Licensing process
The process of obtaining authorisation comprises several steps. Find out how to prepare for submission of the application and how the application is assessed.
Latvijas Banka recommends that you apply for advice with Latvijas Banka's experts before submitting the application. During that period, it is possible to discuss any issues related to the planned operation and licensing process, such as:
- on compliance of the planned busines model with regulatory requirements;
- on completing the application and submitting the necessary information;
- on examining of the application, etc.
Within ten working days, Latvijas Banka formally checks whether the application has been completed fully and in line with the regulatory requirements and all necessary documents have been submitted to enable Latvijas Banka to begin assessing the application on its merits. The content of the documents submitted has not yet been assessed at this stage.
If the application is fully completed and all documents and information have been submitted (by the list), Latvijas Banka confirms the acceptance of the application by sending a letter and starts its assessment. If the application is incomplete, Latvijas Banka contacts the applicant and requests the submission of the missing information. In this case, Latvijas Banka does not start assessing the application until the deficiencies identified are rectified.
Latvijas Banka examines the licence application within three months, counting from the time of submission of the complete application and all necessary documents and information.
If, in the process of assessing the application, Latvijas Banka finds that the information submitted is insufficient, or if the documents submitted are incomplete on the substance, in order to take a decision on the issue of the licence, Latvijas Banka informs the applicant of the deficiencies in the documents submitted and requests to rectify them. In this case, the time limit for examining the application is extended.
During the assessment of the application, meetings with the applicant are held to discuss the unclear issues and to make the review process more efficient.
After complete examination of the application, Latvijas Banka takes a decision regarding the issuance of a licence or the refusal to issue a licence, if the circumstances referred to in the regulatory requirements are identified that prevent from taking a positive decision.
In case of less significant deficiencies, a decision on the issue of a licence may be taken, provided that the deficiencies identified are rectified within a specified time limit.
Licensing process
- Acquaintance with an applicant.
- A person provides information on the enterprise's shareholders and officials.
- A person provides general information on the origin of funds.
- A person presents the planned business model (services, customers, countries)
- Latvijas Banka informs about completing and submitting of documents.
- Latvijas Banka informs on the process of handling the application.
- Latvijas Banka carries out an initial assessment of the project to verify its possible compliance with regulatory requirements and the possibility of continuing the process of obtaining authorisation.
- A person submits a completed application and all necessary documents.
- 10 working days. Latvijas Banka performs an examination of the completeness of the application: whether it has been completed correctly and whether all documents and information have been submitted (by list) to start their examination in substance.
- A person addresses shortcomings identified, if applicable.
- Resubmission of an application and documents for verification of their completeness.
- Latvijas Banka's letter regarding the initiation of assessment of the application.
- Latvijas Banka assesses the documents submitted.
- If any deficiencies are identified or additional information is needed, Latvijas Banka organises a meeting and prepares a letter.
- A person makes the necessary corrections and submits missing information and documents.
- Latvijas Banka continues the assessment of the application.
- If necessary, meetings are organised and a letter prepared about remaining deficiencies.
- A person makes the necessary corrections and submits the missing information and documents.
- Latvijas Banka finalises the examination of an application and draws up a draft decision.
- Latvijas Banka takes a decision on the issue of authorisation (with or without conditions) or refusal to issue authorisation.
Consultations with experts of Latvijas Banka
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