Structure

The Chairman and Commissioners of the Securities Commission
The Lithuanian Securities Commission (LSC) is composed of its Chairman and four Commissioners. The Chairman and the Commissioners for a period of five years are appointed by the Seimas of the Republic of Lithuania upon the proposal of the President of the Republic of Lithuania. The activities of the LSC are managed by the Chairman of the LSC and in his absence – by a Deputy Chair of the Commission. Each Commissioner shall be appointed responsible for a specific area of activity of the Securities Commission and participate in the discussion of all issues assigned to the competence of the Securities Commission and passing of appropriate decisions:

Vilius Šapoka – Chairman of the Securities Commission;

Vaidas Cibas – Deputy Chairman in charge of the supervision of issuers, trading surveillance and the activities of the General Services Department and the Maintenance Service of the Securities Commission;

Vaidotas Jonutis – Commissioner in charge of the business conduct and information technologies areas;

Lina Lankė – Commissioner in charge of law enforcement and international relations area.

Renata Babkauskaitė – Commissioner in charge of business conduct supervision area.

Administrative Departments of the Securities Commission:

Business Conduct Supervision Department

Principal tasks of the Department – to ensure that all investors are treated honestly, fairly and professionally, and are provided with complete information necessary to enable them to take investment decisions on an informed basis.

The key functions of the Department shall be as follows:

• organise and conduct inspections with a view to ensuring that all financial brokerage firms, financial advisory firms, credit institutions, management companies, investment companies and depositories operate in compliance with the requirements of the relevant regulations, and draw up and submit to meetings of the Securities Commission proposals related to such inspections;
• examine the regulations of the funds drafted by management companies and the amendments to such regulations, Articles of Association of investment companies, and the amendments of such Articles of  Associations, submit to meetings of the Securities Commission conclusions in relation to the approval of the regulations of investment funds and their amendments, Articles of Association of investment companies, prospectuses and their amendments, also conclusions on the approval of the regulations of pension funds and their amendments;
• examine documents and submit to meetings of the Securities Commission the conclusions concerning the approval of the conclusion and amendment of the agreements between management companies and investment companies with their depositories, the candidates for the position of managers of the pension assets of pension associations and pension assets custodians, draft agreements on pension assets management and the custody of pension assets, and the amendments to such agreements; 
• examine the relevant documentation and submit to meetings of the Commission the conclusions regarding the recognition the benchmark indices as suitable;
• monitor advertising statements by persons providing investment services, examine the advertising material of pension accumulation activity and approve such material;
• examine other documents assigned to the competence of the Department and submit to meetings of the Securities Commission the conclusions on the issues related to the activities of financial brokerage firms, financial adviser companies, credit institutions, collective investment undertakings, pension funds, management companies and depositories;
• examine the complaints of the participants and investors in the markets in financial instruments, draw up the replies to their inquiries;
• examine and analyse periodic reports and activity reports of collective investment undertakings and pensions funds, notices on the composition of investment portfolios of collective investment undertakings and pension funds, and the operations in the assets of pension funds;
• submit explanations, recommendations and provide advice on the issues related to the activities of financial brokerage firms, credit institutions, management companies and pension funds and collective investment undertakings managed by them;
• examine the information and submit to meetings of the Securities Commission the conclusions concerning the activities in the Republic of Lithuania of financial brokerage firms, financial advisor firms, management companies or incorporated collective investment undertakings licensed in foreign States;
• examine the relevant information and submit to meetings of the Securities Commission the conclusions concerning the distribution of units or shares of foreign collective investment undertakings in the Republic of Lithuania;
• draw up proposals, comments and conclusions concerning legal acts governing the accounting, financial statements and audit of collective investment undertakings and pension funds.

Head of the Department – Dalia Karmazinienė
tel. 271 4926, e-mail: dkarmaziniene@vpk.lt

Activities of the Department are supervised by Commissioner Vaidotas Jonutis

Issuer and Trading Surveillance Department

Head of the Department – Aurelija Gasiūnienė
tel. 271 4930, e-mail: agasiuniene@vpk.lt

Activities of the Department are supervised by Deputy Chair Vaidas Cibas

Law and International Relations Department

Principal tasks of the Department – ensure conditions most favourable to the development of the capital market by reducing the administrative costs following the best practice of the EU Member States and ensure the quality and the legal certainty of regulation.

