BOARD OF THE BANK OF LITHUANIA
RESOLUTION No 03-43
of 23 February 2012
ON THE REGULATIONS FOR THE LICENSING OF BRANCHES OF ELECTRONIC
MONEY INSTITUTIONS OF FOREIGN STATES ESTABLISHED IN THE REPUBLIC OF
LITHUANIA
Vilnius
(Valstybės žinios (Official Gazette) No 28-1283, 2012)
Acting pursuant to Article 9 of the Republic of Lithuania Law on the Bank of Lithuania
(Valstybės žinios (Official Gazette) No 99-1957, 1994; No 28-890, 2001) and Article 18(3) of the
Republic of Lithuania Law on Electronic Money and Electronic Money Institutions (Valstybės
žinios (Official Gazette) No 163-7759, 2011), the Board of the Bank of Lithuania
h a s r e s o l v e d:
To approve the Regulations for the Licensing of Branches of Electronic Money Institutions
of Foreign States Established in the Republic of Lithuania (appended).
Chairman of the Board
Vitas Vasiliauskas
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APPROVED by
Resolution No 03-43
of the Board of the Bank of Lithuania
of 23 February 2012
REGULATIONS FOR THE LICENSING OF BRANCHES OF ELECTRONIC MONEY
INSTITUTIONS OF FOREIGN STATES ESTABLISHED IN THE REPUBLIC OF
LITHUANIA
(Valstybės žinios (Official Gazette) No 28-1283, 2012)
I. GENERAL PROVISIONS
1. The Regulations for the Licensing of Branches of Electronic Money Institutions of
Foreign States (hereinafter Branches) Established in the Republic of Lithuania (hereinafter
Regulations) establish the procedure of filing an application for issuance of a license to the Branch
(hereinafter license), the procedure of issuance and change of a license (duplicate), license form,
procedure of notification about changes of the information provided for obtaining a license.
2. The terms used in the Regulations shall have the meaning assigned to them in the
Republic of Lithuania Law on Electronic Money and Electronic Money Institutions (Valstybės
žinios (Official Gazette) No 163-7759, 2011).
3. Licenses shall be issued for unlimited term. A license holder may not transfer the issued
license to other persons.
4. The documents submitted to the Bank of Lithuania and actions carried out thereby shall
be subject to requirements of the General Regulations on Filing and Processing the Applications of
Credit, Electronic Money and Payment Institutions for the Issuance of Authorisations and on
Granting Thereof (Valstybės žinios (Official Gazette) No 80-2878, 2004).
II. APPLICATION FOR ISSUING A LICENSE
5. The Branch being established shall be registered in the Register of Legal Entities only
after issuance of a license.
6. An electronic money institution of a foreign state seeking a license shall file with the
Bank of Lithuania the application with required enclosures as specified in Annex No 1 to the
Regulations.
III. ISSUANCE OF A LICENSE (LICENSE DUPLICATE)
7. After examining the application and deciding to issue a license by the Bank of Lithuania,
a license of the form specified in Annex 2 to the Regulations shall be prepared and granted to the
applicant who shall confirm the acquisition of the license by signing in the Register of Licenses of
Branches of Electronic Money Institutions of Foreign States.
8. The license shall include:
8.1. the Coat of Arms of the Republic of Lithuania;
8.2. the name of the licensing institution;
8.3. the license number (upon change of a license the number of the previously held license
shall be entered);
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8.4. the license holder (specifying the full name, code and head office address of the Branch
of the electronic money institution of a foreign state,);
8.5. the right to issue electronic money and electronic money issuance related services
specified in Article 5 of the Republic of Lithuania Law on Electronic Money and Electronic Money
Institutions (Valstybės žinios (Official Gazette) No 97-2775, 1999; No 153-6888, 2009) the
provision of which is authorised by virtue of the license;
8.6. the legal grounds for license issuance (date and number of the resolution of the Board of
the Bank of Lithuania on granting of a license);
8.7. the forename, surname and signature of the Chairman of the Board of the Bank of
Lithuania confirmed by embossed official seal of the Bank of Lithuania.
9. The license applicant shall be issued a copy of the resolution of the Board of the Bank of
Lithuania on granting of a license, and a license of the form specified in Annex No 2 to these
Regulations shall be granted after registration of the Branch in the Register of Licenses of Branches
of Electronic Money Institutions of Foreign States and submission to the Bank of Lithuania of the
documents supporting the data indicated in subparagraph 8.4 of the Regulations.
