The Saeima has adopted and the President promulgated the following laws: the law of credit institutions to make the law of credit institutions (the Parliament of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1995, nr. 23; 1996, 9, 14, 23 no; 1997, no. 23; 1998; 2000, no. 13, no. 13; 2002, 10, 23; 2003, nr. 14. No; 2004, nr. 2, 12) the following amendments: 1. Replace the words "throughout the Act: a Member State of the European Union or European economic area country" (fold) with the word "Member" (fold);
the words "company (company)" (the fold) and the word "company" (the fold) with the word "company" (the fold);
the word "entrepreneurship" (fold) with the word "business" (fold).
2. in article 1: (1) be expressed as follows: "1): (a) the credit institution) — a corporation that accepts deposits and other repayable funds from the unrestricted deployment of clients, in the name of the issuing credit and other financial services, (b) electronic money institutions) — a corporation issuing electronic money and the crew and not the bank;"
replace 5., 6., paragraph 14 and paragraph 19 of the "b" section, the words "credit institution" (fold) with the word "bank" (the fold);
make the following paragraph 16: "16) exposures of a credit institution, the balance sheet and off-balance-sheet items assets show operations from which the credit institution may suffer losses;"
make a point 19, point "c" by the following: "(c)) credit Council, Chairman of the Board and members of the internal audit service's ceo and members of the public and other credit institutions to monitor employees who are authorized to carry out the activities of the credit institution, management planning and control and be responsible for it, as well as that person's spouses, parents and children;"
make 21 the following: "financial holding company — 21) a financial institution, the subsidiaries are either exclusively or mainly credit institutions or financial institutions, at least one of which is a credit institution;"
make 36 point "a" the following: "(a)), the Council of the credit institution's shareholders, the Board and the recognized governing body or internal audit manager and members of the service or the company controller, as well as that person's spouse, parents and children;"
39 points to express the following: "39) electronic money — funds that are expressed in the form of a claim against the issuer and: a) which are registered in an electronic device (smart card or computer memory), (b)) which is built up from customer's funds, which is not less than the nominal value of electronic device registered denominations, c) which is accepted as payment by parties other than the electronic money issuer;";
Add to article 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53 and 54 of the following paragraph: "43) mixed holding company — the parent company of which is a credit institution or a financial holding company, but between the subsidiary companies have at least one credit institution;
44) — the European Union or the European economic area;
45) — the foreign country that is not a Member State;
46) home State – State in which a credit institution registered and issued a licence for the operation of the credit institution, or otherwise given permission for the operation of the credit institution;
47) the participating State, the Member State which is not the home State and in which the home country of the credit institution registered a branch or home country credit institution provides financial services, without having to open the branch;
48) outsourcing: a person who, on the basis of a written agreement with the credit institution shall undertake to provide the credit institution or outsourcing;
49) initial capital — capital that consists of: (a)) paid shares or capital (share capital), reduced by the value of the preference shares with a dividend accrual value b) stock (share) premium, c) reserves (excluding revaluation reserve), d) previous years retained earnings or loss in current year e) earnings, if the auditor is sworn or certified auditor commercial companies report earnings and if it calculated taking into account all the necessary provisions for impairment of assets, estimated tax payments, and dividends, and if the financial and capital market Commission has agreed to the current year's profit for inclusion in the initial capital;
50) competent authorities, national authorities, courts, liquidators, administrators and other institutions or persons within their statutory powers decide on reorganisation measures or winding-up, carried out a reorganisation measure or winding-up or monitors of reorganisation measures or winding-up proceedings;
51) reorganisation measures — the insolvency process, including rehabilitation, as well as other legal acts which may affect the rights of third parties and which are taken to preserve or restore the credit institution, including branches of solvency;
52) free capital — the assets belonging to the person that the context of this person's reduced value and the value of the assets, which are considered long-term investments;
53) net claims and obligations of the debtor, before netting the opening of winding-up proceedings in accordance with the procedure prescribed by law or recognized between a debtor insolvency and creditors to a written contract of legal relationships established between contracts arising from claims and liabilities in one expression of requirements or that are built only one requirement and must be executed only one;
claims and liabilities 54) delete: after the opening of winding-up proceedings or the debtor law recognized in insolvency of the debtor and of the contract, the creditor's claim and the relation between total deletion regardless of claims and liabilities (amounts). "
3. To make article 3 by the following: ' article 3. (1) in the Republic of Latvia the right to pursue the business of credit institutions registered in the Republic of Latvia to foreign credit institutions by the credit institution, branch, the credit institution established in a Member State or registered in a Member State of the branch of the credit institution.
(2) the bank of the Republic of Latvia may only be established as a joint stock company.
(3) in the Republic of Latvia electronic money institutions may be established as a corporation.
(4) if the electronic money institution is founded as a company with limited liability, and it is under this Act to receive the financial and capital market Commission issued a license (permission) an electronic money institution, its founders and participants apply the provisions of this law on credit institutions founders and shareholders. "
4. Replace the 4, 6, 12, 12.1, 12.2, 12.3, 13, 14, 20, 24, 25, 26, 31, 32 and 33.1 article 90, in the second paragraph of article 95, 96, 97, 108.1., article 112, and 146 in the fourth paragraph of article the word "bank" (the fold) with the words "credit institution" (fold).
5. in article 6: Add to the article with the second and third subparagraphs by the following: "(2) an electronic money institution which under this Act is not required to receive a license (permission) to initiate their activity is not bound by this law, 12, 10.1 12.2, 12.3, 13, 16, 17, 19, 20, 21, 24, 25, 26, 28, 29, 31, 32, 30.1, 33, 33.1, 35, 38, 39, 40, 42, 43, 44, 50.2, 50.3 , 50.4, 50.5, 50.6, 55, 57, 58, 59 and article VI, VII, VIII, IX, X, XI, XII, XIII, XIV and XVI chapter requirements.
(3) a credit institution established in a Member State entitled to provide financial services in the Republic of Latvia, the Republic of Latvia is bound by laws on the provision of statistical information and the protection of the public interest, as well as the law, and article 12.1, 12.2, 12.3, chapter V and article XVI section 108.1 requirements. ";
believe the current text of article about the first part.
6. Express article 8 the first paragraph by the following: "(1) the institutions and persons covered by this law, it is the duty of financial and capital market Commission and the Latvian Bank within the time limits to submit them all required information necessary for statutory financial and capital market Commission and the Latvian Bank functions."
7. To make article 9 as follows: "article 9. (1) the words "credit institution", "bank" or the words "in the name of a corporation or self-promotion may be used only: 1) in the Republic of Latvia registered bank that has the financial and capital market Commission issued a license (permission) for the operation of the credit institution;
2) registered in a Member State, the bank or its branch which in accordance with the procedure laid down in this Act initiated the provision of financial services in the territory of the Republic of Latvia;
3) foreign bank branch, which has the financial and capital market Commission issued a license (permission) for the operation of the credit institution.
(2) the words "credit institution", "electronic money institution" or the words "in the name of a corporation or self-promotion may be used only: 1) in the Republic of Latvia registered the electronic money institution has the financial and capital market Commission issued a license (permit) electronic money institutions;

2) registered in the Republic of Latvia of the electronic money institution for the start-up has informed the Bank of Latvia;
3) registered in a Member State of an electronic money institution or its branch which in accordance with the procedure laid down in this Act initiated by an electronic money institution in the territory of the Republic of Latvia;
4) of foreign electronic money institutions branch, which has the financial and capital market Commission issued a license (permit) electronic money institutions.
(3) in the Republic of Latvia only registered banks and foreign bank branches, as well as the banks and bank branches in the Member States, in accordance with the procedure laid down in this Act initiated the provision of financial services in the territory of the Republic of Latvia, allowed to tender deposit and other reimbursable funds and accept them.
(4) the third part of this article are without prejudice to the provisions of the electronic money institution empowered to take money from customers while exchanging the money for electronic money.
(5) the only institutions allowed to skip and serve non-cash means of payment.
(6) the financial and capital market Commission licensed electronic money institution shall not provide financial services (also issue loans) or other commercial activities other than issuance of electronic money or means of payment of the related service.
(7) the sixth subparagraph of this article shall not prevent the provisions of the financial and capital market Commission licensed electronic money institution: 1) provide any financial services and other services that are closely related to the issuance of electronic money and room service or with the subtasks, resulting from the issuance of electronic money and service;
2) accumulate with electronic money issuance and service related data, including customer identification data, electronic device. "
8. Supplement with 10.1 and 10.2 of chapter I of this article: "10.1 article. (1) a credit institution is entitled to outsource only provide the outsourcing provider that has the required qualifications and experience then delegated duties.
