The Saeima has adopted and the President promulgated the following laws: the amendment and payment services, electronic money in the law to make payments and electronic money Services Act (Latvian journal 2010, nr. 43; 2011, 52, 85 no; 2013, 128, 187. no) follows: 1. Article 1: expressions of the "e" of paragraph 1 subparagraph by the following: "(e) the payment instrument) release or receipt"; turn 21 and 22. 2. in article 2: Add to the second part of paragraph 8 with the following: "8) credit unions." Express 2.1 parts of paragraph 7 as follows: "7) foreign electronic money institutions branch, which received a licence in the Member State." 3. in article 4: replace the first part of the word "Commission" with the words "financial and capital market Commission (hereinafter the Commission)"; replace the second paragraph, the word "authority" with the words "Licensed authority"; Add to article 2.1 part as follows: "(21) body after registration in accordance with article 5 and 5.1 of the law's requirements in this Act regulated the activities of the Office pointed out, registering 10. this law referred to in the third subparagraph of article case." 4. in article 5: to make the introductory part of the first subparagraph of paragraph 1 and the following wording: "(1) the body does not need a license from the Commission and its activities in Latvia is entitled to initiate the registration of this law article 10 the third paragraph of the said register if it meets the following conditions: 1) payment institutions or its representatives, for which the payment institution assumes responsibility, during the previous 12 months, payments to the average value or the business plan for the future payment of 12 months average value does not exceed 500 000 euros this month Article 1 of the law of "a", "b", "c", "e" and "g" in the payment services referred to in the ways or three million a month this law, article 1, paragraph 1 "(f)" payment services referred to in subparagraph a; "; Add to the first part of paragraph 2 with the words "this law and will comply with the requirements of article 20. '; to supplement the first part of paragraph 3 with the following: "all of this has been submitted 3) referred to in the second paragraph of article information and documents pursuant to this Act and the Commission's regulatory requirements. '; make the second paragraph, the introductory paragraph as follows: "(2) to register for this law, article 10 the third paragraph of the said register, payment institution shall submit to the Commission a registration statement and the following information:"; turn off the second part of paragraph 4, the words and the number "If the payment institution in addition to the provision of payment services it intends to take this law article 36 commercial activities referred to in the first subparagraph '; Add to the second part of paragraph 5 with the following: "5) procedures ensuring the authority of criminal money laundering and terrorist financing prevention of internal control system and efficient."; make the third paragraph as follows: "(3) the Commission shall, within 30 days after receiving all this article referred to in the second paragraph of information and documents, consider whether the person wishing to provide payment services to meet the requirements of the first subparagraph. If the person concerned satisfies those requirements, it shall record this law article 10 referred to in the third subparagraph of the case. " 5. in article 5.1: to express the introductory part of the first subparagraph by the following: "(1) an electronic money institution does not require a license from the Commission and its activities in Latvia is entitled to initiate the registration of this law article 10 the third paragraph of the said register if it meets the following conditions:"; replace the first subparagraph of paragraph 1, the word "five" with the word "two"; Add to the first part of paragraph 2 with the words and the number "and it corresponds to article 20 of this law"; to supplement the first part of paragraph 3 with the following: "all of this has been submitted 3) referred to in the second paragraph of article information and documents pursuant to this Act and the Commission's regulatory requirements. '; make the second paragraph, the introductory paragraph as follows: "(2) to register for this law, article 10 the third paragraph of the said register, an electronic money institution shall submit to the Commission a registration statement and the following information:"; turn off the second part of paragraph 4, the words and the number "where the electronic money institution in addition to the issuance of electronic money plans to carry out this law article 36.1 of the business referred to in the first subparagraph '; Add to the second part of paragraph 5 with the following: "5) procedures ensuring the authority of criminal money laundering and terrorist financing prevention of internal control system and efficient."; make the third paragraph as follows: "(3) the Commission shall, within 30 days after receiving all this article referred to in the second paragraph of information and documents, consider whether the person wishing to launch electronic money institution comply with the first paragraph of this article. If the person concerned satisfies those requirements, it shall record this law article 10 register referred to in the third subparagraph. "; replace the number in the fourth paragraph, the words "and article 5" with numbers and the words "article 5, first paragraph, and is presented by the Commission in this law article 5 referred to in the second paragraph of information and documents". 