10. Upon change of details of the Branch specified in subparagraph 8.4 of the Regulations
and upon filing by the Branch of an application for replacement of the license form and documents
supporting the change of the particulars, a new license form shall be prepared and issued to the
Branch within 15 days. The license form held by the Branch shall be returned when receiving a new
license form.
11. Having lost its license the Branch must apply with the Bank of Lithuania for issuing the
license duplicate. In that case the Branch shall file:
11.1. an application for issuing the license duplicate;
11.2. a detailed explanation of the loss of its license.
12. The license duplicate issued to the Branch shall bear the reference “Duplicate”.
IV. CHANGE OF LICENSE
13. The Branch intending to provide payment services that are not specified in the issued
license must file an application with the Bank of Lithuania requesting to change the valid license.
The application shall be accompanied by the business plan of the Branch, other documents and data
specified in Annex 1 to the Regulations that change as a result of the envisaged additional payment
services.
14. The application for changing the license shall be filed, examines and decision on the
license change shall be made in observance of provisions of legal acts regulating the granting of the
license.
V. VALIDITY OF LICENSE ISSUED TO THE BRANCH IN CASES OF
REORGANISATION OF THE ELECTRONIC MONEY INSTITUTION OF A FOREIGN
STATE
15. The Branch established in the Republic of Lithuania shall forthwith notify the Bank of
Lithuania about the reorganisation of the electronic money institutions of a foreign state or
restructuring thereof carried out in any other manner established by legal acts of the foreign state
(hereinafter reorganisation) and provide the available information and documents.
16. If after the reorganisation the electronic money institution of a foreign state that has
established a Branch ceases as a legal person, the electronic money institution of a foreign state
which is set up and takes over the latter’s duties after the reorganisation shall take over the license
granted by the Bank of Lithuania and such license shall be valid until the Bank of Lithuania passes
the decision referred to in paragraphs 17 or 19 of the Regulations, if the electronic money institution
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of a foreign state no later than within 60 days after completion of the reorganisation furnishes the
Bank of Lithuania with the documents referred to in this section.
17. If the electronic money institution of a foreign state fails to furnish the documents
refereed to in paragraph 18 hereof or the Bank of Lithuania decides to refuse a license to the
electronic money institution of a foreign state set up after the reorganisation, the license granted to
the electronic money institution of a foreign state that has ceased after the reorganisation shall be
cancelled by decision of the Bank of Lithuania.
18. The electronic money institution of a foreign state taking over the rights and
responsibilities of the reorganised electronic money institution applying for a license with the Bank
of Lithuania shall furnish:
18.1. a written confirmation of a supervisory authority to the jurisdiction whereof the
electronic money institution belongs specifying that the supervisory authority does not object that a
foreign electronic money institution will engage in the Branch of the taken over reorganised foreign
electronic money institutions of a foreign state in Lithuania, when so provided by laws and other
legal acts of the foreign state, or that such permission is not necessary;
18.2. the documents and data specified in paragraph 7, Article 18 of the Republic of
Lithuania Law on Electronic Money and Electronic Money Institutions that change during
reorganisation of the electronic money institution of a foreign state.
19. The Bank of Lithuania shall grant the license to the electronic money institution of a
foreign state taking over the rights and responsibilities of the electronic money institution of a
foreign state, provided that the grounds established for license refusal do not exist.
VI. FINAL PROVISIONS
20. The documents and data provided to the Bank of Lithuania applying for a license which
change after its granting shall be furnished to the Bank of Lithuania without undue delay, but no
later than within 15 days of their change (save as in case specified in Section V hereof).
21. The Branch license revoked by the Bank of Lithuania must be returned by the Branch to
the Bank of Lithuania within 5 business days.
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Annex 1 to
Regulations for the Licensing of
Branches
of
Electronic
Money
Institutions of Foreign States Established
in the Republic of Lithuania
LICENSE APPLICATION
I. Items 1, 7, 8 and 20 of the Application shall be filled out in capital letters with a space of one empty box between words.
II. For items of the Application answered “yes” the answer shall be expressed entering symbol “X” in the respective field.
III. For items of the Application answered “yes” or “no” symbol “X” shall be entered in the respective field. If the answer is “yes”, the respective
information and explanations shall be provided. If the answer is “no”, blank spaces shall be left empty.
