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, no. 10) follows: 1. Article 1: to make paragraph 6 by the following: "6) country of origin: the Member State determined in accordance with the requirements of article 3.1 of the law;"
Express 12. paragraph by the following: "12"), the issuer — the person who issues or in its own name provided to issue transferable papers or other worthwhile financial instruments; "
make 14 the following: "14) emission prospectus: a document that contains detailed information about the issuer and issued transferable securities which the issuer wishes to make public offer;"
make 25 and 26 points by the following: "financial holding company — 25) a financial institution, which is not a mixed financial holding company and the subsidiaries of which are either exclusively or mainly (investment companies and other financial institutions asset or income total last approved annual report represents more than half of all financial holding company controlled by the subsidiary company assets or income totals) investment firms or other financial institutions In addition, at least one of them is the investment brokerage company;
26) mixed holding company — the parent company of which is a financial holding company, investment firm, credit institution or a mixed financial holding company and subsidiary company of which at least one investment firm; ";
Supplement to the article 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41 and 42 in the following wording: "29) the original registry — a list that includes persons who belong to one or more issuers of financial instruments and financial instruments acquired the initial deployment or after placing of financial instruments on its own publicly traded financial instruments accounting is not moved from the original registry on its own account in financial instruments;
30) equity securities — stocks and similar transferable securities, which provide a corporation's capital participation, as well as any other type of securities that the conversion or the rights granted to them as a result of your use of giving the right to acquire any securities referred to above, provided that those securities are issued by the issuer of shares to which they relate, or a corporation, which is part of this issuer group of companies;
31) stock certificates — capital securities issued to replace the other country registered shares of the issuer, and gives it the right to use the acquirer in the replaced shares rights;
32) transferable securities: securities where the right of disposal not limited, except means of payment. Such securities are: (a)) equity securities, (b)) bonds and other debt securities, c), (d) share certificates) other securities which secured rights to buy points "a" and "b" referred to in transferable securities subscription or Exchange or for settlement in cash;
33) small and medium-sized business operators — operators, in accordance with their individual annual accounts or consolidated accounts, meet at least two of the following three criteria: (a)) average number of employees during the financial year of less than 250, b) total assets exceeding EUR 43 million, c) an annual net turnover not exceeding EUR 50 000 000;
34) public offer authors: a person who publicly offer transferable securities;
35) programme — measures similar or the same categories of transferable securities (other than equity securities) or continuous repeating emissions over a given period;
36) issued in a continuous or repeated manner in transferable securities – similar or the same category of transferable securities issued by emission or continuous 12 months occurred in at least two separate emissions;
37) the host Member State — the State in which the public offer is made or requested the inclusion of transferable securities on a regulated market, if different from the home Member State;
38) qualified investors: a) in the Republic of Latvia or a bank registered in another country, the company who is entitled under the law to manage the total investment companies, investment companies, pension funds, insurers, reinsurers, the dealer, as well as legal persons that are licensed to operate in the financial markets, or the person who is not licensed in this way or regulated, but whose business purpose is the investment in securities only, (b)) States and municipalities , the national central banks and the international financial institutions, c) other legal entities, which are not to be regarded as small or medium-sized business operators, d) natural persons qualified investors is recognised in accordance with the decision of the competent institution of a Member State, e) small and medium-sized business operators that qualified investors is recognised in accordance with the decision of the competent institution of a Member State;
39) public offerings — by any means provided the information on the terms of the offer and the offer of transferable securities that allow investors to decide the worth-paper purchase or subscribe to them;
40) — foreign State which is not a Member State of the European Union or the European economic area;
41 the competent institution, the institution) that a Member State has delegated the function to monitor the emission prospectus and prospectus preparation, registration and distribution arrangements and who carries out the obligations relating to international cooperation with other competent authorities of the Member States;
42) related company: participation in the company in which the group, directly or indirectly (through subsidiaries) owns 20 percent or more of voting shares (share), or participation in, the significant influence, but not control, with the company's financial and operating policy decisions. "
2. in article 3: make the second paragraph as follows: "(2) this law shall apply to the following financial instruments: 1) transferable securities;
2) investment certificates of investment funds and other transferable securities, stating the participation in investment funds or those of pielīdzināmo total investment companies;
3) money market instruments-short term (maturity, which is shorter than 12 months), debt instruments (promissory notes, certificates of deposit, the company issued short-term debt instruments) and other instruments that are traded in the money markets;
4) derivative financial instruments-financial instruments (contracts), the value of which varies depending on the specific rates of interest transferable securities prices, commodity price, foreign exchange rate, index of prices or rates, credit rating or similar variable change and affect the values of one or more of the financial risk inherent in derivative financial instrument underlying primary financial asset or other assets, and are being transferred between the parties involved in the transaction. Derivative do not need to obtain the initial investment or need a small initial investment (unlike other types of agreements, which also depend on changes in market conditions), and associated with the performance of the contract settlement takes place in the future;
5) commodity derivatives — financial derivatives based on the existing primary asset is the goods and conditions which provide for settlement in cash (or other financial instruments) without physical delivery of the goods. ';
to supplement the article with the seventh subparagraph by the following: "(7) the provisions of section C of this law and article 41 the requirements do not apply to: 1) open investment fund units or comparable securities, confirming participation in open investment funds or those of pielīdzināmo total investment companies;
2) transferable securities other than equity securities issued by a Member State or by one of a Member State or a local government authority or agency, an organization that is the subject of public international law and in which one or more Member States are members, by the European Central bank or by the central banks of the Member States;
3) shares in the capital of central banks of the Member States;
4) transferable securities unconditionally and irrevocably guaranteed by a Member State or a Member State or a local government body or agency;
5) transferable securities issued by Member States to recognised associations with legal status or non-profit-making bodies, with a view to their obtaining the means necessary to achieve their non-profit-making objectives;
6) transferable non-equity securities issued in a continuous or repeated manner by the bank, provided that: (a) transferable securities not) these alternative (subordinated), convertible or exchangeable, b) the transferable securities does not give a right to subscribe to the other type of transferable securities or to get them, and they are not associated with derivative financial instruments,

(c)) the transferable securities disposed of repayable deposits, d) on these transferable securities subject to the laws of the Member States on deposit-guarantee schemes;
7) non-fungible shares of capital whose main purpose is to ensure that the rights contained therein to the holder to use the apartment, or other form of immovable property or a part thereof, and the shares cannot be sold, with the rights contained in those subparagraphs;
8) securities included in an offer where the calculated over 12 months the total consideration of the offer is less than 2500000eir;
9) bank of Sweden again issued the pledge marks bostadsobligationer, whose main purpose is to grant mortgage loans, provided that: (a)) is the one issued in bostadsobligationer series b) bostadsobligationer are issued on tap during a specified issuing period, c) rules relating to emissions of obligationer bostad, the IP is not changed, d) the amounts derived from the above emissions bostadsobligationer under statute, are placed in assets which provide sufficient coverage for the liability deriving from securities;
10) transferable securities which are not equity securities issued in a continuous or repeated manner by the bank, if calculated over 12 months total goal amount of the offer is less than EUR 50 million, provided that these securities: (a) transferable) is not the alternative (subordinated), convertible or exchangeable, b) do not give a right to subscribe to or acquire other types of securities and that they are not related to financial derivatives. "
3. To supplement the law with article 3.1 and 3.2 as follows: "article 3.1. The determination of the country of origin (1) in respect of investment brokerage firms originating in the Member State in which the investment brokerage company registered and obtained authorisation for the provision of investment services.
(2) in relation to the issue of transferable securities on a regulated market or the inclusion of the public offer of the country of origin: the Member State in which: 1) the issuer has its registered office, except for the part referred to in paragraph 2;
2) the issuer has its registered office or which is or will be allowed to trade in transferable securities on a regulated market, or in which the transferable securities are offered to the public by the issuer, a public offering or requesting the personal choices that please include transferable securities on a regulated market if: (a) transferable securities,)-equity securities, the nominal value of at least EUR 1000, b) they are the transferable securities, non-equity securities having a conversion or the exercise of rights attaching thereto allows you to acquire transferable securities or to receive money for them If those transferable securities is not the issuer of the same base of transferable securities of the issuer;
3) transferable securities are offered to the public for the first time by 31 December 2003, or in which the first application to allow trading on a regulated market, the issuer concerned after requesting a public offering or a person asking for the check, include transferable securities on a regulated market. Requirements of this paragraph apply to those foreign countries registered issuer in transferable securities which are not mentioned in the second paragraph of this article, paragraph 2. Registered foreign issuer is entitled to change the country of origin, if the original was not determined by the choice of the issuer.
(3) the second paragraph of this article, paragraph 2 shall apply also to such transferable worth paper, non-equity securities having a denomination is set not in the euro, but in another currency, if the minimum denomination is nearly equivalent to EUR 1000.
3.2 article. recognition of the Person as a qualified investor (1) For qualified investors the Commission may declare a natural person who is a resident of the Republic of Latvia and expressed a request if they meet at least two of the following criteria: 1) the investor has carried out transactions of a significant size on securities markets at least 10 transactions over the previous four quarters;
2) the investor's securities portfolio exceeds EUR 500000;
3) the investor works or has worked for at least one year in the financial sector in a professional position which requires knowledge of securities investment.
(2) For qualified investors the Commission may recognise small and medium-sized merchants that have registered in Latvia and who have expressed a clear request.
(3) For qualified investors under the first and second part of the list of recognised parties is available on the Commission's website on the internet. "
4. To exclude article 6.
5.7 article: make the first part of paragraph 2 as follows: "2) which has been financially stable for the last three years and this financial position well documented;"
make the second paragraph as follows: "(2) the Commission has the right to require major holdings pretendējošaj, essential participation actually graduates or suspected of such acquisition of turamaj persons, including legal persons (registered) owner (the true beneficiaries), the natural persons, the information you need to know about this person's reputation, the free capital adequacy, financial stability, resources, participation in other companies, the impact on the regulated market of the Organizer Latvian Central Depository or investment firm's management and operations. A person who wants to get, has gained, wants to increase the qualifying holding or has increased the Organizer, the regulated market of the Latvian Central Depository or investment brokerage company, at the request of the Commission, together with information on free capital for all its regulated market purchased Organizer, Latvian Central Depository or investment firm's stock (share). ";
to supplement the article with third, fourth and fifth paragraph as follows: "(3) the Commission shall have the right to identify major holdings, the essential participation of eligible actually got or suspect about the following acquisition of the legal owner (the real beneficiaries) to obtain information about the owner (the true beneficiaries) — natural persons. To these persons would be identified, those entities are obliged to submit to the Commission the information requested, if it is not available in public registers, of which the Commission is entitled to receive such information.
(4) If a person is suspected of a significant acquisition in the organising of the regulated market, Latvian Central Depository or investment firm does not provide, or refuses to give in the second or third subparagraph, and together their membership includes 10 or more percent of the Organizer, the regulated market of the Latvian Central Depository or investment firm's share capital or voting shares, these shareholders (members) can not use all of the voting rights of the shares belonging to them. The Commission shall, without delay, shall inform the relevant shareholders (participants) and organizer of the regulated market, Latvian Central Depository or investment firm.
(5) the significant participation in the organising of the regulated market, Latvian Central Depository and investment brokerage firm is not entitled to obtain investment funds and comparable to the Foundation. "
6. Express article 10 by the following: ' article 10. Rights and duties of the Commission (1) the Commission shall, not later than three months from the date of receipt of this law, the notification referred to in article 9, shall assess the person's reputation, the free capital adequacy, financial stability, resources, participation in other companies and the impact on the regulated market of the Organizer, the Latvian Central Depository or investment firm's management and operations.
(2) the Commission, in assessing this law referred to in article 9 notifications, consult the management authority of the Member State, if the proposed acquirer is an essential investment brokerage company is licensed in a Member State of the investment firm, a credit institution or an insurance company, licensed in a Member State of the investment firm, a credit institution or insurance company's parent company, a person who controls the State-licensed investment brokerage firm, credit institution or insurance company, and if, the person acquiring or increasing the qualifying holding investment brokerage company becomes the person's subsidiary or come under its control.
(3) the Commission referred to in the first subparagraph shall take a decision within the time limit, prohibit the person to acquire or increase in the organising of the regulated market, Latvian Central Depository or investment brokerage company the essential participation and shall forthwith notify the party concerned and to the organizer of the regulated market, Latvian Central Depository or investment firm if: 1) such acquisition of a qualifying holding or the increase does not provide a financially sound, prudent and regulations according to the organizer of the regulated market Latvian Central Depository or investment firm;