6. in article 5.2: replace the words "the authority information is amended to" with the words and figures "authority information, including information about this law, article 11, first paragraph 10. persons referred to in point, substantial amendments are being made"; to supplement the article with the second part as follows: "(2) an authority, established this law article 10 the third paragraph of the said register, before a new payment service shall be provided to the Commission by this Act article 5 information on the planned payment services."; believe the current text of the first part of the article. 7. To supplement the law with article 5.3 as follows: "article 5.3. In considering this law referred to in article 5 and 5.1, the Commission should have the right to request that the Authority made those edits or submit additional documents which the Commission needs in order to ensure sound and prudent on the Authority's activities, as well as the other requirements of this law. " 8. Express article 8 by the following: ' article 8. Institutions that have applied this law, laid down in article 5 and 5.1 exemption for the license, is not bound by this law, article 4, second paragraph, article 9, article 11 of the first, second and third parts, 12, 13, 14, 15, 16, 17, 18, 19, 22, 24, 25, 26, 31, 32, 33, 34, 35 and 37, article 46, article of part three, as well as 50 and 51 article. " 9. Replace the Article 9, the words "provision of services" with the words "the activities of the authority or the electronic money institutions". 10. Article 11, first paragraph: replace the words "in paragraph 2, the amount of fixed costs" with a number and the words "payment of 12 months average value per month"; turn off in paragraph 4, the words and figures "If the authority in addition to the provision of payment services for other types of commercial activities in accordance with this law, article 36 and 36.1"; make paragraph 6 by the following: "6) procedures ensuring the authority of criminal money laundering and terrorist financing prevention of internal control system and effective functioning;"; make the following paragraph 11: "11) news on the certified auditor or certified auditor company (hereinafter referred to as the sworn auditor);"; turn off paragraph 13, the words and the number "If the authority in addition to the provision of payment services or electronic money issuance plans to carry out this law article 36 commercial activities referred to in the first subparagraph." 11. Add to article 12 of the third part as follows: "(3) the initial capital shall be determined by the European Parliament and of the Council of 26 June 2013 Regulation No. 575/2013 for the prudenciālaj requirements for credit institutions and investment firms, and amending Regulation (EC) No 648/2012 (hereinafter Regulation No 575/2013)." 12. Express article 18 as follows: "article 18. If the person has not complied with this law, the requirements of article 14, it does not have the right to use all or part of the shares it owned in the vote, but the meeting of the shareholders or members, decisions taken through this part of the shares or voting rights, have effect from the date of their adoption and on this basis the decision not to ask the commercial register records and other public records. " 13. Article 25, first paragraph: replace paragraph 6, the word "creditors" with the words "authorities have been declared insolvency proceedings or the vendor"; make point 7 by the following: ' 7) authority does not comply with this law and other payment services and electronic money activities of regulatory emissions legislation, including the institutions of the European Union could directly applicable law and the rules and regulations of the Commission payment service, or electronic money within the scope of the emissions, or its continuation would endanger the stability of the system; " supplemented with paragraph 9 by the following: "9) the person has a significant interest, the institution has timed it owned the shares or voting rights and it lasts more than six months." 14. To supplement the law with article 25.1 the following: ' article 15.6. (1) the Commission may cancel the entry of this law article 10 the third paragraph of the said register if: 1) the authority has not started operations within 12 months, since it is article 10 of this law the register referred to in the third subparagraph or suspended operation for a period of more than six months; 2) it is established that the authority provided false statements or acquired the records of this law article 10 the third paragraph of the said register with any other irregular means; 3) Authority has begun the process of liquidation; 4) is declared by the authorities or the insolvency proceedings the creditors ' meeting has taken a decision on the commencement of bankruptcy proceedings; 5) authority does not comply with this law and other payment services and electronic money activities of regulatory emissions legislation, including the institutions of the European Union could directly applicable law and the rules and regulations of the Commission payment service, or electronic money within the scope of the emissions, or its continuation would endanger the stability of the payment system; 6) authority requests to cancel the entry in the register. (2) where the Commission has taken a decision on the cancellation of the recording of this law article 10 the third paragraph of the said register, then appeal this decision shall not suspend its activity. " 15. To supplement the law with the chapter Ii by the following: "chapter Ii the retail payments system logging 26.1 article. (1) small scale payment system, that should the European Parliament and of the Council on 4 March of 2012, Regulation No 260/2012, laying down the technical and operational requirements for credit transfers and direct debit payments in euro and amending Regulation (EC) no 924/2009, registered by the Commission. (2) retail payments system is entitled to enter after registration the Commission maintained in the retail payments system registry. (3) the Commission shall determine the order in which to register the retail payments system and information, as well as supporting documents.
