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) follows: 1. Replace the entire text of the Act, the words "section (branch)" (fold) with the word "branch" (fold), the words "general meeting of shareholders (members)" (fold), the "shareholders meeting" (fold) words "shareholders (members)" (folds) – with the word "shareholders" (fold), the word "auditor" (folds) – with the words "sworn auditor" (fold) "and the words" in the opinion of the Auditors "(folds) – with the words" sworn auditor's report "(fold).
2. in article 1: (1) be expressed as follows: "1) a credit institution, a company founded to make deposits and other repayable funds from the unrestricted deployment of clients and in the name of the issuing of loans and other financial services;";
make a "d" paragraph 4 subparagraph by the following: "(d)) non-cash means of payment (of all means of payment, except for banknotes and coins in any currency) release and service;";
exclude paragraph 9, the words "natural or legal";
turn off 17;
to supplement the article with 40, 41 and 42 in the following wording: "40) a close relationship: two or more person correlation: a) in the form of membership — the person directly or by way of control is 20% or more of the voting rights in the undertaking (company) or a person directly or by way of control acquired a participation, which covers 20 percent of the company and more (companies) in the share capital or voting rights, issued share capital b), (c) the type of control) if they are related to one and the same person by a control;
41) vendor meeting — organised joint actions of the creditors of the credit institution's insolvency process form;
42), the Committee of creditors — creditors meeting elected body that credit institutions in the case of the rehabilitation creditors ' representative meeting according to the prescribed extent. "
3. To make the first part of article 2 in the following wording: "(1) this law determines the legal status of credit institutions governed by this institution, accountability and monitoring, as well as the rights, duties and responsibilities, subject to the requirements of this law."
4. Make article 3 by the following: ' article 3. (1) in the Republic of Latvia a credit institution operating as a bank or a branch of a foreign bank.
(2) the Bank may be be established as a joint stock company, and it may be operated only as a limited company or as a public joint stock company. "
5. Replace article 4, the words "the law" On joint stock companies "with the words" commercial law ".
6. Turn off the article 5.
7. Express article 8 by the following: ' article 8. (1) it is the responsibility of the credit institution, the 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.
(2) credit institutions are obliged to prepare public reports to inform the public of the business of credit institutions and financial indicators. To be included in public reports, the minimum amount of information and publication procedure is determined by the financial and capital market Commission. "
8. in article 9: turn off in the first paragraph, the words "Credit Union";
make the third paragraph as follows: "(3) the only institutions allowed to skip and serve non-cash means of payment. A credit institution may transfer to third parties with non-cash means of payment release and service-related studies, if a credit institution shall assume full responsibility for their execution and if this transfer of tasks to third parties does not create the payment system additional financial risks. "
9. Express article 11 and 12 as follows: "article 11. (1) a credit institution in Latvia, its activities may be initiated only after the financial and capital market Commission issued licenses (permissions) receipt and registration laws.
(2) the financial and capital market Commission license (permission) for the operation of the credit institution shall be issued for an unlimited duration.
12. article.  (1) the banks of the Republic of Latvia is to receive the financial and capital market Commission's authorization to open branches abroad.
(2) banks of the Republic of Latvia must notify the financial and capital market Commission of the opening of the branch in the Republic of Latvia or the opening of representative offices abroad.
(3) foreign banks must notify the financial and capital market Commission of the opening of the representative office in the Republic of Latvia. "
10. To supplement the law with the 12.1, 12.2 and 12.3 of the article as follows: "article 12.1. (1) the Member State of the European Union or European economic area country may open a bank branch in Latvia without this statutory license (permission), only after: 1) of the financial and capital market Commission has received from the Member States of the European Union or European economic area State authorities supervision of credit institutions, which include: (a) the notice) confirmation that the bank is concerned, the existing license (permission) for the operation of the credit institution , b) branch program, c), (d) the branch address) Branch Manager's name, e) information about the bank's own funds and capital adequacy of the size of the pointer, f) for information on the parent company of the bank, which is a credit institution or a financial holding company, the capital adequacy indicator g) information about the deposit guarantee system, which the bank is a Member;
2) financial and capital market Commission has received from foreign credit institutions are concerned, the supervisory authorities written assurances that it will inform in time the financial and capital market Commission on testing bank branches in Latvia and not interfere with the financial and capital market Commission representatives to participate in these checks, as well as immediately after completion of the inspection will submit financial and capital market Commission report on the results of the checks;
3) financial and capital market Commission has informed the Member States of the European Union or European economic area national supervisory authorities of credit institutions that are ready to launch a bank branch or two months have elapsed since the date of the financial and capital market Commission received the relevant Member State of the European Union monitoring body credit statement.
(2) the Member States of the European Union or the European economic space countries banks are obliged to inform the finance and capital market Commission to one month in advance of any amendment of the first paragraph of this article referred to in paragraph 1, as well as the information of the intention to suspend the operation of the branch.
