Amendments To The Law On The Financial Instruments Market

Original Language Title: Grozījumi Finanšu instrumentu tirgus likumā

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: https://www.vestnesis.lv/op/2016/115.1


The Saeima has adopted and the President promulgated the following laws: the law on the financial instruments market to make the law on the financial instruments market (the Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 2004, no. 2; 2005, 10, 14; 2006, nr. 14. No; 2007, 10, 22 no; 2008, 13, 14, 23 no; 2009, 7., no. 22; Latvian journal, 2011, no 16; 2012, 56, 100, 186. no; 2013, 142, 193. no; 2014, 92. no; 2015, 124, 222. no; 2016, 31 No.) the amendments are as follows: 1. Article 1: express the following paragraph 12: "12"), the issuer — the person whose transferable securities are included in the regulated market as well as the person who, in the name of the issuing, or is logged into the regulated market for transferable securities or other financial instruments. Regarding the depositary listed on a regulated market, the issuer of the certificates of securities the issuer believes that right is enshrined in the depository certificate, regardless of whether or not these securities are included in the regulated market; "; Express 43 as follows: "43) sell-out, proposing a public offer (other than by the offeree company itself asked for) other company's shareholders to buy all or part of those shares of stock (D) section of this law in accordance with the procedure laid down in chapter V;" Express 47 by the following: "47) required information — all types of information that the issuer or the person who has requested the admission of securities to a regulated market shall make public in accordance with article 54 of the Act 3.1, D, chapter IV of title III of the European Parliament and of the Council of 16 April 2014 to Regulation (EU) no 596/2014 regarding market abuse (market abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission directives 2003/124/EC 2003/125/EC and 2004/72/EC (text with EEA relevance) (hereinafter Regulation No 596/2014) the requirements of article 7; " 67. the introductory part of point express and the "a" section as follows: ' 67) key information — essential structured information provided to investors to explain them or offered for trading on a regulated market of securities, to the issuer and the guarantor and the securities, the issuer and the guarantor of the associated risks, and that investors would have required the acquisition of securities for decision. Key information content: a) a brief description of the issuer and the guarantor the most representative indicators, including information about their assets, liabilities, financial position and risks associated with the issuer, the relevant guarantor and investment securities "; to supplement the article with 69, 70 and 71 by the following: ' 69) a formal agreement — a contract that is binding in accordance with the statutory and provide the person a right arising from the financial instruments at the date of the execution of rights to acquire voting shares of the issuer of the shares of the company; 70) long position in financial instruments-financial instruments belonging to the party, or financial instruments that entitle the person or imposing an obligation to acquire financial instruments; 71) financial instrument short position — the personal commitment that executable financial instruments or financial instruments that entitle the person to or create an obligation to dispose of financial instruments. " 2. in article 3: Supplement 1.1 part with point 8 and 9 by the following: ' 8) Regulation No 596/2014; 9) the European Parliament and the Council on 23 July 2014, the Regulation (EC) no 909/2014 for securities settlement in the European Union, improving the central securities depository and amendments of Directive 98/26/EC and 2014/65/EC and Regulation No 236/2012 (text with EEA relevance) ". replace the seventh part 6, paragraphs 9 and 10, the word "bank" (fold and number) with the words "credit institution" (in the fold and number); turn off the ninth paragraph the word "seventh". 3. in article 3.1: make the second part of paragraph 3 as follows: "3) transferable securities are offered to the public for the first time after 27 November 2015, or in which the first application is to allow trading on a regulated market, the issuer concerned after requesting a public offering or a person asking for the check, include transferable securities on a regulated market. Requirements of this paragraph apply to those foreign countries registered issuer in transferable securities which are not mentioned in the second paragraph of this article, paragraph 2. Registered foreign issuer is entitled to change the Member State of origin if the original was not determined by the issuer of the check, or in accordance with the fourth paragraph of this article, paragraph 3 the condition laid down in the Member State of origin. "; Add to article 2.1 part as follows: "(21) the notification of the Member State of origin of the form used for the model approved by the financial and capital market Commission."; make quarter point 2 as follows: "2) the Member State where the issuer has chosen on the Member State of origin of the Member States where the regulated markets are included in the transferable securities of the issuer where the issuer is registered in a foreign country. Registered foreign issuer is entitled to change the Member State of origin in accordance with the fourth paragraph of this article, paragraph 3, inform immediately the competent supervisory authorities in accordance with article 7.1; "; to complement the fourth part with point 3 by the following: "3) by the Member State on whose regulated market are included in the transferable securities of the issuer or the issuer has its registered office, if the issuer of a transferable securities is excluded from the regulated market, the issuer was originally selected in the Member State of origin, which were established in accordance with this part or paragraph 2 of this article, but the sixth part which is still included in the regulated markets in other Member States. '; to make the seventh subparagraph by the following: "(7) in the sixth paragraph of this article, the issuer may choose only one Member State of origin and may not be changed for three years, unless the issuer of a transferable securities is excluded from the regulated market in that Member State or in the three years to the issuer cannot be attributed to the determination of the Member State in accordance with the fourth paragraph of this article."; Add to article 7.1, 7.2 and 7.3 of the part as follows: "(71) information on their choice of the home Member State of the issuer without delay, pursuant to this law, in article 64.2 required information distribution and accessibility of established procedure, declare: 1) financial and capital market Commission, if it is the issuer's home Member State competent authorities and the issuer's registered office is in Latvia, and host competent authorities of the Member States; 2) financial and capital market Commission, if the registered office of the issuer's home Member State, the competent institution and the host competent authorities of the Member States. (72) where the issuer that the Member State of origin determined in accordance with the fourth paragraph of this article, paragraph 2 of this article or the sixth part, within three months, ever since the first time it includes transferable securities on a regulated market, the Member State of origin selection relevant competent authorities for such notifies the Member State of origin of the issuer considers the Member State in which the transferable securities of the issuer are included in the regulated market. If the issuer of a transferable securities are included in the regulated market in several Member States, the Member State of origin are considered all those Member States before the date on which the issuer chooses one of them to the Member State of origin and shall immediately inform the competent institution. (73) the issuers whose transferable securities are included in the regulated market to which the Member State of origin determined in accordance with the fourth paragraph of this article, paragraph 2 of this article or the sixth part and which the Member choice informed the competent institution by 2015. on 27 November, does not inform the competent institution in accordance with paragraph 7.1 part unless, after 27 November 2015 does not choose another Member. " 4. Express 4 the fourth paragraph of article 7 of the following paragraph: "7) prohibit the use of the voting rights of the person who obtained the substantial participation in the regulated market organizers, Latvian Central Depository or investment firm, in violation of the provisions of this law;". 5. To supplement the law with article 4.2 as follows: "article 4.2. The right to issue a financial instrument market regulatory rules and regulations having regard to the European system of financial supervisors the nature of cross-border activities, to ensure that the Member States, uniform, efficient and effective supervisory practices and uniform and consistent directly applicable European Union legislation, the Commission has the right to determine the markets in financial instruments, regulatory requirements in areas deriving from the European Securities and markets authority guidelines and suggestions. " 6. Supplement article 14 with the eleventh subparagraph by the following: "(11) the emission prospectus approval procedures and conditions under which the set emission prospectus approval period, the regulation directly applicable European Union legislation on the emission prospectus."
