The Amendments To The Law On Credit Institutions

Original Language Title: Grozījumi Kredītiestāžu likumā

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/246384


The Saeima has adopted and the President promulgated the following laws: the law of credit institutions to make the law of credit institutions (the Parliament of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1995, nr. 23; 1996, 9, 14, 23 no; 1997, no. 23; 1998; 2000, no. 13, no. 13; 2002, 10, 23; 2003, nr. 14. No; 2004, 2, 12, No 23; 2005, 13, 14, 15 no; 2006; 2007, nr. 7, 12 no; 2008 , 14, no. 23; 2009, 6., 7., 17, no. 22; Latvian journal 2010, 23, 51, 160. no; 2011, No 4; 2012, 50 no) the following amendments: 1. To complement the article 12 the third paragraph after the word "foreign" by the words "and national". 2. in article 16: make the second paragraph as follows: "(2) is required to in the first paragraph, that person would be able to identify that they have an impeccable reputation, financial stability, as well as to the financial resources of the rule of law are likely well documented." replace the third paragraph, the words "free up capital" with the words "financial stability"; adding to the third paragraph with the sentence the following wording: "in assessing the financial stability of the person, the requirements for the free capital adequacy is not applicable to credit institutions and insurance companies." 3. in article 27.1: to supplement the first and second subparagraph with the words "and the European banking authority"; adding to the third paragraph after the words "the European Commission" with the words "and the European banking authority"; adding to the fourth paragraph of paragraph 3 after the words "the European Commission" with the words "European banking authority"; Add to sixth after the words "the European Commission" with the words "and the European banking authority". 4. Express article 35 2 and the first subparagraph of paragraph 3 as follows: "2) foreign currency risk, settlement risk and commodities risk capital requirement; 3) debt securities and equity position risk and capital requirements for counterparty risk capital requirements for the trading book and the exposures if it has financial and capital market Commission permission to exceed the limit of large exposures of the trading book exposures to such excess capital requirements; ". 5. To make the first paragraph of article 36.2, by the following: "(1) in addition to article 35 of this law, the requirements of the credit institution shall assess its operation and possible risks inherent to cover the necessary capital and ensure its functioning and the potential risks inherent to cover the necessary capital would be adequate, as well as the elements and structure of this capital." 6. turn off 59.5 article. 7. Replace 59.8 in the second subparagraph the word "authorities" with the words "credit". 8. Supplement article 62 at the eighth, ninth and tenth by the following: "(8) information about a client, his accounts and transactions to be registered in a Member State of the credit institution, financial institution, financial holding company and a financial holding company, mixed in with news of the credit institution, the same consolidation group which supervision on a consolidated basis shall be exercised by the Member State, the institution of consolidated supervision, if necessary: 1) during the consolidation of the companies in the group for the operation and alleged inherent risk identification , evaluation, management and supervision; 2) during the consolidation of the companies in the group activities and the regulatory requirements. (9) information about a client, his accounts and transactions carried out in accordance with a written agreement provided: 1) the outsourcing provider, if these messages are necessary for outsourcing; 2) a person who provides services to the credit institution associated with: (a) the credit institution's activities) and the potential risks inherent in the identification, assessment, management and monitoring, (b)) of the business of credit institutions and the regulatory requirements. (10) prior to the reporting of this article the eighth part of the cases, a credit institution shall ensure the protection against disclosure of the message. " 9. Article 63: make the first part of paragraph 15 as follows: ") 15, State revenue service, news on personal income from deposits and dividends the law" on personal income tax "and the law" on enterprise income tax "the cases;" to supplement the first part with the following paragraph 18: "18) to the competition Council, the competition Council under the proposed things on the basis of the decision of the judge." make the second sentence of the third paragraph the following wording: "the first part of this article 12, in the case referred to in the credit institution given the message to the law" on taxes and duties "in the order and within the time limits, but 15. in the case referred to in paragraph — in order and within the time limits laid down in the law" on personal income tax "and in accordance with the law" on enterprise income tax "laws issued on the application of the provisions of this Act."; to make an eighth of the following: "(8) If a credit institution law delegated to the outsourcing provider in any of its obligations or financial services (its important parts) or get this law article 62 in the ninth part of the services referred to in paragraph 2, the particulars referred to in this article shall be submitted to the same request of the credit institution, which provides confidential information in accordance with the procedure laid down in the law. Outsourcing provider and article 62 of this law, ninth part referred to in paragraph 2, the person concerned is not entitled to divulge confidential information. " 10. Add to article 64, the first paragraph after the number and the words "article 62 of the fourth" with the words "and the ninth". 