Amendments To The Law On The Financial Instruments Market

Original Language Title: Grozījumi Finanšu instrumentu tirgus likumā

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The Saeima has adopted and the President promulgated the following laws: the law on the financial instruments market to make the law on the financial instruments market (and of the Parliament of the Republic of Latvia Cabinet of Ministers rapporteur, 2004, no. 2; 2005, 10, 14; 2006, nr. 14. No; 2007, 10, 22 no) follows: 1. Article 1: replace paragraph 6, the words "country of origin" with the words "home Member State"; Add to article 63 as follows: ' 63) corporate governance: the package of measures a company's activities and objectives for the control of activities of the company, as well as with the company's operational risk assessment and management. " 2. Supplement article 27 with the twelfth, as follows: "(12) the market organizer of each calendar year, the first three business days of the calendar year concerned shall be published financial instruments trading day calendar on your website on the internet." 3. Article 54: replace the second subparagraph of paragraph 3, the words "pre-emptive right" with the words "prior rights"; replace the third subparagraph of paragraph 3, the words "pre-emptive right" with the words "prior rights"; turn off the sixth paragraph, the words "or change the legal address". 4. To supplement the law with article 54.1 of the following: ' article 54.1. Audit Committee (1) a corporation of which the transferable securities are included in the regulated market shall establish an Audit Committee. (2) the tasks of the Audit Committee are as follows: 1) monitoring the Corporation's financial statements and consolidated financial statements, if a corporation shall prepare a consolidated report; 2) to monitor the Corporation's internal control and risk management system effectiveness; 3) monitor the statutory annual accounts and the consolidated annual report, if a corporation shall prepare the consolidated annual report, and the duration of the test in the test results of the deficiencies found; 4) recommend a Certified Auditor audit services Corporation; 5) check and monitor the sworn auditor independence rule "On sworn auditors". (3) the Audit Committee shall be entitled to request and receive from the Corporation's Board, as well as from the internal audit service, the internal auditor or the controller of the company, if any, the information and documents needed to be able to perform the tasks devolved on it. This article provides for the execution of the tasks of the Audit Committee shall have the right to perform the verification. (4) the members of the Audit Committee shall be elected for three years, a meeting of the shareholders or members, by simple majority, determining their remuneration. Corporations statutes may set a shorter election of members of the Audit Committee. (5) a member of the Audit Committee can only be legally competent physical person with impeccable reputation, not deprived of the right to do business and who is convicted of an intentional criminal offence. As a member of the Audit Committee may be a member of the Council of the Corporation. (6) a member of the Audit Committee may not be a member of the Board of the Corporation, prokūrist or komercpilnvarniek, as well as the corporation-controlled companies (subsidiaries) member of the Board or a person authorized to represent the controlled entity (subsidiary). The Corporation's statutes may provide for additional restrictions on the Member of the Audit Committee. (7) at least one member of the Audit Committee are independent and have the necessary education and not less than three years of relevant work experience in accounting or auditing. Member of the Audit Committee are independent, if not covered by any of the eighth part of this article in these circumstances. Member of the Audit Committee have the necessary education, if he is in the Republic of Latvia or abroad acquired higher education in economics, management or finance or abroad won the national auditor's qualifications, or sworn auditor according to the law "on sworn auditors". (8) a member of the Audit Committee are not independent, if they apply at least one of the conditions mentioned in this paragraph: 1) direct or indirect financial commitment and participation in the Corporation's operations; 2) or last three years been working relationship with the Corporation; 3) the members of the Board of the Corporation functions; 4 kinship or affinity to) second degree with the Corporation's Board, shareholders or members; 5) other circumstances that might compromise his independence and recognized as such by the Corporation's shareholders ' or members ' meeting. (9) the Audit Committee shall be chaired by a Chairman elected from among the members of the Audit Committee. The Corporation's statutes may provide for other election of Chairman of the Audit Committee. (10) the Audit Committee shall take a decision independently on it in this statutory task and once a year, or more frequently, if necessary, inform the meeting of the shareholders or members about it. " 5. Article 56: to supplement the first part of paragraph 4 by the following: "4) statement of corporate governance if a corporation shall prepare this message as a separate part of the annual report." to make the second and the third part as follows: "(2) If a corporation whose transferable securities are included in the regulated market shall draw up consolidated accounts, the consolidated financial statements prepared in accordance with the European Parliament and of the Council of 19 July 2002, Regulation (EC) No 1606/2002 on the application of international accounting standards, but the financial statements, in accordance with the laws of the Member State of origin. (3) If the Corporation is of transferable securities admitted to official listing in the Republic of Latvia, its financial statements prepared in accordance with the European Commission approved international accounting standards and international financial reporting standards published in the official journal of the official journal of the European Union. "; Supplement fifth after the word "report" with the words "and a consolidated annual report." 