7. Turn off article 15, fourth paragraph, the words "six working days". 8. in article 17: to express the third subparagraph of paragraph 3, the introductory paragraph as follows: "3), in which a brief summary without using special terminology and the language in which was originally prepared for the emission prospectus, reflects the key information. Summary (the form and content provides clear information about) securities the most representative indicators that investors can understand, or invest in the relevant securities. Detailed summary information prepared in accordance with the Commission's March 30, 2012. the delegated Regulation (EU) no 486/2012, amending Regulation (EC) no 809/2004 as regards the summary of the prospectus, base prospectus and the final terms, form and contents and regarding disclosure requirements (text with EEA relevance). The summary highlights the warning that: "; turn off the ninth. 9. Replace 17.1 of the first paragraph of article 2, the introductory paragraph and subparagraph "b", the word "bank" with the words "credit". 10. in article 17.2: Supplement to the second part of the article as follows: "(2) the requirements for the inclusion of the reference information qualifies directly applicable European Union legislation on the emission prospectus."; believe the current text of the first part of the article. 11. Express article 18, second, third and fourth subparagraph by the following: "(2) the emission prospectus supplements and their text in an electronic form on the issuer or public offer shall submit to the Commission requesting that it be registered within seven working days after the receipt of all documents. Issuer or public offer constitutes a summary of the authors, and its translation, if necessary to take into account the new information included in the appendices. If the final offer period ends earlier than the start of trading of such securities on a regulated market, the obligation to supplement a prospectus then shall cease at the moment when it begins trading of such securities on a regulated market. (3) the emission prospectus supplement shall be published in accordance with article 21 of this law, determining in the appendices offer investors recall the final term of not less than two working days. Addition of text is considered an integral part of the prospectus of the issue and it is always available along with relevant emission prospectus. (4) investors according to the third paragraph of this article shall have the right to two working days after the emission prospectus supplement publication to withdraw their consent, if the first paragraph of this article, the new circumstances significant errors or inaccuracies relating to the information included in the prospectus of issuance, is prior to the expiry of the offer and the securities posted investor financial instruments account and if investors prior to the issue of the prospectus supplement publication has already agreed to purchase transferable securities or to subscribe to them. The public offer prospectus of emission requested appendices to the agreement of withdrawal of investors you can specify a different period of not less than two working days. " 12. Add to article 21 of the ninth subparagraph by the following: "(9) the requirements for emission prospectus publication determined directly applicable European Union legislation on the emission prospectus." 13. Add to article 24 to the fifth subparagraph by the following: "(5) the requirements concerning the public offer of advertising and this article mentioned in the fourth paragraph, orally or in writing to the notified information determined directly applicable European Union legislation on the emission prospectus." 14. To turn off the second subparagraph of article 41. 15. off article 48 1. 16. Article 50 off the eighth part, the word "Commission". 17. Add to article 51 of the fourth subparagraph with the sentence as follows: "the requirements for the publication of a prospectus is determined directly applicable European Union legislation on the emission prospectus." 18. To supplement article 52 to the fifth subparagraph by the following: "(5) a regulated market of securities to be included in advertising and in part four of this article that apply to the information in the article 24 of this law the fifth part directly applicable European Union legislation on emission prospectus." 19. in article 54: Supplement to article 1.1 and 1.2 in part as follows: "(11) in the second, sixth, tenth, 2.1, the eleventh, twelfth and thirteenth part refers to a corporation whose shares are admitted to trading on a regulated market. (12) in this Act, 54.3, 54.4 54.2 and 54.5 article relates to shares of the company whose shares are admitted to trading on a regulated market, and its shareholders. " to supplement the first sentence of the third paragraph after the word "Corporation" with the words "debt securities of which are listed on the regulated market"; adding to the fifth part of the second sentence, after the word "Corporation" with the words "debt securities of which are listed on the regulated market"; turn off the sixth second sentence; replace the seventh paragraph, the words "The issuer of securities which are admitted to" with the words "Corporation whose debt securities are admitted". 20. To supplement the law with article 54.6 as follows: "article 54.6. Specific rules for the presentation of the document and the Council for the election of the members of the Executive Board (1) If a shareholder or group of shareholders shall submit a proposal for one or more of the Council members directed their candidates, a limited liability company from a shareholder or shareholders recorded a group of proposals received, giving information on the shareholder or shareholders who submitted the proposal, and information about each of the members of the Council put forward candidates. The proposal is to be recorded, regardless of whether this information is received in writing or orally, and no matter how many days before the shareholders ' meeting the day it is received. (2) If the general meeting is elected by the company's Board, the company has a duty to ensure that the minutes of the general meeting includes at least the following information: 1) information that identifies each shareholder or group of shareholders, the shareholders in which is raised by each of the members of the Council candidates. The above information indicates, even if the shareholder or group of shareholders, the Board directed the candidates to the company's Board is not elected; 2) information for each shareholder vote "for" or "against" the election of the members of the Council; 3) information about each of the members of the Council candidates number of votes and the shareholders who voted for the candidates, including a member of the Council for each candidate for each of the shareholder votes cast. (3) if the shares of the company are elected to a Council meeting on the company's Board members, the company has a duty to ensure that the company's Board meeting, in addition to those laid down in the Law, you specify at least the following information: 1) information that identifies each Council Member who raised the question of the candidates of Board members. This information also indicates if the relevant Council members directed the candidate members of the management board the Management Board of the company are not elected; 2) information on the Board members vote "for" or "against" the election of the members of the Management Board; 3) information about each of the members of the Board candidates number of votes, indicating the Council members who voted for the candidate. " 21. the express 54. article as follows: "article 55. The suspension of trading in financial instruments and their exclusion from a regulated market (1) right to suspend trading of the financial instruments or financial instruments excluded from the regulated market is the market Organizer, if the issuer fails to comply with the MiFID regulatory legislation on obligatory disclosure of information in accordance with this law or in article 28 of the regulated market to the organizer's requirements in the rules issued or the issuer's situation has become such that it threatens the interests of investors. (2) the market organizer's decision on the suspension of trading in financial instruments or financial instruments excluded from the regulated market can make a complaint to the Commission within 30 days from the date of receipt of the decision. (3) if the shares of the company in general meeting shall decide on the exclusion of the shares issued of the regulated market, in shares of the regulated market to turn off 77 of this Act in accordance with the procedure laid down in article and timeless. (4) financial instruments from a regulated market may be excluded on the basis of submissions received from the issuer or the person who requested the admission of securities to a regulated market. Decision on exclusion of shares of issuer of the regulated market shall adopt the shareholders ' meeting. (5) a decision on the suspension of financial instruments or financial instruments of exclusion from a regulated market it to the public immediately by the organizer and shall inform the Commission of any such decision. (6) if the shares of the company's shares or debt securities of the Corporation is excluded from the regulated market, the issuer's fault because the issuer has not carried out this Act or regulated market organizer's rules a decision on shares or debt securities from a regulated market related disputes between shareholders and the company, or between persons who belong to the debt securities and the Corporation addressed law. " 22. in article 55.1: turn off the first parts 1, 2 and 3, the words "motivated"; make the first part of paragraph 5 by the following: "5) prohibit or suspend advertisements for the sale of the shares for a period of up to 10 working days if the Commission has reason to believe that a violation of this law, section D of chapter II requirements;"; make the second paragraph, the introductory phrase and 1, 2 and 3 as follows: "(2) After the inclusion of transferable securities on a regulated market, the Commission is right: 1) require the issuer to disclose all material information which might affect the regulated market included the assessment of the transferable securities, and thus to ensure investor protection or the smooth operation of the market; 2) suspend or ask the relevant regulated market organizers exclude the transferable securities from a regulated market, if the issuer's situation is such that trading would be detrimental to investors ' interests; 3) monitoring to ensure that issuers whose transferable securities are included in the regulated market comply with laws and obligations that the same information is provided to all investors and issuers treat equally all persons who own the Securities and which is the same position, in all Member States where the offer to the public or made transferable securities listed on a regulated market; ".
