Challenges and Benefits of OECD Accession Process: Experience of Lithuania
The experience of Lithuania in the OECD accession process involves various objectives like national investment regime improvement, safeguarding measures, and coordination efforts with different ministries. Reservations and challenges in areas such as direct investment, real estate operations, and banking services were addressed during the accession process.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Challenges and benefits of the accession process the experience of Lithuania Donatas Tamulaitis
O Objectives bjectives Accession to the OECD/review in 21 committee Review and improvement of national investment regime Safeguarding certain measures Prudential safeguards EU legislation Other reasons
Coordination of the accession Coordination of the accession OECD accession 1. Coordination of the accession to the Codes Coordination group in MFA MFA: coordination of the process, communication with the OECD secretariat and Member states; all topics except financial sector Monthly reporting to the Government Ministry of Finance: coordination of all issues related to financial sector Parliamentary Working Group on OECD Accession Ministry of Economy: Investment screening Presidential office involved Other ministries and government institutions
Reservations Reservations withdrawn CLCM withdrawn during during accession accession, , List A Direct investment: I/A - In the country concerned by non-residents. Remark : The reservation applies only to : acquisition of land, forests and internal waters in Lithuania; except by foreign nationals, foreign permanent residents and foreign legal persons of a member of the EU, EEA, NATO and OECD including reciprocity provisions private security and surveillance services, ownership or participation except by investors of EU, NATO and EEA; non-EU/EEA financial brokerage firms, which are not allowed to operate by way of branches in Lithuania; Operations in real estate: - In the country concerned by non-residents. non-EU/EEA payment institutions, which are not allowed to operate by way of branches in Lithuania. List B III/A1 Remark: The reservation applies only to the acquisition of land, forests and internal waters in Lithuania. List A, Operations in securities on capital markets: - Purchase in the country concerned by non-residents IV/ C1 Remark: The reservation applies only to the purchase of shares of Central Securities Depository of Lithuania.
Reservations withdrawn during accession, Reservations withdrawn during accession, CLCIO Banking and investment services E/2 Remarks: The reservation applies only to: the extent that financial advisor companies are allowed to transmit orders of clients only to EU/EEA licensed financial brokerage firms and credit institutions, and branches of financial brokerage firms and credit institutions established in third countries. Advisory and agency services E/5 Remark: The reservation applies only to the provision of credit reference and analysis and investment research and advice in Lithuania by non-EU/EEA residents. E/7 Conditions for the establishment and operation of branches, agencies, etc. of non-resident investors in the banking and financial services sector. applies to the provision of investment services by branches of non EU/EEA resident financial brokerage firms; applies to the provision of payment services by branches of non EU/ EEA payment institutions. L/1 L/6 Advertising by all media ii) EU nationality requirement for the profession of patent agents.
6. Legal amendments 1) 2) 3) 4) 5) 6) 7) 8) Implementation of Paragraph 3 of Article 47 of the Constitution of the Republic of Lithuania 9) Law on Enterprises and Facilities of Strategic Importance to National Security and other Enterprises of Importance to Ensuring National Security 10) Law on Markets in Financial Instruments( II) Law on Markets in Financial Instruments Law on Patent Attorneys Law on Private Security Law on Acquisition of Agricultural Land Law of Banks Law on Merchant Shipping Law on Bar The Constitutional Law of the Republic of Lithuania on the
Challenges Challenges Lack of expertise Short deadlines Shortage of personnel Coordination among government agencies Turbulent political environment
Benefits Benefits Clean up of legislation removing unnecessary provisions Substantial amendments in legislation Liberalization of investment regime Improved understanding of the Codes, international investment regulation Improved understanding about our own investment regime Increased transparency for investors Helps to attract FDI /TBC Positive review in the Committee allowed us to move forward towards accession to OECD
