Amendments To The Law On The Financial Instruments Market

Original Language Title: Grozījumi Finanšu instrumentu tirgus likumā

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Read the untranslated law here: https://www.vestnesis.lv/op/2012/186.2

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. No.) the following amendments: 1. in article 3: Add to the first paragraph after the words "financial instrument" by market participants and the number "and this law, article 4.1 in the third and fourth person" referred to in part; Add to article 1.1 part as follows: "(11) the financial and capital market Commission is considered to be the competent authority in Latvia following directly applicable European Union legislation grasp: 1) of the Commission of 22 December, Regulation (EC) no 2273/2003 Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments (hereinafter European Commission Regulation No 2273/2003); 2) Commission April 29, 2004 Regulation (EC) no 809/2004 of the European Parliament and Council Directive 2003/71/EC as regards information contained in prospectuses as well as the format, incorporation by reference and publication of the prospectus and, in relation to the distribution of advertising (hereinafter European Commission Regulation 809/2004); 3) Commission 2006 august 10 Regulation (EC) no 1287/2006 of the European Parliament and of the Council Directive 2004/39/EC as regards the obligation for investment firms to take accounting, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms in the directive (hereinafter referred to as the European Commission Regulation No. 1287/2006); 4) of the European Parliament and of the Council of 16 September 2009. Regulation (EC) No 1060/2009 on credit rating agencies (hereinafter Regulation No 1060/2009); 5) of the European Parliament and of the Council of 14 March 2012, the Regulation (EC) no 236/2012 on short sales and some credit swap (hereinafter Regulation No 236/2012); 6) the European Parliament and of the Council of 4 July 2012, of Regulation (EC) No 648/2012 for OTC derivatives, central counterparties and the business registers (hereinafter Regulation No 648/2012). "; replace the second paragraph under "d" words and numbers "of the European Commission (EC) Regulation No 1287/2006 of the European Parliament and of the Council Directive 2004/39/EC as regards the obligation for investment firms to take accounting, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms in the directive (hereinafter referred to as the European Commission Regulation No. 1287/2006)" with the words "the European Commission and a number of Regulation No 1287/2006". 2. in article 4.1: to make the name of the article as follows: "article 4.1. The right to request information and the obligation to provide "; to supplement the article with third, fourth and fifth paragraph as follows: "(3) the Commission, by monitoring compliance with the requirements of this Act, have the right to request any person if there is reason to believe 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 to: 1) provide the person's possession of documents and information, including those containing trade secrets; 2) come to the Commission and to provide this personal information available onsite. (4) the Commission should have the right to request any person information about its true beneficiaries to obtain information about natural persons if it has reason to believe that the person may be in possession of information that the Commission needs to monitor compliance with the requirements of this law. To identify these individuals, the persons concerned are obliged to submit to the Commission the information requested, if the Commission is not available to the public. Natural persons providing information about yourself or the other person, which is considered to be the true beneficiaries. (5) of this article, the third and fourth persons referred to in the Commission determines reasonable time limits within which they shall submit the required information or come to the Commission for the provision of information on the spot. If this article is third and fourth persons referred to objective reasons can not submit the requested information or to attend the Commission for the provision of information on the spot, within the time limit fixed by the Commission, they shall notify the Commission in writing, stating the reasons and the date when the information will be submitted to the Commission or the person will arrive onsite to provide information. " 3. Express article 17, fourth subparagraph by the following: "(4) the detailed emissions information in the prospectus and the prospectus content shall be determined in accordance with the European Commission Regulation No. 809/2004." 4. Supplement article 39.2 4.1 part with 4, 5 and 6 of this paragraph: "4) people's Republic of China generally accepted accounting principles; 5) Canadian generally accepted accounting principles; 6 the Republic of Korea) generally accepted accounting principles. "
5. Replace the sixth subparagraph of article 84, the words and figures "of the Commission of 22 December to Regulation (EC) no 2273/2003 Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments" with the words "and the European Commission Regulation No 2273/2003". 6. in the first subparagraph of article 123.2: express third sentence the following wording: "the disclosure requirements regarding the remuneration policy and its realization in practice of the investment brokerage firm in accordance with article 121 of the law in the light of this law, the provisions of article 119.1 have binding regulatory capital adequacy requirements."; Add to part with the fourth sentence as follows: "this article is the first part of the third sentence of the requirements do not apply to this law, article 122 of the sixth part of the investment brokerage firm." 7. Supplement article 146 of the seventh paragraph as follows: "(7) the provisions of this article shall not prevent the Commission to publish information about the sanctions, which apply to persons in supervising the Regulation No 648/2012 4, 5, 7, 8, 9, 10 and 11 of article requirements, unless such disclosure would seriously jeopardise the financial and not the capital market or do not cause disproportionate damage to the parties." 8. Turn off the first paragraph of article 147.1. 9. To supplement the law with the G2 section as follows: "G2 section short selling and credit swap monitoring 147.4 article. Rights and duties of the Commission, short selling and credit swaps in the supervision of monitoring Regulation No 236/2012 requirements, in addition to the Commission financial and capital market Commission's statutory rights are the right to: 1) require the person to stop any action which is contrary to Regulation No 236/2012; 2) require credit institutions and investment firms to actively be frozen or limited rights to act with the person who performed the action that is contrary to Regulation No 236/2012 requirements. " 10. in article 148: make the first paragraph by the following: "(1) concerning the financial instrument for the public offer or the admission to the regulated market without complying with the requirements of this law, the Commission is entitled to make a public offering or requesting the person asking for the admission of financial instruments on a regulated market, warning or impose fines of up to 10 000 LVL."; turn off the sixth; replace the eighth number "10 000" with the number "100 000"; turn off the tenth part of the word and figure "as well as Regulation No 1060/2009 of the violations"; adding to the thirteenth subparagraph following the words "market participant" in words and number "or this law, article 4.1 on the third and fourth part of that other person"; to supplement the article with the fourteenth part as follows: "(14) if the financial instruments market participant or other person who is bound by the applicable directly to the institutions of the European Union legal acts issued financial instruments market, not follow it, the Commission shall have the right to make this person a warning or impose fines. Legal entities impose fines of up to 100 000 lats, natural persons — up to 40 000 lats. "
11. Express transitional provisions of 44 by the following: "44. For the fiscal year that started before January 1, 2015, an issuer whose registered office is abroad, you may prepare the consolidated annual financial statements and consolidated six-month interim financial report in accordance with the Republic of India, the generally accepted accounting principles." 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.