Investment regulation - Lithuania
The laws of the Republic of Lithuania do not require any specific disclosure/reporting in relation to assets held on accounts under a nominee name. However, the Lithuanian Law on Securities, article 23 establishes a notification obligation where specific thresholds are met.
An investor who invests in a securities market listed company must immediately, not later than within four trading days, inform the supervisory institution and the issuer, if investment crosses the thresholds of 5%, 10%, 15%, 20%, 25%, 30%, 50%, 75% or 95% of capital and/or voting rights in either direction.
An investor who fails to fulfil the disclosure obligation within an established period of time shall not, for two years period after the proper disclosure of the data concerned, have the right to hold at the issuer's general meetings of shareholders more votes than the last threshold of which he was duly notified. Moreover, all decisions adopted during the period between the acquisition of the holding and the moment of a proper disclosure of the information may be annulled by a decision of the court, if the decisions had resulted in a replacement of the issuer's managers or property or non-property rights of shareholders have been violated. Bank of Lithuania shall have the right to impose the following fines to persons, who have failed to timely notify of the acquisition or disposal of voting rights in the manner prescribed - up to EUR 10 million or up to 5% of the last financial year's income in case of being a legal entity or up to EUR 2 million if a natural person.
For details of the local domestic disclosure requirements, please refer to the Disclosure Requirements.