The Amendments To The Law On Credit Institutions

Original Language Title: Grozījumi Kredītiestāžu likumā

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
The Saeima has adopted and the President promulgated the following laws: the law of credit institutions to make the law of credit institutions (the Parliament of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1995, nr. 23; 1996, 9, 14, 23 no; 1997, no. 23; 1998; 2000, no. 13, no. 13; 2002, 10, 23; 2003, nr. 14. No; 2004, 2, 12, No 23; 2005, 13, 14, 15 no; 2006; 2007, nr. 7, 12 no; 2008 , 14, no. 23; 2009, 6., 7., 17, no. 22; Latvian journal 2010, 23, 51, 160. no; 2011, No 4; 2012, 50, 56, 92 no; 2013, 61, 106, 193. no; 2014, 92. no; 29, 2015, 97. nr.) the following amendments: 1. Replace the entire law, the words "Web site" (fold) with the words "home internet" (fold) ". 2. To make article 4 second subparagraph by the following: "(2) the provisions of this law, the business of credit institutions and the restoration of the application, in so far as it applied to the prudential supervision of credit institutions and investment firms Act of renewal and adjustment is not otherwise specified." 3. Express article 16, first paragraph, point 2 as follows: "2) legal person;". 4. Replace article 24 and 25, the words "foreign credit institutions branches" with the words "foreign branches of the credit institution or branch of credit institution in another Member State". 5. Article 27: make the introductory part of the first subparagraph by the following: "(1) a credit institution license (permission) have the right to withdraw, if:"; to make the second and the third part as follows: "(2) a reversed credit licence (permit) is not updated. (3) the decision on the credit institution's license (permission) the cancellation of a contested administrative review or appeal of the decision of the Council of the European Union's Court of Justice in accordance with the Council's October 15, 2013 Regulation (EU) no 1024/2013 European Central bank entrusted with specific tasks concerning policies relating to the supervision of credit institutions prudenciāl (hereinafter referred to as the EU Regulation No. 1024/2013) does not suspend the operation of the decision, except in the EU Regulation No. 1024/2013 set out in article 24. ' 6. Express article 28, first subparagraph as follows: "(1) directly or indirectly, a qualifying holding in a credit institution may obtain a person or more to the agreement, the agreed person (hereinafter in this chapter, a person), which corresponds to article 16 of this law requirements and ensure provision of article 19 and article 29 in the fifth subparagraph, specific criteria, in addition, that person must be financially sound to it, if necessary, be able to make additional contributions to the renewal of the credit institution's capital ensuring compliance with the Act, the credit institution's capital requirements and regulatory requirements of the business of credit institutions. " 7. Article 29: express the seventh subparagraph by the following: "(7) in accordance with EU Regulation No. 1024/2013, subject to the procedure referred to in the fifth subparagraph of this article, the deadlines, the decision to prohibit a person to acquire or increase qualifying holding in a credit institution, the European Central bank shall adopt, if: 1) person does not meet the criteria laid down in the fifth subparagraph; 2) a person shall not provide, or refuses to provide the financial and capital market Commission or the European Central bank in this statutory information or financial and capital market Commission or European Central bank requested additional information; 3) from the person as a result of circumstances it is not possible to provide the information specified in this Act or the financial and capital market Commission or European Central bank requested additional information. "; replace the words "eighth financial and capital market Commission" with the words "and in accordance with EU Regulation No. 1024/2013 that procedure the European Central bank '; replace the ninth paragraph, the words "If the financial and capital market Commission" with the words "If and in accordance with EU Regulation No. 1024/2013 that procedure the European Central bank '; express the eleventh and twelfth in the following wording: "(11) If a person has received the consent of the relevant acquisitions or increasing the credit institution, this person is your qualifying holding in a credit institution acquires or increases not later than six months from the date when sent referred to in the third subparagraph, the information on the notice or additional information is received. If, on expiry of that period, the person has not been acquired or increased a substantial participation in a credit institution, the consent of the relevant acquisitions or increasing the credit institution shall lapse. By person motivated written request financial and capital market Commission may decide on the extension of that period. (12) the seventh subparagraph of this article, the decision referred to in the draft to the Council of the administrative review or appeal of the decision in the Court of the European Union, in accordance with EU Regulation No. 1024/2013 does not suspend the operation of the decision, except in the EU Regulation No. 1024/2013 set out in article 24. ' 8. Turn off 21.4 article. 