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Submission of audit reports
In view of the situation caused by coronavirus (COVID-19), the Bank of Lithuania has allowed electronic money and payment institutions subject to the Republic of Lithuania Law on Financial Institutions submit their sets of annual financial accounts, the auditor’s report and the decision of the general meeting of shareholders on profit (loss) distribution as well as the audit report later than stipulated in the said Law (but no later than by 5 May), i.e. by the same date as required for other electronic money and payment institutions that are not subject to this Law. The extended deadline does not apply to certain reporting forms (EM008_06–EM008_09) that should be submitted by 3 April by financial institutions and by 5 May by non-financial institutions. The Bank of Lithuania should be notified by email ([email protected]), if any data in the aforementioned reports is changed after the audit.
Risk management
Electronic money and payment institutions must conduct a self-assessment and take proper measures to manage risks relating to coronavirus (COVID-19) and provide for such procedures in their internal risk management documents. At the same time, risks related to COVID-19 must be assessed in compliance with the requirements for safeguarding customer funds, which means that the choice of means for safeguarding customer funds, its proper implementation and counterparty risks assumed in respect of a certain credit institution, insurance undertaking or investment strategy fall under the responsibility of electronic money and payment institutions.
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