The most recent compliance information: regulatory developments, punishments, steering, permissions, new product and repair choices.
ABC Projektai, CJEU, Lithuania
The Court docket of Justice of the European Union has dominated that ABC
Projektai, a web-based funds agency in Lithuania, can win again its
financial institution licence after it was beforehand revoked by the Financial institution of
Lithuania.
ABC Projektai, previously known as Bruc Bond UAB, had its banking
licence revoked in April 2020 for allegedly holding buyer
funds longer than essential for on-line transactions.
The Supreme Administrative Court docket of Lithuania (SACL) accepted the
attraction. The ruling recognised ABC Projektai’s efforts to abide by
laws and compliance, a press release from ABC Projektai mentioned
late final week.
The fintech agency can function underneath a full banking licence as of 1
July 2024.
The case is probably uncommon in displaying how a authorized ruling by a
regulator to ban a monetary enterprise could be later
overturned.
“The court docket, aligning with the findings of the Court docket of Justice of
the European Union (CJEU), decided that the primary allegation
in opposition to ABC Projektai concerning exceeding the boundaries of its
fee establishment licence was invalid,” a press release from the
agency mentioned.
“This whole vindication is a big reduction because it
validates our operational practices and unfailing dedication to
compliance with regulatory requirements,” a spokesperson for ABC
Projektai mentioned in a press release.
The preliminary penalty of everlasting revocation was discovered by the
court docket to be excessively harsh and disproportionate given the
circumstances. The court docket additionally confirmed that there was no
proof of intentional wrongdoing by ABC Projektai.
ABC Projektai mentioned it obtained assist from different EU member
states, together with Germany, Poland, and the Czech Republic as properly
because the European Fee.
