Public Release Of Securities Rules

Original Language Title: Valsts vērtspapīru izlaišanas noteikumi

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/109639

Cabinet of Ministers Regulations No. 387, Riga, 31 May 2005 (pr. No 32 51) national securities release Issued in accordance with the provisions of the law on budget and financial management 35. the third paragraph of article i. General questions 1. establish national securities (Latvian National short-term promissory notes, medium-term and long-term bonds) the release of order of the Republic of Latvia. 2. the issuer of securities is the State Minister for finance. Minister of finance releases on behalf of Latvia State securities, commitments to pay payments and delete State within the securities. Activities related to national security, the release of initial deployment and deletion, the National Treasury. 3. State securities in dematerialised form omits. Each country worth paper granting individual emissions of international securities identification number (ISIN). 4. all national securities recorded in the Latvian central depository. 5. State securities may include regulated markets in accordance with the agreement between the Treasury and the relevant regulated market Organizer. 6. State securities release based on the National Treasury issued an order for the release of Government securities. That order is a public offer of securities in the statement and shall contain the following information on the State of the issue of securities offerings: 6.1. emission number;
6.2. the emissions of the settlement and maturity date;
6.3. one State the value of the securities, which will be paid to the national securities clearing day (nominal value);
6.4. issuing volume;
6.5. fixed income payout dates (medium-and long-term bonds). 7. The Treasury has the right to invite additional emissions government debt securities issues, as well as public securities, complete or partial deletions before the deadline under a separate Ordinance (hereinafter referred to as early deletions) according to the rules referred to in paragraph 31. II. types of Government securities 8. Latvian state securities released uniquely national emissions of paper worth three digit number (XXX) and a check digit (K), which is calculated by the system as defined in the standard ISIN. 9. Latvian Treasury bills are short-term government securities (with a maturity of up to one year (inclusive)), which is released at a lower price than the national security's nominal value and delete the date of deletion of their nominal value. Are released following the Latvian Treasury bills: 9.1 with maturity date up to one month (ISIN code: LV000051XXXK);
9.2. with maturity up to three months (ISIN code: LV000052XXXK);
9.3. with maturity of up to six months (ISIN code: LV000053XXXK);
9.4. with maturity of up to 12 months (ISIN code: LV000054XXXK). 10. the medium-term bonds are medium-term government securities (with a maturity of between one and five years (inclusive)) that are released with a fixed or variable interest rate, declares the rights of the proprietor of the deadlines to receive a fixed income and are deleted at the date of deletion of their nominal value. Are released following the Latvian State medium-term bonds: 10.1. maturity of up to two years (ISIN code: LV000055XXXK);
10.2. with maturity of up to three years (ISIN code: LV000056XXXK);
10.3. with maturity of up to five years (ISIN code: LV000057XXXK). 11. long-term bonds are long-term securities (with maturity over five years), which are released with a fixed or variable interest rate, declares the rights of the proprietor of the deadlines to receive a fixed income and are deleted at the date of deletion of their nominal value. Are released following the Latvian state long-term bonds: 11.1 with maturity of up to 10 years (ISIN code: LV000058XXXK);
11.2. with maturity of over 10 years (ISIN code: LV000059XXXK). III. State securities initial deployment 12. State securities for initial deployment uses: 12.1. competitive auction method daudzcen;
12.2. the fixed rate (non-competitive) auction method;
12.3. the direct sales method. 13. the Minister of Finance has the right to state securities public offers you the change to make the national securities initial deployment methods, conditions and depart from the normal public offer model. 14. State securities initial deployment can be made by the Minister of finance approved financial institution (hereinafter referred to as the financial agent). The fall in the emergency financial agent's choice approved by the Minister of finance. Financial agent's functions and responsibilities are determined by agreement between the Treasury and the financial agent. 15. State securities initial deployment of financial agent the financial regulation starpn ing agent approved by the Treasury and harmonised rules on State worth the paper the initial deployment. If the financial agent's services are not used, the national securities initial deployment rules approved by the Minister of finance. 16. Government debt securities competitive daudzcen in the initial deployment of the auction shall be carried out in accordance with the following conditions: 16.1. a person who submits a tender to buy a certain amount of Government securities on behalf of itself or on behalf of others (hereinafter referred to as the initial deployment), this proposal must specify the amount of the nominal value of Government securities and Government securities purchase rate of profit. The offer submitted the initial deployment is binding;
16.2. If the Treasury securities in the order for the release of the national state securities, fixed income rate is not fixed, fixed income rate is defined as the weighted average profit rate from auction approved national security tasks, rounded down to the nearest 1/8 of one percent rate;
16.3. The Treasury shall lay down the maximum permissible rate of return for each public issue of securities;
16.4. the public offer of securities to the step in the daudzcen of competing auction is 0.001%. 17. The national securities initial deployment of fixed rate (non-competitive) the auction shall be carried out in accordance with the following conditions: 17.1. State securities, profit rate and one State securities purchase price determined according to the most recent of these emissions in a competitive auction of the stated daudzcen the average profit rate and the rate for the corresponding one of the securities purchase price;

