Amendments To The Investment Management Company Law

Original Language Title: Grozījumi Ieguldījumu pārvaldes sabiedrību likumā

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The Saeima has adopted and the President promulgated the following laws: law on investment management company to make the investment management company Act (Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 1998, no. 3; 2000, no. 13; 2002, 23 no; 2004, nr. 9, 9. No; 2007; 2008, 14, 15, 23 no; Latvian journal 51. nr., 2010; 173. in 2011, no; 2013, 142, no. 192; 2016, 31 No.) the amendments are as follows: 1. Article 1: turn off paragraph 13; Express 27 the following: "27) cross-border fund administration-management service that is provided to a country that is not the foundation that manages the company's country of origin;" to supplement the article with 41 points as follows: "41) investment management company (hereinafter referred to as the management company or the company), a company whose main activity is the management of investment funds or State funded pension scheme funds administration."; to supplement the article with the second part as follows: "(2) the terms used in this Act" financial instrument "shall mean the financial instruments covered by the law on the financial instruments market."; believe the current text of the first part of the article.
2. Turn off the article 4, first paragraph, second sentence, the words "(hereinafter — the company)". 3. Supplement article 7.1 with the eighteenth as follows: "(18) society at least once during the 12 month period shall submit to the Commission the list of shareholders who have qualifying holdings in that it indicates the amount of participation." 4. in article 8: express the sixth paragraph 2 by the following: "2) 25 percent from the previous year's regular full cost or fixed overhead cost totals, as calculated in accordance with Regulation No 575/2013."; replace the word "eighth" with the words "may provide". 5. Supplement article 10 sixth with 11 points as follows: ' 11) a description of the procedure for internal reporting arrangements regarding this law and on that basis, the Commission issued regulatory offences, as well as the received message handling policy. " 6. Article 13: to supplement the first part of paragraph 9 and 10 by the following: "9) provides executive and employee remuneration policies and practices that meet the prudent and effective risk management and promote, but do not encourage risk-taking over the public certain permissible risk taking level; 10) ensure that creates a special and independent reporting channel that allows anonymous employees of the management company to report under this law and on that basis, the Commission issued regulatory offences, and ensure that the implementation of effective procedures for handling messages received. "; Add to the second part of paragraph 8 with the following: "8) provides executive and employee remuneration policies and practices that meet the prudent and effective risk management and promote, but do not encourage risk-taking over the public certain permissible risk taking level."; to supplement the first sentence of the seventh paragraph of the words "and will not result in duplication of requirements or unequal treatment to investors of the Fund"; Supplement to the sixteenth article of the following wording: "(16) the requirements with respect to the remuneration referred to in this article to the policies and practices of the Commission." 7. in article 13.1: Add to the first paragraph, after the word "Act" with the words "fairly and independently of the custodian and" and after the word "care" — with the words "only" and the Fund; Add to article 1.1 part as follows: "(11) the company shall act as a management services provider, and as custodian." 8. To supplement the law with article 14.2 following wording: "article 14.2. Custodian of public and operational independence (1) society for the management of the investment fund, provided that they comply with the European Commission of 17 December 2015 the delegated Regulation (EU) no 2016/438 supplementing the directive of the European Parliament and of the Council as regards the duties of the depositary 2009/65 (text with EEA relevance) (hereinafter Regulation No 2016/438) the requirements of article 24. (2) If a company, the management of the State funded pension scheme features the same company group with a custodian, the company does one of the following requirements: 1) followed in article of Regulation No 2016/438 24 requirements; 2) shall submit to the Commission an annual sworn auditor's report sworn auditor according to the Commission in accordance with the third paragraph of this article, issued recommendations (guidelines) provide views on whether a custodian and location in one of the public companies in the group do not adversely affect the State funded pension scheme investment plan for responsible and effective administration and custodian of the due performance of obligations, including the assessment of duties and responsibilities between the public and the custodian. (3) the Commission shall issue recommendations (guidelines) for the criteria which are taken into account in the auditor's certified, providing a view of the second paragraph of article 2 of the conditions referred to in paragraph detection. (4) the company shall submit to the Commission, the second paragraph of this article, paragraph 2 of that report until next April 1. "