26.2 article. (1) the Commission may revoke the registration record 26.1 of this law referred to in the second subparagraph of article register if: 1) it is found that small payment system operator provided false statements or records of this law gained 26.1 referred to in the second subparagraph of article register with any other irregular means; 2) retail payment system do not comply with this law and other retail payments system operation laws and regulatory requirements, including the institutions of the European Union could directly applicable legislation and rules and regulations of the Commission payment services and payment systems in the field, or the continuation of its activities could endanger the stability of the financial system; 3) small-scale payment system operator asked to revoke the entry in the registry. (2) where the Commission has taken a decision on the cancellation of the recording of this law in the second paragraph of article 26.1 said register, then appeal this decision shall not suspend its activity. " 16. Article 27: off the fourth paragraph in paragraph 4, the number and the word ' 20 and '; to replace the tenth paragraph, the words "where the body" with the words "If the licensed institution".
17. Article 29: make the first paragraph by the following: "(1) actions (outsourcing) required for the functioning of the authority, that is, accounting, information technology or management system or development, the internal audit service in the performance of his duties may be delegated to one or more of the outsourcing providers. In addition to the licensed institution may delegate the organisation of internal control system and a payment for the provision of the service element, one or more of the outsourcing providers. "; replace the third paragraph, the words "internal" with the words "Licensed institutions internal".
18. Article 31: replace the introductory part of the first subparagraph, the word "registered" with the word "licensed"; Add to paragraph 1 the first subparagraph of paragraph "f" after the words "information about" with the words "the issuance of electronic money, distribution or withdrawal, as well as"; replace the second paragraph, the word "registered" with the word "licensed"; to make the third part of the introductory paragraph as follows: "(3) authorised in another Member State authority launches payment institutions or an electronic money institution in Latvia, do not open a branch, after: '; Add to paragraph 1, the third subparagraph of point "c" after the words "information about" with the words "the issuance of electronic money, distribution or repurchase, as well." 19. Article 32: replace the first part of the word "registered" with the word "licensed"; make the second paragraph as follows: "(2) the authority shall inform the Commission in writing that it proposes to establish a branch in another Member State. In its application, indicating the Member State in which the branch, for the opening of a branch office, branch manager's name and ID number, if assigned, as well as information about the payment or by electronic money institutions operating services that the authority intends to give the Member State concerned. " 20. the express article 34 the second part as follows: "(2) the capital and calculation procedures laid down by Regulation No 575/2013." 21. Put article 35, of the first and the second part as follows: "(1) the authority shall ensure that its equity will always be greater than or equal to the capital requirement, calculated using the following formula: PK = k x ks that: 1) — equity requirements, PK; 2 k-factor: a)) 0.5 — If the payment institution provides only this law, article 1, paragraph 1 "(f)" payment services referred to in point (b)), 0.8-if a payment institution provides this law, article 1, paragraph 1 "(g)" payment services referred to in point (c)), 1 — if the payment institution provides any of this law, article 1, paragraph 1, "a", "b", "c", "d" or "e" referred to the payment services; 3 — a total that CSR) consists of point "a", "b", "c", "d" and "e" referred to the calculated amount of interest: a) 4.0 percent from the previous 12 months of payments mean a month until it reaches 5 million, b) 2.5 percent from the previous 12 months of payments mean a month, exceeding 5 million until it reaches 10 million , c) 1 percent from the previous 12 months of payments mean a month of more than 10 million until it reaches 100 million euro, d) 0.5 percent from the previous 12 months of payments mean a month in excess of 100 million until it reaches 250 million, e) 0.25 percent from the previous 12 months of payments mean values per month in excess of 250 million euro.
