Resolution Amending the Regulations on Inspections for Financial Market Supervision

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BOARD OF LIETUVOS BANKAS
RESOLUTION
AMENDING RESOLUTION NO 03-188 OF THE BOARD OF THE BANK OF LITHUANIA OF 25 OCTOBER 2021 ON THE APPROVAL OF THE REGULATIONS ON INSPECTIONS
CARRIED OUT FOR THE PURPOSES OF FINANCIAL MARKET SUPERVISION OF THE BANK OF LITHUANIA
16 December 2025 No 2025/03-168
Vilnius

The Board of Lietuvos bankas has r e s o l v e d:
To amend the Regulations on Inspections Carried Out for the Purposes of Financial Market Supervision of the Bank of Lithuania approved by Resolution No 03-188 of the Board of the Bank of Lithuania of 25 October 2021 on the approval of the regulations on inspections carried out for the purposes of financial market supervision of the Bank of Lithuania:
1. To amend subparagraph 5.1.2 to read as follows:
‘5.1.2. non-routine: carried out on grounds other than those referred to in subparagraph 5.1.1 of the Regulations. A non-routine inspection shall be carried out in the event of the discovery of circumstances relating to possible infringements of legal acts regulating the financial market and/or in case of suspicions that the entity informed in advance of the inspection may conceal illegal activities or violations, or destroy documents, data, or other evidence necessary for the inspection, or on other grounds laid down in paragraph 7 of the Regulations, with the exception of subparagraph 7.2;’.
2. To amend subparagraph 12.1 to read as follows:
‘12.1. name, registered address or place of business of the entity to be inspected (if known);’.
3. To amend subparagraph 12.4 to read as follows:
‘12.4. estimated timeframe of the inspection.’
4. To amend paragraph 14 to read as follows:
‘14. The inspection plan and amendments thereto shall be published on the website of the Bank of Lithuania no later than within 3 business days of the adoption thereof.’
5. To amend the title of Chapter V to read as follows:
‘ORGANISATION OF INSPECTION’.
6. To amend paragraph 16 to read as follows:
‘16. An inspection shall be carried out by a staff member of the Bank of Lithuania or by an inspection team composed of staff members of the Bank of Lithuania and, where applicable, specialists referred to in paragraph 17 of the Regulations. An on-site inspection shall always be carried out by at least two inspectors. The composition and leadership of the inspection team shall be approved by the director of the structural unit of the Bank of Lithuania – the Prudential Supervision Department, Financial Market Supervision Department, or Legal and Licensing Department, depending on which department’s staff member is appointed as the leader of the inspection team – by the document referred to in paragraph 18 of the Regulations.’
7. To amend paragraph 18 to read as follows:
‘18. An inspection shall be initiated by an ordinance of the director of the structural unit of the Bank of Lithuania – the Prudential Supervision Department, Financial Market Supervision Department, or Legal and Licensing Department – on the inspection of an entity (hereinafter – an Inspection Document), which shall specify the name of the entity to be inspected (if known), the composition of the inspection team (names and positions of the leader and other members of the inspection team), the type of inspection, and, in the case of a targeted inspection, the purpose, the period to be inspected (if specified), the timeframe of the inspection, and, in the case of an on-site inspection of the entity’s activities, the start and end dates of the on-site inspection.’
8. To supplement with paragraph 321:
‘321. The inspected entity must provide correct, accurate, and complete information and data. The information and data requested during the inspection shall be provided within the time limits, in the format, and in the manner specified by the Bank of Lithuania, and where the entity is unable to do so for justified objective reasons, within other time limits, in other formats, and in another manner agreed in advance with the Bank of Lithuania.’
9. To supplement with paragraph 351:
‘351. The information and data provided by the inspected entity must be prepared in Lithuanian or English. Information and data prepared in other languages must be translated into Lithuanian or English. Translations of information and data from English into Lithuanian must be provided at the request of the Bank of Lithuania. If the Bank of Lithuania has doubts about the accuracy of the translation of documents into Lithuanian or English, the translations must be certified by the translator’s signature.’
10. To amend paragraph 40 to read as follows:
‘40. A staff member of the Bank of Lithuania preparing the draft inspection report or the leader of the inspection team may decide to verify the factual circumstances established during the inspection due to the large volume of data or information collected and processed during the inspection, their complexity, and/or in case of doubts about the accuracy of those data or information. The factual circumstances shall be verified in order to confirm or refute specific facts, check the accuracy of information or data, or verify the compliance of quantitative indicators, limiting the review to factual information. The accuracy of the factual circumstances can be verified in the following ways: by contacting the inspected entity to request the clarification of data and information, during a meeting between the inspection team and the inspected entity, or by making available a draft inspection report (or part thereof) to the inspected entity for information. The inspected entity shall be entitled to request meetings between the inspection team and the inspected entity to verify the factual circumstances.’
11. To amend paragraph 41 to read as follows:
‘41. Where a draft inspection report (or a substantial part thereof) is submitted to the inspected entity for verification of the factual circumstances, it shall be sent by electronic means, indicating the right of the inspected entity to provide comments on the accuracy of the factual circumstances set out in the draft inspection report (or part thereof) to the staff member of the Bank of Lithuania or inspection team no later than within 10 business days after the date of receipt of the draft inspection report (or part thereof).’
12. To amend paragraph 42 to read as follows:
‘42. If the comments provided by the inspected entity on the draft inspection report (or part thereof) need to be discussed and/or other issues that arose during the assessment of the material collected during the inspection need to be clarified, a meeting of the staff member of the Bank of Lithuania or the inspection team, other invited staff members of the Bank of Lithuania, and representatives of the inspected entity may be convened on the initiative of the staff member of the Bank of Lithuania drafting the inspection report, the inspection team, or the inspected entity.’
13. To amend paragraph 43 to read as follows:
‘43. Where the draft inspection report (or part thereof) was made available to the inspected entity for information, the inspection report shall be drawn up after considering the comments of the inspected entity on the accuracy of the factual circumstances recorded in the draft inspection report. Comments provided by the inspected entity relating to the legal qualification of the factual circumstances or the interpretation of legislation shall not be assessed before the inspection report is signed.’
14. To amend paragraph 46 to read as follows:
‘46. The inspected entity shall be entitled to provide written explanations on the findings of the inspection report and supporting evidence to the Bank of Lithuania no later than within 10 business days after the date of receipt of the inspection report. Explanations and supporting evidence shall be submitted in Lithuanian. At the reasoned request of the entity, where the inspection report is lengthy or complex, the Bank of Lithuania may extend the specified time limit by no more than 10 business days. Failure to provide explanations within the time limit laid down in this paragraph of the Regulations shall not prevent the Bank of Lithuania from discussing the inspection results.’
15. To amend paragraph 47 to read as follows:
‘47. The inspection results together with written explanations of the inspected entity, if any, shall be discussed at a meeting of the Board of the Bank of Lithuania or a meeting of the Financial Market Supervision Committee (hereinafter – the Meeting), where the Board of the Bank of Lithuania has delegated its function of imposing sanctions on certain entities, issuing binding instructions and other mandatory measures to the Financial Market Supervision Committee. If no violations or shortcomings in the activities of the inspected entity are found that would require binding instructions or mandatory measures to be issued in accordance with the law, the results of inspection shall be discussed at a meeting of the Financial Market Supervision Committee, except for the results of inspections of banks, central credit unions, insurance undertakings, foreign banks, and branches of insurance undertakings established in the Republic of Lithuania, which shall be discussed at a meeting of the Board of the Bank of Lithuania.’

