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Amendments To The Credit Unions Act

Original Language Title: Grozījumi Krājaizdevu sabiedrību likumā

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The Saeima has adopted and the President promulgated the following laws: the law of credit unions to make credit unions Act (the Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 2001, nr. 10; 2004, nr. 2; 2007, 15. no; 2008, 13. no; 2009, no 3; Latvian journal nr. 160., 2010; 2012, 92 no; 13, 193. No.) the following amendments: 1. Add to article 2 to the seventh paragraph in the following reaction: "(7) credit unions and individuals subject to the requirements of this law, it is the duty of the Commission and the Bank of Latvia to submit them within all requested information necessary for the Commission and of the statutory functions of the Bank of Latvia." 2. Express 2.1 article as follows: "article 2.1. Undisclosed information (1) news of the credit unions and their members of the Credit Union receives the, providing financial services that are confidential information, which does not contain State secrets. (2) credit unions held confidential messages are given credit in the cases stipulated by law and order. " 3. Replace article 3, first paragraph, the word "order" with the word "decisions". 4. Put article 5, sixth subparagraph by the following: "(6) in the fifth subparagraph of this article, these entities do not have voting rights in the credit unions." 5. To make article 6 the second subparagraph by the following: "(2) a Person prohibited from using his name or self-promotion, the word" credit "in any fold, the words" and derivatives in a way that gives a false picture of its activities comply with this law. That prohibition is not applicable to credit unions formed societies and organizations whose statutes have specific interests of credit unions. " 6. To make article 7 the third part as follows: "(3) a member of that withdrawal or exclusion or from credit unions, is responsible for credit unions the relation she purchased shares in an amount up to the value of withdrawal or graduation day." 7. To supplement the law with article 7.1 as follows: "article 7.1. Credit unions membership withdrawal and disposal of shares (1) a member may withdraw from the credit unions or credit unions to divest its papildpaj by giving credit unions Board written request for its withdrawal or forfeiture of credit unions papildpaj. Credit unions Board members request appearance within three months from the filing date. Member may submit a request for withdrawal or papildpaj the disposal of assets after a decision on liquidation of a Credit Union. (2) the Management Board of the Credit Union has the right to refuse credit unions membership request of withdrawal from the credit unions or on the disposal of papildpaj Credit Union, if the Member's withdrawal or papildpaj a result of disposal of credit unions will not capital requirement or pamatpaj or papildpaj of the costs could endanger the solvency or credit unions safe and prudent operation of future credit unions. Credit Union members have the right to submit credit unions members ' general meeting (the meeting authorised) complaint about the refusal to allow withdraw from credit unions. About Credit Union decision of the Board of Directors for handling complaints within one month of credit unions sasaucam members ' extraordinary general meeting (the meeting authorised).
(3) a member who withdraws or excluded from credit unions and members who forfeit credit unions to their papildpaj, pamatpaj or papildpaj of the costs is to be made within one year from the date of approval of the annual accounts, deducting from the value of the losses incurred by credit unions, or adding the dividend. If the pamatpaj or papildpaj member value exceeds 10 percent of credit unions, pamatpaj or papildpaj of fixed capital costs for the period may be extended to three years. " 8. Article 8: turn off in the first paragraph, the words "natural persons"; to turn off the second paragraph, the words "and orders"; make the third paragraph as follows: "(3) credit unions participating authorized agent within 15 days after receipt of the decision of the Commission of the special permission (license) the issuance of credit unions for action, submitted to the enterprise register of the Republic of Latvia for that decision and the law" on enterprise register of the Republic of Latvia "credit unions in specific treaty documents." 9. Make article 9 as follows: "article 9. Credit unions licensing procedures (1) credit unions a special permission (licence) procedure, as well as with credit unions operating restrictions shall be fixed by the Commission. (2) the Commission, after considering the application for special permission (license) to the attached documents and credit unions members ' compliance with the requirements of this law, is entitled to the special permission (license) to determine the credit unions (including financial services). (3) the Commission's request for special permission (license) to look for within three months after receipt of all required documents. The Commission has the right not to issue a special permit (license) to the newly created credit unions if: 1) credit unions is not economically justified actions; 2) setting up credit unions, are not complied with laws