(2) where the authority has not worked the full 12 calendar months, payments to the arithmetic mean value is determined from the provision of payment services. " 22. Replace the words "in article 37 of the body can be assigned to" with the words "Licensed authority may be granted." 23. Article 38: make the introductory part of the first subparagraph by the following: "(1) the authority shall ensure that the money received from the payment service users or other payment service provider payments would be backed by the insurer or the guarantee of a credit institution issued the insurance policy or other guarantee, which does not fit on one company in a group with authority, or ensure that this money is:"; to complement the fourth paragraph after the words "first" of this article with the words "and the fifth". 24. the express article 38.1 the following: ' article 38.1. (1) funds by the payment service provider has received from payment service users or other payment service provider payments, as well as of the electronic money holder, in the event of insolvency are not included in the assets of the authority that will cover the insolvency or liquidation expenses and meet other vendor or third party claims. Out of those funds can be satisfied only by the payment service user, the payment service provider and the electronic money holder rightly claims. (2) the first paragraph of this article of funds after the Declaration of insolvency proceedings are immediately paid to the payment service users or to another payment service provider, from which they received payments as well as electronic money holders. " 25. Article 40: Express 1.1 part as follows: "(11) an electronic money institution that received a license from the Commission, the funding of the activities of the Commission paid up to 0.05 percent (inclusive) from the Treasury of the issuer of electronic money totals for quarter, but not less than euro 3557 year."; Add to article 1.2 of the part as follows: "(12) if the electronic money institution that received a license from the Commission also provides payment services, financing of the activities of the Commission in addition to 1.1 of this article in part paid up to 0.05 percent (inclusive) of the electronic money institution payment totals by quarter, but not less than euro 3557 year."; Add to the second part of this article, after the words "first" with numbers and the word "1.1. and 1.2"; make the third paragraph as follows: "(3) the Commission shall issue regulatory provisions on the second part of the submission of that report and about the first, 1.1 and 1.2, part of the calculation of the payment arrangements." 26. Express 24.9 article as follows: "article 24.9. (1) the paying authority start-up according to this law, the provisions of article 5 does not require a license, and the registration of this law article 10 the third paragraph of the said register for financing the activities of the Commission paid up to 0.05 percent (inclusive) of the payment authority payment totals by quarter, but not less than euro 426 per year. (2) an electronic money institution, the start-up according to this law, the provisions of article 5.1 does not need a license, and the registration of this law article 10 the third paragraph of the said register for financing the activities of the Commission paid up to 0.05 percent (inclusive) from the Treasury of the issuer of electronic money totals for quarter, but not less than euro 426 per year. (3) if the electronic money institution, the start-up according to this law, the provisions of article 5.1 requires no license, also provides payment services, financing of the activities of the Commission in addition to the second paragraph of this article, the paid up to 0.05 percent (inclusive) of the total payment made per quarter, but not less than euro 426 per year. (4) the authority referred to in this article shall be prescribed by the Commission order and submit the report within the time required in the first, second and third part of the down payment, and the following month to quarter the 30th date, take the appropriate payments. (5) retail payments system, which is this law established in the second paragraph of article 26.1 said register, to finance the activities of the Commission paid to 426 euros per year. (6) the Commission shall issue regulatory provisions on the fourth paragraph of this article, that reporting procedures and about the first, second, third, and fifth subparagraph of payment calculation. " 27. Supplement article 44.1, the first paragraph after the word "share" with the number "2.". 28. Chapter V by adding to article 44.2 by the following: ' article 44.2. (1) the payment service provider does not initiate the business relationship with the gambling operator or broker specified in the payment service provider in the Lotteries and gambling supervisory inspection decision on launch and continue business relationship with gambling activities, the Organizer, who without the laws of the Republic of Latvia of a license, or an intermediary (hereinafter the unlicensed gambling Organizer). If the payment service provider has started a business relationship with unlicensed gambling Organizer, that of receipt of the decision, this business relationship shall be terminated. (2) the payment service provider shall be prohibited kredītpārvedum to in the first paragraph, that decision shows the unlicensed gambling organizer account. Payment service provider the duties immediately, but not later than within three working days from the date of receipt of the decision. (3) the payment service provider shall not be liable for losses incurred by running Lotteries and gambling supervisory inspection decision. " 29. the title of Chapter VI to express the following: "chapter VI payment service providers, electronic money and payment systems oversight and accountability". 