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/ta/id/238801

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) the following amendments: 1. Replace the words "throughout the Statute abridged prospectus" (fold) with the words "basic information" provided to the investor (the fold).
2. in article 1: (1) be expressed as follows: "1) Fund Investor-a person who belongs to the Fund's investment certificate;"
make paragraph 15 as follows: "15) Government services — investment fund administration, the State funded pension scheme and the private pension fund established a pension plan management;";
Add to article 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39 and 40 as follows: "cross-border fund administration 27) — Government services that the company provides a contribution to the Foundation for the open, which is not the country of origin of the foundation that manages the company's country of origin;
28) Member State Member State of the European Union or the European economic area;
29) the country of origin of the Fund — the State in which the Fund is established;
30) Fund — the host country, which is not the country of origin of the Fund and in the territory of which the public are admitted to circulation in the Fund investment certificates;
31) branch, territorial or otherwise segregated investment management company of the unit, which has no legal personality and which provides the services of Government, which according to the national supervisory authority issuing the licence is entitled to provide the investment management company;
32) combining the funds — the legal package of measures which: (a)) to add the Fund — one or more funds or sub-fund, is added to the acquiring Fund to another existing sub-fund or Fund. To add the Fund transferred all its assets and liabilities of the acquiring Fund and cease to exist without liquidation process. Investors of the Fund being acquired in Exchange for the Fund's investment certificates to be added to receive the acquiring fund investment certificates and payment in cash not exceeding 10 percent of the units net asset value, b) to add the Fund — two or more funds or sub-fund, finally exist without liquidation, transfer all their assets and liabilities to the Fund — acquiring the newly created Fund or sub-fund. Investors of the Fund being acquired in Exchange for their investment licences in the acquiring Fund receive investment certificates and payment in cash not exceeding 10 percent of the units net asset value, c) plug-in fund — one or more funds or sub-fund, which continue to exist until the completion, transfer all its assets to the Fund — acquiring the same sub-fund of the Fund to the start-up fund or other Fund or its existing sub-fund;
cross-border fund mergers 33) the pooling of funds: (a)) of which at least two are established in different Member States, (b)) which are registered in one Member State and which combines the new Fund, to be registered in another Member State;
34) Fund — the domestic merger of two or more investment funds registered in Latvia integration;
35) durable medium: any tool that enables the investor to store information addressed personally to him in a way as to ensure the availability of information and the use of the information, without providing the required period;
the main and sub 36) structures the transaction — the main and underlying mutual fund's structure of the transactions that occur between two open funds and which result in the downstream, the Fund invests at least 85 percent of their assets in the main Fund;
37) Sub fund — open investment fund or sub-fund, who has received permission for the main and subordinate bodies to carry out the transaction and not subject to this law certain investment restrictions investment funds, has allowed at least 85 percent of their assets to invest in another open Trust Fund or sub-fund;
38) the main Fund-open investment fund or sub-fund, which investors have another open investment funds that at least 85 percent of their assets invested in this Fund or sub-fund;
39) related to the public — public officials, public employees, as well as other individual who is involved in the administration of the provision of services by the company and that the company controls, or individual who is directly involved in providing the service in the delegated public, providing administrative services;
40) client — investment fund, the State funded pension scheme contribution plan funds, private pension funds, the retirement plan receiving the investment management service provided by the public administration, or the person who receives the investment management company provided by article 5 of this law, the second and third subparagraphs of these investment services. "
3. Replace article 3, paragraph 2, third paragraph, the words "Member State of the European Union or the European economic area (hereinafter referred to as Member States)" with the words "Member States".
4. Article 4: Supplement to article 1.1 part as follows: "(11) the company shall be considered as financial and capital market participants in the financial and capital market Commission within the meaning of the Act, and subject to the financial and capital market Commission rules.";
to supplement the article with the sixth part as follows: "(6) the Commission, in its homepage on the internet provides public access and investment operations of the Fund regulations governing."
5. Article 5: to make the second and the third part as follows: "(2) in addition to the management of investment funds may take the investor's portfolio of financial instruments in the management of the individual in accordance with the mandate of the investor, if this portfolio consists of one or several financial instruments market law article 3, second paragraph of financial instruments.
(3) a company to which this law has been issued a license in the second part of the provision of the services may provide investment advice on the financial instruments market law article 3, second paragraph of financial instruments and make the investment certificates of investment funds holding and administration. ";
to supplement the article with the seventh subparagraph by the following: "(7) the public is not entitled to provide the services referred to in this article."
6. To express the fifteenth part of article 7.1, the following wording: "(15) in assessing the financial position of the person, the requirements for free capital adequacy is not applicable to credit institutions and insurance companies."
7. To supplement the law with 7.2 and 7.3 of the article as follows: "article 7.2. Not just for participation in determining the person's acquired indirectly the amount of participation in society, taking into account relevant persons (referred to in this article, a particular person) this society get voting rights: 1) voting rights which are entitled to use a third party to which the person concerned has entered into an agreement, imposing it on the obligation to reconcile the exercise of voting rights and long-term policy for public administration;
2) voting rights which are entitled to use third parties, in accordance with the agreement concluded with the person concerned and provide for the temporary transfer of the voting rights in question;
3) voting rights arising from the shares that a particular person has received as collateral if it can use the voting rights and has expressed its intention to use them;
4) voting rights which are entitled to use a given person an unlimited period;
5) voting rights which are entitled to use the specific control of the person or company in which such a company may be used in accordance with paragraph 1, 2, 3 and 4;
6) voting rights resulting from the specific person holding shares and votes which it can exercise at its discretion in the absence of specific instructions;
7) voting rights resulting from the third person and the persons concerned the right to shares held;
8) voting rights held by a person as trustee may be implemented when it is entitled to exercise the voting rights at its discretion in the absence of specific instructions;
9) voting rights resulting from any other indirect way the persons concerned acquired the shares.
7.3 article. The consequences of not reporting (1) If a person who is suspected of significant acquisitions, the company does not provide, or refuses to provide this law 7.1 referred to in the third subparagraph of article information and its participation in total covers 10 and more percent of the company's share capital or voting shares, it can not use all the voting rights of the shares belonging to it. The Commission shall, without delay, shall inform the relevant shareholders and society.

(2) If a person, without the ban, the Commission acquires or increases a substantial participation, it does not have the right to use all the voting rights of the shares belonging to it, but the decision of the general meeting are adopted through this stock voting rights, have effect from the date of their adoption and on this basis the decision not to ask the commercial register records and other public records. "
8. Article 8: replace the first part of the word "Euro" with the word "Euro";
turn off the first paragraph, the words "equivalent in local currency at the rate of the Bank of Latvia";
Add to paragraph 5 of the second paragraph, after the words "sworn in" by the words "the auditor or certified auditor commercial companies (hereinafter referred to as the sworn auditor)";
to express the third, fourth, fifth, sixth and seventh paragraph as follows: "(3) If the management of the public funds in more than 250 000 000 euro, provides additional company equity, which is 0.02 per cent of the amount by which the value of the resources management exceeds 250 000 000 euro.
(4) the minimum initial capital of the company and under the third paragraph of this article, the requirements estimated additional amount of own funds is not required to be greater than 10 000 000 euro.
(5) in determining the company's equity in compliance with the requirements of this law, for the administration of the funds deemed: 1) managed by the public investment funds, including funds that it has transferred management to another company, but not including the funds it has received from the management of other companies;
2) companies registered in another country managed investment funds, where the investment fund is a legal person;
3) public private pension funds managed by the pension plan assets and the State funded pension scheme investment plan.
(6) the company's own capital must never be less than the higher of the following values: 1) the minimum initial capital and according to the third paragraph of this article, the requirements estimated the additional amount of own funds;
2) 25 percent from the previous year's regular full costs (costs that remain relatively constant regardless of the volume of public business) totals.
(7) the company received authorization from the Commission, may provide up to 50 percent of the referred to in the third subparagraph, additional equity if it benefits from the same amount of guarantees issued by the credit institution: 1), which received the license for the operation of the credit institution in a Member State or the Organisation for economic cooperation and development in a Member State, which is part of a group of ten;
2) registered in a Member State of an insurance undertaking or a branch of an insurer, the Member State which obtained authorisation to perform insurance. ';
turn off the eighth paragraph, the words "exposure limit";
Add to article 10 by the following: "(10) in this Act the amount of money the euro be considered equivalent amounts in LCY that recalculated in accordance with the established by the Bank of Latvia exchange rate."
9. Article 10 of the sixth part: Express (4) as follows: "4 essential activities) risk management policy and procedure;";
Add to part with the 8, 9 and 10 of the following paragraph: "8) Fund application and complaint of investors (the dispute) on the provision of services of public administration review procedures;
9) conflicts of interest prevention policy;
10) transactions execution policy. "
10. Add to article 11 with the fifth subparagraph by the following: "(5) the Commission on the issue of the licence shall inform the European Securities and markets authority."
11. Article 13: put the title and first paragraph as follows: "article 13. The activities of the General provisions (1) the licences issued to it during operation follow and comply with the following requirements: 1) ensure compliance with the regulatory requirements of public activities pursuant to this law and the regulations of the Commission;
2) provides its Government services, the nature of appropriate size and complexity of a comprehensive and effective internal control system and the functioning of this system includes the following key elements: (a)) public and operational risks the appropriate organisational structure with clearly identified and the Council officers and the allocation of powers relating to the business and controls, as well as clearly defined and distributed to the public unit and unit leader tasks responsibilities the operation of the company, b) and the potential risks inherent in identifying, managing, monitoring and reporting system, c) internal control procedures;
3) shall ensure that its activities comply with the internal control system functioning regulations, developed policies and procedures, including the public in a specific order in which to be personal transactions or transactions with financial instruments on the company's own expense, as well as investment certificates purchase and atpakaļpirkšan application performance;
4) provides administration services rendered according to the accounts, as well as electronic data storage, protection and control mechanism, to be able to reconstruct the Fund transactions undertaken by their origin, the parties to the transaction, the nature of the transaction, the time and place, as well as to monitor compliance with the Fund's investment fund prospectus, regulations and regulatory requirements of this law;
5) provides the business justification document storage for 10 years, as well as the statutory requirements relating to the justification of document filing and storage;
6) provides that is created, implemented and effective compliance with the public interest and conflict prevention policy. The company shall take all necessary measures to identify and prevent conflicts of interest that may arise during the provision of services, and, if it is not possible to prevent, ensure equal treatment of its managed funds;
7) provides that the same society and its customers ' financial instruments and funds held, posted and listed separately;
8) provides that is created, implemented and respected investor of the Fund effective application and complaint (dispute) the examination procedure, under which are recorded and considered the potential investor and the investor submissions and complaints (disputes) and is recorded information about the measures taken in the light of these complaints (controversy). ";
Add to article 1.2 and 1.3 of the part as follows: "(12) the company that manages the Fund established in another Member State or distributed certificates of investment funds in another Member State, in addition to the first part of this article the requirements of development and follow the procedure to ensure information availability by country of origin of the Foundation supervisory authority. In this procedure the company down on this part of the request for information referred to in the performance of the responsible contact person.
(13) the company shall ensure that the investors before the purchase of the units is provided free of charge to the appropriate fund investors basic information provided whether or not the investment certificates of the offer to purchase or investment advice in this Fund provide the company or any other legal or natural person who is authorised by the conduct of such activities. The company is responsible for the compliance with the requirements of this part. "
replace the introductory phrase of the second paragraph, the words "administrative services" with the words "investment services";
turn off the second part of paragraph 1;
turn off the fifth;
make a tenth as follows: "(10) the Commission within 30 days of receipt of the application and the documents specified in this Act for members of the Council and of the public authorities, have the right not to allow these persons to launch the exercise of responsibilities, if that person does not, or does the Commission cannot verify their conformity with the requirements of this Act.";
to supplement the article with the fifteenth part as follows: "(15) the requirements relating to the company's internal control system by the Commission."
12. To supplement the law with 13.1, 13.2, 13.3, 13.4 and 13.5 article by the following: "13.1 article.     Obligations of the company, providing administrative services (1), providing the public administration services have a duty to act as an honest, caring and careful master and ensure that the services concerned are provided with appropriate professionalism and diligence fund investors and management in the interest of recipients of services, and without endangering the stability of the financial market.
(2) the fund investors and the company management in the interest of recipients of services provided: 1) clear, accurate and transparent financial instrument valuation methods to show that the management of the portfolio value is set correctly;
2) that the fund investors and recipients of government services are not set unreasonable costs.
(3) the company shall ensure equal and fair treatment in the management of the existing fund investors, not judging a fund investor's or one of the investors of the Fund Group's interests on other fund investors ' interests.

