Amendments To The Law Of Financial Conglomerate

Original Language Title: Grozījumi Finanšu konglomerātu likumā

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: https://www.vestnesis.lv/ta/id/246383

The Saeima has adopted and the President promulgated the following laws: the law of the financial conglomerate in financial conglomerates Act (Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 2005, nr. 14), the amendments are as follows: 1. Replace article 6, first and second paragraph, the words "Euro" with the word "Euro".
2. Replace the fourth subparagraph of article 8, the words "European Commission" with the words "the European supervisory authorities, the Joint Committee". 3. Add to article 17, the second subparagraph of paragraph 4 by the following: "4) created and regularly updated relevant mechanism, so that, if necessary, to develop and implement a financial conglomerate and the termination of the renewal of the action plan." 4. Supplement article 20 the third paragraph after the words "turn to" with the words "the European systemic risk Board". 5. Article 23: make the second paragraph as follows: "(2) the first paragraph of this article check financial and capital market Commission carried out by group or the parent company regulated by request or on its own initiative, in consultation with the other supervisory bodies of the Member States which issued the licence Group constituent regulated companies, as well as respecting the Joint Committee of European supervisory authorities designed guidelines."; Add to article 2.1 part as follows: "this article (21) where the check referred to in the first subparagraph has taken a management authority of another Member State and adopted a decision on the equivalence of the regulated company monitoring this statutory supervision, but the financial and capital market Commission disagrees with this decision, for the resolution of a dispute it can accordingly turn: 1) the European banking authority, the European Parliament and of the Council of 24 November 2010 Regulation (EU) no 1093/2010 establishing a European supervisory authority (European banking authority), amending Decision No 716/2009/EC repeals Commission decision 2009/78/EC; 2) the European insurance and occupational pensions authority, the European Parliament and of the Council of 24 November 2010 Regulation (EU) no 1094/2010 establishing a European supervisory authority (European insurance and occupational pensions authority), amending Decision No 716/2009/EC repeals Commission decision 2009/79/EC; 3) the European Securities and markets authority, the European Parliament and of the Council of 24 November 2010 Regulation (EU) No 1095/2010 establishing a European supervisory authority (European Securities and markets authority), amending Decision No 716/2009/EC repeals Commission decision 2009/77/EC. ' 6. Make the informative reference to European Union directives as follows: "Informative reference to European Union directives, the law includes provisions resulting from: 1) of the European Parliament and of the Council of 16 December 2002, Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC , 92/96/EEC, 93/6/EEC and 93/22/EEC as well as directives of the European Parliament and of the Council 98/78/EC and 2000/12/EC; 2) of the European Parliament and of the Council of 24 November 2010, the EU directive 2010/78/amending Directive 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC in respect of the European supervisory authority (European banking authority), the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European Securities and markets authority) powers. "
The Parliament adopted the law of 22 March of 2012.
The President a. Smith in 2012 on April 11.