Deputy Chair of the Board,	Julita Varanauskienė
deputising for the Chair of the Board

APPROVED by Resolution No 03-188 of the Board of the Bank of Lithuania of 25 October 2021

AMMENDED by Resolution No 2025/03-168 of the Board of the Bank of Lithuania of 16 December 2025

REGULATIONS ON INSPECTIONS CARRIED OUT FOR THE PURPOSES OF FINANCIAL MARKET SUPERVISION OF THE BANK OF LITHUANIA

CHAPTER I
GENERAL PROVISIONS

1. The Regulations on inspections carried out for the purposes of financial market supervision of the Bank of Lithuania (hereinafter – the Regulations) shall lay down the requirements for the procedure for carrying out inspections of financial market participants and other persons supervised by the Bank of Lithuania which may be subject to inspection in order to assess the compliance of their activities with the requirements laid down in the legal acts regulating the financial market as well as in the event of suspected breaches of the requirements laid down in the legal acts regulating the financial market or in other cases provided for in the laws regulating the financial market (hereinafter collectively – the entities) referred to in Article 42(1) of the Republic of Lithuania Law on the Bank of Lithuania, the procedure for documentation and assessment of inspections, types of inspections and any other actions relating to the performance of inspections.
   2. An inspection shall be understood in the Regulations as the totality of actions carried out by the staff members of the Bank of Lithuania in order to achieve the objectives laid down in paragraph 6 of the Regulations.
   3. Documentary supervision performed by the staff members of the Bank of Lithuania involving the analysis of information available to (received by) the Bank of Lithuania and monitoring of the entity’s activities shall not be considered an inspection.
   4. The Regulations shall not apply to specific supervisory actions and processes regulated by other legal acts regulating the financial market or by documents of the Bank of Lithuania and carried out by the Bank of Lithuania.

CHAPTER II
TYPES OF INSPECTIONS

5. Inspections can be:
   5.1. By planning level:
   5.1.1. routine: carried out in accordance with the annual inspection plan approved by the Financial Market Supervision Committee;
   5.1.2. non-routine: carried out on grounds other than those referred to in subparagraph 5.1.1 of the Regulations. A non-routine inspection shall be carried out in the event of the discovery of circumstances relating to possible infringements of legal acts regulating the financial market and/or in case of suspicions that the entity informed in advance of the inspection may conceal illegal activities or violations, or destroy documents, data, or other evidence necessary for the inspection, or on other grounds laid down in paragraph 7 of the Regulations, with the exception of subparagraph 7.2;
   5.2. By scope:
   5.2.1. general: a general inspection of an entity involves an in-depth inspection of the entity’s activities, governance, financial situation, internal controls, risk management systems, etc., taking into account the requirements laid down in the legal acts as well as the nature and scope of the entity’s activities;
   5.2.2. targeted: a targeted inspection of an entity involves an inspection of individual risks, specific areas of the entity’s activities or other individual issues;
   5.2.3. assessment visit: collecting, analysing, systemising and assessing information on the activities of financial market participants supervised by the Bank of Lithuania, getting to understand the processes involved, providing recommendations, advice and methodological assistance to the supervised financial market participant during on-site and/or off-site inspections;
   5.3. By nature:
   5.3.1. on-site inspection: inspection activities carried out at the premises of the entity;
   5.3.2. off-site inspection: inspection activities carried out without visiting the premises of the entity.

CHAPTER III
OBJECTIVES AND GROUNDS FOR INSPECTIONS

6. The Bank of Lithuania shall organise and carry out inspections in order to determine compliance with the requirements laid down in the legal acts regulating the financial market. The Bank of Lithuania shall also be entitled to carry out inspections in the event of discovery of circumstances related to potential infringements of the legal acts regulating the financial market as well as in order to collect information on the activities of the entity or in other cases laid down in the legal acts regulating the financial market.
   7. An inspection may be carried out on at least one of the following grounds:
   7.1. On the initiative of the Bank of Lithuania in the event of discovery of circumstances related to a significant deterioration of the financial situation of the entity and/or potential infringements of the legal acts regulating the financial market;
   7.2. An approved inspection plan;
   7.3. Substantiated information (application, statement, complaint, etc.) received from the customers of the financial market participant supervised by the Bank of Lithuania, state (municipal) authorities or other entities;
   7.4. A request of the supervisory authority of a foreign country to carry out an inspection of an entity;
   7.5. On the initiative of the Bank of Lithuania in order to determine whether the infringements of legal acts and/or shortcomings in the entity’s activities identified during the previous inspection have been eliminated and whether the decisions adopted have been implemented;
   7.6. In other cases when necessary for the effective performance of the financial market supervision function.
   8. The Bank of Lithuania shall not initiate an inspection on the basis of a complaint or report received regarding a potential infringement of legal acts regulating the financial market if there are the grounds laid down in Article 421(3) of the Republic of Lithuania Law on the Bank of Lithuania. In all cases, the information on the basis of which the inspection was not initiated may be used by the Bank of Lithuania for the preparation of action plans for future periods.