(4) the company shall establish and follow the procedure to prevent abuse, which may affect the stability of the financial market, to prevent the situation that a separate fund in the interest of investors made public as a result of the implementation of the unfair treatment of other fund investors or threatened financial stability and market integrity.
(5) it is prohibited to the public in connection with the investment fund, the State funded pension scheme investment plan investment management or administration, as well as the private pension funds to create a pension plan investment management make or receive payments, as well as give or accept other forms of benefit, except payments: 1) carried out or receive government services recipient or person acting on its behalf, or any other form of benefit provided or received government services recipient or person acting on its behalf;
2) made or received by a third party or person acting on behalf of third parties, or other type of benefits provided or received by a third party or person acting on behalf of a third party, if: (a) a payment or benefit in existence), character and amount or, if the amount cannot be determined, the method of calculating this amount is explained by the recipient Government services in complete, precise and comprehensible form before providing the service in question. This information may be provided in summary form, but the fund investors shall have the right to also receive detailed information, (b)) the payment or other benefit purposes are to raise the service quality and this purpose does not affect the obligations of the company to act in the interests of the client;
3) which provides the service or is necessary for the provision of this service, including the holding of financial instruments, costs, billing and marketing site costs, administrative fees or legal fees for payments by their nature do not come into conflict with public duty to act honestly, fairly and professionally in the interests of customers.
13.2 article. Due diligence in the delivery of Government Services (1) the company shall observe due diligence in the management of investment and management services not only in the interests of the beneficiaries, but also to secure the financial market stability and integrity.
(2) the company shall ensure that: 1) the Chairman of the Board and at least one Board Member, as well as the Fund Manager's investment matters a competent person;
2) investment is made only in such financial instruments for which the essence of public officials is the understanding and evaluation of risk is available the necessary information.
(3) the company shall establish and document the business and control arrangements to ensure that the decisions that are taken for the investment management services on behalf of the beneficiaries, are evaluated and executed with due diligence and in accordance with the fund prospectus defined investment objective, the investment policy and investment restrictions.
(4) the public with due diligence and make decisions about risk management functions of the delegation or delegated service interruption. To this end, the Community shall establish and comply with the order in which measurable and verifiable person, which will be delegated to the risk management function, that person's competence and the ability to reliably, professionally and effectively perform the risk management of the Fund, as well as the person's permanent performance evaluation procedure.
13.3 article. The best results (1) the company shall comply with the decisions on the conclusion of transactions within the framework of the management of portfolios of investments, take all necessary measures to ensure the management of the recipient of the best results possible, taking into account price, costs, speed, likelihood of execution and settlement, the size and nature of the transaction or any other observations relating to the execution of the transaction.
(2) the evaluation of the first paragraph of this article the importance of factors in the execution of the order of transactions, shall also take into account the following criteria: 1) fund prospectus or the management regulations of the specific investment objective, investment policies and risks;
2) order;
3) financial instrument — — the subject of the order;
4) possible deal order execution (regulated market, an MTF, a systematic internaliser, market maintainers or other liquidity provider). The company develops and implements transactions execution policy, as these criteria are examined and the first paragraph of this article, the factors to recipients of government services achieve the best possible result.
(3) the first and second parts requirements apply equally to a person of the transaction order execution, entitled to provide investment services in accordance with the financial instruments market law (hereinafter referred to in this article, a person).
(4) the company shall deal execution policy for each financial instrument to indicate the type of person that can be passed to the order of execution of transactions. The public is entitled to conclude an agreement with a person on the order of execution only if all the requirements of this article.
(5) in order to detect weaknesses and remedy identified deficiencies, the company regularly assesses transaction execution policy and related procedures are effective, especially the Administration on behalf of the recipient to another person of the order execution quality. Transaction execution policy public report once a year or in the event of significant changes that affect the company's ability to continue to provide management services to beneficiaries in the best possible result.
(6) an undertaking which intends to provide management services to the Fund established in another Member State, which was founded as a company, is obligated before it begins to provide management services, the consent of the Fund to develop transactions execution policy.
(7) the company in its home page on the internet publish transactions execution policy as well as information about activities in this policy for substantial changes.
(8) the community has the obligation to prove that the Administration, on behalf of a recipient of services executed transaction orders, including another person in transactions of the release order, complies with transaction execution policy.
13.4 article. Transaction order execution rules (1) the company shall establish procedures and introduce necessary measures to provide for the prompt, fair and expeditious execution of the order of the business associated with the management of the recipient. Acting management services on behalf of the beneficiary, the company shall ensure that the following requirements are met: 1) in order to perform management services on behalf of the beneficiaries are promptly and accurately recorded;
2) comparable government services receiving orders are executed immediately in the order of their submission unless the nature of the order or market conditions make it impossible or that such interests do not require any other action;
3) received as a result of transactions in financial instruments or funds are promptly and fully credited to the recipient of government financial instruments account or cash account.
(2) a company, as well as related parties with the public not to abuse the use of the information in their possession about the outstanding recipients of government orders.
(3) the company shall have the right to combine the transaction on behalf of a client order with a transaction order on behalf of the same company or other customer's behalf only if it has been developed and is being implemented and the merger order allocation policy. Order consolidation and allocation policy can be included in the transaction execution policy and provides for: 1) combine orders only if there is no evidence that the order of the merger could harm the interests of the customers whose orders are combined;
2) United order fair distribution and an explanation of how the amount of the order and the price affect the allocation and execution of orders;
3) order in which is broken with the United order related transactions, if the combined order is partially executed;
4) procedures ensuring the fourth and fifth parts of the requirements relating to the administration or another recipient on behalf of clients and transactions in the same order on behalf of a company or Division realignment.
(4) If the company is merged to orders for transactions in its own name with one or more of the orders on behalf of clients, it divides the transactions or redistributed without harming customer interests.
(5) if the company combines the order on behalf of a client with the order of business in his own name and the combined order is partially executed, it divides the relevant transactions in order of priority: first, for the good of the client and the public. If the public can reasonably demonstrate that without this combination, it would not have been able to execute the order with such favorable conditions or at all would not have been able to execute it in respect of the transaction on your behalf can apply the proportion of income distribution.
13.5 article. Application and complaint handling (disputes)

(1) the company shall ensure that the Fund's application and complaint of investors (the dispute) on the administration of the public service provision examination procedure is readily available at the location of the public and the public in electronic form on the Web site, if any.
(2) the Fund's investors and potential investors can submit to the public free of charge at the specified service location applications and complaints of government services received.
(3) the public 30 days from the day of receipt of the written request or complaint (disputes) of the control service, provide a written reply. If this period objective conditions cannot be met, the public is entitled to extend the notice in writing of the application or complaint (the dispute) to the applicant.
(4) a company that provides management services in another Member State or in Latvia registered open investment fund units in another Member State, provide the Foundation for the application and complaint of investors (the dispute) on the administration of the public service escalation procedures and relevant translation application and complaint (dispute) of companies and funds handling the specific language of the host country.
(5) the Fund's investors, who are to be considered as consumers, consumer protection law, are entitled to submit consumer protection Center submissions and complaints about this law, and other consumer protection legislation violations, if they relate to the provision of government services.
(6) If the investor suffers losses of the fund company's incorrect information supplied or because the company has not complied with the requirements of this law, the investor has the right to seek damages in the common law. "
13. Express article 14 the following: ' article 14. Conflict of interest (1) the company shall ensure that the internal control system that minimizes the possibility of conflicts of interest arise between: 1) firm and its clients;
2) public domain existing funds;
3) public clients;
4) public clients and public administration existing funds.
(2) to identify the types of conflicts of interest that may arise in providing administrative services and performing the activities that may be harmful to the interests of the Fund, taking into account the situation of the company or by a party related to the company or the person who controls (directly or indirectly) society: 1) could make a profit or avoid a financial loss to the Fund account;
2) is interested in the Fund or other services to be provided to the customer, or on behalf of the Fund as a result of the transaction, which does not meet the interests of the Foundation;
3) financially or otherwise are interested to work for the good of another customer or group of customers, rather than the best interests of the Fund;
4) perform the same actions for both the Fund and the best interests of the client or group of clients, which is not in the interest of the Fund;
5) receives or will receive for the management services provided to the Foundation of the other persons, other than the Foundation, rewards in money, goods or services that are not the standard fee for this service.
(3) the company, identifying the types of conflicts of interest, take into account: 1) the public interest, including the interests arising from the company's home at any groups or from the performance of services and activities, as well as the interests of customers and the company's obligations to the Fund;
2) two or more managed fund interests.
(4) in order to ensure that the first part of this article the requirements, according to its size and organization, as well as the nature of the transaction, the size and complexity of the development in the prevention of conflicts of interest policy. If the company falls into the company of the group, the prevention of conflicts of interest policy also provides for the prevention of conflicts of interest that may arise in other companies in the group action or structure.
(5) the society for prevention of conflicts of interest policy: 1) identifies conditions that cause or may cause conflicts of interest, which creates a significant hazard or damage the Foundation or one or more of the client's interests in connection with the administrative services provided by the company or a third party on behalf of the company;
2) determined to prevent the conflict of interest procedures and necessary measures.
(6) the procedure for prevention of conflicts of interest and action, the company shall ensure that they are proportionate to the company or its group of the same size and professional activities in which the company belongs, as well as the significance of customer interests.
(7) the performance of the fifth subparagraph of this article, the requirements of point 2, in accordance with its structure and the types of services provided includes: 1) effective procedures to prevent or control the exchange of information between those with related parties of the company involved in the provision of government services and there is a risk of a conflict of interest, if such exchange of information can cause harm to one or more client interests;
2 separate supervision by the public) related parties whose main responsibilities are the management of services on behalf of clients or customers or the services of the fund investors whose interests may be in conflict or who otherwise represent different interests that may conflict, including with public interest;
3) to prevent the direct link between remuneration or income, benefit related parties with the public, with respect to different administrative services, if a conflict of interest may arise in relation to the regulatory process of service activities;
4) measures which prevent or limit the third parties ' improper influence on government services and carried out by a party related to the public;
5) measures to prevent or control with the public person associated simultaneous or sequential involvement of various government services delivery process in the activities where such involvement may impair the management of conflicts of interest;
6) additional procedures and other measures that are necessary and appropriate to prevent the emergence of a conflict of interest when organizational or administrative measures taken by the company in accordance with the requirements established by the management of conflicts of interest, is not enough.
(8) the company keeps and constantly updated information on the Fund management operations carried out by itself or carried out on its behalf and led, or if these actions continue, may give rise to a conflict of interest, which is vulnerable to one or more of the Fund or other client interests.
(9) the administration of the provision of services shall inform the parties involved in the company's Management Board on where organisational or administrative measures taken by the company in accordance with the requirements established by the management of conflicts of interest are not sufficient to ensure with reasonable confidence, that risks of damage to the Fund or its investment licence holders will be corrected. After the company's Management Board is informed of the cases mentioned in this paragraph, it shall take the decisions necessary to ensure the Fund and its contribution to the licence holder's interests.
(10) the company, using any suitable permanent media, inform investors about the ninth part of this article and mentioned in the decision.
(11) the company shall ensure that the same public employees will perform only one of the following duties: 1) financial instruments belonging to the public administration and related tasks or release;
2 the Fund investment and client) for the individual management and related tasks or release;
3) transactions in financial instruments to be posted.
(12) the community has the obligation to establish the order in which it can exercise the voting rights arising from the investment portfolio of the Fund financial instruments. This procedure determines the action necessary in order to: 1) monitor and ensure that voting rights are exercised in accordance with the Fund's investment objectives and policies;
2) prevent or manage any voting rights arising from conflicts of interest.
(13) the company in its home page on the internet published in short this article is the twelfth referred to in the agenda, as well as free of charge, upon request, inform the investors of the Fund of the action taken on the basis of this order.
(14) the company has no right to invest their funds in other societies, as well as a managed fund itself purchase investment certificates.
(15) the fourteenth part of this article, the restrictions that apply to the same company managed fund investment certificates acquisition, not apply to cases where a company takes over other companies created to manage the Fund. In this case, within six months from the date of completion of the takeover of the company shall take appropriate measures to its further action consistent with this article is the 14th part.

