Amendments To The Investment Management Company Law

Original Language Title: Grozījumi Ieguldījumu pārvaldes sabiedrību likumā

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Read the untranslated law here: https://www.vestnesis.lv/op/2013/142.4


The Saeima has adopted and the President promulgated the following laws: law on investment management company to make the investment management company Act (Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 1998, no. 3; 2000, no. 13; 2002, 23 no; 2004, nr. 9, 9. No; 2007; 2008, 14, 15, 23 no; Latvian journal, 2010, 51 no; 173. in 2011, no.) the following amendments: 1. Turn off the article 1, 27, 36, 37 and 38, 13.5, fourth paragraph in article 14.1 of the ninth article of part 2, article 15, paragraph 1, subparagraph article 25, in the second paragraph of article 30, in the fourth paragraph of article 31, in the second paragraph of article 33, the ninth part of the article name, 35.1, first and second subparagraphs, the fifth subparagraph of article 51, article 52, in the first paragraph of article 53 of the first, the fourth , the sixth, seventh and eighth, article 54, first and third subparagraphs, article name, 64-54.1. the first, second and third subparagraphs, article 66 of the tenth paragraph, article 67, first paragraph, point 3, article 77.1 name, first, second and sixth subparagraphs, article name, 77.2 in the first and third subparagraphs, article name, 77.3, first and third subparagraphs, article 88 article 78.1 of the sixth and seventh and article 89 of the fourth part 1. 2, and in paragraph 3, the word "open" (fold). 2. in article 1: to replace in paragraph 4, the words "as well as transactions with the Investment Fund's assets and on the basis for things" with the words "as well as things that were acquired in transactions with the Fund assets"; turn off paragraph 5, the words "real property"; turn off paragraph 23; Add to paragraph 40, after the words "investment fund" with the words "alternative investment funds". 3. Make the text of article 2 as follows: "this law aims to provide investment management company and the investment fund for legal status, rights, duties and responsibilities, establishing procedures and principles of operation, regulate the requirements for the management of investment funds and investment, as well as regulatory compliance monitoring." 4. in article 5: make the first part of paragraph 2 subparagraph "a" the following: "(a) the Legal Affairs of the Fund) and the accounting organization,"; Supplement fifth subparagraph following the words "the law" on private pension funds "" with the words "and the alternative investment fund will be managed in accordance with the alternative investment fund managers and law." 5. in article 7.1: adding to eighth after ' investment management company "with the words" alternative investment fund managers "; make part of the fourteenth as follows: "(14) the examination of the second and fourth of these notifications, the Commission shall consult with the Member State concerned, if the supervisory authorities of the Member States of the proposed acquirer insurer, reinsurer, is registered in a Member State by a credit institution, investment management companies, alternative investment fund manager, investment brokerage company or insurer, reinsurer, a Member State of credit institutions established in Member States, an alternative investment fund manager, investment management company or the investment company's parent company or the person who controls the member insurers, reinsurers, a Member State of credit institutions established in a Member State, the alternative investment fund manager, investment management company or the investment brokerage company, and if, the person acquiring or increasing the qualifying holding, the company becomes the person's subsidiary or come under its control. " 6. in article 8: make the second paragraph as follows: "(2) the initial capital shall be determined by the European Parliament and of the Council of 26 June 2013 Regulation No. 575/2013 for the prudenciālaj requirements for credit institutions and investment firms, and amending Regulation (EC) No 648/2012 (hereinafter Regulation No 575/2013)."; supplemented with the sentence of the third paragraph as follows: "the requirements in this part does not apply to companies whose equity is about 10 000 000 euro or more on it."; turn off the fourth part; make the fifth subparagraph of paragraph 1 and 2 as follows: "1) public domain existing investment funds and alternative investment funds, including the funds that it has transferred management to another company, but not including funds that it received from the management of other companies, if these funds are not established as legal persons; 2) managed by the public investment fund and alternative investment funds, if those funds are established as legal persons. "; replace the seventh part of the introductory part, the words "if it benefits from a guarantee of the same amount of" with the words "with the same amount of guarantee"; to make the ninth subparagraph by the following: "(9) equity and calculation procedures laid down by Regulation No 575/2013." 