6. To supplement the law with article 56.2 as follows: "article 56.2. Statement on corporate governance (1) a corporation of which the transferable securities are included in the regulated market, prepare the statement on corporate governance. (2) a corporation whose shares are admitted on a regulated market, in the statement of corporate governance include the following: 1) the reference to the corporate governance recommendations that a corporation apply, or relevant information about the corporate governance practices applied in addition to the above recommendations; 2) information which is publicly available on the recommendation that a corporation apply, or information about this part of the practice referred to in paragraph 1; 3) If a corporation does not apply to individual corporate governance recommendations — an indication which of the recommendations are not being applied and the reasons for such action; 4) If a corporation does not apply to corporate governance recommendations — the reasons for such action; 5) information about the Corporation's internal control and risk management system of the main elements that apply to the preparation of the financial statements; 6 this Act 56.1) of the first paragraph of article 3, 4, 6, 8 and 9 above information; 7) administrative bodies, as well as the composition of the Committee and a description of the action. (3) a corporation of which the transferable securities are included in the regulated market, except for the Corporation, which shares are admitted on a regulated market, in the statement of corporate governance include: 1) for information on a corporation's internal control and risk management system of the main elements that apply to the preparation of the financial statements; 2 this Act 56.1) of the first paragraph of article 3, 4, 6, 8 and 9 above. (4) in the third subparagraph the corporation referred to in this article shall comply with the requirements of the second subparagraph, if they have shares that are traded in the multilateral trading system. (5) where the second subparagraph of article 3, 4, 5 and 7, third paragraph, of this law and 56.1 of the first paragraph of article 3, 4, 6, 8 and 9 the information referred to in paragraph a corporation whose transferable securities are included in the regulated market, already provided in other publicly available document, statement of corporate governance can include a reference to this document and the information on which this document is publicly available. (6) a corporation of which the transferable securities are included in the regulated market, a statement on corporate governance included in the management report or prepare as a separate part of the annual report and shall be published together with a management report management report or indicate your home page address in internet communication on corporate governance is accessible to the public in electronic form. (7) the sworn auditor check is the prepared statement on corporate governance, as well as the second paragraph of article 5 of this law and 56.1 of the first paragraph of article 3, 4, 6, 8 and 9 above. (8) If a corporation whose transferable securities are included in the regulated market, prepare the annual accounts and consolidated accounts, it shall prepare a single statement on corporate governance and in accordance with the requirements of the sixth part to be included in one of these reports. In addition to this article, the information referred to in the second paragraph of the statement of corporate governance provides information on companies involved in the consolidation of the internal control and risk management system of the main elements that apply to the preparation of consolidated financial statements. " 7. Article 57: make quarter point 2 as follows: "2) interim management report, which provides information on significant events during the period from the beginning of the financial year up to the date of the report and their impact on the condensed financial statements, a description of the main risks and, if it's a six-month report, indicate the uncertain conditions in the next six months of the fiscal year, under which the Corporation could face and which could affect its financial position and financial performance. A corporation whose shares are admitted to trading on a regulated market and who prepare consolidated accounts, in addition also provides the following information on its most important transactions with related parties: (a)) information about the period transactions with related parties, if such transactions are significantly affected the Corporation's financial position or financial performance during this period, b) information about any changes in transactions with related parties, which was indicated in the report of the previous year and can materially affect the Corporation's financial position or financial performance during the period. A corporation whose shares are admitted to trading on a regulated market and who prepare consolidated accounts, information about its transactions with related parties indicated in accordance with the laws of the Member State of origin requirements; "; to make the seventh subparagraph by the following: "(7) If a corporation is subject to article 56 of this law, the requirements of the fourth part, the condensed financial statements consist of a condensed balance sheet, condensed income statement, condensed statement of changes in equity, the abridged cash flow statement and the notes. The condensed balance sheet and the condensed profit and loss statement indicates those items and subtotals included in the Corporation's previous year's balance sheet and profit and loss statement. Additional items include when, without specifying them, interim report give a misleading picture of the Corporation's assets, liabilities, financial position and profit or loss. When preparing the interim report, the Corporation followed the same items in the recognition and measurement principles as it is used in preparing the annual report. Each financial statement item compared with the previous year's relevant period data. The annex provides information that supports the interim reporting comparability with the previous year's relevant period, as well as sufficient information and explanations to the financial statement user could gain a true and clear picture of all the critical changes in the balance sheet and income statement items and Corporation development trend. " 8. Express article 59 the following: ' article 59. Significant events (1) an issuer of financial instruments which are included in the regulated market, provides information about significant events, send the official storage system of this law in accordance with the procedure laid down in article 64.2. (2) the