The Inclusion Of Financial Instruments And Trade Stock Exchange Regulated Markets

Original Language Title: Par finanšu instrumentu iekļaušanu un tirdzniecību biržas regulētajos tirgos

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/93899

 
Riga Stock Exchange rules on the admission of financial instruments and trade stock exchange regulated markets approved Riga Stock Exchange Council of 31 august 2004 in i. General provisions 1. Applicability 1.1. Riga Stock Exchange (hereinafter Exchange) Regulations "on the inclusion of financial instruments and trade stock exchange regulated markets" (hereinafter referred to as the rules) shall lay down the requirements for the admission of financial instruments and the initiation of a stock trade, regulated markets, requirements for issuers whose financial instruments are included in the regulated stock exchange markets exclusion of financial instruments, from the stock market regulator and the order in which the issuer of the stock exchange.
1.2. these provisions are designed in accordance with the financial instruments market law (hereinafter FITL).
2. the terms used in the rules 2.1. Stock Exchange and regulated market exchange 2.1.1 is a corporation that organizes the regulated markets.
2.1.2. Regulated market is organisational, legal and technical measures, which makes it possible to open and the regular conclusion of transactions in financial instruments.
2.1.3. the development in the stock market and the application of these provisions to ensure a regulated and transparent markets in financial instruments, under the protection of the interests of investors.
2.1.4. the market value, or capitalization is determined by multiplying the number of shares of the issuer with the share price.
2.1.5. Stock lists are organized by stock exchange financial instruments regulated markets, which have certain common requirements for issuers and financial instruments, which are included in and traded on the regulated market concerned.
2.2. financial instruments quoted on 2.2.1. Quoted financial instruments are financial instruments that are included in the stock exchange and the stock exchange trade.
2.2.2. financial instruments listed issuers are obliged to comply with the requirements of these rules in all the financial instruments issued at the time of quotation.
2.3. the stock exchange financial instruments included in 2.3.1. Stock lists can include such financial instruments (hereinafter the securities): 1) shares or similar securities, ensuring participation in the capital of companies;
2) bonds and other debt securities (including debentures, promissory note, short-term and long-term bonds and other securities, which confirms the right of the owner to receive the par value of a security and interest payments);
3) other marketable securities, which secured rights to buy 1 and 2 referred to securities subscription or Exchange;
4) stock certificates — certificates issued to replace the other country registered shares of the issuer, and gives the right to use the winners replace rights in shares;
5) investment certificates of investment funds and other transferable securities, stating the participation in investment funds or other similar overall investment (investment certificates);
6) money market instruments, short-term debt instruments (promissory notes, certificates of deposit, the company issued short-term debt instruments) and other instruments that are traded in the money markets;
7) derivative financial instruments;
8) other financial instruments that can be included under FITL and traded on regulated markets.
2.4. the issuers of financial instruments in the financial instruments of the issuer (hereinafter the issuer) is a person whose financial instruments are included in one of the stock exchange. The issuer must be registered, and its activities must comply with the legislation applicable to the issuer, the issuer's statutes and these rules.
2.5. the obligation of members of the regulated market to the people that work in the regulated market of a stock exchange are obliged to operate in FITL, these and other provisions of the Stock Exchange Board approved policy and recommendations, as well as its activities, guided from the regulated market is good practice and ethical principles.
3. adoption of the rules and application rules and amendments 3.1 3.1.1. those rules and amendments thereto establish a stock exchange.
3.1.2. provisions and amendments thereto prior to approval are submitted to finance and capital market Commission (FCMC) for an opinion. If the opinion contains reservations, the FCMC, Exchange may decide on approval of the rules. The rules approved by the Council of the stock exchange.
3.1.3. provisions and amendments thereto shall enter into force FITL. Rules and amendments thereto Stock for at least one day before their entry into force in its home page on the internet.
3.1.4. the Stock Exchange Management Board has the right to develop and approve the documents that are provided in the recommendations or suggestions, detailed arrangements laid down in these provisions of certain general rules application and enforcement.
3.2. Equal treatment 3.2.1. These rules and stock exchange fees apply equally to all issuers and persons who have submitted the application for Listing.
3.2.2. the Stock Exchange Council has the right to apply the exceptions to cases mentioned in these rules.
4. disclosure and use of information 4.1. Stock obligation to ensure public availability of information 4.1.1. Stock Exchange is obliged to immediately publish information which the issuer of the stock exchange has provided in accordance with the provisions of Chapter 3 requirements for issuers ' requirements and which could affect the price of a financial instrument or an issuer of a financial instrument is able to properly execute from the financial instrument the obligations (essential information).
4.1.2. If the issuer in accordance with the procedure laid down in these provisions is not to publicly disclose the rule 4.1.1. information referred to in paragraph 1, but the relevant information from the issuer of the stock exchange is received in written form, the stock exchange has the obligation to immediately disclose the information by publishing it on a stock trading system and homepage on the internet (hereinafter together: stock information system).
4.2. The prohibition on the use of internal information 4.2.1. Stock and its employees with the execution of his duties, in any way access to information that the issuer has reported to the stock exchange, confidentiality must be respected until this information is publicly disclosed in accordance with the procedure laid down in these provisions.
4.2.2. the information referred to in point 4.2.1 may be made only if the duty or right to disclose such information arises from law, a court judgment or by these terms.
II. Quotation terms 5. General questions 5.1. Quotation rules 5.1.1. This section establishes the requirements for the admission of financial instruments and financial instruments for initiating the trade stock exchange, as well as the requirement for issuers that want to start a listing of financial instruments of the stock exchange.
5.1.2. the trade in stock exchange financial instruments can be suspended or excluded from the financial instruments listed in this section and the regulations section "monitoring" cases and order. The issuer must comply with the Provisions of this chapter and title "requirements for issuers ' regulations and requirements.
