2014-04-22
Financial market participants will have to inform customers about the euro adoption consequences on mutual contractual relationship
The Supervision Service of the Bank of Lithuania has approved the Guidelines on Customer Information about the Euro Adoption Consequences on Contractual Relationship.
The purpose of the Guidelines is to explain the major customer (user) information principles and draw the attention of financial market participants, falling under supervision of the Bank of Lithuania, that they should properly inform their customers about practical euro adoption aspects and related changes in meeting mutual obligations under insurance, financial services and/or additional investment services contracts. The Guidelines provide that financial services users should be informed about the euro adoption consequences on mutual contractual relationship publicly, and, with regard to some financial services (life assurance, investment services, etc.) — personally, by submitting summary information in a periodic report to be presented under legal acts or a separate information notice.
The Guidelines will come into effect on the day of the coming into effect of the Law on the Adoption of the Euro in The Republic of Lithuania, i.e. the day when the Council of the European Union takes a decision on the euro adoption in Lithuania.
The Guidelines on Customer Information about the Euro Adoption Consequences on Contractual Relationship will be published on the website of the Bank of Lithuania