Relevant event for the purposes of this article are: 1) the change in the issuer's Board composition, internal auditor (Inspector of the public) or prokūrist. For the newly elected members of the Governing Board and the Council of the issuer is obliged to provide this person the three previous years ' professional experience a brief description and information about those persons belonging to the issuer's voting shares; 2 the company) issuers (issuer name), or a registered office actual location; 3) the Court or arbitration process proposed by the issuer or the issuer proposed to the Court of Justice or arbitral judgement or full short or handed down the judgment, which has not yet entered into force; 4) issuer, its parent company or subsidiary company decision to submit an application to the Court of insolvency or bankruptcy proceedings to one of their customers; 5) bankruptcy filing against the issuer, its parent company or subsidiary; 6) issuer, its parent company or subsidiaries declaring insolvency or reorganisation; 7 issuer's intention to propose) business termination or liquidation; 8) issuer's intention of regulated market financial instruments included include in another regulated market, as well as the issuer of a financial instrument issued by the inclusion of another regulated market or off from another regulated market; issuer's financial activities 9) results and forecasts; 10) deals with significant amounts of the fixed assets of the issuer; 11) significant issuer of goods raw materials important price fluctuations; 12) issuer important contracts, termination or withdrawal, a significant breach of contract concluded for reasons attributable to the issuer or in relation to the issuer; 13) new product or service outlets or loss of learning; 14) significant extent investment; 15) share capital increase or decrease; 16 the purchase of own shares); 17) intent to carry out the reorganization of the issuer, and the issuer proposed to buy its subsidiary shares and the issuer's response to this proposal; 18) the acquisition of a qualifying holding in other companies or termination; 19) with another company contracted for the company in which each party holds shares or share capital, the transaction date, if this amount is important; 20) the issuer's business exchange. (3) for the purposes of this article a significant volume of transactions or investments is the issuer or its subsidiaries transactions about assets or receivable amount paid including asset or financial instrument, or the market value of debt obligations of the issuer, or the loan is equal to 10 percent or more than 10 percent of the equity of the issuer under the sworn auditor on the consolidated balance sheet of the last check. (4) the issuer is obliged to provide information on significant amounts of business, at the same time revealing information about the deal's impact on the issuer's business and financial performance, "in the transaction or the amount to be paid, including the amount you expect to receive or pay in future periods, payment terms and payment schedules. (5) the issuer shall ensure that the information is accurate, truthful, understandable and complete. The issuer may not provide false or misleading information about significant events. " 9. Express article 60 the fourth paragraph as follows: "(4) in article 61 of this law establishes the obligation of notification applies to the person who has, directly or indirectly, acquired the participation, on the basis of the voting rights arising from the transferable securities or financial instruments mentioned in this law article 3, second paragraph, point 4, and gives the person entitled under a written contract between the parties after the initiative of a person that owns transferable securities or financial instruments to get the issuer whose shares are admitted on a regulated market, if the issued voting shares. Such securities or financial instruments within the time limits laid down in the contract holder must have unlimited rights to acquire the shares or options in its sole discretion, to buy or not to buy. " 10. in article 61.1: adding to paragraph 1 the second subparagraph with the following sentence: "the meaning of this paragraph, that person shall be deemed for voting rights acquisition, disposal or possibility of using them know no later than two trading days following the transaction;" Add to article 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.7 and 2.8 in part as follows: "(21) in order to determine the second part of this article and article 61 of this law in the seventh and the tenth part of the trading day, uses the issuer's home Member State calendar of trading days, the regulated market by the organizer has published on its website on the internet. The Commission, in its home page on the internet published on a regulated market Organizer down the calendar of trading days. (22) if the notice is provided in accordance with article 60 of this law the requirements of part IV and the underlying financial instrument includes a number of shares of the company issued shares, the notice provides for each company concerned and also to the Commission, in accordance with the second paragraph of this article. (23) the calculation of the article 60 of this law the voting rights referred to in the fourth subparagraph, the proportion of people voting all sums arising from one issuer's financial instruments issued. (24) on the participation of the property you acquired weight when it reaches, exceeds or falls below this law article 61, first and second parts, a specified proportion of each shareholder shall notify each person who has obtained the participation in accordance with article 8 of this law, or both, if each share of the voting rights of that person reaches, exceeds or falls below this law article 61, first and second parts. (25) article 8 of this law, the case referred to in paragraph 1 for all parties to the agreement, a joint statement. (26) this law, article 8, paragraph 8 in the case of the representation mandate issued to the shareholders of one of the shareholders ' meeting, provided notice is one powers on the date of issue. The notification shall specify the allocation of voting rights after the Governors will no longer be entitled to exercise the voting rights at its discretion. (27) in this law, article 8, paragraph 8 in case the Governor one day received one or more powers of representation in one General meeting is to be a single statement on the date of receipt of the mandate. The notification