(2) for the purposes of this law, outsourcing is a service that meets the following characteristics: 1) a credit institution shall provide it outsourcing provider, who has not received the financial and capital market Commission license (permission) for the provision of the service concerned;
2) it means one of the following services: (a) the credit institution's accounting), information technology or management system or development, the Organization of internal control, internal audit service duties, b) credit institutions or financial services an essential element.
(3) the credit institution's internal audit duties can be delegated only sworn auditor or certified auditor company.
(4) a credit institution may not be delegated in accordance with the laws and regulations or the Statute of the credit institution on certain obligations of the credit institution, as well as: 1) deposits and other repayable funds raising;
2) guarantees and other obligations of the issuing of the law with which it has entered into an obligation to respond to the vendor of the third-party debt.
(5) prior to receipt of the credit institution submitting an outsourced financial and capital market Commission a reasoned written application for the planned outsourcing. The application adds the outsourcing policy, procedure and the outsourcing contract of the original or a certified copy thereof.
(6) the Outsourcing contract determines: 1) a description of the receivable outsourcing;
2) precise requirements as to the amount and quality of outsourcing;
3) credit and outsourcing provider rights and responsibilities, including: (a) the right of the credit institution) to continuously monitor the quality of the provision of outsourcing, (b) the right of the credit institution given) outsourcing provider required executable instructions related to the outsourcing of good faith, high-quality, timely and appropriate enforcement of the laws and regulations, (c) the credit institution the right to submit) outsourcing provider motivated written request to immediately terminate the outsourcing agreement, if the credit institution found that the outsourcing provider does not comply with the requirements specified in the contract, outsourcing with regard to outsourcing, or quality , d) outsourcing provider's obligation to ensure the credit institution the ability to continuously monitor the quality of the provision of outsourcing, e) outsourcing provider's obligation to immediately terminate the outsourcing contract by substantiated written request of the credit institution;
4) financial and capital market Commission's right to consult all documents and registers of the accounting document and request from the external service provider any information related to outsourcing and financial and capital market Commission's functions.
(7) a credit institution which intends to 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) financial institution where the outsourcing provider fail or not be able to meet the outsourcing agreement.
(8) the financial and capital market Commission has the right to inspect the activities of the outsourcing it outsourcing or location, including acquaint himself with all the documents, accounting and document records, make copies of documents, as well as demand from outsourcing provider information related to outsourcing or necessary financial and capital market Commission's functions.
(9) the outsourcing provider launches to provide outsourced credit institution, if a credit institution within 30 days of the application referred to in the fifth subparagraph, the date of which has not received financial and capital market Commission's ban get outsourced.
(10) the financial and capital market Commission prohibit a credit institution to receive the planned outsourcing if: 1) is not complied with the provisions of this law;
2) outsourced reception may restrict credit to provide financial services as well as credit institutions may interfere with the customer and the legal interests of depositors;
3) outsourcing can limit the receipt of a credit institution to carry out the laws, the statutes of the credit institution or other credit institutions in the internal legislation of those obligations;
4) prevent the receipt or outsourcing will limit the financial and capital market Commission 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 the credit and the outsourcing provider for collaboration and outsourcing requirements and quality.
(11) receive Outsourcing does not exempt a credit institution from liability laid down by law or contract with its customers. The credit institution is responsible for the outsourcing of work to the same extent as hers.
(12) the financial and capital market Commission should have the right to request credit institutions to prevent disadvantages incurred upon outsourcing, and set deadlines for the correction of this deficiency. If the financial and capital market Commission's deadline shortcomings are not remedied, the financial and capital market Commission requires that the credit institution shall terminate the outsourcing arrangement, and defines its termination deadline.
(13) the financial and capital market Commission is entitled to require the credit institution immediately terminating the existing outsourcing contract if financial and capital market Commission finds that: 1) a credit institution shall not make the provision of outsourcing quality supervision or take it sporadically and not enough;
2) a credit institution does not take delivery of ESP linked with risk management or their insufficient and of poor quality;
3) outsourcing provider in action is a serious deficiency that endangers or could endanger the fulfilment of the obligations of the credit institution;
4) timed a tenth part of this article, in these circumstances.
(14) If a credit institution finds that the outsourcing provider does not comply with the outsourcing contract requirements with respect to the amount or quality of outsourcing, it shall immediately inform the financial and capital market Commission.
(15) the Outsourcing shall not release the receipt of credit institution and its governing body from the obligation to carry out the statutory activities of the credit institution associated with risk management.
(16) the credit institution shall submit financial and capital market Commission, the amendments that are being made to the outsourcing policy and procedure not later than the next working day after the approval of the amendment.

(17) the Outsourcing provider is entitled to delegate the provision of outsourcing to another party only after receipt of the written consent of the credit institution. Credit institutions before outsourcing the subdelegation shall inform, in writing, of the financial and capital market Commission and shall submit the documents referred to in this article. On the provision of further outsourcing and delegation of outsourcing the final provider apply this law.
(18) this article the tenth, twelfth and thirteenth in the part of the financial and capital market Commission issued administrative appeal Act shall not suspend the execution.
10.2 article. With the financial support of the related legal relations governed by a separate law. "
9. Article 11 shall be expressed by the following: ' article 11. (1) the Bank of its activities in the Republic of Latvia may be initiated only after the financial and capital market Commission licenses (permissions) receipt and registration laws for the conduct of business.
(2) an electronic money institution which does not intend to issue electronic money in such an amount that exceeded the total amount of five million euros equivalent in lats, their activity in the Republic of Latvia has the right to start after registration to perform commercial activities in accordance with the procedure laid down by the law and after the planned start-up, informed the Bank of Latvia.
(3) an electronic money institution which intends to issue electronic money in such an amount that exceeded the total amount of five million euros equivalent in lats, their activity in the Republic of Latvia has the right to start after the financial and capital market Commission issued licenses (permissions) and registration laws for the conduct of business.
(4) if the electronic money institution has not received financial and capital market Commission license (permission), the electronic money issued by the total volume must not at any time exceed six million euros equivalent in lats.
(5) the financial and capital market Commission license (permission) credit or e-money institutions transaction is issued for an indefinite period.
(6) all electronic money institutions and banks that issue electronic money, execute and comply with the Bank's requirements for electronic money release and service, as well as the Bank of Latvia submitted reports on their activities and the amount of money issued by the Bank of Latvia in accordance with the procedure laid down and timeless. "
10. Express 12.1 of the first paragraph of article 3 by the following: "3) financial and capital market Commission has informed the Member State concerned supervisory authorities of credit institutions that are ready to launch a branch of a credit institution, as well as the monitoring of the Republic of Latvia laws that protect the public interest, or the expiration of two months from the date of the financial and capital market Commission received credit institutions supervision of the Member State concerned authorities."
11. To supplement the law with 12.4 and 12.5 of the following article: "12.4 article. (1) the financial institution of the Member State that controls one or more credit institutions may provide financial services in the territory of the Republic of Latvia by opening a branch or without opening the branch, if it satisfies all the following conditions: 1) the credit institution or credit institution, which controls the financial institution have received license (permission) for operation in the Member State under whose law the relevant financial institution;
2) financial institution provides financial services in the territory of the Member State under whose law it works;
3 the credit institution or credit institutions), which controls the financial institution owns at least 90 percent of the voting shares of the financial institution;
4 the credit institution or credit institution), which controls the financial institution, the financial institution provides a prudent management of the credit institution concerned or under the supervision of credit institutions in the home country supervision requirements;
5) credit institution or credit institution, which controls the financial institution is publicly revealed information that shall be jointly and severally liable for the obligations of financial institutions and the relevant credit institution or credit institution in the home country supervision against it not object;
6) financial institutions are subject to the operation of the credit institution, or controlling, inspecting supervision of credit institutions on a consolidated monitoring, especially with regard to capital adequacy, large exposures and participation in other companies.
(2) in the Republic of Latvia registered financial institution is entitled to initiate the provision of financial services by opening a branch in a Member State, this law, in accordance with the procedure laid down in article 12.2, or without opening the branch, this law, in accordance with the procedure laid down in article 12.3.
(3) in the Republic of Latvia registered financial institution is entitled to provide financial services in the territory of another Member State, if the Member State concerned, by the institution of the supervision of credit institutions has received financial and capital market Commission notice confirming such financial institutions compliance with the first paragraph of this article.
(4) registered in a Member State, the financial institution is entitled to initiate the provision of financial services in the Republic of Latvia in this law, in accordance with the procedure laid down in article 12.1, after the financial and capital market Commission has received from the Member State supervisory authorities of credit institutions notice that includes the following documents: 1) documents that contain this law 12.1 of the first paragraph of article 1, point "a", "b", "c", "d" and "e" in point information;
2) documents that contain information about financial institutions own funds of the credit institution or the inspecting and controlling the consolidation group of credit institutions, capital adequacy ratio;
3) certificate attesting the financial institutions compliance with the first paragraph of this article.
