Lietuvos bankas invites financial market participants to look for ways to reduce administrative burdens and boost Lithuania’s competitiveness
Lietuvos bankas invites financial market participants to evaluate national regulation and submit proposals for its improvement.
“We remain committed to reducing possible excessive or disproportionate regulation while strengthening our country’s competitiveness. It is one of Lietuvos bankas’ priority objectives for the year. We look forward to receiving feedback from market participants on specific problems that they have identified as well as proposals which we will analyse before deciding on necessary changes,” says Arūnas Raišutis, Director of the Legal and Licensing Department of Lietuvos bankas.
In the context of a continuous open dialogue, Lietuvos bankas applied to financial market participants, their associations, business organisations and other relevant stakeholders. They are invited to evaluate the existing regulation of the financial market, with a particular focus on national requirements and whether, when applied in conjunction with European Union requirements, the existing regulation becomes excessive, create disproportionate and unjustified administrative burdens.
The central bank also invites to submit proposals on how Lithuanian regulation could be improved to ensure safe and reliable operations and, at the same time, competitive conditions for establishment and activity. Market participants are also invited to provide concrete comparisons with the legal regulation of a specific area in other EU countries, which could serve as an example for Lithuania.
Financial market participants are invited to submit proposals, together with substantiating arguments and insights regarding the improvement of legal regulation by 10 March this year.
In assessing the changing legal environment both in Lithuania and abroad, Lietuvos bankas regularly initiates legislative initiatives on market regulation, e.g. the framework for settlement (administrative) agreements entered into force last November.