23. Article 56: make the second, third and fourth subparagraph by the following: "(2) If a corporation whose transferable securities are included in the regulated market shall draw up consolidated accounts, the consolidated financial statements prepared in accordance with the European Parliament and of the Council of 19 July 2002, Regulation (EC) No 1606/2002 on the application of international accounting standards (hereinafter Regulation No 1606/2002), but the financial statements, in accordance with the laws of the Member State of origin requirements unless the Corporation is not chosen its financial statements prepared in accordance with Regulation No 1606/2002 (3) If the Corporation is of transferable securities admitted to official listing in the Republic of Latvia or a corporation's debt securities are included in the regulated market, its financial statements prepared in accordance with Regulation No 1606/2002 (4) If a corporation does not have the obligation to prepare consolidated accounts and are transferable securities not included in official list of the Republic of Latvia its annual report is prepared in accordance with the legislation of the Member State of origin and the organizer of the rules of the regulated market, unless the Corporation has not chosen its financial statements prepared in accordance with Regulation No 1606/2002. " 24. Article 57 of the expression as follows: "article 57. Interim reports (1) a corporation of which the transferable securities are included in the regulated market, prepare an interim report for the first six months of the reporting year and circulated to this law, in accordance with the procedure laid down in article 64.2. (2) the first paragraph of this article of the interim report of the Corporation distributes no later than two months after the end of the reporting period. (3) the first paragraph of this article of the interim report for the first six months of the reporting year: 1 composition) at least from the abbreviated financial statements; 2) of the interim management report, which provides information on: (a)) on the significant events during the reporting period and their impact on the financial statements, as well as a description of the main risks and indicate the uncertain conditions in the next six months of the year, with which the Corporation could face and which could affect its financial position and financial performance, b) Corporation that shares are admitted to trading on a regulated market and to which the ninth part of this article — about its most important period transactions with related parties, as well as of any changes in the relevant business terms relating to transactions with related parties, which was specified in the previous annual report, c) Corporation that shares are admitted to trading on a regulated market and which is not the subject of this article is the ninth part, — about its transactions with related parties in accordance with the legislation of the Member State of origin; 3) from the statement of management responsibility, indicating that, based on the Corporation's Board of the information available, the financial statements are prepared in accordance with applicable laws and requirements and give a true and fair view of the Group's capital and consolidation of assets, liabilities, financial position and profit or loss, and that the interim management report contains false information. (4) in preparing the financial statements for the first six months of the year, followed the same items in the recognition and measurement principles as were used in preparing the annual report, the indication of that annex, if it is not already specified in the statement of management responsibility. If the accounting methods used are changed, it will review the completed annex accordingly. Interim reports in the annex provide information that supports the interim reporting comparability with the previous year's relevant period, as well as sufficient information and explanations to the financial statement user could gain a true and clear picture of all the critical changes in the balance sheet and income statement items and the development of a capital company. (5) an interim report for the first six months of the year the balance of each item compared at least to data in the previous reporting year. Every profit and loss statement, statement of changes in equity and cash flow statement item at least compared with the previous reporting year data for the same period for which distributed information prepared. (6) the Corporation that under this law, article 56 of the second or third part prepares or according to article 56 of the second or the fourth part has chosen to prepare the financial statements in accordance with Regulation No 1606/2002, financial statements for the first six months of the financial year shall be prepared according to international accounting standards applicable to the interim financial statements and adopted pursuant to Regulation No 1606/2002 (7) If a corporation covered by this law, article 56 of the fourth part, which according to article 56 of the fourth part is not specified in the choice made its financial statements prepared in accordance with Regulation No 1606/2002, its financial statements for the first six months of the reporting year comprise at least an abbreviated balance sheet, condensed income statement, condensed cash flow statement, condensed statement of changes in equity and the attachment. The condensed balance sheet and the condensed profit and loss statement include those items and subtotals that were included in the Corporation's last annual report. Balance sheet, income statement, cash flow statement and statement of changes in equity items that do not have numbers (figures), displays only if you have the proper comparative data item with a number (the amount). Additional items include when, without specifying them, interim report give a misleading picture of the Corporation's assets, liabilities, financial position and profit or loss. (8) information as to whether an interim report for the first six months of the reference year audited or not (checked) the sworn auditor, indicate clearly the information distributed on the cover page. If the interim report is audited by Certified Auditors (tested), this report is distributed together with the sworn auditor's report. (9) a corporation's interim report for the first six months of the financial year prepare a consolidated way if it had a duty to prepare consolidated annual accounts for the previous financial year and such an obligation is also valid on the date on which the interim report is prepared. " 25. To supplement the law with 57.2 and 57.3 article as follows: "article 57.2. Financial information for the first three and nine months of the year (1) a corporation whose shares are admitted to trading on a regulated market, prepare financial information for the first three and nine months of the year and distribute this law in accordance with the procedure laid down in article 64.2. (2) the first paragraph of this article the financial information the Corporation distributes no later than two months after the end of the period for which the relevant information is distributed. (3) the preparation of financial information for the first three and nine months of the year, followed the same items in the recognition and measurement principles as were used in preparing the annual report, and accordingly, specified in the notice of management responsibility. (4) the first paragraph of this article of the financial information for the first three and nine months for the year consists of condensed balance sheet, abridged income statement, condensed cash flow statement, condensed statement of changes in equity and statement of management responsibility. Condensed balance sheet, condensed in the profit and loss statement, cash flow statement short and short statement of changes in equity includes those items and subtotals that were included in last year's report. (5) If a corporation financial information prepared using Regulation No 1606/2002 of the approved international accounting standards, the items in the recognition and measurement principles, its financial information on the first three and nine months for the year consists of an abbreviated review of the financial situation, the short a comprehensive income statement, condensed cash flow statement, condensed statement of changes in equity and statement of management responsibility. Short overview of the financial situation, in short the comprehensive income statement, condensed cash flow statement in and short statement of changes in equity includes those items and subtotals that were included in last year's report. (6) this article in fourth or fifth in the communication referred to in the management liability indicates that, based on the Corporation's Executive Board information, financial information is prepared in accordance with applicable laws and requirements and give a true and fair view of the Group's capital and consolidation of assets, liabilities, financial position and profit or loss. (7) the dissemination of financial information for the first three and nine months of the year, followed by an interim management report (statement of management responsibility, indicating that the management report contains false information), if there's at least one of the following circumstances: 1) since the last management report distribution information provided therein is substantially changed; 2) have changed the accounting method used. Accounting methods change management report the coverage accordingly. (8) the financial information for the first three and nine months of the year the balance of each item compared at least to data in the previous reporting year. Every profit and loss statement, cash flow statement and statement of changes in equity item, at least compared with the previous reporting year data for the same period for which distributed information prepared. (9) a corporation of which the financial information for the first three and nine months of the year made using this article, part of the fifth international accounting standard items in the recognition and measurement principles, review of the financial situation of each item compared with previous data at least at the end of the accounting year and each of the comprehensive income statement, cash flow statement and statement of changes in equity item, at least compared with the previous reporting year data for the same period that prepared the information distributed. (10) information on whether the financial information for the first three and nine months of the year have been audited or not (checked) the sworn auditor, indicate clearly the information distributed on the cover page. If the financial information for the first three and nine months of the year have been audited (checked) sworn auditor, this information is disseminated together with the sworn auditor's report. (11) a corporation's financial information for the first three and nine months of the financial year prepare a consolidated way if it had a duty to prepare consolidated annual accounts for the previous financial year and such an obligation is also valid on the date on which the financial information is prepared for the first three and nine months of the year. 57.3 article. Statement of payments administration (1) a corporation of which the transferable securities are included in the regulated market and running wild in the forest development or engaged in the mining, petroleum, natural gas or other material research, search, discovery, development, and acquisition of the European Parliament and of the Council of 20 December 2006, Regulation (EC) No 1893/2006 establishing the NACE Rev. 2. statistical classification of economic activities, as well as amending Council Regulation (EEC) No 3037/90 and certain EC regulations on specific statistical domains (hereinafter Regulation No 1893/2006) I section A of Annex 02. Chapter 02.2. group or section B of annex I, 06 07 05..,., and that provided for in chapter 08. economic statistical classification, prepare a statement of the payments to the authorities in accordance with the law "For the mining industry or the development of primitive forest company involved statements about payments to the authorities ' requirements. Statement on payments to the authorities provide a consolidated way. (2) referred to in the first paragraph of the notice distributed by the Corporation of this law in accordance with the procedure laid down in article 64.2 not later than six months after the end of each financial year, and it is accessible to the public for at least 10 years. "