9. Turn off the article 50.9 "21.4". 10. Add to article 57 1.1, 1.2 and 1.3 of the first subparagraph following the words ' foreign credit institutions "with the words" of the branch or the branch of a credit institution in another Member State ". 11. Put 59.2 of the first part of the second sentence as follows: "If the credit company's transition is carried out on the basis of this law, article 59.3 of the trustee referred to in the first paragraph of the proposal for a decision on the financial and capital market Commission, the authorisation of a credit institution shall submit financial and capital market Commission of the transitional proposal of the establishment of a credit institution, a credit company to which is attached the assessment of the assets and liabilities in accordance with the prudential supervision of credit institutions and investment firms and restore the statutory settlement." 12. Replace article 100, first paragraph, the words and figures "of the Council of 15 October 2013 Regulation (EU) no 1024/2013 European Central bank entrusted with specific tasks concerning policies relating to the prudential supervision of credit prudenciāl with the words" and the number "EU Regulation No. 1024/2013. 13. in article 101.3: off 4.4 parts in paragraph 2, the figure "21.4"; turn off the 4.6 paragraph 2 of part name and number "and 21.4". 14. Article 113: in the first paragraph of point 4 in turn words and figure "except for this part of the deposit referred to in paragraph 5 of the discharge limits"; 5. turn off the point. 15. Article 114 turn. 16. Add to article 115 of the fourth subparagraph by the following: "(4) the Trustee shall be appointed for a period not exceeding one year. Exceptionally, the financial and capital market Commission, this time limit may be extended if the appointment of the Governors still exist the necessary conditions. " 17. Article 117: replace the first subparagraph of paragraph 2, the words "and the numbers 4 or 5" with a number and the word "the" in paragraph 4; off in the third paragraph, the words "general meeting"; adding to the third paragraph with the sentence the following wording: "the appointment of a Trustee does not restrict the right of shareholders in the commercial law."; Add to article 3.1 part as follows: "(31) if the trustee financial and capital market Commission adopted the decision on the appointment of the trustees have certain powers to represent the credit institution, the following decision to the financial and capital market Commission shall publish on its homepage on the internet."; to supplement the article with a fifth by the following: "(5) the power to convene a shareholders meeting and set the following agenda for the meeting of the Governors can only be exercised by the financial and capital market Commission's consent, unless such consent is not already included in the first paragraph that decision." 18. Article 192: (1) be expressed as follows: "1) cost savers, who are entitled by law to cover the guaranteed compensation deposit. Cost is determined on the amount of deposits covered under the law on deposit guarantees. If the depositor has several open credit accounts, it is considered that the depositor is one deposit all deposit amounts. If the depositor has received the guaranteed compensation cover deposit, he loses the right of action in respect of the amount received and the deposit guarantee fund's claims on the credit institution will be treated as this group of claims; "; Add to article 1.1 as follows: ' 11) cost depositors who are natural persons, micro-enterprises, small and medium-sized enterprises (credit institutions and investment firms restoration and management law), part of the deposits, which more than covered the deposit; ". 19. Add to the informative reference to European Union directive with the following version of paragraph 23:23) of the European Parliament and of the Council of 15 may 2014 2014/59/the directive establishing EU credit institutions and investment brokerage company and President of the recovery mode and amending Council Directive 82/891/EEC and European Parliament and Council Directive 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC 2007/36/EC/35/EU in 2011, 2012 and 2013 EU//30/36/EU and European Parliament and Council Regulation (EC) no 1093/2010 and (EU) No. 648/2012 (text with EEA relevance) ". The law in the Parliament accepted 11 June 2015. The President a. Smith in 2015 at 30 June

Related Laws