The European Parliament has reached a political agreement with the Council of the European Union and the Commission of the European Union regarding the set of legislation relating to crowdfunding activities. Such legislation includes the proposed Regulation (EU) 2018/0048(COD) on European crowdfunding service providers for business and the relevant amendments to MiFID II.

ADON legal assisted Protean Risk Limited (a registered Lloyds broker) in adapting the PSD Bond to the Lithuanian laws and coordinating it with the Bank of Lithuania. PSD Bond is an insurance product for the safeguarding of clients’ funds of electronic money institutions (EMIs) and payment institutions (PIs).

European Banking Authority has published guidelines on ICT and security risk management (the Guidelines) addressed to financial institutions – credit institutions, payment service providers, and investment firms.

We are delighted to introduce our new team members Miroslava Kryštul and Simas Staniulis.

The regulatory sanctions imposed on MisterTango once
again demonstrate the importance of creating a healthy compliance culture in
the company. Each obliged entity must continuously review, improve and, most
importantly, implement the internal rules and procedures to meet the regulatory
standard.

Experts of ADON legal continue to strengthen their competence in financial services compliance. Donatas Šliora became a Certified Anti-Money Laundering Specialist. The training received from the Association of Certified Anti-Money Laundering Specialists (ACAMS) will allow to better assist clients in reinforcing their internal controls and enhancing ability to meet the regulatory expectations. It also gives a better understanding of a variety of challenges faced by AML officers in financial institutions.

The guide to the world’s leading financial and corporate law firms IFLR1000 has recognized ADON legal as a notable Lithuanian law firm in the financial and corporate category for 2019.

Team of ADON legal assisted UAB „Kredito partneris“ with setting-up of business operations and inclusion of the company in the list of lenders acting in accordance to the Law on Real Estate Related Credit. The law firm drafted all internal documentation of the company and represented it before the Bank of Lithuania. The team of ADON legal consisted of partner Donatas Šliora, and associate Tadas Matusevičius.

Donatas Šliora shared his insights with PaymentsCompliance on the fine imposed by Lithuanian State Data Protection Inspectorate on MisterTango, and the message it sends to the payment service providers operating in Lithuania.