11. Turn off the paragraph 2 of article 70. 12. Replace article 98, the words "the law" on the archives ' "with the words" the law ". 13. To make the third paragraph of article 101.3 as follows: "(3) on the basis of the assessment carried out, financial and capital market Commission assess whether credit strategy, procedures and measures to ensure an adequate management of the risk, or the credit institution's equity capital is sufficient for the operation and alleged inherent risks incurred and whether it is necessary to set a higher amount of equity capital that provided in article 35 of this law. To determine the credit for the operation and alleged risks inherent to cover the required equity capital, financial and capital market Commission shall take into account: 1) in accordance with this law, the requirements of article 36.2 credit assessment carried out qualitative and quantitative results; 2) in accordance with this law, the requirements of article 34.1 a credit institution established internal control system; 3) in accordance with the requirements of this article, the financial and capital market Commission, the results of the investigation. " 14. Supplement article 108.1 sixth subparagraph after the word "institution" with the words "European banking authority". 15. in article 108.2: Supplement to the second part of the article as follows: "(2) the financial and capital market Commission is entitled to inform the European banking authority of cases where a management authority of another Member State does not cooperate or did not provide the information by motivated financial and capital market Commission's request, or does not provide the corresponding information (reasonable) limit."; believe the current text of article about the first part. 16. in article 108.3: Supplement to article 4.1 part as follows: "(5) if there is no agreed decision on recognition of the importance of the branch shall, within two months from the first paragraph of this article the request, the home country consolidated supervisory authority, the supervisory organ or the financial and capital market Commission is entitled to apply to the settlement of the dispute to 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 (hereinafter referred to as the EU Regulation No. 1093/2010) "; Supplement fifth line after the words "adopted" by the words "and the home country consolidated supervisory authority, the supervisory organ or the financial and capital market Commission for the settlement of the dispute has not contacted the European banking authority"; Add to article 5.1 part as follows: "(51) If, within two months from the first paragraph of this article the request will not be accepted for the coherent decision and home country consolidated supervisory authority or supervisory body or the financial and capital market Commission for the settlement of the dispute has brought to the European banking authority, the financial and capital market Commission, the decision on the recognition of the importance of the branch, the European banking authority decision." 17. in article 110.1: to complement the second paragraph after the word "bodies" by the words "and the European banking authority"; Add to sixth with the words "and the European systemic risk Board". 18. Supplement article 112.2 sixth subparagraph following the words "the European Commission" with the words "and the European banking authority". 19. in article 112.3: Supplement to article 1.1 part as follows: "(11) if the consolidation group in the supervision of credit institutions from other Member States authorities do not cooperate adequately in the first paragraph of this article, the specific task of monitoring the implementation of the financial and capital market Commission is entitled to apply to the settlement of disputes between a European banking authority in accordance with EU Regulation No. 1093/2010." Add to article 4.1 of this part: "If there is no (41) adopted a decision on harmonised authorisation, consolidation of other Member States included in the group supervision of credit institutions and the Financial and capital market Commission referred to in the third subparagraph the period are entitled to apply to the settlement of disputes between a European banking authority in accordance with EU Regulation No. 1093/2010. " Supplement fifth after ' coordinated decision "with the words" but none of them dispute settlement has approached the European banking authority "; Add to article 5.1 part as follows: "(51) If all parties to the adoption of the decision of the supervisory authority referred to in the third subparagraph shall not be adopted within the coordinated decision and one of the consolidation included in the group supervision of credit institutions from other Member States or the institutions of the financial and capital market Commission for the settlement of the dispute has brought to the European banking authority, the financial and capital market Commission, the decision on the permit, the European banking authority decision."; to supplement the article with the 7.1 part as follows: "(71) If a decision on harmonised authorisation is not accepted, the financial and capital market Commission within six months from the date of receipt of the application, be entitled to apply to the settlement of disputes between a European banking authority in accordance with EU Regulation No. 1093/2010." 