2012-03-06
The Board of the Bank of Lithuania pointed out to UAB "Mokėjimo terminalų sistemos" its failure to comply with established requirements when appointing the head of the payment institution. Laimonas Žmuidzinavičius was appointed the director of this institution without sending to the Bank of Lithuania a prior notice of intended replacement of the institution’s head as stipulated by laws.
The Law on Payment Institutions contains a provision according to which a payment institution must give a notice to the supervisory institution on envisaged changes in the management of the payment institution and also supply information specified by the supervisory institution required to evaluate whether the management members meet requirements set forth by the law. The newly elected (appointed) members of the management of the payment institution may take office solely if the supervisory institution does not oppose the nomination. The supervisory institution shall have the right to oppose the nomination if the nominee does not meet established requirements.
The Board of the Bank of Lithuania was not against appointing Laimonas Žmuidzinavičius the director of "Mokėjimo terminalų sistemos", as he met the requirements set forth in the Law on Payment Systems.