5.2. the structure of listed financial instruments may be included in the stock market and create lists: 5.2.1 the official list;
5.2.2. in the second list;
5.2.3. the debt securities list;
5.2.4. list of investment funds;
5.2.5. The free list.
6. starting up 6.1. Quotation general issues 6.1.1. The quotation is the inclusion of financial instruments, stock exchange and trading with them.
6.1.2. the commencement of Quotation procedure is a set of measures, which is accessed through the quotation applied for issuers of financial instruments and its compliance with the requirements laid down in these provisions.
6.1.3. the decision on the inclusion of financial instruments and the start of trading on the stock exchange adopted the Board of the stock exchange.
6.1.4. the launch of the Listing procedure begins with the moment when the issuer has submitted an application to the stock exchange on the inclusion of financial instruments issued and the start of trading on the stock exchange (hereinafter application for Quotation).
6.1.5. The stock exchange shall have the right to publish information about the quotation of the initiation of the Stock Exchange website on the internet.
6.1.6. The Stock Exchange Board has the right to determine the responsibilities of the quotation to the issuer in the course of the procedure for initiating fully comply with the provisions of this chapter 3 "requirements for issuers".
6.1.7. the initiation of the procedure for Listing ends: 1) with the decision of the Board of Directors of the stock exchange quotation or 2) with the Stock Exchange Board decision on refusal to commence the quotation, or 3) with the issuer's application for admission or withdrawal of the application, the izpildot rule 4) of paragraph 6.2.2 the conditions under which the application for Listing is considered rejected.
6.2. The decision of the Board of the stock exchange quotation 6.2.1 shall decide on admission or refusal to initiate a quotation for 10 days from the date on which the issuer has submitted to the stock exchange quotation application and documents laid down in these provisions. If the Stock of the issuer has requested additional information on the quotation application period starts from the date of submission of the information required by the stock exchange.
6.2.2. If the issuer does not submit to the Exchange's Board requested information within the time limits and the Stock Exchange Board for this reason can not decide that rule 6.2.1. time limits referred to in paragraph 1, the application for Listing is considered rejected.

6.2.3. If the decision on the launching of the listing unless otherwise quoted financial instruments applied for the first quotation day is six (6) days of the decision on the launching of the quotation date (inclusive), except where those provisions are not complied with the conditions imposed in point 6.8.
6.2.4. the decision on the Board of the stock exchange quotation or a refusal to initiate the quotation indicates the conditions laid down in these provisions and requirements on the basis of which the decision is adopted.
6.2.5. the Management Board of the stock exchange has the right to refuse admission to the Stock Exchange also in case the issuer and its financial instruments to meet these rules, but the Stock Exchange Board, in assessing the financial position of the issuer, market position, customer structure, growth potential, scope, reputation, future plans, and other relevant factors that are important to the issuer's business activity evaluation, concluded that financial instruments into the stock exchange can adversely affect the proper operation of the regulated market and harm the interests of investors.
6.2.6. the Management Board of the stock exchange in order to ensure sufficient liquidity for financial instruments are entitled to demand that the issuer has submitted an application for Listing, enter into a contract with the Stock Exchange's members on market maintenance of issuer's financial instruments.
6.3. the first decision on commencement of quotation 6.3.1. the first decision on the launching of the quotation is a decision which at the time of the stock exchange is not listed on any of the issuer's financial instruments issued.
6.3.2. If the first quotation of the issuer application is rejected, the issuer shall have the right to resubmit the application for Listing after six (6) months from the previous quotation application rejection. Based on the issuer's application, the Stock Exchange Board is entitled to shorten this period.
6.4. Additional decision on the commencement of quotation 6.4.1. additional decision on the launching of the quotation is a decision which at the time of the stock exchange is one of the listed issuer's financial instruments issued.
6.4.2. If a Stock Exchange Board has taken a decision to reject an application from the Issuer for additional listing of financial instruments, it has the right to suspend all of the same issuer and the category listing of financial instruments, based on this rule 17.2 points.
6.5. The decision on the launching of the quotation provided 6.5.1. Stock Board is entitled to take a decision on the launching of the quotation when the issuer applying for listing, or his financial instruments on the quotation at the time of submission of the application does not meet the requirements of these provisions, but the Stock Exchange Board believes that the issuer and the issuer's financial instruments to meet these rules an issuer of financial instruments and the requirements laid down by the financial instrument for the initial deployment , offer to the public or other activities that will be carried out after the adoption of the decision on admission, but before the time limit laid down in these provisions. This decision determines the Exchange conditions which must comply with the Issuer, as well as the condition of the due date.
6.5.2. If the Management Board of the stock exchange has decided on launch of the quotation, the quotation of the relevant financial instruments can start when the issuer has completed all the decision on admission and the launch of these conditions when the issuer and his financial instruments meet the requirements of this regulation.
6.5.3. the issuer is obliged to immediately after the decision, the conditions contained in the present report to the Exchange, which contains information about the conditions.
6.5.4. If the issuer has not fulfilled all of the conditions contained in the decision of the Exchange Board's prescribed time limit or if the issuer or financial instruments do not meet the requirements of these provisions, as well as the stock exchange has reasonable grounds to believe that the financial instrument, the initial deployment of the public offer or other activities were in violation of the requirements of the law or the terms of the issue, the Board of the stock exchange may consider the quotation application.
6.5.5. If the Management Board of the stock exchange, pursuant to the Provisions of point 6.5, re-examine the question of admission of the issuer's financial instruments, it has the right to: 1) considered the conditions to be fulfilled, or 2) to assign to the issuer in addition to maturity, the execution of the conditions, or 3) to revoke the decision on the launching of the quotation with the condition.