9. Express article 20 of the fourth subparagraph by the following: "(4) the assets of the Fund must not be included in the society, a custodian or a third party, at which a custodian there keeping it placed at the Fund's assets as property of the debtor, and split or realize it, if the creditor company, custodian or the third person has been declared bankrupt or liquidation of the debtor have been initiated." 10. the third paragraph of article 28: off 5, second sentence; Add to part with 5.1, 5.2 and 5.3 points as follows: "51) that the various classes of the Fund investment certificates of funds (if such classes are created for the units), according to the prospectus of the Fund invests in a specific investment policy and abiding contribution limits. Investment certificates secure rights and obligations covering the entire property of the Foundation. One of the Fund's investment certificates of one class are equal in rights; 52) each class of units characteristics, rights and business specifics of these rights, as well as provide an indication of the Fund's income and continuing charges that are not directly linked to the relevant class of units; 53) Fund business accounting procedures to ensure that the performance of transactions one class within the units do not affect other investment certificate class fixed the rights and interests of investors, as well as the order in which one class of investment certificates are exchanged against other class units, if this possibility is intended; ".
11. off 37. the third and fourth. 12. Turn off the first paragraph of article 38 of the second sentence. 13. Article 40: make the second paragraph as follows: "(2) The custodian of the Fund established in Latvia may be a licensed credit institution in Latvia, or state licensed credit institution branch in Latvia."; Add to article 2.1 part as follows: "(21) the company shall ensure that each Fund has only one custodian."; make the third paragraph as follows: "(3) the Custodian by the obligations laid down in the law, acts honestly, fairly, professionally, regardless of the society and the Foundation and the Fund only in the interest of investors, as well as to comply with the requirements of Regulation No 2016/438."; Add to article 4.1 part as follows: "(41) a custodian must not perform or Fund on behalf of the society, acting on behalf of the Foundation, activities or duties that may cause a conflict of interest between the custodian and the Fund, its investors or the public, unless the custodian is functionally and hierarchically distinguish from custodian duties other duties that create potential conflicts of interest, and these potential conflicts of interest are properly identified , managed and monitored in accordance with internal procedures, and they are aware of the Fund's investors. " to supplement the article with the sixth part as follows: "(6) the Custodian shall establish a special and independent reporting channel that provides its employees the option of anonymous custodian within the report on the law and on that basis, the Commission issued regulatory offences." 14. Article 41 be expressed as follows: "article 41. Keeping custody of the assets of the Fund (1) the company shall open a separate account for each custodian of its administration to the existing Fund. The identity of the Fund, by opening an account at the custodian, is considered the Foundation name and the registration number assigned by the Commission. (2) the income of the Fund's assets and income from units in favour of emissions to the appropriate fund custodian. (3) the Custodian may make payments from the Fund to the public order of the Foundation in accordance with the law, the prospectus of the Fund, the Fund's Management Charter and a custodian agreement. (4) the Custodian shall ensure that all funds are listed and all fund investors or their behalf payments made for the purchase of investment certificates of the Fund received and posted in one or more of the Fund's cash accounts: 1) opened to the public, or the custodian of the Fund's name, if the company or custodian acting on behalf of the Fund; 2) opened in the central bank of the Member State, if it provides such a service, the licensed credit institution or credit institution authorised in the Member State, or a foreign country licensed credit institution; 3) with existing cash accounting is carried out in accordance with the fifth subparagraph of this article. (5) the money or the holding fund to the financial instruments belonging to the records, the custodian shall ensure that: 1) are counting in such a way as to ensure that client funds and financial instruments are booked in a timely, complete and accurate; 2) is possible at any time to distinguish between belonging to the Foundation funds or financial instruments from the custodian or other custodian holds client funds or financial instruments; 3) records are regularly compared with those third party transfers of funds or financial instruments, which are kept in the funds or to which a custodian holds financial instruments; 4) has set up an organizational system to reduce the risk to customer asset or assets associated with the loss or reduction of the rights that may arise the wrong use of the assets, fraud, poor