2012-03-06
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.