CHAPTER IV
INSPECTION PLAN

9. The inspection plan shall be approved by 1 February of the current year.
   10. The inspection plan shall be based on:
   10.1. the principle of efficient use of resources;
   10.2. the principle of optimal workload allocation;
   10.3. the principle of risk-based supervision.
   11. Entities shall be screened for routine inspections on the basis of an assessment of information available to (received by) the Bank of Lithuania, with the supervisory actions focused on the elimination of cases of highest risks by linking the risks with the likelihood of damage and the size and scope of this damage.
   12. The inspection plan shall include:
   12.1. name, registered address or place of business of the entity to be inspected (if known);
   12.2. type of inspection;
   12.3. areas to be inspected;
   12.4. estimated timeframe of the inspection.
   13. The inspection plan may be amended (revised) by a reasoned decision of the Financial Market Supervision Committee.
   14. The inspection plan and amendments thereto shall be published on the website of the Bank of Lithuania no later than within 3 business days of the adoption thereof.

CHAPTER V
ORGANISATION OF INSPECTION

15. The inspection shall follow the Republic of Lithuania Law on the Bank of Lithuania, relevant legal acts regulating the financial market and the Regulations and shall take into account the agreements concluded by the Bank of Lithuania with other authorities of the Republic of Lithuania or a foreign country.
    16. An inspection shall be carried out by a staff member of the Bank of Lithuania or by an inspection team composed of staff members of the Bank of Lithuania and, where applicable, specialists referred to in paragraph 17 of the Regulations. An on-site inspection shall always be carried out by at least two inspectors. The composition and leadership of the inspection team shall be approved by the director of the structural unit of the Bank of Lithuania – the Prudential Supervision Department, Financial Market Supervision Department, or Legal and Licensing Department, depending on which department’s staff member is appointed as the leader of the inspection team – by the document referred to in paragraph 18 of the Regulations..
    17. Independent specialists with appropriate qualifications and special knowledge may be used to carry out an inspection. In this case, these persons shall be included in the inspection team. A joint inspection of the Bank of Lithuania and other authorities of the Republic of Lithuania may also be carried out. In the cases provided for and according to the procedure laid down in the legal acts and/or agreement concluded by the Bank of Lithuania with the supervisory authority of a foreign country on supervisory cooperation, an inspection of financial market participants controlled by a financial market participant established in a foreign country or branches of a foreign entity may be carried out jointly with the supervisory authority of the relevant foreign country.
    18. An inspection shall be initiated by an ordinance of the director of the structural unit of the Bank of Lithuania – the Prudential Supervision Department, Financial Market Supervision Department, or Legal and Licensing Department – on the inspection of an entity (hereinafter – an Inspection Document), which shall specify the name of the entity to be inspected (if known), the composition of the inspection team (names and positions of the leader and other members of the inspection team), the type of inspection, and, in the case of a targeted inspection, the purpose, the period to be inspected (if specified), the timeframe of the inspection, and, in the case of an on-site inspection of the entity’s activities, the start and end dates of the on-site inspection.
    19. Where inspections of infringements of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (hereinafter – the Market Abuse Regulation) are conducted, the timeframe for an on-site inspection of the entity’s activities shall not be recorded in the Inspection Document and instead the deadline of the inspection shall be specified. The timeframe of the on-site inspection of the entity’s activities may also be omitted in other cases where there is reason to believe that this would prejudice the conduct of the inspection.
    20. Only members of the inspection team specified in the Inspection Document shall be entitled to conduct an on-site inspection of the entity’s activities (i.e. to freely enter the entity’s premises during business hours, inspect, temporarily seize the entity’s documents or copy them according to the procedure laid down by laws, obtain explanations from the entity’s managers and employees and carry out any other actions provided for in the legal acts).
    21. The entity to be inspected shall be notified of the upcoming inspection in writing by registered mail or electronically or by hand delivery at least 10 business days prior to the start of the routine inspection: it shall be provided with a copy of the Inspection Document, list of information and documents that the entity is required to provide to the inspection team and an indication of the areas of activity to be inspected during the inspection. Subsequent amendments to the Inspection Document shall be communicated to the entity without delay in writing by registered mail or electronically or by hand delivery.
    22. The foreign financial market participant that has established its branch shall be notified in writing by registered mail or electronically of the upcoming routine inspection of the branch of the foreign entity at least 10 business days before the start of the inspection; moreover, the supervisory authority of the foreign country and the college of supervisors (if established) shall be informed of the inspection of the entity controlled by the financial market participant established in the foreign country or the branch of the foreign entity if and in the manner provided for in the legal acts regulating the activities of the relevant entity and/or agreement concluded by the Bank of Lithuania with the supervisory authority of the foreign country on supervisory cooperation.
    23. In the case of a non-routine inspection, the entity to be inspected (if known) shall be notified of the inspection (also submitting the Inspection Document) in writing by registered mail or electronically or by hand delivery no later than the time when, following the initiation of the inspection, it is for the first time contacted for explanations and other information necessary for the inspection or performing other actions laid down in Article 421(5) of the Republic of Lithuania Law on the Bank of Lithuania.
    24. In urgent cases, where it is necessary to respond promptly and/or in order to prevent the entity from carrying out actions which would prevent the determination of the entity’s true situation or circumstances during the upcoming inspection, for example, if it would conceal certain facts or data or otherwise prejudice the conduct of the inspection, the inspection of the entity may be carried out disregarding the requirements laid down in paragraphs 21, 22, and 23 of the Regulations.
    25. Where an inspection is conducted on the grounds referred to in subparagraph 7.3 of the Regulations, the complainant shall not be notified of the decision to conduct the inspection if the inspection is conducted in connection with an infringement of the Market Abuse Regulation or there is reason to believe that it would prejudice the conduct of the inspection.
    26. Information on the inspection may not be provided to persons unrelated to the inspection until the inspection is completed, except for the cases laid down by laws where such information must be provided.

