ECB issues opinion on Lithuania's CRD VI transposition into national law

The European Central Bank (ECB) has published its opinion adopted on 14 August in response to a request from Lithuania's Minister of Finance. The opinion concerns proposed amendments to the Law on Lietuvos bankas (the draft law) aimed at transposing Directive (EU) 2024/1619, commonly referred to as the Capital Requirements Directive (CRD VI), into national legislation. CRD VI introduces enhanced requirements for the supervisory independence of competent authorities and the prevention of conflicts of interest among their officials and employees. Lithuania's draft law seeks to reinforce the independence of Lietuvos bankas by introducing measures such as public disclosure of dismissal grounds for board members, structured cooling-off periods for former staff and board members, and broader post-employment restrictions. The ECB confirms that Lithuania's provisions on appointment and dismissal are consistent with CRD VI and the Statute of the European System of Central Banks. However, it stresses that national rules must remain compatible with the ECB's ethics framework, including the Single Code of Conduct and Guideline (EU) 2021/2256. It notes that the proposed 12-month cooling-off period for certain officials is less stringent than the ECB's own framework, which allows for up to two years. It also highlights that Lithuania's definitions of restricted entities post-employment are narrower than those in the Single Code. The ECB emphasises that the draft law must be interpreted without prejudice to the Single Code, as it may be amended from time to time.

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