(5) if the financial and capital market Commission receives from financial institutions in the home country supervisory authority's statement that the financial institution can no longer meet the conditions referred to in the first subparagraph, it shall immediately send a notice to the appropriate financial institution. The notice indicates that the date of receipt of this communication, it lost the right to provide financial services in the territory of the Republic of Latvia in accordance with the procedure laid down in this article. To provide licensed financial services in the territory of the Republic of Latvia, member financial institution may apply to the financial and capital market Commission with the application license (permission) to receive the order.
(6) If in the Republic of Latvia registered financial institution that launched the provision of financial services in the territory of a Member State in accordance with the procedure laid down in this article, this article no longer meets the conditions referred to in the first subparagraph, the financial and capital market Commission shall promptly inform the financial institutions involved with national supervisory authorities and financial institutions for its non-compliance with the first paragraph of this article.
Article 12.5. In the Republic of Latvia established electronic money institutions which have received financial and capital market Commission license (permission) an electronic money institution, do not have the right to initiate the issuance of electronic money and the service in the Member State of this law and article 12.2 12.3. "
12. Supplement article 14 paragraph 7 as follows: "7) encountered in a credit institution is a subsidiary of a foreign credit institution or financial institution to which its country of registration is not made in the Member States the requirements adopted equivalent supervision on the basis of the consolidated accounts, or if the foreign authority responsible for supervision by the financial and capital market Commission has not concluded an agreement on cooperation and exchange of information."
13. Express 2 and article 15, paragraph 3 as follows: "2) minimum initial capital contributions;
3) according to the requirements of the law of credit institutions, Council, Board, internal audit and head of service of the members of the foreign credit institution branch manager candidacy. "
14. Article 16 be expressed by the following: ' article 16. (1) a credit institution is entitled to establish: 1) of age and legal capacity of natural persons;
2) legal (registered) person that: (a)) duration of not less than three financial years, b) financial statements are prepared in accordance with international accounting standards (financial statements) and audited in accordance with international audit standards, as well as accompanied by a sworn auditor's report [Member State registered in the legal (registered) personal financial statements can be prepared according to the in force in the Member State concerned accounting standards];
3) State and local government.
(2) in the first paragraph, such persons need a flawless reputation and free up capital.
(3) the examination of a person's reputation and free capital, financial and capital market Commission has the right to verify this law, in article 19, the identity of the criminal record and documents to verify the free capital adequacy of credit institutions to the capital and reserves in the amount of the contribution, as well as on whether the funds invested are not obtained unusual or suspicious transactions.

(4) The founder of the credit institution may not be natural persons as well as legal persons (registered), to which the founders (shareholders) and owners (actual beneficiaries) — article 19 of this law referred to natural persons, may be subject to this law, article 25, first paragraph 1, 2 or 3 or are fulfilled or Council members of the Management Board of the credit institution or financial responsibilities to the authority, recognized as bankrupt of duty time whether you have fulfilled the Board or the members of the Council's duties in another company, and their negligence or deliberately led these companies to insolvency or bankruptcy for the legislation. "
15. Express article 19 by the following: ' article 19. Financial and capital market Commission has the right to verify the identity of the founder of the credit institution. If the credit institution founding the legal (registered) personal, financial and capital market Commission has the right to verify details of their founders (shareholders) and owners (actual beneficiaries) to obtain information about the owner (actual beneficiaries) — natural persons. In this article, these entities are obliged to provide financial and capital market Commission with this information if it is not available in public registers, from which the financial and capital market Commission is entitled to receive such information. "
16. To supplement the law with article 19.1 the following: ' article 19.1. Financial and capital market Commission licenses (permissions) granted to a credit institution encountered consult with Member State authorities supervision of credit institutions on the establishment of a credit institution in the Republic of Latvia: 1) which is a subsidiary of a credit institution to which the licence (permit) granted in the Member State concerned;
2) which is the subsidiary of the parent company other subsidiary, which is a credit institution licence (permit) granted in the Member State concerned;
3) controlled by the person controlling a credit institution, which licence (permit) granted by the Member State concerned. "
17. Replace 20., 58 and 59, the words "in article formation capital" with the words "initial capital".
18. Article 21 of the expression as follows: "article 21. (1) the Bank's minimum initial capital is the equivalent of five million euros, expressed in dollars, in accordance with the Bank of Latvia exchange rate on the day when the decision is taken to issue a license (permission) for the operation of the bank.
(2) an electronic money institution, the minimum initial capital is the equivalent of one million euro, expressed in accordance with Bank of Latvia exchange rate on the day when the decision is taken to issue a license (permission) for the operation of the electronic organ. "
19. Make article 24 and 25 as follows: "article 24. (1) The Chairman of the Management Board of a credit institution, Member of the Management Board, head of the internal audit service, the company's controller, the foreign branch of the credit institution, as well as the person who, on behalf of the credit institution in adopting relevant decisions creates civil liability, the credit institution may be a person: 1) which is a domestic taxpayer (resident);
2) which are competent in matters of financial management;
3) which requires education and three years of professional work experience in appropriate size company, organization or institution;
4) which has a flawless reputation;
5) which is not deprived of the right to do business.
(2) the Chairman of the Management Board of the credit institution, the members of the Management Board, the internal audit service and the company's controller need higher education.
(3) a credit institution is obliged to the Council itself or by the financial and capital market Commission's request to immediately withdraw from the post of the first paragraph of this article, if they do not meet the requirements laid down in this article.
(4) the financial and capital market Commission issued the administrative act on the appeal in the first part of the persons referred to withdrawal from the post would not stop the execution.
25. article. (1) The Chairman of the Management Board of a credit institution, Member of the Management Board, head of the internal audit service, the company's controller, the foreign branch of the credit institution, as well as the person who, on behalf of the credit institution in adopting relevant decisions creates civil liability, the credit institution may not be a person: 1) is convicted of an intentional criminal offence, including the abuse of bankruptcy;
2) is convicted of an intentional criminal offence, although released from parole, pardon, amnesty or statute of limitations;
3) against whom the criminal case for intentional criminal offence terminated due to statute of limitations or amnesty.
(2) a credit institution is the responsibility of the Council itself or by the financial and capital market Commission's request to immediately withdraw from the post of the first paragraph of this article, if they may extend the application of the first paragraph of article 1, paragraphs 2 or 3.
(3) the financial and capital market Commission issued the administrative act on the appeal referred to in the first paragraph of the withdrawal of a person shall not suspend the execution post. "
20. Supplement article 26 with the third subparagraph by the following: "(3) the financial and capital market Commission issued the administrative act on the appeal referred to in the first paragraph of the withdrawal of a person shall not suspend the execution post."
21. Supplement article 27 with the third subparagraph by the following: "(3) the financial and capital market Commission issued the administrative appeal law on credit institutions license (permission) to halt its withdrawal."
22. Supplement article 27.1 of chapter II, with the following: "article 27.1. (1) the financial and capital market Commission not later than 30 days from the date of the decision to issue a license (permission) for the operation of the credit institution, shall notify the European Commission and the European Banking Committee. The notification shall indicate if the special license (permission) for the operation of the credit institution are provided with a credit institution which controls directly or indirectly implement the foreign company.
(2) the financial and capital market Commission not later than 30 days from the date of the decision to revoke the license (permission) for the operation of the credit institution, communicate it to the European Commission.
(3) the financial and capital market Commission shall inform the European Commission of the measures taken by the financial and capital market Commission in accordance with this law, article 108.1 third and fourth.
(4) the financial and capital market Commission not later than 30 days from the date of the decision of a significant acquisition of a credit institution shall notify the European Commission, where such significant acquirer is a foreign company and getting significant participation, credit institution becomes a subsidiary of a foreign company.
(5) the financial and capital market Commission shall inform the European Commission about problems facing credit institutions established in the Republic of Latvia, the launching of the activities of the credit institution or by a foreign country.
(6) the financial and capital market Commission shall inform the European Commission about the laws governing the formation and operation of credit institutions in the Republic of Latvia. "
23. To make article 28 and 29 by the following: ' article 28. (1) substantial participation in the credit institution may acquire only the person who corresponds to this law, the requirements of article 16 and shall ensure the fulfilment of the conditions of article 19, and that person must be financially sound for at least the last three years to a person, if necessary, be able to make additional contributions to the reconstruction of the credit institution's capital, ensuring compliance with the Act, the credit institution's capital requirements and regulatory requirements of the business of credit institutions.
(2) the financial and capital market Commission has the right to require the major holdings of the applicant (the essential participation of the graduates actually or suspected of such acquisition turamaj) persons, including legal persons (registered) owner (actual beneficiaries), the natural persons, information, to judge the reputation of that person, free capital adequacy, financial stability, resources, participation in other companies in compliance with the credit institution founding the requirements and impact on the management and operation of the credit institution.