administration, inadequate accounting or negligence. (6) the Custodian shall take possession of the funds belonging to the financial instruments that can be booked in the financial instruments account opened a custodian, and the financial instruments that can bring the custody and ensure entry in separate custodian accounts opened on behalf of a company, acting on behalf of the Fund or the Fund's name, and records in accordance with the fifth subparagraph of this article. (7) the Custodian shall take possession of other assets, if the Fund is satisfied that the Fund or company acting on behalf of the Fund's ownership of these assets. A custodian shall keep the said verification of ownership and restore the records on the basis of the Fund or its public ownership provided supporting documents, which shall act on behalf of the Fund, as well as to the information which the custodian is obliged to obtain from public records, if available. (8) the Custodian shall provide the public with a complete overview of it holding the assets of the funds transferred in custody in accordance with the procedure laid down in the Treaty. (9) a custodian or a third party, at which are kept in the Fund's assets may not be in their own name to reuse it, holding the assets of the Fund are attached. Reuse of assets include any actions taken by holding assets, including their transportation, keeping, selling, and lending. (10) the Custodian is entitled to re-use it in holding assets transferred, subject to all of the following conditions: 1) the assets of the Foundation are used to fund the account and follow the instructions of the company, acting on behalf of the Fund; 2 the use of the asset) is beneficial to the Fund and is it in the interest of investors; 3) from transactions resulting obligations guaranteed by high quality and liquid securities in accordance with the arrangements for the transfer of ownership has been received by the Fund. The market value of the security is always at least reuse of assets to market value, plus fees for the reuse of assets. (11) current accounts opened in the name of the custodian, acting on behalf of the Fund must not be posted by third parties and the custodian of funds. " 15. the first subparagraph of article 42: express the following paragraph 2: ' 2) to ensure that the Fund's investment certificate issuance, sale, atpakaļpirkšan, deleting, and cancellation take place in accordance with the law, the prospectus of the Fund and the Fund's Management Charter; " Replace in paragraph 3, the words "follow to fund" with the words "to ensure that the Fund's investment certificate"; make paragraph 6 by the following: "6) ensure that in transactions with the Fund's remuneration is paid to the Foundation on time;". 16. Article 43 be worded as follows: "article 43. The holding of assets to third parties (1) the Custodian may hold financial instruments or other assets of the Fund to third persons, if there is a good reason to and a custodian does not avoid the requirements of this law, it is intended to be a custodian agreement and compliance with the provisions of this article. (2) a custodian is prohibited to transfer to third parties article 41 of this law in the fourth paragraph, and 42 the first paragraph of article 2, 3, 4, 5 and 6. (3) a custodian to hold the holding of the Fund's assets to a third party shall not relieve the custodian of law and a custodian contract responsibility. (4) the Custody, bringing the Fund's financial instruments or other assets of the Fund for the holding of the third party, comply with the following conditions: 1) skillfully and carefully chosen third party and all the time, as long as they are kept at the financial instruments or other assets of the Fund, skillfully and carefully inspected periodically and regularly monitor how third party perform the tasks conferred on it; 2) regularly make sure that the third party is an appropriate organisational structure, sufficient experience and knowledge of the Fund's financial instruments or other assets for keeping; 3) regularly to ensure that the country, which are kept in the financial instruments to third parties applies in Latvia monitoring requirements equivalent to the requirements of the regulatory action and monitoring, as well as the fact that this person is subject to an annual mandatory sworn auditor audit is to get an opinion on the existence of financial instruments; 4) regularly make sure that third party custodian of customer assets separate from its there and custodian assets so that they can be clearly identified as a custodian of certain assets belonging to clients; 5) regularly make sure that third parties take all necessary measures in the event of the insolvency of the Fund to its assets, which are held at a third party, are not included in the third-person as the property of the debtor; 6) regularly make sure that the third party adhere to article 40 of this law and in the third part, article 4.1 41 in the sixth, seventh, ninth and tenth part, article 47 in the first part and the second part of article 15 in relation to the requirements of the custodian. (5) if the foreign law provides separate keeping of financial instruments only in a foreign country, but the registered companies in the country concerned is not a company that meets the fourth paragraph of this article, paragraph 3 these requirements, the