Bank of Lithuania expert visits: what do they mean to market participants?
04/02/2021 | 05:08am EDT
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In supervising the domestic financial market, the Bank of Lithuania is increasingly using on-site visits as one of its supervisory measures. Such visits differ from usual inspections, as they are shorter, their subjects are specific and narrow and their objective is to gather information about market participants and assess their operation to help improve it.
'On-site visits are aimed at maintaining constructive cooperation with market participants. They are comparable to internal audits and are dedicated to consultations and the exchange of best practices. This also helps the supervisory authority to better understand the domestic financial market and assess the prevailing trends and challenges,' said Jekaterina Govina, Director of the Financial Market Supervision Service of the Bank of Lithuania.