Bank of Lithuania
2020-09-17
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Information to be submitted together with the application for a licence of a financial brokerage firm specified; new licence of a payment institution issued. 

Information to be submitted together with the application for a licence of a financial brokerage firm specified

In order to optimise the processes of the examination of applications for the issuance of the licence of a financial brokerage firm submitted to the Bank of Lithuania, as well as of credit institutions’ applications to provide investment services, the Board of the Bank of Lithuania decided to specify the scope of the information to be provided together with the initial applications.

Currently, the rather descriptive information provided together with the initial applications have not allowed the Bank of Lithuania to be sure that applicants meet the requirements for obtaining a licence, as set forth in the Law on Markets in Financial Instruments. The information required for the substantive assessment has been provided in later stages of the examination of applications, which made the licensing process of financial brokerage firms ineffective. Structured provision of a wider spectrum of information together with a licence application would allow the Bank of Lithuania specialists to fully assess the content of the application at the first stage of the examination and to find shortcomings, while for applicants – to eliminate these deficiencies more effectively.

The updated lists of documents to be submitted together with the initial applications provided in annexes to the Description of Procedure for Issuing Licences and Authorisations under the Law on Markets in Financial Instruments have been prepared in accordance with the requirements of legal acts of the European Union and national legislation as well as the long-term practice of the Bank of Lithuania.

New licence of a payment institution issued

The Bank of Lithuania has granted Finnovative Solutions, UAB a payment institution licence authorising to offer payment initiation and account information services provided for in the Republic of Lithuania Law on Payments. They are expected to interest insurance undertakings, credit institutions and creditworthiness companies operating in Lithuania and Poland.

100% of the institution’s shares belong to Savangard Sp z.o.o, a company registered in Poland and owned by Polish nationals.