2) person is not impeccable reputation, not in free capital, financial stability or the economic situation is unsatisfactory;
3) a person shall not provide, or refuses to provide the Commission with the information specified in this Act or in the additional information requested by the Commission;
4) from the person as a result of circumstances it is not possible to provide to the Commission the information specified in this Act or in the additional information requested by the Commission;
5) means that the person made to ensure substantial participation in the regulated market organizers, Latvian Central Depository or investment firm, acquired an unusual or suspicious transactions.
(4) the third paragraph of this article, paragraph 4 shall not apply to legal persons (registered), if its shares are quoted on a regulated market in a Member State or the Organisation for economic cooperation and development established in a Member State of the regulated market and the legal (registered), the person shall provide the Commission with details of their shareholders, which owns a significant interest in it.
(5) If the Commission has accepted that a person acquires or increases a substantial participation in the regulated market organizers, Latvian Central Depository or investment firm, the person significant participation in the regulated market organizers, Latvian Central Depository or investment firm obtain or increase within six months from the date when the Commission presented the first part of this article in the notification.
(6) if the qualifying holding acquired a personal impact on ownership of the regulated market, Latvian Central Depository or investment firm or may pose a threat to financial stability, and regulations appropriate leadership and action, the Commission shall immediately stop such effects, as well as, if necessary, request the withdrawal of the Corporation's Board of Governors (Council) or a member of the Executive Board (Council) or use the relevant qualifying holding persons belonging to all those graduates of the shares (share) of the voting rights.
(7) of this article, the third and sixth, the Commission referred to the administrative acts issued by the appeal does not suspend the execution. "
7. Express article 12, the second subparagraph by the following: "(2) the operator of a regulated market, Latvian Central Depository and investment brokerage company to each January 31, shall be submitted to the Commission the list of shareholders (participants) of the preceding December 31, has had a significant interest in that Corporation, giving information about the shareholders (participants) and related shareholder (member) groups and the extent of the participation percentage of the share capital of a capital company concerned or voting shares (share)."
8. Replace article 13, first paragraph, the number and the words "article 10" with the third number and the words "of article 7 the fourth".
9. Express C section as follows: "(C) section 14 of the public offer. article. Permit the public offer (1) public offer should be expressed only following the Commission decision on the authorization of the public offer and the prospectus is published in accordance with article 21 of this law.
(2) in order to receive permission to make the offer to the public or a public offering, the issuer shall submit to the Commission requesting that the application shall be accompanied by: 1) two emissions emission prospectus and prospectus of the original text in electronic form;
2) the governing bodies of the issuer authorized decision of relevant securities and public offering.
(3) the application shall state: 1) the issuer's registration number, location and body, firm, legal address, phone number, and fax number and e-mail address (if any);
2) types of transferable securities, category, the total number and the nominal value of the securities of one transferable;
3) estimated sales or distribution start date;
4) States that the issuer or the public offer authors wishes to offer to the public in transferable securities.
(4) the Commission shall examine the application and accompanying documents and 10 working days after all the statutory and regulatory provisions in accordance with the requirements established for the receipt of documents and adopt a decision on the authorisation of the public offer or refusal of authorisation.
(5) if the Commission finds that the documents submitted to it are incomplete or need additional information, it shall notify the issuer or the public offer to authors within 10 working days after receipt of the application. In this case, the application of this article, the review period shall run from the date when the Commission is eliminated deficiencies and submitted the additional information requested.
(6) where a public offer relates to transferable securities issued by an issuer which does not include the transferable securities on a regulated market and who has not previously been made public offer concerning transferable securities, the Commission is entitled to consideration of the application to extend the time limit for up to 20 working days.
(7) the Commission shall adopt a decision on the refusal of the authorisation, if the information contained in the documents submitted: 1) does not comply with the laws and other regulatory requirements;
2) shows that emissions do not meet the requirements of the law.
(8) the decision on refusal of authorisation shall be issued by the issuer or a public offer for authors submitting to the Commission an application for the permission of the public offer.
(9) once the decision on the authorisation of the public offer prospectus of the issues considered in the Commission established. The decision by the Commission and the issue prospectus of text on your Web page in the internet.
(10) if the Commission's decision on the authorisation of the public offer or refusal of authorisation is not adopted within the period referred to in this article, that the issuer or a public offer for authors, do not give a right to the public offer. In this case, the Commission shall forward to the issuer or a public offer for motivated authors explanation of the question and indicate when a decision on the authorisation of the public offer or refusal of authorisation will be accepted.
15. article. Emission prospectus obligation of publication (1) making the public offer of transferable securities, issuers or public requesting shall prepare and publish emission prospectus.
(2) when making the offer to the public of this law article 3 the seventh part 2, 4, 8, 9 and 10. referred to transferable securities, issuers or public requesting is entitled to prepare and publish a voluntary emission prospectus in accordance with section C of this law.
(3) If a further sell transferable securities for which, in accordance with article 16 of this law, the conditions of the second subparagraph was not be published emission prospectus, the Commission shall assess whether it is considered a public offering within the meaning of this law. Deploying the transferable securities through financial intermediaries, the offer is considered a public offering and issuer or requesting a public offering must publish a prospectus, if emissions in relation to final deployment is not, none of this law, article 16 of the conditions of the second subparagraph.
16. article. Emission prospectus publishing exceptions to obligations (1) the requirement to publish a prospectus shall not apply to emissions to the emissions of such transferable securities: 1) shares issued in substitution to replace the same categories of shares, if such new shares does not involve any increase in the authorised capital;
2) the transferable securities offered in connection with the company's acquisition of an exchange offer, provided that a document is available to the public, which contains information that the Commission recognised as equivalent to that which would be included in the emission prospectus in accordance with European Union legislation;
3) the transferable securities offered, allotted or to be allotted in connection with a merger, provided that a document is available to the public, which contains information that the Commission recognised as equivalent to that which would be included in the emission prospectus in accordance with European Union legislation;
4) shares offered, free of charge, or to assign to current shareholders, and dividends paid on the shares, which such dividends are paid, provided that a document is available to the public, containing information on the number and nature of the shares and the reasons for the offer and rules;
5) transferable securities which are current or former managers or employees give or offer, plans to assign it to an employer whose transferable securities are included in the regulated market, or sais the clouded company, if the public is to go in a document that contains information about the number of transferable securities and of the nature and reasons for the offer and terms.
(2) the requirement to publish a prospectus shall not apply to emissions to the public offer: 1) expressed only qualified investors;
2) in each Member State clearly expressed less than 100fiziskaj persons or entities, other than qualified investors;
3) where transferable securities, the minimum purchase amount for each investor is at least EUR 50000 and not allowed any one obtaining transferable securities, which resulted in this paper belong to the transferable worth more;

4) in which the transferable securities offered in one nominal value shall not be less than EUR 50000;
5) expressed on transferable worth of the paper issue volume 12 months does not exceed EUR 100000.
Article 17. Emission prospectus content (1) the emission prospectus of an easily analysable and comprehensible form shall contain information concerning the issuer and the transferable securities which will be offered to the public, and information necessary for investors to be able to properly assess the issuer's financial condition, balance, performance (profit or loss) and development forecast, transferable securities and the rights enshrined therein, as well as to assess the issuer and guarantor of any possible future financial condition.
(2) the issuer or of the public offer of its authors check emission prospectus may be prepared as a single document or separate documents. If the emission prospectus shall be prepared as separate documents, each of which must be established in the Commission. Emission prospectus shall be accompanied by a summary, which is prepared in accordance with the third paragraph of this article, paragraph 3.
(3) the emission prospectus composed of separate documents, as follows: 1) the registration document containing information about the issuer;
2) description of securities, which includes information on transferable securities to be offered to the public;
3 summary in short) without the use of special terminology and the language in which was originally prepared for the emission prospectus, reflects the relevant issuer information and describes the risks associated with the issuer, the guarantor (if applicable) and transferable securities. The summary highlights the warning that: (a)) it is considered a type of emission prospectus), (b) any decision to invest in transferable securities should be based on the investor's assessment of the emission prospectus as a whole, c) where the Court is seised in relation to the information contained in the prospectus of the issue, the investor who brought an action before the courts of the Member State concerned in accordance with the laws and regulations will have to be borne by the emission costs of translating the prospectus before the legal proceedings are initiated; , d) persons who have tabled the summary including any translation thereof, and applied for its notification, be liable to civil liability only if the summary is misleading, inaccurate or when read together with the other parts of the prospectus of the issue controversial.
(4) the detailed emission prospectus information and the contents of the prospectus shall be determined in accordance with the European Commission of 29 April 2004, Regulation (EC) no 809/2004 of the European Parliament and of the Council on the implementation of directive2003/71/EC as regards information contained in prospectuses as well as the format, incorporation by reference and publication of the prospectus and, in relation to the distribution of advertising (hereinafter European Commission Regulation 809/2004).
(5) if the European Commission Regulation No. 809/2004 emissions information to be included in the prospectus does not correspond to the issuer's activity, legal form or transferable securities which will be offered to the public, then the emission prospectus shall contain information equivalent to the required. If such information is not equivalent, such information shall not be included in the prospectus of the issue.
(6) if the emission prospectus may not indicate the final price of the offer and the amount of securities to be offered to the public, then it shall include conditions under which will determine the amount of transferable securities or the price, but if you do not specify the final sales price, indicates the maximum offering price.
(7) If the issuer or public requesting can not provide the sixth part of this article that such conditions are met, the person who subscribed to the transferable securities offered, have the right to withdraw their consent to two working days or the time limits laid down in the prospectus that is not less than two working days after information on the final price of the offer and the amount of transferable securities to be offered to the public, is submitted to the Commission and published in accordance with article 21 of this law, the fourth part.
(8) If the issuer or the acts of the public offer has passed a resolution to make the initial securities placement with the organizer of the regulated market or immediately after the initial deployment is complete, submit an application for the admission of securities to a regulated market, it shall prepare a single prospectus, subject to this Act and the European Commission Regulation No. 809/2004 requirements in relation to the contents of the prospectus.
17.1. The content of a base prospectus should (1) an issuer or a public offer prospectus of emission requested instead of the base prospectus may be prepared for the following types of securities: 1) transferable securities, equity securities, including warrants in any form, issued under an offering programme;
2) transferable non-equity securities issued in a continuous or repeated manner by the bank, in the following cases: (a)) where the sums deriving from the issue of the said securities, under the laws and regulations are placed in assets which until their expiry provide sufficient coverage for the liability deriving from securities, b) transferable if the banks involved in the event of the insolvency of the amounts mentioned shall have priority to repay the principal and interest which due, without prejudice to the requirements of the law of credit institutions concerning the discharge procedure in the event of insolvency.
(2) a base prospectus is a prospectus, which contains all the information referred to in this section as the issuer and transferable securities which will be offered to the public, and in which the issuer or public offer authors may not include information about the quotation to the final rules.
(3) If the final terms of the offer are not included in the base prospectus or in addition, for each public offer as soon as possible and, if possible, before the start of the offer made available to investors and the Commission. In all such cases, the applicable law is the sixth part of article 17.
(4) a base prospectus shall be recorded in accordance with this law, the Commission, the requirements of article 14.
(5) the information provided in the base prospectus should, if necessary, supplemented with the latest information on the issuer and the transferable securities which will be offered to the public pursuant to article 18 of this law.
17.2. the inclusion of Information in the form of reference emission information in the prospectus may incorporate by reference to one or more previously or simultaneously published documents that were registered by the Commission or submitted to the Commission in accordance with the requirements of this law. In this case, the emission prospectus included in the reference list, which would allow investors to easily identify specific information. The form of the reference information provided must be up-to-date, as is available to the public by the issuer or the authors. Summary information is not included in the reference.
17.3. the emission prospectus of article composed of separate documents, the issuer or the public offer, which has the Narrator go out Commission established in re ģistrācij, prepare only worth the paper and summary when transferable securities are offered to the public. In this case, the securities note shall provide information that typically involve a registration document if the Commission ever since it was established in the latest registration document or article 18 of this law in addition, significant changes have occurred that may influence the assessment of investors. Description and summary of the securities is recorded separately.
18. article. Emission prospectus supplement (1) If, at the time of the submission of the emission prospectus to transferable securities Commission deployment deadline occurs or is discovered in any important new circumstances, significant errors or inaccuracies relating to the information included in the prospectus of the issue and may affect the assessment of the securities, the issuer or public requesting prepares emission prospectus supplements.
(2) the emission prospectus supplements and their text in an electronic form on the issuer or public offer shall submit to the Commission requesting that it be registered within seven working days after the receipt of all documents. Issuer or public offer constitutes a summary of the authors, and its translation, if necessary to take into account the new information included in the appendices.
(3) the emission prospectus supplement shall be published in accordance with article 21 of this law. Addition of text is considered an integral part of the prospectus of the issue, and it should always be available, together with the relevant emission prospectus.
(4) If investors prior to the issue of the prospectus supplement publication has already agreed to purchase transferable securities or subscribe to them, they have the right to two working days or the emission prospectus within the time limits of not less than two working days after the issue of the prospectus, the publication of the supplement, to withdraw their consent.
19. article. Exemption from the obligation to include certain information in the prospectus of issuance only the Commission may, upon receipt of the application, release the issuer or public requesting from the obligation to include information in the prospectus of the issue referred to in European Commission Regulation 809/2004, in the following cases:

1) this information is insignificant and cannot affect the potential investors ' views of the issuer, a public offering and requesting the guarantor, if any, current and possible future financial position;
2) disclosure of such information is contrary to the public interest;
3) disclosure of such information may seriously harm the interests of the issuer, but only if this information is not likely to mislead potential investors on the circumstances and facts that are material to the assessment of the issuer, a public offering and requesting the guarantor, if any, as well as in the transferable securities offered secured rights.
20. article. Emission prospectus approval and responsibility for the information contained therein (1) the emission prospectus approved by the issuer's shareholders (participants) the meeting or its authorised administrative organ or official.
(2) On the contents of the prospectus of the issue is the responsibility of the issuer's management bodies, the public and the authors, and the guarantor (if applicable).
(3) the prospectus shall indicate emissions of this information included in the prospectus, the person responsible of the veracity name and job title or a legal person, the name, registered office and registration number. The listing also includes each of the following persons, a statement that, after these persons the information available, the information contained in the prospectus of the issue corresponds to the true situation, and that is not the default facts which could affect emissions information included in the prospectus.
(4) If a person is not responsible for the information contained in the emission prospectus, the prospectus shall indicate in which part of the person in question is responsible.
(5) the investor, to travel to the Court of Justice in General, can claim damages from the listing of the person responsible for the veracity of the information contained in the prospectus, if the prospectus contains a false or incomplete information, it suffered a loss.
(6) of the emission prospectus of the persons responsible investor may demand damages if he is your choice is done only on the basis of the summary or translation, except when the summary is misleading or conflicts with other parts of the prospectus of emission.
20.1. the prospectus, base prospectus of the Issue and the validity of the registration document (1) of the public offer prospectus of emission is valid for 12 months after its publication, subject to compliance with article 18 of this law.
(2) in the case of an offering programme, the base prospectus, previously filed, shall be valid for a period up to 12 months.
(3) for those transferable worth the paper mentioned in this law 17.1 of the first paragraph of article 2, the emission prospectus is valid until the transferable securities concerned are no longer issued in a continuous or repeated manner.
(4) the emission prospectus is valid, if it consists of the registration document and the securities note, which included information is updated in accordance with this law, the requirements of article 17.3, and summary. The registration document referred to in article 17 of this law, the third subparagraph in point 1 and filed above, is valid for periods of up to 12 months, subject to compliance with article 18 of this law.
21. article. Emission prospectus publication procedure (1) the emission prospectus prohibited to distribute, before the Commission adopted the decision on the authorisation of the public offer.
(2) an issuer or a public offer for authors, this law article 14, first paragraph in the order as soon as possible, be made available to the public for the emission prospectus, but in any case in good time before a public offering, but not later than the beginning of a public offering.
(3) the one type and one category of securities to the public offer which will be listed on the regulated market for the first time, the prospectus must be available at least six working days before the closing of the offer. This requirement does not apply if, in accordance with article 17 of this law the eighth one in the prospectus has been drawn up.
(4) the emission prospectus is considered available to the public when it is published: 1) by insertion in one or more newspapers circulated throughout the Member States or widely circulated in, the Member States in which the public offer is made, or 2) in an electronic form on the issuer's website on the internet and between their respective financial nonsense home page on the internet that are transferable to the placing or selling the securities, including paying agents or 3) in electronic form on the Commission's website on the internet.
(5) the Commission may require issuers which publish their prospectus in accordance with the emission of the fourth paragraph of this article paragraph 1, also publish the emission prospectus in electronic form according to the fourth paragraph of this article, paragraph 2. The Commission also has the right to require that the notice is published that indicate how the emission prospectus has been made available to the public and that the public can get it.
(6) in the case of the emission prospectus consists of the document or include information in the form of a reference, the documents and information which constitute the emission prospectus may be published separately, provided that the said documents are made available free of charge to the public in the fourth paragraph of this article. In each document, indicate where you can obtain other full emission documents making up the prospectus.
(7) the emission prospectus and prospectus supplement issue text published or made available to the public, and the format should be identical to the original, registered at the Commission.
(8) if the emission prospectus published in electronic form, the issuer, the acts of the public offer or financial intermediaries placing or selling the securities, the prospectus for transferable in paper form free of charge must be issued to the investor, upon his request.
22. article. Emissions in the mutual recognition of listing particulars and notification procedures (1) an issuer or a public offer prospectus authors, if emissions and all its supplements registered in the Commission, may make the offer to the public in one or more Member States or a Member State other than the home Member State, following the request of the issuer after the Commission has informed the competent authorities of the host Member State in accordance with this article, the fourth and the fifth part.
(2) in cases where the issuer or the other Member of the public offer more acts to make public offer in Latvia, the competent institution of the Member State of origin of the registered prospectus of the issue and all its appendices shall be valid for the public offer, if the competent institution of the Member State of origin of the emission prospectus registration, the Commission has been informed.
(3) where it is found important new circumstances, significant errors or inaccuracies, as referred to in article 18 of this law and which have occurred since the emission prospectus registration, only the home Member State, the competent institution may require the recording and publication of the supplement under the law of the Member State of origin. The competent authorities of the host Member State is entitled only to bring to the home Member State competent authorities focus on any new information.
(4) the Commission shall submit to the competent authority of the host Member State for proof that the emission prospectus is drawn up in accordance with the European Parliament and of the Council of 4 November 2003, Directive 2003/71/EC on the prospectus to be published when securities offered or admitted to trading and amending Directive 2001/34/EC, and that a copy of the prospectus of the issue in the following order: (a)) within three working days after the request of the issuer or person in who is responsible for the preparation of the prospectus of the issue;
(b) if the request is made) together with the draft prospectus, issue within one business day after the emission prospectus registration.
(5) in the fourth paragraph of this article the said certificate shall be accompanied by a translation of the summary on the preparation and content of which conformity with the original text of the emission prospectus is responsible by the issuer or the person responsible for drawing up the prospectus of the issue. The same requirements apply also to any emission prospectus supplement.
(6) if the Commission, in accordance with this law, the provisions of article 19 is authorised by the issuer or a public offer for authors, not to include any information in the prospectus of the issue, then, informing the competent authority of the host Member State, the Commission shall also specify the permissions.
22.1. Language use (1) if the public offer will be made only in Latvia, the emission prospectus shall be prepared in the national language.
(2) if the public offer will be expressed in one or more Member States, except Latvia, the issuer or the public offer of its authors check emission prospectus shall be drawn up in a language that the Commission and the host Member State competent authorities deem acceptable, or in the language of international finance.
(3) If an issuer or other Member of the public offer more acts to make public offer in Latvia, it should prepare a summary of the prospectus of the issue in the national language.