(3) financial and capital market Commission is entitled to identify the major holdings of the applicant (an essential participation actually got or suspect about this acquisition the) legal (registered) party founder (shareholder) and owners (the real beneficiaries) to obtain information about the owner (actual beneficiaries) — natural persons. The identification of these persons to these entities are obliged to submit financial and capital market Commission of the information requested, if this information is not available in public registers, from which the financial and capital market Commission is entitled to receive such information.

(4) If a person who is suspected of significant acquisitions in the credit institution does not provide, or refuses to give in the second or third subparagraph, and together their membership includes 10 or more percent of the share capital of the credit institution or of the number of voting shares, these shareholders may not use all the voting rights of the shares belonging to them. Financial and capital market Commission of this fact immediately inform the relevant shareholders and credit institution.
29. article. (1) any person, if it wants to get substantial participation in the credit institution shall be notified in writing to the financial and capital market Commission. The notification shall specify the extent of the participation percentage of the share capital of the credit institution or of the number of voting shares.
(2) If a person wishes to increase his qualifying holding, reaching or exceeding 20, 33 or 50 per cent of the share capital of the credit institution or of the number of voting shares, or a credit institution becomes a subsidiary of this person, it shall so notify the financial and capital market Commission. The notification shall specify the extent of the participation percentage of the share capital of the credit institution or of the number of voting shares.
(3) financial and capital market Commission should have the right to request additional information on the persons referred to in this article, to know their reputation, free capital adequacy, financial stability, resources, participation in other companies in compliance with the credit institution founding the requirements and their impact on the management and operation of the credit institution. A person who wants to get, has gained, wants to increase or is increased the qualifying holding in a credit institution, by the financial and capital market Commission's request, submit the information about the person it freely in the capital for all the shares of the credit institution.
(4) the financial and capital market Commission not later than three months from the date of receipt of the first or second part of the Declaration, assesses a person's reputation, the free capital adequacy, financial stability, resources, participation in other companies in compliance with the credit institution founding the requirements and the impact of this person to the management and operation of the credit institution.
(5) the financial and capital market Commission in part four of this article within that period shall take a decision on the ban on a person to acquire or increase qualifying holdings in the credit institution and shall immediately notify the person concerned and, if the credit institution: 1) such substantial acquisition or the increase does not provide a financially sound, prudent and regulations according to the management and operation of credit institutions;
2) a person is not in free capital, financial stability, excellent reputation, or it does not meet the founders of the credit institution;
3) a person shall not provide, or refuses to provide the financial and capital market Commission, the information specified in this law or the financial and capital market Commission requested additional information;
4) from the person as a result of circumstances it is not possible to provide financial and capital market Commission requested or information specified in this Act;
5) persons invested resources to ensure the participation of the relevant credit institution has obtained unusual or suspicious transactions.
(6) in the fifth subparagraph of this article, paragraph 4 shall not apply to the legal (registered), if its shares are quoted on a regulated market in a Member State or to another regulated market which is the organizer of the international stock exchange Federation full member, and the legal (registered) financial and capital market Commission to provide details of its shareholders who own qualifying holdings in it.
(7) if the financial and capital market Commission has agreed that a person acquires or increases of qualifying holdings in the credit institution the person qualifying holding in a credit institution acquires or increases the six months of the date of the first or second part of the Declaration submitted to the financial and capital market Commission.
(8) in the fifth subparagraph of this article, that financial and capital market Commission issued administrative appeal Act shall not suspend its execution. "
24. the express article 30.1 as follows: "article 30.1. Considering article 29 of this law, first and second parts of the above statements, financial and capital market Commission consults a management authority of the Member State concerned, if the proposed acquirer is one of the important credit institution or credit institutions established in a Member State, or the parent, who controls a credit institution established in a Member State, and if, the person acquiring or increasing the participation of the relevant credit institution becomes the person's subsidiary or come under its control. "
25. Article 33 of the be expressed as follows: "article 33. (1) If a credit institution shareholder credit risk or impact can threaten its financial stability, prudent and regulations according to the management and operation of or substantial participation in the winning party does not comply with the credit institution's founders, is not financially stable or fail or refuse to provide this law article 28 on the second or third part, the information referred to in the financial and capital market Commission is entitled: 1) request to immediately interrupt such impacts;
2) require a credit institution (Council) of the management board or any Board (Council) members recall;
3) prohibit the use of all shareholder shares it holds in the vote.
(2) a shareholder is not entitled to use all the voting rights of the shares it holds in the credit institution, and the decision of the general meeting are adopted through this stock voting rights, have effect from the time of their adoption, and on the basis thereof shall be required to be made in the commercial register entries and other public records, if: 1) financial and capital market Commission in the cases referred to in this law, is forbidden by the person using the proportion of the voting rights of the shares;
2 the person is obtained or) increased the qualifying holding in a credit institution before the article 29 of this law in the first or second part of the notification referred to in the financial and capital market Commission;
3) person is acquired or increased the qualifying holding in a credit institution article 29 of this law in the first or second part of the notification referred to in the hearing.
(3) if the shareholder of the credit institution is prohibited to use the voting rights of the shares it holds in the credit institution, the total number of shares to be valid, calculation of all balsstiesīgaj shares less the its shares, that voting rights are prohibited. The provisions of this law on the qualifying holding is not attributable to the shareholders of a credit institution to which qualifying holdings in the credit institution have a new shareholder to vote for the ban applied.
(4) the first paragraph of this article in the financial and capital market Commission issued administrative appeal Act shall not suspend its execution. "
26. To complement the 33.1 in the second part of the article as follows: "(2) a Person who wishes to get, has gained, wants to increase or have indirectly increased the qualifying holding in a credit institution, by the financial and capital market Commission's request for information, which allows it to ascertain the person's compliance with this law, chapter II and III requirements."
27. To supplement the law with article 33.2 of the following: ' article 33.2. Qualifying holdings in the credit institution are not eligible to get funds and similar to the Foundation. "
28. Replace article 34, second sentence article 43, 47, 51, 54, 56, 66, 69, 71, 72 and in article 102, paragraph 2 of article 4 and article 103, paragraph 5, article 113 and 114, the words "credit institution" (fold) with the word "bank" (the fold).
29. Article 35 be expressed as follows: "article 35. (1) the Bank's own capital to the weighted assets and off-balance-sheet items total (capital adequacy) must not be less than eight percent.
(2) an electronic money institution equity ratio shall not be less than two percent against the greater of the following indicators: 1) electronic money institutions present that match the issued electronic money;
2) to the preceding six months ' average of obligations which correspond to the quantity of electronic money issued.
(3) an electronic money institution for the first six months of its equity to liabilities, corresponding to the electronic money issued for total or the planned six-month relationship, the average value of the amount must not be less than two percent. Electronic money institutions total planned commitment, which depends on the quantity of issued electronic money shall be determined in accordance with the electronic money institutions to prepare the operating plan for the first three years of operation.
(4) a credit institution's equity capital should not be less than the statutory minimum initial capital. "
30. Article 37 be expressed as follows: "article 37. (1) a credit institution assets located at any time to ensure the vendor legally substantiated claims.
(2) the provision of such regulatory provisions as regards the Republic of Latvia registered banks (liquidity) determines the financial and capital market Commission.

(3) the financial and capital market Commission licensed electronic money institutions located in the volume of assets shall not be less than the amount of the obligations arising out of the electronic money issued.
(4) the financial and capital market Commission set the limits to be respected they licensed electronic money institutions.
(5) the financial and capital market Commission set the limits to be respected they licensed electronic money institutions, deploying the electronic money issued by the appropriate amount of assets. "
31. Article 44 of the expression by the following: ' article 44. (1) the Bank's significant participation in the company's share capital, which is a credit institution or financial institution may not exceed 15 percent of the bank's own capital.
(2) an electronic money institution may acquire a participation in the share capital of other companies, with the exception of those commercial companies that perform with the electronic money institutions electronic money issued or distributed related studies. "
32. To exclude article 50.1.
33. To supplement the law with 50.2, 50.3, 50.4, 50.5 and 50.6 of the following article: "50.2 article. (1) a credit institution which is a credit institutions or other financial institutions of the parent company or other credit institutions or financial institutions directly or indirectly owns 20% or more of the share capital or voting shares, the number of article 35 of this law in the first part, 40, 42, 44, 45 and 47 of the business of credit institutions provided for in article regulatory requirements must be met, on the basis of the consolidated financial statements.
(2) a credit institution must follow the first part of this article, if its parent company is established in the Republic of Latvia on financial holding company, whose parent company is not registered in the Republic of Latvia, as well as the credit institution if the parent company of the credit institution is a financial holding company registered in a Member State, which no one in another Member State does not have any subsidiaries that are credit institutions.
