The Analysis of Regulation on Sustainability in Financial Sector in Lithuania

<!DOCTYPE html> <html lang="en" dir="ltr"> <head>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-P63WKM1TM1"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-P63WKM1TM1'); </script>  <script type="text/javascript" > (function(m,e,t,r,i,k,a){m[i]=m[i]||function(){(m[i].a=m[i].a||[]).push(arguments)}; m[i].l=1*new Date(); for (var j = 0; j < document.scripts.length; j++) {if (document.scripts[j].src === r) { return; }} k=e.createElement(t),a=e.getElementsByTagName(t)[0],k.async=1,k.src=r,a.parentNode.insertBefore(k,a)}) (window, document, "script", "https://mc.yandex.ru/metrika/tag.js", "ym"); ym(55165297, "init", { clickmap:false, trackLinks:true, accurateTrackBounce:true, webvisor:false }); </script> <noscript><div><img src="https://mc.yandex.ru/watch/55165297" style="position:absolute; left:-9999px;" alt="" /></div></noscript>    <title>The Analysis of Regulation on Sustainability in Financial Sector in Lithuania</title> <meta name="description" content="The Analysis of Regulation on Sustainability in Financial Sector in Lithuania"> <meta name="keywords" content="Financial, market participant, legal, regulation, sustainability."> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <meta name="citation_title" content="The Analysis of Regulation on Sustainability in Financial Sector in Lithuania"> <meta name="citation_author" content="D. Kubiliute"> <meta name="citation_publication_date" content="2023/12/05"> <meta name="citation_journal_title" content="International Journal of Economics and Management Engineering"> <meta name="citation_volume" content="17"> <meta name="citation_issue" content="12"> <meta name="citation_firstpage" content="831"> <meta name="citation_lastpage" content="834"> <meta name="citation_pdf_url" content="https://publications.waset.org/10013391/pdf"> <link href="https://cdn.waset.org/favicon.ico" type="image/x-icon" rel="shortcut icon"> <link href="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/css/bootstrap.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/plugins/fontawesome/css/all.min.css" rel="stylesheet"> <link href="https://cdn.waset.org/static/css/site.css?v=150220211555" rel="stylesheet"> </head> <body> <header> <div class="container"> <nav class="navbar navbar-expand-lg navbar-light"> <a class="navbar-brand" href="https://waset.org"> <img src="https://cdn.waset.org/static/images/wasetc.png" alt="Open Science Research Excellence" title="Open Science Research Excellence" /> </a> <button class="d-block d-lg-none navbar-toggler ml-auto" type="button" data-toggle="collapse" data-target="#navbarMenu" aria-controls="navbarMenu" aria-expanded="false" aria-label="Toggle navigation"> <span class="navbar-toggler-icon"></span> </button> <div class="w-100"> <div class="d-none d-lg-flex flex-row-reverse"> <form method="get" action="https://waset.org/search" class="form-inline my-2 my-lg-0"> <input class="form-control mr-sm-2" type="search" placeholder="Search Conferences" value="" name="q" aria-label="Search"> <button class="btn btn-light my-2 my-sm-0" type="submit"><i class="fas fa-search"></i></button> </form> </div> <div class="collapse navbar-collapse mt-1" id="navbarMenu"> <ul class="navbar-nav ml-auto align-items-center" id="mainNavMenu"> <li class="nav-item"> <a class="nav-link" href="https://waset.org/conferences" title="Conferences in 2024/2025/2026">Conferences</a> </li> <li class="nav-item"> <a class="nav-link" href="https://waset.org/disciplines" title="Disciplines">Disciplines</a> </li> <li class="nav-item"> <a class="nav-link" href="https://waset.org/committees" rel="nofollow">Committees</a> </li> <li class="nav-item dropdown"> <a class="nav-link dropdown-toggle" href="#" id="navbarDropdownPublications" role="button" data-toggle="dropdown" aria-haspopup="true" aria-expanded="false"> Publications </a> <div class="dropdown-menu" aria-labelledby="navbarDropdownPublications"> <a class="dropdown-item" href="https://publications.waset.org/abstracts">Abstracts</a> <a class="dropdown-item" href="https://publications.waset.org">Periodicals</a> <a class="dropdown-item" href="https://publications.waset.org/archive">Archive</a> </div> </li> <li class="nav-item"> <a class="nav-link" href="https://waset.org/page/support" title="Support">Support</a> </li> </ul> </div> </div> </nav> </div> </header> <main> <div class="container mt-4"> <div class="row"> <div class="col-md-9 mx-auto"> <form method="get" action="https://publications.waset.org/search"> <div id="custom-search-input"> <div