20. in article 112.4: replace the fourth subparagraph, the words "Monitoring Committee" with the words "the authority and the number or address for the settlement of disputes between a European banking authority in accordance with EU Regulation No. 1093/2010"; Supplement fifth subparagraph following the words "does not accept the coordinated decision" by the words "and none of the consolidation Group subsidiary included in the supervisory bodies or the financial and capital market Commission not to dwell in the settlement of the dispute to the European banking authority"; Add to article 5.1 part as follows: "(51) if the financial and capital market Commission and the consolidation of the subsidiary included in the group supervision institutions in the second part of this article that does not adopt a coordinated decision and one of the consolidation Group subsidiary included in the supervisory bodies or the financial and capital market Commission is contacted for the resolution of the dispute to the European banking authority, the financial and capital market Commission, the decision on the implementation of the supervisory review process of consolidation at group level or for the operation of the consolidation group and the possible risk inherent to cover the required capital, as well as, if necessary, by setting the whole consolidation group, the obligation to maintain higher capital levels than the minimum total capital requirements, the European banking authority decision. "; replace the seventh paragraph, the words "Monitoring Committee" with the word "authority"; to replace the tenth part of the second sentence, the words "Monitoring Committee" with the words "the authority or for the resolution of the dispute is entitled to turn to the European banking authority"; to complement the tenth part of the third sentence, after the words "agreed the decision is not taken" with the words "but not one of the undertakings included in the consolidation group in the supervisors for the resolution of the dispute has not contacted the European banking authority"; Add to article 10.1 part as follows: "(101) If within four months from the tenth part of consolidated supervision referred to in the body of the date of receipt of the report one of the consolidation group included in the supervisory bodies for the settlement of the dispute has been brought to the European banking authority about all the consolidation group or consolidation Group subsidiary included in the operation of the existing and possible risks to cover necessary capital levels, as well as, if necessary on the whole, the consolidation group and included in the consolidation Group subsidiary companies to maintain higher capital levels than the minimum capital requirement, the total body of consolidated supervision and the financial and capital market Commission shall comply with the European banking authority decision. " 21. To complement the 112.5 the first paragraph after the words "emergency situation" with the words "European banking authority, the European systemic risk Board". 22. in article: 112.6 replace the second paragraph, the words "European Commission" with the words "European banking authority"; replace the eighth paragraph, the words "Monitoring Committee" with the word "authority". 23. To supplement the article with 112.7 part 1.1 the following: "(11) the financial and capital market Commission is entitled to inform the European banking authority on cases where other Member States ' supervisory authorities have not provided any substantial information or after the financial and capital market Commission's reasoned request, have refused to cooperate, don't act according to the (reasonable) limit." 24. Adding to the third paragraph of article 112.11, after the word "bodies" by the words "European banking authority". 25. replace article 112.14, second paragraph, the words "Monitoring Committee" with the word "authority". 26. Replace article 113 of the first subparagraph of paragraph 9, the word "authorities" with the words "credit". 27. Replace article 151 in the second sentence of the second paragraph, the words "the law" on the archives ' "with the words" the law ". 28. the transitional provisions be supplemented with 47, 48, 49 and 50 as follows: "47. amendments of this Act article 63, first paragraph regarding the addition to paragraph 18 shall enter into force simultaneously with the amendments to the competition law. 48. the credit institutions calculating risk weighted value for use on internal ratings based approach, continues to provide own funds which are always more than 50 of these transitional provisions specified in point of equity, or equal to, until 31 December 2012. 49. a credit institution that capital requirements for operational risk measurement for calculating the developed approach, continues to provide own funds which are always more than 50 of these transitional provisions laid down in point of equity, or equal to, until 31 December 2012. 50. Until 2012 December 31 credit equity is at least 80 percent of the minimum equity capital, calculated in accordance with the financial and capital market Commission of the capital adequacy calculation. "
29. Add to the informative reference to directives of the European Union with the following point 19:19 ") 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) 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.