26. in article 58: make the introductory paragraph and paragraph 1 by the following: "this law, 56, 57 and article 57.2 requirements do not apply to: 1) Member State, municipality, or agency of the authority, the organization that is the subject of public international law and in which one or more Member States are members, the European financial stability instrument, established in accordance with the European framework of financial stability, any other institutions established to preserve European Monetary Union financial stability by providing temporary financial assistance to Member States whose currency is the euro, as well as the European Central bank or national central banks issued transferable securities; ". 27. To exclude article 59. 28. Make 60, 61 and article 61.1 as follows: "article 60. The scope of this chapter (1) the provisions of this chapter concerning the reporting obligation and the consequences of not reporting concerns persons: 1) that acquires or disposes of the voting shares of a corporation whose shares are included in the regulated market of the Republic of Latvia; 2) that acquires or disposes of depozitāro certificates issued on the first part of this article referred to in paragraph 1 shares; 3) that acquires or disposes of the financial instruments, which of the following financial instruments resulting in the date given to the person entitled under a formal agreement to acquire voting shares of the issuer in the company whose shares are included in the regulated market of the Republic of Latvia; 4) that acquires or disposes of the financial instruments, which the reference is a stock basket (set of different stock) or index, which includes shares admitted to trading on a regulated market in the Republic of Latvia. (2) If the shares in the public limited shares admitted to trading on a regulated market, have been emitted depositary certificates, the obligation of notification applies to depositary certificates, rather than to the issuer. (3) the requirements of this chapter shall also apply to persons who are entitled to acquire, to dispose of or exercise one or more of this law, in the case referred to in article 8. (4) the requirements of this chapter shall also apply to persons who belong to the first part of this article, paragraph 3 of the financial instruments, provided that they are in accordance with the official agreement deadline has unlimited rights to acquire the shares or options at their discretion they get or get. (5) the first part of this article, paragraph 3 of the financial instruments are also financial instruments in respect of which no part of this article, the conditions referred to in the fourth, but which are associated with the issuer whose transferable securities are included in the regulated market, balsstiesīgaj shares or voting power of the potential future that economic impact is similar, regardless of whether these financial instruments granted or not granted the right to carry out settlement of financial instruments. (6) the first subparagraph of this article, paragraph 3 of the list of financial instruments is determined by the regulations of the Commission. (7) the requirements of this chapter shall also apply where the shares of the company whose shares are included in the regulated market of the Republic of Latvia, is registered in a foreign country. 61. article. The obligation of notification, taking account of the proportion of voting rights (1) the Person notice of the proportion of voting rights of the shares acquisition, disposals, equity is up or down, or any of the other events it reaches, exceeds or falls below 5, 10, 15, 20, 25, 30, 50 or 75 percent. (2) If shares of the company in the Republic of Latvia is a Member State of origin, the person shall also notify their share of voting rights, when acquisition of the shares, the share capital of alienation, up or down, or any of the other events it reaches, exceeds or falls below about 90 or 95 percent. Article 61.1. Calculation of the proportion of voting rights (1) the calculation of the proportion of voting rights, taking account of all voting shares, even if voting rights are suspended. (2) the information on the proportion of the voting rights point of all balsstiesīgaj shares, with a separate indication of each category of shares. (3) in calculating the proportion of the voting rights, the person voting rights on all amounts arising from one of the issuer's issued share balsstiesīgaj shares for those depositary certificates issued by them, this law article 60, first paragraph, referred to in paragraph 4 of the financial instruments, if marketed right arising from this law, article 60, first paragraph, referred to in paragraph 3 of the financial instruments. (4) in determining a person's participation obtained indirectly, having regard also to article 8 of this law, the right to vote. (5) in calculating the proportion of the voting rights, the amount of direct and indirect participation and obtained directly and indirectly the amount of participation, which, if realized, will get the rights arising from this law, article 60, first paragraph, referred to in paragraph 3 of the financial instruments. (6) of this law article 60, first paragraph, point 3 of the financial instruments referred to in the proportion of voting rights is calculated, taking into account the full amount that the goal of the pamatakcij financial instruments resulting from the marketing of rights. If the financial instruments provided for the only settlement in cash, the proportion of voting rights is calculated by multiplying the Delta adjustment pamatakcij conditional around with Delta financial instruments. Person amount in all the financial instruments that are associated with the same issuer, and the notice shall contain information on all of these financial instruments. In calculating the total amount of pamatakcij, the person shall take into account the financial instruments only long positions, with one and the same issuer associated of long and short positions. (7) in the sixth part of this article that the Delta discovery methods and the calculation of the proportion of voting rights of the methods for financial instruments whose reference is the stock basket or index, by the European Commission of 17 December 2014 the delegated Regulation (EU) No 2015/761, complementary to the European Parliament and Council Directive 2004/109/EC in respect of certain regulatory technical standards for meaningful participation (text with EEA relevance) (hereinafter Regulation No 2015/761). (8) for the purposes of this chapter of the Pamatakcij is that of the issuer's shares are included in the regulated market issued voting shares which, according to an official agreement has the right to get this law article 60, first paragraph, point 3 of the financial instruments referred to in the acquirer. (9) in order to facilitate the calculation of the proportion of voting rights of the shares of the joint stock company each calendar month if the last date this month is a number of voting shares or share capital increase or reduction, restore the information on the total number of voting shares and principal, distributing to this law, in accordance with the procedure laid down in article 64.2. " 29. To supplement the law with 61.2 38.1, 61.4, 61.5, and 61.6 article as follows: "article 61.2. The notification procedures and notification content (1) a Person shall notify the company and at the same time, the Commission also submitted a communication (hereinafter in this chapter — statement) when its voting share in the share capital of the acquisition, disposal, increase or reduction, or any of the other events reach exceeds or falls below the article 61 of this law in the first or second part of the voting rights. (2) If notice is given in accordance with this law, article 60, first paragraph, point 4, and requirement of the underlying financial instrument includes a number of stock shares issued by the company (the share basket or index), the notification shall be made for each company concerned and also to the Commission. (3) the notification shall include information on: 1) distribution of voting rights at the date of the notice number, the percentage of the share capital and number of shares to which voting rights are attached at their acquisition or disposal; 2) commercial companies in which the person is in control and that shareholders have voting rights; 3) the day on which this Act article 61 in the first or the second part, the proportion of voting rights was reached or exceeded or dropped; 4) the identity of the shareholder, even if the shareholder is not entitled to vote under this law, the provisions of article 8, and the person's identity, which is entitled to use the voting rights of the shareholders. (4) the communication of a person to vote separately, the proportion of it arising from the shares for those depositary certificates issued by them, this law article 60, first paragraph, referred to in paragraph 4 of the financial instruments and what it will get if marketed right, arising from this law, article 60, first paragraph, referred to in paragraph 3 of the financial instruments. (5) the communication person separately this law article 60, first paragraph, point 3 of the financial instruments mentioned in the, separately from the financial instruments conferring the right to operate accounts in cash, of which financial instruments conferring the right to acquire or dispose of financial instruments to perform settlements with financial instruments. (6) If notice has been given of this law article 60, first paragraph, point 3 of the financial instruments referred to in the case of acquisition, the person gives notice again, if it is purchased in quantities of pamatakcij, that the acquisition of the share of the voting rights of this person one of the issuer's share capital reaches or exceeds this law article 61 in the first or second part of the voting rights. (7) the communication uses a form that confirms the Commission's regulations. Article 38.1. The period of notice and notice distribution (1) communication to the public and shares at the same time the Commission shall, without delay but not later than four trading days following the day on which a person: 1) learns of the acquisition or disposal of voting rights or the ability to use them or, having regard to the circumstances, should have learned of it regardless of the date on which the acquisition or disposal of voting rights or voting rights to be able to enter into force. The meaning of this paragraph, that person shall be deemed for voting rights acquisition, disposal or possibility of using them know no later than two trading days after the transaction date; 2) is informed of the event, the result of which the proportion of the voting rights of the person reaches, exceeds or falls below the article 61 of this law in the first or second part of the voting rights. (2) to determine the first and third part and this law referred to in article 61.4 trade date, uses the issuer's home Member State calendar of trading days, the regulated market by the organizer has published your website on the internet. The Commission shall publish on the internet the website of the regulated market each Organizer, which is the Member State of origin of the Republic of Latvia, the calendar of trading days. (3) a corporation shall, not later than one trading day from the date of receipt of the notification, circulate it this law in accordance with the procedure laid down in article 64.2. 61.4 article. The company's announcement of its acquisition or disposal of shares already listed on a regulated market, the issuer of the shares acquired or transferred their shares, they are issued certificates or depozitāro this law article 60, first paragraph, point 3 and 4 the financial instruments referred to in the same or another person acting in his own name but on the issuer, the issuer or obtained information on the extent of participation of the seized distributes in the shortest time but not later than four trading days, from the day following the acquisition or transfer if the amount reaches beyond participation or gets less than five or 10 percent of the total number of voting shares. 