03 Mar 2009
On 28 December 2007, the FSA received notification from the Bank of Lithuania that Bankas Snoras, a bank authorised and regulated by it, intended to establish a branch in the United Kingdom. In February 2008, the FSA used its powers of intervention and imposed a requirement that Bankas Snoras conduct no regulated activities from any branch in the United Kingdom.
Bankas Snoras referred the matter to the Financial Services and Markets Tribunal.
The FSA’s case was that Bankas Snoras was likely to fail to deal with the FSA in an open and co-operative way with respect to matters for which the FSA, as host state regulator, was responsible. The matter was due to be heard by the Tribunal in April and May 2009.
Bankas Snoras has decided to withdraw the Tribunal reference and not to proceed with a UK branch. The FSA continues to consider that its decision to intervene was fully justified in fact and law. We welcome Bankas Snoras’ decision.