17.2. medium-and long-term bond issues of fixed income rate is determined according to national securities, fixed income, at a rate determined in accordance with this rule 16.2. the conditions listed in the bottom. 18. The national securities initial deployment with the direct sales method of State securities, profit rate and price, as well as, in the case of the new securities, initial deployment-fixed income rate (medium and long term bonds) is determined by the Treasury. 19. The national securities initial deployment results, as well as other national securities initial deployment related information published the Treasury website on the internet, the financial agent's website on the internet and in the newspaper "journal". 20. The public offer of securities in the amount of the initial deployment is determined by individual State Treasury orders on Government securities. 21. If the initial deployment of the proposed national securities issue volume is not sold, the rest of that national emissions of securities may be offered again until they complete the sale. 22. the State which has the right to determine the outstanding public securities, increasing the size of the additional emissions. 23. The national securities initial deployment can participate only in the legal person who is a member of the Latvian Central Depository or has entered into an agreement with the Latvian Central Depository accepted who can and shall undertake to ensure the settlement of the securities transactions concluded by members, and have entered into an agreement with the Latvian Central Depository accepted who can and shall undertake to ensure the cash settlement of the participants concluded did not constitute. 24. If the initial deployment of Government securities is carried out with the financial agent between point, it can participate only legal persons who are eligible to participate in the initial deployment of the financial agent's approved and coordinated by the Treasury regulations, as well as in accordance with the provisions of paragraph 23 of the said conditions. 25. in addition to the 23 and 24 of these rules the conditions listed in the financial agent by matching with the State Treasury securities initial deployment can include regulatory provisions and approve additional conditions for participation you state the original placement of securities in anticipation of the initial deployment, the rights and obligations of the participants. 26. the financial and capital market Commission deposit guarantee fund and insured protection fund can invest in the country worth papers in their original deployment only in accordance with the agreements concluded between the financial and capital market Commission and the Treasury, and the Treasury order last daudzcen competing auction offered state securities, increasing the size of the additional emissions. Additional emission rate is determined according to the last auctions of emissions the average weighted rate for profit or, if the country of issue of securities, the weighted average profit rate is not fixed, according to the Treasury the maximum levels set out in this country's securities, the rate of profit. 27. The national securities initial deployment schedule and billing procedures: 27.1. State securities initial deployment happens Treasury order specific dates;
27.2. settlement for the initial deployment of Government securities the securities released a Treasury order takes place in settlement dates. IV. State securities in the secondary circulation 28. Government debt securities in the secondary circulation can take place on a regulated market and outside it, based on the financial instruments market law and pursuant to the Bank of Latvia, the organizer and the regulated market of the Latvian central depository. 29. Government securities secondary market calendar: 29.1. State securities in circulation, starting with national securities settlement day, until the day that is two days before the national securities maturity date;
29.2. fixed income payments on medium-and long-term bonds carried out by state securities account fixed income date of payment in the beginning. 30. The Treasury can make public securities, total or partial redemptions of auction or by directly offering to buy back the securities from the country's financial market for Treasury securities in the order above a certain price or rate. 31. The Treasury can make public securities, total or partial early deletion only for the country worth the paper the Treasury is atpirkus under this provision, paragraph 30, if the conditions laid down in these government securities are not in any way embarrassed. V. national securities settlement system 32. Cash settlement for state securities takes place in the Bank of Latvia. 33. Settlement of Government securities provide the Latvian Central Depository and Bank of Latvia in accordance with the principle "delivery of securities against payment", as well as of the financial agent approved provisions on the settlement of payments (if the initial placement of securities is carried out with the financial agent the starpn ing). 34. If the deletion of the Government securities or fixed income payment date is the day which is not a banking day, the payment or deletion occurs on the next bank working day. Fixed income for these days is not calculated. 35. the Commission and the transaction costs in the settlement with state securities: 21.8. through the national securities initial deployment, financial agent, in agreement with the State that can determine the fee that you pay to the national securities initial deployment by the participants;
35.2. Government securities secondary market transaction costs borne by the State securities in the secondary market. Vi. State securities prices, the accumulated profit, fixed income and the rate of return calculation 36. According to the international securities market Association (ISM) standard base year prices of short-term debt and profit calculation for Act/360 (used in the calculation of the actual number of days on the 360 days), but the medium-and long-term bond prices, accumulated profit, fixed income and profit calculation – Act/Act (used in the calculation of the actual number of days on the actual number of days in the year). The bond issue, which has been put into circulation before the date of entry into force of the provisions, but that additional emissions are issued after the entry into force of these regulations, the base 30/360 (in each calendar month calculated to be about 1/12 of a year of 360 days or 30 days, and the period between the month of a particular date to next month the day considered 30 days). 37. State securities prices, the profit rates, accumulated profit and fixed income calculation methods and rules governing public securities the initial deployment. VII. final question 38. Regulations shall enter into force by 1 July 2005. Prime Minister a. Halloween Finance Minister o. Spurdziņš