custodian may hold financial instruments the fourth part of this article, paragraph 3, of the non-compliant foreign companies registered in so long, to a foreign country is registered to a third party in this article to the requirements of the relevant company. (6) if the custodian of the Fund's financial instruments there that this article is referred to in the fifth subparagraph, a foreign company, the company shall ensure that the investors of the Fund before investing in being aware of the financial instruments of foreign holding company based on foreign legislation on the grounds of holding these and related risks, and that the custodian of the company, acting on behalf of the Foundation, has received written instructions for keeping those financial instruments in a foreign company. (7) a third party may keep the Fund's financial instruments or other assets of the Fund to the other person, if the person in respect of compliance with the same requirements as put in the third person. Financial instruments or other assets of the Fund holding to third parties does not exempt a custodian of this statutory responsibility for performance of the duties entrusted to it. (8) financial instruments or other assets of the Fund holding to a third party within the meaning of this article shall not be considered "in the law on settlement finality in payment and settlement systems of financial instruments" this payment and settlement systems of financial instruments of the services or similar services provided by foreign financial instrument accounting system. " 17. in article 46: make the first paragraph by the following: "(1) a custodian's full response to the Fund, the Fund's investors and the public about the damage caused when a custodian with the intent to breach the law or custody agreement or negligently made."; Add to article 1.1, 1.2 and 1.3 of the part as follows: "(11) a custodian's response to the Fund and the fund investors on the financial instruments which are held for loss to a custodian or a third party. (12) financial instruments in the event of loss of custody without delay as soon as possible, replace the Foundation and fund investors lost financial instruments with the same categories of financial instruments and other financial instruments that are of value and liquidity are equivalent to the lost financial instruments, or the cost of the lost value of the financial instruments appropriate compensation in cash. The amount of the refund shall be fixed in accordance with the financial instruments belonging to the Foundation of the accounting value of a day when found in an irreversible loss of financial instruments. (13) the Custodian shall not be liable to the Fund or the fund investors on the financial instruments which are held for loss to a custodian or a third party, if a custodian can demonstrate that the loss arose the external circumstances that custody with reasonable means have not been able to influence and the consequences of which would have been inevitable, despite efforts by reasonable means to achieve the opposite. '; to supplement the article with the third part as follows: "(3) the custodian responsibilities laid down under the first, 1.1, 1.2 and 1.3 of part, should not be excluded or limited by contract. Any contract that is contrary to the first sentence of this paragraph is not in effect by the time of conclusion. " 18. in article 47: adding to the second part of paragraph 15 with the following: ") 15 custodian functions require the exchange of information between the company and the custodian."; turn off the fourth and fifth. 19. Replace article 48 the first part of paragraph 7, the word "started" with the word "complete". 20. the express 51. the second subparagraph by the following: "(2) the Fund's investment certificates can have different class with the following characteristics: with different denominations, the minimum investment the amount, currency, application fees for different voting rights or the right to fund the distribution of income. If the Fund is intended for the various classes of investment certificates, the company observes the following rules: 1) this Act provides in the third subparagraph of article 28 in 5.1 and 5.3 requirements; 2) when you create a new or an existing switch units class, for the amendment of the fund prospectus, indicating the information referred to in this paragraph, as well as provide an explanation of the potential impact on existing investors. " 21. Replace article 56 of the fifth part of the introductory part numbers and the word "16 and 23" with numbers and the word "16., 23., 26, and 27.". 