30. in article 45, exclude the word "licensed". 31. in article 46: Add to the second part of the sentence the following wording: "the institutions of the financial year coincides with the calendar year."; Express 2.1 part as follows: "(21) an electronic money institution annual report and the consolidated annual accounts indicate electronic money in circulation about the report on December 31 and the year the Treasury the amount of electronic money. Electronic money institutions financial year coincides with the calendar year. " 32. Supplement article 48, second subparagraph after the word "providers" by the words "electronic money institutions and payment systems." 33. Make a article 49 as follows: "article 49. To check and payment system complying with the requirements of this law, as well as directly applicable European Union legislation and procedures, the Commission has the right to: 1) request, to the authority or institution, or the person responsible for the operation of the payment system, provide the information required for monitoring; 2) verification authority or institution, or to the person responsible for the operation of the payment system, and check the operation of the system. " 34. Replace article 51, the word "registered" (fold) with the word "licensed" (fold). 35. Supplement article 52 the first paragraph after the words "by the financial and capital market players" with the words "and the payment system". 36. Article 78 of the expression as follows: "article 78. (1) if the payment service user using a payment instrument in accordance with the standard contract can only be used for payments, each of which individually do not exceed 30 euros, or payment instrument, for which the prescribed limit is 150 euro in cash or accumulated never exceed 150 euro, the payment service provider may agree with the payment service users that: 1) do not apply article 82 of this law, the first subparagraph of paragraph 2, the first paragraph of article 3. , (4) and (5) and article 87 the fourth and fifth parts of the rules, unless it is not possible to block the payment instrument or to stop its further use; 2) do not apply this law, 85, 86 and 87 of article article and the provisions of the second paragraph, if the payment instrument is used anonymously or the payment service provider of the other payment instrument characteristics cannot prove that the payment was authorized; 3) the payment service provider is not required to inform the payment service user for rejecting a payment order, if the order for payment default resulting from particular circumstances; 4) payer payment order may not be revoked after it sent or given the consent of the recipient to make a payment; 5) is applied to the payment due date, other than that laid down in article 96 of this Act. (2) 86 and 87 of this Act. the provisions of article shall apply also to electronic money, except where the payment service provider of the payer cannot freeze the payment account or block the payment instrument. " 37. Article 103 of the expression as follows: "article 103. Payment systems and payment service providers are entitled, in accordance with individual data protection laws regulating processing of personal data when it is necessary to prevent unauthorized payment instrument or payment fraud and ensure the investigation and detection of offences. " 38. transitional provisions be supplemented with 13, 14, 15 points by the following: ' 13. the authority, which do not comply with this law, article 5, paragraph 1, first subparagraph, of the condition of the payment mean exceeding or not 5.1, the first paragraph of article 6 paragraph 1 conditional on electronic money in circulation on average in an excess amount, after this date of entry into force is entitled to continue the issuance of electronic money or to provide payment services If the 2014 July 31, shall be submitted to the Commission in article 11 of this law, these documents to get the license for payment institutions or the emission of electronic money. If the authority referred to in this paragraph until 2015. January 30, has received the license for the institution or payment by electronic money issue, the action is terminated. 14. Retail payments system, which launched to article 26.1 of this law from the date of entry into force, the Commission shall record in the retail payments system in the registry if small payment system operator until 2014 July 15, submitted to the Commission for information and the necessary documents. If small payment system until 2014 29 august not registered 26.1 of this law referred to in the second subparagraph of article in the register, the following action is terminated. 15. in article 44.2 of the Act shall enter into force on 1 July 2014. " The Parliament adopted the law in 2014 on April 24. The President a. Smith in Riga 2014 on May 14.