class="input-group"> <i class="fas fa-search"></i> <input type="text" class="search-query" name="q" placeholder="Author, Title, Abstract, Keywords" value=""> <input type="submit" class="btn_search" value="Search"> </div> </div> </form> </div> </div> <div class="row mt-3"> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Commenced</strong> in January 2007</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Frequency:</strong> Monthly</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Edition:</strong> International</div> </div> </div> <div class="col-sm-3"> <div class="card"> <div class="card-body"><strong>Paper Count:</strong> 33093</div> </div> </div> </div> <div class="card publication-listing mt-3 mb-3"> <h5 class="card-header" style="font-size:.9rem">The Analysis of Regulation on Sustainability in Financial Sector in Lithuania</h5> <div class="card-body"> <p class="card-text"><strong>Authors:</strong> <a href="https://publications.waset.org/search?q=D.%20Kubiliute">D. Kubiliute</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>The Republic of Lithuania is known as a trusted location for global business institutions and it attracts investors with its competitive environment for financial service providers. Along with the aspiration to offer a strong results-oriented and innovations-driven environment for financial service providers, Lithuanian regulatory authorities consistently implement the European Union's high regulatory standards for financial activities including sustainability-related disclosures. Since the European Union directed its policy towards transition to a climate-neutral, green, competitive and inclusive economy, additional regulatory requirements for financial market participants are adopted: disclosure of sustainable activities, transparency, prevention of greenwashing, and other. The financial sector is one of the key factors influencing the implementation of sustainability objectives in the European Union policies and mitigating the negative effects of climate change – public funds are not enough to make a significant impact on sustainable investments, therefore directing public and private capital to green projects may help to finance the necessary changes. The topic of the study is original and has not yet been widely analyzed in Lithuanian legal discourse. There are used quantitative and qualitative methodologies, logical, systematic and critical analysis principles, hence the aim of this study is to reveal the problematic of the implementation of regulation on sustainability in the Lithuanian financial sector. Additional regulatory requirements could cause serious changes in financial business operations: additional funds, employees and time have to be dedicated in order the companies could implement these regulations. Lack of knowledge and data on how to implement new regulatory requirements towards sustainable reporting causes a lot of uncertainty for financial market participants. And for some companies it might even be an essential point in terms of business continuity. It is considered that the supervisory authorities should find a balance between financial market needs and legal regulation.</p> <iframe src="https://publications.waset.org/10013391.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Financial" title="Financial">Financial</a>, <a href="https://publications.waset.org/search?q=market%20participant" title=" market participant"> market participant</a>, <a href="https://publications.waset.org/search?q=legal" title=" legal"> legal</a>, <a href="https://publications.waset.org/search?q=regulation" title=" regulation"> regulation</a>, <a href="https://publications.waset.org/search?q=sustainability." title=" sustainability."> sustainability.</a> </p> <a href="https://publications.waset.org/10013391/the-analysis-of-regulation-on-sustainability-in-financial-sector-in-lithuania" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10013391/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10013391/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10013391/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10013391/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10013391/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10013391/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10013391/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10013391/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10013391/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10013391/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10013391.