Bank of Lithuania

Decision made to issue a payment institution licence to a company in Panevėžys

The Board of the Bank of Lithuania decided to issue to UAB “Victum” (Panevėžys) a payment institution licence, which gives the right to provide the payment service specified in Article 5(6) of the Law on Payments:  money remittances.  By now, licences for the provision of payment services were issued to 21 enterprises.

Amendments to investment fund rules approved and permission to change prospectuses issued

The Board of the Bank of Lithuania approved the change of the rules of the harmonised collective investment undertaking “ZPR Amerikos mažos kapitalizacijos bendrovių akcijų atviras investicinis fondas” managed by UAB “Orion Asset Management” (Vilnius) and issued permission to change its full and simplified prospectuses. The Board took the decision, taking into account the request of the management company UAB “Orion Asset Management”.

In the documents, editorial changes were made, the list of expenses supplemented (accounting, legal, information preparation, change of prospectuses, inclusion of the fund’s units for distribution abroad and other expenses were added), the minimum invested amount reduced to USD 100 (was USD 1,000). The latter requirement and the distribution fee will not be applied to institutional investors. The management company reserves the right to cancel the distribution fee for all investors on its own decision.

Information on the activity of credit and payment institutions and credit union inspections discussed

During its meeting, the Board of the Bank of Lithuania discussed the information on the activity of credit and payment institutions in 2011 presented by the Supervision Service. The review of this activity will be available on the website of the Bank of Lithuania in the nearest future.