(4) if the public offer will be expressed in more than one Member State, including Latvia, the emission prospectus shall be drawn up in the language of the country and after the public offer of the issuer or requesting a check be made available in the language of the host Member State competent authorities deem acceptable, or in the language of international finance.
23. article. Foreign issuers registered in the emission prospectus prepared by the recognition of (1) the Commission is empowered to register a prospectus by issuers of emissions, whose registered office is abroad, prepared under foreign laws and regulations if: 1) the emission prospectus is drawn up in accordance with international standards set by International Securities Commission organisations, including the international organization of securities market disclosure standards;
2) information, including financial information, are equivalent to the requirements laid down in this law.
(2) where transferable securities which are issued by the issuer is registered abroad, are offered to the public in a Member State other than the Member State of origin shall apply this law 22 and 22.1 article.
24. article. Public advertising (1) public offer in advertising indicates that the emission prospectus has been or will be published, where and when you can get the emission prospectus. Advertising must be clearly and unequivocally identifiable as advertising.
(2) an issuer or a public offering of the authors may not disseminate information on transferable securities are offered to the public, which is inaccurate or misleading and which is not included in the prospectus or prospectus of emission in the appendices to this. This information must match the information contained in the prospectus of issuance, if already published, or information that must be included in the emission prospectus, if the emission prospectus will be published later.
(3) where, in accordance with the legal requirements of emission prospectus need not be prepared, relevant information provided by the issuer or by public offer authors and addressed to qualified investors or special categories of investors, including information on meetings relating to offers of securities, shall communicate to all qualified investors or special categories of investors to whom the offer is addressed in particular.
(4) all information concerning the offer to the public, even if not for advertising purposes, notified orally or in writing, should correspond to the information contained in the emission prospectus.
24.1. The right of the Commission (1) to ensure compliance with the provisions of this chapter, the Commission, in addition to the financial and capital market Commission, the law and the rights laid down in this law have the right to: 1) motivated to request the issuer or public requesting to emissions are included in the prospectus supplementary information, if necessary for investor protection;
2) motivated to require the issuer or a public offer for authors, and the persons that control them or are controlled by them, to provide for the functions of the Commission the necessary information and documents;
3) motivated to require the issuer or public requesting Auditors and managers, as well as the financial intermediaries authorized to submit the offer to the public, to provide for the functions of the Commission the necessary information and documents;
4) stop any issuer or public requesting public offer of up to 10 working days, if the Commission has legal grounds to believe that a violation or may be in violation of this law, section C;
5) prohibit or suspend advertisements for a period of up to 10 working days if the Commission has reason to believe that a violation of this law, section C;
6) prohibit a public offer if it finds that the provisions of this law, the requirements of section C, or if the Commission has reason to believe that they would be infringed;
7) make public the fact that an issuer is failing to comply with its obligations and commitments.
(2) if the Commission finds that the issuer or the financial institution in charge of the public offer, has violated this law, the requirements of section C of this law, or (C) the obligations laid down in section, it facts make this known to the competent institution of the Member State of origin.
(3) If, despite the fact that the Commission has informed the competent authorities of the Member State of origin in accordance with the requirements of the second subparagraph, or because such measures prove ineffective, the issuer or the financial institution in charge of the public offer, continue to violate this law, the requirements of section (C), the Commission shall, after notification to the home Member State of the competent institution is entitled to take all necessary measures to protect the interests of investors as well as inform the European Commission in accordance with article 147 of this law.
(4) the Commission shall have the right to disseminate information on the measures taken and the sanctions adopted against the issuer or a public offer for authors, section C of this law violation of requirements, except where such disclosure could cause serious disturbances in the financial markets or cause disproportionate damage to the parties involved. "
10. Add to article 27 of the sixth, seventh, eighth, ninth and tenth by the following: "(6) the guarantee fund, which owns the market organizer's members, the market Organizer there separated from their money. The guarantee fund to the market Organizer in the Latvian Bank accounts there, informing the Bank of Latvia that the account features are features of the guarantee fund.
(7) the guarantee fund may not be used in organising the market to satisfy the claims of creditors. This requirement also applies to cases where the market Organizer in the procedure prescribed by law been declared bankrupt.
(8) the market Organizer, pursuant to this law, the procedure set out in section ¹ F, has the right to delegate to one or more persons (outsourcing) of such services (outsourcing) delivery: 1) sort of accounting;
2) information technology or management system or development;
3) the organisation of internal control;
4) other activities (outsourcing) required for the operation of the market Organizer and with public financial instruments trading related services.
(9) the market organizer of the internal audit service of how outsourcing can be delegated only sworn auditor or certified auditor company.
(10) the market organizer shall not: 1) the delegate in accordance with the laws or statutes in defined their obligations of administrative bodies;
2) licenses the Organization of regulated market allowed the feature set out fully outsource providers. "
11.28. Article: make the third paragraph as follows: "(3) the market organizer of this rule and rules and amendments on its website on the internet immediately after the approval of the market organizer's Council. The organizer of the market rules and amendments to these rules shall enter into force the day after their insertion into the market organizer's website on the internet if the rules provide another effective date. On approval of the rules of the market organizer shall inform the Commission without delay. ';
Supplement fifth with 6.1 points by the following: ' 61) the functioning of the guarantee fund; ".
12. Article 36: make the third and fourth subparagraph by the following: "(3) the market may become the members of the organising Member State of the investment firm or a credit institution in the country of registration is received the license for the provision of investment services.
(4) registered in a Member State of the investment firm or a credit institution can become a member of the organising of the regulated market: 1) opening the branch, if the transactions market organizer's regulated markets requires a direct presence of members;
2) without opening the branch, provided the market organizer's regulated markets can be made from a distance. ";
turn off the fifth paragraph, the words "or registered in a Member State of the investment firm or a credit institution which is not launched the provision of investment services in Latvia, open a branch".
13. Article 37: make the first paragraph by the following: "(1) investment firms and credit institutions that provide investment services to the regulated markets of financial instruments included in the report on the transactions occurred at least every working day: 1) the market Organizer duly, if transactions have taken place on the regulated market concerned, and if the investment brokerage firm and the credit institution is the market organizer's Companion;
2) Latvian Central Depositary duly, if transactions have occurred outside the regulated market, regardless of whether the investment brokerage firm and the credit institution is or is not a member of the Latvian central depository. ";
turn off the third;
adding to eighth on the first sentence as follows: "the Latvian Central Depository by referred to in the first paragraph of reception report promptly to the market organizer information on transactions taking place outside the regulated market. Latvian Central Depository and the market Organizer mutually agree on the procedures to be sent information about the transactions taking place outside the regulated market. "

14. Add to article 39 of the eighth and the ninth subparagraph by the following: "(8) the market organizer shall be entitled to demand and the market organizer's members after receipt of the request is obliged to provide market Organizer it requested information on the market organizer's members ' clients (natural and legal persons), the financial instruments accounts and cash accounts, related to the settlement of financial instruments and transactions carried out on regulated markets of financial instruments included in the If this information is needed to comply with the market Organizer for insider trading and market manipulation prevent assigned supervisory functions. The market organizer shall be entitled to use the information submitted only for the purpose for which it was requested.
(9) Of this article is the eighth in order of part of the information on purpose or inadvertently gets hired to the public or to persons not entitled to receive the information, the market organizer's Council, Board members and staff are referred to criminal liability in accordance with the procedure prescribed by law. "
15. Section D of chapter II be expressed in the following: "chapter II financial instruments into regulated markets article 41. General requirements for admission to the regulated markets (1) regulated markets may include financial instruments, which is not limited to the disposal.
(2) including transferable securities to trading on a regulated market requires the publication of a prospectus drawn up according to the requirements of this chapter.
(3) the transferable securities listed on a regulated market, the issuer or the person seeking the admission of transferable securities on a regulated market, the application shall be accompanied by a prospectus prepared in accordance with this law and the European Commission Regulation No. 809/2004 registered as well as the Commission.
(4) If a regulated market to include in the article 3 of this law, the seventh part 2, 4, 8, 9 and 10. transferable securities as referred to in paragraph 1, the issuer or the person who requested the admission of securities to a regulated market shall be entitled to prepare a prospectus on a voluntary basis.
(5) the requirements for the inclusion of other financial instruments on a regulated market to determine the relevant market Organizer.
(6) a decision on the inclusion of financial instruments regulated markets, the market organizer shall be adopted by the Management Board on the basis of the application of the issuer or the person who requested the admission of securities to a regulated market.
Article 42. Requirements for stock and securities comparable to ensure participation in the commercial capital, for inclusion in the official list of (1) the shares of comparable and transferable securities which ensures participation in company capital (shares), included in the official list if: 1) stock to be included in the estimated market capitalization of at least the equivalent of EUR 1000000 in dollars at the exchange rate of the Bank of Latvia on the day when the market organizer shall decide about the admission to official listing of shares. When the official list included in stock market capitalisation is impossible to predict, the inclusion in the list of shares when the company's share capital and reserves (including profit or loss) in the last reporting year is generally the equivalent of at least EUR 1000000 in the course of the Bank of Latvia;
2) joint stock company has made publicly available annual accounts for at least the last three years;
3) application for admission to official listing of all the shares in their respective categories.
(2) If the inclusion of the official list of the regulated market takes place after the public offering, the stock trading may be initiated only after the initial deployment at the end of the day.
(3) if the public offer is made by the regulated market, in shares may be included in the official list only if inclusion in the listing relates to at least 25 percent of its share in the subscribed capital represented by the shares in their respective categories.
(4) where a public offer of shares is held by the Organizer, market shares may be included in the official list if for inclusion in this list apply for at least 25 percent of its share in the subscribed capital represented by the shares in their respective categories, or the market organizer has reason to believe that there is an even lower percentage ratio, after listing the stock market operate in a sufficiently active.
(5) the market organizer shall have the right to impose additional requirements and more stringent criteria for admission to official listing of shares.
43. article. Requirements for bonds and other debt securities to official listing (1) bonds and other debt securities may be included in the official list, if the total amount of the loan may not be less than EUR 200000 of the equivalent in local currency at the exchange rate of the Bank of Latvia. This requirement shall not apply in the case of tap issues, unless the amount of the loan.
(2) the market organizer can decide on the first part of this article non-compliant debt securities into the official list after making sure the debt securities will be sufficiently active market.
(3) a convertible or exchangeable bonds, as well as any debt securities with warrants to acquire stock can be included in the official list only if such bonds or securities related shares already listed on the same or other organizer of the official market listing.
(4) debt securities may be included in the official list, if the application for their inclusion in the apply to all relevant emission debt securities. This requirement may not apply to the Republic of Latvia issued debt securities.
(5) if the official list occurs after the public offer, trading of debt securities concerned shall only commence after the initial deployment at the end of the day. This provision shall not apply to mortgage bonds emission and continuum emission in the case of the initial deployment at the end of the day is fixed.
(6) the market organizer shall have the right to impose additional requirements and more stringent criteria for bonds and other debt securities to official listing.
44. article. The contents of the prospectus, the prospectus (1) prepared for the admission of securities to a regulated market shall apply article 17 of this law, the first, second, third, fourth, fifth and eighth parts requirements.
(2) If a prospectus has been prepared for the inclusion in transferable securities on a regulated market of non-equity securities having a denomination shall not be less than EUR 50000, the summary is not required to provide, with the exception of this law article 49.1 of the cases referred to in the third subparagraph.
(3) To the issuer or the person asking for the admission of transferable securities on a regulated market, be exempt from the obligation to include information in the prospectus referred to in European Commission Regulation 809/2004, this law shall apply the requirements of article 19.
44.1. The content of a base prospectus should (1) a base prospectus shall be drawn up in accordance with this law 17.1 the first, second and third part.
(2) a base prospectus shall be registered in the Commission under article 48 of this law.
(3) the information provided in the base prospectus should, if necessary, in accordance with article 45 of this law is supplemented by the requirements of the latest information on the issuer and the transferable securities which will be listed on the regulated market.
Article 44.2. the inclusion of information in the form of reference information for inclusion in the listing references in the manner this law 17.2 article.
44.3. The prospectus composed of separate documents, the issuer or the person seeking the admission of transferable securities on a regulated market and which have been registered in the registration documents, the Commission, shall draw up only the securities note and the summary note when transferable securities are included in the regulated market. In this case, the securities note shall contain the information normally provided in the registration document if since the time when was registered the latest registration document or this Act article 45 in addition, significant changes have occurred that may influence the assessment of investors. The securities note and the summary note shall be recorded separately.
Article 45. The prospectus supplement (1) If, at the time of submission of the listing Commission to trade securities on the regulated market of the initiation occurs or is discovered in any important new circumstances, significant errors or inaccuracies relating to the information included in the prospectus and may affect the assessment of the transferable securities, the issuer or the person who has requested the admission of securities to a regulated market, drawn up the prospectus supplements.
(2) the prospectus supplements and their text in an electronic form on the issuer, or the person seeking the admission of transferable securities on a regulated market, shall submit to the Commission, who shall be registered within seven working days after the receipt of all documents. The issuer or the person who has requested the admission of securities to a regulated market, also added a summary and its translation, if necessary to take into account the new information included in the Appendix. If the issuer or the person who requested the admission of securities to a regulated market, if presented by the market organizer application for the admission of transferable securities on a regulated market, it shall submit the prospectus supplement are also the market Organizer.