shall specify the allocation of voting rights after the Governors will no longer be entitled to exercise the voting rights at its discretion. (28) If the obligation of notification applies to more than one person, the notice referred to in this article may be provided as a single joint statement. Joint statement the provision does not exempt from liability in connection with the persons who are obliged to provide this message. "; Add to article 6.1, 6.2, 6.3, with 6.4, 6.5 and 6.6 part as follows: "(61) and the third to the fifth subparagraph shall apply in cases where the investment management company or the investment of the parent company of the brokerage firm's parent company (referred to in this article, jointly or individually, the parent company of) meet the following conditions: 1) it may not through direct or indirect instructions or otherwise affect its subsidiary investment management firm or a subsidiary of an investment brokerage firm (referred to in this article, together or separately, each subsidiary company) shares of the resulting suspension of voting rights. The meaning of this paragraph, direct instruction is any instruction given by the parent company or its controlled company and establishing, as a subsidiary use case for the right to vote. With the indirect instructions shall mean any general or specific instructions of the parent company or its controlled company subsidiaries by limiting the freedom of choice in relation to the exercise of voting rights to serve certain parent company or its controlled company business interests; 2) subsidiary shall be free and independent from the parent company to use the voting rights arising from the management of existing stocks. (62) If a parent wishes to apply this article the third and fifth of the option provided for in part, it shall without delay send to the issuer's home Member State, the competent institution of the following information: 1) the subsidiary list identifying each of the subsidiaries management authority or stating that no such supervisory bodies. Providing this information does not need to specify the relevant issuer; 2) proof that in respect of each of its subsidiary parent company has complied with the conditions referred to in paragraph 6.1. (63) the parent company of the constantly renewed this article 6.2 parts list referred to in paragraph 1 and shall inform the Member State of origin of the issuer of the competent institution. (64) If a parent wishes to apply this article to the third and the fifth part only of the financial instruments referred to in article 60 of this law in the fourth part, the issuer's home Member State, the competent institution of this article only 6.2 parts list referred to in paragraph 1. (65) at the request of the Commission, it is the responsibility of the parent to show that: 1) the parent and the subsidiary's organizational structure is that the subsidiary is the possible use of its existing shares in the management of the resulting voting rights independently from the parent company; 2) persons, which make decisions on the use of the voting rights act independently; 3) if the parent company has subsidiaries or manages the customer the same financial instruments, which are managed by a subsidiary company, between the parent company and the subsidiary has entered into a written agreement that the two parties in relation to the exercise of voting rights by shareholders meetings shall act independently. (66) it is considered that this article 6.5. point is ignored if the parent company and the subsidiary company has developed at least in policies and procedures that provide you with information relating to the use of the voting rights of non-proliferation between the parent company and the subsidiary company. " 11. Article 62, third paragraph: replace the words "in paragraph 2 to the issuer of the shares purchased or maintain the stock price" with the words "to be purchased or held shares of stock price"; supplemented with paragraph 3 by the following: "3) follow this law article 62.1." 12. To supplement the law with article 62.1 of the following: ' article 62.1. The market controls (1) If the prosecution wants the market to use this law, article 62, third paragraph, the exemption referred to in it as soon as possible, but not later than four trading days shall notify the Commission of the fact that in relation to the specific issuer financial instruments issued by the acting or even to act as peacekeepers in the market. If the market support for certain issuer issued financial instruments will no longer act as a market support it as soon as possible, but not later than four trading days shall notify its decision to the Commission. (2) the first paragraph of this article statements sample form to be adopted by the Commission. (3) If the prosecution wants the market to use this law, article 62 of the exemption referred to in the third subparagraph, the Commission may request, to market the Sustainer indicate their financial instruments, with which it conducted trade as market provider. The prosecution referred to the market in financial instruments indicated by any verifiable means, but where the market cannot provide support to financial instruments with which it carries out trade as a market support, the Commission shall have the right to require the identification of the market for the purposes of the prosecution of financial instruments in the financial instruments are kept separate accounts. " 13. Turn off the fourth part of article 63. 14. To supplement the law with article 39.2 of the following: ' article 39.2. Foreign issuer established in recognition of the information provided on the equivalent (1) where the registered office is abroad, and the management report prepared in accordance with foreign legislation concerned, it is considered the equivalent of 56 this law, the first paragraph of article 2, the requirements of paragraph if it at least: 1) a clear statement of the issuer's business development and financial performance, as well as an overview of the main risks and uncertain conditions with which it is faced. The report provides a comprehensive and in-depth development of the issuer's business and financial results of activity analysis, taking into account the issuer's transaction volume and complexity. The analysis referred to in this paragraph, in so far as this is necessary for the issuer's business development and operational understanding of the financial results, include the main financial and, if possible, financial performance