The key functions of the Department shall be as follows:

• draft legal acts governing the provision of investment services, the operations of markets in financial instruments, collective investment undertakings, pension funds and their management companies;
• perform the legal expertise of the draft legal acts drafted by the Commission;
• draw up the draft international agreements concluded on behalf of the Securities Commission with foreign supervisory authorities, coordinate such drafts with the competent Lithuanian institutions and perform other related actions, submit the required information to the competent institutions of the European Union and engage in exchange of such information;
• perform the legal expertise and assessment of the materials collected in the course of inspections of entities providing investment services, investment companies and management companies, draw up and submit such legal conclusions to meetings of the Securities Commission;
• draw up reports on the infringement of the Code of Administrative Violations of Law, the Law on Markets in  Financial Instruments, the Law on Collective Investment Undertakings, the Law on Supplementary Voluntary Pension Accumulation, draw up the draft resolutions of meetings of the Securities Commission concerning the imposition of sanctions, ensure the enforcement of the sanctions imposed;
• draw up the statements, claims and responses to them, complaints, other documents related to legal proceedings and represent the Commission in courts;
• accumulate the data base on sanctions imposed upon the undertakings and the related legal proceedings;
• within the competence of the Department draw up the official explanations, provide consultations and conclusions on issues related to the enforcement of legal acts;
• analyse the taxation issues relevant to development of capital markets, submit proposals concerning the improvement of taxation system;
• compile the programme for the examinations of financial brokerage firms, organise examinations and certifications to assess the knowledge and competence of financial brokerage firms, submit to meetings of the Securities Commission conclusions and proposals concerning the issue and revocation of financial brokerage licences;
• represent the Securities Commission in the working groups compiled by national and European Union institutions, the Committee of European Securities Regulators (CESR), the International Organisation of Securities Commissions (IOSCO), other international organisations and maintain relations with such institutions;
• coordinate and maintain relations with the capital market supervisory authorities of the EU Member States and other countries, cooperate with the supervisory authorities of other EU Member States in accepting and forwarding the notifications about the intentions of financial brokerage firms and management companies established in Lithuania and other Member States to provide services by establishing a branch or without establishing one.

Head of the Department – Ramūnas Kaklauskas
tel. 271 4939, e-mail: rkaklauskas@vpk.lt

Activities of the Department are supervised by Commissioner Lina Lankė

Prudential Supervision Department

Principal tasks of the Department – ensure the stable operations of financial brokerage firms, financial adviser companies, investment companies and regulated markets, are reliably managed ands are able to discharge their obligations.

The key functions of the Department shall be as follows:

• examine documents and submit to meetings of the Securities Commission proposals and conclusions concerning the issue and revocation of operating licences to financial brokerage firms, financial adviser companies, investment companies, regulated markets, also concerning the inclusion into and removal of pension associations from the list of Pension Associations;
• examine documents and submit to meetings of the Securities Commission the conclusions concerning the acquisition of blocks of shares of financial brokerage firms, management companies and regulated markets;
• examine documents and submit to meetings of the Securities Commission the conclusions concerning the approval of the candidates to the management positions of financial brokerage firms, financial adviser companies, management companies, investment companies and pension associations;
• monitor the compliance with the legal requirements by financial brokerage firms, financial adviser companies, investment companies, pension associations and regulated markets, analyse the information and submit to meetings of the Securities Commission the conclusions and proposals within the competence of the Department;
• monitor the compliance with the capital adequacy requirements by financial brokerage firms, management companies, operator of the regulated market, the central depository, organize and conduct inspections;
• collect, accumulate and analyse periodic reports of financial brokerage firms, financial advisor firms, management companies, investment companies, financial, operating and/or other reports of  pension associations. Draw up the analytical generalisations of such information;
• draw up proposals, comments and conclusions concerning the legal acts governing accounting, financial statements and audit of financial brokerage firms and management companies;
• draw up proposals and comments concerning the legal acts governing the system of the insurance of liabilities to investors and analyse the efficiency of the operation of the system.

