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Newsletter 2009 April

  • Lithuania
  • Other

10-04-2009

Finance Law

The Guidelines regarding the Prevention of Money Laundering and (or) Terrorist Financing have been approved

On 5 March 2009 the Securities Commission has adopted the decision approving the Guidelines for Financial Brokerage Firms, Investment Companies, Management Companies and Depositories regarding the Prevention of Money Laundering and (or) Terrorist Financing.

The Guidelines replaced the guidelines of the same title which had been effective until now. From now on the above-mentioned financial institutions shall have to identify not only the client carrying out a financial operation, but also the beneficiary. Moreover, it is established that financial institutions shall have to take all corresponding and proportionate measures in order to establish whether a client is operating on his own behalf or he is being controlled. It is also established that financial institutions shall have to verify the identity of the client and of the beneficiary based on the information received from a reliable and independent source.

In the Guidelines the right of financial institutions to terminate transactions or business relationship with the clients, who do not provide information or other necessary data, is established; the Guidelines also provide for the terms and conditions of termination of such relationship and the obligation to store information about such clients.

The Guidelines establish that financial institutions shall have to take measures and identify the client and the beneficiary in case the amount of monetary operations performed exceeds EUR 15,000.

The provisions of the Guidelines, establishing new requirements for financial institutions regarding the prevention of money laundering and terrorists’ financing which have not been established in the previously applicable guidelines, shall apply as from 1 July 2009.

The Rules on Information Disclosed to the Public by Financial Brokerage Firms and Management Companies have been amended

On 5 March 2009 the Securities Commission has amended by its decision the Rules on Information Disclosed to the Public by Financial Brokerage Firms and Management Companies.

As from now on financial brokerage firms shall not have to publish the information (financial reports, annual reports, etc.) requested by the Rules on the website of the Association of Financial Brokerage Firms of Lithuania – it shall be enough to publish the information on the website of the firm itself.Further, as from now on financial brokerage firms shall not have to publish the information (balance sheets, reports of non-balance items, profit (loss) statements, independent auditor’s reports and links to the website, where the mentioned documents can be found), indicated in the Rules, in one of the daily newspapers as it has been established until now.

Moreover, the amendments established that from now on financial brokerage firms, having no website, shall have to disclose information, as required by the Rules, in other publicly available media.

The amendments have come into force as from 14 March 2009.

The Rules on Requirements of the Adequacy of Capital have been amended and supplemented

On 5 March 2009 the Securities Commission has amended and supplemented by its decision the Rules on Requirements of the Adequacy of Capital of Financial Brokerage Companies and Management Companies.

The Rules have been supplemented by a new article establishing that after the end of the financial year, within 3 days after financial statements are approved, a company must submit to the Securities Commission the following reports, signed by the Head of the company and by other employees in charge: annual financial statements, the decision concerning the appropriation of profit and the annual report together with the auditor’s report, the report of calculation of the adequacy of capital, prepared according to the data of the annual financial statements and examined by the audit firm; a management company must submit the report of calculation of the adequacy of capital, prepared according to the data of the annual financial statements and examined by the audit firm.

Other amendments were adopted in order to specify some of the provisions. The amendments and supplements have come into force as from 14 March 2009.

Intellectual Property

The Regulation on the Community Trade Mark has been codified

On 26 February 2009 the Council Regulation (EC) No 207/2009 on the Community Trade Mark has come into force.

The Regulation has replaced the Council Regulation (EC) No 44/94 on the Community Trade Mark, adopted on 20 December 1994 and effective until now. Whereas the mentioned Regulation has been substantially amended several times, in the interests of clarity and rationality the new Regulation has been adopted.

The Regulation defines what is considered to be a Community Trade Mark and establishes the rules, relating to the Community trade marks: it identifies the signs that may constitute a trade mark, the order and the grounds of registration and of refusal to register the trade mark, establishes the rights granted by the Community trade mark, the limitations of the effects of the trade mark, the requirements for the application to register the trade mark, etc.

The new Regulation shall apply in the Member States as from 13 April 2009.

Import

The Regulation on Common Rules for Imports has been codified

On 13 April 2009 the new Council Regulation (EC) No 260/2009 on Common Rules for Imports shall come into force in the European Union.

The Regulation has replaced the Council Regulation (EC) No 3285/94 on Common Rules for Imports, adopted on 22 December 1993, which has been effective until now. Whereas the mentioned Regulation has been substantially amended several times, in the interests of clarity and rationality the new Regulation has been adopted.