(16) where the company manages customers ' individual portfolios of financial instruments, the private pension funds has created a pension plan, it should not show this portfolio funds to invest public funds in administration, unless the contract concluded with the customer for the provision of such a mandate is not clearly assigned. "
14. To supplement the law with article 14.1 as follows: "article 14.1. Personal business restrictions (1) personal business is trading with financial instruments carried out by the society, or a transaction carried out on behalf of that person, if at least one of the following conditions: 1) transaction is not executed with the company related parties work or professional activities;
2) transaction made on funds belonging to a public person;
3) deal made on funds belonging to persons linked with the community spouse, child, troubled (spouse who is not the child of that person) or other relative who, for at least one year before the transaction, had in common with the holding of the said person;
4) transaction was carried out on the funds that belong to another person, which is the direct or indirect pecuniary interest in the outcome of the transaction, other than charges for the transaction.
(2) the public connected persons are prohibited from: 1) take a personal transaction, based on the internal information, depending on the financial instruments market law that the person is available, making the work duties or professional activity in society, as well as personal transaction using or disclosing secret information containing business, or make a personal transaction, which is in contradiction with this law society requirements;
2) recommend a third party to financial instrument transactions such that the person who recommended the deal, would qualify as a personal deal, subject to this part, paragraph 1 or on the financial instruments market law article 127.2 of the third subparagraph of paragraph 1 and 2, those limitations, or who otherwise would lead to the information in its possession about the outstanding tasks of the customer, except in the case when the transaction is proposed When performing work duties or professional activity;
3) to disclose third party information or to comment, if the person who discovered the information, know or should know that the disclosure resulted in a third person will or might take or recommend another person to carry out such transactions with financial instruments, which the person who disclosed the information, would qualify as a personal deal, subject to this part, paragraph 1 or on the financial instruments market law article 127.2 of the third subparagraph of paragraph 1 and 2, those limitations or who otherwise would lead to the information in its possession about the unfulfilled tasks of customer abuse, except when the information is disclosed or views are expressed through work duties or professional activity. Applying the specified in this paragraph a reference to financial instruments market law article 127.2 of the third subparagraph of paragraph 1 and 2, a reference to financial instruments market law 101, part of article 3.1 of the people below should be understood as referring to this statutory to persons related to the company.
(3) With the related parties the company shall inform the public about the personal transactions.
(4) the company shall ensure that the persons associated with the company are communicated to the obligation laid down in this article is to inform the public about the personal transactions and for personal business restrictions.
(5) the company shall have the right to provide that person with the company personal transaction requires a permit issued by the company.
(6) the company monitors with related parties of the company comply with the requirements of this article.
(7) the company shall establish and maintain a registry that stores information about the transactions carried out by persons associated with the public, on the basis of the relevant person or provided in the course of monitoring the open information. If a delegated management services, outsourcing contract shall provide to the society the person personal transaction registry maintenance routines and procedures of the delegated public service provider may receive information relating to personal transactions carried out.
(8) if the company has found that personal transaction requires permission, it stores the information about the personal transactions of the licences issued or refused to issue the permit.
(9) the provisions of this article shall not apply where: 1) personal business is done in the investor's portfolio of financial instruments within the Administration and the individual in connection with this transaction, there has been no prior communications between portfolio managers and the public associated person or another person on whose behalf the transaction is conducted;
2) personal transactions were made with open Fund units and the public associated person or by another person on behalf of whom the transaction was made, is not involved in the administration of the Fund. "
15. Supplement article 15 with 1.1 part as follows: "(11) If a company that manages open registered in another Member State of the investment fund, wants to delegate some of this fund management service, the Commission shall, upon receipt of the application from the company shall immediately inform the Fund management authority of the country of origin."
16. Supplement article 16 with the seventh subparagraph by the following: "(7) where the company wishes to transfer the Fund management rights in another Member State-licensed public company, which is scheduled to release the administration of the Fund, in addition to the rights specified in this article follow this law, the provisions of article 77.1."
17. Article 21: make the second paragraph, the first sentence as follows: "open investment fund is a fund that aims to combine public funds linked to-transferable securities and other liquid financial instruments, while respecting 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.";
Add to article 2.1 part as follows: "(21) If a company wants to register the open investment fund, which is used in the title the words" money market fund ", that the provisions of the Fund's activities develop and comply with the laws and regulations of the Commission.";
express the sixth part as follows: "(6) for the purposes of this Act, a trust fund requirements and limitations of the Sub-fund is a fund attributable to each sub-fund individually."
18. Supplement article 22 with the fourth paragraph as follows: "(4) the Commission authorised in another Member State, the application of the open society Fund startups look under this law of the procedures laid down in article 77.1."
19. Article 23: replace the third paragraph, the number "20" with the number "60";
adding to the fourth subparagraph of paragraph 5 with the following: "5) public void existing license management services."
20. Make article 31, second subparagraph by the following: "(2) If the means of open investment funds are invested in investment funds managed by the same company or by another company to which the company has delegated management services or with which the company has a close relationship, or in which the public has a significant interest, none of the listed firms are not eligible for commissions and compensation for transactions related to the property of the Fund-investment certificates concerned or their atpakaļpirkšan."
21. Article 33: turn off the seventh part of the second sentence;
turn off the twelfth part of the second sentence.
22. Article 34 be expressed as follows: "article 34. The reorganization of the Fund (1) the Division of the funds is not allowed.
(2) investment funds or sub-fund can combine in ways laid down in article 1 of this law, 32, through the merger of both domestic and cross-border mergers.
(3) the closed investment fund may not be combined with open investment fund.
(4) the Fund or sub-fund mergers of domestic and cross-border mergers, if cross-border merging plug-in is registered in Latvia the Fund, the Commission permits.
(5) this law, article 1, paragraph 32 of the "a" section in the form of a merger of the investment fund provides that: 1) all assets and liabilities of the Fund is transferred to the acquiring or acquiring Fund custodian;
2) fund investors that becomes an acquiring fund investors and, if the provisions of the merger it made them is entitled to a payment of money not exceeding 10 per cent of them owned in the Fund's investment certificates to be added to the net asset value;
3) on the entry into force of the merger, the Fund being acquired is considered to remove.
(6) this Act article 1 paragraph 32 b) (in the form of a merger of the investment fund provides that: 1) all assets and liabilities of the Fund is transferred to the acquiring or merged the Fund acquiring Fund custodian;

2) Fund that investors become newly acquiring fund investors and, if the provisions of the merger it made them is entitled to a payment of money not exceeding 10 per cent of them owned in the Fund's investment certificates to be added to the net asset value;
3) on the entry into force of the merger, the Fund being acquired is considered to remove.
(7) in this law, article 1, paragraph 32 of section "c" of investment funds in the form of a merger provides that: 1) net assets of the Fund that are transferred to the acquiring or acquiring Fund custodian;
2) fund investors that becomes an acquiring fund investors;
3) to add the Fund continue to exist until the completion of the commitment.
(8) the acquiring management company of the Fund shall prepare a procedure that includes the order in which the custodian for the Fund is notified of the assets and, if necessary, the completion of the transfer.
(9) the acquiring fund six months after the receipt of the permit may exceed this law, article 66, except the seventh and the thirteenth part, certain investment restrictions.
(10) the Fund involved in the merger fund investors have the right to free of charge except for the cost of the investment fund withholding reduction or enforcement costs, claim your atpakaļpirkšan the units or, if possible, exchange them for the other units of the Fund, which has a similar investment policy and managed by the same company or other company, what with the relevant public associates the close relationship or a significant interest. This right arises at the time when the Fund and that fund investors are acquiring are aware of the proposed merger in accordance with article 34.1 of this law or the fourth paragraph of article 34.2 of the ninth part, and ends five working days before the date when this law is calculated article 34.1 of the sixteenth part of the exchange rate.
(11) the Commission is in the process of merging the Fund the right to the legal interests of investors on the defensive end, require or permit the public to temporarily interrupt the combining Fund units sales, atpakaļpirkšan or take-back. If the Commission adopted the decision referred to in this paragraph, the company shall not be exempt from compliance with the provisions of part three decades but decision time is entitled not to comply with this law, the first paragraph of article 54.
(12) the merging company shall ensure that the costs of a merger are covered from the own funds. "
23. To supplement the law with 34.1 and 34.2 of the article as follows: "article 34.1. The domestic fund mergers (1) to get the permission of the Commission, the Fund or sub-Fund for combining governing the Fund being acquired by the company shall be submitted to the Commission: 1) proposed a merger of the General provisions of the project approved by the Fund being acquired and the acquiring fund managing companies;
2) plug-in and the acquiring Fund custodian's assurance that the seventh part of this article 1, 6 and 7 above in the information on the Fund complies with the law, the prospectus of the Fund and the administrative requirements of the regulations;
3) information which the plug-in Foundation and the acquiring Fund intends to provide to investors on the proposed mergers;
4 amendments to the custody agreement), if necessary.
(2) the merging companies ensure that the plug-in and the acquiring fund investors prepared information specified in the first subparagraph of paragraph 3, truly reflect the merging process for investors to assess the impact of the merger on its investment and to make a decision about this law, article 34 of the 10th part of investors rights.
(3) the first subparagraph of this article specified in paragraph 3 shall include the following information: 1) the proposed description and justification of the merger;
2 in the proposed merger expected) effects to both the Fund and that fund investors acquiring, including disparities regarding investment policies and strategies, costs, anticipated results, periodic reporting and possible performance, as well as in the event of a change in investors applicable taxes or fees, information on future tax or duty;
3) investors in connection with the proposed merger of the rights granted, including the right to obtain further information, the right to receive on request the ninth part of this article, the opinion referred to in the copy and the right free of charge to request a atpakaļpirkšan or units — according to this law, article 34 of the 10th part-exchange, and the date by which these rights can be used;
4) main procedural aspects of the merger and the merger of the funds of the planned entry into force;
5) acquiring basic information for investors of the Fund.
(4) information that you want to add, and the acquiring fund investors will be given after the Commission has approved the proposed merger of this article in accordance with the twelfth. Information shall be provided at least 30 calendar days before the final date of fund investors may be used free of charge this law, article 34 of the 10th part to the rights laid down in the Fund or sub-fund atpakaļpārd certificate or, where appropriate, exchange them for other units.
(5) if the Commission finds that investors prepared information does not meet this law, fund prospectus or the regulatory requirements of the Statute, the Commission may in writing require the information is specified.
(6) if the plug-in or the acquiring Fund certificates are distributed in another Member State, the first subparagraph of this article, the information referred to in paragraph 3, the Fund manages the Community shall also fund concerned in the official language of the host country or in a language accepted by that State's management authority concerned. The translation of the information on compliance with the information contained in the original language of the documents prepared, certified by a person entitled to make decisions on behalf of the Fund to be added.
(7) the Combination of the General provisions of the project shall include the following information: 1) and involved the merger Fund;
the proposed merger of 2) description and justification;
3 in the proposed merger expected) effects to both the Fund and that fund investors acquiring;
4) criteria adopted active and — if necessary — related to the evaluation of the day when the exchange ratio is calculated and determined in accordance with the sixteenth paragraph of article procedure;
5) units exchange ratio calculation method;
6) estimated date for the entry into force of the merger;
7) the rules applicable to the transfer of assets and exchange of units;
8) if the merger takes place in accordance with this law, article 1, paragraph 32 of the "b" and "c" section, a newly created fund prospectus, rules and basic information for investors in the project.
(8) the General provisions of the Merger project can additionally include the seventh part of this article not mentioned in the information.
(9) the merging companies empowered one of the custodian of the Fund or auditors to prepare an opinion on: 1) criteria adopted active and — if necessary — related to the evaluation of the day when the exchange ratio is calculated in accordance with the sixteenth;
2 the amount of the payment in cash) as one investment certificate;
3 exchange ratio) method, as well as the actual exchange rate for the day when that ratio is calculated in accordance with the sixteenth.
(10) the ninth part of this article contains the opinions submitted to the Commission, upon request, shall be issued free of charge and the acquiring Fund and that fund investors.
(11) the Commission should have the right to request the public to clarify the reports submitted to it in the first paragraph, documents and information. This additional information is sought by the Commission within 10 working days of the first paragraph of this article for the receipt of documents.
(12) the Commission's decision on the permission or prohibition to combine funds takes 20 working days after receiving all the first, ninth and eleventh part mentioned in the documents prepared and presented in accordance with the requirements of the laws. When deciding on the authorization to combine funds in accordance with this law, article 1, paragraph 32 "b" or "c", at the same time, the Commission also adopted a decision on the registration of births in the Fund.
(13) the Commission shall adopt a decision to allow the merger of the funds if the following conditions are met: 1) the documents submitted meet the requirements of this law;
2) combining the funds do not touch funds combine the legitimate interests of investors;
3 the acquiring Fund) are permitted to distribute their investment certificates of the Fund being acquired in the country of origin, as well as in all Member States, which the Fund received, add the appropriate permissions for distribution of investment certificates;
4) information that the plug-in Foundation and the acquiring Fund intends to provide to investors about the proposed merger comply with this law, the prospectus of the Fund and the administrative requirements of the regulations.

