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 433 and 477 of the Law on the Bank of Lithuania. Step one sets a base rate based on infringement severity, ranging from 1% for minor to 50% for very serious violations, calculated against the infringer's total annual turnover. Step two adjusts this base rate by up to 50% based on identified mitigating or aggravating circumstances, such as voluntary cooperation or repeated offenses. Step three allows for final adjustments to ensure proportionality and dissuasive effect, particularly regarding the infringer's financial capacity or illegal gains.
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