2014-02-05
The Bank of Lithuania has joined the Declaration on the First Year of Business of 14 September 2011 initiated by the Ministry of the Economy and the Ministry of Justice of the Republic of Lithuania.
The signatories of the Declaration undertake to impose no sanctions (e.g. fines, activity restrictions) on economic entities engaged in activities supervised by the Bank of Lithuania during their first year of operation and to allocate resources for advising and providing methodological support to such entities. It should be noted that imposition of sanctions provided for in legal acts remains an exceptional measure applicable to new economic entities only where it is necessary and inevitable in order to prevent harm to society.
The Declaration has been signed by more than 40 supervisory authorities (276.9 KB download icon).