(14) the Commission decision to authorise the Fund or sub-fund mergers and record encountered the Fund shall enter into force on the 30th calendar day after the date of notification of the decision to the public. After the entry into force of this decision do not declare the merger null and void.
(15) following the Commission's authorisation of the Fund or sub-fund of the company in accordance with the procedure laid down by the prospectus sent to the first paragraph of this article, the information referred to in paragraph 3 on the proposed merger of their investors, as well as before the merger of the funds or sub-Fund started out their atpakaļpirkšan the units of investors who have expressed a wish to atpakaļpārd the public fund or sub-fund licences. 
(16) the fourteenth part of this article that the decision on the date of entry into force of the investment certificate is calculated on an exchange rate of fund units to be added in Exchange for acquiring investment certificates of the Fund and, if the merger provisions provide for the payment of money, you specify a date will be fixed for payment of the net asset value.
(17) the Commission determined that the Fund and the fund investors in acquiring the information to be provided in the detailed content, format and delivery type.
Article 21.3. Cross-border fund mergers (1) for the purpose of cross-border mergers of funds, fund mergers are used, which are allowed under country of origin of the funds that legislation. Cross-border fund mergers in the process the company complied with this law, 34, and the procedure laid down in article 34.1, if it is not contrary to the provisions of this article.
(2) if the cross-border merger involving plug-in is registered in Latvia the Fund, before the commencement of such a merger that the company manages the Fund shall submit to the Commission, article 34.1 of this law referred to in the first paragraph of the document, as well as acquiring the fund prospectus, administrative regulations or equivalent document for background information and the investors of the latest version.
(3) this Act 34.1 in the first paragraph and the second paragraph of this article, the documents referred to in the company shall be submitted to the Commission both Latvian language and the acquiring Fund, country of origin or in a language accepted by the supervisory authority.
(4) When the Commission has submitted all this law article 34.1, first paragraph and referred to in the second subparagraph of article documents designed for the requirements of this Act, the Commission shall immediately forward a copy of this document in the acquiring fund management authority of the country of origin.
(5) If the acquiring fund management authority of the country of origin was asked to clarify the acquiring fund information for investors, the Commission decision on the consolidation of the Fund shall be made only after the documents submitted are specified according to the acquiring fund management authority of the country of origin.
(6) If the cross-border merger involving the acquiring Fund is registered in Latvia, the Commission 15 working days after the receipt of the document from the country of origin of the Fund being acquired, the supervisory authorities may require the acquiring Fund manages the company clarified its information for investors. In this case the Commission shall inform the Fund that you want to add a management authority of the State of origin and 20 working days after the receipt of the information specified is forwarding it to the foundation that a management authority of the State of origin.
(7) cross-border fund mergers, the Commission, in adopting this law article 34.1, the twelfth referred to in the decision also takes account of the acquiring fund management authority of the country of origin, the information about fund investors acquiring the information provided for compliance with the laws of that State. If 20 working days from the date of the Commission under the fourth part of this article sent a copy of the acquiring fund management authority of the country of origin, the Commission has received no indication that fund investors acquiring information is to be provided, the Commission may decide on the Fund of permitting or prohibiting the merger.
(8) the Commission of its decision to allow or deny the merger Fund shall inform the acquiring fund management authority of the country of origin.
(9) the cross-border Fund Mergers Commission in this law, the first paragraph of article 34.1 of the information referred to in paragraph 3 on the proposed merger of both the plug-in and the acquiring fund investors provided after the proposed merger of the Fund being acquired by a management authority of the State of origin.
(10) cross-border fund mergers in this law article 34.1, ninth in the opinion referred to in the copy of the request shall be issued free of charge also of the combining fund management authority. In this case, the opinion shall also be in addition to the language accepted by a management authority of the State concerned.
(11) the decision on the authorisation of the merger effective date is determined according to the acquiring Fund legislation of the country of origin requirements. If the acquiring Fund is registered in Latvia, such decision shall enter into force on the thirtieth calendar day following that fund management authority of the State of origin, the date of notification of the decision of the Commission. "
24. Article 35: Add to the second part of paragraph 4 by the following: "4) the Commission has adopted a decision on the liquidation of investment funds."
replace the fifth part number and the word "article 16" with a number and the word "article";
express the sixth part as follows: "(6) where the company or the custodian does not initiate liquidation of the Fund within one month from the date of the winding-up according to the requirements of this law was needed to launch, the Commission has the power to appoint the liquidators of the Fund. The Commission shall appoint the liquidators of the Fund, the second paragraph of article 4 in the case referred to in the paragraph. In accordance with the procedure laid down in this part appointed liquidator has all rights to the public regarding the liquidation of the Fund. "
25. replace article 40, second paragraph, the word "bank" (the fold) with the words "credit institution" (fold).
26. Add to article 42, the first paragraph of point 7 and 8 as follows: "7) investment fund in the event of merger, acknowledge that this law, in article 34.1, seventh part 1, 6, and 7, paragraph information about Fund custodian functions it carries out comply with this law, the prospectus of the Fund and the administrative requirements of the regulations;
8) at the request of the Commission to provide information which the custodian has received in the performance of the Fund's custodian responsibilities. "
27. Add to article 47 of the fourth and fifth by the following: "(4) If a Fund in Latvia wish to manage or to found a State licensed company, the company and the custodian's addition to this article, the custodian agreement concluded in written agreement governing the exchange of information between the company and the custodian and the custodian is required to carry out the functions set out in this Act.
(5) the Commission shall issue rules and regulations setting out in the fourth paragraph of this article, this agreement content. "
28. the express 54. the first paragraph by the following: "(1) an open investment fund, with the exception of Commission Regulation No 595/2010, with the European Parliament and of the Council directive 2009/65/EC in respect of the basic information for investors and the conditions to be respected by providing basic information or prospectus to investors in any durable medium other than paper or the Web site (hereinafter referred to as the European Commission Regulation No. 583/2009) referred to in article 36, the structured funds , number of units and the time may not be limited. "
29. To supplement the law with article 54.1 of the following: ' article 54.1.   Notice of an open investment fund, investment certificates purchase and application of atpakaļpirkšan (1), the constant Public information media sent through the Fund's Investor statement confirming compliance of the application not later than the working day following the execution of the application or, if the company that approval is received from a third party, no later than the next working day after receiving confirmation from the third party. 
(2) the first paragraph shall not apply where a public notice contains the same information as a confirmation that the investor of the Fund immediately forward to the third party.
(3) in the first paragraph, that communication shall include the following information: 1) identification data;
2 fund investors) identification data (name, surname or title);
3) date on which the application was received, the time and manner of payment;
4) due date;
5) identification data of the Fund;
6) type — the application purchase, atpakaļpirkšan or take-back;
7) number of units;
8) the value of units purchase, atpakaļpirkšan or take-back point;
9) the date that determines the value of investment certificates;
10) gross value, including the release of the Commission's money, or net value, net of commissions of atpakaļpirkšan;
11) related with the transaction and other commissions charged the total amount of the payments and, if required by the Fund's investors, a detailed list of the charges collected.

(4) If a company fund investor applications executed periodically, it fulfills the first part of this article, or at least every six months provided the investor of the Fund in the third paragraph of this article, certain information on the transactions carried out.
(5) the public is obliged at the request of the investors of the Fund to provide information about the fund investor status of the application. "
30. Article 56: put the name of the article as follows: "article 56.        Fund prospectus, the basic information for investors and their amendments;
Add to article 2.1 part as follows: "(21) provided basic information for investors in abbreviated form include the Fund's key performance indicators. The company shall ensure that the intended basic information for investors is the true, clear and not misleading, as well as meet the fund prospectus information. ";
make the eleventh subparagraph by the following: "(11) basic information for investors, the amendments referred to in this article shall apply to the fund prospectus, subject to the provisions amending the European Commission Regulation No. 583/2010."
31. Article 57: Add to the first subparagraph of paragraph 9, after the word "prospectus" with the words "for basic information and investor";
Supplement third with 1.1 as follows: ' 11) statement that draws investors ' attention to the following features of the Fund's activities: a) the greater part of the resources of the Fund planned to invest investment objects other than transferable securities or money market instruments, b) Foundation intends to take equity or debt securities index replication, (c) the composition of the Fund's net asset value) has a high volatility level; "
Supplement 8 to the third subparagraph, second sentence, after the word "Fund" with the word "net";
Supplement third with 25 points by the following: "25) Fund annual and half-yearly reports and the receipt of the order.";
turn off the fourth.
32. To supplement the law with article 57.1 as follows: "article 57.1. Basic information for investors content (1) basic information for Investors draw up a potentially simple and understandable to investors in the Fund, so that they understand the relevant aspects of the investment and be able to make an informed decision about the proposed investment.
(2) the basic information to be included in the investor at least the following essential information for the operation of the Fund: 1) identification data of the Fund;
2-purpose of the Fund) and a brief description of the investment policy;
3) past performance of the Fund or the performance scenarios;
4) with the Fund's operational expenditure;
5) the Fund's risk profile description that includes instructions and warnings concerning the risks associated with the investment fund concerned.
(3) this article, the information referred to in the second subparagraph shall be drawn up without using references to other documents.
(4) the basics of fund investors clearly indicates its location, where you can get additional information, as well as investor demand for free issue fund prospectus, the annual and half-yearly reports and indicate which languages they prepared.
(5) the Fund's investors prepare for basic synoptic and simple language. This information to prepare a uniform format to facilitate the comparison with other fund investors provided the basic information, and sets out the way that it is easily visible to private customers.
(6) basic information for investors of the Fund without modifications or additions, except translation, used in all Member States, which are distributed to the appropriate fund investment certificates.
(7) basic information for investors of the Fund becomes binding on the public and investor relations, as an investor in the fund prospectus and regulatory rules laid down in the Fund has acquired the investment certificate, except where this information is false, ambiguous, misleading, or does not meet the appropriate fund prospectus. The above information clearly shows the basic information provided to investors.
(8) in the second part of the above information, regularly taking the European Commission Regulation No. 583/2010.
(9) detailed basic information for investors in the format and content shall be determined in accordance with Commission Regulation No 595/2010 (10), the Commission determined the basic preparation for investors. "
33. Article 58 of the following expressions: "article 58.     Fund prospectus and investors access to basic information provided (1) the obligations of the company is to ensure the fund prospectus and the issuance of basic information for investors, free of charge to all interested parties.
(2) in order to ensure that the first paragraph of this article, the requirements, the company placed fund prospectus and investors provided the basic information on your home page on the internet or use a durable medium, within the European Commission Regulation No. 583/2010.
(3) at the request of the investors they free provide the fund prospectus and investors provided a copy of the background information in paper form.
(4) if the Fund or investors in the prospectus the basic information is amended, after the date of its entry into force immediately to ensure that its website is accessible on the internet the full text of the prospectus of the Fund, which contains the amendments and their date of entry into force, as well as basic information for investors in the past. "
34. Article 59: make the first part of paragraph 6 by the following: "6) fund prospectus and receipt of basic information for investors, showing what languages they are available;"
to supplement the article with the second and third subparagraphs by the following: "(2) advertising, which offers the possibility to buy the Fund's investment certificates, the following information is true, clear, not misleading and complies with the information included in the prospectus and investors basic information provided.
(3) where the investment policy of the Fund provides most of the funds invest investment objects other than transferable securities or money market instruments, or if the Foundation intends to take equity or debt securities index replication, or if the composition of the Fund's net asset value has a high volatility level of the Fund shall include a statement of the issue advertising that draws attention to the potential investors in this part of the policy. "
35. Article 60 off.
36. Article 62: make the first parts 1, 2 and 3 as follows: "1) they are traded on the regulated market of a Member State or in another Member State, the European Commission said in 2006 august 10 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 this directive , (hereinafter referred to as the European Commission Regulation No. 1287/2006) article 2, paragraph 8;
2) are included in the foreign official listing on a stock exchange or are traded in another foreign country, referred to the European Commission Regulation No. 1287/2006 and article 2, paragraph 8, and the stock market or trading site selection is provided in the prospectus of the Fund;
3) not included in the official stock exchange lists or are not traded on regulated markets, but those securities or money market instruments for emissions legislation provides that they will be included in the first paragraph of this article 1 and referred to in paragraph 2 in the official stock exchange listings or regulated markets and the securities or money market instruments will include one year from the date of subscription to these started in the securities or money market instruments. "
to make the second part of paragraph 1 by the following: "1) is issued or guaranteed by the Government of the Member State or Member States, other State or federal State — one of the Federation's members, or international institution, if one or more Member States are members of them;"
turn off the second part of paragraph 2, the words "or other".
37. the express article 64 of the first and the second part as follows: "(1) a fund may invest in a Member State, an open investment fund or comparable to the company's total investment in the units or shares, which is analogous to the requirements of this law.
(2) the Fund may invest in foreign open investment fund or a comparable total of investment certificates or part of the company, if the open Trust Fund or equivalent total investment company shall meet the following requirements: 1) it is registered in a foreign country whose legislation provides for the monitoring of the undertaking, which is equivalent to this statutory supervision and relevant foreign supervisory authorities shall cooperate with the Commission;
2) regulatory requirements for its operations, including the protection of investors, investment and transaction limits, is analogous to the provisions of this law on open investment fund;
3) it prepares and the public a half-yearly and annual reports to make it possible to assess its assets, liabilities, income and operations during the period. "
38. Article 65:

