“A year ago, we approved the guidelines for the development of the Fintech sector, one of the goals of which is to change the model of relations between financial market participants and the supervisory authority. We also offer ways to maintain relationships based on mutual trust between a person or a company and a state institution and reduce bureaucratic costs,” Vice Minister Vaida Česnulevičiūtė-Markevičienė said in a statement of the Ministry of Finance on Wednesday.
The currently valid legal regulation allows the parties to conclude a settlement agreement only in a judicial process, but does not provide for the possibility of amicable agreement earlier.
According to the ministry, an amicable agreement would be possible only if a mutual agreement was reached between LB and the market participant regarding the circumstances and consequences.
In addition, the financial market company, to which the enforcement measure is intended to be applied, could voluntarily offer the central bank to enter into an administrative agreement after receiving essential information from the LB about the established factual data.
According to the Ministry of Finance, the analysis conducted by the European Securities and Markets Authority also encourages consideration of the possibility of concluding an administrative settlement agreement at an earlier stage than court disputes.
After approval by the Cabinet of Ministers, the amendments will be considered by the Seimas.
Tags: government opportunity financial institutions reach amicable agreement court Business
