Once the applicant has submitted the license application, the Bank of Lithuania will revert back with comments if there are deficiencies found in the documents submitted. If the applicant fails to revise the documents before the stipulated deadline (within 3 months for EMI for unrestricted activities; 2 months for EMI for restricted activities) and does not request a deadline extension, the Bank of Lithuania will not issue an EMI license to the applicant.
The Bank of Lithuania may also refuse to issue a license in the case when the information submitted do not comply with the laws and legal acts regulating the activities and authorisation of EMI.