6.6. the notification of the decision and the start of trading on the Stock Exchange after the Stock Exchange 6.6.1. Executive Board decision on the initiation of the adoption, the quotation shall immediately send a written notification of the decision taken by the issuer, the FCMC and Latvian Central Depositary.
6.6.2. the exchange of information on the decision taken immediately inserted into the Stock Exchange website on the internet.
6.7. the draft Decision If stock Board has taken a decision on refusal to commence the quotation, the issuer has the right to appeal against the decision of the Management Board of the FCMC stock exchange within thirty (30) days from the date on which the issuer received the decision or after this rule 6.2.1. before the expiry of the period referred to in paragraph 1.
6.8. The quotation contract issuer is obliged within five (5) trading days from the decision on the opening date of quotation to sign quotation contract which also defines the obligations of the issuer to comply with these regulations. The stock exchange does not initiate trade with financial instruments of the issuer until the conclusion of the contract Quotation.
7. start of Quotation documents 7.1 quotation application 7.1.1. Issuer who want their financial instruments quoted on them in one of the lists submitted to the Stock Exchange Listing application that adds this rule 7.3. documents listed.
7.1.2. The quotation application need not be given if the issuer increases its share capital, omitting the same type and class of shares or bonus, which already are traded on the stock exchange, or omitting the convertible bonds in relation to those shares when the Stock Exchange Management Board decides otherwise.
7.1.3. The quotation application relates to all of the issuer's issued or issued one type and category of financial instruments, which are one and the same rights, if such financial instruments are not included in the stock exchange.
7.2. the content of the application for Listing an Issuer Listing application shall be drawn up in line with the model approved by the Executive Board, stating the Board of stock-specific information.
7.3. The quotation to be added to the application documents the application for Listing is 7.3.1 to be added in the section corresponding to the type of financial instruments certain documents.
7.3.2 If the quotation is submitted the application for the first time, it must be accompanied by a commitment to conclude an agreement with the Stock Exchange Listing, as laid down in point 6.8. these provisions.
7.3.3. If the quotation is submitted the application for the first time on the shares or debt securities of the company, in addition to the application for Admission must be accompanied by the following documents: 1 the issuer's Management Board report) of the issuer's business activity plans in the current and next reporting period at least;
2) if the issuer is the parent company, the parent company of the issuer and the issuer's decision decision on the issuer as a group within the company is not and will not be obligated to make payments to its parent company;
3) if the issuer is the parent company, the parent company of the issuer's written undertaking to comply with these regulations. If the issuer's parent company is dependent on the company, the issuer shall submit to the prevailing parent company corporate commitment to comply with stock exchange rules.
7.3.4. If the application is submitted to the quotation of the shares on the quotation must accompany the application and submit the following documents to the stock exchange: 1) the certificate of registration of the issuer notarized copy or similar document certifying the legal status of the issuer (the fact of registration), and information about the issuer's governing body decisions, so the quotation for the submission of the application is accepted, but not yet registered in the commercial register;
2) of the Statute of the issuer a copy of notarized;
3) issuer's shareholders ' meeting decision on amendments to the Statute and to increase the share capital (which is not yet registered in the commercial register), as well as the issuer's Board of Directors approved the proposal for amendment of the statutes;
4) annual report, which examined the sworn auditor, copies: If the shares are scheduled to be included in the official list, submit the annual accounts for the last three (3) years, if the second list, submit the annual accounts for the last two (2) years in the free list, submitted last year;
5) emission prospectus or prospectus (both together and individually, the prospectus), drawn up in accordance with the rules and for which the FCMC FITL and registered the FCMC, or document that is provided in the said laws in certain information, if the issuer is released from the obligation to prepare and share prospectus;
6) if the members of stock is a contract for the maintenance of the market in financial instruments of the issuer, the information about the conclusion of the contract and the main contract;
7) authorized by the governing bodies of the issuer's decision on the application for Listing;
8) report on the issuer and its securities compliance with these rules, the start of the quotation requirements;
9) list of the issuer's shareholders who own at least five percent (5%) of the voting shares of the issuer stating that the number of shareholders number of shares owned and the stock ratio percentage against the total number of shares.

7.3.5. If the quotation is submitted the application for debt securities or other fixed-income instruments, the issuer application for Listing must be added and submitted to the stock exchange the following documents: 1) the certificate of registration of the issuer notarized copy or similar document certifying the legal status of the issuer (the fact of registration), and information about the issuer's governing body decisions, so the quotation for the submission of the application is accepted, but not yet registered in the commercial register;
2 the issuer's articles of association or Foundation) (creation) identity document notarized copy;
3) the last two years, which is verified by a sworn auditor, copy (if the issuer is a company or an international organization);
4) a prospectus prepared in accordance with the rules and for which the FCMC FITL and registered in accordance with the procedure laid down, or FITL document that is provided in the said laws in certain information, if the issuer is released from the obligation to prepare and share prospectus. If debt securities issuance in accordance with the emissions program, the issuer shall also submit the emissions program;
5) if membership is the conclusion of a contract for the maintenance of the market in financial instruments of the issuer, the information about the conclusion of the contract and the main contract;
6) notified authorities of the issuer's decision on the application for Listing;
7) report on the issuer and its securities compliance with these rules, the start of the quotation requirements;
8 information on emissions) the organizers and for all contracts concluded between the issuer and one or more of the organizers of the emissions.