(3) additions to prospectus published in accordance with this law, the requirements of article 52. Addition of text is considered an integral part of the prospectus, and it should always be available in conjunction with the prospectus.
(4) If investors before the publication of the supplement to the prospectus has already agreed to purchase transferable securities or subscribe to them, they have the right to two working days or the time limits laid down in the prospectus that is not less than two working days after the publication of the supplement to the prospectus to withdraw their consent.
Article 46. Responsibility for the information contained in the prospectus (1) approve the prospectus the issuer's shareholders (participants) the meeting or its authorised administrative organ or official.
(2) On the contents of the prospectus are responsible governing body of the issuer, or the person seeking the admission of transferable securities on a regulated market, and the guarantor (if applicable).
(3) the prospectus shall indicate on the veracity of the information owner name and job title or a legal person, the name, registered office and registration number. The listing also includes each of the following persons, a statement that, after these persons the information available, the information contained in the prospectus satisfies the true circumstances, and that is not the default facts that may affect the information contained in the prospectus.
(4) If a person is not responsible for the information contained in the prospectus, the prospectus shall indicate in which part of the person in question is responsible.
(5) the investor, to travel to the Court of Justice in General, can claim damages from the listing of the person responsible for the veracity of the information contained in it, if the prospectus contains a false or incomplete information, he suffered losses.
(6) from the listing the persons responsible investor may demand damages if he is your choice is done only on the basis of the summary or translation, except when the summary is misleading or conflicts with other parts of the prospectus of emission.
47. article. Publication of the prospectus of the exceptions to the obligation to publish a prospectus shall not apply to the admission of transferable securities on a regulated market: 1) shares representing, over a period of 12 months, less than 10 per cent of the same category, the number of shares already listed on the same regulated market;
2) shares issued in substitution to replace the same categories of shares, which are already included on the same regulated market, if such shares does not involve any increase in the authorised capital;
3) the transferable securities offered in connection with a takeover by means of an exchange offer, provided that a document is available to the public, which contains information that the Commission recognised as equivalent to that which should be included in the prospectus in accordance with the laws of the European Union;
4) the transferable securities offered, allotted or to be allotted in connection with a merger, provided that a document is available to the public, which contains information that the Commission recognised as equivalent to that which should be included in the prospectus in accordance with European Union legislation;
5) shares offered, free of charge, or to assign to current shareholders, and dividends paid on the shares, which such dividends are paid, provided that the said shares are of the same type as those shares already included on the same regulated market and that a document is available to the public, containing information on the number and nature of the shares and the reasons for the offer and rules;
6) transferable securities which are current or former managers or employees give or offer, planning to their employer or affiliated undertaking, provided that the transferable securities referred to are the same categories of transferable securities that are already listed on the same regulated market and that a document is available to the public, containing information on the number of transferable securities and types and reasons for the offer and rules;
7) shares resulting from the conversion or exchange of other securities or from the exercise of the rights conferred by other securities, provided that the said shares are of the same class of shares, which are already included on the same regulated market;
8) transferable securities, which are already included in another regulated market, subject to the following conditions: (a)) the transferable securities or the same categories of transferable securities is more than 18 months already included in another regulated market, b) for transferable securities for the first time included in the regulated market at 31decembr 2003, the inclusion of another regulated market is associated with a registered prospectus made available to the public in accordance with article 51 of this law , c) in relation to transferable securities, which are included for the first time the Stock Exchange Member States from 30 June 1983 to 30 June 2005 and for which the registered prospectus in accordance with the laws of the Member States, which will take over the European Union's legislation, except in cases covered by subparagraph of point "b", d) are fulfilled on transferable worth paper trading on another regulated market, e) person that'd be worth of transferable papers into the regulated market under this exemption makes a summary document available to the public in the Latvian language, f) summary document referred to in the "e" in subparagraph has been made available to the public in that Member State on the regulated market of which the transferable securities are asked to include a summary, g) corresponds to article 17 of this law in the third subparagraph of point 3 of the requirements and specified, which you can get the latest prospectus and financial information available in accordance with the notification obligation binding himself published an issuer, or the person seeking the admission of transferable securities on a regulated market.
48. article. (1) the registration of the prospectus prospectus registered by the Commission. To register a prospectus, the issuer or the person seeking the admission of transferable securities on a regulated market, shall submit to the Commission an application accompanied by: 1) two original prospectus and prospectus text in electronic form;
2) the governing bodies of the issuer authorized decision on the admission of securities to a regulated market.
(2) the application shall state: 1) the issuer's registration number, location and body, firm, legal address, phone number, and fax number and e-mail address (if any);
2) regulated market in transferable securities to include type, category, the total number and the nominal value of the securities of one transferable;
3) market organizer's legal business name, address, telephone number, and fax number, e-mail address (if any) and the name of the regulated market on which the issuer, or the person seeking the admission of transferable securities on a regulated market, wants to include transferable securities;
4) where transferable securities wants to include regulated market.
(3) the Commission shall examine the application and the documents attached to it and the days of 10darb all the statutory and regulatory provisions in accordance with the requirements established for the receipt of documents and shall decide on the registration or prospectus for registration denial.
(4) if the Commission finds that the documents submitted to it are incomplete or need additional information, it shall notify the issuer or the person who requested the admission of securities to a regulated market, within 10 working days after receipt of the application. In this case, the application of this article, the review period shall run from the date when the Commission is eliminated deficiencies and submitted the additional information requested.
(5) where the Commission, within the time limits laid down in this article has not taken a decision, the prospect is not considered registered. In this case, the Commission shall present to the issuer or the person who requested the admission of securities to a regulated market, a reasoned explanation of the reasons for the delay and indicate when a decision on the registration of the prospectus or on refusal of registration will be accepted.
(6) the decision on registration of the prospectus or on refusal of registration shall be issued by the issuer or the person who requested the admission of transferable securities on a regulated market and has submitted to the Commission an application for the registration of the prospectus.
(7) once the decision on the registration of the prospectus, the Commission decision shall immediately be placed in your website on the internet and send a copy of the decision the market Organizer.
48.1. the prospectus, base prospectus article and the validity of the registration documents (1) a prospectus is valid for 12 months after its publication in relation to the admission of transferable securities on a regulated market, subject to compliance with article 45 of this law.
(2) in the case of an offering programme, the base prospectus, previously filed, shall be valid for a period up to 12 months.
(3) as regards the transferable securities referred to in this law 17.1 of the first paragraph of article 2, the prospect is valid until the transferable securities concerned are no longer issued in a continuous or repeated manner.

(4) a prospectus is valid, if it consists of the registration document and the securities note, containing the information is updated in accordance with this law, the requirements of article 27.5, and summary. The registration document referred to in article 17 of this law, the third subparagraph in point 1 above, and submitted is valid during a period up to 12 months, if this law are complied with, the first paragraph of article 57.1.
49. article. Mutual recognition of listing particulars and notification procedures (1) the issuer or the person seeking the admission of transferable securities on a regulated market of which the prospectus and all its appendices, the Commission may ask the registered include transferable securities on a regulated market in one or more Member States or in a Member State other than the home Member State, after following the issuer or persons asking for the admission of transferable securities on a regulated market, the Commission has informed the competent authorities of the host Member State in accordance with this article, the fourth and the fifth part.
(2) in cases where the Member State of the issuer or other person seeking the admission of transferable securities on a regulated market, wants to include transferable securities on a regulated market, the Member State concerned the competent institution registered in the prospectus and all its supplements is valid if the competent institution of the Member State concerned, for the registration of a prospectus has informed the Commission thereof.
(3) where it is found important new circumstances, significant errors or inaccuracies, as referred to in article 45 of this law, and which have occurred since the registration of the prospectus, only the home Member State, the competent institution is entitled to request the registration and publication of the supplement under the law of the Member State of origin. The competent authorities of Latvia are entitled only to bring to the home Member State competent authorities focus on any new information.
(4) the Commission shall submit to the competent authority of the host Member State for a declaration that the prospectus has been drawn up in accordance with Directive 2003/71/EC, and a copy of the prospectus referred to in the following order: 1) within three working days after the request of the issuer or person responsible for the preparation of the prospectus;
2) where the request is filed together with the draft prospectus, within one working day following the registration of the prospectus.
(5) in the fourth paragraph of this article the said certificate shall be accompanied by a translation of the summary on the preparation and content of which conformity with the original text of the emission prospectus is responsible by the issuer or the person responsible for the preparation of the prospectus. The same requirements apply also to any prospectus supplement.
(6) if the Commission, in accordance with article 44 of this law the provisions of the third subparagraph is authorised by the issuer or the person who requested the admission of securities to a regulated market, does not include any information in the prospectus, then informing the competent authority of the host Member State, the Commission shall also specify the permissions.
Article 49.1. Use of languages (1) If the inclusion of transferable securities on a regulated market will be sought only in Latvia, the prospectus shall be drawn up in the language of the country.
(2) If the inclusion of transferable securities on a regulated market will be sought in one or more Member States, except Latvia, the issuer or the person seeking the admission of transferable securities on a regulated market, the choice of the prospectus shall be drawn up in a language that the Commission and the host Member State competent authorities deem acceptable, or in the language of international finance.
(3) If a Member State of the issuer or other person seeking the admission of transferable securities on a regulated market, wants to include transferable securities on a regulated market in Latvia, it should prepare a summary of the prospectus in the national language.
(4) If the inclusion of securities to a regulated market is sought in more than one Member State, including Latvia, prospectus drawn up in an official language and by the choice of the issuer or person asking for the admission of securities to a regulated market shall be made available in the language of the host Member State competent authorities deem acceptable, or in the language of international finance.
(5) if the admission to a regulated market is sought in one or more Member States concerning transferable securities, non-equity securities having a denomination per unit of at least EUR 50 000, the issuer or the person seeking the admission of transferable securities on a regulated market, the choice of the prospectus shall be drawn up in a language that the Commission and the competent authorities of the host Member State are recognized as acceptable, or in the language of international finance.
Article 30.6 of the issuer prepared abroad recorded recognition of listing particulars of (1) the Commission is empowered to register a prospectus by issuers whose registered office is abroad, prepared under foreign laws and regulations if: 1) the prospectus is drawn up in accordance with international standards set by International Securities Commission organisations, including the international worth paper market organization disclosure standards;
2) information, including financial information, are equivalent to the requirements laid down in this law.
(2) where transferable securities which are issued by the issuer, registered abroad are included in the regulated market in a Member State other than the Member State of origin shall apply this law 49 and 49.1 article.
50. article. The application for the admission of financial instruments on a regulated market (1) the issuer or the person seeking the admission of transferable securities on a regulated market, the market organizer shall submit the application for admission of financial instruments on a regulated market, not later than three months after the registration of the prospectus in the Commission.
(2) the market Organizer within 10 days from the date on which the issuer, or the person seeking the admission of transferable securities on a regulated market, submitted the application, shall take a decision on the inclusion of financial instruments on a regulated market. Within that period, the market organizer shall be entitled to request from the issuer or the person who requested the admission of securities to a regulated market, additional information in accordance with the rules of the regulated market. In this case, the 10-day period from the date the additional information is submitted to the market Organizer.
(3) the decision of the Member State of the issuer's inclusion of transferable securities on a regulated market, the market organizer shall be made only after the prospectus registered with the Commission or the market Organizer received a management authority of the Member State concerned or of the market organizer's proof of registration of the prospectus.
(4) the market organizer's decision on refusal to include financial instruments on a regulated market may appeal to the Commission within 30 days from the date of receipt of the decision.
(5) the decision on financial instruments (except for investment certificates of investment funds) into the regulated market, the market organizer shall bear the following information: 1) the date on which the Commission registered the prospectus (if under the law of the issuer or the person who requested the admission of securities to a regulated market shall be obliged to produce a prospectus);
2 the issuer's business and legal) address;
3 place of registration of the issuer) and number;
4) the types of financial instruments, the nominal value of the category, and the amount of emissions.
(6) the decision on the inclusion of investment certificates of the regulated market shall bear the following information: 1) the date on which the investment fund registered with the Commission;
2) investment fund type and name;
3) manages the investment fund and the company legal address;
4) investment fund units issued by a number of investment funds share value (open investment funds) or the nominal value (the closed investment fund) at the date of adoption of the decision.
(7) the decision of the issuer established in another Member State the admission of transferable securities on a regulated market, in addition to the authorities or to the market organizer's legal business name, address, telephone number and website address on the internet, which has made the decision on the registration of the prospectus.
(8) a decision on the inclusion of financial instruments on a regulated market, the market organizer shall immediately transmit to the issuer or the person who requested the admission of securities to a regulated market, the Commission and the Latvian central depository.
51. article. The distribution of the prospectus (1) it is prohibited to distribute the prospectus before its registration in the Commission. The issuer, or the person seeking the admission of transferable securities on a regulated market in accordance with the procedure laid down in this act as soon as possible, the prospectus to the public, but in any case in good time before the inclusion of transferable securities on a regulated market, but no later than the date of adoption of the decision on the admission of securities to a regulated market.
(2) after a decision has been taken about the admission of transferable securities on a regulated market, the market organizer shall immediately place the text of the decision and the prospectus on its homepage on the internet.
(3) the prospectus shall be considered available to the public when it is published: 1) by insertion in one or more newspapers circulated throughout the Member States or widely circulated in, the Member States in which the transferable securities are included in the regulated market, or