(3) if the Member State in which the financial holding company, it does not have subsidiaries that are credit institutions, financial and capital market Commission is empowered to agree with the national supervisory authorities of credit institutions in which the financial holding company established subsidiaries that are credit institutions, which will make the supervisory authority established in the Republic of Latvia of a credit institution, a financial holding company which is subsidiary, supervision, on the basis of the consolidated financial statements.
(4) If an agreement pursuant to the third paragraph of this article fails requirements, the credit institution must comply with the first paragraph of this article, the requirements if its parent company has a financial holding company registered in a Member State that a financial holding company in the country of registration does not have any subsidiaries that are credit institutions, while in other Member States has subsidiaries that are credit institutions and credit institution registered in Latvia, has total assets greater than for any other financial holding company registered in a Member State of the subsidiary which is a credit institution. If the number of credit institutions that are registered in a Member State financial holding company subsidiaries, balance sheet total is the same, the Republic of Latvia registered credit institution must comply with this requirement of the first paragraph of article if it receives a license (permission) before on other credit institutions.
(5) a financial holding company or a mixed holding company which is the parent company of the credit institution, a credit institution, which must be given to the monitoring of financial and capital market Commission shall, on the basis of the consolidated financial statements, information about the credit and financial institutions, which is a mixed financial holding company or a subsidiary of the holding company or in which the financial holding company or a mixed holding company shall directly or indirectly owns 20% or more of the share capital or voting shares.
(6) the financial and capital market Commission shall forward to the Member States ' supervisory authorities of credit institutions and to the European Commission for financial holding company list that also included holding company subsidiaries and holdings in companies which directly or indirectly owns 20% or more of the share capital or voting shares, which are credit institutions or financial institutions and monitoring of financial and capital market Commission shall, on the basis of the consolidated financial statements.
(7) in the first part of the business of credit institutions referred to in the regulatory requirements for the calculation of indicators characterize the agenda, on the basis of the consolidated financial statements, and other credit monitoring information required for the preparation of the agenda, as well as the consolidated financial statements of the company to be set and it consolidation methods determined by the financial and capital market Commission.
(8) a credit institution, that surveillance shall be carried out on the basis of the consolidated financial statements, ensure that all of the companies subject to consolidated supervision, efficient internal control system, which provides true information preparing to carry out supervision.
(9) a credit institution by the financial and capital market Commission's request, provide information about companies whose financial reports in accordance with the financial and capital market Commission's rules are included in the consolidated financial statements of the credit institution, or exempt from consolidation for mixed holding company that is the parent company of the credit institution, and credit and financial institutions, which is a mixed holding company subsidiaries and companies in which the holding company of mixed directly or indirectly owns 20% or more of the share capital or voting shares. Financial and capital market Commission is entitled to take those internal audits to assess the veracity of the information provided.
(10) the consolidated financial statements of credit institutions in the Member States registered companies should allow financial and capital market Commission, at its request, be carried out in accordance with this article to the extent of the examination that is required to carry out supervision and permissible under the laws of the country concerned. This requirement also applies to the ninth paragraph of this article, the Member State referred to in commercial companies that are exempt from consolidation.
(11) the financial and capital market Commission, when carrying out checks in the tenth part of this article, the company referred to, have the right to consult the information and documents necessary for its mission and functions. Commercial companies are obliged to provide the financial and capital market Commission relevant information and documents.
(12) the credit institution or a financial holding company, gaining the complicity of some foreign companies registered in the capital, as a result of the company in accordance with this Act or the financial and capital market Commission, subject to the provisions of the consolidated supervision, make sure that the credit institution which, in accordance with the first, second and fourth parts of the regulations to prepare consolidated financial statements, is able to get the first part of this article the provisions required for the implementation of the information.
50.3 article. (1) the financial and capital market Commission are entitled to exempt a credit institution from this law, the first paragraph of article 50.2 If a parent credit institution shall mean a credit institution established in a Member State and that Member State is included in the company as a whole to consolidate that supervision of the Member State concerned, by the institution of the supervision of credit institutions is based on the consolidated financial statements.
(2) the financial and capital market Commission are entitled to exempt a credit institution the parent of which is a financial holding company, of this law, the fourth paragraph of article 50.2 enforcement if credit institutions in a Member State if the supervisory authorities of the Republic of Latvia included the credit institution established in the commercial companies consolidate in General that this Member State oversight of the institution of supervision of credit institutions is based on the consolidated financial statements.
(3) the financial and capital market Commission is entitled to apply to the credit institution of the first and second subparagraph after conclusion of the agreement between the Member States concerned and the institution of supervision of credit institutions, this agreement provides for cooperation and the exchange of information procedures. Financial and capital market Commission shall inform the European Commission about the arrangements of this nature and its content.
(4) the financial and capital market Commission is entitled to request the Member State monitoring institution for credit information about registered in that Member State, a credit institution, financial institution or a financial holding company, which is registered in the Republic of Latvia, the parent company of the credit institution, if the national institution of supervision of credit institutions are not included in the Republic of Latvia consolidate credit institution registered in the company as a whole, which it carries out the supervision, on the basis of the consolidated financial statements.

(5) the financial and capital market Commission at the Member State's supervisory authorities of credit institutions provide information about the request of the Republic of Latvia registered a credit institution, financial institution or a financial holding company, which is registered in the Member State of the parent company of the credit institution, if the financial and capital market Commission is not included in the credit institution established in the Member State concerned for the company as a whole, which it carries out the supervision, on the basis of the consolidated financial statements.
50.4 article. (1) a credit institution, financial institution, financial holding company, or a company whose financial statements included in the consolidated financial statements or be exempt from inclusion in it, have the right to provide information in accordance with the financial and capital market Commission of the laws, regulations and rules or instructions of the financial and capital market Commission and the management authority of a Member State of credit institutions in mutual agreement required to carry out supervision of credit institutions, the Member States established in the company, which is registered in the Republic of Latvia, the parent company of the company, or which directly or indirectly owns 20% or more of it from equity or the number of voting shares.
(2) mixed holding company and its subsidiary companies, which are registered in the Member States, have the right to exchange the relevant information in accordance with the laws or the financial and capital market Commission and the management authority of the Member State of credit institutions in mutual agreement required to carry out supervision of credit institutions.
50.5 article. If the financial holding company registered in a Member State, which is the parent company of the credit institution, a credit institution shall not provide this law article 50.2 information necessary for the performance of the financial and capital market Commission has the right to prohibit financial holding company to use its voting rights in the Republic of Latvia registered credit and financial institutions, which is a financial holding company subsidiaries or companies in which the holding company to finance directly or indirectly owns 20% or more of the share capital or voting shares.
50.6 article. This law, 50.2, 50.3, 50.4 50.5 and article requirements of commercial companies established in the Member States also apply to registered foreign companies, to the extent necessary for the supervision of credit institutions on the basis of the consolidated financial statements and the financial and capital market Commission in agreement with the relevant foreign supervisory authorities of credit institutions. "
34. Make 52 of article as follows: "article 52. (1) a Bank issuance before and after the credit check and document the ongoing credit worker's ability to fulfill its contractual obligations.
(2) the financial and capital market Commission approved the recommendations of the evaluation of the credit risk of the bank. These recommendations the bank uses credit risk assessment. "
35. Article 57: make the first paragraph by the following: "(1) a credit institution must receive the financial and capital market Commission's permission if the credit institution is reorganized.";
Add to article 1.1, 1.2 and 1.3 of the part as follows: "(11) the financial and capital market Commission shall submit documents and the order in which it shall assess the credit Council and Board members, the internal audit service and the head of the foreign branch of a credit institution's compliance with the requirements of this law.
(12) in order to ensure that the credit institution's Council and Board members, the internal audit service and the head of the foreign branch of a credit institution's compliance with the requirements of this law, financial and capital market Commission has the right to invite the person concerned, for an interview.
(13) the financial and capital market Commission within 30 days from the date of receipt of all required documents, have the right not to allow credit institutions, Council and Board members, the internal audit service and the head of the foreign branch of a credit institution to start fulfilling their obligations, if that person does not comply with the requirements of this Act or the financial and capital market Commission cannot ascertain their conformity with the requirements laid down in this law. "
36. Article 61 of the fourth turn.
37. the express article 64, the first paragraph by the following: "(1) each, which intentionally or inadvertently made public or disclosed to persons not entitled to receive relevant information, news about the credit customer accounts or customers in the financial services, where he entrusted this message or become known as credit to the owner of the shares or, in the Council, Board, internal audit manager or member of the service, the company's controller or trustee credit, Bank employee, financial and capital market Commission or public body employee, representative or certified auditor as article 62 of this law, in the fourth paragraph, that person is criminally liable, in accordance with the procedure prescribed by law. "
38. To supplement the law with article 72.1 of the following: ' article 72.1. (1) in the Republic of Latvia registered credit or foreign credit institutions branches in electronic money issued in the accumulated nominal value of electronic money must not exceed 150 euros equivalent in lats.