(3) of the first subparagraph of paragraph 1 subparagraph "b" must be submitted for the execution of the document, which gives a clear picture of the bank branch business strategy, financial forecast for the following two years, market research plan, organisational structure with clearly defined and divided into departments for tasks and responsibilities of Heads of departments, as well as significant risk management policies and procedures, accounting policy and accounting principles of the Organization, the management information system description , assets and information system protection rules, internal audit policies and procedures, as well as suspicious financial transaction identification procedure.
(4) the Member State of the European Union or European economic area country bank 30 days after it submitted the relevant statement of financial services in this state the institution of supervision of credit institutions, started to provide financial services in Latvia, without opening the branch.
(5) If, within 30 days after the fourth paragraph of this article, the notification referred to in the financial and capital market Commission has submitted to the national supervisory authorities of credit institutions motivated written refusal, considered that it would not oppose the provision of financial services to credit institutions in Latvia.
12.2 article. (1) in the Republic of Latvia registered bank opens branch in a Member State of the European Union or European economic area country in accordance with the procedure laid down in this article.
(2) the Bank shall be informed in writing of the financial and capital market Commission that it wants to open a branch in a Member State of the European Union or European economic area country. The application specifies a member of the European Union or the European economic space in the country for the opening of a branch, the branch address, branch manager's name and ID number, if one has been assigned.
(3) in the second subparagraph, the application shall be accompanied by the documents of the bank that gives a true and fair view of the planned activities of the branch, the financial services to be provided, the appropriate branch structure and organisation of work.

(4) an application for the opening of a branch in a Member State of the European Union or European economic area country financial and capital market Commission within 30 days after all necessary, according to the legislative requirements for the receipt of documents drawn up and of its decision in writing, inform the Member State of the European Union or European economic area national supervisory authorities of credit institutions and banks concerned.
(5) the financial and capital market Commission shall inform the Member States of the European Union or European economic area national supervisory authorities of credit institutions for the bank's own capital size and capital ratios, and make known their views on the appropriateness of the branch manager position.
(6) the Bank shall, not later than 30 days before the change takes place in the second and third subparagraphs in that information in writing about them in the financial and capital market Commission and the relevant Member State of the European Union or European economic area national supervisory authorities of credit institutions. On the approval of amendments to the financial and capital market Commission shall decide and communicate its decision to the Member State of the European Union or European economic area state the institution of supervision of credit institutions and the bank in the fourth paragraph of this article within the time and in order.
12.3 article. (1) a bank registered in the Republic of Latvia shall initiate financial services in a Member State of the European Union or European economic area country, without opening the branch, in accordance with the procedure laid down in this article.
(2) the Bank shall be informed in writing of the financial and capital market Commission that it wants to launch a financial provision of services in a Member State of the European Union or European economic area country, without having to open the branch. In the application the bank shall indicate the Member State of the European Union or European economic area country, which intended to provide financial services and financial services it intends to provide.
(3) the application for bank financial services in a Member State of the European Union or European economic area country, without opening the branch, finance and capital market Commission and the appearance of its decision in writing, inform the Member State of the European Union or European economic area national supervisory authorities of credit institutions and the bank within 30 days of its receipt. "
11. Article 13: make the first paragraph by the following: "(1) the newly created credit institution in the commercial register shall submit to the recorder before the financial and capital market Commission application licenses (permissions). Registration in the commercial register in the credit institution shall be made only after the financial and capital market Commission's decision to issue a license (permission) for the operation of the credit institution in the commercial register submitted. ";
to supplement the article with third, fourth and fifth paragraph as follows: "(3) the Bank founders organized money lodging in the temporary Bank account and pay in full the bank's share capital to the Treaty referred to in the first subparagraph for consideration of an application in the financial and capital market Commission. The Bank may invest in formation capital only money.
(4) the financial and capital market Commission established licenses (permissions) of the business of credit institutions and in other statutory authorisation and notification procedure and the submission of supporting documents, as well as with credit-related restrictions.
(5) entries in the commercial register shall be made only after the statutory license (permission) to receive. "
12. To make article 14 the following: ' article 14. Financial and capital market Commission's application for a license (permission) to receive appearance within three months after receipt of all required documents. Financial and capital market Commission is entitled to refuse authorisation (authorisation) encountered credit institution if: 1) through the credit institution law have not been complied with;
2) the credit institution's close relationship with the third parties may jeopardize its financial strength or limit the financial and capital market Commission's right to carry out statutory supervisory functions;
3) other State laws and other regulations that apply to persons who have a close relationship with the credit institution encountered limited financial and capital market Commission's right to carry out statutory supervisory functions;
4) credit documents submitted contain false information;
5) one or more of 24 of this law the persons referred to in article does not meet the statutory requirements;
6) financial and capital market Commission finds that the financial resources invested in the bank's share capital, resulting in unusual or suspicious financial transactions or not documented proven this funding legal mining. "
13. Turn off the article 18.
14. Replace the 21 and 23, the word "ECU" (fold) with the word "Euro".
15. Turn article 22.
16. Make 24, 25, 26 and 27 of the article as follows: "article 24. (1) the Chairman of the Management Board of the bank, the Management Board, internal audit (audit) Service Manager (company Inspector), foreign bank branch, 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) competent financial management matters;
3) which requires education and three years of professional work experience in the appropriate size in the enterprise, organization or institution;
4) which has a flawless reputation;
5) which is not deprived of the right of establishment.
