Read the untranslated law here: https://www.vestnesis.lv/op/2015/246.7
Financial and capital market Commission, the provisions of regulations No 205 in the 2015 Riga on December 2 (financial and capital market Commission Council meeting No. 46 2. p.)
Deposit takers including payment of a deposit guarantee fund regulations Issued in accordance with the provisions of the law on deposit guarantees of article 9 of the fifth i. General questions 1. ' deposit takers including payment of a deposit guarantee fund regulations "(hereinafter-the rules) determines the deposit takers payment arrangements for the inclusion of the deposit guarantee fund (hereinafter Fund). 2. The rules are binding on the deposit takers which apply the provisions of the law on deposit guarantees and payments to the Fund in the form of payment. 3. Payment obligations, within the meaning of the provisions of the deposit-takers's payment obligations to the Fund, which are fully secured by cash. 4. Deposit-takers can make the payment in the payment obligations of the Fund, amounting to a maximum of 30 percent of each quarterly payment of deposit-takers under the deposit guarantee law article 8 laid down in the third subparagraph. 5. the total of all deposit takers payment liabilities shall not be more than 30 percent of the Fund's assets. 6. Payment obligations are retained deposit obligations to the Fund, which are fully secured with financial funds deposit takers passed the financial and capital market Commission (hereinafter the Commission) on the payment obligations of the contract (annex 1) and the agreement on contributions (annex 2). 7. Deposit-takers must payment security to hold Fund account in the Bank of Latvia, which is open to the Commission of the payment guarantee for keeping apart from other resources of the Fund and from the Commission's own resources. 8. the payment of a security hold related revenue due the deposit takers. With the payment of a security-related costs shall be borne by the holding deposit takers.
II. Payment procedure for the conclusion of the contract 9. To make a contribution to the Fund in the form of payment obligations, the Commission and the deposit takers concluded the rules referred to in point 6 of the contract payment obligations. 10. If the deposit takers decided to use the opportunity to replace a portion of your payment with the payment obligations in the Fund, it shall submit to the Commission a written application on the desire to make payments into the Fund in the form of payment. 11. the Commission within 10 working days of the rules referred to in point 10 due receipt of the application and respond to the appearance of granting authorisation to deposit-takers to replace part of the payments into the Fund with commitments. 12. If the deposit takers in respect of the following quarter plan to replace part of the payments into the Fund with commitments, then the calculation of the quarterly payment of the Fund in accordance with the Commission on 1 July 2015 legislative rules no. 103 "report on the preparation of the deposits and cover the payments the deposit guarantee fund weightings applicable discovery rules, regulations" (hereinafter Regulation No 103), but no later than next quarter's first month date 5. deposit takers shall submit to the Commission information on payment obligations. 13. the Commission shall, within five working days of the information evaluated compliance with rules 4, 5 and 6 of the criteria referred to in paragraph and conclusion of the payment obligations of the agreement. 14. If the results of the assessment does not identify obstacles that prevent the deposit takers to replace part of the payments into the Fund with commitments and to provide the funds as collateral for the pursuant to these terms and other legal requirements, the Commission shall conclude an agreement with the deposit takers (annex 2), which specifies a particular quarter is attributable to payment obligations, and which are referred to in paragraph 6 of the terms of the payment obligations of the Treaty. 15. by paragraph 14 of the provisions referred to in the agreement deposit takers shall submit to the Commission a report under Regulation No 103, indicating the respective payment obligations. 16. by paragraph 14 of the provisions referred to in the agreement deposit takers makes the transfer of funds to the financial payment obligations of the account specified by the Treaty, no later than the first month of each quarter, 20.
III. the obligation to replace the payment of funds 17. Commission decision adopted on the basis thereof, has the right to partially or completely replace the commitments proposed Fund about the Fund paid features, if there was one or more of the following conditions: 17.1. all payment obligations of market participants share reaches or exceeds 30 percent of the total assets of the Fund; 17.2. the Fund's available funds because of the irrevocable payment undertaking part of the Fund's available financial means exceed 30 percent; 17.3. functions of the Fund needed to pay all accrued in the Fund; 17.4. deposits retained the licence has been withdrawn; 17.5. other cases in which the necessity of creating the Commission partially or completely replace the commitments proposed Fund for deposit in the Fund.
IV. final question 18. Regulations shall enter into force on January 1, 2016.
Informative reference to the European banking authority guidelines rules contain provisions that the European banking authority of 28 may 2015 guidelines no EBA/GL/2015/09 about the payment obligations in accordance with Directive No 2014/49/EU on deposit guarantee schemes. Financial and capital market Commission Vice Chairman p. Birdie annex 1 financial and capital market Commission 02.12.2015. regulatory arrangements no 205 payment agreement in Riga 20 __. the annual "___." _ _ _ _ _ _ _ _ _ financial and capital market Commission, hereinafter called the Commission, its Chairman, Philippe Zakuļ, a person who acts in accordance with the financial and capital market Commission of the law and the law on deposit guarantees, on the one hand and ________ and ________, hereinafter the deposit takers, authorised persons _____ _____ _____ person, to (a) Act in accordance with the _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _, on the other hand, both together and individually hereinafter referred to as the parties, the parties entered into the agreement/, hereinafter referred to as the contract for the following: 1. The object of the contract of deposit-takers undertakes of its total assets in the amount of deposit the deposit guarantee fund, hereinafter referred to as the Fund, this Treaty defined in point 2.1 of the funds that are not burdened with the rights of third parties, the Fund is available and is used as a security deposit-takers to the Fund.