7.3.6. If the quotation is submitted the application for investment certificates, the application must add and submit the following documents to the stock exchange: 1) investment management company registration certificates notarized copy or similar documents, showing the investment fund company that manages the acquisition of legal status (fact), and information on the investment management company governing body decisions, which, before the filing of the quotation is accepted, but not yet registered in the commercial register;
2) investment management company of the statutes of the notarized copy;
3) decision on investment funds, the FCMC registration copy if the investment fund is established and registered under the investment management company law provisions;
4) FCMC proof that foreign-registered investment fund in Latvia have the right to put its publicly traded investment certificates;
5 the Fund management regulations) with the amendments, if any have been made (submitted electronically);
6) fund prospectus with amendments, if any, have been made (submitted electronically);
7) custodian agreement;
8) contract with the Latvian Central Depository or a copy of a document showing that the investment certificates are posted in the Latvian Central Depository or another internationally recognised settlement system with which Exchange or the Latvian Central Depositary of agreement on cooperation;
9) investment management company and the Council of the members of the Board, the Fund Manager's name;
10) unaudited annual report of the Fund, as well as unaudited semi-annual report, if it is approved at the last annual report, and before the application for Listing;
11) Investment Fund Investment Fund issued by the number of the licence and the price quoted on the day of submission of the application;
Investment Fund and 12) the Investment Fund's share value on the last day of each month in the last 12 months or a shorter period of time if the Fund's duration is shorter;
13 if the investment fund certificates) are included in a regulated market, the organizer of regulated market;
14) Investment Fund asset structure or investment portfolio to the quotation in the time of the application;
15) closed investment fund investor the decision of the general meeting of the units into the regulated market, where such a condition is laid down in the prospectus or listing particulars have not been given a mandate to investment management firm to take such a decision.
7.3.7. If the application is submitted the quotation on the Latvian State internal debt securities, loan application must include the following information: 1) financial instrument ISIN code;
2) maturity of the financial instrument;
3) the nominal value of the local currency financial instruments;
4) to be included in the number of financial instruments;
5) inclusion of financial instruments and the maturity date;
6) fixed income interest rate, if one is specified, as well as the cost of the calculation and the date.
7.4. The right to be exempted from the individual for the provision of information in some cases, the Stock Exchange Management Board has the right to decide that some of these provisions listed in paragraph 7.3 quotation submission of the documents to be attached to the application is not required to make a decision on the inclusion of financial instruments of the stock exchange.
7.5. The right to request additional information in addition to the Provisions of 7.5.1.7.3. the documents provided for in paragraph 1 shall the Governing Board of the stock exchange has the right to require other information and documents that you submit to the Management Board of the stock exchange considers necessary to decide on the admission of financial instruments, stock exchange and trading with them.
7.5.2. The stock market should have the right to request from the issuer's information about shareholders, which is a legal person and owning five percent (5%) or more of the voting equity of the issuer, the location, scope and owners, as well as the persons authorised to represent it.
8. the prospectus prospectus requirements 8.1 to 8.1.1. preparation of the issuer shall be prepared according to the requirements of these provisions and FITL.
8.1.2. the prospectus to be registered FITL.
8.2. the prospectus filing exceptions to the exceptions to the obligation to submit the prospectus and the FCMC regulations FITL. The Board of the stock exchange may determine the order in which the information is prepared on the issue of financial instruments for which the regulated market under the rules not FITL need to prepare a prospectus.
8.3. the publication of the prospectus and Prospectus 8.3.1. notification of the decision to launch a stock exchange quotation published in the internet on the website of the stock exchange immediately after the Stock Exchange Board decided on launch of the quotation, but not later than 3 working days before the trading by the relevant financial instruments, launch days.
8.3.2. by application to the Stock Exchange Listing to the issuer is obliged to inform the stock exchange immediately of any circumstances, which joined the quotation during the review of the application, if such circumstances may affect the price of the financial instrument and the investors ' decision on transactions with financial instruments.
8.3.3. the issuer is obliged to inform the stock exchange immediately of any circumstances that occurs during the period from the publication of a prospectus to launch the trading of financial instruments of the stock exchange, if these conditions could affect the price of financial instruments issued and the interests of investors (hereinafter referred to as the significant events). It is the duty of the issuer to describe all these conditions in an annex to the prospectus.
9. General requirements for the admission of financial instruments, stock exchange requirements 9.1 9.1.1. Issuer the issuer that it wants to include financial instruments issued by any of the listed products must be registered and must act according to its country of registration laws.
9.1.2. The stock has the right not to include the stock exchange financial instruments of the issuer against which insolvency or has been proposed against which has been launched in bankruptcy two years prior to the filing of the quotation, or during that period were regular insolvency problems.
9.1.3. the business activities of the issuer, including the legal and economic situation, must not be such as to jeopardise the interests of investors.
9.1.4. The issuer's management must not be substantially changed in the twelve calendar months preceding the date of application for admission. The management of the issuer changes deemed essential if the previous twelve calendar months have changed more than half of Council or Board members. In some cases, the Stock Exchange Management Board may decide that this requirement is not applicable.
9.2. requirements for financial instruments 9.2.1. Stock lists can include only freely transferable financial instruments and transfer of rights may not be restricted on the issuer's articles of Association.
9.2.2. The quotation applied for financial instruments have to be booked in the Latvian Central Depository (LCD) or any other foreign central depository, by which the stock exchange and/or the LCD is contracted for settlement.
9.2.3. The quotation can only sign up for dematerialised financial instruments.
9.2.4. The quotation applied for financial instruments must comply with the applicable requirements of the regulations and must be issued in accordance with the laws and statutes of the issuer or the issuer's activities in other regulatory documents.
9.2.5. the Management Board shall adopt the decision of the stock exchange to allow launch only a listing of financial instruments, which could be a big enough demand and offer, which would allow them to determine a reasonable price. Evaluating this fact, the Board takes into account the stock market maintenance contract, concluded with the members of the stock exchange.
9.3. the requirements for financial statements

9.3.1. Issuer applying for admission to official listing on a stock exchange, annual report, the Auditors must be agreed by the stock exchange.