to turn off the second sentence of the third paragraph;
to make the fourth subparagraph by the following: "(4) the company shall establish and comply with financial derivatives valuation procedure ensuring not traded on a regulated market of derivative financial instrument in accurate and independent assessment, taking into account the nature of derivatives and complexity. Requirements not traded on a regulated market of financial derivatives for evaluation by the Commission. ";
to supplement the article with the fifth and sixth the following: "(5) if the fund prospectus designed to do business with financial derivatives, before the commencement of such operations the company shall prepare and submit a report to the Commission describing the financial derivatives risks management policy, financial derivatives valuation procedure, as well as information, giving a true and fair view of the financial derivatives, risks resulting therefrom , the quantitative limits and the methods which will be used with derived financial instruments business risk measuring and control.
(6) the company shall report to the Commission the information contained in this article is the fifth part, in view of the review period the complexity of the transactions carried out and about, and submit it to the Commission together with the annual report of the Fund. "
39. Article 66: make the second paragraph as follows: "(2) the Fund investments in transferable one issuer's securities or money market instruments may be raised to 35 percent of the Fund assets if the transferable securities or money market instruments are issued or guaranteed by a Member State, the Member State authorities, foreign or international institution, if one or more Member States are members thereof.";
replace the third subparagraph of paragraph 3, the words "referred to in the prospectus of the Fund" with the words "to draw the attention of investors in the Fund, the fund prospectus and advertising materials indicate the person";
turn off the fourth paragraph, the words "or other";
to make the seventh subparagraph by the following: "(7) the total risks arising from transactions in financial derivatives, including transferable securities or money market instruments contained in financial derivatives, may not exceed the net asset value of the Fund. The calculation of the total risk, take into account the derivative financial instrument the value of the underlying transaction, the risk of the other party, future changes in the market and the period it takes to close the position. The Commission has the right to impose stricter limits on the total amount of risk if not effective internal control system with derivative financial instruments to manage the risk of transactions. ";
to supplement the article with 7.1 and 7.2 parts as follows: "(71) overall risk level also includes the risk of this law, article 33 of the sixteenth, part business, including asset repurchase transactions or securities lending products resulting further injections.
(72) the Fund's overall risk of the company calculated at least once a day. ";
Add to article 8.1 part as follows: "(81) the Commission shall determine the total risk and the eighth part of this article the exposures identified in the calculation of the amount of the order.";
Add to tenth after the words "open Fund" with the words "or equivalent".
40. 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 open or closed within 12 months after the registration of the Fund Commission."
41. To supplement the law with Their chapter as follows: "Their chapter. The main and subordinate transactions article 71.1 of the structure. (1) the underlying fund to 15 percent of their assets may invest: 1) assets under this law, article 61 of the quarter;
2) transactions in financial derivatives, if they occur, to limit the risk, according to this law, the first paragraph of article 65 and article 33 of the sixteenth part of the requirements, as well as pursuant to article 66 of the seventh part of the investment restrictions laid down.
(2) in order to ensure this law, article 66 of the seventh part of the requirements underlying the Fund calculated the total risks arising from transactions in financial derivatives, plus the main Fund's overall risk. The primary Fund's overall risk is determined in proportion to the contribution of the Foundation underlying the main Fund calculation through the main Fund risks or actual total principal rules or governance of the Fund set out in the prospectus the maximum total risk. The underlying fund will further use the designated form for the calculation of the overall risk.
(3) the main Fund shall meet the following requirements: 1) at least one of the Fund's investors is a sub fund;
2) is not even the Fund underlying fund;
3) Fund is not sub-fund investor.
(4) in relation to the main Fund, the following exceptions: 1) if at least two alternative funds are the main contributors to the Fund, the primary Fund may not attract additional funds from other investors.
2) when the main Fund distributes investment certificates of the Fund in another Member State, but that Member State has one or more underlying funds, the main Fund may not follow this law, 77.2 and 77.3 article.
(5) the underlying obligation of the Fund is to monitor compliance with the main Fund of fund prospectus and the administration of the procedures laid down in the Statute. In this role, the Fund shall have the right to sub-rely on the information and documents received from the Central Fund or — if necessary — of their host society, custodian and fund Auditors, unless there is good reason to doubt their accuracy. The Fund's auditor for the purposes of this chapter are the fund prospectus or the management regulations, or equivalent document contains the auditor.
(6) if the underlying fund managing company or any other person acting on the Fund or the Fund manages on behalf of the company, due to the contribution of investment the main Fund licence receives a Commission or other payment, including payment of the money or the Sub-Fund's assets.
(7) the main Fund shall immediately inform the Commission of any of the underlying funds, which make investments in its investment certificates. If the underlying Foundation is established in another Member State, the Commission shall contribute shall immediately inform the underlying fund management authority of the country of origin.
(8) the main Fund collected from the underlying Fund's commissions in connection with the release of the units or atpakaļpirkšan.
(9) the main Fund will ensure that all the information which it provided in accordance with this Act or the regulations of the Commission rules, the management of the Fund rules or the prospectus, time is available to the public, the underlying fund management authority, custodian and the Fund's auditor.
(10) where the main Foundation and an underlying Foundation is registered in Latvia, the Commission shall without delay inform the underlying foundation of all the decisions taken and the requirements of this chapter found irregularities in the primary Fund and the main companies of the Fund custodian or the Fund auditor.
(11) if the main Foundation and an underlying Foundation is established in different Member States, the Commission shall without delay inform the underlying fund management authority of the country of origin of all the decisions taken and the findings of this Act or other legislation violations in connection with Latvia registered the main activities of the Fund and the fund company, head custodian or the Fund auditor's activities. The Commission shall immediately inform the feeder Fund, established in Latvia, for the information that it receives from the principal fund management authority of the country of origin.
71.2 article.    Authorization of the main and subordinate structure for (1) the main and subordinate structure of the deal should only be made after receipt of the underlying fund management authority of the country of origin of the authorization and the entry into force of this law in the first part of article 71.3 and 71.4 in the first and seventh in the agreement or referred to in part.
(2) if the underlying funds originating in Latvia before the main and subordinate structure of the transaction, the underlying fund will receive a Commission authorisation of the transaction. The Commission shall issue the permit if the underlying Foundation, the custodian and the Fund's auditor, as well as the main Foundation meets all the requirements of this chapter. Authorisation in the host society, the underlying fund shall submit to the Commission the following documents: 1) the underlying fund and the Fund's administrative rules;
2) Sub-fund and the fund prospectus and the basic information for investors;
3 this Act article 71.3) referred to in the first subparagraph of the agreement or the terms of the underlying fund and the main conditions for the Fund's activities;
4) transforming an existing Fund of alternative funds, — the underlying fund investors information referred to in this law, the first paragraph of article 71.6;
5) if the main and sub-fund are different custody — this law article 71.4, referred to in the first subparagraph of the agreement on the exchange of information between the custodian;

6) if the main and sub-fund are different Fund Auditors, — article 71.4 of this law in the seventh paragraph that agreement on the exchange of information between these auditors.
(3) If the main country of origin of the funds is not Latvia, governing the underlying fund society in addition to that referred to in the second subparagraph of article documents shall also transmit to the Commission the main country of origin of the Foundation supervisory authority's assurance that the primary Fund's open investment fund or sub-fund of the Fund that corresponds to this law article 71.1 of the third subparagraph of point 2 and 3. This proof shall be submitted in the language of Latvian society or in another language which has agreed to the use of the Commission.
(4) the Following second and third subparagraphs of the receipt of the documents referred to in the Commission 15 working days in writing inform the company that manages the underlying foundation for permission or prohibition to carry out sub-Fund's main investment fund.
Article 71.3.    The main and subordinate structures business rules (1) before the main and subordinate structure of the transaction, the funds involved conclude an agreement on the underlying fund and the main conditions for the Fund's activities. This agreement, upon request and free of charge has served to fund investors. If the funds involved are managed by the same company, it does not conclude the agreement, but develop internal rules to ensure compliance with the requirements of this article.
(2) the first paragraph of this article of the agreement and the content of the internal rules by the Commission.
(3) If an underlying fund and the main Fund is registered in Latvia, the first paragraph of this article of the agreement concluded pursuant to the laws of Latvia and Latvian Court determines how dispute resolution body.
(4) If an underlying fund and the main Foundation is founded (registered) in the various Member States, referred to in the first paragraph of the terms of the agreement, the applicable jurisdiction of choice provides that the agreement applies the underlying fund or the main country of origin of the Fund regulations and that both parties agree to the same national court jurisdiction where legal rules apply to this agreement.
(5) the main Foundation and the underlying fund will ensure that the net asset value calculation and publication time is coordinated to avoid differences caused by the different time zone difference.
(6) If the main Fund that manages the society decides to temporarily suspend atpakaļpirkšan units, all of the underlying funds, not in the light of article 54 of this law the provisions of part three, shall be entitled to terminate its investment certificate to atpakaļpirkšan the same time as the main Fund.
(7) if the main Fund is liquidated, wound up in the underlying fund also, except where the Commission takes a decision to allow sub-fund, which it has registered: 1) at least 85 percent of the Sub-Fund's assets to invest in other key investment certificates of the Fund;
2) being converted into a fund that is not subordinate to the Fund.
(8) the main Fund eliminates not earlier than three months after the primary Fund has informed all of its investors and its underlying fund management authority of the country of origin of the decision to liquidate the funds.
(9) for the seventh part of this article, the authorization referred to in the Sub-fund that manages the company not later than two months after the date of the main Fund it announced the planned opening of winding-up proceedings, shall submit to the Commission an application and documents the contents of which shall be determined by the Commission. In the case of winding-up the underlying fund, subject to the time limits set out in this part shall be submitted to the Commission and the application of this law the document referred to in article 35.1.
(10) If the principal shall inform the child Fund Foundation for the planned opening of winding-up proceedings for more than five months prior to the date of liquidation is initiated, the ninth part of this article, these documents shall be submitted to the Commission not later than three months before the date of the opening of winding-up proceedings. Underlying fund manages the company as soon as possible, notify the investors of the Fund on the planned liquidation of the Fund.
(11) If the main Fund combined with other funds or Fund of the country of origin legislation divides the two or more funds, eliminates the underlying funds, except when the Commission adopts the decision to sub fund, which it has registered, allow: 1) will continue to act as the primary foundation of the Sub-fund or other Fund, the main sub-fund, the main Union or Division of the Fund;
2) at least 85 percent of their assets to invest in another fund that is not a main result of the merger or Division;
3) converted into a fund that is not subordinate to the Fund.
(12) for the eleventh part of this article permits referred to child or liquidation of the Fund, the underlying fund manages the society no later than one month after the date on which it received the information from the main Fund on the planned merger or Division, the application shall be submitted to the Commission and the documents, which content is determined by the Commission.
(13) the main Fund the merger shall take effect no earlier than 60 days after the primary Fund has provided all of its investors and its underlying fund management authority of the country of origin with the information referred to in article 34.1 of this law, or equivalent.
(14) if the underlying fund management authority of the country of origin is not granted permission to the Foundation further downstream to act as the main foundation of the Sub-fund or other Fund Sub fund resulting from a merger or major Fund, splitting the main Fund will ensure that the underlying fund may redeem all your investment certificates from the main Fund, before the entry into force of the main Fund merger or Division.
(15) If the primary Fund has informed the underlying fund by making it the law of the information referred to in article 34.1, or equivalent information, more than four months before the merger or Division of the date of its entry into force, the Commission for the twelfth part of this article, these documents shall be submitted not later than three months before the relevant date. The company manages the underlying funds as soon as possible notify the investors of the Fund and the main foundation of the planned liquidation of the Fund.
(16) after all this article ninth and twelfth part of the receipt of the documents referred to in the Commission 15 working days in writing inform the underlying fund manages the public of permit or ban on the seventh of this article or the eleventh part. After receiving the decision from the underlying fund manages the society shall inform the principal of the Fund.
71.4 article. Agreement on the exchange of information (1) if the main and sub-fund to the Fund's various custodian, they conclude an agreement on the exchange of information. The content of that agreement by the Commission.
(2) If an underlying fund and the main Fund have concluded an agreement in accordance with this law, the first paragraph of article 71.3, on the first part of this article, the agreement shall provide that the conditions relating to the custody agreement to its own rules, which applied the agreed conditions of the Fund, and both a custodian agrees to the jurisdiction of the courts of the Member State concerned.
(3) if the underlying fund and the main Fund Agreement shall be replaced by the internal rules referred to in the first subparagraph the terms of the agreement provides that the laws relating to the agreement on the exchange of information between the two custodian is either legislation of the Member State in which the child Fund, established or, where the Member States have different laws and regulations of the Member State in which the main Fund, founded and both the custodian agrees to the jurisdiction of the courts of the Member State that legislation applies to a custodian agreement on Exchange of information.
(4) if the principal and subordinate of the Fund the Fund's custodian shall carry out the requirements of this chapter, the exchange of relevant information is not considered to be a breach of the rules on the disclosure of information or data protection, which it is bound in accordance with the Treaty or the regulations, and the custodian or any other person acting on its behalf is called for.
(5) the company that manages the underlying fund is responsible for the underlying Fund's custodian to provide all its duties the necessary information about the main Fund.
(6) the main custodian of the Fund is obliged to immediately notify the principal fund management authority of the country of origin, the company that manages the underlying fund and custodian of all the major violations in the activities of what it finds, in the performance of their functions, and which is contrary to the laws and fund prospectus, fund management rules or the custodian agreement, including: 1) errors that allowed the main Fund's net asset value calculations;
2) errors that allowed the underlying transactions of the Fund in connection with the purchase of the units from the main Fund, subscribe for units or their take-back or atpakaļpirkšan requests;
3) errors related to the main Fund for payments made to investors in the Fund or income capitalization or in any related to withholding tax calculation;

