Bank of Lithuania
2016-01-29
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Electronic money institution licence for restricted activity issued to UAB Tele2

The Board of the Bank of Lithuania issued an electronic money institution licence for restricted activity to UAB Tele2, granting the right to issue electronic money and provide payment services established in Article 5 of the Law on Payments.

Having issued the licence, the Board of the Bank of Lithuania revoked the payment institution licence for restricted activity held by UAB Tele2, granting the right to provide payment service established in Article 5(7) of the Law on Payments.

The electronic money institution licence for restricted activity is valid only in the Republic of Lithuania.

Decisions on disputes arising between consumers and financial market participants to be published publicly

Decisions of the Bank of Lithuania on the nature of the disputes will be made public and published on the website of the Bank of Lithuania, except for confidential cases. This is provided for in the Regulations on the Settlement of Disputes between Consumers and Financial Market Participants Out of Court at the Bank of Lithuania, approved by the Board of the Bank of Lithuania. Until now, the Bank of Lithuania did not publish the motives for its decisions.

In the Regulations, there are also other amendments in relation to the appeal of the consumers to the market participants and the time limit of settlement of disputes.

The Bank of Lithuania settles disputes between the consumers and financial market participants out of court as of 2 January 2012; decisions of the Bank of Lithuania are viewed as recommendations.