61.5 article. Requirements for the notification in the case of indirect participation (1) on the amount of participation acquired when it reaches, exceeds or falls below the article 61 of this law in the first or second part of the voting rights, shall notify each shareholder or each person who indirectly acquired a participation in accordance with article 8 of this law, any person or, if the right to vote of each of the following persons share reaches, exceeds or falls below the article 61 of this law in the first or second part of the voting rights. (2) Of this law, article 8, paragraph 1 of the cases, all parties to the agreement, a joint statement. (3) this law, article 8 paragraph 8 in the case of the representation mandate issued to the shareholders of one of the shareholders ' meeting, provided notice is one powers on the date of issue. The notice shall also indicate what will be the allocation of voting rights after the Governors will no longer be entitled to exercise the voting rights at its discretion. (4) this law, article 8 paragraph 8 in case the Governor one day received one or more powers of representation in one General meeting is to be a single statement on the date of receipt of the mandate. The notice shall also indicate what will be the allocation of voting rights after the Governors will no longer be entitled to exercise the voting rights at its discretion. (5) If the obligation of notification applies to more than one person, can give one joint statement. The joint statement was not released from liability in connection with the persons who are obliged to provide this notification. 61.6 article. Notification procedures, acquisition of holdings investment management company, the investment brokerage firm and the parent company (1) calculating the article 61 of this law in the first or second subparagraph, the percentage of voting shares investment management company's parent company does not own shares in the amount of equity, which manages subsidiary investment management company in accordance with legislative requirements, if the subsidiary investment management company uses to vote regardless of the investment management company's parent company. (2) in the first and fourth parts of this exception also applies to depositary certificates issued on the shares, and this law article 60, first paragraph, point 3 and 4 listed in the financial instruments. (3) the first paragraph shall not apply if the investment management company of the parent company or other they controlled company has made investments in the same shares, which have been invested in subsidiary investment management companies manage the investment fund and investment management company of the subsidiary is entitled at its discretion to use the voting rights attaching to these shares; It can only use this voting rights under direct or indirect instructions of the investment management company of the parent company or other investment management company's parent company controlled the company. The meaning of this article, direct instruction is any instruction given by the investment management company or the investment company's parent company or its controlled company and establishing, as a subsidiary of the investment management company or investment firm in the case used to vote. The meaning of this article does not have any direct instruction or a certain general guidelines provided by the investment management company or the investment company's parent company or its controlled company, limiting the subsidiary investment management company or the investment company's freedom of choice in relation to the exercise of voting rights to serve certain investment management company or investment firm or its parent companies controlled business interests. (4) calculation of article 61 of this law in the first or second subparagraph, the percentage of voting shares of the investment brokerage company parent company does not own shares in the amount of equity that the subsidiary investment brokerage company individually managed in accordance with the mandate of the investor of this law article 3, paragraph 3, fourth subparagraph, provided that the subsidiary investment brokerage company: 1) has received a license to this law, article 3 paragraph 3 of part IV in a specific provision of investment services; 2) can be used from these shares to vote resulting only in accordance with written or electronically supplied investment brokerage company with persons not belonging to instructions or ensure that individual investment portfolio management services carried out regardless of any other services under conditions corresponding to those provided for in the investment management company law by applying appropriate mechanisms; 3) use their voting rights independently from the investment of the parent company. (5) the fourth paragraph of this article shall not apply if the investment brokerage firm's parent company or its controlled company has taken stock of its subsidiaries operated investment brokerage company, and a subsidiary of the investment brokerage firm is not entitled at its discretion to use of its existing shares in the management of those depositary certificates issued by them, the ensuing vote, and those voting rights can only be used under direct or indirect instructions what contributed to the brokerage firm's parent company or other investment firm controlled by the parent company. (6) in the first and fourth subparagraph shall apply in cases where the investment management company or the investment of the parent company of the brokerage firm's parent company (referred to in this article, jointly or individually, the parent company of) meet the following conditions: 1) it may not through direct or indirect instructions or otherwise affect its subsidiary investment management firm or a subsidiary of an investment brokerage firm (referred to in this article, jointly or individually, the subsidiary) suspension shares and depositary certificates issued by them, the resulting voting rights; 2) subsidiary shall be free and independent from the parent company to use the voting rights arising from the management of the existing shares and depositary certificates issued by them. (7) If a parent wishes to apply in the first and fourth exception provided for in part, it shall without delay transmit to the issuer's home Member State competent authority the following information: 1) the subsidiary list identifying each of the subsidiaries management authority or stating that no such supervisory bodies. Providing this information does not need to specify the relevant issuer; 2) proof that in respect of each of its subsidiary parent company is fulfilled in the sixth paragraph of this article, these conditions. (8) the parent company of constantly renewing the seventh subparagraph of this article, the list referred to in paragraph 1 and shall inform the Member State of origin of the issuer of the competent institution. (9) If a parent wishes to apply the first and fourth parts requirements only financial instruments referred to in this law article 60, first paragraph, point 3, the issuer's home Member State, the competent institution of this article, only the seventh part of the list referred to in paragraph 1. (10) at the request of the Commission, it is the responsibility of the parent to show that: 1) the parent and the subsidiary's organizational structure is that the subsidiary is the possible use of its existing shares in the management of the resulting voting rights independently from the parent company; 2) persons, which make decisions on the use of the voting rights act independently; 3) if the parent company has subsidiaries or manages the customer the same financial instruments, which are managed by a subsidiary company, the parent company and the subsidiary company has concluded a written agreement that the two parties in relation to the exercise of voting rights by shareholders meetings shall act independently. (11) it is considered that the tenth parts of this article paragraph 1 are complied with, if the parent company and the subsidiary company has developed at least in policies and procedures that provide you with information relating to the use of the voting rights of non-proliferation between the parent company and the subsidiary company. "
30. Article 62: replace the first paragraph, the number "61." with the number "61.2"; replace the second paragraph, the word "three" with the words "two trade"; replace the third paragraph, the number "61." with the number "61.2"; express the fourth, fifth, sixth and seventh paragraph as follows: "(4) a credit institution or investment firm to which the Republic of Latvia is a Member State of origin, the calculation of the proportion of voting rights, are not taken into account in the trading portfolio of the voting shares, they issued depozitāro certificates and this law article 60, first paragraph, point 3 and 4 of these financial instruments, if the total does not exceed the proportion of the voting rights of five per cent of all shares and the balsstiesīgaj voting rights are not exercised or otherwise used to affect the shares of the company (the issuer) governing body work and the company's economic and financial activity. (5) this law, article 8 and paragraph 3 of article 61.2 requirements do not apply to the shares for those depositary certificates issued by them, and this law article 60, first paragraph, point 3 and 4 listed in the financial instruments that are assigned to the members of the European system of central banks, or they are granted, in carrying out their functions as monetary authorities, including shares allotted to the members of the European system of central banks or that they have granted in accordance with the pledge contract , in the case of reverse repurchase agreements or similar agreement in connection with liquidity, provided the objectives of monetary policy or payment system. This also applies to the above transactions lasting for a short period, if the shares resulting from such voting rights. (6) article 61.2 of this law provided for in the first subparagraph shall not provide notification if they issued shares of depozitāro certificates and this law article 60, first paragraph, point 3 and 4, these financial instruments are obtained and a statement of the subsidiary company already has provided the parent company or the parent company itself is controlled by the company and has supplied its parent company. (7) If on stock, they emitted depositary certificates and this law article 60, first paragraph, point 3 and 4 the financial instruments referred to in this law, the acquisition in accordance with the procedure laid down in article 61.2 is reported in persons who acquired shares in the indirect form of participation, then the people that have been through the indirect share acquisition, the acquisition of the shares need not be reported. '; to supplement the article with the eighth and the ninth subparagraph by the following: "(8) of this Act, give the notification provided for in article 61.2 is not provided, if the voting rights arising from transactions with shares, directed to the stabilisation of a financial instrument and carried out according to the European Commission Regulation No 2273/2003 if the voting rights arising from the shares are not exercised or otherwise used to influence the issuer's management bodies work and its economic and financial behaviour. (9) of this article, the third and fourth part five percentage referred to in the calculation of the proportion method and where the transactions are not subject to notification requirements, laid down by Regulation No 2015/761. "
31. Article 63: replace the numbers in the first paragraph and the words "of article 57, 58 and 61, article seventh, eighth and tenth parts" with numbers and words ", 57, 58 and article 57.2 61.1 article 38.1 of the ninth part, article of part three and to article 61.4 requirements"; replace the third paragraph, the words "the number of article 61.1 third, fourth and fifth part" with a number and the words "first, 61.6 in the third and fifth paragraphs."
