The Supervision Service of the Bank of Lithuania has prepared an information file which, systematically and in Lithuanian and English, contains all the necessary information about the legal requirements for financial market participants who want to obtain authorisation for various activities.

The regulators hopes that financial enterprises will no longer have to waste time picking information out of various laws and other legal intruments.

The guide is divided into: requirements for the legal form and registered office of a financial market participant; requirements for founders and management; capital requirements; lists of documents to be submitted to the Bank of Lithuania; state levies; time-frames for 'addressing' submitted documents; the licensing peculiarities of specific financial market participants; and a list of laws that govern the issuance of authorisations. For the sake of convenience, the data is also sectoral, i.e. divided by type of financial market participant (credit institution, credit union, insurance carrier etc.).  

A list of 'frequently asked questions' is on the way, as is some information about the provision of cross-border services in the so-called 'internal market' of the European Union, along with information about the procedures to follow when the European Central Bank processes applications.

The guide is available at http://www.lb.lt/licensing_guide