CHAPTER VI
TIMEFRAME, SUSPENSION AND TERMINATION OF INSPECTIONS

27. An inspection may not last more than 90 calendar days before the inspection results are documented in the manner laid down in paragraph 37 of the Regulations. This time limit may be extended by a reasoned Inspection Document one or more times due to the complexity of the inspection, delayed provision of requested data by the inspected entity or other objective reasons. In all cases, the total duration of the inspection may not exceed 180 calendar days. The time limit referred to in this paragraph shall not apply to inspections of infringements of the Market Abuse Regulation and in other cases provided for by laws.
    28. An on-site inspection of an entity may not last longer than 35 calendar days. This time limit may be extended by a reasoned Inspection Document one or more times due to the complexity of the on-site inspection, delayed provision of data requested by the inspection team or other objective reasons. In all cases, the total duration of an on-site inspection of an entity may not exceed 65 calendar days.
    29. By a decision of the Financial Market Supervision Committee, the Bank of Lithuania may decide to terminate the inspection before the discussion of the inspection results under paragraph 47 of the Regulations if the grounds referred to in Article 421(3) of the Republic of Lithuania Law on the Bank of Lithuania or paragraph 31 of the Regulations are discovered.
    30. The Bank of Lithuania may decide to reopen the inspection or conduct an additional inspection of the same circumstances after the inspection report is drawn up if it is necessary to collect additional evidence or investigate other material circumstances. In such a case, the time limits referred to in paragraphs 27 and 28 of the Regulations shall apply.
    31. If an inspection establishes that the activity in question has signs of a criminal offence, the material collected during the inspection shall be forwarded to the pre-trial investigation authority or the prosecutor according to the procedure referred to in Article 433(17) of the Republic of Lithuania Law on the Bank of Lithuania. An inspection conducted by the Bank of Lithuania shall be suspended, resumed or terminated mutatis mutandis in accordance with the procedure referred to in Article 433(17) of the Republic of Lithuania Law on the Bank of Lithuania.