2) in print. In this case, it must be made available free of charge to the public at the organizer's Office of the regulated market on which the transferable securities are included in the regulated market in an organized, or at the registered office of the issuer and at the offices of the financial intermediaries placing or selling that transferable securities, including paying agents, or 3) in an electronic form on the issuer's website on the internet and between their respective financial nonsense home page on the internet that are placing or selling the transferable securities , including paying agents, or 4) electronically regulated market organizer's website on the internet that has requested the inclusion of transferable securities on a regulated market.
(4) the Commission has the right to require the issuer or the person who requested the admission of securities to regulated markets and publish their prospectus in accordance with the third subparagraph of article 1 or 2 points, also publish the prospectus in electronic form in accordance with the third paragraph of article 3. The Commission also has the right to request to publish the statement must specify how the prospectus has been made available to the public and that the public can get it.
(5) where a prospectus is composed of several documents or include information in the form of a reference, the documents and information making up the prospectus may be published separately, provided that the said documents are made available free of charge to the public in the third paragraph of this article. In each document, indicate where you can obtain other full documents making up the prospectus.
(6) the prospectus and the prospectus supplement for the text published or made available to the public, and the format should be identical to the original version, recorded by the Commission.
(7) If the prospectus is published in electronic form, by the issuer or the person who requested the admission of securities to a regulated market, the prospect in paper form free of charge must be issued to the investor, upon his request.
(8) the Commission once a year on your home page on the internet published their list of the prospectus, which it has registered in the past 12 months.
52. article. Regulated market in transferable securities to be included in advertising (1) regulated market in transferable securities to be included in advertisements must not contain inaccurate or deceptive information or information that is inconsistent with the terms specified in the prospectus. This information must match the information contained in the prospectus, if already published, or information that must be included in a prospectus if the prospectus is published afterwards.
(2) information which in any way provide for the admission of securities to a regulated market, corresponds to that contained in the prospectus.
(3) advertising in the State that a prospectus has been or will be published, where and when you can get the prospectus. Advertising must be clearly and unequivocally identifiable as advertising.
(4) all information relating to the admission of transferable securities on a regulated market and which, even if not for advertising purposes, notified orally or in writing, to corresponds to that contained in the prospectus.
53. article. The start of trading on financial instruments (1) trade in transferable securities on a regulated market may begin no earlier than three days after the prospectus to replace the market organizer's website on the internet.
(2) financial instruments to trading on a regulated market may start only after their entry in the Latvian central depository. This requirement does not apply to financial instruments that are publicly traded, also outside the Republic of Latvia and the already posted in another country.
(3) the Latvian Central Depository will post the financial instruments after it has entered into an agreement with the issuer or the person asking for the admission of transferable securities on a regulated market, and received the Latvian Central Depository documents rules.
54. article. Responsibilities the Corporation, which included the transferable securities on a regulated market (1), the Corporation's governing body shall ensure equal treatment for all persons who belong to one type and one category of transferable securities. The Corporation, whose name the shares are admitted on a regulated market, shareholders ' meeting put with the organizer of the regulated market, information about meeting location, time and agenda of issues to be included in the publication of a regulated market Organizer.
(2) the Management Board of the company shall ensure that in all Member States, which regulated markets included in the company's shares, is available at least equivalent information: 1) shareholders ' meetings;
2) dividends;
3) issue of new shares, including, arrangements for subscription to these shares, as well as the abandonment of those shares, if the terms of the issue foresee pre-emptive rights;
4) designated the depositary or a comparable institution, through which people who owned shares to exercise their rights;
5) any change in the rights attaching to the shares of that company in various categories.
(3) the Corporation's Board, in all the Member States to ensure that regulated markets included in the debt securities is available at least equivalent information: 1) to the person who holds meetings in debt securities;
2) interest cost;
3) new debt securities issues, including procedures for signing on jaunemitējam debt securities, as well as the abandonment of these securities, if the terms of the issue foresee pre-emptive rights;
4) conversion of debt securities and exchange rules;
5 the designated depositary) or a comparable institution, through which people who own the debt securities to exercise their rights;
6) any change in the rights attaching to the various categories of this Corporation debt securities.
(4) where the regulated market listed debt securities are convertible bonds or bonds with a right to acquire shares in the future, the shares of the company shall ensure that in all Member States, which regulated markets included in these debt securities is available on the equivalent information about rights that are fastened to these debt securities linked to shares.
(5) the market organizer shall be entitled to impose additional requirements that must be followed for the Corporation, which the transferable securities are included in the official list of the market Organizer or other market organizer of regulated markets.
(6) in the first, second, third and fourth parts of the information specified in the Corporation's Executive Board sent the market Organizer, who immediately insert the your website on the internet.
(7) at least 14 days before the shareholders ' meeting (member) of the Board of the Corporation or the person who under the law are entitled to convene a meeting of the body, and send them to market organizers, which regulated markets are included in the company's transferable securities, the meeting agenda of the draft decisions. If the shareholders (participants) the meeting is scheduled to decide on amendments to the statutes of the Corporation, the draft amendments of the Statute are to be sent to those market organizers, which regulated markets are included in the Corporation's shares, at least 14 days before the meeting of the shareholders (participants).
55. article. The suspension of trading in financial instruments and their exclusion from a regulated market (1) the market organizer may suspend trading of the financial instruments or financial instruments excluded from the regulated market, where the regular financial instruments trading becomes impossible or endanger the interests of investors.
(2) if the market operator does not use the first part of this article, the rights to both the regular financial instruments trading becomes impossible or endanger the interests of investors, the Commission has the power to suspend trading of the financial instruments or financial instruments excluded from the regulated market.
(3) the market organizer's decision on the suspension of trading in financial instruments or financial instruments excluded from the regulated market can appeal to the Commission within 30 days from the date of receipt of the decision.
(4) financial instruments from a regulated market may be excluded on the basis of submissions received from the issuer or the person who requested the admission of securities to a regulated market. Decision on exclusion of shares of issuer of the regulated market shall adopt the shareholders ' meeting. Meeting minutes indicate the shareholders who voted in favour.
(5) if the market Organizer made a decision concerning the financial instrument for the exclusion from a regulated market, as the issuer of the financial instrument is not subject to the law and the rules of the market Organizer, the issuer's Management Board or Council convened one month of extraordinary shareholders meeting and shall decide on the financial instrument for the removal of a regulated market and which have shareholders voted "for" the removal of a regulated market, the minimum stock buy-back offer according to section D of this law, the provisions of chapter V.

(6) If this article is the fifth in the case referred to the extraordinary meeting of shareholders is convened shall decide to stay at the regulated market must ensure that the members of the administrative organ shall take all necessary action to prevent those violations and the conditions on which the issuer's financial instruments were excluded from the regulated market.
Article 55.1. To the right of the Commission (1) to ensure compliance with the provisions of this chapter, the Commission, in addition to the financial and capital market Commission, the law and the rights laid down in this law have the right to: 1) motivated to request persons asking for the admission of transferable securities on a regulated market to include in the prospectus supplementary information, if necessary for investor protection;
2) motivated to request persons asking for the admission of transferable securities on a regulated market, and the persons that control them or are controlled by them, to provide functions of the Commission the necessary information and documents;
3) motivated request to the person requesting the admission of transferable securities on a regulated market, auditors and managers, as well as the financial intermediaries authorized to request the admission of transferable securities on a regulated market to provide functions of the Commission the necessary information and documents;
4) to stop the trade in transferable securities or trade it for a period of up to 10 working days, if the Commission has legal grounds to believe that a violation or may be in violation of this law, section D of chapter II;
5) prohibit or suspend advertisements for a period of up to 10 working days if the Commission has reason to believe that a violation of this law, section D of chapter II;
6) prohibit a public offer if it finds that the provisions of this law, section D of chapter II, or where the Commission has grounds for believing that they would be infringed;
7) suspend or ask the relevant regulated markets to suspend trading on a regulated market to 10 working days, if the Commission has legal grounds to believe that a violation or may be in violation of this law, section D of chapter II;
8) prohibit trading on a regulated market, if the Commission finds that a violation of this law, section D of chapter II;
9) make public the fact that an issuer is failing to comply with its obligations.
(2) After the inclusion of transferable securities on a regulated market, the Commission has the right to: 1) require the issuer to disclose all material information which might affect the regulated market included the assessment of the transferable securities, and thus to ensure investor protection or the smooth operation of the market;
2) suspend or ask the relevant regulated market organizers exclude the transferable securities of the regulated market, if the issuing State, in the opinion of the Commission is such that trading would be detrimental to investors ' interests;
3) ensure that issuers whose transferable securities are included in the regulated market comply with laws and obligations that the same information is provided to all investors and the issuer the same treats all holders of transferable securities, which is the same position, in all Member States where the offer to the public or made transferable securities included in the regulated market;
4) to carry out inspections to monitor compliance with this law, section D of chapter II, as well as, if necessary, in accordance with legislative requirements apply to the relevant judicial authority or to cooperate with other authorities.
(3) if the Commission finds that the issuer does not comply with this law, (D) of chapter II of title III and article 57.1, it shall communicate those facts, the competent institution of the Member State of origin.
(4) If, despite the fact that the Commission has informed the competent institution of the Member State of origin in accordance with the third paragraph of this article, or because such measures prove ineffective, the issuer continues to violate this law, (D) of chapter II of title III and article 57.1 requirement, the Commission shall, after notification to the home Member State of the competent institution is entitled to take all necessary measures to protect the interests of investors, as well as to inform the European Commission in accordance with article 147 of this law.
(5) the Commission has the right to publish the information on the measures taken and the sanctions adopted against the issuer or the person asking for the admission of securities to a regulated market for legislation violation, except where such disclosure could cause serious disturbances in the financial markets or cause disproportionate damage to the parties involved. "
16. Replace article 56, second paragraph, the words "the international accounting standards Board issued international accounting standards" with the words "international accounting standards introduced 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 of article 5".
17. Article 57 of the expression as follows: "article 57. Interim financial statements (1) a corporation of which the transferable securities admitted to official listing or other market regulated markets, the organizer shall provide the market Organizer not audited financial statements for the three, six and nine months, as well as the non-audited annual accounts prepared in accordance with the laws of the country of registration, international accounting standards, established under the European Parliament and of the Council of 19 July 2002, Regulation (EC) No 1606/2002 on the application of international accounting standards for article 5. and the market Organizer.
(2) the first paragraph of this article, the Corporation shall submit the financial statements of the market Organizer within, but not later than two months after the end of the reporting period.
(3) three, six and nine months financial statements consist of the balance sheet, income statement, cash flow statement, statement of changes in equity and notes or attachments. The six-month financial report and the audited annual report accompanied by the management report on the operation of the Corporation.
(4) each specific financial statement item must be compared with the previous year's relevant period data. All the items of the financial statements must be expressed both in Latvian lats and euro.
(5) the management report accompanying the financial statements of six months, provide all relevant information to enable investors to assess the Corporation's activities based on development trends and profit or loss by pointing to particular circumstances where the period in question affected the operation and profit or loss. Information management report reflect so as to provide an opportunity to compare it with the information for the period in question for the preceding financial year. Management report shall also include a statement of the Corporation's potential future developments in the current accounting year.
(6) in the case referred to in the first subparagraph of the financial statements have been examined by the sworn auditor, the market organizer shall be submitted together with the sworn auditor's report.
(7) a corporation that has the obligation to prepare consolidated annual accounts, in the first paragraph, these financial statements shall present the market Organizer in consolidated form.
(8) the market Organizer in the first and seventh reports referred to immediately, but not later than the working day following that of reception on its home page on the internet, as well as make these reports publicly available in any other form specified by the organizer of the market. "
18. To supplement the law with article 57.1 as follows: "article 57.1. Information (1) the issuer whose transferable securities are included in the regulated market, at least once a year, submitting documents that they are in accordance with the existing laws and regulations of the European Parliament and of the Council of 19 July 2002, Regulation (EC) No 1606/2002 on the application of international accounting standards is published or made available to the public for the preceding 12 months in one or more Member States and in foreign countries. The issuer is entitled to submit only published documents indicating that they are available.
(2) the first paragraph of this article shall be submitted to the Commission information after the publication of the financial statements.
(3) the first part of this article shall not apply to issuers of transferable securities that are not equity securities issuers, and to cases where the nominal value of the securities is one not less than 50000 euros. "
19. Add to article 58 of the fourth subparagraph by the following: "(4) the issuer may not provide false or misleading information on significant events for him."
20. Supplement article 66, first paragraph, point 2 of the third sentence by the following: "the shareholders, the general meeting on the issue of the exclusion of the regulated stock market has voted" for ", the term from among the representative on their behalf will make an offer."
21. Make 81. the third paragraph of article as follows:

