The attitude of the Bank of Lithuania has become more strict lately towards the fulfilment of compliance requirements by electronic money (EMI) and payment institutions (PI) in Lithuania. The main areas where EMIs and PIs (both those in the process of obtaining a licence and those that already have it and have been operating for Read more
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The Competition Council has issued guidelines, the basic principles of the application of competition rules to online trade, which should be followed by distributors and suppliers selling goods in online stores in order not to violate the Competition Law. Read more in Lithuanian… Read more
The Reorganisation Act has been in force in Estonia for over a decade and companies suffering from economic difficulties have submitted hundreds of reorganisation plans to their creditors based on that law. However, the number of reorganisation plans approved by the creditors or the courts is considerably lower and there are only a few examples Read more
Due to the quarantine restrictions of COVID-19, many sports, cultural, entertainment, and other events did not take place. So both – ticket buyers and event organizers, faced considerable challenges in how to deal with such a situation? The Seimas of the Republic of Lithuania, trying to ensure the interests of consumers, as well as to Read more
On 4 May 2020, EU with global partners started a pledging project called the Coronavirus Global Response. The aim of the project is to raise at least 7,5 billion EUR for fighting the coronavirus. The raised money is channelled into three branches: the diganostics, treatment and vaccines for the coronavirus. Read more (in Estonian) Read more
A child whose parents live apart has the right to communicate continuously and directly with both parents, no matter where the parents live. Accordingly, parents have not only the right but also the duty to communicate with the child, this duty being exercised in the best interests of the child. If the parents do not Read more
The COVID – 19 has affected all walks of life and there is no doubt that this effect will continue long after the end of the pandemic. Unfortunately, the restrictions imposed by the countries as a result of the virus and the resulting slowdown in the economy will make it impossible to avoid negative consequences Read more
During the COVID-19 emergency or quarantine period, employers whose economic activities were suspended or reduced were given the opportunity to hire their employees on a simplified basis, obtaining the status of a temporary employment business. Read more in Lithuanian… Read more
Lately, there has been a lot of fuzz in relation to State provided loans. The temporary State aid framework for COVID-19 related disturbances in the economy, published by the European Commission, provides an initial framework how the State can provide loans with subsidized interest rates in a manner which is compliant with European Union State Read more
On 21 April, the Seimas of the Republic of Lithuania adopted the new law on the impact of the consequences of the new Coronavirus. The law aims to help companies facing financial difficulties and/or insolvency as a result of quarantine in the country during a coronavirus pandemic by providing additional time to manage the situation Read more