Banking & Finance

Our team represents major international and domestic banks, investment firms, insurance companies and other financial institutions. We enjoy a heavy volume of banking-related work, including commercial lending, syndicated loans, refinancing and portfolio restructuring. Our team provides advice in relation to debt, equity, and derivatives offerings and regulatory issues, as well as restructuring options involving banks and other financial institutions. We work with our clients at every stage—arranging money for start-ups; negotiating mergers, joint ventures, and acquisitions; and arranging alliances. We advise on a range of complex financial transactions, particularly those in a cross-border context.  Our main areas of expertise: Capital Markets; Finance Regulation & Compliance; Investment & Pension Funds; Insurance; EU Funding & Investment Incentives.
Key projects in the field

Key contact

Giedrius Stasevičius

Partner

Co-head of Banking and Finance practice
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Ieva Dosinaitė

Partner

Co-head of Banking and Finance practice
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Team

Dr. Robertas Čiočys

Partner

Head of M&A, Private Equity and Corporate Establishment Team
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Gintarė Skrolienė

Senior Associate

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Domantas Gudonis

Associate

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Neringa Mickevičiūtė

Senior Associate

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Gytė Maleckaitė

Senior Associate

+370 607 62403
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Mindaugas Moskalionas

Associate Consultant

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Julija Šlekonytė

Senior Associate

+370 647 29616
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Eglė Radvilaitė

Junior Associate

+370 673 75123
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Jurgita Žiaušytė

Junior Associate

+370 634 94948
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What's new in the field
The Impact of Brexit on the Financial Market Participants
Read more

Key projects in the field

The Impact of Brexit on the Financial Market Participants
2021-02-08

Access to the EU single market and the free movement of the capital provide significant benefits for the EU-based financial market participants, i.e. with merely one single license issued in one Member State the financial market participant can freely operate in the whole EU market.
 
Taking advantage of such a benefit many fintech players were enabled to provide financial services across the whole EU from their one establishment in the UK.
 
However, the UK exit from the EU cut off access of the UK licensed market participants to the EU single market and, unfortunately, the UK-EU Trade and Cooperation Agreement does little to facilitate the UK based financial market participants’ access to the market. Therefore, from the 1st of January 2021 all financial market participants licensed in the UK lost their rights to offer their services to EU customers.
 
What has been done yet, the two sides have agreed to issue a Memorandum of Understanding regarding financial services regulation, financial stability and equivalence by the end of March 2021 that will give further clarity on the equivalence rules.
 
Equivalence refers to a decision by one state to recognise another state’s legal requirements for regulating a good or service; in practice, this means that a financial market participant would need only to comply with one set of requirements in both states and could access that state’s market pursuant to the scope given by that equivalence decision. Therefore, equivalence decision made by the EU would allow the UK to retain some rights to access the EU market.
 
However, it should also be noted that equivalence is not a substitute for the passporting rights created for the EU based financial market participants. Equivalence covers fewer services and allows operation in fewer areas, consequently it will not allow full access to the EU market for the UK based financial market participants.
 
Until today, European Commission has only granted time-limited equivalence decisions allowing UK central counterparties and central securities depositories market access in the EU.
 
Taking into account the uncertainty of the future equivalence decision and limited scope of operational rights granted with an equivalence, the UK based financial market participants wishing to continue the provision of financial services in the EU have to consider other market access measures, including:
  • setting-up a branch in a Member State – although this will limit the right to provide financial services only in the market of that particular Member State; or
  • establishing a fully authorized subsidiary in the Member State and passport its license across the EU.
We advised Witty Global on obtaining an electronic money institution license
2021-01-06
 
The Board of the Bank of Lithuania granted WITTY GLOBAL, UAB an electronic money institution license authorizing it to issue electronic money and provide payment services indicated in the Republic of Lithuania Law on Payments: cash withdrawal from an account, credit transfers, issuance of payment instruments and processing of payments. The firm was advised by Ellex in Lithuania Banking and finance practice.  
 
The Board of the Bank of Lithuania decided in favor of the company regarding issuing this license at the end of 2020.  
 
The institution indicated that its activity would not be focused only on legal entities. It also intends to offer services to individual groups of the population by age and their activity. WITTY GLOBAL, UAB intends to provide its services in the entire European Economic Area. However, its primary focus will be Lithuania, Latvia, Germany, France, Spain, Belgium, Poland, and Romania. Its customer support center will be established in Lithuania.  
 
The institution's direct shareholder (holding 100% of its shares) is Witty Tech Ltd, a company registered in the United Kingdom. Witty Tech Ltd owns a group of undertakings established in several countries, where it intends to obtain electronic money institution licenses. 
 
The Banking and Finance Practice team worked on the project: partner Ieva Dosinaitė, senior associates Julija Šlekonytė and Neringa Mickevičiūtė, associate consultant Mindaugas Moskalionas, associate Domantas Gudonis, and junior associate Eglė Radvilaitė. 
 
 
Ellex Valiunas assisted Baltic Sea Properties in obtaining refinancing loan at bank Luminor for EUR 23.4 million
25-04-2019
 
The law firm Ellex Valiunas assisted Norwegian real estate development company Baltic Sea Properties in obtaining refinancing loan at bank Luminor for EUR 23.4 million. The loan will be used to refinance 23 stores in Lithuania that are leased by the retail chain Norfa and the logistics centre where Rhenus Logistics is located.

According to the signed agreement, Luminor refinances financial liabilities of Baltic Sea Properties held in another bank in Lithuania and provides financing for other business needs.

According to the data of the end of 2018, the total value of commercial premises owned and operated by Baltic Sea Properties amounted to approximately EUR 104 mln. The company’s income from the lease amounted to EUR 7.67 mln. The company’s portfolio consists of 101.000 sq. m of commercial premises. Baltic Sea Properties is a listed company traded on Merkur Markets, Oslo Stock Exchange.

Ellex Valiunas associate partner Julija Nikitaravičienė assisted Baltic Sea Properties in negotiating refinancing and loan documentation.

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