Regulators

Bank of Lithuania (LBE)

The Bank of Lithuania is vital to the country's economy and financial system

Organization Profile

Institutional nature
Lithuanian Bank LBE was established in 1922 and is headquartered in Vilnius, the capital of Lithuania.
Regulatory functions
Regulate credit, currency exchange operators, insurance, collective investment, crowdfunding, P2P lending or other financial institutions.
Regulatory Objectives/Scope
The mission of the Lithuanian LBE is to bring benefits to society and increase public confidence in the Lithuanian Central Bank and the entire domestic financial system. At the same time seek to build a reliable financial system and ensure sustainable economic growth.

Licence application

1. Lithuanian LBE's financial brokerage company (including foreign exchange company) license application requirements are as follows:

2. Application process:
Pre-application stage - Trader submits application (about 5 working days) - LBE assessment application (about 6 months) - Approval of application
3. Application duration:
About 6 months; in complex cases, the time will be extended.
4. Application fee: EUR 947

License Type

The Lithuanian foreign exchange company is a financial brokerage company, and its license types and business scope are as follows:

Regulatory Rules

Regulatory Inquiries

Step 1 directly enter the financial instrument market inquiry page under the financial brokerage company (foreign exchange companies belong to the category of financial brokerage companies): https://www.lb.lt/en/sfi-financial-market-participants? ff=1&market=3, directly enter the name of the company you want to find in the search box

Step 2 After entering the company information page, look for "Activities by MiFID 2 (MiFID 2 activities)" under the C9 (Financial contract for differences financial CFD) activity authority;

Note: Other Regulated Companies Enquiry List: https://www.lb.lt/en/sfi-financial-market-participants

Regulatory complaints

When you are not satisfied with your investment, you can file a complaint in 3 steps:
Step 1: Contact the Forex Dealer directly
When you have a complaint, the best way is to contact the Forex platform directly to help resolve it. You should apply to the dealer within 3 months of learning that your rights have been violated.
Step 2: If you are not satisfied with the processing results of the foreign exchange dealer, you can file a complaint with the Lithuanian LBE
If you are not satisfied with the dealer's reply or you do not receive a reply from the dealer within 14 working days (previously 1 month), you can contact the Lithuanian LBE for a free complaint.
Note:
1. You file a complaint with the Lithuanian LBE within 1 year (previously 3 months) after you complained to the dealer, otherwise, the LBE cannot process your complaint.
2. The time period for LBE to investigate complaints is 90 days (previously 2 months), which can be extended for 30 days (previously 2 months) if necessary.
There are 3 ways to complain:
(1) Submit a complaint to LBE online
Online complaint address: https://www.epaslaugos.lt/portal/login
(2) Submit a complaint to LBE by mail.
Email: [email protected]
(3) Letter to LBE to submit complaint.
Mailing address: Supervision Service, Žirmūnų g. 151, LT-09128 Vilnius, Lithuania
Note: When complaining by email or letter, the format of the complaint is not fixed. You can use the LBE's complaint form or your own form.
Complaint form download address: https://www.lb.lt/en/dbc-settle-a-dispute-with-a-financial-service-provider
Step 3: File a complaint in court
If you are not satisfied with the response of the Forex dealer or the Lithuanian LBE, you can file a complaint in court.
Note:
1. All complaints must be submitted in Lithuanian;
2. The court's decision is binding, while the decision of the Bank of Lithuania is recommendatory in nature, not binding on both consumers and financial market participants and cannot be appealed.
3. The dispute decision will be published in Lithuanian language on the Bank of Lithuania: https://www.lb.lt/frd-gincai-su-vartotojais
4. When submitting the application, the following information must be indicated:
1) Name and address. If you are asking your representative to handle your complaint, you need to tell your representative's name and address;
2) The name of the trader you are complaining about;
3) Information related to you and your dealer on the transaction contract;
4) You have complained to the dealer, the dealer's reply to you and a copy of the agreement between you and the dealer
5) Complaint requirements: such as how much loss you ask the dealer to pay and how much loss you accept;
6) Your reason for complaint;
7) A list of your attached documents.
In addition, your complaint request needs to be signed by you or your representative.

FAQs

1. Does the Bank of Lithuania regulate foreign exchange?
A: Lithuanian Bank LBE supervises spot foreign exchange.
2. Complain about charges to Lithuanian banks?
A: There is no charge. The Lithuanian Bank LBE helps investors to resolve disputes for free, and its dispute decision has no legal effect on investors and traders, and the decision cannot be appealed.
3. How does the Bank of Lithuania handle disputes between investors and dealers?
A: After receiving the complaint, Lithuanian Bank LBE will evaluate whether to investigate the dispute within 5 working days. After the evaluation, LBE will inform investors of the results within 3 working days.

Related Links

Lithuanian Securities Commission: http://www.vpk.lt/
Ministry of Finance of the Republic of Lithuania: http://www.finmin.lt/
Lithuanian Banking Association: http://www.lba.lt/go.php/lit/IMG
Ministry of Economy of the Republic of Lithuania: http://www.ukmin.lt/en/

Contact information

Phone: +370 5 268 0029, +370 5 2680 804
Fax: +370 5 268 0038
Email: [email protected]
Address: Gedimino pr. 6, LT-01103 Vilnius or Totorių g. 4, LT-01121 Vilnius

Relevant Navigation

No comments

No comments...