CHAPTER VII
ENSURING OF INSPECTION CONDITIONS AND THE RIGHTS OF THE BANK OF LITHUANIA

32. Entities, their managers and employees must ensure the appropriate conditions for conducting an inspection laid down in the Republic of Lithuania Law on the Bank of Lithuania and legal acts regulating the activities of financial market participants and the Regulations.
    321. The inspected entity must provide correct, accurate, and complete information and data. The information and data requested during the inspection shall be provided within the time limits, in the format, and in the manner specified by the Bank of Lithuania, and where the entity is unable to do so for justified objective reasons, within other time limits, in other formats, and in another manner agreed in advance with the Bank of Lithuania.
    33. Inspected entities, their managers and employees must take all necessary measures, as required by the legal acts regulating the activities of the entity, to ensure that information on the inspection carried out in respect of their customers or other persons is not made public, communicated or otherwise made available to anyone, except for the cases laid down by laws.
    34. The staff members of the Bank of Lithuania and other members of the inspection team conducting the inspection shall have the rights provided for in the Republic of Lithuania Law on the Bank of Lithuania and other legal acts.
    35. When oral statements of natural persons are taken or other actions laid down in Article 421(5)(2)-(7) of the Republic of Lithuania Law on the Bank of Lithuania are performed during an inspection, the fact of performance of these actions shall be recorded. During the performance of such actions, photographs may also be taken, audio or audio-visual recordings may be made and shall be attached to the inspection material. Before performance of inspection actions involving the making of an audio or audio-visual recording, the persons concerned shall be informed that such recordings will be made. Personal data shall be processed in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC, the Republic of Lithuania Law on Legal Protection of Personal Data and other legal acts regulating the processing of personal data.
    351. The information and data provided by the inspected entity must be prepared in Lithuanian or English. Information and data prepared in other languages must be translated into Lithuanian or English. Translations of information and data from English into Lithuanian must be provided at the request of the Bank of Lithuania. If the Bank of Lithuania has doubts about the accuracy of the translation of documents into Lithuanian or English, the translations must be certified by the translator’s signature.
    36. Lawful requests of staff members of the Bank of Lithuania or other members of the inspection team shall be mandatory. Failure to comply with these requirements shall be subject to sanctions laid down in the laws regulating the financial market.

