Rules On Privatisation Certificates Market Intermediation Company Licences, Suspension Or Cancellation, Stamp Duty Rate On Its Receipt, As Well As The Brokerage Firm Obligations And Monitoring Arrangements

Original Language Title: Noteikumi par privatizācijas sertifikātu tirgus starpniecības sabiedrību licenču izsniegšanas, apturēšanas un anulēšanas kārtību, valsts nodevas likmi par tās saņemšanu, kā arī starpniecības sabiedrību pienākumiem un to uzraudzības kārtību

Read the untranslated law here: https://www.vestnesis.lv/ta/id/165429

Cabinet of Ministers Regulations No. 711 in Riga in 2007 (on 16 October. No 58 44) provisions on privatisation certificates market intermediation company licences, suspension or cancellation, stamp duty rate on its receipt, as well as the mediation of public responsibilities and supervision order Issued in accordance with the law "on privatisation certificates" in article 17, the third and fourth part i. General questions 1. determines: 1.1. privatization certificate (hereinafter certificate) through the market society, the issue of licences, suspension and cancellation procedures;
1.2. the obligations of the intermediary corporations and their monitoring arrangements;
1.3. the rate of the State fee for the issue of licences through the society's consent.
2. Mediation of public license (license) shall issue, suspend or revoke, as well as the business of the mediation of public certificate market watch created the Ministry of the economy market through privatisation certificates society Licensing Commission (hereinafter the Commission). The Commission is a collegiate decision-making body.
3. On the basis of the Commission's decision on the issue of the licence, the licence shall be issued to the public capital according to the rules laid down in annex. Corporation that, according to the requirements of these rules has received the licence within the meaning of these provisions constitute the mediation community.
4. The licence shall be issued for an unlimited duration.
5. License time brokerage firm may buy and sell certificates: 5.1. other persons (hereinafter referred to as the customer) tasks for its funds or between public funds provided in the contract, provided that these funds will cover the customer;
5.2. in its own name and at its own expense;
5.3. certificate purchase and sale at public auction (auction).
6. the rate of the State fee for the issue of licences through the society hired 800 lats and is paid into the State budget to the Treasury in the specified account.
7. These regulations for the disqualification of licensed corporation can start after the adoption of the decision of the Commission on the issue of the licence, the payment of State fees and the licence.
II. Commission 8. Members of the Commission, the Chairman and the Vice-Chairman shall transmit to the Ministry of economy of the rin. Panelists include the Bank of Latvia, the Ministry of finance and the financial and capital market Commission authorized persons, as well as three economic ministries appointed persons who are competent in trade certificates.
9. the members of the Commission are not entitled to carry out inspections and participate in decision making, if the Corporation's commercial activities, they can get into a conflict of interest.
10. Ministry of the economy provides the Commission's logistic work and filing.
11. public joint stock company "Privatization Agency" (hereinafter called the tour agent) on behalf of the Ministry of the economy provides the members of the Commission, a Commission of outside experts and specialists, the responsible Secretary of the Commission pay from State property privatization of objects in income.
12. the Commission approves the operational instructions of the Ministry of economy.
13. the Commission shall be valid if they are sitting on at least half the members of the Commission. The meetings of the Commission shall vote openly and decisions shall be taken by majority vote. If the vote splits on the casting vote of the Chairman of the Commission.
14. the Commission addressed to the public through the decision presented to the adm nistratīv form, and signed by the President of the Commission or his being away, Vice-President of the Commission. The decision of the Commission At the Ministry of the Mike within five working days, send to the recipient and the credit institution serving the decision referred to in the certificate of the company through trading accounts.
15. the Ministry of the economy within two weeks following the adoption of the decision on the issue of the licence, suspension, renewal and cancellation shall be published in the newspaper "Gazette" and to the economic Ministry's homepage in the internet.
16. the company, through a decision of the Commission may appeal to the Court.
17. the Commission shall, if necessary, may call upon specialists and experts who are competent in the field of trade.