4) main administrative rules of the Fund, or in the prospectus to investors provided the basic information described in the investment objectives, investment policy or strategy violations;
5) national law or administrative rules of the Fund, the prospectus or the investors in investment basics and the borrowing limit violations.
(7) if the main Foundation and the Sub fund has different Auditors, they conclude an agreement on the exchange of information, in order to ensure the performance of his duties.
(8) in the seventh part of this article, the terms of that arrangement provide that the Sub-Fund's auditor, the audit report shall take into account the main Fund audit report. If the underlying fund and the main fund accounting year different, principal auditor of the Fund shall prepare an audit report of the Sub-Fund's report on the last day of the year. The underlying Fund's auditor has a duty to report any offences that are listed in the main Fund audit report, and on their impact on the underlying funds.
(9) the information referred to in this chapter and the provision of a document is not considered to be any law, rules, regulations, instructions or a breach of contract and does not create a fund auditor liability.
(10) If an underlying fund and the main Fund have concluded an agreement in accordance with this law, the first paragraph of article 71.3, seventh subparagraph of this article, the terms of that agreement provides that, in respect of the auditor of the Foundation Agreement of the same Member State legislation, which applied the terms of the arrangement, the Fund and the Fund both the Auditors consent to jurisdiction of the courts of the Member State concerned.
(11) if the underlying fund and the main Fund Agreement shall be replaced by the internal rules of the seventh part of this article, the terms of that arrangement provide that the provisions relating to the agreement on the exchange of information between ab Fund Auditors, is either the State regulations, which established (registered) Sub-fund, or the State laws, which established (registered) the main Fund, and two auditors of the Fund of the Member State agrees to the jurisdiction of the Court which laws apply to the agreement for the exchange of information between the two auditors of the funds.
Article 71.5. The underlying fund information (1) the underlying fund prospectus in addition to the information provided for in article 57 of this law, shall contain the following information: 1) a statement that the Fund is linked to the specific main Fund and 85 percent or more of their assets invested in the main permanent fund investment certificates;
2 investment objective and policies), including risk profile and details about whether the underlying funds and fund performance header are identical, or to what extent, and for some reason they differ, including this law in the first part of article 71.1 the prescribed contribution conditions;
3) short description of the main Fund, which also includes details of its organization, investment objectives and policies, risk profile and how you can get an updated main fund prospectus;
4) under this law, the first paragraph of article 71.3 sealed an agreement on the underlying funds and fund performance the main conditions of the brief description;
5) details of how the fund investors can get complete information about the main Fund and by the underlying fund and the main Foundation concluded in accordance with this law, the first paragraph of article 71.3;
6) remuneration and payments made by the subordinate the Fund shall pay due to their investment in the Fund's main investment certificates, as well as the underlying Foundation and the main Fund total payments;
7) Sub-fund applicable to the payment of taxes and duties if it invests its assets in the main Fund.
(2) in addition to article 75 of this law the information referred to in the Sub-Fund's financial statements contain information on the underlying fund and the main Fund withheld and paid commissions and other payments. The underlying Fund's annual and half-yearly reports, to the point where a top Fund's annual and semi-annual report.
(3) in addition to article 23 of this law, the first paragraph, article 56 of the fifth subparagraph and article 75 of the fourth and fifth parts of the requirements underlying the Fund, established in Latvia, shall send to the Commission the main fund prospectus and investors expected, and amendments to this document, as well as the annual and half-yearly reports.
(4) the underlying fund all public statements indicate that this 85 percent or more of their assets invested in the main permanent fund investment certificates.
(5) the company that manages the underlying fund after the fund investors shall be issued free of charge, at the request of those on paper the main prospectus of the Fund, as well as the annual and half-yearly reports.
71.6 article.    Convert sub Fund Fund Fund and change Fund (1) before the conversion of the subordinate governing the Fund of Fund of fund investors in the firm provides the following information: 1) proof that the Commission has authorized the underlying investments of the Fund the Fund's main investment certificates;
2) Sub fund and the main investor of the Fund provided for the basic information. The underlying fund investors basic information provided is specified under this Fund, the planned activities;
3) date when the underlying fund will invest in the main pool, or, if the investment has already been made — the date that the investment will exceed this law, article 66 of the tenth part of the limit;
4) proof that the Fund's investors 30 calendar days is entitled to request their atpakaļpirkšan the units free of charge, except for costs related to the realization of the Fund's assets. This right arises when the underlying fund is provided from a Fund's investors with the information referred to in this paragraph.
(2) the first paragraph of this article provide the information no later than 30 calendar days before the date specified in the first subparagraph of paragraph 3. The Commission shall determine the first paragraph of this article a procedure for the provision of information.
(3) If, according to this law, the procedure referred to in article 77.2 of the underlying Fund's investment certificates are distributed in another Member State, referred to in the first subparagraph information governing the fund company provides the underlying foundation for the host country in the official language or one of the official languages or in another language which has agreed to the use of the underlying fund management authority of the host country. The company manages the underlying fund is responsible for the preparation of the translation, as well as certifying the translation of this information in compliance with the information given in the original language of the documents. 
(4) the child is not entitled to the funds to invest in the Fund's main investment certificates in excess of this law, article 66 of the tenth part of the above investment restrictions before the second part of this article, the time limit prescribed. "
42. Article 73: to supplement the first subparagraph following the words "authorised person" with the words "ensuring that all assets and liabilities of the Fund are identifiable at any time";
to complement the seventh subparagraph following the words "half-yearly report" with the words "a copy of the paper form";
Add to article 10 by the following: "(10) providing cross-border fund administration services in another Member State, the company is developing accounting policies and accounting procedures according to the requirements laid down by that Member State in order, on the basis of the accounting data, determining the precise value of the net assets of the Fund and the calculation of the price of the units or shares of the Fund value that is provided in the certificate of sale and atpakaļpirkšan."
43. Replace article 75.2 of the second paragraph, the words "a person who is entitled under the law to provide audit services (hereinafter referred to as the sworn auditor)" with the words "sworn auditor".
44. Article 76: make the third paragraph as follows: "(3) where the company wishes to launch managed services in a Member State, it shall submit an application to the Commission. In this application the company indicating the Member State in which the intended to provide management services, and the manner in which intended to provide regulatory services — without opening the branch or the branch opening. At the same time with the application submitted to the Commission for the public company developed action program that contains the following information: 1) regulatory services that the company intends to provide in the Member State;
2) public risk management procedures;
3) companies developed the application and complaint of investors (the dispute) on the administration of the public service escalation procedures and the measures to be taken;
4) a description of the procedure developed by providing access to information by country of origin of the Foundation supervisory authority. ";
to make the fourth part of the second sentence as follows: "the application attached to the branches of activity in the company in addition to indicating the organisational structure of the branch, which give a true and fair view of the planned activities of the branch, the services, the organisation of work".
express the sixth follows:

"(6) simultaneously with the decision referred to in the fifth subparagraph, the Commission shall send the Member State concerned of the surveillance authority of this article, the third and fourth part of that information and documents, information on the existing system of investor protection and maximum reimbursements, as well as in the case where the company wants to provide the Fund in a Member State Government services to the public, a description of the scope of the license granted. If you amended the information mentioned in this paragraph, the Commission shall inform the management authority of the host country of the public. ";
replace the seventh and eighth paragraph, the words "Member State concerned" with the words "public" of the host country;
to supplement the article with the ninth, tenth, eleventh and twelfth, as follows: "(9) company, providing services in a Member State of the branch, the society of the host country comply with existing company rules.
(10) the company, providing services in a Member State without opening the branch, followed this law 13.1, 13.2, 13.3, 13.4, 14, 14.1, and 54.1 article, as well as the requirements of the effective internal control system.
(11) company which provides cross-border fund administration services to the Fund established in another Member State, that Member State by establishing branches or subsidiaries, without mediation followed this law and the regulations of the Commission rules for the organisation of activities, including the delegation rules, risk management procedures, company regulatory compliance monitoring, as well as public reporting and the preparation of reports and the rules of society and developed internal control systems.
(12) the company that performs the eleventh part of this article, such activities, at the request of the Commission, presented the Fund's annual and half-yearly reports, copies of which this firm provides cross-border fund administration services, as well as the Fund's prospectus and all its subsequent amendments. "
45. Article 77: Supplement 1 of the second paragraph of point "a" section with the following sentence: "If the company wants to provide fund administration services, notification shall also be accompanied by a description of the license granted to the public scope and limitations in the licence in respect of the types of funds that the public is entitled to manage.";
to make the second part of paragraph 1 subparagraph "b" as follows: "(b)) the action programme containing these government services, which the company intends to provide, and included a risk management procedure. In addition to the operational programme shall include the society of investors in developed application and complaint handling procedures (the dispute) and a description of the measures to be taken, as well as a description of the procedure, which provides access to information at the country of origin of the Foundation supervisory authority, ";
turn off the sixth;
replace the seventh part of the third sentence, the words "suitable medium or place" with the words "durable medium";
to supplement the article with the ninth subparagraph by the following: "(9) licensed in a Member State of the branch company in Latvia to comply with this law, 13.2, 13.3, 13.4 13.1, 14, 14.1, and 54.1 article, as well as the requirements of the effective internal control system. Making a claim referred to in this paragraph, the Commission shall cooperate and consult with the national supervisory authorities. "
46. To complement the chapter VIII 77.1 77.2 77.3 of the,, and article 77.4 as follows: "article 77.1.   Latvia registered open cross-border investment fund administration (1) Member State company which licensed this Act 77. in accordance with the procedure laid down in article has launched a managed services in Latvia by opening a branch or branches without opening, is entitled, subject to the procedures mentioned in this article, make Latvia registered open investment fund administration.
(2) the first paragraph of this article, the cross-border management of the Fund, the State licensed company followed: 1) the country of origin of the public law requirements relating to the organisation of public activities, including the delegation rules, risk management procedures, company regulatory compliance monitoring, as well as public reporting and the preparation of reports and the rules of society and develop the internal control system;
2) of this Act and the provisions of the Commission's regulatory requirements for open investment fund activity;
3 its fund management) regulations and the provisions of the prospectus in respect of which the permit is requested.
(3) the second paragraph of this article referred to in paragraph 2, the requirements relate to: 1) Fund and recording;
2) units, sales, atpakaļpirkšan and take-back;
3) the investment policy and restrictions, including the calculation of the total risk and obligations;
4) restrictions on borrowing, loans and transactions with financial instruments, if at the time of conclusion of the transaction, not the property of the Foundation;
5) valuation of assets and fund accounting;
6) issue price of the units or atpakaļpirkšan prices and calculation errors in the net asset value and the related calculation of compensation for investors;
7) revenue sharing or repeated-;
8) Fund information and reporting requirements, including the requirements for prospectus, rules and basic information for investors, as well as periodic reports;
9) with the distribution of investment certificates of the related activities;
10) relations with investors of the Fund;
11) the reorganization of the Fund;
12) liquidation of the Fund;
13) register of the holders of the units of the sort;
14) fees for registration and supervision of the Fund;
15) voting rights of the holders of the units and other rights associated with this part 1., 2., 3., 4., 5., 6., 7., 8., 9, 10, 11, 12 and 13.
(4) Member State licensed company is responsible for complying with the requirements of this article and organizational decision making and implementation.
(5) Member State licensed company that wants to manage the Fund registered in Latvia, shall submit to the Commission an application for the management of the Fund. The application shall be accompanied by: 1) the written agreement with the custodian, which corresponds to article 47 of this law in the fourth and fifth parts;
2 information on the Fund) administrative delegation with regard to the Fund's investment management and fund administration.
(6) If a Member State licensed company already manages in Latvia registered open investment fund, the disposal of the Commission for the submission of documents is not required. The society of the information referred to in this paragraph specifies the application for Administration of the Fund.
(7) the examination of the fifth paragraph of this article documents and following the information specified in article 77 of this law in the second subparagraph of paragraph 1, "a" in the description referred to in subparagraph, the Commission shall, if necessary, go to the company's supervisory authority of the country of origin with a request to give an opinion as to whether the nature of the Fund, in respect of which the permit is requested, comply with the permissions assigned to the public activity.
(8) the Commission may reject the application in a Member State of the company's licensed, if: 1) company does not conform to the requirements of this article, which includes the monitoring of the competence of the Commission;
2) is received by the society of the country of origin of their supervisory bodies manage their fund type in respect of which the authorization is requested;
3) society not presented in the fifth subparagraph of this article documents.
(9) prior to the submission of the Commission's rejection of the relevant public consultation with a management authority of the State of origin.
(10) the Member State licensed company by the first paragraph of this article, in relation to the Fund established in Latvia provides that: 1) without the permission of the Commission, will not change the company that manages the Fund or custodian;
2) without the permission of the Commission are not amended fund prospectus and regulatory rules;
3), the Commission is informed of any amendments to this article, the documents referred to in the fifth subparagraph.
Article 77.2.    Registered in Latvia open investment fund units distribution in a Member State (1) a company that wants to start in Latvia registered open investment fund units distribution in a Member State, prior to the start of operations shall be submitted to the Commission a statement that filled in according to the European Commission on 1 July 2010, Regulation No 584/2010, with the European Parliament and of the Council directive 2009/65/EC in respect of the standard notification letter and a receipt of the form and content of the UCITS , the use of electronic communication between competent authorities for the purposes of notification and procedures for inspections and investigations on the spot, as well as exchange of information between the competent authorities (hereinafter European Commission Regulation No 584/2010) 1. The notification shall be completed in the language which is accepted by the Commission, and shall submit to the Commission, through electronic media.