22. the third paragraph of article 57:10.1 points to express the following: "101) this law article 28 of part three of the information referred to in point 5.2;"; Express 21 as follows: "21) custodian firm, registration date and number, the legal address and location of the actual address of the custodian responsibilities and performance potential conflicts of interest. If the custodian of the Fund's assets there to a third party, the custodian shall provide this list of third parties and the reference to possible conflicts of interest related to the keeping, as well as the statement that updated the information provided in this paragraph, the Fund's investors will be available upon request; " Add to part with 26 and 27 the following: "26) remuneration policy of the company snapshot, which includes at least the following elements: a description of how the company calculates pay, person responsible for the granting of remuneration, the remuneration Committee, if one exists. Fund prospectus may provide only a summary of this information, if a prospectus contains a link to the company's home page on the internet where this information is available in full and that it is possible to get a paper form upon request free of charge; 27) if the custodian intends to keep the Fund's financial instruments in article 43 of this law in the fifth subparagraph, in that foreign companies — information about the keeping of financial instruments in a foreign company, based on foreign law restrictions, the following reasons for holding and associated risks. " 23. in the second subparagraph of article 57.1: Express (1) of the following: "1) identification data of the Fund and its management authority;" Add to part with point 6 in the following wording: "6) statement that the information about the current remuneration policy, drawn up in accordance with article 57 of this law in the third subparagraph of paragraph 26 and is available on the company's website on the internet, including an indication where information about the current remuneration policy fully available and where it is possible to receive free of charge, upon request, on paper." 24. Replace the first paragraph of article 67 of the in paragraph 3, the words "investment certificate (part) number of" with the word "value". 25. Add to article 75.2 with 2.1 part as follows: "(21) the Commission may require the licensed company in Latvia to change the annual accounts or consolidated annual accounts audit (examination) of the shareholders ' meeting appointed a certified auditor, if Latvia licensed public monitoring, the Commission finds that the sworn auditor professional activity does not meet the requirements of the law." 26. Turn off the fifth subparagraph of article 77.1 (1) the names and the number "corresponding to article 47 of this law in the fourth and fifth part". 27. in article 77.3: replace paragraph 2 of part IX, the word "society" with the words "it manages the public"; express the ninth part of paragraph 4 by the following: "4) ensure that investors in Latvia is available on the Foundation of the company that manages the application of the investor and the complaint handling policy (dispute), and they can make a complaint about the services provided by the Latvian language;" Add to article 9.1 of the part as follows: "(91) governing the fund company, closed a contract of investment certificates of the Fund distribution in Latvia with any of this in the first paragraph the following commercial companies, the contract shall include provisions on the ninth of this article part 1., 2., 3., 4., 7 and 8 set out in the compliance procedure, as well as the parties ' responsibility for it." 28. in article 78: replace the sixth subparagraph in paragraph 2, the words "phone print" with the words "telephone, electronic communication"; to supplement the article with the seventh subparagraph by the following: "(7) in view of the public nature of cross-border activities, to ensure that in all Member States for the application of uniform monitoring practices, the Commission has the right to determine the other company and Foundation activities in the areas of regulatory requirements stemming from the European Securities and markets authority guidelines and recommendations to the public and under the supervision of the operations of the funds." 29. To supplement the law with article 86.1 of the following: ' article 86.1. Reporting of possible violations of the law and (1) on the possible and this law and on the basis of regulations issued by the Commission for infringement of any legal or natural person may notify the Commission and the European Securities and markets authority. (2) the Commission shall establish and maintain an effective and reliable reporting system that includes at least the following elements: 1) in the order in which reports are received for infringements and the follow-up action; 2) in accordance with the regulations on the physical protection of personal data the personal data protection, which shall report on the irregularity as well as the physical protection of personal data, which is suspected of having committed an infringement; 3) provisions on the confidentiality of the person who reported the violation, unless the disclosure of such news provides for the legislation of Latvia. (3) the order in which it is reported the alleged and actual this law and on that basis, the Commission issued regulatory offences and a Commission reporting system received messages are processed by the Commission in the legislative provisions. (4) reporting, which, in accordance with the first paragraph of this article shall be made public and custodian staff, should not be considered in the contract and any regulatory prohibition in the Act to disclose the information, and the person is not responsible for such reporting. Or custodian of the public employees who report violations in society or a custodian must not bring other discriminatory or unjust actions. " 30. in article 87: make the first part of paragraph 2 as follows: "2) for false declarations to the Commission or the following the news, with