III. Licence 18. A corporation may qualify for a licence if it meets the following requirements: 18.1. license at the time of receipt and during its operation share capital of a capital company and the equity capital is not less than 30000 dollars;
18.2. the Corporation is not a tax and other government charges laid;
18.3. a corporation, except for the credit institution in the Republic of Latvia the internal transaction accounts of credit institutions registered in the store an amount of money or a member of the European Union st securities issued with a face value of not less than 10 percent of the share capital, and the Corporation may not be used with the authorization of the Commission to fulfil their obligations arising from the mediation in transactions with certificates, or in the event of liquidation, the General order;
18.4. the Corporation does not have a specific ban on the commercial operation or a court order in the period of the ban;
18.5. have passed not less than six months from the date of entry into force of the Commission decision on the withdrawal of the licence previously issued.
19. in order to obtain a licence, the Corporation shall submit to the Commission the appropriate application. Applications and documents can also be submitted electronically if it signed with a secure electronic signature, and meet regulatory requirements. The application shall show the following: 19.1 Corporation company, registered office and registration number;
19.2. purpose: acquisition of the licence;
19.3. the Corporation contact name, telephone number, fax number and electronic mail address;
19.4. the officers of the Corporation and the trustee of the first name, last name and user ID of the person who is entitled, on behalf of a corporation to do business with certificates;
19.5. list of attached documents.
20. This provision 19. an application referred to in paragraph add: 20.1. a copy of the registration certificate;
20.2. documents certifying that the person referred to in paragraph 19.4. rights on behalf of a corporation to do business with certificates;
20.3. the corporation activities certificate market regulatory framework internal rules, which determine how a lockable and enforceable transactions with certificates, accounting procedures and duties of the persons responsible (in this rule referred to in chapter IV of the rules of the auction can be submitted separately);
20.4. the last year or half-year financial statement (balance sheet);
20.5. this rule 18.3. subparagraph under contract with cash and securities account holder (copy);
12.8. list of places that will be made in dealing with the certificates and the corresponding space lease or loan contracts or property rights supporting documents.
21. the Commission 30 days to examine the documents submitted and shall take a decision on the issue or refusal to issue a license. The appearance of their registration applications. Documents submitted will not be returned to the Corporation.
22. By submitting a copy of the document presented the original of the document or the copy must be certified by the laws on the development and design of a document.
23. Six months after the date of notification of the decision of the Commission of the company through national dues payment and removed license.
24. a licence shall be issued, if the responsible Secretary of the Commission filed formal charges on State duty payment.
25. If the license is lost, stolen, destroyed or damaged, the company shall submit an application for the economic Ministry in a certified copy of the licence issued. A copy of the license issued by the Ministry of the economy, starting with the next working day after receipt of the application.
26. the brokerage firm, which changed the firm, after the submission of the present ma receives license to the new company's name, maintaining the previous license registration number and the date of issue. The application shall be accompanied by the certificate in the register, which contains the new firm.
27. This rule 24, 25 and 26 of the document referred to in the receipt of society through authorised representative certifies the signature.
IV. The mediation of public auction Through the 28 society held a certificate of purchase and sale at public auction in accordance with the procedure laid down in these provisions and contracts with customers after the public auction rules submitted by the approval of the Commission.
29. The auction buying or selling certificates at a price under the contract with the customer set that rule 30.3. in point in that order.
30. The auction rules mediation society States: 30.1. conducting the auction;
30.2. the certificate, the vendor and the purchaser submitted notification of tenders and contracts;
30.3. the purchase and sales price;
18.9. the order in which the auction before conclusion of the contract the participants familiar with the auction rules;
5. the conclusion of the purchase agreement execution and guarantees;
19.0. other developments in the auction conditions which comply with the law and regulations.
31. for the organisation of the auction of permits, the company shall submit to the Commission through the application. The application of this provision is added to paragraph 30 of these auction rules.

32. the Commission Submits that rule 31 documents listed, the company adds auction samples of contracts concluded, which comply with that rule 30 and 39.
33. The Commission shall examine the society through the auction rules, the application of this provision 14, 21 and 22 above.
