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Seven legal acts no longer necessary for financial market supervision abrogated

March 8, 2012

Having concentrated financial market supervision within the Bank of Lithuania as from early this year and this institution adopting necessary legal acts, three resolutions of the Securities Commission and three resolutions of the Insurance Supervisory Commission, whose functions have been taken over by the Bank of Lithuania, as well as one order of Director of the State Consumer Rights Protection Authority were recognised as no longer effective. 

The Board of the Bank of Lithuania recognised as no longer effective the 9 March 2004 Resolution of the Insurance Supervisory Commission No. N-28 “On approval of the regulations for the settlement of disputes between consumers and insurers, and the consumer application form” (with further amendments) and the 14 March 2011 Order of Director of the State Consumer Rights Protection Authority No. 1-36 “On approval of the regulations for extrajudicial advance settlement of disputes between consumer credit receiver and consumer credit provider or consumer credit intermediary”. The area regulated previously by these legal acts is now covered by the Board of the Bank of Lithuania’s approved Description of the Order for the Settlement of Disputes of Consumers and Financial Market Participants. 

For the purposes of legal clarity, the 3 February 2011 Resolution of the Securities Commission No. 1K-5 “On approval of the regulations for the servicing of individuals at the Securities Commission of the Republic of Lithuania” and the 13 January 2004 Resolution of the Insurance Supervisory Commission No. N-3 “On general requirements for the approval of documents to be presented to the Insurance Supervisory Commission of the Republic of Lithuania” were recognised as no longer effective. After consolidation of supervision within the Bank of Lithuania these legal acts lost their urgency; should they be left effective, market participants and other entities concerned might be uncertain regarding observance of the procedures specified in the above resolutions.    

One more legal act was repealed with a view to avoiding uncertainty which legal acts should be observed while carrying out inspections in the area of supervision previously conducted by the Securities Commission. Therefore, the 3 February 2011 Resolution of the Securities Commission No. 1K-4 “On approval of the regulations for the procedure of inspections conducted by the Securities Commission of the Republic of Lithuania” (with further amendments) was recognised as no longer effective. Before a new inspection procedure is prepared, Article 81 of the Law on Market in Financial Instruments” is to be observed, which provides the supervisory authority with a right to organise and conduct inspections.   

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