{"id":3505,"date":"2016-11-24T06:11:52","date_gmt":"2016-11-24T06:11:52","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=3505"},"modified":"2019-04-12T16:50:33","modified_gmt":"2019-04-12T16:50:33","slug":"new-framework-for-specialised-banks-in-lithuania","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/new-framework-for-specialised-banks-in-lithuania\/","title":{"rendered":"New framework for specialised banks in Lithuania"},"content":{"rendered":"

Lithuania now position itself as an alternative\u00a0choice for those considering entry to the European market, diversifying the risk of accessing the single market after BREXIT.<\/strong><\/p>\n

Specialised banks’ eligibility in Lithuania<\/h3>\n

Regulation on so called \u201cspecialised banks<\/strong>\u201d will enter into force on 1 January 2017.<\/p>\n

Specialised banks will operate as licensed and supervised credit institutions and will be entitled to offer the following financial services<\/strong>:<\/p>\n

(1)\u00a0taking deposits and other repayable funds<\/p>\n

(2)\u00a0lending (including credit agreements relating to immovable property<\/p>\n

(3)\u00a0financial leasing<\/p>\n

(4)\u00a0payment services<\/p>\n

(5)\u00a0issuing and administering traveller’s cheques, bankers\u2019 drafts and other means of payment insofar as such activity is not covered by payment services<\/p>\n

(6)\u00a0financial intermediation (agency)<\/p>\n

(7)\u00a0administration of funds<\/p>\n

(8)\u00a0creditworthiness assessment;<\/p>\n

(9)\u00a0safe-deposit box rental<\/p>\n

(10)\u00a0currency exchange (in cash)<\/p>\n

(11)\u00a0issuing of e-money<\/p>\n

(12)\u00a0Specialised banks are not entitled to provide investment services or services of the similar nature.<\/p>\n

Facts&Figures of\u00a0the specialised banks in Lithuania<\/h3>\n

Initial capital of the specialised bank must comprise one or more of the items referred to in Article 26(1)(a) to (e) of Regulation (EU) No 575\/2013, and be not less than EUR 1 million<\/strong>.<\/p>\n

A specialised bank license may be obtained within 6 months<\/strong> after submission of all required documents (extension possible, maximum term shall not exceed 12 months<\/strong>).<\/p>\n

Specialised bank license will be valid across the EEA, either through establishment of branches<\/strong> or exercising the freedom to provide services<\/strong>. The passporting notification procedures might take 1<\/strong> (for exercising the freedom to provide services) or 3 months<\/strong> (for establishment of branches in other EEA member state).<\/p>\n

\n

Specialised banks will have to comply with all regulatory requirements<\/strong> applicable to banks in Lithuania. Specialised bank will have, amongst others, to undergo licencing procedures<\/strong> (including assessment of the bank\u2019s shareholders and management), have appropriate internal organisation, processes, risk management and internal control procedures to ensure bank\u2019s sound and prudent activities, comply with regulatory reporting and capital adequacy requirements, procure internal and external audit.<\/p>\n

\"techfoliance_lithuania_country-analysis_road-trip-fintech\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lithuania now position itself as an alternative\u00a0choice for those considering entry to the European market, diversifying the risk of accessing the single market after BREXIT. Specialised banks’ eligibility in Lithuania Regulation on so called \u201cspecialised banks\u201d will enter into force on 1 January 2017. Specialised banks will operate as licensed and supervised credit institutions and […]<\/p>\n","protected":false},"author":16,"featured_media":3327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551,2181],"tags":[1099,1103,1012,1049,1104,1047,1102,265,431,809,586,1101],"yoast_head":"\nNew framework for specialised banks in Lithuania - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/analyses\/new-framework-for-specialised-banks-in-lithuania\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New framework for specialised banks in Lithuania - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"Lithuania now position itself as an alternative\u00a0choice for those considering entry to the European market, diversifying the risk of accessing the single market after BREXIT. 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