and regulations of the Commission; 3) credit unions submitted documents containing false information; 4) one or more of the 12 this law the persons referred to in article does not meet the requirements of the law. " 10. Article 11 shall be expressed by the following: ' article 11. Credit unions the approval and notification of officials on its name or the change of registered office (1) the Commission shall submit documents and the order in which it shall assess the credit unions, Council and Board members, as well as the Chairman of the Audit Commission and the members of the compliance with the requirements of the law. (2) credit unions in accordance with the procedure laid down by the Commission, provide the Commission with information about credit unions Council, Board and auditing Commission and new credit unions financial services. (3) in order to ensure that credit unions, Council and Board members, as well as the Chairman of the Audit Commission and the members of the compliance with the requirements of the law, the Commission is entitled to invite relevant parties to negotiations. (4) the Commission 30 days credit unions examine the documents submitted and take a decision to allow credit unions and the Council of the members of the management board or the Chairman of the Audit Commission and the members begin to perform their duties or if credit unions Council and members of the management board or the Chairman of the Audit Commission, and the Member does not meet the requirements of this law, the decision to ban these people begin to perform their duties. (5) the Credit Union has an obligation to the public not later than 15 days after the decision is taken on the name or legal change of address, to notify the Commission in writing of the new credit unions or legal name address. " 11. in article 12: turn the introductory part of the first subparagraph, the words "the principal accounting officer"; turn off the first part of paragraph 4, the words "(not subject to one of the second part of this article, those conditions)"; make the second paragraph as follows: "(2) For credit unions, the Chairman of the management board the Management Board, the Chairman of the Audit Commission, and the Member may not be a person who is: 1) penalized for intentional criminal offence (regardless of delete or remove a criminal record); 2) called the criminally liable for intentional criminal offence and criminal proceedings against whom have been terminated on the basis of reabilitējoš. "; adding to the third paragraph with the sentence the following wording: "for credit unions Council Chairman and member of the Council may not be the person to whom this article applies the second subparagraph, point 1 or 2." 12. Article 13 be expressed as follows: "article 13. Credit unions issued a special permit for the operation of the (license) the basis of cancellation

(1) the Commission may withdraw the credit issued to special permission (license), if: 1) the Credit Union has not launched its operation within 12 months of the special permission (license) to the date of issue; 2) is found that credit unions provided false statements the special permission (license); 3) credit unions did not comply with the Commission certain operating restrictions; 4) credit unions regularly does not comply with the requirements of this law and the regulations of the Commission; 5) the Credit Union is declared insolvent; 6) credit unions has begun winding up; 7) credit unions more than two months after receipt of the decision of the Commission to express a warning about special permissions (licenses), and is not voluntarily made the payment in full of the deposit guarantee fund; 8) credit unions has prevented more than one month or not fully made the payments to finance the activities of the Commission in accordance with the procedure laid down in the law; 9) credit unions the special permit issued to it (license) under certain operational conditions. (2) credit unions special permit (license) is not renewable, if it is withdrawn by the Commission. (3) the administrative acts issued by the Commission for the credit unions the special permissions (licenses) of the appeal shall not suspend the withdrawal transaction. " 13. Supplement article 15 with 1.1 part as follows: "(11) If the credit unions members for getting this law article 5, fifth paragraph 2 and 3 of that company or cooperative credit unions, the minimum share capital is eur 25 000." 14. Supplement article 17 with 1.1 part as follows: "(11) credit unions a month before the general meeting of its members (the notified meeting) of the decision, notify the Commission of its intention to pay dividends. The Commission has the right to prohibit the credit unions to pay dividends if it results in cost savings did not respect the capital requirements and exposure limits. " 15. Replace article 18, the word "bank" with the words "credit". 16. the title of chapter IV, replace the word "types" with the word "provisions". 17. Article 19: put the title as follows: "article 19. Credit unions operational provisions '; Add to article 2.1 part as follows: "(21) Credit Union provides the depositor and deposit amount (with accumulated interest) registry electronic books and submit to the Commission at its request."; replace the fourth subparagraph in paragraph 2, the words "and the" with the word "rates"; to make the fourth part of paragraph 5 by the following: "5) purposes for which loans may be extended without collateral, the loan amount and loan limit about level present in the portfolio;" adding to the fourth paragraph of point 8, after the word "monitoring" with the words "and quality". 