Submission of an application by electronic means
The purpose of submission of an application by electronic means is to facilitate the market entry for potential participants of the Lithuanian financial market by eliminating the need to provide paper documents and also to involve the applicants, as much as possible, in the process of licensing.
Types of applications
At this project implementation stage, the Bank of Lithuania provides for a possibility to submit applications for the issue of:
- a licence of a bank;
- a license of a specialised bank;
- a license of an electronic money institution;
- a restricted activity license of an electronic money institution;
- a license of a payment institution;
- a restricted activity license of a payment institution;
- a license of a payment institution providing only an account information service;
- a license of an financial brokerage firm;
- a license of an insurance company;
- a licence of insurance brokerage firms;
- a licence of a management company acting in accordance with the Law on Collective Investment Undertaking;
- a licence of a management company acting in accordance with the Law on Collective Investment Undertakings Intended for Informed Investors;
- a licence of a management company acting in accordance with the Law on Collective Investment Undertakings Intended for Professional Investors;
- an entering on the public list of crowdfunding platform operators;
- an entering on the public list of operators of a peer-to-peer lending platform;
- an entering on the public list of currency exchange operators;
- an entering on the public list of consumer credit providers;
- an entering on the public list of independent creditor intermediaries;
- an entering on the public list on the public list of creditors in accordance with the Law on Real Estate Related Credit;
- an entering on the public list of operators of a peer-to-peer lending platform acting in accordance with the Law on Real Estate Related Credit;
- an entering on the public list of independent credit intermediaries or on the public list of dependent credit intermediaries operating on behalf of more than one creditor acting in accordance with the Law on Real Estate Related Credit.
Prior to submitting a license application to the Bank of Lithuania, you should read all information provided below. An incorrectly submitted application may be rejected because of formal irregularities.
Requirements applicable to all licensed financial institutions are set out in the Licensing Guide of the Bank of Lithuania.
Correct submission of an application
The documents must be submitted in strict conformity with requirements set out in legal acts regulating the submission of applications to the Bank of Lithuania:
- The right to submit an application by electronic means shall be enjoyed only by the entity applying for a license (its representative) and a person who holds a document demonstrating the appropriate representation basis;
- The list of documents to be submitted is specified in legal acts regulating activities of the respective financial market participant. Payment and electronic money institutions shall abide by the rules for licensing of these institutions.
- The Bank of Lithuania must be provided with original documents or their notarised transcripts (copies, extracts). Documents submitted by electronic means must be signed by e-signature personally by the person in whose name the document has been drawn up. A physically signed original document submitted by electronic means must also be signed by the person by his electronic signature or a copy (scanned version) bearing the authentication mark of such document signed by electronic signature of the person authorised to certify the authenticity of the copy (a duly authorised representative of a legal person issuing the document or a lawyer representing the person submitting the document).
- A license application and other documents submitted to the Bank of Lithuania must be drawn up in the Lithuanian or English languages. Documents in other languages must be translated into Lithuanian and confirmed by the translator’s signature and the translation agency’s seal.
- Documents drawn up and/or issued in foreign countries submitted to the Bank of Lithuania must be legalised or confirmed by APOSTILLE, unless laws or international treaties establish otherwise.
- The submitted documents shall be printed or hand-written in clearly legible letters (their pages must not be torn or crunched, etc.) and must meet other requirements of legal acts regulating the drawing up and execution of documents.
- The documents should be submitted separated from each other and bear the titles clearly identifying them. The submitted documents may be combined only when they are systemically similar documents (e.g., information about managers – questionnaires, CVs, a copy of a personal identity document, a copy of a diploma – may be submitted in one file).
- An application form may be saved not fully completely and its completion may be finished by logging-in later. Please note that when you submit an application to the Bank of Lithuania, you will not be able to correct the information and data entered in the application; therefore, you should submit the application only when you are absolutely sure that the information provided in the application is correct.
We hope that the applicant is ready to participate actively in the Lithuanian and European financial market, able and capable to successfully developing the planned business. We also understand that the licensing stage is just a preparation for successful business launch and sometimes certain minor adjustments to the business model might be necessary; therefore we accept such changes in the plans and documentation. However, upon change of plans or situation and adjustment of the submitted documents, the applicant for a license must notify the Bank of Lithuania within 5 (five) working days of such change. Taking account of the nature of the updated information, the Bank of Lithuania shall perform an additional assessment due to which the licensing process might be extended.
Please note that at the applicant’s request the assessment of documents may be terminated and the application may be returned at any stage of examination of the license application (for the refund of the paid license issue fee you should apply to the State Tax Inspectorate under the Ministry of Finance of the Republic of Lithuania).
Assessment of an application
The application submitted to the Bank of Lithuania shall be registered and a reference about its submission shall be generated in the applicant’s account. In the course of assessment of the application, the following main assessment information may be accessed by the applicant via his account:
- the applicant’s identification details;
- the assessment status (the notification about acceptance of the application for assessment or its refusal, etc.);
- the registration date;
- the term of the initial verification;
- the list of submitted documents.
Please note that upon registration of the submitted application, specialists of the Bank of Lithuania may need to get in touch with you using the specified contact details; therefore the contact details must be accurate and complete.
Where no formal irregularities are found after reviewing the application and additional documents submitted by you, the application shall be accepted for assessment. If any irregularities are found, the application shall be rejected stating the reasons for the rejection. The documents accepted for assessment shall be distributed among specialists participating in the assessment. They will get in touch with you if during the process any irregularities are identified or if it transpires that any information is missing, and will ask you to make respective changes. Finally, if it is established that the application is free from any irregularities, the application will be referred to the decision-maker who will decide on the license issue.
Consequences of provision of incorrect information
Where the Bank of Lithuania suspects that the information provided might be false or misleading, the Bank of Lithuania shall refer such information to respective law enforcement bodies. The establishment of such fact is likely to affect the decision-making.
Prior to submitting a license application to the Bank of Lithuania, you should read all information provided in this section. An incorrectly submitted application may be rejected because of formal irregularities.