On Jul. 24, LTH PRL published law amending the payments law.
LTH PRL published Law XIV-2891 of Jul. 11, 2024, amending art 24 and supplementing the annex of Law VIII-1370 of Oct. 28, 1990 on payments of the Republic of Lithuania.
Follows LTH MoF Jul. 2024, regulatory changes for crypto sector, see #219861.
Follows LTH PRL Jun. 2024 amended the payments law, see #216754.
Main Points
The present law is the 28th legal text to amend the initial payments law VIII-1370.
Requirements of EU TFR Reg 2023/1113 won't apply to fund transfers to recipient's payment account when making payments only for the supply of goods or services.
If all the conditions specified in art 2, para 5 of Regulation 2023/1113 are met.
The annex is amended in order to include scope and references to TFR Reg 2023/1113.
Effectiveness
The law enters into force on Dec. 30, 2024.
Regulators
LTH PRL
Entity Types
Bank; CNSM; CU; MSB
Reference
OG 2024-13500, 7/24/2024; Law XIV-2891, 7/11/2024; Law VIII-1370, 10/28/1990; MiCA Reg 2023/1114; TFR Reg 2023/1113; Fintech