18. Article 20: replace the word "bank" (fold and number) with the words "credit institution" (in the fold and number); Add to the second part of the sentence the following wording: "liquidity requirements determined by the regulations issued by the Commission."; to complement the fourth paragraph after the words "the State securities issued in" with the words "public corporation in the debt securities issued". 19. in article 22: make the first paragraph by the following: "(1) credit unions Board shall elect not less than three members. Credit unions in its statutes to be prescribed. "kredītkomitej also; make the third paragraph as follows: "(3) the Credit Union's members, which number more than 200, the statutes may provide that members are notified the meeting that all the cooperative societies Act and the statutory right of the general meeting of members, given that one official may not represent more than 10:1) credit union members, if the number of member credit unions is 201 to 500; 2) 20 credit union members, if the number of member credit unions is 501 to 5000; 3) 100 credit unions members, if the number of member credit unions is 5001 to 10000; 4) 200 credit unions members, if the number of member credit unions is greater than 10 001. "
20. in article 23: replace the first paragraph, the words "the provisions of the Commission" with the words "the provisions of Commission regulations"; replace the second part of the number and the word "Euro" with number 142 300 and 400 000, the word "Euro"; replace the words "a newspaper in part 3.3 of" journal "by the words" official publication "journal". 21. Replace article 24, second paragraph, the words "financial and capital market Commission" with the word "Commission". 22. To supplement the law with 24.1 24.2 24.3 24.4,,, and article 25.1 the following: ' article 24.1. New financial services startup procedure (1) where a Credit Union is planning 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, not later than 30 days in advance, shall submit to the Commission a reasoned application, accompanied by the relevant risk management policy and procedures. (2) the Commission referred to in the first paragraph of the receipt of the application not later than 30 days, examine the documents submitted and evaluated the planned provision of financial services risk management policy and the impact of this provision of the service to credit unions and the credit union sector of the whole operation. (3) the Commission shall 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 to credit unions and credit unions of all sectors of activity and the quality of risk management. (4) the Commission shall adopt a decision on the prohibition of the credit unions 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 union concerned, if its planned action undermines or could undermine the credit unions or credit unions sector all stable activities interfere with proper to do business or to provide financial services. (5) in the fourth paragraph of this article of the decision (administrative act) appeals shall not suspend its activity.
24.2 article. Outsourcing the provision of the General provisions (1) the meaning of this law, outsourcing is a service that is associated with the credit unions of the sort of accounting, information technology or management system or development, or other services associated with credit unions financial services or its essential part. (2) outsourcing of credit unions are entitled to provide only such outsourcing provider that has the required qualifications and experience then delegated duties. (3) the Credit Union shall not be delegated to external service provider in accordance with the law or the Statute of the credit unions in certain credit unions to the obligations of the administrative organ, 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 reply to the creditor for a debt of a third party; 3) lending services. (4) If a Credit Union wants to outsource, delegate accounting, information technology or management system or developing it before receiving the outsourcing shall submit to the Commission a written reasoned application of outsourcing. The application adds the outsourcing procedure and the outsourcing contract of the original or a certified copy thereof. (5) the external service provider initiated the provision of outsourcing credit unions, if within 30 days of the fourth paragraph of this article, that the date of submission of the application not received the Commission's ban get outsourced. (6) If credit unions want to delegate the outsourcing provider in part four of this article did not mention outsourcing, associated with the credit unions financial services or an essential element, providing it outsourcing at the commencement of the provision of information to the Commission on the planned outsourcing and outsourcing provider. (7) the Outsourcing shall not exempt the receipt of credit unions from legal or contractual liability. Credit unions is responsible for the outsourcing of work to the same extent as hers.