(2) in the first paragraph, that communication shall include information on the Fund's investment certificate distribution arrangements laid down by the Member State in which the company plans to distribute the Fund's certificates, including information about the Fund's investment certificate classes, if any are provided.
(3) If a fund established in Latvia in governing society wants to spread only in the Member State concerned in its management of the existing open investment fund certificates without the opening of the branch and the Member State concerned does not provide any of this Act referred to in article 5, a public notice of service shall include an indication that the units of the Fund distribution deal the company who manages this Fund.
(4) in the first paragraph above, the following public notification of the Foundation documents: 1 the Fund management regulations);
2) fund prospectus;
3 fund investors expected) basic information;
4) last audited and approved annual report, as well as the half-yearly report, if made after the approval of the annual report.
(5) the company shall ensure that this article is referred to in the fourth paragraph of document translation in accordance with its national legislation, which the company plans to launch a fund to distribute the investment certificates.
(6) the Commission shall examine whether the company has presented all the first and the fourth part of the documents and that they are prepared according to the requirements of the law.
(7) the Commission within 10 working days after all the first and fourth subparagraph and, according to the design of electronic receipt of documents it sent to the management authority of the Member State in which the company plans to launch a fund to distribute the investment certificates. In addition the Commission shall send the Member State concerned of the surveillance authority of the European Commission Regulation No 584/2010 annex 2 to the prepared receipt for registration.
(8) the seventh subparagraph of this article, the transmission of documents referred to in the Commission notice of the public. The public is entitled to begin distributing the units of the Fund in the Member State concerned with the day when the Commission notified the public about the seventh paragraph of this article, the document referred to.
(9) the Foundation shall notify the host society of the host country of the Foundation supervisory authority of any amendment of this article, the documents referred to in the fourth paragraph.
(10) the company that manages the funds ensure that its homepage on the internet is available in the fourth paragraph of this article, the following documents and any amendments thereto, as well as translations of these documents pursuant to the fifth subparagraph of this article.
(11) the company that manages the funds of the Foundation shall notify the surveillance authority of the host country: 1) any amendments in part four of this article mentioned in the documents;
2) amendments scheduled distribution of certificates of the Fund or the first part contains the information included in the notifications. The company sends this information to the supervisory authorities of the host State Fund before the change takes place.
(12) If the community wants to change the procedures for the circulation of the certificates of the Fund and to amend the first paragraph of this article, the information included in the notifications, so before this amendment sends the host country of the Foundation supervisory authority written notice of the proposed amendment.
77.3 article.    Registered in a Member State of the open Fund units distribution in Latvia (1) registered in a Member State an open investment fund investment certificates or comparable securities (hereinafter Member State of the Fund certificates) in Latvia can be distributed only in the commercial form: 1) a credit institution, entitled to provide investment services in Latvia;
2) investment management company, entitled to provide government services in Latvia, or state licensed company, which wants to spread its management in Latvia existing open Fund units;
3) investment brokerage company, entitled to provide investment services in Latvia.
(2) the first paragraph of this article a Member State of the company provides Fund certificate distribution, atpakaļpirkšan and take-back and related settlements in Latvia.
(3) Member State licensed the company, which is still in Latvia without the opening of the branch in its management of the spread open investment fund units, without providing any other article 5 of this law, in respect only of the procedure defined in this article.
(4) the certificate of the Fund of the Member State may start to distribute in Latvia with the day when the following has been submitted to the Commission according to the procedure laid down in this article is presented in the document are: 1) the country of origin of the Foundation supervisory authority a certificate of registration of the Foundation of European Commission Regulation No 584/2010 annex 2;
2) governing public funds statement of European Commission Regulation No 584/2010 annex 1 and includes information about the Fund's investment certificate distribution procedures in Latvia;
the management regulations of the Fund 3) or equivalent document, prospectus, investors in the Fund for background information and the last audited and approved annual report, as well as the half-yearly report, if made after the approval of the annual report.
(5) the fourth paragraph of this article 1 and referred to in paragraph 2, the documents to be submitted to the Commission in which the use of the language accepted by the Commission.
(6) in the fourth paragraph of this article, paragraph 3 these documents to be submitted to the Commission, subject to the following requirements: 1) the basics of fund investors, which presented in a foreign language, a translation into Latvian language;
2) fund prospectus, fund management regulations or equivalent document, as well as other documents to be submitted to the Commission, which in a foreign language, a translation into Latvian or English or in another language which has agreed to the use of the Commission.
(7) the translation of the information matches the information contained in the original language of the documents prepared, certified by a person entitled to make decisions on behalf of the Fund. The sixth part of this article shall also apply to the requirements of the relevant documents.
(8) the Commission shall record and keep all the reports submitted by the Member States ' supervisory authorities notices.
(9) the fund company that manages the distribution of the Fund's investment certificates in Latvia, follow and comply with the following requirements: 1) ensures that investors in Latvia have access to the information and documents in the same order of magnitude as the Fund's country of origin;
2) ensure that investors in Latvia are informed in good time of any changes in the operation of the Fund and the community, the amendments to the fund prospectus, the basic information provided to investors and the Fund's Management Charter, subject to the fund prospectus or fund management rules or equivalent document procedures;
3) provides that, at the request of the investors they are issued free of charge, fund prospectus, the basic information for investors, the Fund's Management Charter, or equivalent document, the Fund's annual and semi-annual review copy in paper form;
4) ensure that investors in Latvia is available on the company's application of the investor and the complaint handling policy (dispute) and they can submit complaints about public services provided by the Latvian language;
5) provides that the Commission is informed of the change in time investors key information provided for in the fund prospectus, the Fund's Management Charter or equivalent document, indicating that the documents referred to are available electronically;
6) follow the Fund's country of origin legislation for emission units, sales, atpakaļpirkšan and take-back procedures of publication;
7) provides that the fourth paragraph of this article, paragraph 3 of the documents and their amendments, as well as translations of these documents are available electronically to the vendor, the units of the Fund or of the company that manages the Fund's home page on the internet;
8) provides that the investors are explained in the document, the contents of the Fund that are not translated into the Latvian language.
(10) If the community wants to change the Fund's investment certificate distribution policy or amend the information referred to in the fourth subparagraph of this article, paragraph 2 specified in the notice, before the amendment of the written notice sent to the Commission on the amendments.
(11) If a society wants to stop the distribution of investment certificates of the Fund in Latvia or the Fund is liquidated, the company about planned action shall inform the Commission and before the termination of the Fund or the Fund's liquidation shall ensure that compliance with obligations to the investors in Latvia in accordance with the Fund's prospectus and the Fund's Management Charter or equivalent document.
(12) the Commission may suspend the distribution of investment certificates of the Fund in any of the following cases: 1) the Commission shall receive the Fund management authority of the country of origin stating that the fund company that manages the license is cancelled or it is suspended;
2) the Commission receives fund management authority of the country of origin of the communication on the activities of the limitation or suspension;

3, it manages the Fund in) the company or the Fund's investment certificate reseller violates the fund prospectus or fund management regulations, or equivalent document;
4, it manages the Fund in) the company or the Fund's investment certificate reseller violates Latvian laws and requirements, including the interests of investors the protective legislation.
(13) the Commission will ensure that its website is placed on the internet information on investor interest in protective legislation, which is the obligation of the Member State through the Fund's investment certificates.
Article 77.4.    Other investment funds distribution of investment certificates of the Fund investment certificates in Latvia or similar securities which do not meet this statutory open investment fund operating conditions may be publicly offered and placed on the publicly traded financial instruments market law. "
47. in article 78: to supplement the first subparagraph following the words "licensed society" with the words "and registered Fund";
to make a fifth by the following: "(5) the Commission's appeal against the administrative act issued in court does not stop if the Commission issued the administrative act is a decision that provides: 1) restrict public or custodian;
2) prohibit public officials to carry out its duties;
3) prohibit to acquire or increase qualifying shareholdings in the company;
4) prohibit the use of the voting rights;
5) prohibit the delegate management service of the Fund;
6) prohibit the transfer of management right of the Fund to another company;
7) cancel the licence issued to the public administration services;
8) launch of an investment fund liquidation. ";
to supplement the article with the sixth part as follows: "(6) in order to ensure the monitoring of the provision of government services, the Commission, within their competence, directly or in collaboration with other authorities according to the statutory procedure in addition to the financial and capital market Commission, the law and other rights laid down in this law are entitled to: 1) require from any person information about the activities of the financial and capital markets, as well as to invite the person concerned to the Commission and to provide on-the-spot information;
2) to request and receive from financial market participants in the telephone listings and other data records;
3) require the cessation of any action that is inconsistent with the requirements of this law;
4) require that the public be frozen and fund assets, or to restrict the right to deal with them;
5) restrict the public's right to provide administration services;
6) if it is necessary for the protection of the interests of investors, require emission units, sales, atpakaļpirkšan and take-back suspension;
7 law enforcement agencies) to submit information on their activities in the financial and capital market, which is contrary to the requirements of this law;
8) to cancel the public for custodian license issued or, as well as to decide on the commencement of liquidation of investment funds;
9) to take the necessary legal measures to ensure that the company and the custodian continues to fulfil the Commission of this Act and the provisions of the laws. "
48. To supplement the law with article 78.1 of the following: ' article 78.1.     Funding for the Commission's monitoring function for (1) the company shall pay to the Commission on the monitoring of the activities in the following order: 1) and up to 0.033 percent of public management in the investment fund assets averaged about a quarter, but not less than 2500 litres per year;
2) where this Act provides in article 5 in the second or third part, investment services — up to one percent of the company's investment service provided gross revenue quarter, but not less than 500 Lats per year.
(2) authorised in another Member State of the companies registered by the open investment fund in Latvia, in Latvia, in charge of the Commission established open investment fund supervision to percent of 0.013 this investment fund in the medium active around the quarter, but not less than 1000 lats year.
(3) in addition to the first and second payments referred to in society and state licensed company shall pay to the Commission: 1) on the registration of investment funds — 1000 lats;
2) investment fund prospectus or registration of the amendments to the regulatory rules — 300 lats.
(4) a Member State of a branch of the company licensed, registered in Latvia, shall pay to the Commission on the monitoring of the activities of the branch in the following order: 1) up to one percent of the branches in Latvia Trust Fund provided management services gross revenue in the quarter, but not less than 1500 Lats per year;
2) up to one percent of the branches of this law article 5, second and third tranches of investment services referred to in gross revenue in the quarter, but not less than 500 Lats per year.
(5) the Commission shall issue regulatory provisions on the first, second and fourth part payment calculation and reporting procedures.
(6) in the first, second and fourth payments referred to in the following month of the quarter, the 30th.
(7) referred to in the third subparagraph of payment documents and state licensed company shall submit to the Commission at the same time with the registration of investment funds or investment fund prospectus or the amendment to the Statute of government registration documents submitted.
(8) the payment referred to in this article missed transfers or transfers do not fully calculate the delay for each delayed day 0.05% of the unpaid amount.
(9) in this article, including the payments referred to in the Commission's account within the Bank of Latvia.
(10) with regard to the amendments made in accordance with article 28 of the law on the part of the eighth and the seventh subparagraph of article 56, are not suitable for this article, the third part of the payment provided for in point 2. "
49. Add to article 79 of the seventh paragraph as follows: "(7) if the company does not agree with the statement drawn up by the Commission of the checks, it is entitled to submit a complaint to the Commission to the Council. The Council of the Commission is entitled to impose new testing or decide on amendment of the certificate of inspection, or dismiss the complaint. "
50. Article 82 of the expression by the following: ' article 82.   Restrictions on the right to dispose of the assets of the companies and funds (1) if there is a violation of the laws and regulations of the Fund Administration, fund prospectus or a custodian, the provisions of the Treaty, the Commission has the right to obtain information from credit institutions and investment brokerage firms for the company or Fund (Fund) money flow and account balance and restrict the public's right to dispose of the company or Fund (Fund) assets.
(2) Commission decision referred to in the first subparagraph restrictions enforceable immediately upon its receipt.
(3) the costs of the accounts covered by the Commission's decision to restrict the public's right to act with them for the duration of the decision being made only with permission of the Commission. "
51. Article 84: replace the first subparagraph of paragraph 5, the words "regularly does not follow this law and other legislative requirements" with the words "do not comply with this law and the regulations of the Commission rules";
Supplement fifth with the sentence the following wording: "If a licensed company in Latvia manages an investment fund registered in a Member State, the Commission of the information referred to in this paragraph shall also be sent to the Fund management authority of the State of origin.";
to supplement the article with the seventh subparagraph by the following: "(7) the Commission of the public withdrawal of the licence issued shall inform the European Securities and markets authority."
52. Add to article 85 of the third and fourth subparagraph by the following: "(3) the Commission shall monitor the article 76 of this law in the tenth and eleventh part requirements.
(4) the Commission shall monitor the compliance of the activities of the legislative requirements for the company, which provides fund administration services in another Member State, to ensure compliance with legislative requirements in relation to its managed the design and operation of the Fund. "
53. Article 86 of the expression by the following: ' article 86.   The Member State in the supervision of licensed company that provides management services in Latvia (1), the Commission shall monitor whether the company authorised in another Member State of the branch, which operates in Latvia correspond to this law, article 77 ninth part. The Commission has the right to verify that the measures taken by the branch for the provision of these requirements.
(2) the Commission shall monitor the company authorised in another Member State in complying with this law article 77.1 of the second paragraph of point 2 and 3 requirements in accordance with the provisions of this law have begun to give Latvia registered cross-border fund administration services.
(3) if the Commission finds that the Member State of which the company licensed pursuant to the provisions of this law, has opened a branch office or started to provide government services in Latvia, do not comply with or violates this law and in accordance with the regulations issued, it demands that the company eliminated any irregularities, and inform the public of the management authority of the country of origin.

