Blog Archives

ILN Today Post

Use of the e-address is mandatory from 1 January 2023

Latvia: Latvian companies, branches, associations, foundations registered in the Republic of Latvia, and other entities registered in the registers of the Enterprise Register need to immediately activate the official electronic address (e-address).

What is an e-address? 

The official electronic address is a digital mailbox for communication between public administration institutions and individuals. One can receive and send letters, applications, documents, and request (often also receive) services there.

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ILN Today Post

Karolis Smaliukas joins TGS Baltic as an Associate Partner

Advocate Karolis Smaliukas has joined law firm TGS Baltic. The lawyer practicing in the area of public procurement for more than ten years has become an Associate Partner of the law firm and he will be responsible for the development of the Public Procurement practice group.

Karolis’ unique experience in the public procurement field will contribute to the development of the Public Procurement practice group of law firm TGS Baltic and the provision of first class services to clients. Market participants commend Karolis Smaliukas for deep expertise and finding of an adequate solution in any situation.

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Associate partners Kadri Kallas and Sander Kärson promoted to partner, Peeter Viirsalu becomes associate partner

Associate partners Kadri Kallas and Sander Kärson have been promoted to partner, senior associate Peeter Viirsalu joins TGS Baltic partners circle as associate partner from January 2018.

Partners Kadri Kallas and Sander Kärson lead the M&A department, one of the firm’s fastest growing departments that has recently advised LHV Pension Funds in investing into Lithuanian cable television and Internet services provider Cgates, Citypark Estonia in selling its company to Modus Group, Estonian ICT research and development company Cybernetica in selling its navigation systems business unit to a Canadian listed corporation Carmanah, AK Systems in selling its IT services business to Telia Estonia, the largest IT and telecom company in Estonia, and Avia Solutions Group in acquiring one of the Estonian largest tour operators GO Adventure.

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Dalia Tamašauskaitė-Žilienė became a partner in law firm TGS Baltic

Dalia Tamašauskaitė-Žilienė has joined the team of Partners in law firm TGS Baltic. The advocate Dalia Tamašauskaitė-Žilienė was an Associate Partner in the firm previously, she specialized in M&A practice group. Dalia also greatly contributed to projects in the areas of corporate law, finances, pharmacy and health care law.

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The Bank of Lithuania proposes a new form of cooperation with market participants

The Bank of Lithuania has prepared a draft of the Regulations on Assessment Visits. The draft proposes to introduce a new form of cooperation of the Bank of Lithuania with market participants supervised by it – the assessment visits (the “Visits”).

The purpose of the visits would be collection, analysis and systematization of information about activities of an entity, familiarization with processes performed by it, assessment of information about the entity presented by the entity itself or any other information, giving recommendations, consultations and methodological assistance to the entity.

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Lithuania Disappoints Fintech Sector With Virtual Currency Crackdown

Comments of TGS Baltic Associate Donatas Šliora in Paymentscompliance.com article:
 
Lithuania: Central Bank Reveals Its Position On Virtual Currencies and ICOs

Regulators in Lithuania have broken from their fintech-friendly reputation by issuing tough restrictions on businesses using virtual currencies such as Bitcoin.

Last week, the Lithuanian central bank issued a notice deterring its financial sector from engaging in virtual currency activities, amid fears that profiteering from the “high risk instrument” could result in customer detriment.

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Advocate Lauras Butkevičius joins law firm TGS Baltic

TGS Baltic team was joined by advocate Lauras Butkevičius who has been practicing as an advocate for many years and is a specialist of competition law well-known in the Baltic legal services market. Lauras will work as an Of Counsel in the areas of competition and corporate law in the Public Law Department, Competition Law Practice Group.

“We are glad that our highly capable competition law team has been joined by an experienced and well-known colleague, perfectly knowledgeable not only about the Lithuanian market but also markets of the other Baltic States. Our Competition Law Practice Group has become probably the largest in the market and is capable of solving complicated, complex issues that require big intellectual potential. I believe that this practice group will become the market leader and will contribute to improvement of the competition environment in Lithuania”, E. Sutkienė, the Managing Partner of TGS Baltic, says.

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TGS Baltic Estonia is the most attractive employer among law students

Employer branding agency Instar conducted an employer reputation study among 5500 students. Law firm TGS Baltic was voted the most attractive employer by law students.

The top three most sought-after employers for law students included the Supreme Court and the Ministry of Justice. Skype was ranked as the overall most attractive employer in Estonia for the sixth time in a row.

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Latvia: Inese Hazenfusa comments on the Regulatory Sandbox for Fintech Companies

On September 5, 2017 in the newspaper Dienas Bizness Inese Hazenfusa, Partner at TGS Baltic, comments on the regulatory sandbox for financial technology companies or fintech companies. Among other things, Inese states that the regulatory sandbox is a safe place, where an entrepreneur may try one’s innovative ideas and solutions in real life within the existing regulatory framework and in close communication with the state supervisor of the respective field. Thus, it creates possibility to identify potential risks on time and to prevent them.

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Lithuanian regulation has been finally harmonized with the market abuse regulation

Mantas Gofmanas, TGS Baltic Senior Associate

As the Board of the Bank of Lithuania adopted new Information Disclosure Rules (the “Rules”), the Lithuanian national regulation in connection with prevention of market abuse, disclosure of inside information, disclosure of information about managers’ transactions, also regulation in connection with persons in possession of inside information, etc., has been finally fully harmonised with requirements of Regulation No. 596/2014 on market abuse (the “MAR”) and related regulatory technical standards and implementing technical standards.

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