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">218</span> </span> <p class="card-text"><strong>References:</strong></p> United Nations Resolution adopted by the General Assembly, dated on 25 September 2015: Transforming our world: the 2030 Agenda for Sustainable Development. Available: https://documents-dds-ny.un.org/doc/UNDOC/GEN/N15/291/89/PDF/N1529189.pdf?OpenElement. <br>[2] The Paris Agreement, dated on 22 April 2016. Available https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:22016A1019(01). <br>[3] European Commission’s Communication “The European Green Deal”, dated on 11 December 2019. Available: https://eur-lex.europa.eu/resource.html?uri=cellar:b828d165-1c22-11ea-8c1f 01aa75ed71a1.0002.02/DOC_1&format=PDF. <br>[4] European Commision “Sustainable Development Goals” (Online). Available: https://international-partnerships.ec.europa.eu/policies/sustainable-development-goals_en. <br>[5] European Union Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector, dated on 27 November 2019. Available: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32019R2088. <br>[6] European Union Regulation (EU) 2020/852 On the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088, dated on 18 June 2020. Available: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32020R0852. <br>[7] D. Kubiliute “Reikalavimai tvarumo rizikų politikai pagal ES Reglamentą Nr. 2019/2088 „Dėl su tvarumu susijusios informacijos atskleidimo finansinių paslaugų sektoriuje“, Online Journal Teise.Pro, dated on 30 April 2021. Available: https://www.teise.pro/index.php/2021/04/30/d-kubiliute-reikalavimai-tvarumo-riziku-politikai-pagal-es-reglamenta-nr-2019-2088-del-su-tvarumu-susijusios-informacijos-atskleidimo-finansiniu-paslaugu-sektoriuje/. <br>[8] European Union Commission Delegated Regulation (EU) 2022/1288 supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the content and presentation of the information in relation to the principle of ‘do no significant harm’, specifying the content, methodologies and presentation of information in relation to sustainability indicators and adverse sustainability impacts, and the content and presentation of the information in relation to the promotion of environmental or social characteristics and sustainable investment objectives in precontractual documents, on websites and in periodic reports, dated on 6 April 2022. Available: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022R1288. <br>[9] European Union Directive (EU) 2022/2464 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting, dated on 14 December 2022. Available: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022L2464. <br>[10] I. H-Y Chiu, Lin Lin, D. Rouch “Law and Regulation for Sustainable Finance”, European Business Organization Law Review, dated on 2022, No 23, pages 1-7. Available: https://link.springer.com/article/10.1007/s40804-021-00230-2. <br>[11] D. Busch “EU Sustainable Finance Disclosure Regulation”, Capital Markets Law Journal, dated on 2023, Vol 18, No 3, pages 303–328. Available: https://academic.oup.com/cmlj/article/18/3/303/7060045. <br>[12] European Securities and Markets Authority “Progress Report on Greenwashing”, dated on 31 May 2023. Available: https://www.esma.europa.eu/sites/default/files/2023-06/ESMA30-1668416927-2498_Progress_Report_ESMA_response_to_COM_RfI_on_greenwashing_risks.pdf. <br>[13] T. Busch, Ch. H. Cho, A. G. F. Hoepner, G. Michelon, J. Rogelj “Corporate Greenhouse Gas Emissions’ Data and the Urgent Need or a Science‑Led Just Transition: Introduction to a Thematic Symposium”, Journal of Business Ethics, dated on 2023, No 182, pages 897–901. Available: https://link.springer.com/article/10.1007/s10551-022-05288-7 <br>[14] European Union Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), dated on 27 April 2016. Available: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016R0679&qid=1696345198492 <br>[15] P. D‘Orazio, L. Popoyaan “Fostering green investments and tackling climate related financial risks: Which role for macroprudential policies?” Ecological Economics, dated on 2019, Vol 160, pages 25-37. Available: https://www.sciencedirect.com/science/article/abs/pii/S0921800918309601. <br>[16] Ch. Cremasco, L. Boni “Is the European Union (EU) Sustainable Finance Disclosure Regulation (SFDR) effective in shaping sustainability objectives? An analysis of investment funds' behaviour”, Journal of Sustainable Finance & Investment, dated on 29 September 2022, pages 1-20. 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The Analysis of Regulation on Sustainability in Financial Sector in Lithuania