The Regulation sets the rules for imports, applicable to the products originating in the third countries: the order of informing the Community in cases when trends in imports appear to call for surveillance or safeguard measures, the order of consultations of the Member States, safeguard measures, which may be applied by the Community if imports cause or threaten to cause serious injury to Community producers, and other rules relating to imports.

The Regulation shall apply as from 20 April 2009.

Company Law

The new form submitted to the Register of Legal Entities has been approved

On 18 March 2009 the Minister of Justice has approved by his order the amendment to the order On Approval of requests, notifications and other forms submitted to the Registrar of Legal Entities.

By the order the form of notification to be submitted to the Registrar of Legal Entities on the settlement of a legal entity, foreign legal entity’s branch or representative office with the budgets and monetary funds (the JAR-PBA form) has been amended.

The new form shall be submitted to the Registrar as from 25 March 2009.

Tourism

The Description of Order of Qualification Requirements for Guides has come into force

As from 1 March 2009 the order of the Director of the State Tourism Department, by which the Description of the Order of Qualification Requirements for the Category of Guide, for Receiving the Certificate of Guide and Travel Guide and for the Issue (Cancellation) of the Certificate has been approved.

The Description establishes the qualification requirements which must be met by the guide or the travel guide, the order of granting the special category to the guide, also establishes the order of issue and cancellation of the certificate confirming the qualification, the rights of applicants, etc. By the order inter alia the form of application for certificate as well as the forms of guide’s and travel guide’s certificate and officer’s certificate.

Alcohol and Tobacco Control

The Rules on Licencing of the Wholesale of Tobacco and Alcohol Products have been amended

On 4 March 2009 the Government has adopted the amendments to the Rules on Licencing of the Wholesale of Tobacco Products.

The order of informing the State Tobacco and Alcohol Control Service (hereinafter – the Service) about the underpayments of the companies carrying out the wholesale of tobacco to the state or municipal budgets or monetary funds has been changed. As from now on the State Tax Inspectorate and the State Social Insurance Fund Board shall have to notify the Service about the underpayments (if a tax underpaid is administered by the State Tax Inspectorate) or the debts to the budget of the Social Insurance Fund Board of the companies, holding the licences of the wholesale of tobacco products, if underpayments or debts exceed the amount of LTL 10,000. Until now the limit of LTL 1,000 has been established. Upon receipt of the mentioned notification, the Service shall warn the company about a
possible cancellation of the licence validity. A prolonged notification term of 60 days shall be applied (the general term of notification about a possible cancellation of the licence is 30 days) when warning the company about a possible cancellation of the licence validity for the above-mentioned reasons.

Accordingly, some other rules approved by the decisions of the Government have been amended as well: the Rules on Licencing of the Wholesale and Retail of Alcohol Products, the Rules on the Retail of Alcoholic Beverages and on Trading in Public Catering Companies, and the Rules on the Licencing of Production of Alcohol Products.

The amendments to the mentioned legal acts have come into force as from 13 March 2009.

Other News

Partner Maksimas Saveljevas has contributed to the new edition of Employment Law in Europe on Lithuanian Employment regulatory environment. Employment Law in Europe is a practical and comprehensive guide to the national employment laws of 29 different European jurisdictions (all EU countries, Norway and Switzerland). Each chapter is devoted to a different jurisdiction and follows the same structure outlining the key employment issues in each: the employment relationship, remuneration, working time, equal opportunities, grounds for termination of employment, family rights, business transfers, collective rights, Employment disputes.

This invaluable book will help you to gain a basic grasp of the employment laws of Europe and an awareness of issues that may be encountered in different jurisdictions.

The general editors of Employment Law in Europe are all Eversheds employment law experts in their own jurisdictions and have practical experience of the challenges that any complex cross-border employment project presents to HR Professionals, Practitioners and in-house counsel alike. Should you be interested in acquiring the book, a special discount will be offered. For more information, please contact Marketing Manager Aušra Jefremoviene at ausra.jefremoviene@evershedssaladzius.lt.

On 31 March 2009 the Partner of Eversheds Saladžius Maksimas Saveljevas delivered presentation at the business conference Employment Law in Lithuania. The conference has summoned representatives from major Lithuanian companies operating in various sectors. Maksimas has elaborated on alterations of employment agreements. More information on the event may be received by contacting Eversheds Saladžius reception.

Eversheds Saladžius continues on supporting and sponsoring various educational projects as a part of its corporate responsibility policy. Recently, we have become one of the sponsors to the team of Mykolas Romeris University going to Philip C. Jessup International Law Moot Court Competition in Washington, USA.

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