indicators, which describe the business; 2) information about any important events since the end of the financial year; 3) information about expected future development of the issuer. (2) If the issuer's registered office is abroad, and the foreign law is required in addition to the interim management report to submit abbreviated financial statements of the issuer prepared this interim management report is considered the equivalent of this law, article 57 of the fourth part, the requirements of paragraph 2, if there is information at least: 1) the interim period; 2) expected development fiscal year of the issuer for the next six months; 3) major transactions with related parties. This requirement applies to a corporation whose shares are admitted to trading on a regulated market, if such information is not already provided. (3) If the issuer's registered office is abroad, and the foreign law is the requirement that an issuer or person responsible for the annual and half-yearly financial information preparation, especially with regard to the preparation of financial statements in conformity with the applicable financial reporting or accounting standards, as well as the announcement of the management responsibility for the veracity, such issuer shall prepare the statement of management responsibility is considered the equivalent of 56 this law, the first paragraph of article 57, paragraph 3, and article 3 of the fourth part of the requirements of paragraph. (4) If the issuer's registered office is abroad, and the foreign law is not a requirement in addition to the consolidated annual report is also the Corporation's annual report, prepared consolidated financial statements in accordance with this law, considered as the second paragraph of article 56 of the rules, when the consolidated financial statements include information about: 1) calculation of dividends and ability to pay dividends; 2) with liquidity and the issuer minimum capital requirements where such requirements in the laws of the relevant foreign State is identified. This part of the claim specified in paragraph 1 shall apply to the issuers of shares. (5) the issuer by the Member State of origin shall be submitted, at the request of the competent institution, it was the Auditors check for sworn information about its non-consolidated financial statements, related to the consolidated annual report. The following information can be prepared in accordance with the laws of the relevant foreign country requirements. (6) If the issuer's registered office is in a foreign country and in accordance with the laws of the foreign country requirements, the issuer prepares consolidated annual accounts, but its financial statements are prepared in accordance with the European Commission approved international accounting standards and international financial reporting standards or in accordance with the laws of the foreign State the requirements that are equivalent to the European Commission approved international accounting standards and international financial reporting standards This prepared the financial statements of the issuer shall be deemed to conform to this law, article 56 of the third and fourth subparagraphs. The issuer's financial statements must be audited. (7) If a foreign issuer's financial statement is prepared in accordance with the sixth subparagraph of this article, the requirements of the issuer, in addition to the financial statements also indicate data that is calculated in accordance with the European Commission approved international accounting standards and international financial reporting standards. (8) If the issuer's registered office is abroad, and the foreign legislation requires that the total period to receive the information about the significant acquisition or termination and its disclosure has seven trading days or shorter, it is considered that such foreign legislation is equivalent to article 61 of this law in the seventh part. The dates by which the issuer is informed of a significant acquisition or termination of the information made available to the public, may be different from this law article 61 the seventh paragraph and the second paragraph of article 61.1 in particular. (9) the foreign legislation is considered equivalent to article 61 of this law the tenth part, if an issuer whose registered office is in a foreign country, are obliged to comply with the following requirements: 1) in the case of an issuer allowed to hold their shares, which represent up to five percent of the voting rights, the proportion it each time, as soon as that proportion is reached or exceeded, the statement; 2) in the case of an issuer allowed to hold their shares, which account for five to 10 percent of the voting rights, the proportion it each time, as soon as the five-or 10-percent share is reached or exceeded, the statement; 3) in the case of an issuer allowed to hold their shares, which represent more than 10 percent of the voting rights, the proportion it each time, as soon as the five-or 10-percent share is reached or exceeded, the statement. (10) If the issuer's registered office is abroad, and the foreign law is the requirement that 30 calendar days after the increased or decreased the number of voting shares or share capital, the issuer of the information made available to the public, it is considered that such foreign legislation is equivalent to article 61 of this law, the eighth part of the requirement. (11) If the issuer's registered office is abroad, and the foreign law is required to provide information regarding the shareholders ' meeting place, time and agenda, considered that, with respect to the content of that information to such foreign legislation is equivalent to article 54 of the law of the second subparagraph of paragraph 1, and article 54 of the third subparagraph of paragraph 1. (12) of the laws of the foreign State be regarded as equivalent to the requirements of this law article 61.1 of the third and the fifth part, if they provide that article 63 of this law referred to in the third subparagraph of the commercial companies comply with the following conditions: 1), which is a subsidiary of the investment management company or investment firm, free and independent from its parent company used the voting rights arising from the management of existing financial instruments; 2) any conflict of interest in the case, which is a subsidiary of the investment management company or investment firm, vote independent of the parent company or its controlled company interests. (13) the twelfth part of this article that the parent company followed article 61.1 of the Act part 1 paragraph 6.2 and 6.4 part requirements, as well as provide confirmation that the parent company in respect of each of its subsidiaries investment management company, or a subsidiary of the investment company has fulfilled the dsmit divp this article part of these conditions. (14) the twelfth part of this article that the parent company demonstrated to the Commission that it has fulfilled this law article 61.1 of the duties set out in part 6. (15) If the issuer's registered office is abroad, and the foreign law is obliged to publish an interim report on the three, six, nine and twelve for months, it is considered that such a requirement is the equivalent of this law, article 57, first paragraph the requirement. " 15. off article 64. 