Bank of Lithuania continues building supportive regulatory framework
Financial market participants actively participated in the initiative of the Bank of Lithuania regarding the improvement of regulatory environment – the Supervision Service received more than a 100 proposals.
Aiming to create a favourable legal environment, the Supervision Service of the Bank of Lithuania invited financial market participants, consumer associations and other interested parties to offer suggestions on improving the regulation of financial market.
The Bank of Lithuania received more than a 100 proposals on various areas of financial sector regulation, mostly on regulatory improvements in collective investment undertakings and pension accumulation. Most of them are either already implemented or will be implemented during the preparation of draft legal acts. Suggestions on reducing administrative burdens were received as well. The Bank of Lithuania has reviewed and simplified its internal processes (particularly in the area of licensing), prepared clearer forms for information submission to the Bank of Lithuania and provided more flexibility, e.g. allowed copies of documents provided to the central bank to be certified by the attorneys representing the financial market participant.
Some of the proposals were referred to the Interinstitutional FinTech Working Group and they were included into the Action Plan on the Development of the Fintech Industry.