(2) following the request of the customer, the credit institution is obliged to repurchase from the customer's electronic money, electronic money paying face value for the appropriate amount. "
39. in article 85: turn off in the first paragraph, the words "financial and capital market Commission approved";
to supplement the article with the third part as follows: "(3) a credit institution a month before the general meeting shall notify the financial and capital market Commission of the intention to pay dividends. Financial and capital market Commission has the right to prohibit a credit institution to pay dividends if the dividends resulted in a credit institution does not respect the capital requirements or large exposure limits. "
40. Article 89 of the expression as follows: "article 89. The annual report, balance sheet, off-balance sheet, income statement, cash flow, changes in capital and reserves of report items, and the specific content of the message is determined by the financial and capital market Commission. "
41. Make 100 article as follows: "article 100. (1) the supervision of credit institutions financial and capital market Commission, unless otherwise provided by law.
(2) the supervision of branches of CIS foreign financial and capital market Commission are carried out in accordance with this law and other laws, if the foreign law is not otherwise specified. "
42. To supplement the law with article 101.2 of the following: ' article 101.2. (1) If a credit institution plans to launch a new, so far does not make the provision of financial services or significantly alter a procedure for the provision of financial services, it shall, not later than 30 days before submitting financial and capital market Commission a reasoned submission. It shall be accompanied by the relevant risk management policy and procedures.
(2) the first paragraph of this article of the receipt of the application in the financial and capital market Commission not later than 30 days, examine the documents submitted and evaluated the planned provision of financial services risk management and its impact on the credit and all the credit institutions sector.
(3) financial and capital market Commission should have the right to request additional information on the planned provision of financial services or procedures to assess the financial impact of the provision of the service credit and all sectors of activity and credit risk management.
(4) the financial and capital market Commission shall take a decision on the prohibition of the credit institution to launch a new, so far does not make the provision of financial services or significantly alter a procedure for the provision of financial services and will immediately notify the credit institution concerned, if its planned action undermines or could undermine the credit or all the credit institutions sector stable activity, impede the proper conduct of transactions or provide financial services.
(5) the financial and capital market Commission issued the administrative appeal law on the matters referred to in this article shall not suspend its execution. "
43. Article 102: Add to the introductory paragraph, after the word "procedures" with the words "credit institution";
Add to article paragraph 6 by the following: "6) electronic money institutions equity capital relative to liabilities, corresponding to the electronic money issued for total or a previous six-month average of the amount of liabilities value, is less than two percent."
44. Article 103: Supplement to the second part of the article as follows: "(2) the financial and capital market Commission issued the administrative appeal law on the matters referred to in this article shall not suspend its execution."
believe the current text of article about the first part.
45. the express article 104 the second sentence by the following: "the financial and capital market Commission of the Trustee Act in accordance with this law, 119, 123 and 124 of the article.".
46. Article 106: make the first and second subparagraph by the following: "(1) the financial and capital market Commission or its authorised representative has the right to a credit institution and its subsidiaries, which is a financial institution, check.

(2) the financial and capital market Commission or its authorised representative shall be entitled to inspect all of the credit institution and its subsidiaries, which are financial institutions, documentation, assets and liabilities, as well as receive from bank owners, explanations and information on companies in which the bank is investment. ";
to make the fourth subparagraph by the following: "(4) the debtor for the establishment and functioning of the register and its subsidiary bank, which provides credit risk related to financial services, according to the Bank of Latvia approved rules and regulations of the Bank of Latvia provides instructions about his debtors and their commitment.";
replace the fifth paragraph, the words "credit institutions" with the words "bank, the subsidiary companies that provide credit risk related to financial services, the insurer";
express the sixth part as follows: "(6) banks, bank subsidiary companies that provide with credit risk related financial services, and insurers have the right to directly or through specially created for this purpose through the institution of mutual exchange of information on debtors and their commitment. Banks in accordance with the procedure laid down in this paragraph have the right to exchange information on all cases where the customer in whole or in part, does not comply with article 73 of this law. "
47. Article 107 off.
48. To supplement the law with 107.1 107.2 and article as follows: "article 107.1. (1) a management authority of the Member State shall have the right to carry out inspections in the Republic of Latvia in the Member State concerned established bank subsidiaries and representations, as well as credit institutions and companies that have submitted information to the supervisory authorities of the Member State for the supervision, on the basis of the consolidated financial statements.
(2) Before the start of the inspection, the supervisory authority shall be informed in writing of the time on the financial and capital market Commission. Financial and capital market Commission agent shall be entitled to participate in this examination. A management authority of the Member State shall submit financial and capital market Commission of inspection results, a copy of the report.
(3) financial and capital market Commission, the supervisory authority, in accordance with a mutual agreement as a further undisclosed provide the information necessary to carry out the monitoring referred to in the first paragraph in the Republic of Latvia registered credit institutions of the Member State concerned branches and representations, as well as credit institutions and companies that have submitted information to the supervisory authorities of the Member State for the supervision, on the basis of the consolidated financial statements, if the relevant Member State's legislation provides for the responsibility for confidential information disclosure.
Article 107.2. This law laid down in article 107.1 of the supervisory organ of the Member State the right to apply also to the foreign surveillance authority, to the extent necessary for the exercise of supervision of credit institutions on the basis of the consolidated financial statements and the financial and capital market Commission in agreement with the relevant foreign supervisory authorities of credit institutions. "
49. the express article 110.1 as follows: "article 110.1. (1) information concerning a credit institution and its customer, the credit institution and its customer, which has not been previously published in accordance with the procedure prescribed by law or the disclosure of which is not determined by other laws, or which has been approved by the financial and capital market Commission, the Council, as well as the financial and capital market Commission in article 20 of the law that information be considered as restricted access information, and it cannot be disclosed to third parties except in summary or aggregate form only, it that would not be possible to identify any particular institution or its client.
(2) the first part of this article are without prejudice to the provisions of the financial and capital market Commission under its competence exchange limited availability information with State financial and capital market supervisory institutions, maintaining the information provided limited availability status.
(3) the financial and capital market Commission is entitled to conclude agreements for the exchange of information with foreign supervisory authorities of credit institutions or relevant foreign authorities treated this article the fifth and sixth part of the said institutions, if the foreign law of the Republic of Latvia equivalent the statutory responsibility for the limited access of unauthorised disclosure of information. Such information shall be used only to carry out the financial and capital market supervision or the relevant authorities the statutory functions. The information received by the foreign authorities concerned may be disclosed only with the financial and capital market Commission's written consent and only for the purpose for which consent was given.
(4) the financial and capital market Commission in the second, fifth and sixth part of information may only be used for the performance of its monitoring functions: 1) in order to ensure that the establishment and operation of credit institutions in compliance with regulatory legislation, particularly with regard to the monitoring of liquidity, solvency, large exposures, administrative and accounting organization and internal control mechanisms;
2) to the appropriate statutory law restrictions and penalties;
3) proceedings that are challenged in the financial and capital market Commission issued the administrative act or actual action.
(5) in the first and fourth subparagraphs shall preclude the financial and capital market Commission according to its competence to exchange information with limited access: 1) Member State financial and capital market supervisory institutions;
2) institutions or persons in the Republic of Latvia or in the Member States are responsible for the supervision of credit institutions of cessation of payments, insolvency, liquidation and credit and other financial institutions accounting inspection procedures;
3) persons in the Republic of Latvia or in the Member States carry out the statutory audit of internal checks and credit institutions, apdrošinātājo, investment brokerage, investment management firms and other financial institutions;
4) the authorities of the Member State, which manages investments and deposit compensation schemes, if such information is necessary for their function.
(6) the provisions of this article shall not preclude the financial and capital market Commission to exchange information with the limited access the Bank of Latvia, the central banks of Member States and other institutions responsible for monitoring the system, if the provision of such information they need its statutory tasks. "
50. the supplement to Chapter VII article 112.1 by the following: ' article 112.1. Financial and capital market Commission not to carry out electronic money institutions supervision, which under this Act to carry out the activity does not have to receive the financial and capital market Commission license (permission). "
51. To supplement the law with article 126.1 as follows: "article 126.1. (1) reorganisation measures or winding-up of the legal relationship arising from a contract of employment governed solely by the laws of the Member State applicable to the employment contract concluded.
(2) the reorganisation measures or the winding-up of the rights relating to: 1) the estate is governed by the laws of the Member State in whose territory the immovable property is situated;
2 a ship or aircraft) is governed by the laws of the Member State under the authority of which the public register in which the ship or the aircraft recorded (registered);
3) financial instruments, which are to be recorded in public registers, credit accounts or central depository, and to them the rights they secured in the regulation of the law of the Member State under which the credit institution is a certified property rights to the corresponding financial instruments. "
52.127 and 128. Make the article as follows: "article 127. With the decision of the general meeting of the credit institution is not stopping or discontinuing the above general meeting decision to initiate voluntary winding up proceedings or reorganisation measures to take. Credit institutions (including its affiliates, participating country) the commencement of the voluntary winding up shall not restrict the opening of winding-up proceedings with a court order or the commencement of bankruptcy proceedings.