Article 24.3. Outsourcing regulatory documents

(1) legal basis of receipt of Outsourcing is a contract which includes: 1 a description of the receivable outsourcing); 2) precise requirements as to the amount and quality of outsourcing; 3) credit unions and outsourcing provider's rights and responsibilities, including: (a)) credit unions the right to continuously monitor the quality of the provision of outsourcing, b) credit unions right to the outsourcing provider required executable instructions related to the outsourcing of good faith, high-quality, timely and relevant laws and regulations, the execution of c) credit unions the right outsourcing provider submit a written reasoned request to immediately terminate the contract when outsourcing credit unions found that the outsourcing provider does not perform the outsourced contractual requirements for outsourcing or quality outsourcing provider, d) obligation to provide credit unions the opportunity to continuously monitor the quality of the provision of outsourcing, outsourcing provider e) duty to immediately terminate the contract after outsourcing credit unions a written reasoned request;
4) to the right of the Commission to consult all documents and registers of the accounting document and request from the outsourcing provider any information related to the provision of outsourcing and the need for the Commission's monitoring functions. (2) credit unions that plan in accordance with the procedure laid down in this Act to receive the outsourcing, outsourcing the drafting procedure, which shall determine: 1) internal procedures for outsourcing decisions receipt; 2) outsourced contract, execution monitoring and termination procedures; 3), arrangements, cooperation with the outsourcing provider, received the outsourcing and quality supervision of responsible persons and departments, as well as the rights and obligations; 4) credit unions action when outsourcing provider fail or not be able to meet the outsourcing agreement. (3) the Commission has the right to inspect the outsourcing provider location or it outsourcing location, well acquainted with all documents, books and registers of documents, make copies of documents, as well as require outsourcing provider of information related to the provision of outsourcing and the need for the Commission's monitoring functions.
Article 15.2. Outsourcing monitoring (1) the Commission shall take a decision to prohibit the credit unions to receive the planned outsourcing if: 1) is not complied with the provisions of this law; 2) outsourced reception may limit credit unions and the Credit Union may interfere with legitimate interests of members; 3) outsourced reception may limit credit unions the responsible parties to carry out regulations, credit unions statutes or other credit unions in internal law the obligations under them; 4) prevent the receipt or outsourcing will limit the Commission's ability to carry out the statutory supervisory functions; 5 outsourcing contract) complies with the law and do not give a true and fair view of the intended credit unions and outsourcing provider collaboration and outsourcing requirements for the amount and quality. (2) the Commission has the right to require credit unions to prevent disadvantages incurred upon outsourcing, and fix this defect. If the period prescribed by the Commission is not prevented, the Commission requires that credit unions shall terminate the outsourcing arrangement, and defines its termination deadline. (3) the Commission has the right to require credit unions to immediately terminate the outsourcing arrangement, where the Commission finds that: 1) credit unions by providing quality outsourcing supervision or take it sporadically and not enough; 2) credit unions will provide the associated with the outsourcing 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 credit unions; 4) is the one of the first paragraph of this article. (4) If a Credit Union finds that the outsourcing provider does not comply with the outsourcing contract requirements for outsourcing, or quality, it shall immediately inform the Commission thereof. (5) arrival does not exempt the Outsourcing of credit unions and the responsible persons from the obligation to carry out the statutory credit unions with operational risk management. (6) the amendments that are being made to the outsourcing procedure of credit unions shall submit to the Commission not later than the next working day after the approval of the amendment. (7) in accordance with the procedure laid down in this article, the Commission issued an administrative act on the prohibition of the Credit Union to receive a planned appeal shall not suspend the outsourcing of it activities.
Article 15.6. The Commission's right to credit unions in the process of monitoring the Commission may ask credit unions members ' general meeting (the meeting authorised) convened and set the escalated issues. The Commission's authorized person shall have the right to participate in such meetings. " 23. Make the article 26 as follows: "article 26. The person appointed by the Commission (1) the Commission, in accordance with article 31 of this law, a person can be appointed natural person (the employee) which meet the requirements of the second subparagraph and which cannot be covered in the third paragraph of this article limits. (2) the person appointed by the Commission may be a natural person whose action impartiality in respect of credit unions is not in doubt, and which are: 1) the public recognised the second level of higher professional education or higher academic education and appropriate qualifications; 2) according to the competence and professional experience; 3) perfect reputation. (3) the person appointed by the Commission may not be the individual who is: 1) ranks as an interested person in respect of credit unions; 2) penalized for intentional criminal offence (regardless of delete or remove a criminal record); 3) called the criminally liable for intentional criminal offence and criminal proceedings against whom have been terminated on the basis of reabilitējoš. "
24. To supplement the law with 26.1, 26.2 and 26.3 article as follows: "article 26.1. Persons appointed by the Commission (1) the decision on the appointment of the person designated by the Commission are set out in that person's operational objective, tasks and functions, the extent and duration of the mandate, as well as other provisions that the Commission considers relevant. (2) the decision on appointment of the Commission persons appointed may determine that the person designated by the Commission: 1) is entitled to consult the documentation for all credit unions, assets and liabilities and credit unions receive from the responsible parties for explanations; 2) is entitled to convene a general meeting of the members of credit unions (authorised meeting), Council and Board and participate in it with the right to propose a meeting and hearing escalated issues (including on credit unions to increase the share capital, credit unions or the restriction of obligations); 3) is entitled to allow or not to allow credit unions to make payments, to enter into new transactions, as well as to amend or terminate the existing transactions, to ensure that credit unions shall respect this law, article 31, first paragraph, point 3 or 7 limits; 4) managed by credit unions. (3) If the decision on the appointment of the person designated by the Commission of its rights is set to convene a general meeting of the members of credit unions (authorised meeting) or Council and Board and participate in it, the credit unions governing body decision concerned shall not be considered to be accepted if the object the person designated by the Commission. (4) the performance of the second part of this article the tasks defined in the Commission's designated person is entitled: 1) issue a binding order for all credit unions departments and their employees; 2) ignore the credit unions statutes, regulations and rules (policies, procedures, schedules and other documents governing the activity) under certain restrictions; 3 credit unions) to make things, tangible or intangible, contract and other transfer of liabilities, including transfer, if this action aims to provide credit the deposit refund.