(4) If the third subparagraph, in the case referred to in the Member State licensed undertaking does not comply with the instructions of the Commission, the Commission shall inform the public of the management authority of the country of origin of the alleged infringements and asked to take the necessary measures to ensure that the public concerned, as well as the fixes asked the public to inform the Commission of the management authority of the State of origin of the measures taken.
(5) If, in spite of this article, the third and fourth measures referred to in the Member State licensed company continues to violate this law and in accordance with the regulations issued by the Commission after the company's supervisory authority of the country of origin information may take the measures provided for in this Act for the provision of supervision to prevent future infringements of the company, or to apply the penalties provided for in this Act. The Commission has the right to prohibit further public concerned to take any action in Latvia, including investment funds established in Latvia, the State funded pension scheme and the private pension fund established a pension plan management. The Rights Commission is also where the company's management authority of the country of origin for objective reasons cannot take part in this fourth article these measures or the measures cannot take place in Latvia.
(6) of this article, the third, fourth and fifth part of such requirements does not prevent the Commission take measures to prevent the Latvian legislation breaches the legitimate interests of investors. This measures the Commission is entitled to prohibit the public concerned to continue the provision of government services in Latvia to the prevention of abuse.
(7) If the Commission uses this article third, fourth and fifth paragraphs of the said rights and take measures that provide for Member State public licensed to apply punishments or restrict its activities in Latvia, the Commission justified the need for such measures and to immediately inform the public about them and society a management authority of the State of origin. The public has the right to appeal against decisions taken by the Commission according to the Latvian legislation arrangements.
(8) in exceptional cases, the Commission is entitled, without taking account of this article, the third, fourth and fifth arrangements, in part to take immediate precautionary measures against company or investment fund to protect investors and other management services to the legitimate interests of the beneficiary. For such measures, the Commission shall immediately inform the European Commission, the European Securities and markets authority and the public management authority of the country of origin.
(9) the Commission, on its own initiative or at the company's country of origin, at the request of the supervisory authorities have the right to carry out internal inspections of companies established in another Member State of the branch, which operates in Latvia. Monitoring of the State of origin of the public body shall have the right to make their own internal inspection company branch office in Latvia or authorize any other person to perform this examination, the Commission is notified in advance.
(10) the Commission has the right to a reasoned decision to refuse another Member State supervisory authorities to carry out an internal examination in the territory of Latvia upon the request of the supervisory authorities, as well as to refuse another Member State supervisory authorities authorized representatives to participate in the test, if: 1) such examination or other supervisory authorities of the Member State authorised the participation of the representatives of the Latvian adversely affects the sovereignty, security or policy;
2) for the same offence in Latvia and against the same persons have already launched legal proceedings;
3) for the same offence and the same persons have already accepted the judgment of the Court of Justice.
(11) if the Commission inspection is established in another Member State of the branch company in Latvia by a management authority of the Member State, that Member State at the request of the supervisory body shall have the right to participate in this examination, subject to the Commission's instructions.
(12) where a company established in another Member State of the branch, which operates in Latvia, checking out a management authority of the Member State concerned, the Commission is entitled to participate in this examination.
(13) public management authority of the country of origin, after informing the Commission thereof, may itself or through an authorised person to carry out this Act article 88 in the third part of the examination of the information registered in that Member State of a branch of the company, which operates in Latvia. This does not prejudice the right of the Commission according to the procedure laid down in this article is to make internal inspections of companies established in another Member State of the branch, which operates in Latvia.
(14) the Commission prohibits companies established in another Member State of the branch, which operates in Latvia, established in another Member State or public, providing management services in Latvia, do not open a branch to continue managing the provision of services in Latvia, where it received the management authority of the country of origin of the notification of the public in limiting the licence issued or withdrawn. Such measures may include decisions with which the public concerned prohibit any future operations in Latvia.
(15) If the Commission considers that the fourth paragraph of this article, the country of origin listed in the supervisory bodies of the measures it has taken to ensure that the public concerned the shortcomings noted irregularities are not infringements, the Commission shall inform the European Securities and markets authority.
(16) the exchange of information for the purposes referred to in this article, the Commission shall be subject to European Commission Regulation No 584/2010. "
54. Article 87: to supplement the first part of paragraph 11 with the following: "11) that is in violation of this law, and the European Commission Regulation No. 583/2010 requirements for preparation of basic information for investors."
Add to article 1.1 and 1.2 of the part as follows: "(11) the Commission is empowered to impose a person to fines of up to 10 000 LVL, if a person acquired or increased a substantial participation in society before the law in article 7.1 the second or fourth part of the notification referred to in the Commission or a hearing.
(12) for actions that result in a breach of the legislation on the crime of money laundering and terrorist financing, the Commission imposed fines to the public from 5000 up to 100 000 lats. "
55. Article 88: Add to the second part of the sentence by the following: "the Commission is right to point out that this information may be shared with third parties, for which it required statutory functions, only with the prior written consent of the Commission.";
make the third paragraph as follows: "(3) the Commission shall inform the management authority of the Member State concerned for the following activities: 1) on penalties or operational restrictions which it applied to the licensed public in Latvia that provides management services in that Member State. If Latvia manages the licensed company registered in another Member State of the investment fund, the Commission of the information referred to in this paragraph shall also be sent to the Fund management authority of the State of origin;
2) on sanctions and operational restrictions, including the Fund's investment certificates emission, atpakaļpirkšan or take-back suspension, which it applied for a registered investment fund in Latvia, whose investment certificates are distributed in the territory of that Member State. If Latvia registered investment fund managed by the company registered in another Member State, the Commission of the information referred to in this paragraph shall also be forwarded to the management authority of the country of origin;
3) on penalties or operational restrictions imposed by it pursuant to this law, article 86 of the fifth of such Member State licensed public, which according to the provisions of this law, has opened a branch or the provision of government services launched in Latvia. ";
to supplement the article with the fifth, sixth, seventh, eighth and ninth subparagraph by the following: "(5) If the Commission has information that the company, which is not subject to its supervision, in another Member State, an activity which is contrary to European Union regulations in the field of governance, the Commission shall inform the management authority of the Member State concerned.
(6) If the Commission has information that is registered in a Member State investment fund that is not subject to its supervision and investment certificates are distributed in Latvia, operating in the European Union, which regulates the operation of open investment funds, the Commission shall inform the management authority of the Member State concerned.
(7) If, notwithstanding this article, part of the sixth fund management authority of the country of origin of the measures taken, the Member State registered open investment fund continues to operate in violation of the legitimate interests of investors, the Commission, after the Foundation of the management authority of the country of origin information have the right to: 1) take measures provided for in this law, Latvian investor interests, including to stop distribution of the units in Latvia;
2) to inform about breaches the European Securities and markets authority.

(8) if the Commission receives from another Member State supervisory authorities this article fifth or sixth part of that information, the Commission shall, according to their competence take the necessary steps to prevent any irregularities, and for these actions inform the information submitted by the supervisory organ.
(9) the exchange of information for the purposes referred to in this article, the Commission shall be subject to European Commission Regulation No 584/2010. "
56. Add to article 89 of the fourth subparagraph of paragraph 5 with the following: "5) the European Securities and markets authority, the European banking authority, the European insurance occupational pensions authority and the European systemic risk Board."
57. Article 90: put the name of the article as follows: "article 90.     The Commission's cooperation with the European Commission and the European Securities and markets authority ";
to supplement the first part with (4) and (5) as follows: "4) activities carried out under this law, the seventh article 88 paragraph 1 of part a;
 5) activities carried out under this law, in article 77 and 86 article 77.1 of the fifth part and for which a Member State is refused a company licensed to launch administrative or other services for or prohibited to provide government services in Latvia. ";
Add to article 1.1 part as follows: "(11) the Commission shall send to the first paragraph of this article, 3., 4. and 5. information also referred to the European Securities and markets authority.";
adding to the third paragraph after the words "the European Commission" with the words "and the European Securities and markets authority";
to make the fourth subparagraph by the following: "(4) the Commission may inform the European Securities and markets authority on cases where a management authority of another Member State does not provide information on a reasoned request by the Commission or does not give information in accordance with the time limit (within reason), or at the request of the Commission the Commission refuses in the territory of that Member State to carry out an internal examination or to take part in the internal Inspection Commission authorised representatives, or not responding to such a request in the appropriate (reasonable) limit."
58. the transitional provisions be supplemented with 30, 31 and 32 as follows: "30. This law requirements for basic information for investors open Trust Fund established by 2011. on 15 November, as from July 1, 2012.
31. Article 78.1 this law shall enter into force on January 1, 2012.
32. the investment management company not later than two months after the entry into force of the amendments to this law, 13, 13.1, 13.2, 13.3, 13.4, 13.5, and article 14, shall submit to the Commission a written statement that the company's internal control system complies with the requirements of this law. "
59. To complement the informative reference to European Union directives, with 11, 12, 13 and 14 as follows: ' 11) of the European Parliament and of the Council of 13 July 2009. directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);
12) Commission 2010 July 1 the EU directive 2010/45/with which the European Parliament and of the Council directive 2009/65/EC as regards certain provisions relating to the consolidation of the Fund, the main — child bodies and the notification procedures;
13) Commission 2010 1 July 2010/43/EU directive, to the European Parliament and of the Council directive 2009/65/EC with regard to the organisational requirements, conflicts of interest, professional ethics, risk management, and between the management company and the depositary of the agreement to be concluded;
14) 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 13 October 2011.
The President a. Smith in 2011 on November 2.