9.3.2. Issuer applying for admission to official listing, the financial statements should be prepared in accordance with international accounting standards.
9.3.3. If the issuer applying for listing, is the Group's parent company, the issuer shall submit a consolidated report to the stock exchange. Consolidated annual accounts drawn up by the issuer in accordance with international accounting standards.
9.3.4. the issuer must prepare and submit annual reports and financial statements for the periods laid down in these rules, subject to the procedures laid down in these provisions and stock recommendations, if any, have been developed.
9.4. The issuer's statutes the statutes of the issuer 9.4.1 must comply with the issuer's business regulatory laws.
9.4.2. The issuer shall ensure that the terms of reference available to the public by the issuer and the issuer's Office website on the internet, if any.
10. Special requirements for the listing of shares, share capital increase in the issuer's 10.1. If, in addition to being issued the type and category of shares that are quoted on the Stock Exchange already, the issuer immediately after the shares become freely transferable, must inform the stock exchange for the listing of shares in a new issue. The application for listing is not necessary if the issuer increases its share capital by issuing the same categories of bonus shares or convertible bonds in relation to those shares.
10.2. If one shareholder owns more than 50% of the shares of the issuer to them balsstiesīgaj, which is included in the stock exchange, Stock Exchange Management Board has the right to reject the application for Listing of additional shares of the same type and category of quotation, if existing shareholders have withdrawn from pre-emptive rights to the shares, and the selling price is fixed for this most important stock market price.
10.3. these provisions of the Listing price of the shares is considered essential to better than the stock market price, if the selling price of the new shares is more than ten percent (10%) lower than the share price of the last 10 (ten) days from the date of issuance of the shares of a specific sales price.
10.4. If the shares are not jaunemitētaj equal rights with the same type and category of shares quoted on the stock exchange, already, including equal rights to receive dividends in the next dividend paid with stock exchange already quoted for shares of the same class, assign new LCD votes attaching to shares issued by the code that is different from the Stock Exchange already quoted shares of the same category code.
10.5. After the issuer has submitted a statement to the stock exchange from a record in the commercial register of share capital increase and has informed the stock exchange that increase as a result of the share capital issued shares grant equal rights with the Stock Exchange already listed on the same stock, including the right to receive a dividend equal to the next dividend be paid along with the stock market already listed on the same stock exchange, the shares quoted at reissued shares with code that is identical to the already quoted on the stock exchange of shares of the same code.
10.6. This rule 10.4. and 10.5 shall apply also in the case when the issuer has filed the first application for Listing their shares in the stock exchange listing, take the issue of new shares before the stock quotation.
11. The specific requirements for the admission of shares to official listing of shares of the issuer 11.1 operating duration issuer applying for admission to official listing, must its main operating area for at least three (3) years. The Stock Exchange Management Board has the right to determine exceptions to this requirement, in view of the financial position of the issuer, market position, scope, reputation, future plans or other relevant factors which are relevant to the issuer and/or his business.
11.2. the issuer of shares financial reports of Issuers who apply for admission of shares to official listing, at least to last year's report should be prepared in accordance with international accounting standards. The annual report must cover a period of not less than twelve (12) months.
11.3. the minimum market value of shares shares may be included in the official list, if the expected market capitalization (if it cannot assess the issuer's equity) at least four (4) million or the equivalent in local currency at the Bank of Latvia exchange rate on the day the Stock Exchange Management Board shall decide on the launching of the quotation. The Stock Exchange Management Board has the right to impose this requirement, if exceptions are anticipated enough investor interest in these shares are trading on a regulated market.
11.4. the quantity of free Shares publicly traded 11.4.1. shares may be included in the official list, if the issuer has submitted an application for admission to all shares of the same category.
11.4.2. not later than the day after you started trading with shares publicly traded on a free must have sufficient stock. This condition shall be considered satisfied if: 1) at least twenty-five percent (25%) of the shares of the category that the issuer wants the launch quoted on a stock exchange is a free public circulation or 2) where free public market is large enough (but less as defined in this provision 11.4.2.1) number of shares of this category, which suggests that will ensure sufficient investors ' interest in these shares are trading on a regulated market or 3) above claim is expected to be achieved in a short period after the stock trading stock exchange launch.
11.4.3. If more than five percent (5%) of the share capital owned by one shareholder or related parties, or with the issuer in the group one in the company, those shares are not considered to be in free circulation in public, where the Stock Exchange Board determines that this shareholder or related parties, or with the issuer in the same group as the company-owned shares for the purposes of this condition may be considered to be in free circulation in public.
11.5. the issuer of shares management 11.5.1. If the issuer of the shares in the share capital of any shareholder owning more than thirty percent (30%) of the Shares of balsstiesīgaj shares, the issuer of the composition of the Council must be such that at least two (2) members of the Council would not be associated with that of the shareholders.
11.5.2. Council member is considered to be related with shareholders, which is the rule in paragraph 11.5.1 control if: 1 it is the shareholders) or to one group of shareholders in the company board or Council member or 2) it is appointed to represent shareholders, the shareholders of the issuer's Board, or 3) holds ten (10) or more percent of the shareholders (if the shareholder is a legal person) balsstiesīgaj shares or 4) this ability in some other way to control or influence the activities of such a shareholder.
11.5.3. Stock Exchange Management Board has the right to grant extra time to the issuer to ensure that the composition of the Council members meet the requirements of point 11.5.1 of the rules, provided that the weaknesses are reflected in the listing.
11.6. Transfer from the official list of the Exchange, the Governing Board may decide to transfer the shares from the official list to another list at the issuer's request or on the initiative of a stock exchange, if the shares do not meet the requirements of the official list or if the issuer wishes to have their shares listed on another stock exchange.