(2) the Chairman of the Management Board of the Bank, Board members and internal audit (audit) Service Manager (Controller of the public) need higher education.
(3) the Bank 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.
25. article. (1) the Chairman of the Management Board of the bank, the Management Board, internal audit (audit) Service Manager (company Inspector), foreign bank branch, 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) the Bank 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 may extend the application of the first paragraph of article 1, paragraphs 2 or 3.
26. article. (1) the Chairman of the Board of the bank and a member of the Council may be persons who comply with this law, article 24, first paragraph, 2., 3., 4. and 5. The Chairman of the Board of the bank and a member of the Council may not be the persons who may be subject to this law, article 25, first paragraph 1, 2 or 3.
(2) the general meeting is an obligation 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.
27. article. (1) the financial and capital market Commission may withdraw a credit licence (permit), if: 1) credit institution has undertaken action for 12 months license (permission) to the date of issue;
2) it is noted that the credit institution given false licenses (permissions);
3) a credit institution stopped the action for a period longer than six months;
4) the credit institution has launched a voluntary process;
5) a credit institution shall waive the license (permission) in the event of restructuring;
6) have been approved by a court in accordance with the procedure laid down in this law, a decision on the commencement of bankruptcy proceedings of a credit institution;
7) a credit institution more than two months after the financial and capital market Commission notice of license (permission) to the cancellation of the business of credit institutions voluntarily and in full is not made payments to the deposit guarantee fund;
8) credit institution regularly does not follow this law and other laws regulating the activities of the credit institution and the financial and capital market Commission of the laws, regulations and ordinances.
(2) a credit institution licence (permit) are not restored, if the financial and capital market Commission are withdrawn. "
17. Article 29: replace the first paragraph, the words "indirectly" with the words "control form";
replace the third paragraph, the words "property shares" with the words "significant interests".
18. the express article 33, the first paragraph by the following: ' article 33. (1) If this Act article 29 cases persons have acquired significant interests in banks, directly or by way of control, without the financial and capital market Commission authorisation, persons who owned shares, ensuring in this way obtain the qualifying holding, you can not use this stock for the right to vote. "
19. in article 50.1: replace the first paragraph, the words "directly or indirectly" with the words "directly or by way of control";
to supplement the article with sixth and seventh subparagraph by the following:

"(6) the financial and capital market Commission has the right to require the supervision of credit institutions requires information from companies (companies) that the financial statements are not consolidated in accordance with the requirements of the first subparagraph, but with the credit institution has close links, in the form of control and internal inspection shall be performed to assess the veracity of the information provided.
(7) the financial and capital market Commission, in carrying out the checks referred to in this article in enterprises (companies) have the right to consult the information and documents necessary for its mission and tasks, but companies (companies) is obliged to provide the financial and capital market Commission, the information and documents. "
20. To supplement the law with article 56.1 as follows: "article 56.1. The Bank, which the tender chosen financial and capital market Commission, from the assets of the bank to be taken over in full to the issued share pledges from mortgage marks arise against the holders of these bonds with assets that include mortgage bonds in the cover registry. "
21. Article 57 of the expression as follows: "article 57. (1) a credit institution must receive the financial and capital market Commission's permission if: 1) is changed, the bank's Chairman of the Board or his Deputy internal audit (audit) (Controller of society);
2) a credit institution is reorganized.
(2) a credit institution not later than 15 days before the date of adoption of the decision in question must be communicated in writing to the financial and capital market Commission of the intention to change the name of the credit institution or of the registered office. If within seven days after receiving notice of the credit institution, the financial and capital market Commission are not motivated or objected to the change of registered office, it is considered that the financial and capital market Commission has given permission for the name of the credit institution or legal address change.
(3) a credit institution, the financial and capital market Commission duly provided financial and capital market Commission information on credit institutions Council or the composition of the Management Board, shareholders, new credit financial services and the opening of the Statute (regulations) or the amended registration. "
22. Add to article 62 of the fourth subparagraph by the following: "(4) the details of the client, his accounts and transactions carried out in accordance with the written agreement of the third party, provided such declarations to any third party the customer expressly agreed in the contract concluded with the credit institution."
