Regulatory Alerts2021-10-25
Added · Updated
Resolution on the Approval of the Regulations on Inspections Carried Out for the Purposes of Financial Market Supervision of the Bank of Lithuania
The Board of the Bank of Lithuania approved new Regulations on inspections for financial market supervision and repealed three prior resolutions regarding inspection and assessment visit procedures. The new rules define inspection types, including routine, non-routine, general, targeted, and assessment visits, and establish grounds for initiating inspections based on risk assessments, complaints, or foreign requests. Routine inspections require at least 10 business days' written notice to entities, whereas non-routine inspections may proceed without prior notice if urgent or if prior notification would prejudice the investigation. The regulations set maximum time limits for inspections, capping total duration at 180 calendar days and on-site inspections at 65 calendar days, with specific provisions for the Market Abuse Regulation exempting timeframes from standard limits.
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