16. in article 64.2: make the first paragraph by the following: "(1) the issuer or the person who has requested the admission of securities to a regulated market, the mandatory information to the official storage system and simultaneously make it publicly available on the media, ensuring the dissemination of information to the public as possible and at the same time in their Member State of origin or in the Republic of Latvia in accordance with the requirements of article 64.2 of the Act and in other Member States. '; make the third paragraph as follows: "(3) the minimum information to the media made available to the public as the unedited full text. As regards the mandatory information referred to in this law, 56, 56.1, and article 57, this requirement shall be considered satisfied if the media specified in the notice, provided a home page on the internet in addition to the official storage system required information is publicly available. "; Add to article 3.1 and 3.2 part as follows: "(31) minimum information media gives it to: 1) provide an indication of the source of the required information and communication security, reduce the risk that the data could be distorted or allow unauthorised access to them; 2) explicitly make it clear that it is required information, clearly indicating the relevant issuer, required information items, as well as the time and date when the required information is provided. (32) in order to ensure security for the minimum information to the media, the issuer or the person who has requested the admission of transferable securities on a regulated market as soon as possible, eliminating communication errors found or disruption, if any, incurred in the process of transferring information. The issuer or the person who has requested the admission of securities to a regulated market, is not responsible for the systemic media errors or flaws, which passed mandatory information. " 17. Add to the first paragraph of article 64.3 with 10 and 11 by the following: ' 10) to require all its tasks, the necessary information and documents from the market, including among the market support and the organizer of the regulated market or the issuer of the signed agreement, if any; 11) request from the issuer or the person who has requested the admission of securities to a regulated market, the following information on the provision of the required information for the media: a) the person's name that is passed to the media, (b) the minimum information) required information transfer process in respect of security, (c)), the date and time that the required information was transferred to the media, d) media, with which required information was transferred, e) of any of the issuer's minimum laid down restrictions on disclosure of information If any. " 18. Add to article 66 of the fourth subparagraph by the following: "(4) referred to in the second subparagraph of article voice the right person can resume only when its something or with delays, but has fulfilled the obligations laid down in this chapter and the remedy the shortcomings noted by the Commission." 19. in article 72: make the introductory part of the first subparagraph by the following: "after the Commission received the prospectus for the share buy-back offer, using the available communication and information tools, immediately but not later than the next business day insert the official storage system, as well as notify the organizer of the regulated market of the following information:"; Replace paragraph 2 of the first paragraph, the words "one" shares with "the one indicated in the prospectus of shares"; replace the third paragraph, the number and the word "10 days" with a number and the words "10 working days". 20. Supplement article 77 with seventh, eighth, ninth and tenth by the following: "(7) if the share buy-back offer is expressed in article 66 of this law in the first part of paragraph 2 in the case provided for in, the target public is the obligation no earlier than 10 and not more than 15 working days from the date of this law, article 79 in the third subparagraph of the said announcement published in the newspaper" journal " , submit to the organizer of the regulated market of a stock removal applications from the regulated market. (8) the operator of a regulated market after the seventh part of this article in due receipt of the application referred to in 10 working days, shall take a decision on the company's stock from a regulated market, unless within 10 working days from the date of this law, article 79 in the third subparagraph of the said announcement published in the newspaper "journal", the offeror is not experiencing the right to make the final share buy-back offer. If the organizer of the regulated market under the seventh paragraph of this article, the time limit referred to in the application for not receiving the company's stock from the market, the Commission has 10 working days to decide on the company's stock from a regulated market, unless within 10 working days from the date of this law, article 79 in the third subparagraph of the said announcement published in the newspaper "journal", the offeror is not experiencing the right to make the final share buy-back offer. (9) If, within 10 working days from the date of the eighth part of this article in the announcement published in the newspaper "journal", the offeror is having the right to make the final share buy-back offer, the organizer of the regulated market within 10 working days, decide on the target company's shares from the regulated market by that rule under the stock buyback offer closing. For this part of shares referred to in the closing of the offer to be considered as the day when this law, article 79 in the third subparagraph of the said announcement published in the newspaper "journal". (10) If, within 10 working days from the date of the eighth part of this article in the announcement published in the newspaper "journal", the offeror is having the right to make the final share buy-back offer, but the offeror within the time limit provided for in the law, their rights arising from this law, the provisions of article 81, does not use the Commission no earlier than 10 and not more than 15 working days from the time the offeror's right to the end, decide on the target company's shares from the regulated market. " 21. Article 79 of the Present fourth part of the second sentence by the following: "The market Organizer will report immediately on its website on the internet, but the Commission — official storage system." 