REGARDING RECEIVING LICENCE FOR SPECIALISED BANK

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1 REGARDING RECEIVING LICENCE FOR SPECIALISED BANK

2 About us ECOVIS ProventusLaw is a team comprising of professional lawyers belonging to the Global ECOVIS network. ECOVIS is a leading global consulting firm with its origins in Continental Europe. It has over 4,500 people operating in over 65 countries. Its consulting focus and core competencies lie in the areas of tax consultation, accounting, auditing and legal advice. ECOVIS offices in Lithuania are providing legal, audit and accounting services. ECOVIS ProventusLaw offers excellent insight into local situation as well as unique expertise and know-how of professionals within ECOVIS Global network. This combination enables us to provide professional and modern services to meet customers' needs not only in Lithuania, but also in every country where there is an ECOVIS office. ECOVIS ProventusLaw provides services in all business related law practice fields and specialises in five business sectors financial services, marketing and communication, IT and telecommunication, real estate, gambling and online gaming. 2

3 Specialized bank Cia reikia nuotraukos su saldainiais eurais. From the 1 st of January, 2017 EU member state Lithuania introduces a new type of payment service provider specialized bank. As other financial service providers, specialized banks will be able to offer following financial services: Lending; Payment services; Receipt of deposits; Currency exchange; Issuing of e-money; Issuing guarantees; Fund administration; Financial leasing; Financial intermediation; Creditworthiness assessment services; Safe-deposit box rental. Specialized banks will not be able to provide investment services or manage investment, pension funds or be active by providing other services related to security emissions. Such services will be a prerogative of full service banks. It is important to note that initial capital for the specialized bank must be not less than 1 million Euro, as for full service bank 5 million Euro. Other requirements relating the management, level of prudential requirements and reporting, assessment period are the same as for full service banks. The Bank of Lithuania is granting a license for a specialized bank within a period of 6 months (can be extended to 12 months) after submission of all required documents.. 3

4 Legal services for getting a license Usually ECOVIS ProventusLaw is offering full range of services which include, but are not limited to: Preparing an application; A programme of operations (based on the business plan and information from the client); Assistance in preparing a business plan, providing legal advice regarding legal side of the business plan; Collecting data on financial institutions managers, shareholders; Preparing descriptions of management systems, risk management, IT systems (based on the information given by the client and IT systems they use); Preparing of organizational structure profile (based on the information given by the client); Preparing of a description of the internal control system, assisting in developing one; Gathering and coordinating all other necessary data required by the Bank of Lithuania on; Consulting on all other legal issues related to licensing of financial institutions. 4

5 Our team Ms. Inga Karulaitytė Partner, Attorney-at-law Inga Karulaitytė-Kvainauskienė is a Partner in the Law Firm with over 15 years of experience of legal practice. She currently specialises in the fields of financial services, media, trade, competition and transport law. Her experience covers advising international and local companies, legal assistance on regulatory issues of the finance and communication sectors. The Partner advises local and international participants of financial markets on various issues of banking, financial services, regulatory issues and cross-border provision of services. Inga provides advice on the Lithuanian legislation including the Law on Prevention of Money Laundering and Terrorist Financing, various legal acts issued by the Bank of Lithuania as well as EU legislation and draft legislation. Ms. Loreta Andziulytė Partner, Attorney-at-law loreta.andziulyte@proventuslaw.lt Loreta Andziulytė is a Partner of our law firm with over 15 years of experience of legal work and she currently specializes in the fields of telecommunications, IT, data protection, labour law, corporate governance as well as in regulatory affairs and governmental relations. Her experience covers advising international and local companies and assisting them with regulatory issues in the sectors of telecommunications and IT. Matas Balėnas Senior Associate. Matas Balėnas is a Senior Associate in the Law Firm with over five years of experience of legal practice. Matas Balėnas specialises in white-collar crime, litigation and arbitration, he also provides advice on issues of corruption prevention and compliance. Matas gained his experience as a lawyer during traineeship at the Office of the Prosecutor General of the Republic of Lithuania, working at the Special Investigation Service of the Republic of Lithuania and representing clients in litigation and arbitration. 5