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/2012/186.3


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; 2011 169. No.) the following amendments: 1. Supplement article 6 with the following paragraph 12: "12") to control the financial and capital market laws and regulations governing the regulated activity is carried out exclusively by these regulations to that person. " 2. in article 7, first paragraph: Add to paragraph 2 with the following sentence: "such rights can also be used by the Commission to other persons, if there is reason to believe that they are related to the requirements of the laws and a possible violation or it might have ascertained an infringement to the required information;" supplement paragraph 5 with the following sentence: "such rights can also be used by the Commission to other persons, if they have violated financial and capital market laws and regulatory requirements." Add to part with 10, 11, 12, 13, 14 and 15 of the following paragraph: "10) visits to any of the financial and capital market participants (without prior notice) inspection; 11) on the basis of the judge's decision to attend the inspection (without prior notice) to the other person if there is reason to believe that that person is related to requirements of the laws and a possible violation or it could be a violation of the conditions for the necessary information, the Commission's proposed administrative cases; 12) to request and receive from the financial and capital market participants in the telephone listings and other data records; 13) on the basis of the judge's decision, to request and receive electronic communications from merchant it disposal process data, which can play a role in the administrative proceedings initiated by the Commission; 14) on the basis of the judge's decision, the person at the screening and review, and the presence of the police, without prior notice, to enter the financial and capital market participants, their officials and employees owned or in use in existing non residential premises, vehicles, apartments, constructions and other real and immovable objects, opening it in existing storage facilities (hereinafter referred to as the objects being searched), searchable object forced crawling and possessions therein, and document viewing including electronic information system — computers, floppy disks and other media — saved message (data). If the person at the screening, refuses to open objects, these objects are searched are open without causing them serious damage. Search and view time, officials of the Commission are empowered: (a)) prohibit the search and view the location of persons without permission to leave this place, to move and to talk amongst themselves to searches and examinations end, b) familiarize yourself with the documents and the electronic information system of the information (including information containing business secrets), c) to remove the items and found documents that can play a role in the administrative proceedings initiated by the Commission, (d)) to request and receive law established certified document derivatives , e) to make electronic information system saved message (data) print or electronic recording media, f) to request and receive written or oral explanation of the financial and capital market participants, officials and employees, g) for a period of not more than 72 hours, to seal objects and they searched the stores to ensure the preservation of evidence; 15) on the basis of the judge's decision if there is a reasonable suspicion that the document or thing that may serve as evidence of the financial and capital market laws, regulatory violations, is stored in the other person owned or in use in existing installations, searched for those individuals in the presence of the police to perform this part of the activity referred to in point 14. If an individual object in the crawl is performed on the premises of a legal person, the crawl and viewing is done legal entities and physical persons of the representative presence. " 3. To supplement the law with 7.1, 7.2, 7.3 and 7.4 of the article as follows: "article 7.1. (1) this Act 7 of the first paragraph of article 14 and 15 of this search and view command after the Commission officials and legitimate request of employees in the financial and capital market participants, their officials and employees, as well as other persons, of whom there are reasonable grounds for believing that it is related to requirements of the laws and a possible violation or it could be a violation of the fact-finding information necessary for the Commission's proposed administrative case be obliged: 1) provide access to any of their property, possession or use of the existing searchable objects, opening it in existing storage facilities; 2) provide access to in any way and form, drawn up or stored documents as well as electronic information stored in the system messages (data); 3) within the time limit fixed by the Commission to provide full and truthful information requested; 4) provide the documents requested, copies of the documents (transcripts) or extracts and regulations established to certify their accuracy; 5) attest to the electronic information system saved message (data) print or electronic media entries; 6) execute other Commission officials and authorized personnel legal requirements. (2) the Commission referred to in the first paragraph proposes that the obligation to comply with administrative affairs of the administrative procedure law. (3) the first paragraph of this article with the obligations imposed by the Commission of the default physical person fines of up to 500 lats, while the legal person from 1000 to 10 000 lats. (4) officers and staff of the Commission in the performance of official duties outside the premises of the Commission, presented the mandate. (5) the national police provides assistance to the officials of the Commission of the Act 7 of the first paragraph of article 14 and 15 of this search and view command. 