32. in article 39.2: replace the second part of the numbers and the words "of article 57, paragraph 2, of the fourth part" with numbers and the words "of article 57, paragraph 2 of the third paragraph"; replace the third paragraph and the words "of article 57, paragraph 3 of the fourth part" with numbers and the words "the third subparagraph of article 57 of the requirements of paragraph 3"; to make an eighth of the following: "(8) where the registered office is abroad, and the foreign legislation requires that the total period to receive the information about the significant acquisition or abandonment and its distribution are the seven trading days or shorter, it is considered that such foreign legislation is equivalent to article 38.1 of the Act specified in the first subparagraph. The dates by which the issuer is informed of a significant acquisition or termination of the information disseminated, may differ from the law of article 38.1 in the first and third subparagraph. "; replace the twelfth paragraph, the words "and this law article 61.1 third and fifth part" and the number ", with the words of this law article 61.6 first and fifth part"; replace the thirteenth part names and numbers "of this law article 61.1 6.2 part 1 and paragraph 6.4 of part" with the words and figures "of this law article seventh part of 61.6 points and ninth part"; make part of the 15th as follows: "(15) If the issuer's registered office is abroad, and the foreign law is the obligation to publish reports and interim financial information for the first three, six and nine months of the year, considered that such a requirement is equivalent to this law, the first paragraph of article 57 and article 57.2 of the first part."
33. in article 64.2: Add to the second part of the sentence as follows: "the requirements for the preparation of the required information, insertion and search, identification procedure for European electronic access point determines directly applicable European Union legislation on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market."; replace the third paragraph numbers and the words "and article 57 of the" 56.1, with numbers and words ", and article 57 57.2 56.1."; replace the fourth subparagraph, the word "five" with the number "10"; to supplement the article with the seventh subparagraph by the following: "(7) the requirements for electronic reporting of financial statements the financial statements of the format of the European electronic access point determines directly applicable European Union legislation on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market." 34. in article 64.3: make the introductory part of the first subparagraph by the following: "(1) in order to ensure this law, as well as of article 54 (D), chapters III and IV of title terms of data processing in the light of individual data protection laws and regulatory requirements, the Commission, in addition to the financial and capital market Commission, the law and the rights laid down in this law have the right to:"; turn off the first part of point 8.1 and figure "has been prepared in accordance with article 59 of this law in the fifth paragraph, the requirements and that it"; turn off the fourth. 35. Article 66 of the expression by the following: ' article 66. The minimum stock buy-back offer (1) in addition to article 1 of this Law 44. persons referred to in paragraph 1, for the purposes of this article, the shareholders of the offeree company are considered to be persons acting in concert, if such persons are: 1) the physical person and the natural person in the person's custody; 2) spouses; 3 the upstream and downstream) relative to the first degree; 4) company, which is controlled by the same person; 5) Board of the offeree company and the members of the Council; 6) company and its Board members. (2) For the first part of this article, paragraph 4 of Executive Board and Council members of the concerted action shows Council members elected and appointed Board members commitment to specific shareholders. (3) in the first paragraph, that person shall be considered as persons acting in concert, just in case the Commission does not explain the unlikely and with facts does not prove the absence of concerted action. (4) other shareholders the offer addressed to buy back those shares owned by express or necessarily persons acting in concert if they: 1) directly or indirectly derived from the shares ' voting rights arising in such an amount that the person voting rights reaches or exceeds 30 percent of the company's total number of voting shares; 2) the shareholders ' meeting, where a decision is taken on the stock from a regulated market, as regards the question of exclusion from a regulated stock market has voted in favour. This vote must not be a closed vote. The minutes of the general meeting of shareholders shall mention, which voted in favour. Shareholders, who in the general meeting on the issue of the exclusion of the regulated stock market has voted "for", the term from among the representative on their behalf will make an offer. (5) the minimum stock buy-back offer does not tell you if: 1) person or persons acting in concert, you get the fourth paragraph of this article referred to in paragraph 1, the quantity of the voting rights of shares by voluntary offerings, which is expressed in order to get the fourth paragraph of this article referred to in paragraph 1, the quantity of the voting rights in the offeree company and expressed all the shareholders of the offeree company for all of the shares of the offeree company. Such voluntary buy-back of shares in the offer price shall be fixed in accordance with article 74 of this law; 2) person or persons acting in concert, making the minimum stock buy-back offer to the fourth paragraph of this article, paragraph 2 in the case referred to, you get the fourth paragraph of this article referred to in paragraph 1, the quantity of the voting rights of shares, expressed in the quotation or result; 3) the person or persons acquiring the fourth paragraph of this article referred to in paragraph 1, the quantity of the voting rights of a change of control in one group or company in the group, and this change results in a person who is not directly obtained by controlled company participation, do not change; 4) investment shares of the offeree company has short-term investments without a goal to participate in the management of the company and is performed, the target company's shares by purchasing credit institution or investment firm's trading book, or a credit institution or an investment brokerage company shares of the offeree company is purchased by subscribing to new shares of emissions, with the aim to sell them to your customers, if voting shares quantity is reduced and becomes less than the fourth paragraph of this article, paragraph 1 the amount of voting rights laid out in the six months of the voting rights or of the quantity being exceeded days; 5) the fourth paragraph of this article, paragraph 1 of the voting rights in the amount is reached or exceeded a company reorganization within shareholders with the purpose to carry out mergers, provided that after the reorganization takes effect in accordance with the Law in certain amount of voting shares in three months is reduced and becomes less even the fourth paragraph of this article, defined in point 1 of the voting rights; 6) the fourth paragraph of this article, paragraph 1 of the voting rights in the quantity is reached or exceeded the mortgage rights or financial guarantees sales results, if voting shares quantity is reduced and becomes less than the fourth paragraph of this article, paragraph 1 the amount of voting rights laid out in the six months of the voting rights or of the quantity being exceeded; 7) the fourth paragraph of this article, paragraph 1 of the voting rights in the quantity is exceeded by no more than three percent of the total number of voting shares without purpose to participate in the management of the company or affect the vote of shareholders ' meetings, if voting shares quantity is reduced and becomes less than the fourth paragraph of this article, paragraph 1 the amount of voting rights laid down within one month from the vote or the quantity being exceeded; 8) the amount of the participation that reaches or exceeds 30 percent of the company's voting shares, is obtained before the company's shares on the regulated market of the inclusion and the emission prospectus contains information about the person's participation reaches or exceeds 30 percent of the company's voting shares, or to the relevant persons, acting in concert, and that total amount of participation has reached or exceeded the 30 percent of the company's voting shares. (6) if the person or persons acting in concert, you get the fourth paragraph of this article referred to in paragraph 1, the quantity of the voting rights as a result of succession, it or its minimum stock buy-back offer may not be expressed in two years from the date of the inherited shares posted in the financial instruments account or registered in the register of shareholders. (7) a Person may not exercise the voting rights arising from the suspension of shares, and it does not directly get voting rights if the person: 1) the periods laid down in this law and order does not make the minimum stock buy-back offer; 2) expresses the share buy-back offer that does not meet the requirements of the law; 3) is not in accordance with the procedure laid down in this Act made the settlement with investors who have adopted stock buy-back offer. (8) the decision of the general meeting taken by using this article to vote contrary to the provisions of part 7, is not in force, and to this decision the base must not be asked to do so in any public records. (9) in the seventh part of this article, the exercise of voting rights referred to in person can resume only when it even with the delay, but has fulfilled the obligations laid down in this chapter and the remedy the shortcomings noted by the Commission. " 36. Article 70: make the first paragraph by the following: "(1) a vendor shall, not later than 10 working days after this law, article 66 of the fourth part of the circumstances referred to in paragraph 1 of article 66 of the accession or the fourth paragraph referred to in paragraph 2 of the decision of the general meeting, or to make a voluntary decision of the vendor of the shares buy-back offer to submit to the Commission an application for the share buy-back offer."; Add to article 1.1 and 1.2 of the part as follows: "(11) If the Offeror must receive other public authorities permit this law, article 66 of the fourth part of the voting rights referred to in paragraph 1, the quantities referred to in the first paragraph of the offeror shall submit the application within 10 working days following the date of receipt of the authorization. (12) in the first part of the offeror's volunteer shares buy-back offer is enforceable only after the referred to in article 1.1 authorisation. "; replace the fourth subparagraph, the words and figures "of this law article 66, first paragraph 2. in the case referred to in paragraph" with the words and figures "in article 66 of this law the fourth paragraph 2. in the case referred to in paragraph"; replace words in part 4.1 and the number "66 of this law." in the first paragraph with the words of this law and the number "66" in the fourth paragraph of article. 