Financial Institutions

Practice Areas

Industries

Why our team?

Experience highlights

Insights

An increase of the financial services sector maturity is the main strategic direction of the Bank of Lithuania. For this reason, a particularly large focus is given to the compliance of the activities of Fintech and other financial institutions with the legal requirements both during the licensing process and during the operation.

  • In order to provide financial services in Lithuania, it is necessary to obtain activity licenses issued by the Bank of Lithuania. We are familiar with the licensing process and advise clients seeking licenses for payment or electronic money institutions, or crowdfunding platform operators and other financial institutions. We assist in entering the lists of consumer credit providers or their intermediaries, maintained by the Bank of Lithuania, is provided.
  • We help clients licensed to provide financial services in Lithuania to expand their operations internationally and conduct all processes in order to commence operations in other EU Member States (passporting).
  • Sometimes, with a slight adjustment to the business model, the client’s activities no longer fall within the scope of financial services regulation. We provide practical advice to clients in developing service delivery processes.
  • The activities of the financial sector are regulated by a number of regulatory acts of the Republic of Lithuania, as well as the EU. Knowing, having an eye for them all, keeping track of their changes is a big challenge. This requires additional human resources and time. We help our clients understand the lay of the land of the constantly changing legal requirements and implement them in practice, as well as provide advice on compliance issues.
  • The prevention of money laundering and terrorist financing is a crucial part of a financial institution’s activities. How to implement sanctions and other restrictive measures, how to properly perform procedures for getting to know your client (KYC) – we answer these and other client questions from a practical perspective.
  • Supervisory authorities regularly conduct routine and unplanned inspections of financial institutions, which can result in sanctions, sometimes extremely painful, both reputationally and financially. We represent clients and help answer the questions asked during the inspection, form the position of the financial institution. Our team will effectively correct any defects identified during inspections.
Denis Parchajev

Latvian Bank’s victory in 5 LCIA arbitrations worth 70 million EUR

26 May 2022
Giedrius Kolesnikovas, Laurynas Ramonas

Marius Jakulis Jason controlled AAA Capital has received merger clearance to acquire Medicinos bankas

23 March 2022
Justinas Jarusevičius, Paulius Grendelis

Successfully represented largest cryptocurrency broker in Israel

1 July 2021
Sigita Zavišienė, Evelina Tumakova-Kuzmič

“Elektroninių pinigų bitė” obtained an electronic money institution license

11 June 2021
Sigita Zavišienė

Assisted FINBEE to sign an agreement with INVEGA

16 April 2020
Sigita Zavišienė, Evelina Tumakova-Kuzmič

Advised Nandi Finance on obtaining an EMI licence

20 March 2020
Sigita Zavišienė

8th brokerage firm license in Lithuania

1 October 2019
Sigita Zavišienė

Completion of the overall structure of the investment funds

5 July 2019
Sigita Zavišienė

Successful establishment of the investment company

16 April 2019
Sigita Zavišienė

Two ambitious venture capital funds established

12 April 2019
Sigita Zavišienė

E-money institution licence for Lithuanian entrepreneurs

31 January 2019
Giedrius Kolesnikovas

Assisted in acquisition of financial brokerage firm

18 December 2018
Sigita Zavišienė

Incorporation of an investment fund

1 October 2018
Sigita Zavišienė

Establishment of a management company

19 July 2018
Tomas Petkevičius

Successfully represented creditors in the Court of Appeal

17 July 2018
Giedrius Kolesnikovas

Joint venture in consumer lending company

29 June 2018
Giedrius Kolesnikovas

Assisted in the incorporation of an investment fund

18 January 2018
Giedrius Kolesnikovas

Assisted with the acquisition of Seesam Insurance

10 January 2018
Ramūnas Audzevičius

Represented a security service provider in the competition dispute

7 September 2017
Ramūnas Audzevičius

Represented Russian financial institution before the Supreme Court of Lithuania

28 December 2015
Sigita Zavišienė

Important changes in legislation and first homework for Fintech companies in 2021

4 February 2021
Read more
Sigita Zavišienė

2020 Review: Fintech sector has almost doubled

14 December 2020
Read more
Sigita Zavišienė

Need to know for EMIs/PIs: as of 2021 more activity reports to be submitted to the Bank of Lithuania

15 September 2020
Read more
Sigita Zavišienė

Risk Management in an Organisation: Evolution of the Three Lines of Defence Model

8 September 2020
Read more
Sigita Zavišienė

TOP 3 things you need to know about Newcomer meeting with the Bank of Lithuania

20 July 2020
Read more
Sigita Zavišienė

What are the options for UK fintech to act in Europe after Brexit?