7. Add to the first paragraph of article 14 with the following paragraph 5: "5) alternative investment fund or its investors and the public domain, the existing trust fund or funds of the investors." 8. Replace the fourth subparagraph of article 16 and article 17, second paragraph, the words "newspaper" journal "by the words" official publication "journal". 9. Turn off the paragraph 3 of article 18. 10. Express article 20, the first paragraph by the following: "(1) the investment fund is an open Foundation, which aims to combine public funds linked to-this statutory investment objects, subject to the principle of risk reduction and in the statutory investment restrictions, and that the host company is obliged, if requested by the Fund's investors, not later than one month to make a contribution certificate atpakaļpirkšan. The investment fund is not a legal entity. " 11. off 21. 12. Express article 22 the following: ' article 22. The formation of the Fund (1) the Fund established the company in approving the fund prospectus, fund investors basic information and provided for the administration of the Fund regulations and the conclusion of the contract a custodian. (2) the decision of the fund prospectus, the basic information for the investors of the Fund and the Fund's Management Charter, approval takes public statutory management body. (3) the company may initiate the Fund investment certificates emission and the Fund Manager only after registration of the Fund Commission. (4) the investment fund may be set up as a foundation under sub. (5) for each sub-fund in the prospectus of the Fund can have a different investment policy, management service payment terms and currency. (6) in this law, the trust fund requirements and limitations of the Sub-fund is a fund attributable to each sub-fund individually. (7) where the company wishes to record the investment fund, the name of which used the words "money market fund", that the Fund's activities in the development of rules in accordance with the Commission's regulatory requirements. (8) the Commission authorised in another Member State, the application of the public investment fund to examine the Treaty according to the law of the procedures laid down in article 77.1. " 13. in article 23: turn off the first part of point 1.1 "open funds"; make the second paragraph as follows: "(2) the document referred to in the first subparagraph shall be submitted to the Commission in one of the following ways: 1) how electronic documents according to the law on electronic document production and design; 2) as paper documents (in this case, the documents shall also be submitted electronically by sending to the Commission's electronic mail address). " 14. off the third subparagraph of article 25. 15. off article 27. 16. in article 28: replace the third subparagraph of paragraph 4, the introductory paragraph, the word "customer" with the words "Fund" investors; turn off the third subparagraph of paragraph 4, the words "a" section "(open investment funds)"; exclude paragraph 9 of part three; make the fifth subparagraph of paragraph 2 as follows: "2) Charter, amendments and the Fund rules, the text of which is included in the amendment. Rules and regulations the amendments to the text of the company shall be submitted to the Commission in one of this law, article 23, second paragraph the following. " 17. Article 30 off fifth. 18. Article 33: make an eighth part of paragraph 4 by the following: ' 4) to grant loans. That prohibition does not apply to the asset purchase transactions with atpakaļpārdevum (reverse repo), which is authorized, subject to the limits laid down in this Act; "; turn off the tenth. 19. Turn off the third subparagraph of article 34. 20. Replace article 34.1, fourteenth paragraph the word "the" with the word "thirtieth fortieth". 21. in article 21.3: turn off the ninth paragraph the word "Commission"; replace the eleventh paragraph, the words "thirtieth" with the word "fortieth". 22. Article 35: replace the second part of paragraph 3, the word "open" with the word "investment"; turn off the fourth. 23. Replace article 36, first paragraph, and article 37 of the sixth paragraph, the words "newspaper" journal "by the words" official publication "journal". 24. Article 51 off sixth. 25. Turn off 52. the second and third. 26. Turn off the second subparagraph of article 53. 27. Supplement article 54 with the sixth subparagraph by the following: "(6) governing the fund company is exempt from the obligation to make a contribution certificate atpakaļpirkšan, if the investment certificates are traded on a regulated market, and the company that manages the Fund shall take the necessary measures to ensure that the market price of the units are not significantly different from the Fund's share value." 