34. the Commission does not approve the auction rules if they do not comply with these rules, the law and the Kuma laws in the field of the certificate.
V. mediation and supervision obligations of the company's 35. it is the responsibility of society, through to the Commission in writing or electronic form of a document, if it is signed with a secure electronic signature regulations and meet the requirements: 21.8. documents certifying the conformity of society between the agricultural regulations, if the legislation is amended, applicable to the mediation firm, the month after the date of entry into force of the rules;
35.2. information about the company through the change of registration data-month track changes in the commercial register;
35.3. information about changes to this rule 19.4. the list referred to in point and 12.8. list referred to in the month after the change is made;
35.4. the mediation society (other than a credit institution) financial statements for the current year's first six months, up to the current year's September 1;
35.5. a sworn auditor approved annual accounts (except the credit institution) and publish it – two months after the statutory deadline for the approval of the financial statements;
22.1. to a final licence for the current year (counting from the date of issue of the licence), confirmation that the brokerage company meets this rule 18 of these requirements, the month after the expiry of the current licence year.
36. The period of validity of the licence, certificate of the company through the open trading accounts. About the customer means the purchase of certificates the company in separate trading accounts.
37. After the cancellation of the licence, the certificate of the public sector through regulatory legislation in the cases can transfer certificates from your trading account to another person's account, first complete the certificate market transactions in the accounting books.
38. The agreement on the deal with certificates on behalf of the public, through the mediation of public officials and authorized persons, on which, according to this provision, and 21.9 20.2 19.4. the arrangements referred to in paragraph below the mediation company is notified to the Commission.
39. The mediation in a contract concluded by the company on the deal with certificates: 24.3. the licence number, as well as certificate holder and the account number of the beneficiary;
24.4. the brokerage is obliged to the public no later than on the working day following the contractual execution of the transaction to send the customer a statement that details of the contract, if this contract in the cases and in the order required by client;
39.3. the amount of the remuneration of the intermediary services;
24.5. the client is aware of the futility of society between the financial situation of the previous reporting period (including paid-in capital, equity and total debt amount) if the contractual transactions with certificates to the client's account;
24.5. the order in which the resources of the customer number of the certificate.
40. the brokerage company (other than a credit institution) gives the customer upon his request for information about outstanding or missed the total context and displays the last half-year or annual report.
41. the public Through an authorised person may accept a certificate transfer task from the auction, which sold certificates of the participant the starpn construction company, if the contract has been concluded with the credit institution within which is an open auction participant certificate account.
42. in order to ensure the auction close the performance guarantee, the company opened trading accounts that only certificates sold at auction.
43. If mediation cannot execute a society client task under the conditions specified in the contract, they are obliged to immediately notify the customer of the sealed the deal execution.
44. The mediation company transactions each working day the closure of Chrono logical order business accounting books, records all certificate market closed and completed transactions. Details of transactions all holidays booked the next working day.
45. the accounting for transactions with certificates, which have been on the mediation of public funds and of the customer's funds, the company manages separately.
46. the company shall carry out the following through the accounting books of transactions with certificates: 46.1. outside the auction concluded and executed contract accounting books;
46.2. the brokering of outstanding commitments (51.2) accounting books. This book is not to be recorded in the patent system, which is due or past due in less than one day;
46.3. the auction concluded and executed contract accounting books.
47. The room in which the mediation is closed to public contracts for transactions with certificates, the client is located in a visible place in society through the license and a copy of the certificate of registration or original.
48. The mediation company no later than the next working day by courier until 12.00 o'clock, by fax or electronic mail to the Agency the preceding working day certificate market transactions concluded by indicating the date of the transaction, the company and the license number.
49. On the previous working day certificate market transactions concluded through the Agency of the company provided details of the certificate, the highest and lowest price, for a total transaction volume of licenses of nas since you get paid, as well as on the total number of certificates, the total price and the number of contracts (separate indication of particulars of transactions in property compensation certificates): 30.5. selling certificates to other persons;
30.6. purchasing certificates of natural persons;
30.6. buying certificates from other brokerage firms;
49. buy certificates from this provision and 30.6 30.6. in missing persons.