12. Special requirements for the listing of shares in the second list, issuer of shares of 12.1 operating duration issuer applying for admission in the second list, the actions should be the main operating area for at least two (2) years. The Stock Exchange Management Board has the right to determine exceptions to this requirement, in view of the financial position of the issuer, market position, scope, reputation, future plans or other relevant factors, which the issuer and/or important to their economic activity.
12.2. the issuer of shares in the issuer's financial statements, admission to the quotation in the second list, annual reports may be prepared in accordance with the issuer's registration or national accounting standards in line with international accounting standards. The annual report must cover a period of not less than twelve (12) months. The Stock Exchange Management Board has the right to determine exceptions to this requirement.
12.3. the minimum market value of shares shares may be included in the second list, if the expected market capitalization (if it cannot assess the issuer's equity) is at least one (1) million euros or its equivalent in local currency at the Bank of Latvia exchange rate on the day when the stock market takes a decision on the listing. The Governing Board shall have the right to determine the exceptions to this requirement, if sufficient interest is expected for such a stock trading on a regulated market.
12.4. the quantity of free Shares traded in 12.4.1. No later than the start of trading on the stock exchange in free public market there must be a sufficient number of shares sought inclusion. This condition shall be considered satisfied if: 1) at least fifteen percent (15%) of the shares of the category that the issuer wants the launch quoted on a stock exchange is a free public circulation or 2) smaller quantities, where free public market is large enough for the number of this category of shares, in order to ensure sufficient interest in this stock trading on a regulated market, or

3) above claim is expected to be achieved in a short period of time after the initiation of the quotation of the shares on the stock exchange.
12.4.2. If more than five percent (5%) of the share capital owned by one shareholder or related parties, or with the issuer in the group one in the company, those shares are not considered to be in free circulation in public, where the Stock Exchange Board determines that this shareholder or related parties, or with the issuer in one group to an existing company-owned shares for the purposes of this condition may be considered to be in free circulation in public.
12.5. the transfer from the second list 12.5.1. based on the issuer's written submissions, the Board of the Exchange has the right to transfer shares of the issuer of the stock exchange in the second list to the official or another list. The issuer's shares may be transferred to an official list, if the last six (6) months of the listed issuer's stock market capitalization has been over four (4) million.
12.5.2. based on the issuer's written submissions, the Board of the Exchange has the right to transfer shares of the issuer of the stock exchange in the second list to the official list, even if the average market value is less than this provision, paragraph 12.5.1, but, according to the assessment of the Board of stock-moving shares on the official list will be provided to the official list according to investor interest in trading in those shares.
13. Special requirements for listing of debt securities debt securities issuer 13.1 operating duration of the company applying for the first listing of debt securities, must its main operating area for at least two (2) years. The Stock Exchange Management Board has the right to derogate from this requirement in view of the financial position of the issuer, market position, scope, reputation, future plans or other relevant factors, the importance of the issuer and/or his business.
13.2. the issuer of debt securities the financial statements of the company applying for the first listing of debt securities for at least the last year's report should be prepared in accordance with international accounting standards.
13.3. The minimum issue volume Quotation submitted to the total nominal value of debt securities must be at least two hundred thousand (200 000) euros or its equivalent in local currency at the Bank of Latvia exchange rate on the day when the stock market takes a decision on the inclusion of debt securities.
13.4. Convertible Bonds convertible bonds quotation quoted on the launch only if the related shares are quoted on the stock exchange or other regulated market Organizer or if the official list of the stock inclusion takes place simultaneously with the convertible bond.
13.5. the State, local and international organizations listing of debt securities issued by a State, local or international debt securities issued by the stock exchange are included and the trade in them are carried out in accordance with the procedure laid down in these provisions.
14. Special requirements for admission of financial instruments to the free list stock Free list is the regulated market which are created according to the requirements, FITL to ensure issuers the ability to include financial instruments regulated markets without putting the issuer and his financial instruments issued or quantitative restrictions, while providing financial instruments of the issuer and holders the opportunity to receive relevant information about the issuer. The issuers of financial instruments which are included in the free list, is obliged to comply with all of the information required by these regulations and other requirements associated with it.
15. Special requirements for the listing of investment funds investment funds list aims to inform investors on the list of investment funds and their contribution to the value of investment certificates purchase and sales prices, and make a trade with the Fund investment certificates.
15.1. The quotation rules list of investment funds investment funds investment funds may be included in the list provided, if this investment fund investment management company comply with the requirements laid down in the law and if it is registered with the FCMC or European economic area country and is entitled to put publicly traded investment licences in Latvia.
15.2. The quotation of a contract of investment funds into the investment fund list 15.2.1. Investment management company must sign a contract with the stock exchange about the inclusion of investment funds and/or quoted investment fund list.
15.2.2. in this contract should include detailed provisions on information investment management company undertakes to provide the stock exchange. The Treaty lays down the deadlines for the transmission of information and procedures. Such agreement shall be listed on the stock exchange undertakes investment certificates and/or distribute the investment management company.
16. The specific requirements of the debt securities issued under the programme, the listing 16.1. Debt securities program under the terms of The debt program is comparable to the prospectus document, according to which the issuer has the right to make several separate issuance of debt over a period of time and quantity and which States that for every emission and its characteristics, the issuer shall adopt individual decisions.
16.2. the application for admission of debt securities to quotation 16.2.1. the application must specify the issuance of debt amount under the programme and individual decisions of the issuer is planned to include a stock exchange listing.
16.2.2. the application for Listing, the issuer of debt securities is added and a prospectus has been drawn up according to the FCMC regulations requirements and is registered with the FCMC.
16.3. the debt quote-16.3.1. Debt securities that are issued under the programme are included in the stock exchange with one conditional decision, which contains the total issue volume.
