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Resolutions of the Board of the Bank of Lithuania

February 23, 2012

Qualifying examination for insurance brokers

The Board of the Bank of Lithuania ruled that insurance brokers must pass an examination to prove their qualification. The insurance law provides for only an impeccable reputation natural person who has passed a qualifying examination for insurance brokers to become an insurance broker. Currently, the number of natural person who hold an insurance broker’s licence is 911.

It was established that applicants must submit their documents to the Bank of Lithuania within 14 days after publication of the said ruling, including the day of publication, in the Annex “Informaciniai pranešimai” of the official gazette “Valstybės Žinios”. The Bank’s Supervision Service has been instructed to adopt decisions regarding the qualifying examination and the list of insurance brokers.

The qualifying examination for insurance brokers is expected to be organised on 17 April this year.

Permission issued for investing assets of MP Stabilo II pension fund

At a request of MP Pension Funds Baltic the Board of the Bank of Lithuania permitted to invest up to 100% of assets of the pension fund MP Stabilo II, which has been formed of a part of the state social insurance contributions paid by insurers, into transferable securities issued by the Government of the Republic of Lithuania or money market instruments. Such permission was issued on condition that such investments would be made into no less than 6 issues of transferable securities or money market instruments and no more than 30 per cent of net assets would be invested into one issue of transferable securities or money market instruments. The permission will expire on 1 April 2013.

UAB MP Pension Funds Baltic controls three pension funds for accumulation of a part of social contributions, and two funds for voluntary accumulation for pension.

Changes rules for pensions managed by UAB Swedbank investicijų valdymas

The Board of the Bank of Lithuania voted to approve amendments to the rules for pension funds Pensija 1, Pensija 2, Pensija 3, Pensija 4 and Pensija 5 (for accumulation of a part of social contributions) managed by UAB Swedbank investicijų valdymas. The decision was made on the requests submitted by UAB Swedbank investicijų valdymas on 6 January and 14 February 2012.

In the rules for the pension fund Pensija 2, the maximum allowed investment share has been increased from 20 to 30 per cent of net assets of the fund. In the rules for the pension fund Pensija 3, the maximum allowed investment share was increased from 40 to 50 per cent of net assets of the fund. Also, adjustments were made to the net asset calculation procedure, and the procedure for submitting an annual letter to the participants, etc. All participants will be notified of the amendments in person.  

Issues permission to wind up investment fund Synergos Private Equity Fund

AB SEB bankas which is the manager of investment fund Synergos Private Equity Fund applied for the permission of the Bank of Lithuania to split (to wind up) the closed type private capital investment fund.  The Board of the Bank of Lithuania allowed it by repealing the Resolution No. 2K-471 of the Securities Commission of the Republic of Lithuania of 13 May 2010.     

Issues permission to end activities of a bank branch

The Board of the Bank of Lithuania issued a permit to the branch of the Icelandic bank MP Banki hf. to end its activities.  The decision to close the branch was taken by the EA fjarfestingarfelag hf. bank’s board

The Board of the Bank of Lithuania referred to the facts that the Icelandic bank’s branch has no more clients and does not provide financial services; besides, the branch creditors will be able to submit their claims directly to the founder of the branch after the branch is removed from the legal entities register.  After the removal from the register, the branch founder will be further responsible for the branch’s obligations to be duly honoured.

Completes formation of the package of by-laws on regulating activities of electronic money institutions

The Law on Electronic Money and Electronic Money Institutions came into force this year, so the Bank of Lithuania will be issuing licences, permits, consents to such institutions, and perform other actions.  The Board of the Bank of Lithuania adopted three resolutions earlier and another six today, which have formulated requirements and conditions for operations of such institutions. The formation of the package of by-laws necessary for electronic money institutions to apply for operational licences and starting activities has been finalised. Various aspects of electronic money institutions’ operations will be regulated the same way as operations of payment institutions, accordingly, amendments were made to the existing rules for payment institutions.

The Board also adopted other resolutions to approve: 1) licensing provisions for electronic money and payment institutions; 2) Requirement Rules for Payment Institutions’ Top Management and Members of the Intermediary Management Bodies and for the Notification on the Payment Institution’s Top Management; 3) Regulations for the Issue of the Permit to Reorganise or Liquidate the Payment Institution; 4) Rules for the implementation of the right to issue, distribute and redeem electronic money and provide payment services in the Republic of Lithuania and other Member States; 5) Licensing rules for branches of foreign electronic money institutions established in the Republic of Lithuania; 6) Public administration of the list of electronic money and payment institutions.

Also, the Board approved Requirements for Electronic Money and Payment Institutions on Internal Control, Risk Management, and Protection of Received Funds, as well as the forms of reports on the implementation of protection requirements for the funds received by electronic money and payment institutions, and the forms of reports on the supervision of such institutions.

The resolutions and new rules of the Bank of Lithuania for regulating activities of electronic money and payment institutions will be available on the bank’s website.

Amendments to rules

The Board of the Bank of Lithuania amended the Rules for the Implementation of the Right to Provide Financial Services in the Republic of Lithuania and Other European Union Member States by establishing that the information from the supervisory institution of the EU Member State about the plans of a bank licensed to operate in that Member State to provide financial services in Lithuania without establishing or upon establishing a branch there. Until now such information was provided by the Bank of Lithuania for being published also in the Annex “Informaciniai pranešimai” of the official gazette “Valstybės Žinios”.

The decision was made taking into account the fact that the former Securities Commission and Insurance Supervisory Commission before their functions were taken over by the Bank of Lithuania had not provided such information for publishing in the above said annex.    

Latest medium-term macroeconomic projections

The Board of the Bank of Lithuania was presented with and approved the latest medium-term macroeconomic projections prepared by the Bank’s Economic Department.

For more information on the projections see the summary of macroeconomic forecast and the press release available on the Bank‘s website.

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