CHAPTER VIII
DOCUMENTATION OF THE INSPECTION RESULTS AND THEIR COMMUNICATION TO THE INSPECTED ENTITY

37. The inspection results shall be documented in the inspection report which shall be drawn up following the collection and analysis of information and data and examination of material circumstances.
    38. The inspection report shall record the circumstances and factual data established during the inspection. The inspection report must include the following information:
    38.1. name of the inspected entity;
    38.2. composition of the inspection team;
    38.3. date on which the inspection report was drawn up;
    38.4. date of the on-site inspection of the entity (if applicable);
    38.5. type of inspection;
    38.6. inspected period of activities of the entity (if applicable);
    38.7. inspection date (the date on which the situation of the entity’s activities was inspected, if applicable);
    38.8. areas of activities inspected;
    38.9. findings and supporting reasoning;
    38.10. other information deemed relevant by the inspection team.
    39. The inspection report shall be written in a precise and comprehensible manner and shall contain reasoned statements.
    40. A staff member of the Bank of Lithuania preparing the draft inspection report or the leader of the inspection team may decide to verify the factual circumstances established during the inspection due to the large volume of data or information collected and processed during the inspection, their complexity, and/or in case of doubts about the accuracy of those data or information. The factual circumstances shall be verified in order to confirm or refute specific facts, check the accuracy of information or data, or verify the compliance of quantitative indicators, limiting the review to factual information. The accuracy of the factual circumstances can be verified in the following ways: by contacting the inspected entity to request the clarification of data and information, during a meeting between the inspection team and the inspected entity, or by making available a draft inspection report (or part thereof) to the inspected entity for information. The inspected entity shall be entitled to request meetings between the inspection team and the inspected entity to verify the factual circumstances.
    41. Where a draft inspection report (or a substantial part thereof) is submitted to the inspected entity for verification of the factual circumstances, it shall be sent by electronic means, indicating the right of the inspected entity to provide comments on the accuracy of the factual circumstances set out in the draft inspection report (or part thereof) to the staff member of the Bank of Lithuania or inspection team no later than within 10 business days after the date of receipt of the draft inspection report (or part thereof).
    42. If the comments provided by the inspected entity on the draft inspection report (or part thereof) need to be discussed and/or other issues that arose during the assessment of the material collected during the inspection need to be clarified, a meeting of the staff member of the Bank of Lithuania or the inspection team, other invited staff members of the Bank of Lithuania, and representatives of the inspected entity may be convened on the initiative of the staff member of the Bank of Lithuania drafting the inspection report, the inspection team, or the inspected entity.
    43. Where the draft inspection report (or part thereof) was made available to the inspected entity for information, the inspection report shall be drawn up after considering the comments of the inspected entity on the accuracy of the factual circumstances recorded in the draft inspection report. Comments provided by the inspected entity relating to the legal qualification of the factual circumstances or the interpretation of legislation shall not be assessed before the inspection report is signed.
    44. The inspection report shall be signed by the staff member of the Bank of Lithuania who drew up the inspection report or by all members of the inspection team, except where they are unable to do so for objective reasons (e.g. business trip, illness of a member of the inspection team, etc.).
    45. The inspection report shall be provided to the inspected entity for information by hand delivery or sent by registered mail or electronically. If the report does not concern the inspected entity in its entirety, only the part concerning the entity shall be provided. The inspection report may not be made available to the inspected entity where no infringements or shortcomings were found, in which case the entity shall be notified according to the procedure laid down in paragraph 49 of the Regulations.
    46. The inspected entity shall be entitled to provide written explanations on the findings of the inspection report and supporting evidence to the Bank of Lithuania no later than within 10 business days after the date of receipt of the inspection report. Explanations and supporting evidence shall be submitted in Lithuanian. At the reasoned request of the entity, where the inspection report is lengthy or complex, the Bank of Lithuania may extend the specified time limit by no more than 10 business days. Failure to provide explanations within the time limit laid down in this paragraph of the Regulations shall not prevent the Bank of Lithuania from discussing the inspection results.

CHAPTER IX
DISCUSSION OF THE INSPECTION RESULTS, COMMUNICATION TO THE ENTITY AND PUBLICATION OF INFORMATION ON THE DECISIONS TAKEN