16.3.2. The conditional decision on the admission of debt securities to enter into force by a separate decision of the Executive Board of the stock exchange, provided that the following conditions are met: 1) debt securities debt securities program meets the conditions and requirements of these rules (including the requirement for the market average);
2) has registered the prospectus of FCMC prices and other conditions of issue;
3) 12 months after the conditional decision on the commencement of quotation relating to the issuer of debt securities program is to restore all the information contained in the emission prospectus (including financial);
4) debt securities are posted in another foreign LCD or a central depository, which is closed to Stock LCD or a cooperation agreement on settlement.
16.3.3. the issuer must submit a new application and admission information, if: 1) debt securities issuance expires later than 24 months after the approval or issuance of debt securities, 2) takes place within the time limit laid down in that provision in paragraph 1 of section 16.3.3, but to the extent that they exceed the debt securities, the total amount provided for in the terms and conditions of the program and the application for Listing.
16.3.4. For debt securities program may also consider the following: the issuance of debt securities 1) provided again to restart the signing period, within which the additional debt securities issued granting the same rights, what are those debt securities issued in the same program;
2) debt securities more emissions, which in addition to debt securities issued grants similar rights to other debt securities issued in the same program;
3) debt securities more emissions, which in addition to debt securities issued differ from other debt securities issued in the same program with it.
16.3.5. If debt securities are listed on a stock exchange, the issuer is required to publish the annual accounts and financial reports, as well as restore the prospectus disclosures once every 12 months, debt securities issued under the programme, the quotation.
17. financial instrument trading suspension suspension by 17.1. Issuer the issuer 17.1.1. the application is entitled to submit a written application to the stock exchange on the suspension of trading in financial instruments issued by it.
17.1.2. in this submission the issuer expanded the suspension based on the need, as well as the suspension and the duration of the conditions.
17.1.3. the decision on the suspension of trading in the Stock Exchange's Management Board, shall adopt a decision determining the duration of the suspension, as well as the conditions based on which such decision is taken.
17.2. suspension of Trading at the stock exchange initiatives. the Board of the stock exchange is 17.2.1 the right to take a decision on the trade with securities of the issuer that the suspension provided for in paragraph 20.1.
17.2.2. Stock Exchange shall immediately notify the issuer of the decision to suspend trading in the securities of the issuer.
17.2.3. Stock Exchange after the decision on the suspension of trading immediately placed the adoption of appropriate communication stock information system.

17.2.4. Where the issuer's securities are traded in another stock exchange or other regulated market, the stock exchange shall notify the stock exchange or regulated market of the decision to suspend trading in the securities of the issuer.
17.3. the obligations of the issuer in the event of suspension of trade. These regulations specified 17.3.1 issuing obligations apply to the issuer also has suspended trading in securities of the issuer.
17.3.2. Issuer that securities trading has been suspended, you should regularly inform the stock exchange about conditions that are the reason for the suspension of trade, their progress, change and ending around the time of the suspension.
18. the exclusion of financial instruments of the stock market listings 18.1. exclusion of shares of issuer 18.1.1. Stock of the initiative Board has the right to exclude shares of the issuer of the stock lists on the basis of the written submissions of the issuer. Decision on exclusion of shares of stock lists are to be adopted in the issuer's shareholders ' meeting. The shareholders ' meeting must indicate they have shareholders who supported (voted for) shares from stock listings.
18.1.2. the issuer may ask to exclude shares from the stock exchange lists only if the issuer's shares according to the requirements is expressed FITL share buy-back offer and where free public circulation after this the offer is less than 15% of the shares in the stock exchange or if the shares will soon be included in another regulated market.
18.1.3. Stock Exchange Management Board has the right to reject the application for shares of the issuer from the list, if the stock exchange concluded that exclusion of shares could severely compromise the interests of investors or shareholders to part could be granted without undue advantage in relation to other shareholders or to their account, or promote unfair distribution of profits in relation to the shareholders who supported the exclusion of shares.
18.1.4. Stock Exchange Management Board takes a decision to approve or reject a request for exclusion from the stock exchange lists ten (10) days from the date of submission of the application or from the date on which the issuer has submitted additional information that is requested by the Board of the stock exchange issue.
18.1.5. If the Management Board of the stock exchange does not accept the decision that the time limit referred to in paragraph 18.1.3, application for exclusion of shares is deemed to have been rejected.
18.2. Debt securities from the stock exchange lists If the listed debt securities are deleted according to the emission prospectus, listing of such securities on a stock exchange is terminated automatically four (4) working days before the deletion.
18.3. The units off the stock market lists 18.3.1. investment certificates are excluded from the stock lists with ticker Board decision within one (1) month from the termination of the application for quotation submission.
18.3.2. The Stock Exchange Management Board has the right to take the decision to exclude investment certificates of investment funds on the basis of the list of investment management company or application at its discretion. Such a decision may be adopted, if it is not causing significant damage to the investors or investment funds if investment management company in accordance with the procedure prescribed by law have launched investment fund liquidation, or a closed investment fund investor general meeting has taken a decision on the removal of units from a regulated market.
18.3.3. Stock Exchange Management Board has the right to decide to turn off the investment certificates of investment funds in the event of the list of investment management company has not adhered to these rules, law and investment management firms.
18.4. the notification of the decision on the termination of the stock exchange quotation for 18.4.1. immediately inform in writing the issuer about the decision to end the listing of securities of the issuer of the stock exchange. Such notice shall include a description of the conditions justifying the decision on the termination of the listing.
18.4.2. Stock Exchange announces decision to end the listing of securities on the stock exchange information system.
18.5. in the case of appeals against decisions of the Board, if the stock exchange has rejected a request for the exclusion of financial instruments, from the list, or have decided to do so on their own initiative, the issuer or investment management company may appeal against such decision to the FCMC 30 days from the date of receipt of the decision.
