Regulatory Alerts2018-07-10
Added · Updated
Resolution Approving the Description of Fine Calculation
The Board of the Bank of Lithuania approved the Description of Fine Calculation, establishing a three-step method for determining fines under Articles 43 and 47 of the Law on the Bank of Lithuania. Step one sets a base rate based on infringement severity and duration, ranging from 1% for minor infractions to 50% for very serious ones. Step two allows for adjustments of up to 50% based on mitigating or aggravating circumstances, such as voluntary cooperation or repeated offenses. Step three permits final reductions or increases to ensure proportionality, dissuasive effect, and consideration of the infringer's financial capacity or illegal gains.
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