Head of the Department –

Activities of the Department are supervised by Commissioner Renata Babkauskaitė

General Services Department

The key functions of the Department shall be as follows:

• draw up the draft regulations governing the work and the organisation of the activities of Commissioners, public servants and employees on contractual;
• draw up the draft orders of the Chairman of the Commission related to the work, vacations, business trips of the employees of the Commission and register the same;
• organise courses and training events for the professional development of the staff of the Securities Commission, draw up training schedules;
• organise competition for public servant positions;
• organise the assessment of the professional performance of public servants, submit proposals concerning the establishment of bonuses, incentives and imposition of sanctions;
• examine complaints within the competence of the Department, analyse the composition and the change in the staff of the Securities Commission, labour discipline, draw up the position lists and submit proposals to the management concerning the change thereof;
• form the personal dossiers of the employees, is responsible for the issue and the accounting of official certificates;
• draw up the certificates and other documents necessary for dealing with the social issues of the employees, certify copies of the documents;
• organise the management of the Securities Commission documentation, carries out the control and search of letters, and control the performance of tasks and obligations;
• register and manage the incoming and the outgoing correspondence;
• organise the administration, protection and control of classified information;
• assist persons in executing their right to access information and in an established manner serve the applicants according to “one-stop” principle;
• accept to the archive the files and registers compiled by the Departments of the Commission, and manage their accounting, select the files (documents) to be destroyed, and draw up the Commission’s documentation plan;
• form and manage the Commission’s Reading Room fund, perform the public procurement of specialised literature in a simplified procedure, serve the readers in the Reading Room in an established procedure;
• perform the translation of legal acts and other documents into/from English;
• maintain relations for foreign and the respective local authorities concerning the issues of translation expertise of the EU legal acts and the legislation of other foreign States governing the operations of the markets in financial instruments;
• examine the compliance of the drafts of legal acts and other documents drawn up by the employees of the Securities Commission with the requirements of the Rules on the Drawing up and Recording of Documents and the requirements of the State Commission of the Lithuanian language;
• assist in arranging the qualification examinations for financial brokers;
• organise the drawing up of the applications to receive support from the EU structural funds according to different programmes.

Head of the Department – Jolita Abaravičienė
tel. 271 4919, e-mail: jabaraviciene@vpk.lt

Activities of the Department are supervised by Deputy Chair Vaidas Cibas

Information Technologies Department

Principal tasks of the Department:

• draw up the proposals concerning the development of information technologies, draw up and monitor the implementation of information technologies projects, and the installation of hardware and software;
• install and ensure the proper operation of applications and computer hardware, administer servers, LAN, computer equipment, system users, electronic mail, Commissions’ data base and the website;
• perform the data copying, data recovery data and ensure the safety of information systems and servers;
• provide assistance and consultations to users of computer working places, organise training for employees in IT areas.

Activities of the Department are supervised by Commissioner Vaidotas Jonutis

Finance Department

Principal tasks of the Department:

• draw up the draft legal acts governing the accounting methods and regulations designed to manage the accounting and the drawing up of financial statements of the Securities Commission;
• draw up the draft estimate of the Securities Commission’s expenditure;
• participate in the consideration of the draft budget estimates held at the committees of the Seimas of the Republic of Lithuania;
• organise and manage the accounting of the Securities Commission;
• perform the ex-ante and ex-post financial control, approve the draft orders and agreements drawn up by the Chairman of the Securities Commission;
• perform cash operations;
• effect settlements with the employees, banks, State budget, Sodra, other entities, institutions and organisations, foreign entities;
• ensure the proper use of the Social insurance and the non-budgetary funds and manage the accounting thereof;
• organise and conduct the stock-taking of monetary funds, non-current tangible, non-tangible and current assets;
• control the compliance by the employees of the Securities Commission with the requirements of financial discipline, the procedure for securing the material valuables, and the accounting of working hours;
• ensure the timely drawing up of financial statements.

Head of the Department – Lina Butėnienė
tel. 271 4924, e-mail: lbuteniene@vpk.lt

Maintenance Service

Principal tasks of the Service:

• draft the regulations governing the procedure for public procurement by the Securities Commission, the procedure for the use of the State assets used on fiduciary basis, and draft regulations governing labour and fire protection procedures;
• submit proposals concerning the planned public procurements, organise and arrange the public procurement tenders launched by the Securities Commission;
• manage the quantity accounting of material valuables of the Securities Commission, participate in the stock taking of material valuables;
• control the use of the premises of the Securities Commission, engineering networks and the operation of the office equipment;
• organise the labour and fire protection arrangements at the Securities Commission and assume the responsibility in respect thereof;
• ensure the protection of material valuables;
• organise the proper use of the office means of transportation of the Securities Commission;
• organise the maintenance of the sanitary condition of the premises of the Securities Commission.

Head of the Department – Rolandas Radzevičius
tel. 271 49 99, e-mail: rradzevicius@vpk.lt

Activities of the Service are supervised by Deputy Chair Vaidas Cibas