IV. Filling out items 5, 9–17, and 21–32 of the Application the enclosures shall be provided.
I. PARTICULARS OF THE APPLICANT REPRESENTING THE ELECTRONIC MONEY
INSTITUTION
1. Applicant’s forename, surname (name)
|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
2. Applicant’s personal identification number (code, if any)
|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
3. Applicant’s residence (head office) address, specifying postal code
................................................................................................................................................................
................................................................................................................................................................
................................................................................................................................................................
4. Applicant’s contact details (phone, fax, email)
................................................................................................................................................................
................................................................................................................................................................
................................................................................................................................................................
5. Documents supporting rights and responsibilities of the representative (document title, issue date and venue)
................................................................................................................................................................
................................................................................................................................................................
................................................................................................................................................................
Enclosed |_| pages.
II. PARTICULARS OF THE ELECTRONIC MONEY INSTITUTION
6. Name of a foreign state
................................................................................................................................................................
................................................................................................................................................................
7. Name of the electronic money institution
|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
8. Head office of the electronic money institution, specifying postal code
|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
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9. Identification details of the electronic money institution and documents supporting its right to
issue electronic money (document title, issue date and venue)
................................................................................................................................................................
................................................................................................................................................................
................................................................................................................................................................
Enclosed |_| pages
10. Bylaws of the electronic money institution
Enclosed |_| pages
11. Detailed description of business of the electronic money institution in a foreign state
Enclosed |_| pages
12. Details about members of management and supervisory bodies of the electronic money
institution (to present documents and data about members of management and supervisory bodies of the electronic money
institution specified in subitems 15.1 and 15.2 of the Regulations on Requirements for Managers of Electronic Money and Payment
Institutions and Members of Management Bodies of the Agent and on the Notification about Managers of Electronic Money and
Payment Institutions approved by Resolution No 238 of the Board of the Bank of Lithuania of 24 December 2009 (Valstybės žinios
(Official Gazette) No 4-181, 2010).
Enclosed |_| pages
13. Details about persons in the electronic money institution with the qualifying holding of the
authorised capital and (or) voting rights (to provide the list of persons in the electronic money institution with the
qualifying holding of the authorised capital and (or) voting rights shall be submitted specifying the personal identification details (for
a natural person – forename, surname, date of birth, place of residence, for a legal person – name, head office, legal entity’s code)
and all qualifying holding of the authorised capital and (or) voting rights in the electronic money institution (number, class, and
nominal value of shares, their percentage in relation to the total authorised capital of the electronic money institution, separately
distinguishing the details about the proportion of voting rights if different from the proportion of held shares), and documents and
data about each person holding the qualifying share of the authorised capital and (or) voting rights specified in item 1 of Annex 1 to
the Notification about the Acquisition and Disposal of the Qualifying Holding of the Authorised Capital and (or) Voting Rights
approved by Resolution No 92 of the Board of the Bank of Lithuania of 21 April 2009 (Valstybės žinios (Official Gazette) No 451794, 2009).
Enclosed |_| pages
14. Details about persons in the electronic money institution closely related with the electronic
money institution (to provide the list of persons closely related with the electronic money institution and not specified in the list
to be provided under item 13 of this Application, specifying the personal identification details (for a natural person – forename,
surname, date of birth, place of residence, for a legal person – name, head office, legal entity’s code) and providing a description of
the nature of links between such persons and the electronic money institution).
Enclosed |_| pages
15. Financial statements of the electronic money institution of the last three years with the auditor’s
opinion
Enclosed |_| pages
16. Decision of the managerial body of the electronic money institution to establish a branch in the
Republic of Lithuania and to appoint the Branch managers
Enclosed |_| pages
17. Documents received from the supervisory authority of a foreign state to the jurisdiction of
which the electronic money institution belongs (to submit a written confirmation that the supervisory authority agrees
with the establishment of the branch in the Republic of Lithuania, details about the procedure of supervision of the electronic money
institution of a foreign state and foreign branches in the given state and requirements for electronic money institutions, obligation to
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carry out the supervision of the branch established in the Republic of Lithuania and to provide the supervisory authority with written
information related with the financial condition of the electronic money institutions of a foreign state applying for a license and
sanctions imposed on it during the last three years).
Enclosed |_| pages
III. PARTICULARS OF THE BRANCH
18. Envisaged name of the Branch and head office address, specifying postal code
................................................................................................................................................................
................................................................................................................................................................
................................................................................................................................................................
19. Contact details of the branch (telephone, fax, email)
................................................................................................................................................................
................................................................................................................................................................
................................................................................................................................................................