22. Article 86: adding to the thirteenth part after the word "ensure" with the words "the organizer of the regulated market, as well as"; make part of the fourteenth as follows: "(14) regulated the market Organizer, investment brokerage company and the credit institution is obliged, in accordance with the thirteenth paragraph of this article, the information available to it to use only duty. Anyone who intentionally or unintentionally made public or disclosed to persons not entitled to this information, the issuer's internal information lists specified messages if this information was entrusted to or became known as the organizer of the regulated market, investment firm or credit institution or part owner of the shareholder, Board, Board of management, the internal audit service, Member or employee, is criminally liable in accordance with the procedure prescribed by law. " 23. Supplement article 93 with 7.1 part as follows: "(71) in the third paragraph of this article, the following investment firms and credit institutions, which accounts for its financial instruments and financial instruments of the client for keeping is not opened in the central depository, but central depository holdings of financial instruments recorded with other investment firms or credit institutions, are bound by the investment firm or credit institution which demand accounts it holds financial instruments and: 1) deadline to provide information about persons who owns or is in possession of financial instruments; 2) distribute the clients information on shareholders ' meetings; 3) apply to the investment firm or credit institution the person blocking financial instruments task, which belongs to the financial instruments and which wish to participate in shareholder meetings. " 24. the express 94 the first part of the article as follows: "(1) the provisions of the central depository is the documents that govern the requirements to be met by its members and issuers whose financial instruments are booked in the Central Depositary." 25. Article 101: make the first part of the first sentence by the following: "investment in the Republic of Latvia has the right to provide only investment firms and credit institutions, insurance brokers, legal persons, as well as open investment funds the operations of the company that manages the regulatory legislation."; Add to article 1.1 part as follows: "(11) a insurance broker — legal entity for the provision of investment services receives license in Chapter VIII of this law, order and respect the investment brokerage firm requirements." 26. Article 102: express first and second subparagraph by the following: "(1) an investment firm shall be entitled to initiate the provision of investment services only after the Commission received the license for the provision of investment services (hereinafter in this section — license). The licence also specifies the investment requirement that investment brokerage company intends to provide. (2) article 3 of this law the fifth part 1 and 7 of the additional contribution referred to in paragraph 1 shall have the right to be provided only if the license for the provision of investment services. "; Add to article 2.1 part as follows: "(21) of this Act are not subject to the requirements of commercial companies that provide only this law, article 3 of the fifth part 2., 3., 4., 5., 8. contribution requirement referred to in paragraph 1. '; express the fifth and sixth the following: "(5) investment brokerage company may not carry out commercial activities unrelated to the contribution of investment services, additional services, the provision of financial services or insurance broker — the professional activities of the legal person. (6) only the Corporation that received the license for the provision of investment services is the right company to use the words "investment brokerage company" or its abbreviation "IBS". " 27. To replace the sixth subparagraph of article 121, the word "bank" with the words "investment company". 28.124.2 article: Add to the first paragraph after the words "Member States" with the words "or foreign"; Add to article 1.1 part as follows: "(11) investment brokerage company and a credit institution authorised business partner status can also be applied to this law, the second paragraph of article 124.1 points" g "," h "," i ", in subparagraph 2., and 3. the persons referred to in paragraph 1. '; supplemented with the sentence of the fourth subparagraph by the following: "If the first paragraph of this article, the person does not indicate what status — professional or private client status — to give it, the investment brokerage company and a credit institution gives it a Professional client status."; to supplement the article with the fifth and sixth the following: "(5) to article 124.1 of the second subparagraph of paragraph 1," g "," h "," i ", in subparagraph 2., and 3. the persons referred to in point a suitable qualified business partner status, investment brokerage company and the credit institution must obtain that person's consent. Consent may be obtained in respect of investment services provided in General, individual investment services or individual transactions. (6) where an investment brokerage firms and credit institutions to the lead of this article is referred to in 1.1, a company established in another Member State, an investment brokerage company and a credit institution it the customer's status as it applies in accordance with the laws of that Member State. Investment brokerage company and the credit institution is entitled to such a company to determine the status of the client, based on information provided by the company for the relevant Member State legislation. " 29. Add to article 127 of the seventh subparagraph after the word "sources" with the words "before initiating the relevant investment service provision to clients". 