23. Add to article 63 of the first part of paragraph 6 by the following: ' 6) the national safety authorities or notified by the Attorney General's Special Prosecutor accepted the request, if the information necessary to verify the financial funds of persons or association with terrorism. "
24. Article 64: to supplement the first subparagraph following the words "representative" as the auditor with the words "as article 62 of this law, in the fourth paragraph, that person";
to complement the second paragraph after the word "suspended" by the words "or an" contractual relationship.
25. Add to article 66, the second paragraph after the words "court injunction" by the words "or tax administration decision on overdue tax payment, in accordance with the law on taxes and duties".
26. To complement the article 74.1 of the law with the following: "article 74.1. Credit institutions should ensure effective customer complaints and disputes with the credit institution of cashless funds to credit transfers and transactions by electronic payment instruments examination procedure. Full written information on these complaints and dispute handling procedure must be freely available to the credit institution and to electronically credit the website internet network, if any. "
27. Article 77 of the expression as follows: "article 77. Credit institution for each operating year prepare a report, which shall include the balance sheet, the profit and loss account, statement of changes in equity and reserves, cash flow statement and annexes, as well as message. "
28. Article 88 of the expression as follows: "article 88. (1) a credit institution is obliged to inform the Finance and capital market Commission of all circumstances which may have a significant effect on the future performance of the credit institution.
(2) a sworn auditor checks the credit institution comply with the first paragraph of this article. For audit services and expert or fiduciary duties of detected violations of the laws, the deficiencies and other shortcomings, which are at risk due to the obligations of the credit institution or further action or credit the customer's interests, sworn auditor shall immediately submit a written report to the management of the credit institution and the financial and capital market Commission.
(3) a sworn auditor is obliged to immediately submit a written report to the finance and capital market Commission of the second part of the above facts, which frankly, providing audit services to the customer with a credit institution which binds the essential relationship or a close relationship by way of control, or the performance of such a client would give expert or trust task.
(4) the second and third subparagraphs of providing the information referred to in the financial and capital market Commission is not considered confidential disclosure and terms of sworn auditor not civil liability. "
29. Article 90 of the expression as follows: "article 90. (1) annual report, shareholder of the credit institution meeting Protocol (the Protocol statement) on the approval of the annual report and the full certified auditor report must be submitted to the Finance and capital market Commission within 10 days after being approved by the credit institution's shareholders ' meeting, but no later than three months after the end of the reporting year.
(2) the financial and capital market Commission is entitled to request additional credit institution submit certified auditor to prepare an extended report with comments about the appropriateness of internal control systems, banking risk analysis and conformity assessment regulations and financial and capital market Commission orders, regulations and rules. "
30. off article 93.
31. To supplement the law with article 99.1 as follows: "article 99.1. (1) in order to ensure the safety of the sector of credit institutions of Latvia, stability, and development of financial and capital market Commission carried out supervision of credit institutions.
(2) the financial and capital market Commission is obliged to take immediate measures, in accordance with Chapter VII of this law, to prevent the activities of credit institutions and credit institutions in the sector, lack of concern or would threaten the whole of a credit institution or credit institutions sector stable activity, impede the proper conduct of its business, provide financial services or could cause considerable harm to the economy of the entire country. "
32. To supplement the law with article 101.1 as follows: "article 101.1. Financial and capital market Commission shall have the right to not allow the credit institution to establish a close relationship or to request an end to the close relationship with the third parties, or prohibit transactions with them, if such relationships may endanger or threaten the financial stability of the credit institution, or limit the financial and capital market Commission's right to carry out statutory supervisory functions. "
33. To supplement article 102 paragraph 5 with the following: "5) a credit institution shall take action which endangers or could endanger the solvency of the credit institution's stability or reputation."
34. Article 103: replace the word "Commission" with the words "the Council";
to complement the article, paragraph 9 by the following: "9) give credit monitoring bodies and executive bodies, as well as leaders and members motivated written orders that are necessary to limit or stop the operation of the credit institution, which endangers or could endanger the solvency of the credit institution's stability or reputation."
35. Article 106: replace the first paragraph, the words "not less frequently than once a year" with the words "not less frequently than once every two years";
Supplement fifth after the word "institutions" with the words "and financial and capital market Commission".
36. Express article 107, second subparagraph by the following: "(2) prior to the initiation of foreign credit institutions have the responsibility of monitoring time, but not later than 15 days before the start of the inspection concerned, in writing, inform the financial and capital market Commission. Financial and capital market Commission representatives are entitled to participate in this examination. Foreign credit institutions shall submit to the management authority of the financial and capital market Commission of inspection results, a copy of the report prepared by the Latvian, English, Russian or German. In other languages the message copy submitted to the message that you want to add a translation notarized Latvian language. "
37. To supplement the law with article 108.1 as follows:

"article 108.1. (1) if the financial and capital market Commission, finds that the Member State of the European Union or European economic area country bank branch operating in Latvia, or in a Member State of the European Union or European economic area country to a bank that provides financial services, without opening the branch, an activity which is contrary to the laws of Latvia, it promptly requests the Member States of the European Union or European economic area national bank to terminate these steps.