28. Article 56: make the first part of the second sentence as follows: "the company is developing products for fund investors, showing the basic details of this law of the information referred to in article 57.1."; to make a fifth by the following: "(5) where the company wishes to amend the information, which is provided in accordance with article 57 of the law of the third part 1., 2., 3., 4., 5., 7., 8., 9, 10.1, 11, 12, 13, 14, 15, 16 and 23, before the amendment of the Commission: 1) the respective governing bodies of public decision on the approval of amendments to the prospectus of the Fund; 2) amendments to the fund prospectus and fund prospectus, which includes the amendments. Fund prospectus and the amended text of the prospectus of the Fund, the company shall be submitted to the Commission in one of this law, article 23, second paragraph the following. " 29. Article 57 off the fifth and sixth. 30. in article 61: turn off the second part; express the sixth part as follows: "(6) the Commission's regulatory rules lays down the requirements for the trust fund investment objects, transactions, certain activity funds as well as disclosure of information." 31. Article 66: replace the thirteenth paragraph, the words "open" with the word "investment"; turn off the fourteenth part. 32. off the third subparagraph of article 67. 33. Article 68 of the turn. 34. the express article 69 the second subparagraph by the following: "(2) this Act is permissible under article 66, except the seventh and thirteenth share, as well as article 67 investment restrictions laid down in the six months following the registration of the Fund Commission." 35. To make the first paragraph of article 71.1 of the introductory paragraph as follows: "(1) the Trust Fund shall be entitled to make the main and subordinate bodies. The underlying fund to 15 percent of their assets, which are not invested in the main Fund may invest: ". 36. in article 75.2: make the second paragraph, the first sentence as follows: "(2) the annual report of the auditor or certified check certified auditor of the company (hereinafter referred to as the sworn auditor)."; replace the words "in part 4.3 newspaper" journal "by the words" official publication "journal". 37. Article 77.2 of the ninth off part. 38. To exclude article 77.4. 39. in article 78.1: make the third subparagraph of paragraph 1 and 2 as follows: "1) on the registration of investment funds to the examination of the documents submitted, the 1000 lats; 2) on registration submitted to the investment fund prospectus or the amendment to the Statute of the administrative proceedings — 300 lats. "; replace the fifth and sixth paragraph, the words "and the fourth" with the words "in the fourth and eleventh"; to supplement the article with the eleventh subparagraph by the following: "(11) if the investment management company performs investment funds and alternative investment fund management, it pays the Commission up to 0.033% of its existing in the management of investment funds and alternative investment funds, the average amount of assets in the quarter, but not less than 2500 lats year." 40. Article 81 off the words "closed the Fund general meeting of investors" (fold). 41. the transitional provisions be supplemented with 33, 34 and 35 points by the following: "33. Company, which has registered the closed investment funds in accordance with the requirements of the law, starting from the date of entry into force of the alternative investment fund managers and law, comply with the said requirements laid down in the law on alternative investment fund managers and the closed investment fund the conversion of the alternative investment fund. 34. the amendment of the law article 8, second paragraph, the determination of the initial capital shall enter into force on January 1, 2014. 31 December 2013 this law used the term "initial capital" means capital that consists of: 1) the share capital, which reduced the value of the preference shares with a dividend accrual; 2) shares or share premium account; 3) reserves (excluding revaluation reserves); 4) previous years retained earnings or losses; 5) year current profit, if it is certified auditor's report on the existence of profit and its calculated, taking into account all the necessary provisions for impairment of assets, estimated tax payments, and dividends, and the Commission has agreed to the current year's profit for inclusion in the initial capital. 35. the amendment of article 8 of the law on the ninth part of the equity in the determination and calculation procedure shall enter into force on January 1, 2014. 31 December 2013 this law used the term "equity" is the Manager of the audited financial statements reflect capital, reserves and liabilities elements that are freely available to the Manager with operational risks associated, but not yet identified potential losses, which shall lay down the procedure for the calculation of the Commission. " The Parliament adopted a law in July 9, 2013. The President a. Smith 2013 in Riga on July 24.