7.2 article. (1) for the permission to perform this Act 7 of the first paragraph of article 11, 13, 14 and 15 above actions decided by the district (municipal) Court corresponding to the Commission's legal address. Judge 72 hours review the submissions of the Commission and other documents justifying the need to perform these actions, the Commission heard the officials and employees and shall take a decision on the authorization of the transaction or of the refusal to take these steps. The decision on a crawl, and viewing of the person to which the crawl and viewing will take place, the place where screening and inspection will be conducted, and what administrative things within this screening and inspection will be carried out. (2) the decision of the judge shall send to the Commission within 24 hours from the moment of adoption of the decision. (3) the judge's decision within 10 days from the date of receipt of the decision may submit a complaint to the President of the Court. (4) the President of the Court of Justice shall examine the complaint within 10 days. The Commission's complaint about the judge's decision to review the presence of a representative of the Commission. People complaint about the judge's decision dealt with the representatives of the Commission and the interested parties or the presence of a representative. The President of the Court's decision is final and not appealable. (5) the President of the Court of appeal may meet or decline. Allowing the appeal, the President of the Court of Justice can be entirely or partially cancel or amend the decision under appeal. (6) evidence obtained on the basis of the contested decision which totally or partially cancelled or amended, is not applicable in the case to the extent that it is recognised that illegality of the decision. 7.3 article. (1) this law article 7, first paragraph, 11, 14 and 15 in paragraph search and inspection operations officials of the Commission shall record in the minutes of proceedings. (2) procedural actions specified in the Protocol: 1) venue and date; 2) action legal basis; 3) time when the operation started and finished. 4) investigator posts, name and last name; 5) Registrar's Office, name and last name; 6) — action posts, name and last name; 7) progress and findings; 8) procedural actions during the get property and documents. (3) is added to the Protocol in the course of the proceedings and obtained documents. (4) the procedural actions the operator introduces the people who participated in the activity in question, with the procedural actions and the contents of the annexes of the Protocol. Person made corrections and additions to be recorded in the minutes. (5) the Protocol in General and each page separately sign the procedural actions, and taker whom all the people who participated in the activity in question. If the person refuses to sign, it noted in the minutes, indicating the refusal reason and motive. 7.4 the article. (1) the Commission, the launching of this law article 7, first paragraph, 11, 13, 14 and 15 above, a copy of the decision of the judge shall be issued to the person at which these activities are carried out. The person on the sign decision. (2) entering this law 7 of the first paragraph of article 14 and paragraph 15. Search and view commands, Commission officials shall inform the financial and capital market participant or other person in respect of whom you follow these steps on the right. (3) financial and capital market participant or other person in respect of which this Act is made 7 of the first paragraph of article 14 and paragraph 15 referred to search and view commands, have the right to: 1) be present all search and inspection operations, making comments and requests; 2) providing explanations, use a solicitor or other legal assistance. Explanation of residues to provide for a period of not more than one hour, if it is necessary to expect lawyers or other legal aid provider; 3) propose to the information to be provided or parts thereof are specified in restricted availability status information; 4) familiar with the procedural acts and the attached documents, submit corrections and additions; 5) to submit a complaint to the Chairman of the Commission on the Commission's officers or employee's action. " 4. To supplement the law with article 17.1 of the following wording: "17.1 pants. The decision on the imposition of sanctions for persons who violated financial and capital market regulatory legislation, the Commission shall take into account: 1) the gravity of the infringement; 2) the duration of the infringement; 3) personal responsibility; 4) as a result of infringement of personal income is obtained; 5) misconduct caused damages; 6) violation of cooperation; 7) persons experience in financial and capital markets; 8) personal financial situation; 9) persons above breaches committed financial and capital market. " 5. the transitional provisions be supplemented with paragraph 15 as follows: "the amendments to this law, 15.7 of the first paragraph of article 13 shall enter into force simultaneously with the amendments to the electronic communications Act." The law shall enter into force on December 1, 2012. The Parliament adopted the law in 2012 on 8 November. The President a. Smith in 2012 on November 27.