26.2 article. Responsibility of the person designated by the Commission and cancellation in relation to other, not mentioned in this law, persons appointed by the Commission, as well as rights to its liability and cancellation, which are not governed by the requirements of this law, the law of credit institutions applied the relevant provisions of Chapter VIII of the trustee's liability and cancellation.
16.3 article. Funding for the operation of the Commission

(1) a credit union shall make payments to finance the activities of the Commission up to 0.033 percent (inclusive) of the credit unions, the average amount of assets in the third quarter. (2) the Commission shall issue regulatory provisions on the first paragraph of this article the payment calculation and reporting procedures. (3) in the first subparagraph of this article, certain payments made to the quarter following 15th date of the month. (4) the payment referred to in this article missed transfers or transfers do not fully calculate the delay for each delayed day 0.05% of the unpaid amount. (5) payments referred to in this article is included in the Commission's accounts in the Bank of Latvia. " 25. Article 27 of the expression as follows: "article 27. Credit unions obligations effective internal control systems in the design and operation of credit unions shall establish an effective internal control system to ensure that their risk management and asset protection, control, and accuracy of the information provided, timeliness of the Act, the regulations and the provisions of the Commission decision, as well as credit policies and procedures. " 26. Express the title of Chapter VII, article 28 and 29 the following: "Chapter VII credit unions dissolution and liquidation article 28. Credit unions, termination of the special permission (license) for the operation of the credit unions (1) a decision on the credit unions the abandonment of the special permission (license) for the operation of credit unions, liquidation of the company, the general meeting of members of credit unions (authorised meeting) is entitled to take, if the Credit Union is the period prescribed and in full its members paid for deposits under the fixed deposit accounting records and has received permission from the Commission. (2) the Commission shall, within 30 days after receiving all necessary documents, which certify the information referred to in the first subparagraph, checks, or credit unions is the deadline to fulfil its obligations to the members according to the repayment of deposits fixed deposits accounting records about, and decide on the operation of the Credit Union issued a special permit (license).
