EUROPEAN BANKING LICENSE - LITHUANIAN SPECIALISED BANK - Ecovis
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Ranked by: EUROPEAN BANKING LICENSE LITHUANIAN SPECIALISED BANK
LITHUANIAN
SPECIALISED
BANK
Prestigious pan-European banking license opening world’s biggest single financial market of
European Union and European Economic Area. Lithuanian Specialised Bank license issued
by the European Central Bank through the Bank of Lithuania (Lithuanian central bank and
financial regulator). License opens all EU/EEA banking and financial markets at significantly
lower incorporation and operational costs.
1 000 000 eur Banking services provided by Specialised
Bank:
Specialised Bank is only restricted to
provide:
MINIMAL CAPITAL
Lending Investment or pension fund management
REQUIREMENT Payment services Securities brokerage
Receipt of deposits Investment advice
Currency exchange and other investment management related services
Issuing of e-money
Issuing guarantees
Fund administration
LICENSE Financial leasing
Financial intermediation
FOR ALL Creditworthiness assessment services
Safe-deposit box rental
EU/EEA AREA and all other traditional banking services
2
ORGANIZATIONAL
STRUCTURE OF THE
SPECIALISED BANK
REQUIREMENTS FOR
GENERAL MEETING OF
THE SHAREHOLDERS THE MANAGEMENT AND KEY
FUNCTION HOLDERS
Head of the Internal
Audit Service SUPERVISORY BOARD Managers of the Specialised Bank must have high repute, the qualification
(AT LEAST 3 MEMBERS)
and experience allowing them to perform their duties properly.
Audit Committee
Specialised Bank can start business activities having 10 management
employees including supervisory and management board members. There
is no requirement for all supervisory and management board members
to reside in Lithuania. Nevertheless, at least one head of the bank’s
Risk Committee MANAGEMENT BOARD administration must be in Lithuania and speak Lithuanian.
Credit Committee (AT LEAST 3 MEMBERS)
Brief description of the management structure:
/ Supervisory Board (at least 3 members)
/ Management Board (at least 3 members)
/ CEO and Deputy CEO (2, can be the members of the Management Board)
CEO / Head of the Internal Audit Service (1, can be a member of the Supervisory Board)
/ Audit Committee (can be a members of the Supervisory Board)
/ Risk Committee (can be a members of the Supervisory Board)
/ Credit Committee (can be a members of the Management Board)
/ CTO – Chief Technical Officer (1)
/ CRO – Chief Risk Officer (1 can be a member of the Management Board)
CTO CRO DEPUTY CEO CLO CFO / CLO – Chief Legal Officer/Compliance officer (1)
/ CFO – Chief Financial Officer (1 can be a member of the Management Board)
3
LITHUANIA IS ONE OF
THE BEST EU/EEA BANKING
JURISDICTION
8 Fast licensing process. Remote client verification allowing
REASONS WHY identification of the client without physical
presence.
Minimal capital requirement – EUR 1 mill. No requirement for all top managers
and board members to be Lithuanian/
European residents.
Direct access to all EU/EEA banking market Special residence permits of all Schengen
and Single Euro Payments Area (SEPA). zone for the citizens of non-EU/EEA
countries.
Deposits up to the amount of EUR 100 000 Licensing documentation can be submitted
insured according to EU Deposit Insurance in English.
Scheme.
4
LICENSING
PROCESS
We encourage all prospective applicants to contact us as early as possible in their planning
process so that we can discuss and help assess their proposed operating plans. This allows us to
be clearer in explaining the authorisation process and its meaning, our requests, requirements,
expectations and all other major aspects that may affect the authorisation process.
01 02 03 04 05
Assessment of the business Pre-application. Preparation of Submission of an application Assessment of an application Licensing decision. After the
plan and shareholder structure. the presentation and preliminary to the Bank of Lithuania. and licensing documentation. assessment application the
Preliminary assessment of presentation of Applicant’s Submission of the licensing Bank of Lithuania starts assess- Bank of Lithuania provides
Applicant’s business model and shareholder structure and documentation to the Bank ment procedure and transfers recommendations and submits
shareholder/UBO structure by business model to the Bank of of Lithuania and official documentation to the European them to the ECB. Final decision
ECOVIS. Recommendations and Lithuania. Information presented acceptance of the application Central Bank (ECB). Both regarding the grant of the
advice on the improvement in the form of questionnaires for consideration. Bank of Lithuania and ECB in license taken by the ECB.
of the business model usually and the presentation. Meeting parallel assess the application.
providedat this stage. between the officials from the Regulatory questions, comments
Bank of Lithuania and Applicant and requests to submit additional
usually organized. Result of the information usually provided.