the exception of public dissemination of false news provision 1.3 of this article, part 2 in the case specified in paragraph; "; make the first part of paragraph 4 by the following: "property of the Fund 4) accounting and keeping of a breach of the provisions of this article, except for breaches of part 7, paragraph 1.3 cases;" turn off the first part of paragraph 10; turn off 1.1; to supplement the article with 1.3 and 1.4 part as follows: "(13) the Commission is empowered to impose sanctions and monitoring activities for the following offences: 1) the person is obtained, directly or indirectly, or reduced, ceased or increased a substantial participation in society, not subject to this law, the procedure laid down in article 7.1, or if, once the public has learned about the holding company acquisition or termination, reaching, exceeding or reducing this law, in the fourth paragraph of article 7.1, determine the extent of participation , not about being notified to the Commission; 2) company has obtained a license for the operation of the public by providing false information or other unlawful manner; 3) the undertaking does not comply with this law, article 7.1 of part 18, article 13, first paragraph, of the first paragraph of article 13.1, article 15 or chapter VI; 4) society again to fulfil the requirements relating to the obligation to provide information to investors of the Fund; 5) company distributes its management in Latvia in fund units registered in another Member State prior to notification to the Commission;
6) society for financial derivatives do not comply with the risk management policy and does not provide independent and accurate financial derivatives valuation process; 7) custodian does not fulfil their obligations in accordance with article 41 of this law in the fourth, fifth, sixth, seventh, eighth, ninth, tenth and eleventh part or the first paragraph of article 42; 8) Fund has started operations of the Commission prior to registration; 9) provides investment management services without a licence. (14) the Commission referred to in section 1.3 of this article, the offences of the person entitled to apply one or more of the following sanctions and supervisory measures: 1) make a public statement indicating the person responsible for the infringement and the nature of the infringement; 2) require that the person responsible for the infringement shall immediately terminate the action; as regards Fund 3) prohibit transactions with fund assets until all the circumstances of the case to establish or decide to turn the Fund from the Fund register of the Commission; 4) relating to the company to stop its activities temporarily or revoke the license issued to the public; 5) to provide for temporary or permanent ban on the company's Management Board or other natural person responsible for the infringement, to fulfil the obligations in this or another society; 6) impose a legal person a fine of up to five million euros, or 10 percent of its total annual turnover, on the basis of the last audited annual report, but, if the legal person is a parent company or a subsidiary of the parent undertaking which prepared the consolidated financial statements in accordance with the laws of the Member State of origin requirements, then the total annual turnover is the total annual turnover, or appropriate forms of income in accordance with the relevant laws of the Member State of origin in the area of accounting , based on the last audited consolidated accounts; 7) impose for infringement of the responsible natural person a penalty of up to five million euro; 8) as an alternative to this part of the 6 or 7 defined in point to impose a fine of up to double the income gained as a result of an irregularity about where such income can be determined, even if at this point given the penalty exceeds 6 or 7 of this part specified in paragraph. "; to supplement the article with the third and fourth subparagraph by the following: "(3) when deciding on sanctions or enforcement measures to control persons who violated financial and capital market laws and regulations, regulatory requirements and the amount of the fine, the Commission takes into account all the circumstances, including the financial and capital market Commission, the statutory conditions as well as possible violations of committing systematic effects and assess the proportionality of the sanctions applied, the effectiveness and deterrent nature. (4) On the law and on the basis of the regulatory Commission issued rules breach of the Fund, the company or the custodian responsibilities the Commission can impose sanctions or surveillance measures to Board members or other persons who, under the laws and are liable for the infringement committed. " 31. Supplement article 87.1 of the chapter IX with the following: "article 87.1. Sanctions and the disclosure of surveillance measures (1) the Commission has informed the person of the decision taken, its homepage on the internet publish details of sanctions applied to persons and surveillance measures on this law and on the basis of the Commission issued regulatory offences, identifying the person and the nature of the infringement committed and the nature, as well as information about the administrative act issued by the opposition and appeal procedures and any further information about the results of the appeal as