50. the previous working day For all auction transactions concluded mediation firm provides the following information to the Agency (separate indication of particulars of transactions in property compensation certificates): 50.1. certificate the highest and the lowest price;
50.2. the total volume of transactions on the certificates and in dollars;
50.3. total auctions volume of transactions concluded on the certificates since the licence.
51. Two working days after the end of the current month through society in addition to the provisions referred to in paragraph 49 of the information you transmit to the Agency the following information: 51.1. the brokerage firm owned by a previous number of certificates on the last working day of the month, with a separate indication of the particulars of the certificates that are purchased for their clients and for property compensation certificates;
51.2. the outstanding amount of certificates of mediation deal (total number of certificates according to the contracts still have to be transferred to customer accounts) and ls (the remaining liabilities, which does not require a certificate of transfer and compress on client accounts). Outstanding transaction volume will be reduced after the execution of transactions supporting documents posted, as well as over unfulfilled contract by mutual agreement of the contracting, is the court order or agreement ceases to have effect in respect of outstanding transactions.
52. Agency: 52.1. check public information provided through compliance with these provisions, if necessary, send the information to the public about the non-compliance;
52.2. the calculation of the certificate (separate property compensation certificates) the market price in the last 10 days, dividing the total sales price of the certificates specified in a contract concluded by the auction for which the Agency has received the news last 10 working days, with these contracts specified the total number of certificates;
52.3. each working day sends the media and the Ministry of the economy, as well as published on the internet site of the agency operational information about the certificate market price and the company concluded the previous working day for transactions with certificates, with a separate indication of the news (the total number of certificate and average price) for the purchase of certificates of natural persons and their sale to other persons and the particulars of the property compensation certificates;
52.4. within five working days after the end of the current month send the housekeeper to Minis, as well as three published in the Agency's homepage on the internet property information in certificates and compensate for the rest of the certificate in the previous 12-month average market prices and transaction volumes set, without taking into account the business with the brokerage firms;
52.5. within the Commission, details of transactions on the market of the privatisation certificates.
53. the Ministry of the economy:

53.1. the weekly newspaper "journal" published in the news of the previous week concluded mediation society deals with certificates, with a separate indication of the news (the total number of certificate and average price) for the purchase of certificates of natural persons and their sale to other persons and the particulars of the property compensation certificates;
53.2. each month publishes its homepage on the internet and the newspaper "Latvian journal" news of the last month concluded mediation society deals with certificates, with a separate indication of the news (the total number of certificate and average price) for the purchase of certificates of natural persons and their sale to other persons as well as companies owned the previous number of certificates on the last working day of the month and the particulars of the property compensation certificates.
54. a decision on mediation for public inspection the Commission shall adopt: 54.1. If the customer received, Governments, agencies, or between the vanity of public trading accounts in credit institutions servicing the gums or other stuffed news on customer or regulatory violation certificate market;
54.2. the brokerage firms.
55. the results of the public through the Commission transmit the exhausted the authorised representative shall draw up inspection. Inspection shall include persons who carried out the test, check the documents and results. Inspection shall be accompanied by an opinion of the required document in the jas. Brokerage companies authorized representative with the signature on the inspection of the Act have proven list of documents and document compliance with the original copy.
56. the Commission approved authorised representatives, performing between the vanity of public inspection of the licensed business is the right of the public to receive information about electronics licensed commercial activities to become familiar with the relevant documents of the original and get a copy free of charge.
57. the Commission, through the mediation of public supervision, are entitled to request mediation within the time limit set by the company submit additional information needed for the Commission the question of the competence of the object or for decision, but there is no national regulatory authorities.
