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Approaching deadline for resubmitting notifications regarding benefiting from limited network exclusion
On 1 June 2022, the decision of the Bank of Lithuania (the BoL), stipulating that subjects which are benefiting from limited network exclusion under the Second Payment Services Directive (PSD2) are obliged to resubmit a notification to the BoL, entered into force. The notifications based on the provisions of the guidelines prepared by the European […]
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Statistical reporting requirements for payment institutions
Our Fintech team have prepared a reminder to all payment service providers holding a payment institution licence issued by the Bank of Lithuania of the following reporting obligations: Statistical reporting on payments and fraudulent payments (every three and six months respectively) Reporting on payment service charges (five working days before service charges start to apply) […]
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COVID-19: implications for financial institutions
The fast-spreading coronavirus (COVID-19) is raising many questions and concerns among financial institutions. Our international COVID-19 Task Force, including financial sector experts, is at your disposal, should you need advice in any legal issues you are facing. Below are some tips to help make decisions in a quickly changing situation. Material contracts and key business […]
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The World Bank Group – Doing Business 2020: Comparing Business Regulation in 190 Economies
Doing Business 2020 is the 17th in a series of annual studies investigating the regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 190 economies— from Afghanistan to Zimbabwe—and over time. Full report available here.
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Lithuania: Guidelines on Securities Token Offerings to offer more clarity for blockchain-based businesses
On 17 October 2019, the Bank of Lithuania released Guidelines on Securities Token Offerings. The primary goal of the Guidelines is to provide clarity regarding the legislation on tokens that have features of securities. The Guidelines lay out the neutrality regulation policy exercised by the Bank of Lithuania in regard to technology, meaning that regardless […]