Rules for Handling the Public List of Consumer Credit Providers, Peer-to-Peer Lending Platform Operators, and Consumer Credit Intermediaries

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BOARD OF THE BANK OF LITHUANIA
RESOLUTION

ON THE APPROVAL OF THE RULES FOR HANDLING THE PUBLIC LIST OF CONSUMER CREDIT PROVIDERS AND THE PUBLIC LIST OF PEER-TO-PEER LENDING PLATFORM OPERATORS, AND OF THE RULES FOR HANDLING THE PUBLIC LISTS OF CONSUMER CREDIT INTERMEDIARIES

28 January 2016 No 03-17
Vilnius

28 April 2017 Resolution No 03-68
20 November 2018 Resolution No 03-222

Acting in accordance with Article 42(3)(1) of the Republic of Lithuania Law on the Bank of Lithuania, Article 22(4 and 15), Article 24(4), Article 251(4) of the Republic of Lithuania Law on Consumer Credit (version No XII-1989 of the Law of 5 November 2015) and Article 2(3) of the Republic of Lithuania Law Amending Law on Consumer Credit No XI-1684, the Board of the Bank of Lithuania has resolved:

1. To approve the attached:
   1.1. Rules for Handling the Public List of Consumer Credit Providers and the Public List of Peer-to-Peer Lending Platform Operators;

1.2. (Repealed by Resolution No 03-222 of the Board of the Bank of Lithuania of 20 November 2018)

1.3. Rules for Handling the Public Lists of Consumer Credit Intermediaries.
2. To recognise as invalid:
2.1. Order No 1-32 of the Director of the State Consumer Rights Protection Authority of 14 March 2011 on the approval of the description of the procedure for including consumer credit providers in the public list of consumer credit providers;
2.2. Order No 1-34 of the Director of the State Consumer Rights Protection Authority of 14 March 2011 on the approval of the description of the procedure for including credit intermediaries in the public list of consumer credit intermediaries.
3. To establish that this Resolution shall enter into force on 1 February 2016.

Chairman of the Board Vitas Vasiliauskas

APPROVED by Resolution No 03-17 of the Board of the Bank of Lithuania of 28 January 2016

RULES FOR HANDLING THE PUBLIC LIST OF CONSUMER CREDIT PROVIDERS AND THE PUBLIC LIST OF PEER-TO-PEER LENDING PLATFORM OPERATORS

CHAPTER I
GENERAL PROVISIONS

1. Rules for Handling the Public List of Consumer credit providers and the Public List of Peer-to-Peer Lending Platform Operators (hereinafter – the Rules) define the procedure for including consumer credit providers and peer-to-peer lending platform operators in the public list of consumer credit providers and the public list of peer-to-peer lending platform operators and removing them from these lists, the data contained in these lists, and the requirements for the handling of these lists.
   2. The requirements set in the Rules shall apply to consumer credit providers and peer-to-peer lending platform operators operating in accordance with the Republic of Lithuania Law on Consumer Credit.
   3. The terms used in the Rules shall be understood as they are defined in the Republic of Lithuania Law on Consumer Credit.
   4. Documents submitted to the Bank of Lithuania and actions carried out by the Bank of Lithuania in accordance with the Rules shall be subject to the requirements of the General Regulations on the Submission and Examination of Applications for Authorisation of Financial Market Participants Supervised by the Bank of Lithuania and on the Granting of Authorisation approved by Resolution No 58 of the Board of the Bank of Lithuania of 6 May 2004 on the approval of the general regulations on the submission and examination of applications for authorisation of financial market participants supervised by the Bank of Lithuania and on the granting of authorisation.