Vi. Licence suspension, renewal and cancellation Commission suspended the licence 58. if: 58.1. brokerage firm has not submitted to the Commission the provisions referred to in paragraph 35 of the document;
58.2. brokerage firm during the month passed the tax and other government debt, a down payment for which the recovery of the entry into force of the court order;
58.3. mediation society for their actions is not provided to the Agency the information specified in these provisions;
58.4. brokerage firm supplied false information specified in these provisions a client, agency or Commission;
58.5. is financial and capital market Commission decision on winding up of a credit institution or a court decision on the suspension or termination of commercial activities;
58.6. prosecuted for public officials between the vanity of the authorised person or illegal activities, on behalf of the society through the certificate purchase and sale transactions;
58.7. the Commission received the application for mediation of public license suspension;
58.8. the Commission has received documents that the brokerage firm carries out such transactions with certificates that caused financial losses to clients or State.
59. The license may be suspended for a stated period or until the execution of the decision of the Commission, but not to less than a month.
60. If the Commission has received documents that the company carries out a brokering activity created with certificates that caused financial losses to clients or State and that has to stop immediately, the license may be suspended by three members of the Commission jointly adopted a decision determining the maturity of up to seven days. At the same time the Commission is convened in emergency session. Extraordinary meeting of the Commission shall decide on the suspension of the licence and the terms of the extension or renewal of a licence or the cancellation of a licence.
61. A license which has been suspended by Commission decision may be renewed on application (and its attached documents) receipt and inspection.
62. to restore a license which has been suspended under the mediation of public submissions on the suspension of the licence, the company shall submit to the Commission an application (and accompanying documents). The application shall state the following particulars: 62.1. the Corporation company, registered office and registration number;
62.2. purpose: the mediation of public license renewal;
38.7. Corporation contact name, telephone number, fax number and electronic mail address;
38.8. details of the mediation of public compliance with this provision, paragraph 18;
62.5. list of attached documents.
63. in order to restore the license, which was suspended pending the Commission's decision or the execution of which has been suspended for a specified period, the company shall submit to the Commission an application (and accompanying documents). The application shall show the following: 39.2. the Corporation company, registered office and registration number;
39.3. purpose: the mediation of public license renewal;
63.3. Corporation contact name, telephone number, fax number and electronic mail address;
63.4. details of the mediation of public compliance with this provision and paragraph 18 of the Commission decision on the suspension of the licence of that offence;
63.5. list of attached documents.
64. The Commission shall examine the application for mediation society stopped the renewal of a licence, the application of this rule 21 and 22 in that procedure.
65. the Commission revoke the licence if: 65.1. brokerage firm within six months after the suspension of the licence have not prevented the Commission decision referred to in the infringement;
65.2. the mediation after the suspension of the license of the company made the license of commercial certificate on the market, except for the sale;
65.3. the mediation of public guilt as a result of financial losses to the client and the entry into force of a court ruling on damages;
65.4. the mediation of public officials or authorised persons who conclude transactions for certificates, during the license is criminally punished for illegal activities, conducting public business;
65.5. the entry into force of the decision on the agricultural society business between winding up or bankruptcy proceedings;
65.6. mediation during the year, the company repeatedly committed offences, which provides for the suspension of the licence under paragraph 58 of these rules;
65.7. happened another of these rules or other regulations in the field of the certificate;
65.8. mediation firm has established business certificate market after the receipt of the account statement through the trading account in which certificates are credited on the basis of forged certificates of transfer tasks or other counterfeit documents, and the public the excuse is not locked by a written purchase agreement for the purchase of the certificate. In that case, the Commission shall adopt a decision in accordance with the Commission's verification of the Act which is signed by the credit institution and its branches which are open to the public, and the certificate account credit representative of the branch from which the fake certificate has been made even in you;
65.9. the Commission received the application for the public through the withdrawal of the licence;
65.10. mediation company six months pursuant to paragraph 23 of these rules does not have removed the license.
VII. final question 66. Under Cabinet of Ministers on 15 august 1995, regulations no 253 "on mediation company (the company) with private certificates of sation" (Latvian journal, 1995, 125 no) received licenses that have not been reversed, in force in accordance with the procedure laid down in these provisions.
Prime Minister a. Halloween, Minister of education and science Rivž B Note: the wording of the entry into force of the provisions by October 31, 2007.
 
Annex a Cabinet of 16 October 2007 the Regulation No 711 license model, Minister of education and science Rivž of B.