Tag Archives: Lithuania

ILN Today Post

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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ILN Today Post

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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ILN Today Post

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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ILN Today Post

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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