(2) if the Member State of the European Union or European economic area country bank branch operating in Latvia, or in a Member State of the European Union or European economic area country to a bank that provides financial services, without having to open a branch, do not stop the actions that are contrary to the laws of Latvia, finance and capital market Commission shall immediately inform the Member States of the European Union or European economic area national supervisory authority, which is obliged to take action to prevent irregularities. Member States of the European Union or European economic area national supervisory authority informs the financial and capital market Commission of the measures taken.
(3) If a Member State of the European Union or European economic area country bank branch operating in Latvia, or in a Member State of the European Union or European economic area country to a bank that provides financial services, without opening the branch, continues to engage in activities that are contrary to the laws of Latvia, finance and capital market Commission shall inform the Member States of the European Union or the European economic area to the national supervisory authorities and shall take the measures to prevent such infringements.
(4) in the first, second and third subparagraphs shall not preclude the requirements laid down in the financial and capital market Commission to take steps to prevent the abuses which are contrary to the public interest of Latvian law, protective and impose penalties on them.
(5) the provisions of this article shall not prevent the Member State of the European Union or European economic area country bank to distribute advertising in Latvia financial services rendered. "
38. To supplement the law with article 110.1 of the following: ' article 110.1. (1) the financial and capital market Commission and the Bank of Latvia within the limits of its competence, in accordance with the mutual agreement shall exchange their tasks necessary information.
(2) within the limits of its competence, the financial and capital market Commission shall cooperate with foreign central banks, financial supervisory institutions and foreign institutions that are responsible for the supervision of credit institutions and other financial institutions in liquidation, bankruptcy, auditing and other similar monitoring procedures and supervise the investment and deposit guarantee and payment systems, and by mutual agreement, make the exchange of information with those institutions necessary for the monitoring and enforcement of these institutions function.
(3) the information referred to in this article shall be used solely for the performance of supervisory functions and are considered to be limited by the availability of information, but with the following information provided by the institutions of the prior written consent of it may be disclosed to third parties. "
39. in article 111: Add to the fourth paragraph by the words "Bank" with the words "or of the financial and capital market Commission";
to supplement the article with a fifth by the following: "(5) the financial and capital market Commission, its staff and Governors are not responsible for losses incurred by the credit institution or third parties, as well as those can not be held responsible for actions that they are legal, accurate, reasonably and in good faith made duly fulfil a monitoring function in the law and in other laws and regulations."
40. Replace the words "article 128 application" (the fold) with the word "submission" (fold).
41. Supplement article 132 the third subparagraph, in the last sentence, after the word "information" with the words "necessary financial and capital market Commission to carry out the functions of the supervision of credit institutions."
42. Article 135 of the expression as follows: "article 135. (1) a credit institution in the event of liquidation the liquidator's remuneration is determined by the members of the credit institution (founder) or the general meeting, and the remuneration may not exceed the minimum monthly salary of about 15 a month.
(2) If liquidation occurs in accordance with the Court ruling, the liquidator and the liquidator's remuneration the total proportion of the Assistant shall be: 1) 15 percent of the actually recover and credit account in the Bank of Latvia credited funds not exceeding the first recover ten thousand lats;
2) if the actual recoveries and credit account in the Bank of Latvia netted cash exceeds ten thousand dollars, 15 percent of the actually recover and credit account in the Bank of Latvia credited funds not exceeding the first recover ten thousand lats, and 10 percent of the actually recover and credit account in the Bank of Latvia the funds transferred in excess of ten thousand dollars and not more than one hundred thousand dollars;
3) if the actual recoveries and credit account in the Bank of Latvia netted cash exceeds one hundred thousand lats, — 15 percent of the actually recover and credit account in the Bank of Latvia credited funds not exceeding the first recover ten thousand lats, and 10 percent of the actually recover and credit account in the Bank of Latvia the funds transferred in excess of ten thousand dollars and not more than one hundred thousand dollars and five percent of the actually recover and credit account in the Bank of Latvia included the funds in excess of a hundred thousand lats.
(3) actually recovered funds is not considered in the determination of the remuneration of cash credit institution, money obtained by selling the stock market kotējam securities, and funds obtained through claims against the Bank of Latvia, Latvian and foreign credit institutions that is not paused or stopped, the Latvian National or foreign compensation (commissions) for credit institutions to provide financial services as well as funds obtained by realizing a claim referred to in this article by claims and fruit, derived from the assets of the credit institution in the winding-up proceedings.
(4) If a winding-up that is in accordance with a court order, no cash (cash funds in accordance with the third paragraph of this article shall not be regarded as actually recover funds remuneration) are not actually recovered and credited to the account of the credit institution in Latvia, the liquidator and the liquidation the liquidator's Assistant until the completion of the joint receives a lump sum compensation for which the amount of the liquidator and the financial and capital market Commission is mutually agreed. "
43. Replace article 137 in the first paragraph, the words "credit shareholders (members) of the Assembly" with the words "credit institution" of the general meeting.