well as any decision that reversed the previous decision on the sanctions applied to the person or to surveillance measures. The requirements referred to in this paragraph does not apply to surveillance measures, which are set to continue until the relevant administrative proceedings. (2) where the Commission, after a preliminary assessment, finds that the disclosure of personal data for which an appropriate sanction or measure of supervision is disproportionate or such disclosure may endanger the stability of financial markets or the relevant administrative proceedings, the Commission is entitled to take one of the following: 1) defer the information about the sanctions applied to the person or to the public, the supervisory measures to cease to exist, conditions for the suspension of the publication; 2) to the public information referred to in the first subparagraph, without identifying the person, if the publication provides effective protection of personal data; 3 not the public) information referred to in the first subparagraph if this subparagraph in point 1 and 2, certain actions are considered insufficient to ensure financial market stability and that the disclosure is necessary for the attainment of the established supervisory measures, if they are to be considered as minor. (3) the second paragraph of article 2 laid down in paragraph case disclosure may be postponed for a reasonable period, if during this period is expected to disintegrate the Foundation for issue, without identifying the person. (4) in accordance with the procedure laid down in this article, the Commission website contains internet information is available for a period of five years from the date of insertion, the exception contained in the publication of personal data to be stored in the Commission's home page on the internet at individual data protection law in the given time period. (5) the Commission shall inform the European Securities and markets authority, but applied to a person in accordance with this article, second paragraph, point 3 not announced changes to sanctions and monitoring measures, including on the administrative appeal Act and its results, announced changes to the sanctions applied to the person and the monitoring measures on information and court judgments which are not appealable, and about the person the applicable criminal penalties. Once a year the Commission shall provide the European Securities and markets authority to gather information about all the sanctions and monitoring measures applied to persons in accordance with article 87 of this law. " 32. in article 88: Supplement to article 4.1 part as follows: "(41) the Commission shall send the Member State of origin of the funds or companies registered in a Member State supervisory authorities the information it has received from the custodian of the Fund in accordance with this law, the first paragraph of article 42 of the point 8."; Add to article 8.1 part as follows: "(81) the Commission may refuse to answer another Member State supervisory authorities a request for information or a request to another Member State cooperating with investigation authorities, if: 1) the provision of information may negatively affect Latvia's security and the fight against terrorism and other serious criminal offences; 2 response to request) may negatively affect the criminal proceedings, if any, or the penalty started implementing measures or administrative hearing Commission; 3) prior to receipt of the initiation of proceedings in Latvia or rendered a final judgment in relation to the persons specified in the request and their activities. "; Add to article 10 by the following: "(10) the Commission works with other supervisory bodies of the Member States to ensure that they implement the supervisory functions and apply sanctions and monitoring measures reached the objectives of this law, and coordinate actions to prevent surveillance and investigations, applying sanctions, duplication and surveillance measures in cases of cross-border transactions." 33. To supplement the transitional provisions 36 and 37 to the point as follows: "36. Custodian that holds the State funded pension scheme investment plan features and up to the date of entry into force of this law, article 43, which is expressed in the new version, and article 46 1.1, 1.2, 1.3, and the third part, have concluded agreements with third parties for holding of the Fund's assets, shall take the necessary measures for the holding of the Fund's assets starting with the September 1, 2017, to be provided in accordance with the treaties and arrangements that comply with the requirements laid down in this law. 37. This law, article 14.2, second, third and fourth subparagraph shall enter into force on 12 September 1. First report for the period from September 1, 2017 until 31 December the company submitted to the Commission by 1 April 2018. " 34. Add to the informative reference to European Union directives, with paragraph 15 as follows: "15) the European Parliament and the Council on 23 July 2014, the EU Directive 91/2014/amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the functions of the depositary, remuneration policies and sanctions (text with EEA relevance)". The Parliament adopted the law of 30 March 2017. The President r. vējonis Riga 2017 April 12


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