29. article. Credit unions (1) the winding-up decision concerning termination of credit unions credit unions as members of the general meeting (the meeting authorized) is entitled to take if the ability of credit unions, and the deadline to repay in full its members according to the deposit accounting registers fixed deposit. (2) a Credit Union that is going to end their action, five days after the first paragraph of this article the decision shall inform the Commission, by the last credit unions report that reflects the financial position at the end of the reporting period and has been prepared in accordance with the Commission's regulatory arrangements for the preparation of the annual report, and news about a possible disposal. (3) the Commission shall, within 30 days after receiving all necessary documents, which certify the information referred to in the first subparagraph, checks, or credit unions, and the deadline is fully complied with its obligations to the members according to the repayment of deposits fixed deposits accounting records about, and decide on the operation of the Credit Union issued a special permit (license). (4) in the event of termination of the liquidation takes place, where the law provides otherwise. (5) in relation to the credit unions in liquidation arrangements apply to the cooperative society law provisions, in so far as they do not conflict with the provisions of this law on the procedure of liquidation of credit unions. " 27. To supplement the law with article 29.1 of the by the following: ' article 29.1. Credit unions, termination based on law (1) the general meeting of the members of credit unions (authorised meeting) pursuant to article 29 of this law is referred to in the conditions of termination and the order is obliged to take a decision on the credit unions of termination if: 1) the number of member credit unions became less than 20; 2) this entity cease to exist, which established the legal relations established credit unions members concerned as a whole; 3) credit unions added to another company; 4) credit unions combined with another company or other such firms and the result is a new credit unions established. (2) If credit unions share capital decreases and becomes smaller than the minimum size specified in the statutes, the Management Board shall be convened within two months of the general meeting of members (authorised meeting), which decides on the company's share capital increase to the minimum size in the statutes or on the winding-up of credit unions. (3) the credit unions can also be determined in the statutes of the other winding. (4) if the credit unions share capital decreases and becomes less than 2500 euro, the Management Board shall be convened within one month, a general meeting of members (authorised meeting), which decides on the company's share capital up to 2500 euros or about credit unions. (5) If the credit unions members for getting this law article 5, fifth paragraph 2 or 3 of that company or cooperative societies and credit unions share capital decreases and becomes less than 25 000 euro, the Management Board shall be convened within one month, a general meeting of members (authorised meeting), which decides on the company's share capital increase of up to 25 000 euro or for credit unions. " 28. Article 30: Add to the first paragraph after the number "29" with name and number "and" 29.1; make the second paragraph as follows: "(2) the general meeting of the members of credit unions (authorised the Assembly) elects a liquidator. With the election of the liquidator shall cease and the Council of the members of the Executive Board mandate. Credit unions in the process of liquidation Commission authorized person shall have the right to acquaint themselves with all credit unions, all the documentation of the liquidator in the documentation relating to credit unions, as well as get explanations from the liquidator and any other necessary information related to credit unions in liquidation process. "; replace the fourth subparagraph, the words "newspaper" journal "by the words" official publication "journal". 29. Article 31 of the expression by the following: ' article 31. Credit unions Lockdown

(1) if the Commission finds that the Credit Union does not comply with this Act or the regulations issued by the Commission rules, credit unions will not comply with its major tasks or building, threatens its stability or solvency, the Latvian financial sector stability, security or threaten to cause significant damage to the national economy or excessive deposits, or other features associated with the outflow from credit unions, or if the Commission concludes that credit unions policies and procedures and their implementation do not provide sufficient risk management The Commission, in making its decision, is entitled to make one or more of the following operations: 1) require that credit unions shall immediately take such situations to prevent the necessary measures and shall provide the Commission, within a period to be fixed by the action plan; 2) warn of credit unions; 3) to suspend partially or totally the credit unions financial services; 4) give credit unions regulatory institutions, their leaders and members of binding written instructions to remedy such a situation; 5) impose fines; 6) to designate the credit unions, one or more persons (persons appointed by the Commission); 7) fix the deposit to the credit of the discharge limits. (2) the decision on the discharge for the deposit restrictions may be adopted by the Commission only in respect of credit unions, which, on the date of adoption of this decision in a position to satisfy his creditor log on to legitimate claims. Such a decision may be made also at the request of the Credit Union. (3) the decision on the discharge for the deposit restrictions indicate the limit types and duration of which shall not exceed 12 months. (4) the Commission may give credit unions the binding instructions on how enforceable the decision on the discharge for the deposit restrictions. (5) On the matters referred to in this article shall be issued by the Commission of the administrative appeal Act shall not suspend its activity. " 30. Supplement article 32 second subparagraph after the word "fine" with the name and the number "from" 142. 31. the transitional provisions be supplemented with paragraph 11 and 12 as follows: "11 credit unions provide its operational compliance with the amendments to this law, article 15, article 19 in part 1.1 2.1 part, article 22, first paragraph (for the number of members of the Management Board), 15.0 and 15.1 article six months after the date of entry into force of the amendment. 12. Legal entities whose name does not match the amendments to this law, the second subparagraph of article 6 (on the prohibition of the use of the word "credit" in the title, or self-promotion) until 2015 1 January supports his name in compliance with the requirements of the law. " The Parliament adopted the law on 29 may 2014. The President of the Parliament instead of the President s. Āboltiņ in Riga 2014 on June 11.