"(3) the final stock buy-back offer may express, after a decision on exclusion of shares of the regulated market. If the shareholders ' meeting on the issue of the shares from the regulated market "for" have voted more shareholders and one of them is the first paragraph of this article, this person can combine the final share buy-back offer with minimum stock buy-back offer and those shareholders who voted on the stock from a regulated market which do not meet the criteria referred to in the first subparagraph, shall not be obliged to make a mandatory bid the share buy-back. In this case, the vendor shall, not later than 10 working days after this law, article 66, first paragraph, point 2 of the general meeting referred to in the decision, shall submit to the Commission an application for final offer of share buy-back. "
22. Article 83: express the following fourth subparagraph: "(4) after the third paragraph of this article, determine the amount of money credited to the full amount of the Latvian central depository of money account in Bank of Latvia, Latvian Central Depositary shall transfer all original records and credit and investment brokerage company in the Latvian central depository in open offset accounts posted to the company's shares to the offeror's account while making a money transfer to the account holder in the cash account and send a request for credit institutions and investment firms to delete the shares of the company shares this referred to in the first paragraph, the shareholders of the financial instruments accounts. ";
replace the fifth paragraph, the words "or its shareholders money in the account of the person who's holding in shares, according to the quantity of shares, which the final stock buy-back offer expires at the end of the day was the person's account in the financial instruments" with the words "cash accounts of persons according to the posted quantity of shares financial instruments accounts final stock buy-back offer expires at the end of the day was posted on the company's shares";
replace the sixth paragraph, the words "specially for this purpose, open the account in the Latvian Central Depository" with the words "Latvian central depository of money in Bank accounts".
23. Add to article 84 with the sixth part as follows: "(6) the provisions of this chapter do not apply to transactions in own shares in buy-back programmes or to measures aimed at the stabilisation of a financial instrument and carried out according to the Commission of 22 December to Regulation (EC) no 2273/2003 Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments."
Article: 24.85 expression first part as follows: "(1) inside information is the one with the issuer or financial instruments related directly or indirectly to the precise information that has not been publicly disclosed and the disclosure of which would significantly affect the issuer's financial instruments issued or their derived financial instrument price. Considered as accurate information that points to an existing or future possible set of circumstances or former or potential event and is specific enough to allow to draw conclusions about this set of circumstances or event on the likely impact of the financial instrument or derivative financial instruments from them. For information, the disclosure of which would significantly affect the issuer's financial instruments issued or their derived financial instrument price, considered the information that the average investor is likely to use when making a decision to buy or sell financial instruments. ";
replace the third paragraph, the words "and the disclosure of which expects the commodity derivatives market participants in accordance with the generally accepted market practices and operational regulations" with the words "but which is usually available in the derivative commodities market or opening in accordance with the regulations or requirements contracts, market practice or the rules of the market".
25. Article 86: make the first paragraph by the following: "(1) an issuer of financial instruments which are admitted to trading on a regulated market, draw up internal rules of procedures for internal information holders list people can do business with the issuer's financial instruments or commodity derivatives. Internal information holders list, issuer shall include information on: 1) the issuer's Board and Council members, internal auditor (Inspector of the public);
2) to other persons (employees of the issuer), which according to the job description come inside information;
3) other leading employees who are not in the first part of the institutions referred to in paragraph 1, but with a permanent with the issuer directly or indirectly related to inside information and decisions which may affect the operation and development of the issuer;
4) persons closely related to the first part of this article 1 and paragraph 3. Of closely related individuals regarded as: spouse, under the auspices of the existing children, other relatives, with whom that person has had a joint holding at least a year before the law article 86.1 transactions referred to in the first subparagraph, any legal person, if the regulatory duties or directly or indirectly controlled by the legal person of the first subparagraph in point 1 and 3 if that person or that person's spouse, under the auspices of the existing children or relatives mentioned in this paragraph. ';
to express the third, fourth and fifth paragraph as follows: "(3) the holder of the Insider issuer list specifies the following information: 1) inside information holder personally identifiable data (natural persons — residents: name, surname, personal code; natural persons-non-residents: first name, last name, date of birth, identity document number and date of issue, the institution which issued the document; legal persons-firms, legal address, registration number and location);
2 the reasons for the inclusion of persons) internal information holders list;
3) years and the date on which the list is drawn up or amended.
(4) a list of internal information holders, as well as any amendments to the information contained therein, the issuer shall submit to the market Organizer. The amendments made to the list immediately, if the list is non-exhaustive, with information about new internal information holders, if changing the justification inside information for inclusion in the list or of the holder if the person inside information is no longer available, expressed as the year and date from which the relevant information a person has or is no longer available. The market Organizer received insider list and copies of amendments shall be submitted to the Commission.
(5) the market Organizer in the order and the amount it provides members access to its possession in the current internal information holders list. ";
to supplement the article with the sixth part as follows: "(6) the issuer of stored in internal information holders list and amendments made in the 10 years from the date of its composition, provided that the amendment is impossible to track."
26. To supplement the law with article 86.1 of the following: ' article 86.1. Notice of transactions with financial instruments (1) notice of the transactions with the issuer of shares or related financial instruments, or derivative financial instruments, if the transaction was carried out in the name of, the market Organizer in the second part of this article in accordance with the procedure laid down in this law, 86 presented the first paragraph of article 1, 3, and 4 above.
(2) the first paragraph of this article shall provide the notification within five working days of the transaction, unless the amount of the transaction exceeds the equivalent of 5000 Euro in dollars, or five business days after the last transaction, that person during the calendar year of the total volume of transactions exceeding the equivalent of EUR 5000 lats. The total amount of the transaction, calculated as the sum of this law, the first paragraph of article 86 paragraph 1 or of paragraph 3 and of the persons referred to in article 86 of this law in the first part of the question referred to in paragraph 4, the related party transaction volume. The notice is not provided, if the aggregate volume of transactions during the calendar year does not exceed the equivalent of EUR 5000 lats.
(3) the first paragraph of this article notice shall provide the following information: 1) notifying the personally identifiable data (natural persons — residents: name, surname, personal code; natural persons-non-residents: first name, last name, date of birth, identity document number and date of issue, the institution which issued the document; the entities — firm, legal address, registration number and location);
2) notification obligation;
3 the issuer company, legal) address, registration number, place and authority;
4) financial instruments targeted information that clearly identify the financial instruments (financial instrument ISIN code, URu.tml);
5) nature of the transaction (purchase, sale);
6) date and place of the transaction;
7) the volume and the price of the transaction.

(4) the market Organizer not later than the next business day after receipt of the notice on its home page on the internet information on notifications provided pursuant to this article on the internal information holders list includes transactions of persons. "
27. Article 87: Add to the first part of the second sentence as follows: "the issuer provides simultaneous public disclosure of inside information to the Member States that it has submitted an application for the inclusion of a financial instrument on the regulated market or received approval for the inclusion of a financial instrument on the regulated market.";
Add to the second part of the third sentence by the following: "If the information is published, is undergoing substantial change, the issuer shall ensure that the public of the changes, using the original disclosure channels.";
to supplement the article with 4. ¹ the part as follows: "(¹ 4) legitimate interests may relate to: 1) negotiations in course, or related developments, if public disclosure could affect the outcome of the negotiations or the normal pace, particularly in circumstances where the issuer is a threat to financial stability and the disclosure could seriously endanger the existing and potential shareholders ' interests, to the detriment to the issuer's financial stability restoration Guide for completion of negotiations;
2) issuer's governing body decisions taken or contracts that require the issuer of another institution's approval to take effect, if the issuer's organizational structure provides for the separation of the regulatory institutions, where the public disclosure of inside information before such approval, while declaring that still waiting the approval, could affect the company's assessment of the issuer. ";
to complement the ninth part of the second sentence as follows: "investment brokerage company and a credit institution shall make the necessary organisational and administrative arrangements to prevent conflict of interest.";
turn off the tenth paragraph, the words "or commodity derivatives";
Supplement to the twelfth article as follows: "(12) to ensure compliance with the conditions referred to in the fourth paragraph of the confidentiality of the information, internal: 1) creates an effective system in order to restrict the access to inside information, which it is not necessary for the performance of work duties within the issuer;
2) shall inform the persons who have access to inside information of the issuer, on the requirements of the laws and penalties that may apply for such abuse or improper use. "
28. Supplement article 88 to the sixth and seventh paragraph as follows: "(6) on the manipulation not regarded as activities that meet the accepted market practices on the regulated market concerned, which evaluated and approved by the Commission of the Act in accordance with the procedure laid down in article 88.1.
(7) the examination of market manipulation, take account of the following conditions: 1) or submit the order for financial instruments trading or the volume of transactions is significant in relation to the financial instruments of the daily turnover on the regulated market concerned, in particular the case when orders or transactions significantly affects the price of the financial instrument concerned;
2) or orders to trade, which made a person who buys or sells a significant amount of financial instruments, or such person's transactions undertaken lead to significant included the regulated market of the financial instrument or related derivative instruments, or the underlying financial instrument's primary asset price changes;
3) or as a result of the transactions carried out on the regulated market of the financial instrument included in the true beneficiary remains unchanged;
4) or a short period of time is provided to the contrary in the order for financial instruments to trading, first submitting a purchase order and sales order then, or vice versa, and whether these provisions constitute an important instrument for the financial part of the daily turnover on the regulated market concerned, and to what extent the submitted orders can cause the regulated market financial instruments included in price;
5) or submitted orders for trading of the financial instruments or transactions undertaken with financial instruments focusing a short time span in the trading session and whether these orders caused the price of the financial instrument changes then change in the opposite direction;
6) or submitted orders for financial instruments to trading, which reference before their execution, affect public access to information on the regulated market of the financial instrument included in best offer or request price or information available to market participants about the orders;
7) or orders for financial instruments to trading, and whether the submitted transactions are performed when are calculated reference prices, settlement prices and valuations, and the extent to which orders or transactions affecting those prices and estimates;
8) or before or after the orders on financial instruments, trade or transactions carried out by the applicant or persons associated with it do not disseminate false or misleading information;
9) or orders for trading financial instruments is presented, or not carried out before or after you order the applicant or associated persons produce or disseminate research or investment recommendations which are erroneous or biased or that have proven to be significant interest. "
29. To supplement the law with article 88.1 as follows: "article 88.1. Accepted market practices (1) accepted market practices in one or more financial instruments markets may practice, which the Commission approved the procedure laid down in this article. To determine whether the relevant market practice is permitted in the relevant market, the Commission shall assess the following conditions: 1 the relevant market practice) degree of transparency to the market as a whole;
2) the need to protect the market, supply and demand interactions in assessing the market practice concerned, the impact on the main market parameters, including weighted average price trading session or the daily closing price;
3) the degree to which the relevant market practice has an impact on market liquidity and efficiency;
4) the degree to which the relevant market practice is followed in the market trading mechanism and enables market participants to react properly and in a timely manner to constructive new market situation;
5) risk that the relevant market practices may cause directly or indirectly related to the regulated or non-regulated, market integrity, the territory of the European economic area, which is located in the trade of financial instruments;
6) results of monitoring or other institution to which the Commission shall cooperate, obtained by surveys that assess whether the relevant market practice violates the relevant market or directly or indirectly related markets within the EEA territory existing legislative requirements for market abuse;
7) structural characteristics of the relevant market (regulated or non-regulated market in the way the financial instruments in circulation and the market participant categories).
(2) the Commission, in assessing the market practice concerned, consult the issuer, investment service providers, the market Organizer and consumer representatives as well as the structure of turnover and transaction types in terms of equivalent financial instruments market surveillance institutions.
(3) the Commission, by publishing decision on accepted market practices on your website on the internet, provides relevant market practice and conditions indicate the description that it took into account, recognizing market practices are acceptable, especially if other Member States ' supervisory authorities in assessing the decision to market practices, different. Having regard to the relevant market environment, significant changes to the Commission in accordance with the first and second part of the procedure restores information on accepted market practices.
(4) information on the procedures in this article to confirm market practice, the Commission shall immediately forward to the Committee of European securities regulators. "
30. Article 89: to complement the second paragraph after the word "credit institution" with the words "in accordance with the procedure laid down in the internal procedures";
to supplement the article with the fourth, fifth, sixth, seventh, eighth and ninth subparagraph by the following: "(4) if the investment firm or a credit institution has refrained from executing transactions according to the first part, this abstinence or delay the deal due to the investment firm or credit institution, official or employee thereof does not preclude legal responsibility no matter what is the result of the use of the information provided.
(5) in the second and third subparagraphs the notification referred to in the investment firm or a credit institution shall provide in writing (by post, fax or e-mail) or orally. If notice is given orally, the Commission may request a written confirmation of such notification. The notice shall contain the following information: 1 a description of the transaction,) including the order type, the type of trade;
2) news on the circumstances which are the basis to suspect that the transaction is carried out using internal information or in order to carry out market manipulation;
3) the true beneficiaries and persons involved in the transactions, personally identifiable data;

4) provider status (broker, agent, the original izvietotāj financial instruments);
5) other information that may be relevant in assessing the possible market manipulation or insider dealing.
(6) If, at the time when the investment firm or a credit institution provides notice to the Commission, the fifth part of this article contains information not available in the Castle, the childhood investment firm or a credit institution shall provide at least the information on the circumstances which are the basis to suspect that the transaction is carried out using internal information or in order to carry out market manipulation. General information the investment brokerage firm or a credit institution shall submit to the Commission, as soon as this information is available.
(7) the investment firm or a credit institution may not inform the person who made the order for the execution of the transaction, or a third party on the agenda of this article, the notification to the Commission.
(8) if the investment firm or a credit institution in order this article reported transactions in respect of which it is suspected that they have been carried out using internal information or in order to carry out market manipulation, an investment brokerage firm and the credit institution, its Executive or employee does not preclude legal responsibility for financial instruments account or business secrecy.
(9) the Commission not to disclose details of persons that it provided the notification referred to in this article, if the news disclosure may hurt these people. "
31. Article 92: Supplement to the second part of paragraph 10 by the following: ' 10) sort the original registry. ";
adding to the third paragraph after the word "share" with the word and figure "except point 3".
32. in article 93: make the second paragraph as follows: "(2) the Central Depositary recorded financial instruments after the conclusion of the contract with the issuer and then, when the law of the issuer is entitled to make a public offer of financial instruments or financial instruments to put publicly traded, as well as the Central Depositary were submitted by other central depository rules documents.";
adding to the third paragraph after the words "Central Depositary accounts" with the words "or other investment firm or the credit institution registered in Latvia and providing investment brokerage firms or credit clients or the investment firm or credit institution holding financial instruments belonging to the Central Depositary";
to supplement the article with seventh, eighth, ninth and tenth by the following: "(7) the procedures referred to in the third subparagraph of the second level of the financial instruments account holders to take account of the financial instruments by the Commission.
(8) the funds that belong to the holders of financial instruments, which are registered in the register or the original was recorded in the original register and final stock repurchase offer period at the end of the day had not adopted a final share buy-back offer, central depository there separated from their money.
(9) in the eighth, part of this article, these funds hold central depository account at the Bank, informing the Bank of Latvia that the account funds are registered in the register of shareholders in initial or final share buy-back offer is not accepted by the company's former shareholders ' funds.
(10) the eighth part of this article, these funds may not be used in central depository to satisfy the claims of creditors. This requirement also applies to cases in which the central depository in accordance with the procedure prescribed by law recognised as insolvent. "
33. in article 94(1): Add to the first paragraph, after the word "depository" with the words and figures "and this law 94. the second paragraph of article 1, 5 and 6 the matters referred to in those investment firms and credit institutions that are not members of the central depository, the central depository but a posted holding financial instruments";
replace the second subparagraph of paragraph 2, the words "comrades" (fold) with the word "members" (fold);
to complement the second part with 7.1 points as follows: ' 71) the original registry and sort order; "
to make the third and fourth subparagraph by the following: "(3) the Central Depositary in this design provided for in the second subparagraph of article draft rules and submit it to the Commission. The Commission shall assess the provisions (including the amendments to the regulation, if they are necessary) compliance with law, draft other legislative requirements and central depository functions fulfilled and successful within 30 days from the date of submission of the project prepared for their opinion. If the opinion is not expressed objections, the central depository is entitled to decide on approval of the rules.
(4) the Central Depositary this provision rules and amendments on its website on the internet immediately after the approval of the central depository Council. Central Depository rules and amendments to these rules shall enter into force the day after their insertion into the central depository website on the internet if the rules provide another effective date. On approval of the rules, the Central Depository shall immediately inform the Commission thereof. ";
turn off the fifth, sixth and seventh.
34. Add to article 99 of the sixth, seventh and eighth as follows: "(6) the Central Depositary, pursuant to this law, the procedure laid down in section F1, have the right to delegate such outsourcing outsourcing: 1) accounting sort;
2) information technology or management system or development;
3) the organisation of internal control;
4) other activities (outsourcing), which requires the central depository activity and this law referred to in article 92 functions.
(7) the Central Depositary of the internal audit service obligations as outsourcing may delegate only sworn auditor or certified auditor company.
(8) the central depository may not delegate: 1) in accordance with the laws and regulations or the Statute defined the depositary authorities;
2) functions in accordance with this law, article 92, the third part is entitled to make only the Central Depositary. "
35. Replace article 100 in the fifth paragraph, the words "the third" with the words "the sixth".
36. Article 101 of the Present third and fourth subparagraph by the following: "(3) an investment brokerage firms this law, within the meaning of section F of the Republic of Latvia shall be considered registered investment companies and foreign investment brokerage company branches established in a Member State, as well as investment brokerage company.
(4) On investment services and investment in additional services, which are provided in the Republic of Latvia shall be considered to be investment services and investment in additional services, if: 1) is a registered company in the Republic of Latvia;
2) is outside the Republic of Latvia registered company or natural person whose place of residence is in Latvia, but the investment services and investment of advertising or offering additional language or content shows that the corresponding service is offered in the Republic of Latvia;
3) offers virtual from the Republic of Latvia the assigned internet protocol address area, or any of the service measures needed a score to settle with the person's location or address is in the Republic of Latvia. "
37. Add to article 102 of the seventh, eighth and ninth subparagraph by the following: "(7) the investment company subject to this law, the procedure laid down in section F1, have the right to delegate such outsourcing outsourcing: 1) accounting sort;
2) information technology or management system or development;
3) the organisation of internal control;
4) investment services and investment in additional services or an essential element.
(8) investment brokerage company internal audit service duties as may be delegated to outsourcing only sworn auditor or certified auditor company.
(9) investment brokerage company may not: 1) the delegate in accordance with the laws and statutes of the company or certain investment administrative institutions of society;
2) licenses allow investment service or investment for the provision of additional services to fully outsource providers. "
38. Article 103: make the first part of paragraph 1 by the following: "1) investment services and investment and provide additional control procedures;";
to supplement the first part with the 2.1 point as follows: "21) challenge of the business description, made by using internal information or in order to carry out market manipulation of financial instruments market;";
make the first part of paragraph 3 by the following: "the rules of 3), which provides investment and investment in additional services. If the intended investment services and investment in the provision of additional branches of the credit institution, or essentially comparable to departments, the credit institution shall also determine the investment services and the provision of additional services to these units. "