44. Add to article 147 of the fourth subparagraph after the word "Commission" with the words "suitable arrangement and the extended monitoring Commission".
45. Add to article 154 of the fourth part of the last sentence, after the word "information" with the words "related to the insolvency of the credit institution".
46. Replace article 157 of the first subparagraph of paragraph 1, the word "need" with the word "mandatory".
47. Supplement article 158 after the words "financial and capital market Commission" with the words "and the meeting of creditors".
48. Article 161: replace the second subparagraph of paragraph 4, the words "Bank" with the words "financial and capital market Commission";
Add to the second part of 15, 16, 17 and 18 the following wording: "15) to convene the first meeting of creditors in the case of the rehabilitation of the credit institution;
16) calculate and compile according to the law "on the protection of employees employers ' insolvency event ' employee claims and submit applications for recovery of employees insolvency administration. After receipt of the funds from the administration of the insolvency administrator paid to third parties after the execution of documents from the employee the amount of the claim, which they deserve. The administrator shall include the list of claims of unsecured creditors in the bankruptcy administration satisfied employee claims;
17) before signs of mortgage bonds and obligations arising under bonds coverage includes assets are transferred to other bank, to make the cost of mortgage bonds to holders of the interest costs or mortgage bonds to maturity, ensuring that costs are made of bonds included in the cover registry assets, excluding other costs of carrying out mortgage bonds included in the register of assets or other amendment to mortgage bonds register;
18) no later than 10 days after the financial and capital market Commission of the receipt of the order to put financial and capital market Commission specified the bank from liquidation of the bank introduced mortgage pledges marks arise against the holders of these bonds with assets that include mortgage bonds in the cover registry. "
49. Article 166 of the expression as follows:

Article 166. " (1) the Administrator and administrative assistant in proportion to the total amount of the consideration are: 1) 15 percent of the actually recover and credit account in the Bank of Latvia credited funds not exceeding the first recover ten thousand lats;
2) if the actual recoveries and credit account in the Bank of Latvia netted cash exceeds ten thousand dollars, 15 percent of the actually recover and credit account in the Bank of Latvia credited funds not exceeding the first recover ten thousand lats, and 10 percent of the actually recover and credit account in the Bank of Latvia the funds transferred in excess of ten thousand dollars and not more than one hundred thousand dollars;
3) if the actual recoveries and credit account in the Bank of Latvia netted cash exceeds one hundred thousand lats, — 15 percent of the actually recover and credit account in the Bank of Latvia credited funds not exceeding the first recover ten thousand lats, and 10 percent of the actually recover and credit account in the Bank of Latvia the funds transferred in excess of ten thousand dollars and not more than one hundred thousand dollars and five percent of the actually recover and credit account in the Bank of Latvia included the funds in excess of a hundred thousand lats.
(2) the Administrator and administrative assistant receives a fixed remuneration in such cases and the total amount in the following: 1) from the date of the appointment of the administrator of the insolvency proceedings, the lump-sum remuneration the minimum monthly salary of ten;
2) until the completion of the bankruptcy proceedings, if any funds are recovered, actually — a one-time reimbursement for the amount of administrator and financial and capital market Commission is mutually agreed by the conclusion of the written contract, but the maximum amount shall not exceed 20 minimum monthly salary;
3) in the case of the restoration of 20 minimum monthly wages;
4) in the case of insolvency process terminated due to solvency restoration, if solvency restored,-a one-time reward of five percent of the equity of a credit institution's insolvency date of termination.
(3) calculation of the administrator and the administrator Assistant total proportional remuneration, it shall be reduced by the amount of the fixed remuneration calculated.
(4) actually recovered funds is not considered in the determination of the remuneration of cash credit institution, money obtained by selling the stock market kotējam securities, and funds obtained through claims against the Bank of Latvia, Latvian and foreign credit institutions that is not paused or stopped, the Latvian National or foreign compensation (commissions) for credit institutions to provide financial services as well as funds obtained by realizing a claim referred to in this article by claims and the fruits obtained from the insolvency of the credit institution's assets.
(5) If a credit institution does not have enough money to ensure that this article is the second part of the remuneration, as well as insufficient funds, in accordance with the fourth paragraph of this article shall not be regarded as actually recover funds remuneration for administrator and administrative assistant receives remuneration from the financial and capital market Commission. On the amount of remuneration, which may not exceed 20 minimum monthly salary per month, the administrator and the financial and capital market Commission is mutually agreed, concluding a written contract and: 1) adopted a decision on the commencement of bankruptcy proceedings;
2) submitted to the Court for the costs of the Administration and settlement of the agenda, the cost and time of recovery of debts, bankruptcy proceedings and completion and termination of the insolvency proceedings. "
50. Supplementing the 164 the first paragraph of article 4 of the paragraph after the words "legal persons" with the words "insolvency or".