20. Branch managers (manager’s name, surname and duties)
|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|_|
21. Bylaws of the branch
Enclosed |_| pages
22. Detailed programme of activities of the branch (to submit the detailed description of the activities of the branch
of the electronic money institution in the Republic of Lithuania)
Enclosed |_| pages
23. Are you planning that the branch will offer and redeem electronic money through the natural or
legal person(s) established in the Republic of Lithuania? (to provide the notification about each natural or legal
person, who will offer and (or) redeem electronic money in the Republic of Lithuania on behalf of the branch of the electronic money
institution, as specified in Annex No 2 to the Regulations for Exercising the Right to Offer and Redeem Electronic Money and to
Provide Payment Services in the Republic of Lithuania and Other Member States approved by Resolution No 245 of the Board of the
Bank of Lithuania of 30 December 2009 (Valstybės žinios (Official Gazette) No 4-182, 2010)
Enclosed |_| pages
24. Are you planning that the branch will provide payment services related with the issuance of
electronic money through the agent(s)? (If the answer is “yes”, to submit the notification about each agent, who will
provide payment services on behalf of the electronic money institution, as specified in Annex No 2 to the Regulations for Keeping
the Public List of Electronic Money Institutions approved by Resolution No 246 of the Board of the Bank of Lithuania of 30
December 2009 m (Valstybės žinios (Official Gazette) No 4-183, 2010)
yes |_|
Enclosed |_| pages
25. Business plan of the branch, including the draft budget of the first three years (the composition of the
business plan and the scope of provided information shall correspond to the scope and complexity of activities of the branch of the
electronic money institution)
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Enclosed |_| pages
IV. REQUIREMENTS FOR THE BRANCH OF THE ELECTRONIC MONEY
INSTITUTION
26. Particulars of the branch managers (to provide documents and data specified in items 14 and 15 of the Regulations
on Requirements for Managers of Electronic Money and Payment Institutions and Members of Management Bodies of the Agent and
on the Notification about Managers of Electronic Money and Payment Institutions approved by Resolution No 238 of the Board of
the Bank of Lithuania of 24 December 2009 (Valstybės žinios (Official Gazette) No 4-181, 2010) about the branch managers (a
separate notification in observance of the Regulations on Requirements for Managers of Electronic Money and Payment Institutions
and Members of Management Bodies of the Agent and on the Notification about Managers of Electronic Money and Payment
Institutions approved by Resolution No 238 of the Board of the Bank of Lithuania of 24 December 2009 shall not be required).
Enclosed |_| pages
27. Description of the organisational chart of the branch
Enclosed |_| pages
28. Description of precautions to be taken to protect the funds of holders of electronic money
Enclosed |_| pages
29. Description of the procedure of corporate governance and internal control system of the branch
to be applied, including administrative, risk management and accounting systems
Enclosed |_| pages
30. Detailed description of the system of internal control the branch intends to use for the purpose
of ensuring the compliance with requirements established by the Republic of Lithuania Law on the
Prevention of Money Laundering and Terrorist Financing and in the Regulation (EC) No 1781/2006
of the European Parliament and of the Council on information on the payer accompanying transfer
of funds
Enclosed |_| pages
31. Are you planning to transfer the business functions of the branch to other persons? (if the answer is
“yes”, to provide a description of the planned transfer of the business functions to other persons)
yes |_|
Enclosed |_| pages
32. Detailed description of intention of the branch to participate in payment systems
(to provide
information in observance of provisions of Article 2(22) of the Law on Payments)
Enclosed |_| pages
Date of completion |_|_|_|_|_|_|_|_|
________________________________________________________________________________
(Duties signature and full name of a person applying on behalf of the electronic money institution. When the Application is signed
not by the manager of the electronic money institution the document supporting the right to represent the electronic money institution
shall be provided.)
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Annex 2 to
Regulations for the Licensing of
Branches of Electronic Money
Institutions of Foreign States
Established in the Republic of
Lithuania
(License form of the branch of the electronic money institution)
BANK OF LITHUANIA
BRANCH OF THE ELECTRONIC MONEY INSTITUTION OF A FOREIGN STATE
LICENSE
No
Licensee
Code
Head Office
In addition to the issuance of electronic money the License entitles to provide the following
electronic money issuance related payment services specified in Article 5 of the Republic of
Lithuania Law on Payments:
License issued by Resolution No
of the Board of the Bank of Lithuania of
(data)
Chairman of the Board