39. the express article 104 the first part of paragraph 4 by the following: "4) has started the investment brokerage firm liquidation process;".
40.106. Article: make the fifth subparagraph of paragraph 3 as follows: "3) which can be identified.";
to supplement the article with the sixth part as follows: "(6) investment brokerage company's management body is obliged to own or at the request of the Commission, to immediately withdraw from the post of the Board of directors or Council members if they do not comply with the requirements of this law."
Article 41.107: make the second part of paragraph 2 as follows: "2) balance sheet and capital adequacy calculations of the situation preceding the last day of the month, drawn up in accordance with the statement of investment brokerage company and capital adequacy calculations of the preparation of the regulatory legislation, as well as the initial capital requirements of the supporting documents (for example, sworn auditors the audited financial statements, statement of credit documents showing changes in equity during the year);"
make the second paragraph, the introductory phrase of paragraph 3 as follows: "3) investment brokerage firm and qualitative investment services and investment for the provision of the necessary additional investment brokerage firm internal control policies and procedures of the system descriptions:";
to make the second part of paragraph 3 subparagraph "a" the following: "(a)) investment brokerage company's organizational structure with clearly identified description (if any) and the members of the Management Board responsibilities and powers, as well as clearly defined and divided into units for tasks and investment services or investment requirement of the unit managers and employees. If it is intended for creation of branches, investment brokerage company shall also submit the affiliate organizational structure and investment services or investment requirement of the affiliate managers and employees, "description of the tasks;
make the second subparagraph of paragraph 3 "f" at the bottom of the paragraph by the following: "(f)) in criminal money laundering and terrorist financing prevention of internal control procedures, which include customer identification and management of economic activities, a description of the agenda,";
to make the second part of paragraph 5 by the following: "5) investment services and investment and provide additional control procedures provide a description of the investment brokerage firm wants to be licensed;";
Add to the second part of paragraph 5.1 by the following: "51) challenge of the business description, made by using internal information or in order to carry out market manipulation;"
off the seventh part.
Article: 42.108 put fourth by the following: "(4) the Commission shall consult the supervisory authorities of the Member State concerned before the issue of the investment brokerage firm: 1) which are licensed in a Member State of the investment firm, a credit institution or an insurance undertaking subsidiary company;
2) which is the subsidiary of the parent company, another subsidiary of which is licensed in a Member State of the investment firm, a credit institution or insurance company;
3) controlled by a person who controls the other Member State-licensed investment brokerage firm, credit institution or insurance undertaking. ";
to supplement the article with a fifth by the following: "(5) the Commission, before licences are issued, as well as licensed investment broker firms in the course of supervision of a management authority of the Member State concerned shall require and evaluate information about investment brokerage company the suitability of shareholders and the reputation of the members of the Executive Board and experience, if that person is involved in another company of the group, which includes the investment brokerage firm."
43. To supplement the law with article 108.1 as follows: "article 108.1. Notification of changes after receiving a licence within seven days after the change of investment brokerage company board or Council (if created) investment brokerage company shall submit to the Commission communication on the share of changes. Simultaneously with the announcement of the investment brokerage company presented in the newly elected members of the Board of directors or the Council documents referred to in this law, article 107 of the second paragraph of point 1. "
44. in the second paragraph of article 109: make 2 and 3 as follows: "2) the investment service or investment procedure, additional services the provision of which the investment brokerage firm wants to start;
3) amendments in existing investment brokerage company policy and procedure descriptions, if such amendments to be made in the context of the new investment services and investment started to provide additional services; ";
turn off paragraph 4;
supplement paragraph 5, after the word "calculated" by the words "If the new investment service or investment started to provide additional investment brokerage company has a higher initial capital requirement".
45. Article 111 of the first paragraph: replace in paragraph 3, the words "investment services" with the words "its licence in specified investment services and investment requirement";
Replace in paragraph 4, the word "regularly" with the words "or long".
46. Replace article 115, second paragraph, first sentence, the words "to be" with the word "and".
47. To make 122. the first paragraph by the following: "(1) investment brokerage firm equity consists of first and second level capital total, from which are deducted the equity reduction, consisting of: 1) the supervision of credit institutions, investment investment brokerage company and capital of financial institutions, subordinated capital and, in accordance with the Commission's rules in other financial instruments, in which the investment company has a significant interest;
2) the investment share exceeding 10 percent of the investment brokerage firm of first and second level capital totals, the supervision of credit institutions, investment firms and financial institutions, subordinated capital share capital and, in accordance with the Commission's rules in other financial instruments, in which the investment company has a qualifying holding;
3) investments made in insurance companies, reinsurers and insurance holding company share capital in which the investment brokerage company directly or indirectly owns 20% or more of the share capital or voting shares;
4) investment insurance companies, reinsurers and insurance holding, subordinated capital definition and, in accordance with the provisions of the Commission — other financial instruments. "
48. Article 128: Add to the second part of "after the word" provision "and" contribution to the provision of additional services;
replace the seventh paragraph, the words "in order for the task run time or price" with the words "guidelines for implementation" of the task.
49. Article 130: expressing a fifth by the following: "(5) identifying the person who wants to open a financial instruments account, investment firm or a credit institution request from the person concerned for information on whether this person is not included in this Act referred to in article 86 Insider holder list. If the person is included in the internal information holders list after it has been opened in the financial instruments account, investment firm or the credit institution the person is obliged to notify the relevant investment firm or credit institution. ";
turn off the sixth.
133. Article 50 to make first and second subparagraph by the following: "(1) investment brokerage company shall prepare and submit to the Commission a report on the holding of client financial instruments, investment brokerage company's financial condition, the ratio of equity to risk-weighted assets and off-balance-sheet items total (capital adequacy calculation), large exposures and transactions with persons associated with investment brokerage company, and other statements within procedures and deadlines.
(2) a credit institution shall prepare and submit to the Commission in accordance with the requirements of the laws and prepare a report on the client's holdings of financial instruments. "
51. Article 134 off the second part.
52. Replace article 135 in the second part of the word "market" with the word "Commission".
53. Article 139: Add to the first paragraph, after the word "Commission" with the words "and its authorised persons";
to turn off the second part;
replace the words "the sixth part of the examination opinion" (fold) with the words "report on inspection" (fold).
54. in article 142: make the first paragraph by the following:

"(1) investment brokerage company, which is another investment brokerage company, another financial institution or credit institutions the parent company or other investment companies, other financial institutions or credit is derived, directly or indirectly, participation, which covers 20 percent or more of the share capital or voting shares (part), 121 of this Act in the first subparagraph of article 1 of the third paragraph and in paragraph 2, the investment brokerage companies comply with regulatory requirements on the basis of the investment company's consolidated financial statements. ";
replace the second part of the number and the word "the" in article 121 with numbers and the words "article 121 the first part and third part 1 and 2" and turn off the second sentence;
make the third paragraph as follows: "(3) in the first and second parts, certain investment brokerage companies representative of the regulatory requirement for the calculation of the order on the basis of the consolidated accounts and other investment firms in the preparation of the information required, as well as the consolidated financial statements of the society as a whole to be determined by the Commission.";
to make the fourth part of the second sentence as follows: "investment brokerage company at the request of the Commission, provide information on companies whose financial reports in accordance with the laws and regulations are included in the investment brokerage company or financial holding company's consolidated financial statement, or is exempt from consolidation. The Commission has the right to carry out internal inspections of companies whose reports are consolidated or exempt from consolidation, in order to assess the veracity of the information provided. ";
to make the seventh, eighth and ninth subparagraph by the following: "(7) The investment brokerage firm, other financial institutions and financial statements of credit institutions which are subsidiaries of the company are consolidated by the full consolidation method.
(8) the consolidation by the proportional methods make the capital investment companies, other financial institutions and credit institutions, which are managed by a company that is part of the consolidation group together with one or more companies that are not included in the consolidation group if the commitments depend only of them own shares.
(9) if the consolidation group of the investment brokerage company participation, another financial institution or credit institution which is not a subsidiary of the consolidation group, covers, directly or indirectly, 20% or more of the share capital or voting shares (share), this participation in the consolidated financial statements are presented, in applying the equity method. ";
to replace the tenth paragraph, the words "investment brokerage firm or other financial institution" with the word "society";
make the eleventh subparagraph by the following: "(11) the Commission may exempt investment firms from the monitoring, on the basis of the consolidated financial statements, where the investment brokerage firm's parent company is a bank or investment company established in a Member State and that Member State is included in the company as a whole, where the Member State concerned in the supervision of the supervisory organ shall be carried out on the basis of consolidated financial statements.";
Add to article 11.1, 11.2 and 11.3 to 11.4, subparagraph by the following: "(111) the Commission is empowered to exempt an investment brokerage firm, whose parent company is a financial holding company, supervision on the basis of the consolidated financial statements, where a management authority of the Member State where incorporated in the Republic of Latvia registered investment company to be consolidated in the general supervision of a management authority of the Member State concerned shall carry out on the basis of consolidated financial statements.
(112) the Commission is entitled to apply for the investment brokerage firm eleven of this article and the provisions of part 11.1 once with the management authority of the Member State concerned has concluded reciprocal agreement, which provides for cooperation and information exchange procedures. The Commission shall inform the European Commission about the arrangements of this nature and content.
(113) the Commission is entitled to request from the management authority of the Member State the information about the contributions of this country to a brokerage company or a bank, financial institution or a financial holding company, which is registered in the Republic of Latvia's contribution to the brokerage firm's parent company, if the management authority of the State is not included in the Republic of Latvia registered investment company to be consolidated in the general supervision of a management authority of the State carried out on the basis of consolidated financial statements.
(114) the Commission, at the request of the supervisory authorities of the Member State shall provide information on the Republic of Latvia registered investment brokerage firm, bank, financial institution or a financial holding company, which is registered in the Member State of the investment firm's parent company, if the Commission has not included in the corresponding Member State registered investment brokerage company the society as a whole, which the Commission carried out surveillance on the basis of consolidated financial statements. ";
make the 13th part as follows: "(13) in order to verify the accuracy of the information, which the surveillance on the basis of the consolidated accounts, the Commission received on credit institutions established in a Member State, an investment brokerage company, another financial institution, financial holding company, holding company or a mixed credit institutions, investment firms, financial holding companies and mixed holding company subsidiaries, the Commission is entitled to send the Member State concerned, request the institution of supervision to carry out internal inspection of that society."
to supplement the article with the fifteenth, sixteenth, seventeenth, eighteenth, nineteenth, twentieth and twenty-first paragraph as follows: "(15) investment brokerage firm or financial holding company, gaining the participation of a foreign country registered in the company's share capital, which led to the company in accordance with the requirements of this Act or the rules of the Commission becomes subject to consolidated supervision, to make sure that investment brokerage company, which, in accordance with the requirements of this law, to prepare consolidated financial statements, is able to get this law to comply with the required information.
(16) where a financial holding company registered in a Member State, which is the investment firm's parent company, does not provide investment brokerage company in the second part of this article the requirements necessary for the performance of the information, the Commission has the right to prohibit financial holding company to use its voting rights investment brokerage company, which is a financial holding company or of a subsidiary of the company, in which the financial holding company shall directly or indirectly owns 20% or more of the share capital or voting shares (share).
(17) the companies whose financial statements are included in the consolidated financial statements or in accordance with the Commission's rules exempt from inclusion in it, have the right to provide information to the Commission, in accordance with the laws, regulations and rules of the Commission and the Member State or the institution of mutual monitoring agreement required an investment brokerage firm exercise of supervision, the Member States established a company which is registered in the Republic of Latvia of the parent company or companies which directly or indirectly owns 20% or more of it from the share capital or voting shares (share).
(18) the mixed holding company and its subsidiaries registered in the Member States have the right to exchange the relevant information in accordance with the legislation or the Member State concerned, the Commission and the management authority of the mutual agreement requires investment firms to carry out supervision.
(19) if the investment firm's parent company is a foreign investment company or financial holding company, the Commission shall, before making a decision on such an investment brokerage firm monitoring on the basis of the consolidated accounts, on its own initiative or at the request of the investment brokerage firm's parent company or registered in a Member State by a credit institution or an investment brokerage firm, investment brokerage company's subsidiary company, consult with the parties to the supervisory authorities of the Member States and assess the whether the investment brokerage company is subject to the requirements of the Member States adopted similar surveillance on the basis of consolidated financial statements.
(20) the Commission takes a decision pursuant to the European Banking Committee guidelines, assessing whether the relevant foreign supervisory authorities monitoring on the basis of consolidated financial statements comply with the requirements of the Member States adopted the consolidated supervision.

