Bank of Lithuania
2012-10-22

Amendments to the Articles of Association of BALTO LINK agreed; Regulations of the investment fund ALGORITHMIC TRADING PORTFOLIO allowed to be approved; Permission to amend Regulations of two investment funds granted; Public list of consumer credit intermediaries supplemented; Permission to fulfil the duties of executive given

Amendments to the Articles of Association of BALTO LINK agreed

The Supervision Service of the Bank of Lithuania confirmed that the amendments to the Articles of Association of the independent insurance broker company BALTO LINK related to the increase of its authorised capital from LTL 641.000 to LTL 1,301.380 had been agreed.

Regulations of the investment fund ALGORITHMIC TRADING PORTFOLIO allowed to be approved

The Supervision Service permitted UAB Orion Asset Management to approve the Regulations of the special alternative investment fund ALGORITHMIC TRADING PORTFOLIO under establishment by this company and to choose AB SEB Bank as the depository.

The Fund is only for professional investors seeking capital gain from investment in different asset classes and financial instruments, and tolerating higher than average investment risk. The Fund’s assets will be invested using a mixed trading methodology – part of the assets will be invested by way of algorithmic trading and the remaining portion by way of traditional trading.

Permission to amend Regulations of two investment funds granted

The Supervision Service permitted Prudentis, UAB to change the Regulations of Prudentis Global Value Fund, a special investment fund investing in transferable securities, which was founded by this company.  

Permission was also given to amend the Regulations of the open-ended harmonized investment fund DOVRE INSIDE NORDIC managed by UAB Dovre Forvaltning.

Maximum technical interest rate unchanged

The maximum technical interest rate used by life assurance companies in the calculation of the technical provision for loss cover was left unchanged. Under Resolution No. N-486 of 28 December 2011 of the Insurance Supervisory Commission, whose functions were overtaken by the Bank of Lithuania, the maximum technical interest rate is 2.63 per cent.

The supervisory authority has to set the maximum technical interest rate on a quarterly basis.

Public list of consumer credit intermediaries supplemented

The Supervision Service included into the Public List of Consumer Credit Intermediaries 1 new consumer credit intermediary of the consumer credit lender UAB General Financing, 37 new consumer credit intermediaries of the consumer credit lender UAB Ūkio banko lizingas, 2 new consumer credit intermediaries of the consumer credit lender UAB LATEKO LIZINGAS, 12 new consumer credit intermediaries of the consumer credit lender UAB Šiaulių banko lizingas, and 5 new consumer credit intermediaries of the consumer credit lender BIGBANK AS branch.

By now, the list included 1,942 consumer credit intermediaries of UAB Ūkio banko lizingas, 36 of UAB LATEKO LIZINGAS, 57 of UAB Šiaulių banko lizingas, 72 of BIGBANK AS branch and about 400 of UAB General Financing.

The supplemented public list of consumer credit intermediaries is posted on the website of the Bank of Lithuania.

Permission to fulfil the duties of executive given

The Supervision Service approved of the candidacy of Ingrida Kirse who is applying for the position of a member of the Board of UAB ERGO Lietuva and the European Company ERGO Life Insurance SE.

Moreover, Mr Pehr Robert Olofsson was granted permission to become a member of the Supervisory Council of Swedbank AB.

"2021-02-21 15:24:24"
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