37. Article 84 of the expression by the following: ' article 84. The scope of this chapter (1) in this section in addition to Regulation No 596/2014 the Commission as laid down by the competent authorities of Regulation No 596/2014 rights and obligations within the meaning of the insider trading surveillance and manipulation in the prevention of financial markets. (2) the Commission shall establish and maintain a reporting system for Regulation No 596/2014 potential and actual threats. (3) in order to ensure that this article is referred to in the first and second subparagraphs, the Commission shall have the right to issue normative provisions which determine: 1) information regarded as inside information and disclosed to the public; 2) cases in which the Insider publication delay can mislead the public or endanger the issuer or emission allowance market the legitimate interests of the participants; 3) requirements regarding the order in which the person performing the duties of management, announces the transactions carried out; 4) procedures shall be submitted to the Commission and the Commission shall examine the second part of this article reporting system referred to in the messages and message provided the person provides the identity and the protection of personal data under the personal data protection laws regulating. (4) investment brokerage company and a credit institution establish internal procedures, establishing procedures for employees to report on Regulation No 596/2014 violations investment brokerage firm and the credit institution. " 38. To supplement the law with article 84.1 as follows: "article 84.1. Responsibility for the internal information, the disclosure of illegal use and manipulation of financial markets (1) for the internal use of unlawful information, financial markets, suggesting to another person or incitement of another person to engage in insider trading in the financial markets, if it is established by Regulation No 596/2014 article 14 "a" or "b" in breach of the prohibition referred to in this regulation, as well as the activities provided for in article 8, the person in the cases provided for in the criminal code called a criminally. In other cases, are found in Regulation No 596/2014 article 14 "a" or "b" in breach of the prohibition referred to in this regulation, as well as the activities provided for in article 8, there was a responsibility on the person in accordance with article 148 of this Act. (2) If a person has or has had a financial market insiders and personal conduct is lawful in accordance with Regulation No 596/2014 article 9, is not considered that that person is unlawfully used this information and engaged in insider trading in the financial markets in relation to the acquisition or disposal of securities. (3) on the financial market Insider unlawful disclosure, if it is established by Regulation No 596/2014 "c" of article 14 referred to in internal information disclosure illegal ban, as well as those provided for in article 10 of the regulation, a person in the cases provided for in the criminal code called a criminally. That person shall not be deemed illegal to disclose the internal financial market information, if the disclosure takes place, the person doing the work or professional obligations, or when disclosure is deemed indispensable to the market, in accordance with Regulation No 596/2014 article 11 1, 2, 3, 4, 5, 6, 7 and 8. (4) for the manipulation of financial markets the person in the cases provided for in the criminal law of the criminally liable if "found in Regulation No 596/2014 manipulation referred to in article 15 prohibition of infringement of a person making one of the following: 1) involvement in business, the trade order submission or any other action that: (a)) are provided incorrect or misleading indication of the financial instrument or related immediate transaction contract quote or price request , b) provides one or more financial instruments or related immediate transaction contract price discovery in an inconsistent or artificial level, except for the reasons why a person engaged in a business or trade of the order submitted, is legitimate and that the transactions or orders to trade are compatible with market practices in the market place; 2 involvement in transactions or trade) order of, or any other activity or conduct which affects the price of one or more financial instruments or associated instant transaction, using the fictitious mechanisms or any other form of deception or contrivance; 3) the dissemination of information through the press or other media, including the internet, or any other means that false or misleading indications in respect of the financial instrument or related immediate transaction contract quote requests or price or provide one or more financial instruments or related immediate transaction contract price determination of inappropriate or artificial level; 4) false or misleading transmission information, false or misleading data provision, or any other action, in the form of manipulation with the benchmark calculation. (5) cases of manipulation in the financial markets is not called a person criminally liable, but are found in the fourth paragraph of this article and the provisions of Regulation No 596/2014 12. actions referred to in article, a person has the responsibility in accordance with article 148 of this Act. " 39. Turn 85, 86, 87, 88, 86.1, 88.1 and article 89. 40. Article 90 of the expression as follows: "article 90. To the right of the Commission to ensure that Regulation No 596/2014 and the compliance with the provisions of this chapter, the Commission, in addition to the financial and capital market Commission, the law and other rights laid down in this law shall have the right: (1)) to request and receive from the financial instrument for the operators phone call records and other data records; 2) demand from market participants for standardized information and reports on transactions with derivative instruments linked to immediate business markets as well as direct access to these trading systems; 3) ask for credit institutions and investment brokerage firms to stop operations of the financial instrument the individual account or the movement of funds to the account of the person laid down in Commission decision; 4) temporarily suspend the trading of financial instruments; 5) require that the financial instruments market participants to stop any action which is contrary to Regulation No 596/2014 and the provisions of this chapter; 6) restrict the financial instruments market; 7) the deadline to request the issuer, or the person who found or has incorrect or misleading information, Regulation No 596/2014 duly published notice of the correction of the information previously provided; 8) turn to law enforcement authorities with the application for the initiation of criminal proceedings. " 41. Article 91 of the turn. 42. Replace article 101, second paragraph, the word "bank" (fold and number) with the words "credit institution" (in the fold and the number). 43. Replace article 103, first paragraph, introductory paragraph, the second and the third part of article 129 of the second subparagraph of paragraph 2, the word "bank" (fold and number) with the words "credit institution" (in the fold and the number). 44. Article 144 of the expression by the following: ' article 144. Exchange of information with supervisory bodies of the Member States of insider trading and market manipulation ban monitoring (1) the Commission, insider trading and market manipulation ban supervision shall cooperate with the national supervisory authorities in accordance with Regulation No 596/2014. (2) If there is no information available to the Commission, a management authority of a Member State on the basis of a reasoned request, has asked to give and which it needs to carry out its internal the use of information and market manipulation ban monitoring duties, the Commission shall carry out its activities in the competence, to obtain the information requested. (3) where a Member State supervisory authorities the requested information, it is not possible to get to the Commission, the Commission shall inform the management authority of the Member State concerned, stating the reasons for which it is not possible to provide the information requested. " 45. in article 148: turn off third; to make the fourth subparagraph by the following: "(4) where a person who, in accordance with article 66 of this law's provisions is the obligation to make a mandatory stock buyback offer, the order shall not be made, the Commission is entitled to impose fines of up to person 700 000 euro."; off the seventh; Supplement to the sixteenth and seventeenth article of the following wording: "(16) if the person has not complied with this law, 54, 56, 57, or chapter IV of article 57.2 requirements or has not complied with its obligation and not the reported significant acquisition or loss of shares in the company pursuant to article 61 of this law, the Commission is entitled to apply for one or more of the following penalties: 1) public notice of the infringement in the natural or legal persons responsible, and the nature of the infringement; 2) require that an infringement of the natural or legal person responsible for the immediate termination of the activities