CHAPTER II
INCLUSION OF CONSUMER CREDIT PROVIDERS AND PEER-TO-PEER LENDING PLATFORM OPERATORS IN THE LISTS

5. (As amended by Resolution No 03-68 of the Board of the Bank of Lithuania of 28 April 2017)
   A person shall be included in the public list of consumer credit providers provided that the person meets the requirements established by the Law on Consumer Credit and legal acts of the supervisory authority, and submits the documents, data and information listed in Article 22(6) of the Law on Consumer Credit according to the form of the request to include in the public list of consumer credit providers indicated in Annex 1 to the Rules, and when the Bank of Lithuania takes the decision to include the person in the public list of consumer credit providers. The Bank of Lithuania shall include credit institutions in the list of consumer credit providers within 5 business days after the issuance of a licence to provide services specified in the legal acts regulating their activities and their registration in the Register of Legal Entities, without applying the procedure set out in this paragraph. Credit institutions licensed in other European Economic Area countries, that have established a branch or have been providing services without establishing a branch in the Republic of Lithuania, shall be included in the list of consumer credit providers within 5 business days when the conditions laid down in Article 20 of the Republic of Lithuania Law on Banks are fulfilled.
   6. A person shall be included in the public list of peer-to-peer lending platform operators provided that the person meets the requirements established by the Law on Consumer Credit and legal acts of the supervisory authority, and submits the documents, data and information listed in Article 251(6) of the Law on Consumer Credit according to the form of the request to include in the public list of peer-to-peer lending platform operators indicated in Annex 2 to the Rules, and when the Bank of Lithuania takes the decision to include the person in the public list of peer-to-peer lending platform operators.
   7. A person shall be included in the public list of consumer credit providers or the public list of peer-to-peer lending platform operators within 3 working days of the day the Bank of Lithuania adopts the decision to include the person in the corresponding list.
   8. The Bank of Lithuania shall inform the applicant in writing of its decision to include or to refuse to include the person in the corresponding list within 3 working days of the day of taking the decision.

CHAPTER III
DATA IN THE PUBLIC LIST OF CONSUMER CREDIT PROVIDERS AND THE PUBLIC LIST OF PEER-TO-PEER LENDING PLATFORM OPERATORS

9. The following data about consumer credit providers and peer-to-peer lending platform operators shall be specified in the public list of consumer credit providers and the public list of peer-to-peer lending operators:
   9.1. the name of the legal person (or its branch);
   9.2. the registered office address;
   9.3. phone, email, website address (if any);
   9.4. a link to the website of the consumer credit provider or the peer-to-peer lending platform operator where the list of intermediaries acting on behalf of the consumer credit provider or the peer-to-peer lending platform operator is published (if the consumer credit provider or the peer-to-peer lending platform operator uses the services of consumer credit intermediaries).

CHAPTER IV
REMOVAL FROM THE PUBLIC LIST OF CONSUMER CREDIT PROVIDERS AND THE PUBLIC LIST OF PEER-TO-PEER LENDING PLATFORM OPERATORS

10. (As amended by Resolution No 03-68 of the Board of the Bank of Lithuania of 28 April 2017)
    A consumer credit provider or a peer-to-peer lending platform operator shall be removed from the public list of consumer credit providers or the public list of peer-to-peer lending platform operators by decision of the Bank of Lithuania on the grounds specified in Article 22(11 and 13) of the Law on Consumer Credit, or by revoking the credit institution’s licence or when credit institutions of other European Economic Area countries lose their right to provide services in the Republic of Lithuania through the established branch or without establishing a branch.
    11. The Bank of Lithuania shall notify the consumer credit provider or the peer-to-peer lending platform operator of its decision to remove it from the public list of consumer credit providers or the public list of peer-to-peer lending platform operators within 3 working days of the day of taking the decision.

CHAPTER V
FINAL PROVISIONS

12. Upon change of data, documents and/or information provided to the Bank of Lithuania in accordance with the Republic of Lithuania Law on Consumer Credit, the consumer credit provider and the peer-to-peer lending platform operator shall, within 10 working days of the day of the change or of becoming aware of the change, notify the Bank of Lithuania and provide the respective updated data, documents and/or information.
    13. (As amended by Resolution No 03-222 of the Board of the Bank of Lithuania of 20 November 2018)
    Information on members of the management body indicated in Article 22(2) and Article 251(2) of the Law on Consumer Credit shall be provided in accordance with the Guidelines for the Assessment of Members of the Management Body and Key Function Holders of Financial Market Participants Supervised by the Bank of Lithuania approved by Resolution No 03-181 of the Board of the Bank of Lithuania of 14 November 2013 on the approval of the guidelines for the assessment of members of the management body and key function holders of financial market participants supervised by the Bank of Lithuania. Information indicated in Article 22(2) and Article 251(2) of the Law on Consumer Credit on persons whose direct or indirect holding of the authorised capital and/or voting rights is equal to or exceeds 20%, or who can exercise a direct and/or indirect decisive influence over the activities of consumer credit providers shall be provided in accordance with the Description of the Procedure for Implementing Requirements for the Participants of Consumer Credit Providers, Creditors, Peer-to-Peer Lending Platform Operators, Crowdfunding Platform Operators and Currency Exchange Operators approved by Resolution No 03-219 of the Board of the Bank of Lithuania of 20 November 2018 on the approval of the description of the procedure for implementing requirements for the participants of consumer credit providers, creditors, peer-to-peer lending platform operators, crowdfunding platform operators and currency exchange operators. ______________