128. article. (1) a credit institution which intends to launch a voluntary winding up (its affiliates involved in liquidation) within five days after such decision shall submit financial and capital market Commission application project for voluntary winding up. The application shall be accompanied by the last credit balance sheet, prepared in accordance with financial and capital market Commission's guidance on the preparation of the annual report, and news about a possible disposal.

(2) the financial and capital market Commission within 30 days following receipt of all required documents that attest to the of this article, the information referred to in the first subparagraph, checks whether the credit institution given deadlines and the ability to fully execute its accounting records the registered obligations towards its creditors, and shall decide on the acceptance and application of the credit institution credit institution activity licence issued (permissions).
(3) a credit institution (including its affiliates, participating country) the voluntary winding up of the shareholders meeting elected the liquidator. The credit institution shall prepare a case (for example, document, property) certificate. The liquidator, taking up their duties, the Act is adopted and signed.
(4) the liquidator shall, upon completion of a credit institution (including its affiliates, participating country) voluntary winding up, adopt a resolution for voluntary winding up is complete and submit it to the financial and capital market Commission. "
53. Add to article 134 of the second part of paragraph 7 as follows: "7) costs associated with the liquidation process of making records to the public."
54. the express article 137 the first part as follows: "(1) If the liquidator determines that the credit institution's shareholders, Council, Chairman of the Board or the members, managing directors, the internal audit service manager or members of the public, controller, auditor or a Chartered Auditors is breach of their powers or fail to comply with the law, the Cabinet of Ministers regulations, the Bank of Latvia regulatory guidelines and rules, the financial and capital market Commission orders, regulations and rules, the provisions of the Statute of the credit institution or credit decisions of the general meeting or acted negligently or intentionally abused his duty is to report it to law enforcement authorities by jurisdiction. "
55. To supplement the law with article 143.1 of the following: ' article 143.1. (1) If the creditor has his domicile or the control location is outside the Republic of Latvia, the right to submit the claims of creditors and other claims is the same as registered in the Republic of Latvia or of resident creditors ' rights.
(2) If the creditor has his domicile or place of management activities outside the Republic of Latvia, the law on reorganisation measures or the winding-up is the same as registered in the Republic of Latvia or of resident creditors ' rights. "
56. Supplement article 153 paragraph 7 with the following: "7) expenses related to the registration of the public insolvency measures."
57. Article 158 be expressed as follows: "article 158. (1) reorganisation measures or winding-up activities concerning a credit institution (including its affiliates) shall not affect claims and liabilities NET including, reverse repurchase and claims and related deletion or other similar legal consequences of the implementation of the activities, where such activities are permitted by law in respect of the credit institution's claim.
(2) transactions based on claims and liabilities net clearing or reverse repurchase agreements, only those laws which apply to claims and obligations net clearing or reverse repurchase agreements, under which these transactions are closed.
(3) the second paragraph of this article shall be without prejudice to the provisions of this law, article 218.
(4) the interested parties shall have the right to challenge in this article the first and second part of the action. "
58. Article 161: make the second paragraph 14 by the following: "14) to report to law enforcement authorities by jurisdiction, if the administrator finds that the credit institution's shareholders, Council, Chairman of the Board or the members, managing directors, the internal audit service manager or members of the company's controller, sworn auditors Auditors or the breach of their powers or fail to comply with the law, the Cabinet of Ministers regulations, the Bank of Latvia regulatory guidelines and rules, the financial and capital market Commission's regulatory rules and order requirements the provisions of the Statute of the credit institution or credit institution shareholder meeting decisions, or acted negligently or intentionally malicious, as well as the legal action against the parties in the event of damages, if the person has suffered loss as a result of the creditors or shareholders; "
Add to the second part of paragraph 19 with the following wording: "19) on a regular basis, but not less frequently than once a year inform known creditors of insolvency. ';
Add to fourth with 18 points as follows: "18) to request and receive from creditors and other parties in the claim and other translations of the claims of the Republic of Latvia State language."
59. the supplement to chapter XIII 183.1 article as follows: "article 183.1. (1) If a credit institution is not bailout if it was not successful, and when they're not implemented other reorganisation measures or they have failed and the decision is taken on the commencement of bankruptcy proceedings of a credit institution, financial and capital market Commission revoke the license issued to a credit institution (permission) for the operation of the credit institution.
(2) a credit institution issued licenses (permissions) for the operation of the credit institution of the cancellation, if there is no change in the procedure prescribed by law, the administrator of the credit institution, or other duly authorized person, the administrator or authorized person who carried out the rescue operation of the credit institution or other reorganization measures, have the right to continue the operation of the law of credit institutions provided for in the bankruptcy administrator privileges until the date on which the credit institution is appointed bankruptcy administrator.
(3) in the case of activities related to the bankruptcy of credit institutions registered in Latvia (and its branch in the country involved) or credit institution participating country provides financial services, without opening the branch, finance and capital market Commission, the monitoring in accordance with the requirements of the law, cooperate with the participating national institutions. "
60. Article 198: turn off and the second paragraph, the words "or the fourth paragraph of article 106";
to supplement the article with the third part as follows: "(3) if the bank, its subsidiary, which provides credit risk associated with financial services, does not comply with this law, article 106 of the fourth part, the Bank of Latvia is entitled to levy a bank, its subsidiary, which provides credit risk associated with financial services, fines of up to 5000 lats."
61. Article 208 of off.
62. To supplement the law with Chapter XVI the following: "chapter XVI credit and foreign credit institutions (including their affiliates) of reorganisation measures or winding-up characteristics of article 209. (1) the provisions of this chapter apply to: 1) in the Republic of Latvia registered credit institutions that have set up branches in other Member States;
2) credit institutions established in a Member State, which has branches in the Republic of Latvia;
3) foreign credit institutions, which at least one branch is located in Latvia and one in another Member State;
4) Republic of Latvia registered credit institutions authorised in another Member State creditors.
(2) other reorganisation measures or winding-up of regulatory standards applicable to the extent that they do not conflict with the provisions of this chapter.
210. article. (1) the decision on actions related to credit institutions established in the host country (including their affiliates) reorganisation measures or winding-up of a participating country is entitled to adopt only the home State competent bodies according to national statutory competence.
(2) in the Republic of Latvia in the first paragraph of this article shall be binding decisions, starting with the day when they have entered into force in the Member State in which they accepted.
(3) in the Republic of Latvia adopted the first part of these decisions are binding on the other Member States in the day when they have entered into force in the Republic of Latvia.
(4) the reorganisation measure or winding-up of the regulation in the legislation of the home State, if this law provides otherwise.
211. article. (1) the financial and capital market Commission or other competent body, each according to its laws and regulations to determine competence, before taking a decision on a reorganisation measure or the credit institution, which is a vendor in another Member State or a branch in the country involved or participating in the country provides financial services, without having to open the Affiliate shall immediately inform the competent national authorities involved for these activities.
(2) the financial and capital market Commission provides the Member States competent authorities received with the reorganisation measures or winding-up of the associated publication of notices in the newspaper "Gazette" and financial and capital market Commission's website on the internet.

(3) If the Court accepts the ruling or other competent body decides on the Republic of Latvia registered credit institutions, which is a vendor in another Member State, or the credit institution in which the participating country provides financial services, without opening the branch, the reorganisation measures or the winding-up of reorganisation measures or winding-up operations involving the branch of a credit institution in another Member State, the administrator or other person authorised by law immediately after this ruling or decision to ensure the entry into force of the law on reorganisation measures or winding-up order or decision related to the publication of the newspaper "journal" and also send a notice of award or decision adopted by the European Union Office for official publication in the Official Gazette for publication in the official journal of the European Union and of each of the two participating national newspapers in which the Republic of Latvia established a branch of a credit institution or a creditor.
(4) in the third subparagraph, the notification shall be the State language of the Republic of Latvia. The notification shall specify the purpose, legal basis, administrators or other authorized persons in the law ID data, claim or complaint submission deadline (date) and the full address of the institution that is empowered to examine complaints of reorganisation measures or winding-up.
(5) the notification provided for in this article shall not affect the non-publication of reorganisation measures or winding-up, and can not be grounds for appeal or challenge the ruling of the Court or competent authority decision on a reorganisation measure or winding-up.
212. article. (1) the liquidator or administrator, or other person authorized by law on reorganisation measures or winding-up shall immediately notify each known creditor regardless of location.
(2) the liquidator or administrator, or other person authorised by law notice to creditors indicate those binding time limits, consequences of failure, the competent institution, which shall have the right to accept the lodgement of claims or other notices relating to claims, as well as other information that creates, amend or terminate the obligations of the vendor.