(21) If a foreign supervisory authority supervision on the basis of consolidated financial statements does not meet the requirements adopted in the Member States, the Commission shall carry out an investment brokerage firm, whose parent company is a foreign credit institution or a financial holding company, supervision on the basis of consolidated financial statements in accordance with the requirements of this law. "
55. To supplement the law with the F1 title as follows: "provision of the F1 title Outsourcing 142.1 article. The launch of the provision of outsourcing arrangements (1) outsourced the meaning of this law, the recipient may be the market Organizer, the central depository and investment brokerage company.
(2) outsourcing market Organizer, central depository and investment brokerage firm is entitled to provide only such outsourcing provider that has at least three years of experience in the provision of outsourcing outsourcing provider plans to delegate the market Organizer, the central depository or investment firm.
(3) at least 30 days before the date of the receipt of the outsourcing market Organizer, the central depository and investment brokerage company submits to the Commission a reasoned written application for the proposed outsourcing. The application adds the outsourcing policy and procedure and the outsourcing contract of the original or a certified copy.
(4) the market Organizer, the central depository and investment brokerage company shall submit to the Commission amendments to outsourcing policies and procedures description no later than the next working day after the approval of the amendment.
(5) the Outsourcing contract determines: 1) a description of the receivable outsourcing;
2) and outsourcing of the precise quality requirements;
3) outsourcing and outsourcing provider rights and responsibilities, including: (a) the right of a beneficiary of outsourcing) to continuously monitor the quality of the provision of outsourcing, b) requested the right to give outsourcing outsourcing provider required executable instructions related to the outsourcing of good faith, high-quality, timely and appropriate enforcement of the laws and regulations, (c)) requested the right to outsource the outsourcing provider submit a reasoned written request to immediately terminate the contract when outsourcing outsourcing recipient found that outsourcing providers comply with the outsourcing contract or laid down in the quality requirements, d) outsourcing provider to provide the recipient of the outsourcing option to continuously monitor the quality of the provision of outsourcing, e) outsourcing provider's obligation to immediately terminate the outsourcing contract by outsourcing the requested motivated written request;
4) to the right of the Commission to consult all documents and registers of the accounting document and request from the external service provider any information related to the provision of outsourcing and the functions of the Commission.
(6) the market Organizer, the central depository or investment firm that plans in accordance with the procedure laid down in this Act to receive the outsourcing, outsourcing the development of policies and procedures. The outsourcing procedure determines: 1) internal order in which decisions are taken on outsourcing;
2) outsourced contract, execution monitoring and termination procedures;
3) on cooperation with an external service provider and received the outsourcing and quality supervision of responsible persons and departments, as well as the rights and obligations;
4) requested action outsourcing when outsourcing provider fail or not be able to meet the outsourcing agreement.
(7) the Commission is empowered to make outsourcing provider check the presence or location of outsourcing, including acquaint himself with all the documents, documents and accounting records, make copies of documents, as well as demand from outsourcing provider information related to outsourcing or required the Commission's functions.
(8) the outsourcing provider launches to provide outsourcing when outsourcing the beneficiary within 30 days of the date referred to in the third subparagraph the date of submission of the application is not received by the Commission to ban outsourcing.
(9) the Outsourcing provider is entitled to delegate the provision of outsourcing to another party only after receiving the consent of the beneficiary of outsourcing. The market Organizer, the central depository and investment brokerage company before outsourcing the writing of subdelegation shall inform the Commission and the third paragraph of this article shall submit the documents referred to. On the provision of further outsourcing and delegation of outsourcing the final provider apply this law.
Article 142.2. limiting the supply of Outsourcing (1) the Commission shall prohibit the organizer of the regulated market, a central depository or investment firm to receive the planned outsourcing if: 1) is not complied with the provisions of this law;
2) outsourced reception may limit the market Organizer, central depository or investment firm to provide the services set out in this law, as well as the customer may interfere with legitimate interests;
3) outsourcing can limit outsourcing of receiving the requested authorities to carry out the laws and statutes of the beneficiary, outsourcing or other internal legislation the obligations;
4) prevent the receipt or outsourcing will limit the Commission's ability to carry out the functions laid down in the law;
5 outsourcing contract) complies with the law and do not give a true and fair view of outsourcing and outsourcing provider for collaboration and outsourcing and quality requirements.
(2) Outsourcing arrival does not relieve the market Organizer, central depository and investment brokerage company of liability laid down by law or the contract with their clients. Outsourcing the beneficiary is responsible for the outsourcing of work to the same extent as for their performances.
(3) the Commission has the right to have the beneficiary of outsourcing eliminates deficiencies incurred upon outsourcing, and set deadlines for the correction of this deficiency. If the period prescribed by the Commission is not prevented, the Commission requires that the recipient of the stop outsourcing outsourcing contract and determines the termination date.
(4) the Commission may require the beneficiary of outsourcing to immediately terminate the existing outsourcing contracts if it finds: 1) that the beneficiary does not make outsourcing outsourcing the provision of quality supervision or take it sporadically and not enough;
2) that outsourcing does not perform requested the provision of associated with the outsourcing risk management or their insufficient and of poor quality;
3) significant deficiency in the outsourcing provider, which endangers or may endanger the fulfilment of the obligations of the beneficiary of outsourcing;
4) that there was one of the first paragraph of this article.
(5) Outsourcing of the beneficiary shall inform the Commission immediately, if it is found that the outsourcing provider's failure to comply with the contractual outsourcing outsourcing volume or quality requirements.
(6) the receipt of the Outsourcing shall not relieve the beneficiary of outsourcing from the obligation to carry out the statutory activities related to it risk management.
(7) in the first, third and fourth in the part of the Commission's administrative law issued the appeal shall not suspend the execution. "
56. To supplement the law with article 144.1 as follows: "article 144.1. Exchange of information with the supervisory bodies of the Member States in order to ensure the public offer and the inclusion of a financial instrument on the regulated market (1) the Commission is responsible for cooperation with competent institutions of the Member States to ensure this law, section C and section D in chapter II of the Commission carrying out the obligations and powers.
(2) the Commission, on the basis of a reasoned request, shall provide the competent institutions of the information that they need to make the laws of the Member State concerned in certain functions.
(3) the Commission shall cooperate with the other institutions and the Member States shall exchange their function requires information.
(4) the Commission is under an obligation to cooperate with other competent authorities of the Member States, if: 1) the issuer has more than one Member State, the competent institution of origin so that the various categories of transferable securities;
2) required suspension or prohibition of trade in transferable securities, which sold in the various Member States, in order to ensure compliance with the conditions of the different trading venues and ensure investor protection.
(5) in the fourth paragraph of this article, the cases the Commission is entitled to ask for help, the competent institution of the Member State of origin, starting from the time of commencement of the examination of the circumstances of the case, in particular as regards new type or rare forms of transferable securities. The competent institution of the Member State of origin are entitled to ask the Commission for information on any of the elements that are specific to the Commission monitor market. "
57. Add to article 145 of the second part as follows:

"(2) to verify the accuracy of the information, which the surveillance on the basis of the consolidated accounts, the Commission received on foreign credit institution registered in investment brokerage company, another financial institution, financial holding company, holding company or a mixed on credit institutions, investment firms, financial holding companies and mixed holding company subsidiaries, the Commission is entitled to send the relevant foreign supervisory authorities to request internal inspection of that society."
58. Article 147 of the be expressed as follows: "article 147. The Commission's obligation to provide information to the European Commission (1) the Commission shall inform the European Commission of: 1) licence investment services and investment for the provision of additional services to the investment brokerage company, which is registered in the company's foreign subsidiaries;
2) where significant acquisition in the Republic of Latvia as a result of a registered investment company becomes registered foreign subsidiary companies;
3) cases referred to in this law, the third paragraph of article 24.1 and article 55.1 of the fourth part.
(2) the first subparagraph of this article, 1. and 2. in the cases referred to in paragraph 1, the Commission shall forward to the European Commission for information about the structure of the group, which includes the investment brokerage company.
(3) the Commission shall inform the European Commission of a general character the difficulties, by providing investment services or via the provision of investment services abroad, contact the investment brokerage firm, which the Commission received the license of the investment service or investment for the provision of additional services. "
59. To supplement the law with the H section by the following: "(H) the section responsible for the markets in financial instruments, the law regulating infringements article 148. Responsibility (1) concerning the financial instrument for the public offering, not subject to the requirements of this law, the Commission has the right to express the issuer warnings or impose fines of up to 10000 litres.
(2) for providing incorrect or misleading information about significant events to the issuer, the Commission is entitled to express the issuer or impose fines of up to 10 000 lats.
(3) Of this law, article 61 of the non-compliance, the Commission shall have the right to a person who has not complied with its obligation and not reported in the market Organizer for the significant acquisition or loss of shares in the company, warn or impose a fine of up to 10000lat.
(4) if the person in accordance with this law, article 55 and 66 and the conditions of the transitional provisions is the obligation to make a mandatory stock buyback offer, the order shall not be made, the Commission has the right to speak to the person or impose fines of up to 10 000 lats.
(5) For others of this law and in accordance with the regulations issued by the Commission of violations have the right to make laws and regulations violated party warnings or impose fines of up to 10 000 lats.
(6) for the public offer, the inclusion of financial instruments regulated markets and the European Commission Regulation No. 809/2004 non-compliance, the Commission is right to warn or impose fines of up to 10000 litres.
Article 149. Fine collection Of this law 148. the infringements referred to in article charged fines is included in national budget. "
60. transitional provisions: Express 4 by the following: "4. the corporations whose shares are publicly traded to put this law into force, but is not included in the regulated market, shareholders ' meeting not later than 31 December 2005 to decide the question of the inclusion of the shares on the regulated market of the shareholders who participated in the vote with a simple majority. If a shareholder vote on the issue of the inclusion of the shares on the regulated market, refrain, then such shareholder shall be deemed to vote have voted against the inclusion of the shares on the regulated market. If the shareholders ' Meeting decides not to include the shares on the regulated market of the total negative votes and the votes of the shareholders who vote abstained, those shareholders who voted against and abstentions in the vote, the minimum stock buy-back offer in accordance with the procedure laid down in this Act, subject to the requirements that apply to this law, article 66, first paragraph, point 2 the established stock buyback. If the shareholders ' Meeting decides to include in the shares on the regulated market, then not later than three months from the date of adoption of the decision, article 48 of this law, first and second parts, certain documents are to be submitted to the Commission. Shareholders ' meeting on the issue of the inclusion of the shares on the regulated market is valid regardless of the number of votes of shareholders who participated in. On the convening of the general meeting is responsible for the company's Management Board. ';
transitional provisions be supplemented with 4.1, 4.2, 4.3 and 4.4, as follows: "the company of 4.1 T, whose shares are publicly traded to put this law into force, but is not included in a regulated market and which have adopted the decision on the inclusion of the shares on the regulated market, up to 31 December 2005 shall be submitted to the Commission article 48 of this law in the first and second paragraphs of certain documents.
4.2 T of the corporations whose shares are publicly traded to put this law into force, but is not included in the regulated market, which has been declared insolvent: 1) and is in the process of restoration, not later than three months after the completion of the restoration of the shareholders meeting shall decide the question of the inclusion of the shares on the regulated market of the transitional provisions laid down in paragraph 4;
2) and in respect of which the bankruptcy proceedings have been initiated, the Commission shall adopt a decision on the withdrawal of shares publicly traded and emission certificates.
4.3 J joint stock company shares are released for public circulation before the date of entry into force of the law, but are not included in the regulated market, such companies stock winners: 1) article 61 of this law in the first and third part, a notification must be submitted to the Commission and the company, in accordance with the procedure laid down in article 61 and time limits;
2) in accordance with the procedure laid down in this Act to represent the minimum stock buy-back offer article 66, first paragraph, point 1 of the particular case.
4.4 joint stock companies whose shares are publicly traded to put this law into force, but is not included in the regulated market, and the company share the winners on the violations of this law the answer under this law, article 148. ";
exclude paragraph 9;
transitional provisions be supplemented with 12, 13, 14, 15 and 16 of the following paragraph: "the law amendment 12 article 93, third paragraph, and article 93 of the seventh of the entry into force on 1 January 2006.
13. Those issuers that are registered in a foreign country and whose transferable securities already listed on the regulated market, the Member State of origin of its competent authorities in accordance with the requirements of the law and notify its decision to the Member State of origin designated competent institution until 31 December 2005.
14. where the Commission has taken its decision on the authorisation of the public offer until 1 July 2005, the emission prospectus is valid for 12 months from the date of the decision.
15. If the Commission has registered the prospectus until 1 July 2005, applied this law, the first paragraph of article 50.
16. If the prospectus or prospectus of the issue has been approved by the Commission before 1 July 2005, but the issuer, acts of the public offer or the person asking for the admission of transferable securities on a regulated market after the date of entry into force of this law, wishes to make the offer to the public or ask for admission of securities to a regulated market in another Member State, it must prepare a new prospectus or the prospectus of emissions according to this law, (C) and (D) of section of chapter II of title. "
61. To make informative reference to European Union directives as follows: "Informative reference to European Union directives, the law includes provisions resulting from: 1) of the European Parliament and of the Council of 4 November 2003, Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC;
2) Council on 15 March 1993 of Directive 93/6/EEC on the capital adequacy of investment firms and credit institutions;
3) Council 10 May 1993 of Directive 93/22/EEC on investment services in the securities field;
4) of the European Parliament and of the Council of 29 June 1995 directive 95/26/EC amending Directives 77/780/EEC and 89/646/EEC in the field of credit institutions, directives 73/239/EEC and 92/49/EEC in the field of non-life insurance, directives 79/267/EEC and 92/96/EEC in the field of life assurance, Directive 93/22/EEC in the field of investment firms and Directive 85/611/EEC as regards transferable worth paper collective investment undertakings (UCITS) to strengthen the Advisory supervision;
5) of the European Parliament and of the Council of 7 November 2000 Directive 2000/64/EC, amending Council directives 85/611/EEC, 92/49/EEC, 92/96/EEC and 93/22/EEC as regards exchange of information with third countries;

6) the European Parliament and of the Council of 28 May 2001, Directive 2001/34/EC on the admission of securities to official stock exchange listing and on information to be published on those securities;
7) the European Parliament and of the Council of 6 June 2002 Directive 2002/47/EC on financial collateral arrangements;
8) of the European Parliament and of the Council of 16 December 2002, Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC as well as directives of the European Parliament and of the Council 98/78/EC and 2000/12/EC;
9) the European Parliament and of the Council of 28 January 2003 of Directive 2003/6/EC on insider dealing and market manipulation (market abuse);
10) Commission 22 December 2003 Directive 2003/124/EC of the European Parliament and of the Council Directive 2003/6/EC as regards the definition and public disclosure of inside information and the definition of market manipulation;
11) Commission April 29, 2004, Directive 2004/72/EC implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the commodity derivatives related to the definition of inside information, drawing up the list of people who have access to inside information, the disclosure of management transactions and reporting of suspicious transactions. "
The law will enter into force simultaneously with the financial conglomerate.
The law adopted by the Parliament of 9 June 2005.
The President of the Parliament instead of the President i. Otter in Riga on 28 June 2005 editorial Note: the law shall enter into force by July 12, 2005.