Annex 1
to the Rules for Handling the Public List of Consumer Credit Providers and the Public List of Peer-to-Peer Lending Platform Operators

FORM OF THE APPLICATION FOR INCLUSION IN THE PUBLIC LIST OF CONSUMER CREDIT PROVIDERS

I. DATA ON THE APPLICANT REPRESENTING THE CONSUMER CREDIT PROVIDER

1. Person’s name, surname (name)
   ||||||||||||||||||||||||||||
   2. Person’s residence (registered office) address, including postal code
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   3. Person’s contact details (phone, fax, email)
   ||||||||||||||||||||||||||||||||||||||||||||||||||||
   4. Documents supporting the rights and responsibilities of the representative
   Enclosed || pages

II. DATA ON THE CONSUMER CREDIT PROVIDER

5. Name |||||||||||||||||||||||||||
6. Code of legal entity |||||||||||||||||||||||||
7. Registered office address, including postal code
|||||||||||||||||||||||||||||||||||||||||||||||||||||
8. Details of the register where the consumer credit provider is registered (register name, registrar and address)
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9. Contact details:
9.1. phone ||||||||||||||||||||||||||||||||||||||||||||||
9.2. fax ||||||||||||||||||||||||||||||||||||||||||||||||
9.3. email |||||||||||||||||||||||||||||||||||||||||
10. Website address ||||||||||||||||||||||||||||||||||||
11. Trademarks used (to be used) in granting credits
||||||||||||||||||||||||||||||||||||||||||||||||||||_|

12. Consumer credit provider’s articles of incorporation
Enclosed |_| pages

13. Rules for assessment of the creditworthiness of consumer credit recipients
Enclosed |_| pages

14. Information on registers and information systems for checking creditworthiness of consumer credit recipients
Enclosed |_| pages

15. List of intermediaries acting on behalf of the consumer credit provider, where the person uses services of credit intermediaries, and the link to the website, where such list is published
Enclosed |_| pages

III. MANAGERS OF CONSUMER CREDIT PROVIDERS AND PERSONS WHOSE DIRECT OR INDIRECT HOLDING OF THE AUTHORISED CAPITAL AND/OR VOTING RIGHTS IS EQUAL TO OR EXCEEDS 20%, OR WHO CAN EXERCISE A DIRECT AND/OR INDIRECT DECISIVE INFLUENCE OVER THE ACTIVITIES OF CONSUMER CREDIT PROVIDERS

16. (As amended by Resolution No 03-222 of the Board of the Bank of Lithuania of 20 November 2018)
    Data on the managers of consumer credit providers and persons whose direct or indirect holding of the authorised capital and/or voting rights is equal to or exceeds 20%, or who can exercise a direct and/or indirect decisive influence over the activities of consumer credit providers (provided in accordance with paragraph 13 of the Rules for Handling the Public List of Consumer Credit Providers and the Public List of Peer-to-Peer Lending Platform Operators approved by Resolution No 03-17 of the Board of the Bank of Lithuania of 28 January 2016 on the approval of the rules for handling the public list of consumer credit providers and the public list of peer-to-peer lending platform operators, and of the rules for handling the public lists of consumer credit intermediaries).

