TAR, 31-03-2014, i.k. 2015-04829
LEGAL ACTS OF THE EUROPEAN UNION IMPLEMENTED BY THE PRESENT LAW
1. Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (OJ 2007 L 319, p. 1).
2. Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ 2009 L 267, p. 7).
3. Directive 2013/36/EC of the European Parliament and of the Council of 26 June 2013 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2002/87/EC and 2006/48/EC and repealing Directives 2006/49/EC and 2006/49/EC (OJ 2013 L 176, p. 338).
Amendments:
1.
Seimas of the Republic of Lithuania, Law
No. IX-1125, 08-10-2002, Official Gazette, 2002, No. 101-4496 (23-10-2002)
LAW ON AMENDING ARTICLES 58 AND 59 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
2.
Seimas of the Republic of Lithuania, Law
No. IX-1481, 03-04-2003, Official Gazette, 2003, No. 38-1726 (24-04-2003)
LAW ON AMENDING ARTICLES 6 AND 20 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
This Law shall come into force on 01 July 2003.
3.
Seimas of the Republic of Lithuania, Law
No. IX-1720, 04-07-2003, Official Gazette, 2003, No. 74-3435 (24-04-2003)
THE LAW ON SUPPLEMENTING ARTICLE 3 OF THE LAW ON FINANCIAL INSTITUTIONS
This Law shall come into force on 01 October 2004.
4.
Seimas of the Republic of Lithuania, Law
No. IX-1734, 16-09-2003, Official Gazette, 2003, No. 91(1)-4109 (26-09-2003)
LAW ON AMENDING ARTICLES 31 AND 59 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
5.
Seimas of the Republic of Lithuania, Law
No. IX-2067, 23-03-2004, Official Gazette, 2004, No. 54-1828 (15-04-2004)
LAW ON AMENDING ARTICLES 2, 4 AND 45 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
This Law shall come into force on 1 May 2004.
6.
Seimas of the Republic of Lithuania, Law
No. IX-2528, 02-11-2004, Official Gazette, 2004, No. 167-6107 (17-11-2004)
THE LAW ON AMENDING ARTICLE 2 OF THE LAW ON FINANCIAL INSTITUTIONS
7.
Seimas of the Republic of Lithuania, Law
No. X-1037, 18-01-2007, Official Gazette, 2007, No. 12-498 (30-01-2007)
LAW ON THE AMENDMENT AND SUPPLEMENT OF ARTICLES 1, 2 AND 20 OF THE LAW ON FINANCIAL INSTITUTIONS, SUPPLEMENT OF THE LAW WITH ARTICLE 38(1), INVALIDATION OF SECTION TEN AND SUPPLEMENT OF THE LAW BY THE ANNEX
8.
Seimas of the Republic of Lithuania, Law
No. X-1306, 25-10-2007, Official Gazette, 2007, No. 117-4775 (15-04-2004)
LAW ON AMENDING ARTICLES 2 AND 3 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
The present Law shall come into force as of the date of the coming into effect of the Law on Collective Investment Undertakings of the Republic of Lithuania, i.e. as of 1 March 2008.
9.
Seimas of the Republic of Lithuania, Law
No. X-1680, 03-07-2008, Official Gazette, 2008, No. 82-3237 (19-07-2008)
LAW ON AMENDING ARTICLES 44 AND 45 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
This Law shall come into force on 01 September 2008.
10.
Seimas of the Republic of Lithuania, Law
No. XI-203, 19-03-2009, Official Gazette, 2009, No. 38-1442 (04-04-2009)
LAW ON SUPPLEMENTING ARTICLE 3 AND AMENDING ARTICLE 7 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
11.
Seimas of the Republic of Lithuania, Law
No. XI-554, 10-12-2009, Official Gazette, 2009, No. 153-6892 (28-12-2009)
LAW ON AMENDING ARTICLES 1, 2 AND 3, AND SUPPLEMENTING THE LAW WITH THE ANNEX OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
12.
Seimas of the Republic of Lithuania, Law
No. XI-1339, 21-04-2011, Official Gazette, 2011, No. 52-2514 (03-05-2011)
LAW ON THE AMENDMENT OF ARTICLES 2, 23, 30, 43, 46, 47, 50 AND 51, AND THE ANNEX OF THE LAW ON FINANCIAL INSTITUTIONS
13.
Seimas of the Republic of Lithuania, Law
No. XI-1373, 12-05-2011, Official Gazette, 2011, No. 62-2935 (24-05-2011)
LAW ON AMENDING ARTICLES 2, 3 AND 4 OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
This Law shall come into force on 01 September 2011.
14.
Seimas of the Republic of Lithuania, Law
No. XI-1675, 17-11-2011, Official Gazette, 2011, No. 146-6821 (01-12-2011)
LAW ON AMENDING ARTICLES 4 AND 33, AND SECTION TWELVE OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
This Law shall come into force on 01 January 2012.
15.
Seimas of the Republic of Lithuania, Law
No. XI-1872, 22-12-2011, Official Gazette, 2011, No. 163-7763 (31-12-2011)
LAW ON AMENDING ARTICLES 2, 3 AND 4, AND SUPPLEMENTING THE ANNEX OF THE LAW ON FINANCIAL INSTITUTIONS OF THE REPUBLIC OF LITHUANIA
This Law shall come into force on 01 January 2012.
16.
Seimas of the Republic of Lithuania, Law
No.XII-377, 18-06-2013, Official Gazette, 2013, No. 68-3411 (28-06-2013)
THE LAW ON SUPPLEMENTING ARTICLE 4 OF THE LAW ON FINANCIAL INSTITUTIONS
17.
Seimas of the Republic of Lithuania, Law
No. XII-913, 05-06-2014, published in TAR, 16-06-2014, i.k. 2014-07640
THE LAW ON SUPPLEMENTING THE LAW ON FINANCIAL INSTITUTIONS BY ARTICLE 28-1, AND THE AMENDMENT OF THE ANNEX TO THE LAW ON FINANCIAL INSTITUTIONS
18.
Seimas of the Republic of Lithuania, Law
No. XII-1044, 17-07-2014, published in TAR, 04-08-2014, i.k. 2014-10855
THE LAW ON AMENDING ARTICLE 12 OF THE LAW ON FINANCIAL INSTITUTIONS No. IX-1068
This Law shall come into force on 01 November 2014.
Amendments:
1.
Seimas of the Republic of Lithuania, Law
No. XII-1478, 18-12-2014, published in TAR, 31-12-2014, i.k. 2014-21167
The Law on the amendment of Articles 2, 38 and 38-1 of Article IX-1068 of the Law on Financial Institutions of the Republic of Lithuania
2.
Seimas of the Republic of Lithuania, Law
No. XII-1549, 19-03-2015, published in TAR, 31-03-2014, i.k. 2015-04829
The Law on the amendment of Article 2 and the Annex to the Law on Financial Institutions of the Republic of Lithuania No. IX-1068
3.
Seimas of the Republic of Lithuania, Law
No. XII-1694, 14-05-2015, published in TAR, 20-05-2015, i.k. 2015-07670
The Law on the amendment of Articles 4 and 38-1 of the Law on Financial Institutions of the Republic of Lithuania No. IX-1068