30. Supplement article 127.2 of the 3.1 part as follows: "(31) related to financial instruments financial instrument within the meaning of this article is a financial instrument whose price significantly affect the price of the financial instrument changes, which developed in the study. With the associated financial instruments a financial instrument can be derived financial instrument. " 31. Supplement article 128.3 of the third part of the first sentence by the following: "investment brokerage company and a credit institution regularly assess client's order execution policy effectiveness. " 32. Supplement article 129 with 6.1 and the ninth subparagraph by the following: "(61) investment brokerage firm shall inform the second part of this article, that person, that the funds, which the investment brokerage company delivered them, holding its own clients."; "(9) If a credit institution clients ' funds required by financial instrument transactions to be carried out, to third parties, it followed in the second, third, fourth, fifth, sixth, and eighth part 6.1 requirements and ensure that: 1) is possible at any time to distinguish between one customer's money from other client funds or funds of the credit institution; 2) a credit institution holding the customer cash accounting is regularly compared with those third parties, to which the credit institution holds customer funds. " 33. Replace article 129.1 of the fifth part in the introductory part, the words "when the following conditions are met" with the words "when at least one of the following conditions is satisfied". 34. in article 133: turn off in the first paragraph, the words "customer holdings of financial instruments"; to turn off the second part. 35. Supplement article 133.2 sixth with the sentence the following wording: "the prosecution System shall inform the Commission immediately if you suspect that doing business on the multilateral trading system, there have been market manipulation, and provides facts and investigations for necessary assistance." 36.140. Article: replace the first and second subparagraphs and the word "11." with a number and the words "paragraph 10"; Add to the introductory part of the ninth paragraph, after the word "test" with the words "or to provide information to the supervisory authorities of the Member State". 37. To supplement the law with article 140.1 of the following: ' article 140.1. Supervision over credit institutions established in another Member State of the branch, which provides investment services in the Republic of Latvia (1), the Commission shall monitor the credit institution established in another Member State of the branch, which provides investment services in the Republic of Latvia, in compliance with this law, article 124 of the second subparagraph of paragraph 6 and 7, 126, 126.1, 126.2, 129, 128.1, 128.2, 128.3, 133.6, 133.7 and 133.8 article. The Commission has the right to inspect such branches of the measures taken to ensure these requirements. If the Commission finds that this branch of a credit institution established in a Member State, acting in the Republic of Latvia, an activity which is contrary to this law, article 124 of the second subparagraph of paragraph 6 and 7, 126, 126.1, 126.2, 129, 128.1, 128.2, 128.3, 133.6, 133.7 133.8 article, and it does not immediately require that this branch terminated in the following steps. (2) if the registered in another Member State of the branch of a credit institution operating in the Republic of Latvia continues to take actions that are inconsistent with this law, article 124 of the second subparagraph of paragraph 6 and 7, 126, 126.1, 126.2, 129, 128.1, 128.2, 128.3, 133.6, 133.7 and 133.8 article, the Commission shall inform the management authority of the Member State of origin and take steps to prevent such infringements. This measures the Commission is entitled to prohibit the infringement concerned prevention branch to continue the provision of investment services in Latvia. The Commission of the measures taken in accordance with article 147 of this law, shall inform the European Commission requirements. " 38. Add to article 143 of the 3.1 part as follows: "(31) 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 the laws of that Member State on the financial instruments market, the Commission shall inform the management authority of the Member State concerned." 39. in article 148: replace the seventh paragraph, the words "fine" with the word "fine"; to supplement the article with the 7.1 part as follows: "(71) on the statement on corporate governance the preparation not in accordance with the requirements of article 56.2 of the Act, the Commission is right to warn the issuer or impose fines of up to 10 000 lats." 40. the transitional provisions be supplemented with 40 and 41 the following: "this law article 56.2 40 shall enter into force on September 1, 2008, and applies to reporting periods ending on or after that date. 41. A corporation whose transferable securities are included in the regulated market, this law shall apply to the provisions of article 54.1 after the establishment of the Audit Committee. A corporation whose transferable securities are included in the regulated market, members of the Audit Committee shall be elected by the shareholders or members of the immediate meeting. " 41. To complement the informative reference to directives of the European Union with 18, 19 and 20 the following: "18) of the European Commission of 8 March 2007 of Directive 2007/14/EC laying down detailed rules for the application of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, for the implementation of certain provisions; 19) the European Parliament and of the Council of 14 June 2006, Directive 2006/46/EC amending Council Directive 78/660/EEC concerning the annual accounts of certain types of companies, 83/349/EEC concerning consolidated accounts, 86/635/EEC on banks and other financial institutions the annual accounts and consolidated accounts and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings; 20) of the European Parliament and of the Council of 17 May 2006 of Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC. "
The Parliament adopted the law of 22 May 2008. In place of the President of the parliamentary President G. Lot in Riga, 2008. on June 11.

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