What Should You Know When Transferring Data to the United Kingdom After the Brexit Agreement Is Not Signed?

22/01/2019 After the UK Parliament rejected the Brexit Agreement terms proposed by the Prime Minister, companies which transfer personal data to this country in some way should pay attention.

What measures for personal data protection shall be taken in the organization?

04/12/2018 The State Data Protection Inspectorate of the Republic of Lithuania has published 20 minimum organizational and technical requirements and measures aimed at protecting personal data in each organization. These

ECOVIS ProventusLaw strengthens position among the best law firms

12/04/2018 A major international legal directory “Legal 500” recently published newest law firm ranking according to which ECOVIS ProventusLaw remains among the best law firms in following rankings: – Banking,

Pan-European Crowdfunding platforms will provide their services across the whole EU

06/04/2018 European Commission takes actions to promote Europe as a more attractive place for start-ups by introducing new regulations on crowdfunding. Commission has proposed a draft regulation to enable crowdfunding

Lithuania made a triple jump into becoming the European FinTech centre

12/02/2018 The fact about Lithuania as one the most favourable and friendly jurisdiction for FinTech companies, planning to offer payment service across the EU is spreading out. 30 electronic money

UAB “ConnectPay” is entering the European Electronic Money Institutions Market

22-01-2018 UAB “ConnectPay”, for which ECOVIS ProventusLaw has assisted in acquiring an electronic money institution license, has successfully completed the entire licensing process. The Board of the Bank of Lithuania

UK financial institutions will lose EU “passporting rights” after the BREXIT, EU chief negotiator Michel Barnier says

23/11/2017 “BREXIT means BREXIT, everywhere. Those who claim that the UK should pick parts of the single market must stop this contradiction. The single market is a package, with four

Guidelines for impact assessment in the field of protection of personal data have been approved

During preparation to apply the EU legislation of direct application – General Data Protection Regulation (the “Regulation”) starting 2018 May 25th in Lithuania, as in other Member States of the

The Bank of Lithuania launches real time pan-European payments available for the clients of Lithuanian licensed FinTech companies

22-11-2017 The Bank of Lithuania (financial regulator) has opened up the possibility for the banks and non-banking financial institutions to offer their clients the most cutting-edge innovation in the field

The Chinese financial service provider is moving through Lithuania to the EU market

2017-11-13 The Bank of Lithuania issued a payment institution license for a Chinese investor company UAB “Vanepay”. This news is the focused result of a work with emerging markets in South

Lithuania is seeking to attract FinTech companies from China

2017-10-30 The central Bank of Lithuania seeks to attract financial technologies (FinTech) companies from China. This week the Bank of Lithuania initiated seminar in Beijing (China), where Lithuania’s FinTech potential

Singapore-based global payments processor “InstaReM” secures Lithuanian e-money license for European expansion

“InstaReM”, well-known Singapore-based financial technology (FinTech) company, is entering the European market via Lithuania. The regulator Bank of Lithuania issued an Electronic Money Institution (EMI) license to “InstaReM”, which is

FinTech companies will have a unique opportunity to test their new innovative products in real market conditions

Lithuania continues to improve regulation of financial services and will allow for FinTech companies to try the regulatory sandbox. The Bank of Lithuania (Regulator) aims to provide the best possible

European banking heaven: Lithuania boosts efforts to improve banking regulations, Revolut gets Specialised Bank license

28/01/2019 UK-based financial technology giant Revolut has obtained a Specialized Bank license in Lithuania. The license issued by the European Central Bank together with Bank Lithuania will allow the company

New Labour Code of the Republic of Lithuania enters into force. What you should know?

It is rather short time remaining until the new Labour Code of the Republic of Lithuania enters into force (effective date is 1st July, 2017). Therefore we are sharing advice

American stock exchange giant Nasdaq welcomes Lithuania’s progress in FinTech

More competition means more innovation, and that can only be an advantage for Europe’s consumers and businesses. Lithuanian authorities do not doubt about that and continues to present itself as

Data protection in FinTech companies – time to prepair for the new regulation

FinTech industry, resulting from the strengthening of linkages between the financial services and information technology sector, is a real technological whirlwind, providing financial markets with an enormous leap in progress.

ECOVIS ProventusLaw – among the best law firms in Lithuania in “Legal 500” ranking

One of the largest international legal directory “Legal 500” published the newest law firms world ranking. Law firm ECOVIS ProventusLaw was ranked among the strongest law firms in dispute resolution,

Lithuania will take even more actions to develop the FinTech sector

Lithuanian Ministry of Finance, the Bank of Lithuania and other state institutions continue discussions about actions, which may accelerate and promote FinTech industry‘s development in Lithuania. Soon the proposals will

Seven FinTech trends this year – what could be expected?

FinTech market probably never has been on such rise as it is currently. Lithuania with the Bank of Lithuania at the forefront grasping full potential of FinTech enterprises for quite


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