What the phrase means: We are supervised by the Bank of Lithuania
We have received the results of the planned inspection performed by the BANK OF LITHUANIA!
We want to celebrate results of planned NORDSTREET performance assessment. initiated by the Bank of Lithuania.
The Bank of Lithuania got acquainted in detail with NORDSTREET's activities and processes. During the inspection, the platform's operational documents, project selection and risk assessment procedures, and other platform's operational processes were analyzed.
The findings of the Bank of Lithuania's inspection are generally extremely positive - no sanctions were imposed, only a few minor discrepancies were identified, which were immediately corrected.
Thus, NORDSTREET's activities comply with the applicable legislation on crowdfunding activities.
The activities of NORDSTREET are supervised and regulated by the Bank of Lithuania
UAB Nordstreet is included in the Public List of Operators of Concentrated Financing Platforms. administered by the Bank of Lithuania.
- It sets out the requirements for crowdfunding platforms. For example, platforms operating under this law must:
- to act honestly, diligently, fairly and professionally in the best interests of the investor and the project owner and in their best interests;
- provide transparent information on projects;
- avoid conflicts of interest that could adversely affect the interests of the investor and the project owner;
- to properly assess the reputation and creditworthiness of project owners: to collect information on the financial condition of the project owner; assess the project owner's ability to meet financial obligations; make sure that no bankruptcy proceedings are instituted against the project owner; check the information provided by the project owner in available databases, etc.
- ensure the continuity of the platform in the event of emergencies.
How are regulated platforms different from non-regulated ones?
Unlike in Lithuania, the activities of some foreign crowdfunding platforms may not be specifically regulated. The following are the main differences that can occur between regulated and unregulated platforms.
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- Operates in accordance with special laws applicable to crowdfunding activities;
- The legislation provides for strict operational standards related to the protection of clients' interests (eg transparency of information, proper project risk assessment, etc.);
- Procedures for avoiding and managing conflicts of interest are provided;
- The activity requires a license / permit from the supervisory authority;
- The activities are constantly supervised by the state supervisory authority;
- Periodic activity reports to the supervisory authority;
- Scheduled and unscheduled performance inspections are performed.
- Activities are not regulated by special crowdfunding laws;
- There are no strict standards for the protection of clients' interests: there is often a lack of transparency in the evaluation of projects, the publication of information on the platform, the handling of client complaints, and so on.
- Activities are not licensed / do not require separate permits;
- The activity is not supervised by a special supervisory authority;
- The platform is not accountable to the supervisory authority;
- Increased likelihood of conflicts of interest.
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