concerned; 3) impose legal person after about the largest fine: (a) to 10 000 000 euro) or up to five percent from the previous financial year total turnover in accordance with the previous financial year, approved the annual report. If the entity is a subsidiary of the parent or the subsidiary, affiliate, which prepares consolidated financial statements in accordance with the annual accounts and consolidated annual accounts Act, total turnover consists of the previous financial year, the total turnover or according to the type of income based on the extreme parent company in the preceding financial year is reported in the consolidated financial statements, (b)) to a person's earned income or to prevent possible damages to approximately double If you can determine the progress made as a result of an irregularity or turns away potential revenue losses; 4) impose a natural person after about the largest fine: (a) (b) 2 000 000 euro)) to a person's earned income or prevent potential loss of roughly double, if you can determine the progress made as a result of an irregularity or turns away potential income loss. (17) if the person has not complied with Regulation No 596/2014 14, article 15, article 16, paragraph 1 or 2 of article 17 1, 2, 4, 5 or 8, article 18, 1., 2., 3., 4., 5., or paragraph 6 of article 19 1, 2, 3, 5, 6, 7 or 11 or paragraph 1 of article 20, the Commission is entitled to apply for one or more of the following penalties and measures of supervision : 1) require that an infringement of the natural or legal person responsible for the immediate termination of the activities concerned; 2) be obliged to refund earned income as a result of the infringement or preventing possible damages, if they can be identified; 3 public notification shall specify) for infringement of the natural or legal persons responsible, and the nature of the infringement; 4) temporarily suspend or cancel the investment brokerage firm license issued to investment services and investment for the provision of additional services or prohibit a credit institution to provide investment services and investment requirement; 5) determine the temporary prohibition of the investment firm or credit institution Board member or other natural person responsible for the offence, to perform the duties devolved investment firm or the credit institution; 6) aside from the post of the investment firm or credit institution or member of the management board or other natural person responsible for the infringement, take the devolved responsibilities of the investment brokerage firm, if that person has contravened regulation no 596/2014 or 15 article 14 requirements; 7) fix the provisional prohibition of the investment firm or credit institution Board member or other natural person responsible for the infringement, conduct transactions on your behalf; 8) to impose fines of up to earned income as a result of an irregularity or to prevent possible damages to approximately triple that if you can determine the progress made as a result of an irregularity or turns away potential revenue losses; 9) impose fines for the natural person for Regulation No 596/2014: a) or article 14 of 15 breaches of requirements up to 5 000 000 euro, b) or article 16 of 17 violations of requirements up to 1 000 000 euro, c) 18, 19 or 20 violations of requirements of article up to 500 000 euro; 10) impose fines for legal person of Regulation No 596/2014: a) or article 14 of 15 breaches of requirements up to 15 000 000 euros, or up to 15 percent from the previous financial year total turnover in accordance with the previous financial year, approved the annual report. If the entity is a subsidiary of the parent or the subsidiary, affiliate, which prepares consolidated financial statements in accordance with the annual accounts and consolidated annual accounts Act, total turnover consists of the previous financial year, the total turnover or according to the type of income based on the extreme parent company in the preceding financial year is reported in the consolidated financial statements, (b)) or article 17 16 violations up to 2 500 000 euros, or up to two percent from the previous financial year total turnover in accordance with the previous financial year, approved the annual report. If the entity is a subsidiary of the parent or the subsidiary, affiliate, which prepares consolidated financial statements in accordance with the annual accounts and consolidated annual accounts Act, total turnover consists of the previous financial year, the total turnover or according to the type of income based on the extreme parent company in the preceding financial year is reported in the consolidated financial statements (c)), 18, 19 or 20 violations of requirements of article up to 1 000 000 €. " 46. Article 150: make the first paragraph by the following: "(1) the Commission information about sanctions and monitoring measures which persons applied for this law 148. the infringements referred to in article, on its home page on the internet, showing the details of the administrative act issued and accepted the challenge to the ruling."; to supplement the article with 2.1 and 2.2 the part as follows: "(21) referred to in the first paragraph of information about this law, article 148 of the seventeenth in sanctions and monitoring measures the Commission shall have the right not to publish if it after the preliminary assessment, finds that the publication would undermine financial market stability or publication of such information is not proportionate to the infringement committed. (22) the Commission information about sanctions and monitoring measures, suitable for Regulation No 596/2014 violations, shall be published in accordance with the provisions of this regulation. "; to make the fourth subparagraph by the following: "(4) in accordance with the procedure laid down in this article, the Commission website on the internet the inserted information about this law, article 148 the fifteenth and seventeenth breaches referred to are available for five years from the date of insertion." 47. transitional provisions be supplemented with 52, 53, 54, 55, 56 and 57 as follows: "52. Issuer whose transferable securities are included in the regulated market and for which the Member State of origin shall be determined in accordance with this law, the fourth paragraph of article 3.1 paragraph 2 or sixth part of this article, but who by 2015. on 27 November on the choice of the Member State of origin without having informed the competent institution shall inform the competent authority within three months of the amendment in article 3.1 of this law into force. 53. Article 56 of this law, the third part, attributable to the Corporation whose debt securities included in the regulated market, the Corporation's annual report, which shall be drawn up for the period starting 1 July 2016 or later, unless the Corporation, its financial statements would not be drawn up in accordance with Regulation No 1606/2002.54. Article 57 of this law, expressed in the new version, and the issuer shall apply article 57.2 of the interim report and financial information that is prepared for the financial year beginning 1 July 2016 or later. 55. the amendment of this law in relation to 59, 85, 86, 87, 88, 86.1, 88.1, 89 and 91 off 84 article. and article 90, expressed in the new version, as well as the amended article 148 in respect of the third and the seventh part of the shutdown, the fourth part, expressed in a new editorial, and article 148 sixteenth and seventeenth part shall enter into force on 3 July 2016. 56. with regard to the person or persons, acting in concert, to which article 66 of this law (the new version) to the date of entry into force of the direct or indirect participation is a corporation whose shares are included in the regulated market, in such quantities that reaches or exceeds 30 percent of the company's voting shares, but did not reach or exceed 50 percent of the shares of the company's voting shares, the total number of article 66 of this law (new) rules are applied to the day When they increase the amount of its participation over participation in the extent to which you get to article 66 of this law (the new version) into force. In respect of the person or persons, acting in concert, to which article 66 of this law (the new version) to the date of entry into force of the direct or indirect participation is a corporation whose shares are included in the regulated market, in such quantities that reaches or exceeds 30 percent of the company's voting shares, but did not reach or exceed 50 percent of the shares of the company's voting shares, and to article 66 of this law (the new version) into force have expressed such a voluntary buy-back of shares bid that is expressed in all shares of the company to the shareholders of all the shares of the company shares at a price fixed in accordance with article 74 of this law, the mandatory repurchase of shares not be expressed. 57. with regard to the person or persons, acting in concert, to which article 66 of this law (the new version) date of entry into force is derived, directly or indirectly, participation in a joint stock company whose shares admitted to trading on a regulated market, in such quantities that reaches or exceeds 50 percent of the shares of the company's voting shares, the total number of shares in respect of the mandatory redemption offer applies to the matter of regulatory provisions on the mandatory repurchase of shares in the offer that was in force until article 66 of this law (the new version) date of entry into force. "
48. To complement the informative reference to European Union directives, with 34 and 35 by the following: "34) of the European Parliament and of the Council of 22 October 2013 Directive 2013/50/EU of the European Parliament and the Council amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, the European Parliament and Council Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and Commission Directive 2007/14/EC laying down detailed rules for the application of Directive 2004/109/EC for the implementation of certain provisions (text with EEA relevance); 35) the European Parliament and of the Council on 2014 16 April 2014/57/EU directive on criminal penalties for market abuse (market abuse directive). ' The Parliament adopted the law of 26 May 2016. The President r. vējonis 2016 in Riga on June 15.