51. the express article 179 the following: ' article 179. (1) decision on restoration assumes an administrator. Decision on restoration and recovery plan shall enter into force after being approved by the financial and capital market Commission and the meeting of creditors. Credit bailouts led by the administrator in accordance with the financial and capital market Commission and the meeting of creditors accept and approve the bailout plan.
(2) a decision on the restoration by the administrator, or the creditors meeting financial and capital market Commission may suspend the application to the Court, if such a decision is reached by using deceit or duress, or been affected by the law. "
52. To supplement the law with the 179.1-179.9 article as follows: "article 179.1. The reorganisation process is involved in the meeting of creditors of the credit institution and the creditors ' Committee, the administrator and the persons whose participation in the insolvency process is mandatory.
Article 179.2. (1) the first creditors ' meeting shall be convened by the court-appointed administrator not later than three weeks after the adoption of the decision on restoration (article 179) credit institution.
(2) the Administrator of the first creditors meeting time, place and the agenda shall notify the creditors no later than two weeks before the meeting date. Notice of first meeting of creditors to be published in the newspaper "Gazette" and two other newspapers.
(3) If a vendor has more than three hundred, administrator, announcing a meeting of creditors, the creditors shall invite that claims does not exceed one percent of the entire amount of the claim, to empower the common representative.
Article 179.3. (1) the right to be represented at a meeting of creditors is all creditors regardless of the amount of the claim. Vendors participating in the meeting in person or by legal or contractual representatives.
(2) if the vendor number is greater than three hundreds, at a meeting of the creditors are entitled to participate personally only the creditors representing not less than one percent of the entire amount of the claim. In this case one person represents multiple vendors.
(3) the right to vote at a meeting of the creditors, in which the vote on the rescue plan, creditors are also in full in the amount of the claim. If the bailout plan is adopted, to vote at a meeting of creditors at the time of the reorganisation are also those creditors whose rights to realize the pledge is limited.
(4) creditors have the right to vote at a meeting of creditors of the unsecured part of the debt. The secured creditor may waive all or part of the security and to sign up for the claim, the appropriately gaining voting rights all unsecured debt or its parts.
(5) to the creditors meeting is invite people whose participation in insolvency proceedings is mandatory.
179.4 article. (1) the creditors ' meeting: 1) elect a creditors ' Committee;
2) approve or reject a rescue plan, as well as amendments thereto;
3) decide on the reduction of share capital under the bailout plan, if the company's equity was less than three-quarters of the company's share capital or share capital and signed by the company participants or shareholders have not adopted a decision on the reduction of the share capital according to the commercial law before a court ruling on the insolvency of the credit institution;
4) shall decide on the increase of the share capital under the bailout plan, providing for existing members or shareholders pre-emptive rights to the shares or shares according to commercial law.
(2) If the insolvency process of a single vendor, they have all the statutory powers of the creditors ' meeting.
179.5 article. (1) a meeting of creditors led by the administrator.
(2) the creditors ' meeting has the right to make decisions independently of the debt represented about if for the convening of this meeting the time limits provided in the Act is notified to all known creditors and if it is to invite people that participate in the insolvency proceedings is mandatory.
(3) the absence of the person at a meeting of creditors that participate in the insolvency process is a mandatory, not an obstacle to its progress, if the creditors ' meeting convened in accordance with the procedure laid down in this Act.
(4) creditors ' meeting shall take decisions by voting of creditors present a simple majority of votes by the amount of the claim. Each vendor is determined by the number of votes in proportion to his log, as well as the debtor — credit documents (accounting records) reflect the amount of the debt if the creditor's claim is not logged on.
(5) number of votes at a meeting of creditors is determined by assigning one vote than the smallest known creditor's claim (claim amount); the votes of other creditors is determined by dividing each creditor's claim (claim amount) to the less known claims (claim amount). Each vendor is determined by the number of votes each vendor meeting, taking into account changes in the composition of unsecured creditors and the amount of the claim.
(6) in the course of the creditors ' meeting is being recorded. Record supports the head of the creditors ' meeting.
(7) a meeting of creditors with its motivated decision may suspend for a period of up to one month, if you vote more than half the amount of the claim of the creditors, indicating the resumption of the meeting time, place and agenda.
179.6 article. (1) the meeting of creditors may elect a creditors ' Committee.

(2) a meeting of creditors is required to elect a Committee of creditors, if its claims in the insolvency proceedings applied for more than fifty vendors.
(3) creditors ' Committee elected by the voting of creditors meeting participants for not less than five and not more than nine members to the entire process of insolvency. The Committee of creditors should be represented in all the relevant insolvency proceedings involved in the vendor groups (article 192 and 193).
