Changes To The Financial And Capital Market Commission Act

Original Language Title: Grozījumi Finanšu un kapitāla tirgus komisijas likumā

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Read the untranslated law here: https://www.vestnesis.lv/op/2016/108.4

The Saeima has adopted and the President promulgated the following laws: changes to the financial and capital market Commission in the law to make financial and capital market Commission (Act of the Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 2000, nr. 13; 2001, 24. No, 2, 6, 2009. no; Latvian journal, 2009, nr. 196; 2010, no. 205; 169. in 2011, no; 2012, 186. no; 2013, 183, no. 243; 2015, 122 no). the following amendments: 1. To supplement article 7 of the first paragraph of point 4.1 of the following wording: "41) request from the financial and capital market participants for an independent examiner's opinion on the financial and capital market transactions for compliance with the financial and capital market laws, regulatory requirements and decisions of the Commission." 2. Supplement article 15 with the fifth paragraph as follows: "(5) the Council meeting takes place, the participation of the members of the Council at that spot. If a Council member is unable to attend the Council meeting venue, he participates in the meeting remotely. Council member allows you to become familiar with the documents under consideration at the hearing. Procedures for participation in the Council meeting takes place, the draft decision in consultation and decision making, be determined by the Council. " 3. in article 17: Add the article to a 6.2 point as follows: "62) to take a decision on the financial and capital market participants to submit an article 7 of this law, the first paragraph of the opinion set out in point 4.1"; to supplement the article with the second and third subparagraphs by the following: "(2) the Council of the first paragraph of this article 6.2 of this decision, where the Commission has reasonable suspicion of financial and capital market transactions for non-compliance with financial and capital market laws, regulatory requirements and decisions of the Commission. (3) the Council of the first part of the decision referred to in paragraph 6.2, the basis for the preparation of the opinion to the financial and capital market transactions, the test determines the amount of checks, procedures, tasks, and deadlines, as well as the requirements for an independent examiner. Financial and capital market participants, subject to the Council decision, choose an independent examiner and pay for preparation of an opinion on the costs of inspection to be carried out, in agreement with the independent examiner for operation check the costs and payment arrangements. Financial and capital market Commission in line with the agreement on the draft Council decision for matters defined in. "; believe the current text of the first part of the article. 4. a add to 17.1 in the second part of the article as follows: "(2) the Council shall issue recommendations (guidelines) referred to in the first subparagraph for the determination of penalties and publish these recommendations in the Commission's home page on the internet."; believe the current text of the first part of the article. 5. To supplement the law with 17.2 article as follows: "article 10.7. If the administrative act issued by the Council on the financial and capital market participants to submit an independent examiner's opinion on the financial and capital market transactions for compliance with the financial and capital market laws, regulatory requirements and the Commission's decision is appealed, the appeal does not suspend the operation. " 6. Article 21: make the fourth paragraph as follows: "(4) the Board is valid if its meeting at least half of the members of the Board or by written procedure, receiving responses from at least half of the members of the Advisory Forum. The Board's decisions shall be taken by majority vote. If the votes are divided into similar decision considered not accepted. '; Add to article 4.1, 4.2 and 4.3 of the part as follows: "(41) Advisory Council meeting takes place, the participation of the members of the Council at that spot. Advisory Council Member, who was not at the hearing of the Board may participate in the meeting, participate in onsite, remotely, if it has the opportunity to become acquainted with the documents under consideration at the hearing. (42) the Board is empowered to make decisions by communicating electronically, in written procedure. (43), arrangements participation in Advisory Council meeting, during the discussion of draft decisions and decision making, as well as remotely electronic written procedure shall be determined by the Council. " 7. Add to the transitional provisions in paragraph 19 by the following: "19. this law 17.1 the Council referred to in the second subparagraph article recommendations (guidelines) for the determination of penalties for persons who violated financial and capital market regulatory normative acts issued to 2017 January 1." The Parliament adopted the law of 19 may 2016. The President r. vējonis 2016 in Riga on June 6.