47. The inspection results together with written explanations of the inspected entity, if any, shall be discussed at a meeting of the Board of the Bank of Lithuania or a meeting of the Financial Market Supervision Committee (hereinafter – the Meeting), where the Board of the Bank of Lithuania has delegated its function of imposing sanctions on certain entities, issuing binding instructions and other mandatory measures to the Financial Market Supervision Committee. If no violations or shortcomings in the activities of the inspected entity are found that would require binding instructions or mandatory measures to be issued in accordance with the law, the results of inspection shall be discussed at a meeting of the Financial Market Supervision Committee, except for the results of inspections of banks, central credit unions, insurance undertakings, foreign banks, and branches of insurance undertakings established in the Republic of Lithuania, which shall be discussed at a meeting of the Board of the Bank of Lithuania.
    48. If the inspection found any infringements or shortcomings of the activities of the inspected entity that may be subject to binding instructions or sanctions laid down by laws, the inspection results shall be discussed according to the procedure laid down in Article 432 and/or Article 433 of the Republic of Lithuania Law on the Bank of Lithuania.
    49. If the inspection found no infringements or shortcomings of the activities of the inspected entity that may be subject to binding instructions or sanctions laid down by laws, the inspected entity may not be notified of the Meeting at which the inspection results will be discussed and shall not be invited to attend. However, the inspected entity shall be notified that the inspection results were discussed at the Meeting and, if necessary, shall be given recommendations for improving its activities according to the procedure laid down in Article 42(4)(5) of the Republic of Lithuania Law on the Bank of Lithuania (hereinafter – the Recommendations).
    50. In urgent cases, where it is necessary to respond promptly in order to protect the assets of the inspected entity or its customers or defend the public interest, the Board of the Bank of Lithuania or the Financial Market Supervision Committee shall be entitled to discuss the inspection results and decide on the issue of imposing binding instructions and/or sanctions on the inspected entity disregarding the requirements of Chapter VIII of the Regulations.
    51. Where the inspection results are discussed according to paragraph 48 of the Regulations, the person shall be notified of the discussion of the inspection results and decisions taken according to the procedure laid down in Article 432 and/or Article 433 of the Republic of Lithuania Law on the Bank of Lithuania.
    52. Recommendations for improving the inspected entity’s activities, if any, shall be set out in the cover letter accompanying the resolution or decision sent to the entity. The entity which is the addressee of the recommendations shall submit to the Bank of Lithuania, within 20 business days of the date of receipt, information on the actions and measures that the entity plans to take in order to implement the recommendations or a reasoned opinion if, in the entity’s view, it is not relevant to implement the recommendations.
    53. The foreign financial market participant that has established its branch shall be notified in writing by registered mail or electronically of the results of inspection of the branch of the foreign entity no later than within 10 business days following the Meeting at which the inspection results were discussed; moreover, the supervisory authority of the foreign country and the college of supervisors (if established) shall be informed of the results of inspection of the entity controlled by the financial market participant established in the foreign country or the branch of the foreign entity if and in the manner provided for in the legal acts regulating the activities of the relevant entity and/or agreement concluded by the Bank of Lithuania with the supervisory authority of the foreign country on supervisory cooperation.
    54. Where an inspection was initiated on the grounds referred to in subparagraph 7.3 of the Regulations (except for anonymous applications, reports, complaints), the person who submitted the information shall be notified in writing by registered mail or electronically of the outcome of the inspection within three business days of the adoption of the resolution or decision if the decision adopted on the outcome of the inspection has a direct impact on the rights and obligations of that person.
    55. Information on the results of the inspection of the entity and/or information on the sanctions imposed on the entity shall be made public within the time limits and according to the procedure laid down in the Republic of Lithuania Law on the Bank of Lithuania and the Description of the procedure for public disclosure of information about the financial market and its participants by the Bank of Lithuania approved by Resolution No 03-43 of the Board of the Bank of Lithuania of 14 April 2016 on the description of the procedure for public disclosure of information about the financial market and its participants by the Bank of Lithuania.

CHAPTER X
SPECIFIC FEATURES OF ASSESSMENT VISITS

56. Chapter V (except for paragraphs 15, 16, 18, 20), Chapter VI, Chapter VII (except for paragraphs 32, 34, 36), Chapter VIII (except for paragraphs 38, 39, 44) and Chapter IX of the Regulations shall not apply to the conduct of assessment visits.
    57. The entity shall be notified of the visit in writing by registered mail or electronically or hand delivery at least 20 business days prior to the start of the visit: it shall be provided with a copy of the Inspection Document, list of information and documents that the entity is required to provide to the visiting officials at the start of the visit and an indication of the areas of activity to be covered by the visit. If the visit is non-routine, the date of the visit may be agreed with the entity.
    58. A visit may last up to five business days.
    59. The visit report shall be drawn up and submitted to the entity no later than within 20 business days after the end of the visit. The visit report shall contain the information laid down in paragraph 38 of the Regulations. Recommendations for improving the entity’s activities, if any, shall be set out in the covering letter sent with the visit report.
    60. The entity which is the addressee of the recommendations shall submit to the Bank of Lithuania, within 20 business days of the date of receipt, information on the actions and measures that the entity plans to take in order to implement the recommendations or a reasoned opinion if, in the entity’s view, it is not relevant to implement the recommendations.

SECTION XI
FINAL PROVISIONS

61. The provisions of Articles 19 and 43 of the Republic of Lithuania Law of the Bank of Lithuania shall apply to the protection of data of the inspection report.
    62. The entity whose activities were inspected, its managers, auditors, employees and legal representatives of such entity or a group to which such entity belongs shall be entitled to have access to the inspection report.
    63. Unless specified otherwise in the inspection report, it may be communicated to persons other than those specified in paragraph 62 of the Regulations by a decision of the inspected entity and according to the requirements of the legal acts regulating [the protection of] personal data, data constituting banking secrecy or other information protected by laws.
    64. If the entities whose activities were inspected communicate the inspection report (or any part thereof) to persons not specified in paragraph 62 of the Regulations, they must notify the Bank of Lithuania thereof in writing without delay.

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