2. General provisions 2.1. Deposit-takers guarantee of payment shall be the total amount in accordance with the agreement, the parties to this agreement, for the entire contract period, report a payment obligation for the amount that the Commission had become lodged in the Fund assets. 2.2. Payment obligations of the securities are reviewed each time deposit-takers have used the law to replace a portion of the payments into the Fund with commitments. 2.3. The deposit takers as the guarantor undertakes to place its property rights to this contract referred to in item 2.1 of Commission funds as security for workers. 2.4. The parties will communicate using the means of communication, which fully supports the features of the other party to receive the notification to the extent necessary for the enforcement of this contract.
3. rights and obligations of the parties Deposit retained rights and obligations: 3.1 attractor of deposit no later than the first month of each quarter 20. date of payment of the security transfer to the Foundation's account in the Bank of Latvia: [Properties].
3.2. Deposit-takers warrants that at the time of conclusion of the contract in the contract specifies payment security is its free financial resources, which is not disputed, the mortgage or the subject of the trial, those third parties have not identified any of the prohibitions and the hassle and third parties do not have any contractual or legal rights to the payment of a security. 3.3. From the entry into force of the present agreement, the moment the deposit takers are forbidden to embarrass the security of payments. 3.4. If the deposit takers wishes to terminate this agreement, it shall present to the Commission appropriate submission. The Commission shall adopt the decision on the termination of the contract within 10 working days. In this case, the entire amount of the payment security is converted into the Fund. 3.5. Deposit-takers is entitled to a basic application to request the Commission to convert part of the payment for the securities the Fund for reimbursing the Fund. The Commission shall take this into five working days and notify the deposit takers. 3.6. The deposit takers are obligated to repay to the Commission expenditure relating to the payment of a security held, within five working days after receipt of the corresponding invoice.
Rights and duties of the Commission: 3.7. the Commission shall, based on its decision, has the right to partially or completely replace the payment obligations of the Fund provided funds to deposit the funds in the Fund if there's any of the following conditions: (a)) all market participants share payment obligations or reach more than 30 percent of the total assets of the Fund; (b)) the financial resources available in the Fund to use the irrevocable payment of part of the funds available in the financial assets of more than 30 percent; (c) to ensure the function of the Fund) needed to pay all accrued in the Fund; (d)) deposits retained the licence has been withdrawn; e) other cases where the Commission when the need to replace all payment obligations of the Fund, or part of them with money. 3.8 3.7 of this agreement specified in the Rights Commission, deposit-takers to notify, not later than two working days after the contract referred to in paragraph 2.3 of the decision. 3.9. The Commission is obliged to repay the deposit takers, which accounted for income from the payment of a security holding. 3.10. the Commission every quarter until the next quarterly date 15 statement and submit the deposit takers on the invoice for costs associated with the payment of a security, or holding Announces 3.9 of this agreement income referred to in paragraph 1. The Commission shall calculate the income and expenses in proportion to each deposit-takers about the payment obligations and carry out transfers of income to deposit takers bank account within five working days after the date of the notice of income.
4. changes and additions to the Agreement confirms the parties a full and final agreement. Any changes and additions to the present Agreement shall enter into force only with the moment, when they are drawn up in writing and signed by both parties.
5. Duration of the contract the contract shall enter into force on the day of signing the mutual and is valid for an unlimited period of time.
6. Applicable law and dispute settlement procedures are applicable to the contract in force in the Republic of Latvia laws and other laws. All disputes and controversies arising from the provisions of this agreement, or in the case of partial execution is handled in the Republic of Latvia laws.
7. other provisions of the contract drawn up in duplicate in the Latvian language, each on three pages. One copy of the contract is located in the Commission, the other at the deposit takers.
8. the parties addresses and properties _____ _____ _____ _____ registration No.: tax payer code: address: phone fax financial and capital market komisijaNodokļ of the payer's code: 90001049028 address: Kungu 1, Riga, LV-1050 phone 6777 4800 fax: 6722 5755 k. Zakuli by Annex 2 financial and capital market Commission 02.12.2015. regulatory arrangements no 205 agreements on contributions in Riga 20 __. the annual "___." _ _ _ _ _ _ _ _ _ financial and capital market Commission of its Chairman Philippe Zakuļ, who act in accordance with the financial and capital market Commission of the law and the law on deposit guarantees, on the one hand and ________ and ________, hereinafter the deposit takers, authorised persons _____ _____ _____ person, to (a) Act in accordance with the _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _, on the other hand agree on the following: payment of deposit-takers guarantee amount on the 20. and the year. the quarter is ____. The security of payments total of all payment obligations of the contract period is __. This agreement is the commitment of an integral part of the agreement and shall enter into force on signature by its reciprocal. This agreement is drawn up in duplicate in the Latvian language, each on one page. One copy of the arrangement is in the financial and capital market Commission, the other at the deposit takers. Two copies of the agreement has the same legal force.
Financial and capital market Commission (paraksttiesīg party)
Search Translated Laws of Latvia