15 May 2020
Read more
Sigita Zavišienė

Reporting calendar for payment and electronic institutions

21 February 2020
Read more
Sigita Zavišienė

Requirements for disclosure of pre-contractual information

14 January 2020
Read more
Sigita Zavišienė

National security screening process

4 November 2019
Read more
Sigita Zavišienė

Brexit: licensing financial services remains important

11 October 2019
Read more
Sigita Zavišienė

Impact of FinTech on PIs and EMIs business models

24 September 2019
Read more
Sigita Zavišienė

Strong customer authentication under PSD2

22 July 2019
Read more
Sigita Zavišienė

EBA’s opinion on the nature of passport notifications

25 April 2019
Read more
Sigita Zavišienė

Brief introduction of the specialised bank regime

17 August 2018
Read more
Sigita Zavišienė

Things to know about getting a Fintech License in Lithuania

23 July 2018
Read more
Sigita Zavišienė

Lithuania expands its leadership in Fintech: the ICO guidelines issued

11 June 2018
Read more
Sigita Zavišienė

Will it be easier for Fintech companies to open bank accounts?

3 May 2018
Read more
Sigita Zavišienė

Lithuanian Parliament adopted the laws transposing the PSD2

18 April 2018
Read more
Sigita Zavišienė

Lithuania is getting ready for implementation of the PSD2

20 December 2017
Read more
Sigita Zavišienė

PSD2: Stricter licencing process upcoming

10 May 2017
Read more

Why our team?

An increase of the financial services sector maturity is the main strategic direction of the Bank of Lithuania. For this reason, a particularly large focus is given to the compliance of the activities of Fintech and other financial institutions with the legal requirements both during the licensing process and during the operation.

  • In order to provide financial services in Lithuania, it is necessary to obtain activity licenses issued by the Bank of Lithuania. We are familiar with the licensing process and advise clients seeking licenses for payment or electronic money institutions, or crowdfunding platform operators and other financial institutions. We assist in entering the lists of consumer credit providers or their intermediaries, maintained by the Bank of Lithuania, is provided.
  • We help clients licensed to provide financial services in Lithuania to expand their operations internationally and conduct all processes in order to commence operations in other EU Member States (passporting).
  • Sometimes, with a slight adjustment to the business model, the client’s activities no longer fall within the scope of financial services regulation. We provide practical advice to clients in developing service delivery processes.
  • The activities of the financial sector are regulated by a number of regulatory acts of the Republic of Lithuania, as well as the EU. Knowing, having an eye for them all, keeping track of their changes is a big challenge. This requires additional human resources and time. We help our clients understand the lay of the land of the constantly changing legal requirements and implement them in practice, as well as provide advice on compliance issues.
  • The prevention of money laundering and terrorist financing is a crucial part of a financial institution’s activities. How to implement sanctions and other restrictive measures, how to properly perform procedures for getting to know your client (KYC) – we answer these and other client questions from a practical perspective.
  • Supervisory authorities regularly conduct routine and unplanned inspections of financial institutions, which can result in sanctions, sometimes extremely painful, both reputationally and financially. We represent clients and help answer the questions asked during the inspection, form the position of the financial institution. Our team will effectively correct any defects identified during inspections.