Enclosed |_| pages

Annex 2
to the Rules for Handling the Public List of Consumer Credit Providers and the Public List of Peer-to-Peer Lending Platform Operators

FORM OF THE APPLICATION FOR INCLUSION IN THE PUBLIC LIST OF PEER-TO-PEER LENDING PLATFORM OPERATORS

I. DATA ON THE APPLICANT REPRESENTING THE PEER-TO-PEER LENDING PLATFORM OPERATOR

1. Person’s name, surname (name)
   ||||||||||||||||||||||||||||
   2. Person’s residence (registered office) address, including postal code
   ||||||||||||||||||||||||||||||||||||||||||||||||||||
   3. Person’s contact details (phone, fax, email)
   ||||||||||||||||||||||||||||||||||||||||||||||||||||
   4. Documents supporting the rights and responsibilities of the representative
   Enclosed || pages

II. DATA ON THE PEER-TO-PEER LENDING PLATFORM OPERATOR

5. Name |||||||||||||||||||||||||||
6. Code of legal entity |||||||||||||||||||||||||
7. Registered office address, including postal code
|||||||||||||||||||||||||||||||||||||||||||||||||||||

8. Details of the register where the peer-to-peer lending platform operator is registered (register name, registrar and address)
|||||||||||||||||||||||||||||||||||||||||||||||||||||
9. Contact details:
9.1. phone ||||||||||||||||||||||||||||||||||||||||||||||
9.2. fax |||||||||||||||||||||||||||||||||||||||||||||||
9.3. email |||||||||||||||||||||||||||||||||||||||||
10. Website address ||||||||||||||||||||||||||||||||||||
11. Trademarks used (to be used) in providing services of the peer-to-peer lending platform operator |||||||||||||||||||||||||||||||||||||||||||_|
12. Articles of incorporation of the peer-to-peer lending platform operator

Enclosed || pages
13. Authorised capital amount ||||||||||||||_|
14. Rules for assessment of the creditworthiness of consumer credit recipients

Enclosed |_| pages

15. Business continuity plan
    Enclosed |_| pages

16. Information on registers and information systems for checking creditworthiness of consumer credit recipients
    Enclosed |_| pages

17. List of intermediaries acting on behalf of the peer-to-peer lending platform operator, where the person uses services of peer-to-peer lending platform operator intermediaries, and the link to the website, where such list is published

Enclosed |_| pages

III. MANAGERS OF PEER-TO-PEER LENDING PLATFORM OPERATORS AND PERSONS WHOSE DIRECT OR INDIRECT HOLDING OF THE AUTHORISED CAPITAL AND/OR VOTING RIGHTS IS EQUAL TO OR EXCEEDS 20% OR WHO CAN EXERCISE A DIRECT AND/OR INDIRECT DECISIVE INFLUENCE OVER THE ACTIVITIES OF PEER-TO-PEER LENDING PLATFORM OPERATORS

18. (As amended by Resolution No 03-222 of the Board of the Bank of Lithuania of 20 November 2018)
    Data on the managers of peer-to-peer lending platform operators and persons whose direct or indirect holding of the authorised capital and/or voting rights is equal to or exceeds 20%, or who can exercise a direct and/or indirect decisive influence over the activities of peer-to-peer lending platform operators (provided in accordance with paragraph 13 of the Rules for Handling the Public List of Consumer Credit Providers and the Public List of Peer-to-Peer Lending Platform Operators approved by Resolution No 03-17 of the Board of the Bank of Lithuania of 28 January 2016 on the approval of the rules for handling the public list of consumer credit providers and the public list of peer-to-peer lending platform operators, and of the rules for handling the public lists of consumer credit intermediaries).

Enclosed |_| pages

APPROVED by Resolution No 03-17 of the Board of the Bank of Lithuania of 28 January 2016

DESCRIPTION OF THE PROCEDURE FOR THE PROVISION OF INFORMATION ON MANAGERS OF CONSUMER CREDIT PROVIDERS AND PEER-TO-PEER LENDING PLATFORM OPERATORS AS WELL AS PERSONS WHOSE DIRECT OR INDIRECT HOLDING OF THE AUTHORISED CAPITAL AND/OR VOTING RIGHTS IS EQUAL TO OR EXCEEDS 20%, OR WHO CAN EXERCISE A DIRECT AND/OR INDIRECT DECISIVE INFLUENCE OVER THE ACTIVITIES OF CONSUMER CREDIT PROVIDERS OR PEER-TO-PEER LENDING PLATFORM OPERATORS TO THE BANK OF LITHUANIA

(Repealed by Resolution No 03-222 of the Board of the Bank of Lithuania of 20 November 2018)

APPROVED by Resolution No 03-17 of the Board of the Bank of Lithuania of 28 January 2016