179.7 article. (1) the creditors Committee is in the statutory powers of the creditors ' meeting in the process of rehabilitation.
(2) a meeting of the creditors have the right to cancel the creditors ' Committee.
(3) after its creditors ' Committee elected from among the elect immediately to the Chairman of the creditors ' Committee. If the creditors ' meeting deems it necessary, it may ask the President of the Committee of creditors, one or more of its members to constantly control the interests of creditors in the process of rehabilitation. In this case, the creditors ' meeting shall determine the remuneration of such persons, which is included in the cost of administration.
(4) a creditor of a member of the Committee may resign from Office, alerting the administrator in writing of the month. If the number of members of the Committee of creditors is less than five, the administrator shall convene a meeting of creditors that elect new members of the Committee of creditors.
179.8 article. (1) the creditors ' Committee is hearing form.
(2) creditors Committee meeting shall be convened and chaired by the Chairman of the creditors ' Committee. The administrator may require the creditors ' Committee the Chairman shall convene meetings of the Committee of creditors within a week of the date of submission of the application.
(3) the creditors ' Committee is entitled to make decisions if the meeting more than half of the creditors ' Committee elected members. Decisions shall be taken by the creditors ' Committee the members present a simple majority. If the votes are divided into like, vendor shall have a casting vote of the Chairman of the Committee.
179.9 article. (1) a vendor self service vendor meeting may authorize more than one person. Authorized person representing the creditors in full in the amount of the creditor's claim.
(2) a group of Creditors representing themselves vendor meeting may authorize more than one person. Authorized person representing a group of vendors, all members of the Group of creditors claim amount. "
53. Article 180: to supplement the first subparagraph following the words "in accordance with" with the words "financial and capital market Commission and approved by the meeting of creditors";
to complement the second paragraph after the word "property" with the words "in coordination with the meeting of creditors";
make the third paragraph as follows: "(3) if the changed circumstances that significantly affects or may affect the implementation of the restoration plan, an administrator with the consent of the creditors ' meeting for the amendment of the reorganisation plan and shall submit it to the financial and capital market Commission for approval or a decision on the removal or remediation of the restoration."
54. in article 181: Add to the first paragraph, after the word "day" with the words "and the clerk puts it for approval at a meeting of creditors";
to complement the second paragraph after the word "Commission" with the words "or of the creditors meeting";
make the third paragraph as follows: "(3) if the financial and capital market Commission or the creditors ' meeting does not approve the decision on amendments to the bailout plan, the bailout remain after the previous approved plan."
55. Make 182. the first paragraph by the following: "(1) the reorganisation period may not exceed six months from the date when the decision on restoration and recovery plan approved by the financial and capital market Commission and the meeting of creditors. The reorganisation period starts after the bailout plan's approval of the creditors meeting. After the initial bailout expires an administrator with the financial and capital market Commission and the agreement of the creditors ' meeting may extend the period of rehabilitation every three months from the date of the decision on the extension of the reorganisation and amendments to the bailout plan agreed to in the meeting of creditors. "
56. Add to article 183, first subparagraph, after the words "financial and capital market Commission" with the words "or a meeting of creditors".
57. To replace the words "in article 189 of the code of civil procedure in Latvia" (fold) with the words "civil law" (fold).
58. Article 192: (1) be expressed as follows: "1) cost savers, which under the law due to the guaranteed reward. The cost is a specific statutory guarantee compensation. If the depositor has several open credit accounts, it is considered that the depositor is one deposit all deposit amounts. If the depositor has received a guaranteed remuneration, he shall lose the right of action in respect of the amount received and the deposit guarantee fund's claims on the credit institution will be treated as this group of claims; ";
Add to paragraph 2 with the words "or the State Agency" insolvency administration "claim, if it is satisfied the above claims of the employee claims guarantee fund in accordance with the law" on the protection of workers in the case of employer's insolvency.
59. To supplement the law with article 208, the following: "article 208.  Financial and capital market Commission issued administrative provisions in respect of the credit institution or its officials may be appealed against in court within one month of the administrative act, the date of its entry into force. "
60. transitional provisions be supplemented with 9, 10, 11 and 12 points by the following: "9. The law 12.1, 12.2, 12.3, and the entry into force of article 108.1 order determined by a special law.
10. Article 161 of the law of the second paragraph of point 16 and amendment 192 paragraph 2 of article shall enter into force on 1 January 2003.
11. Article 24 of the law, first paragraph, point 3 shall enter into force on 1 April 2004, while the second part — the 2007 April 1.
12. Credit institutions in insolvency (bankruptcy) or liquidation process initiated prior to the entry into force of this law, and to be addressed in order for transactions to be determined, the law of credit institutions to the entry into force of this law. "
The Parliament adopted the law of 11 April.
State v. President Vaira Vīķe-Freiberga in Riga in 2002 April 26 Editorial Note: the law shall enter into force by May 10, 2002.