Experience highlights

Denis Parchajev

Latvian Bank’s victory in 5 LCIA arbitrations worth 70 million EUR

26 May 2022
Giedrius Kolesnikovas, Laurynas Ramonas

Marius Jakulis Jason controlled AAA Capital has received merger clearance to acquire Medicinos bankas

23 March 2022
Justinas Jarusevičius, Paulius Grendelis

Successfully represented largest cryptocurrency broker in Israel

1 July 2021
Sigita Zavišienė, Evelina Tumakova-Kuzmič

“Elektroninių pinigų bitė” obtained an electronic money institution license

11 June 2021
Sigita Zavišienė

Assisted FINBEE to sign an agreement with INVEGA

16 April 2020
Sigita Zavišienė, Evelina Tumakova-Kuzmič

Advised Nandi Finance on obtaining an EMI licence

20 March 2020
Sigita Zavišienė

8th brokerage firm license in Lithuania

1 October 2019
Sigita Zavišienė

Completion of the overall structure of the investment funds

5 July 2019
Sigita Zavišienė

Successful establishment of the investment company

16 April 2019
Sigita Zavišienė

Two ambitious venture capital funds established

12 April 2019
Sigita Zavišienė

E-money institution licence for Lithuanian entrepreneurs

31 January 2019
Giedrius Kolesnikovas

Assisted in acquisition of financial brokerage firm

18 December 2018
Sigita Zavišienė

Incorporation of an investment fund

1 October 2018
Sigita Zavišienė

Establishment of a management company

19 July 2018
Tomas Petkevičius

Successfully represented creditors in the Court of Appeal

17 July 2018
Giedrius Kolesnikovas

Joint venture in consumer lending company

29 June 2018
Giedrius Kolesnikovas

Assisted in the incorporation of an investment fund

18 January 2018
Giedrius Kolesnikovas

Assisted with the acquisition of Seesam Insurance

10 January 2018
Ramūnas Audzevičius

Represented a security service provider in the competition dispute

7 September 2017
Ramūnas Audzevičius

Represented Russian financial institution before the Supreme Court of Lithuania

28 December 2015

Insights

Sigita Zavišienė

Important changes in legislation and first homework for Fintech companies in 2021

4 February 2021
Read more
Sigita Zavišienė

2020 Review: Fintech sector has almost doubled

14 December 2020
Read more
Sigita Zavišienė

Need to know for EMIs/PIs: as of 2021 more activity reports to be submitted to the Bank of Lithuania

15 September 2020
Read more
Sigita Zavišienė

Risk Management in an Organisation: Evolution of the Three Lines of Defence Model

8 September 2020
Read more
Sigita Zavišienė

TOP 3 things you need to know about Newcomer meeting with the Bank of Lithuania

20 July 2020
Read more
Sigita Zavišienė

What are the options for UK fintech to act in Europe after Brexit?

15 May 2020
Read more
Sigita Zavišienė

Reporting calendar for payment and electronic institutions

21 February 2020
Read more
Sigita Zavišienė

Requirements for disclosure of pre-contractual information

14 January 2020
Read more
Sigita Zavišienė

National security screening process

4 November 2019
Read more
Sigita Zavišienė

Brexit: licensing financial services remains important

11 October 2019
Read more
Sigita Zavišienė

Impact of FinTech on PIs and EMIs business models

24 September 2019
Read more
Sigita Zavišienė

Strong customer authentication under PSD2

22 July 2019
Read more
Sigita Zavišienė

EBA’s opinion on the nature of passport notifications

25 April 2019
Read more
Sigita Zavišienė

Brief introduction of the specialised bank regime

17 August 2018
Read more
Sigita Zavišienė

Things to know about getting a Fintech License in Lithuania

23 July 2018
Read more
Sigita Zavišienė

Lithuania expands its leadership in Fintech: the ICO guidelines issued

11 June 2018
Read more
Sigita Zavišienė

Will it be easier for Fintech companies to open bank accounts?

3 May 2018
Read more
Sigita Zavišienė

Lithuanian Parliament adopted the laws transposing the PSD2

18 April 2018
Read more
Sigita Zavišienė

Lithuania is getting ready for implementation of the PSD2

20 December 2017
Read more
Sigita Zavišienė

PSD2: Stricter licencing process upcoming

10 May 2017
Read more

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