(3) the liquidator or administrator, or other person authorized by law to give notice to the creditors of the Republic of Latvia State language, using a form that all the official languages of the Member States is the heading "invitation to lodge a claim. The period for submission of claims to be followed ".
(4) all vendors, regardless of their location, have the right to lodge their claims and claims in accordance with this law, the first paragraph of article 143.1. The vendor is entitled to file a creditor's claim in the official language of the Member State (or one of the official languages), which is the vendor's place of residence or the location of the control. In this case, the creditor's claim, the application shall indicate the title of the "creditor's claim in the application" of the Republic of Latvia State language.
(5) the liquidator or administrator, or other person authorized by law have the right to require the vendor to provide a translation of the claims of the Republic of Latvia State language only if it previously announced in the notifications provided for in this article.
213. article. (1) the financial and capital market Commission, before the Court adopted the ruling or decision by the competent body of the foreign credit institution's reorganisation measures or winding-up operations involving the Republic of Latvia on the branch of a credit institution, but if this is not possible, the ruling or decision shall immediately be informed of the above court ruling or decision of the bodies of the Member States of the competent authorities, in which the credit institution in question opened its branch.
(2) the financial and capital market Commission to carry out its functions used official European Union Publications Office official information published in Official Journal of the European Union on the activities related to the involvement of branch reorganisation measures or winding-up.
(3) the financial and capital market Commission shall carry out the monitoring in accordance with the law and cooperate with the competent authorities of the Member States.
(4) if the financial and capital market Commission stepped up surveillance procedures shall apply in respect of a credit institution where the control site is located outside the Member State of the branch, located in the Republic of Latvia, it immediately before the extended monitoring of the application of the Member State shall inform the competent authorities of the credit institution which opened its branches.
(5) the liquidator or administrator, or other legally authorized persons shall cooperate with other authorized persons who have the right to adopt reorganisation measures or winding-up.
214. article. The Republic of Latvia laws regulate matters relating to: 1) the assets or activities of assets acquired by, or devolving on, after liquidation or insolvency proceedings;
2) authorities and the liquidator or administrator rights and obligations;
3) net claims and liabilities including, claims and liabilities, reverse repurchase, or with other similar legal consequences;
4) liquidation or insolvency effects on contracts concluded by a Contracting Party which is a credit institution, as well as to contracts, which established its branch;
5) liquidation or insolvency effects on a single vendor-driven judicial procedure, with the exception of this law provided for in article 223 the unfinished court process;
6) claims lodged against the credit institution and the claims submitted by liquidation or insolvency proceedings;
7) legislative requirements laid down by the lodging, verification and admission of claims;
8) legislative requirements that determine credit assets, disposal of assets acquired from revenue sharing claim grouping, and the rights of creditors who have obtained after liquidation or insolvency proceedings are opened partially satisfied in accordance with case law or by offsetting or other similar legal consequences;
9) legislative requirements, if the liquidation or insolvency proceedings are terminated (also using settlement);
10 rights of creditors after the liquidation) or completion of the insolvency proceedings;
11) legislative requirements for liquidation or insolvency costs;
12) legislative provisions which limit the rights of the creditors or prohibitions or restrictions in respect of creditors to prevent unequal conditions or damages.
215. article. If you make a credit institution registered in Latvia (including its affiliates, participating country) or credit institutions, which are involved in the country provides financial services, without having to open the branch reorganisation measures or winding-up, the liquidator or administrator, or by another duly authorised individual on a regular basis, but not less frequently than once a year, inform the other Member State to the known creditors of reorganisation measures or winding-up.
216. article. Reorganisation measures or winding-up shall be without prejudice to the creditor or a third party rights in relation to things belonging to the credit institution and reorganisation measures or winding-up period is in the territory of another Member State.
217. article. (1) reorganisation measures or winding-up in respect of the credit institution, which purchased assets, before launching the reorganisation measures or winding-up, do not affect the counterparty: an active seller: rights, if such reorganisation measures or the opening of winding-up proceedings at the time of the relevant assets located in the territory of a Member State other than the Member State in whose territory they are taken by those reorganisation measures or winding-up.
(2) reorganisation measures or winding-up of a credit institution that sells assets, before launching the appropriate reorganisation measures or winding-up, after the transfer of those assets to the purchaser is not grounds for annulment or termination of the transaction and does not affect the counterparty — — right of the buyer, in the absence of such reorganisation measures or winding-up period the asset is situated within the territory of a Member State other than the Member State in whose territory they are taken by those reorganisation measures or winding-up.
(3) the interested parties shall have the right to challenge the transactions specified in this article.
218. article. If, after the decision on a reorganisation measure or winding-up and initiated the activities in question are seized assets, the following regulation regarding: 1) real estate-laws of the Member State in whose territory the immovable property is situated;
2 a ship or aircraft) — legislation of the Member State, which is in the public registry;
3) financial instruments, which are to be recorded in public registers, credit accounts or central depository, and secured rights — laws of the Member State under which the credit institution is a certified property rights to the corresponding financial instruments.

219. article. (1) a regulated market, the rights and obligations of participants in transactions with financial instruments in respect of reorganisation measures or winding-up of carrying only those rules that apply to transactions in financial instruments on a regulated market.
(2) the first part of this article are without prejudice to the provisions of this law, the second paragraph of article 126.1.
(3) the interested parties shall have the right to challenge the actions laid down in this article or right.
220. article. (1) the competent institution of a Member State appointed the liquidator or administrator, or other persons authorized by law the power to certify the original certified copy of the decision or other evidence that is consistent with national laws and regulations. The competent authorities have the right to request a translation of the documents referred to in the national language of the Republic of Latvia.
(2) a liquidator appointed by the Member State or the administrator, or other person authorised by the law of the Republic of Latvia has the right to exercise the powers which it may be implemented in the territory of the Member State concerned. Administrator or liquidator, or other legally authorized person shall have the right to appoint (empower) persons who assist this administrator or liquidator, or other person or representative of the reorganisation measures or winding-up.
(3) a member appointed by the administrator or liquidator, or other legally authorized person, in fulfilling its mandate in the Republic of Latvia, the Republic of Latvia to comply with laws and regulations, especially with regard to activities related to the disposal of assets and the provision of information to employees.
221. article. (1) home State appointed liquidator or administrator, or other person authorized by law, in fulfilling its mandate, has the responsibility to reorganisation measures or winding-up of a register of the Republic of Latvia public registers, if the need for such registration is determined by the laws of the Republic of Latvia.
(2) in the Republic of Latvia appointed liquidator or administrator, or other person authorized by law, in fulfilling its mandate, it is the duty of a reorganisation measure or winding-up of the register public registers in the country concerned, if the need for such registration shall be determined by the Member State concerned laws and regulations.
(3) expenses related to reorganisation measures or winding-up of the public registers of the Member registration, to be included in this process costs (expenditure).
222. article. The Republic of Latvia laws do not apply to the right to impose prohibitions or restrictions on payments or transactions for vendors to prevent unequal conditions or damages, if the person who benefits from these activities shows that: 1) action that infringes upon the interests of other creditors, stems from the law of a Member State other than the Republic of Latvia;
2) Republic of Latvia regulatory act does not provide the benefits gained by the opposition party.
223. article. Reorganisation measures or winding-up proceedings on the impact of things is governed by the laws of the Member State in whose territory the judicial proceedings in question.
224. article. (1) the competent authorities, with statutory functions receive information on reorganisation measures or winding-up, ensure that information is not disclosed.
(2) the first paragraph of this article the disclosure procedure is governed by the laws of the Member State concerned. "
63. The transitional provisions: transitional provisions be supplemented by 12.1 points to the following: "12.1 the liquidator of the credit institution (admin) is bound by the law and article 135.166, irrespective of the credit institution's insolvency (bankruptcy) or winding-up proceedings. The liquidator (administrator) in the previous period the consideration received for the conversion is not performed. ";
Add to transitional provisions with paragraph 15 as follows: "article 10.2 of the law 15. enter into force simultaneously with the law on financial collateral effect."
64. To supplement the law with the informative reference to European Union directives as follows: "Informative reference to European Union directives, the law includes provisions arising from the European Parliament and of the Council of 20 March 2000 Directive 2000/12/EC relating to the taking up and pursuit of the business of the European Parliament and of the Council of 18 September 2000, Directive 2000/46/EC on the taking up of the institutions , pursuit of and prudential supervision of the European Parliament and of the Council of 4 April 2001, Directive 2001/24/EC on the reorganisation and winding up of credit institutions. "
The law adopted by the Parliament at the 2004 October 28.
State v. President Vaira Vīķe-Freiberga in Riga 2004 November 12 Editorial Note: the law shall enter into force on 26 November 2004.