Guidance on the preparation of qualitative application
Follow this guidance to ensure that an application for an operating permit is well-prepared and its examination by Latvijas Banka is swift and effective!
- Please read carefully the regulatory requirements.
- For submission of an application, use the application forms developed by Latvijas Banka and its attachments.
- Before submitting the official application, contact Latvijas Banka and agree on an appointment to discuss the planned business model.
- Complete all relevant fields of the application and its attachments, provide detailed information and add the necessary documents (if you believe that some information should not be provided in your case, please justify your opinion).
- In the application and its attachments, please specify exactly which section of the application is covered by the documents submitted supporting the information contained in the application.
- Please clearly indicate in the application form, which of the submitted documents and number of page (if applicable) justify the information provided.
- In the operational program, specify detailed information about how the planned service will be provided. We recommend that you display the process in the form of flowchart or diagram, describing the steps of the process, the flow of funds and documents, and so on.
- Please identify all risks associated with both the planned and the non-core commercial activity you are performing or planning to perform. Carry out a detailed risk assessment and provide for measures to mitigate and manage these risks.
- Identify the official or employee of the institution (not the consultant representative) as the main contact person.
- In the business plan, include financial forecasts (including a detailed cash flow of revenue and expenditure) for three scenarios – basic, optimistic and pessimistic.
- Develop policies and procedures according to your planned activity and services. They may not be activities that you do not carry out currently, but you may likely do in the future, and they cannot be just general patterns, including copied provisions of the law.
- Provide complete information on the beneficiaries of a qualifying holding (if you apply not for a licence but for the preferential registration regime of the institution, it is not required to submit this information), including detailed information and documents supporting it, both on the origin of the funds used to acquire a qualifying holding as well as on the funds and assets that prove the financial stability of individuals.
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