RULES FOR HANDLING THE PUBLIC LISTS OF CONSUMER CREDIT INTERMEDIARIES

CHAPTER I
GENERAL PROVISIONS

1. The Rules for Handling the Public Lists of Consumer Credit Intermediaries (hereinafter – the Rules) define the procedure for including independent consumer credit intermediaries and tied consumer credit intermediaries in the lists, the data contained in these lists and the requirements for handling these lists. The Rules mutatis mutandis shall apply when handling the lists of consumer credit intermediaries of peer-to-peer lending platform operators.
   2. The requirements set in the Rules shall apply to independent consumer credit intermediaries and tied consumer credit intermediaries operating in accordance with the Republic of Lithuania Law on Consumer Credit.
   3. The terms used in the Rules shall be understood as they are defined in the Republic of Lithuania Law on Consumer Credit.
   4. Documents submitted to the Bank of Lithuania and actions carried out by the Bank of Lithuania in accordance with the Rules shall be subject to the requirements of the General Regulations on the Submission and Examination of Applications for Authorisation of Financial Market Participants Supervised by the Bank of Lithuania and on the Granting of Authorisation approved by Resolution No 58 of the Board of the Bank of Lithuania of 6 May 2004 on the approval of the general regulations on the submission and examination of applications for authorisation of financial market participants supervised by the Bank of Lithuania and on the granting of authorisation.

CHAPTER II
INCLUSION OF CONSUMER CREDIT INTERMEDIARIES IN THE LISTS

5. A person shall be included in the public list of independent consumer credit intermediaries when the person submits a request and information indicated in Article 24(3) of the Law on Consumer Credit to the Bank of Lithuania, and the Bank of Lithuania takes the decision to include the person in the public list of independent consumer credit intermediaries.
   6. A person shall be included in the public list of intermediaries acting on behalf of the consumer credit provider when the person submits a request and information indicated in paragraph Article 24(3) of the Law on Consumer Credit to the Bank of Lithuania, and the consumer credit provider takes the decision to include the person in the public list of intermediaries acting on behalf of the consumer credit provider. The consumer credit provider has the right to establish additional requirements that shall be applied when including the person in the public list of tied consumer credit intermediaries acting on behalf of the said person. The consumer credit provider must ensure that relevant data is published in the public list of consumer credit providers.
   7. A person shall be included in the public list of independent consumer credit intermediaries within 3 working days of the day on which the Bank of Lithuania adopts the decision to include the person in the public list of independent consumer credit intermediaries.
   8. The Bank of Lithuania shall inform the applicant in writing of its decision to refuse to include the person in the public list of independent consumer credit intermediaries within 3 working days of the day of taking the decision.

CHAPTER III
DATA IN THE PUBLIC LISTS OF CONSUMER CREDIT INTERMEDIARIES

9. The following data shall be specified in the public list of independent consumer credit intermediaries and in the public list of consumer credit intermediaries acting on behalf of the consumer credit provider:
   9.1. if the intermediary is a natural person: name and surname;
   9.2. if the intermediary is a legal person: name, head office address, code of the legal person;
   9.3. phone, email, website address (if any).

CHAPTER IV
PUBLISHING OF THE PUBLIC LISTS OF CONSUMER CREDIT INTERMEDIARIES

10. The public list of independent consumer credit intermediaries shall be published on the website of the Bank of Lithuania. The public list of consumer credit intermediaries acting on behalf of the consumer credit provider shall be published on the website of each consumer credit provider.
    11. The website of the Bank of Lithuania shall have a link to the websites of consumer credit providers where the public lists of consumer credit intermediaries acting on behalf of the consumer credit provider are published.

CHAPTER V
FINAL PROVISIONS

12. Upon change of data, documents and/or information provided to the Bank of Lithuania, the consumer credit intermediary, within 10 working days of the day of the change or of becoming aware of the change, shall notify the Bank of Lithuania and provide the respective updated data, documents and/or information.
    (Paragraph 13 added to the Rules by Resolution No 03-68 of the Board of the Bank of Lithuania of 28 April 2017)
    13. Upon termination of the activities of an independent consumer credit intermediary, a person shall submit an application to the Bank of Lithuania and shall be removed from the public list of independent consumer credit intermediaries by its decision.

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