Pre-application is preliminary
regulatory feedback regarding
the licensing perspectives.
Pre-application stage also
includes submission of your
documentation to the Investors
Assessment Commission.
5
MAIN DOCUMENTATION
SUBMITTED FOR APPLICATION FOR
THE SPECIALISED BANK LICENSE
01 05
Draft incorporation documentation. An operating plan for next 3 years with financial forecasts.
02 06
A programme of operations (based on the business Descriptions of management systems, risk management, IT
plan and information from the client). systems and policies; accounting system and accounting policies.
03 07
Documents proving formation of the capital. Organizational structure profile.
04 08
A description of the internal control system, internal audit, Data on financial institutions managers, shareholders,
AML prevention, compliance, hiring, outsourcing, information regarding their experience and impeccable
managing conflicts of interests, rules of accepting deposits, repute.
crediting policy and procedures, creditworthiness
assessment rules, complaint handling etc.
6REGULATORY COSTS
AND CONTRIBUTIONS
LICENSE SUPERVISION
FEE FEE
4 157 eur Approved every year, 0,0196 % from the
average annual assets.
DEPOSIT CONTRIBUTION
INSURANCE TO
CONTRIBUTION RESOLUTION FUND
Currently 0.1 % from the total annual amount Contributions to the Resolution Fund and
of insured deposits. contributions for administration of the fund.
Highest possible annual amount fixed in the
law 0,5 per cent from the total amount of
insured deposits held.
7ECOVIS –
LEADING FINANCIAL
LICENSING ADVISOR
ECOVIS International is a Currently ECOVIS is the most ECOVIS ProventusLaw ranked ECOVIS handle all the licensing Deep local knowledge and
leading global consulting experienced financial licensing by IFLR1000 in Banking and processes, from the preparation international expertise of the
network bringing together advisor in Lithuania. The firm Finance and by Chambers and of documentation in client’s interdisciplinary network of
more than 7500 professionals has successfully advised more Partners in Fintech. Head of home country, until the ECOVIS professionals makes
in over 80 countries worldwide. than 35 companies getting financial institutions practice submission of whole licensing ECOVIS different from other
ECOVIS ProventusLaw lawyers different financial licenses in group Inga Karulaityte is ranked package to the regulator licensing service providers.
and ECOVIS Proventus auditors Lithuania for their pan-European as highly regarded lawyer by and communication with the
are Lithuanian member firms business. IFLR1000 and recommended regulator.
of ECOVIS International. by LEGAL500 in Banking and
Finance. Inga Karulaityte and
Loreta Andziulyte are ranked
by Chambers and Partners in
Fintech.
8ECOVIS FINANCE
INSTITUTION LICENSING
TEAM LEADERS
Inga Karulaityte – Kvainauskiene Loreta Andziulyte
Head of the group / Attorney at law Partner / Attorney at law
/ licensing and regulatory / mobile payments
/ payment services / data protection
/ electronic money / compliance
/ banking / employment
/ Fintech / IT & IP
/ insurance
ranked by: ranked by:
Aidas Ramanauskas Kestutis Kvainauskas
Partner / Certified Auditor Partner / Attorney at law
/ internal audit and financial / banking
control procedures / securities
/ accounting policy / investment management
/ financial forecasts / licensing
/ crowdfunding
9ECOVIS LICENSING TEAM
TASKS DISTRIBUTION
COVERING
BOTH
Legal – Regulatory and
Financial – Business
plan parts of the Attorneys-at-law Certified auditors
Members of the Bar Association Banking consultants
licensing process.
LEGAL AND REGULATORY PART FINANCIAL AND BUSINESS PLAN PART
Preparation of the licensing documentation Internal audit and financial control procedures
Representation at the Bank of Lithuania Financial forecasts and projections
(Regulator) Accounting policies and descriptions
Shareholders and management clearance Software and IT systems
Trademark registration and company Programme of operations
incorporation
AML and compliance
Internal documentation and policies
Organizational structure
Coordination of licensing process
Personal data protection
10Contact ECOVIS in Lithuania
ECOVIS ProventusLaw
ADDRESS TEL EMAIL MORE INFO
Mesiniu st. 5, LT-01133 + 370 (5) 2124084 vilnius@ecovis.lt www.ecovis.lt
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