2017-11-20
The Supervision Service of the Bank of Lithuania is devising a new form of supervision – visits, during which it would gather information as well as provide advice and methodological support to financial market participants.
‘Such visits will be part of friendly supervision; we expect they will help us more efficiently assess the situation in the domestic financial market. In examining its trends, we analyse various aspects, including risks. We believe that such form of supervision when market participants consider supervision specialists as advisers would encourage a closer cooperation, which would be beneficial for both sides,’ says Mindaugas Šalčius, Director of the Financial Services and Market Supervision Department.
It is planned that, during their visits, Bank of Lithuania specialists will gather information on the activities of a company, will analyse and assess it. In case of need, they will also provide advice and methodological support. A visit would last up to five business days.
This initiative was presented by the Bank of Lithuania Supervision Service to market participants in early November of this year. The procedure for visit organisation and other aspects are defined in the regulations yet to be approved by the Board of the Bank of Lithuania.
The ambition to create an advanced regulatory and supervisory environment attractive to the financial sector is one of the Bank of Lithuania’s strategic directions for 2017–2020.