19. the foreign issuer securities admission procedures 19.1. rules the foreign issuer 19.1.1. rules mentioned in this paragraph are applicable to securities quoted by public bid offers issuers that are registered outside the Republic of Latvia or outside the Republic of Latvia (hereinafter: foreign issuers).
19.1.2. Listed on a foreign stock exchange of securities of the issuer shall be entitled to demand that the closed market maintenance contract with membership.
19.1.3. Stock Exchange suspended trade in foreign securities of the issuer, the issuer's registration if the foreign national stock exchange has suspended trading in these securities.
19.2 the foreign issuer's obligation if the foreign issuer securities are quoted in another regulated market, if the issuer publicly reveal this regulated market relevant information, the issuer must provide this information at the same time also to the stock exchange.
19.3. If the exceptions to this rule results in a situation that foreign issuers whose financial instruments are admitted to the European economic area country or any other country, is forced to act contrary to the organizer of the regulated market, which first launched a foreign issuer's listing of financial instruments, stock exchange rules, the Board may, in certain cases, special reasons grant exceptions from the requirements of this regulation. However, such exceptions may not cause material injury to the Republic of Latvia on financial instruments market. In such exceptional cases the foreign issuer undertakes to comply with the principles in the Republic of Latvia, which conforms to the national organizer of the regulated market, who first launched the foreign listing of financial instruments of the issuer, the claims.
III. requirements for issuers 20. General questions about requirements to Issuers 20.1. scope In Terms of the requirements in chapter "issuers" (hereinafter referred to as the "requirements") set out requirements for issuers whose shares, debt securities and investment fund units are listed on the stock exchange, and the issuers whose securities are listed, as well as limited companies applying for listing their securities.
20.2. Disclosures of 20.2.1. the issuer's obligation is to ensure these requirements for disclosure of the information referred to in the manner and within the time limits, such a Requirement.
20.2.2. the issuer must submit the information exchange with its notification to the media.
20.2.3. the issuer must promptly disclose details of all major changes in the company or in other circumstances relating to the issuer, which is not directly referred to these requirements, but which is not known publicly and which, on the basis of their impact on the issuer's assets, liabilities, business or reputation, affect or may affect the stock exchange financial instruments included in the price or the ability to meet financial instruments secured rights.
20.2.4. The issuer is obliged to provide any information to the stock exchange that stock the Board considers it essential for the protection of the interests of investors. Stock information presented to the form and amount of which shall be determined by the Board of the stock exchange.
20.2.5. Stock Exchange may request the issuer to provide comments and/or more information about the issuer's public information. The issuer will be obliged to provide the information requested.
20.2.6. Issuer's information disclosures must be accurate, error-free and unambiguous, its content must not be misleading, it should not exclude or omit anything which might affect the information provided or the significance of the subject.
20.2.7. Change of information already submitted to the stock exchange, the issuer must promptly give notice to the Stock of these changes.
20.2.8. Stock Exchange must ensure that the information received from the issuer would be publicly available financial instruments market.
20.2.9. Stock Exchange Board in special cases, exceptions may be made from the requirements laid down in these provisions for providing information to the stock exchange.
20.3. the Insider concept in this section 20.3.1. the term "inside information" shall mean information of the issuer or the issuer's financial instruments issued, other than publicly available information, and the disclosure of which may significantly affect the issuer's stock exchange financial instruments included in the price, as well as any information about the issuer's business operations, management, financial, production, services or market conditions, the disclosure of which may significantly affect the price of financial instruments.
20.3.2. Information about the issuer's governing bodies and the draft decisions that may affect the issuer or its business operations, but has not yet occurred, the issuer may be submitted to the stock exchange that rule 20.2. procedure referred to in paragraph 1. Up to the time of publishing this news media, the following are considered inside information of the issuer.
21. the disclosure obligation of the issuer of the 21.1. disclosure of information

21.1.1. The issuer's Council or members of the Management Board are obliged to regularly, within their competence, to examine closely all the events and changes in economic activities of the issuer, in order to assess the information according to the requirements of this regulation are immediately disclosed.
21.1.2. the issuer shall mean the person in charge, which if necessary can communicate both the stock exchange and investors. The issuer shall immediately notify the exchange of the following persons post replacement.
21.1.3. The issuer must be taken into account in its activities, that the duty to disclose information about any significant pending transactions or significant events, or other information that is associated with the issuer, is independent of any formalities, confirming the conclusion of the transaction or occurrence of,. If an event occurs or if its accession is possible, but at this point not done all the necessary formalities, or if this is related to the occurrence of other circumstances or risks, the relevant facts to be communicated together with disclosures.
21.1.4. If the issuer considers that the information requested by the stock exchange or in accordance with these provisions, disclosures include the issuer's business secrets or that disclosure may otherwise be detrimental to the interests of the issuer, the issuer may ask the public not to distribute the stock exchange such information. The application must specify the stock exchange the information content and the issuer's reasonable explanation, stating the reasons why the issuer does not want to publicly disclose all relevant information.
21.1.5. The issuer must disclose all of the information about themselves that is disclosed in accordance with these regulations, including information on all significant subsidiaries, one in the group with the issuer. The meaning of these provisions in the subsidiary is considered to be significant, if the amount of its assets, turnover, profit or loss from operating activities in accordance with the most recent annual report is ten (10) or more percent of the Group's consolidated balance sheets, turnover, profit or loss.
21.1.6. the issuer must inform all the subsidiary companies, one in the group with the issuer, for all the requirements of this regulation.
21.1.7. the issuer must ensure that unauthorized parties of information that could affect the price of financial instruments quoted, prior to such disclosure to the stock information system. Persons who are considered to be empowered to receive the information not publicly disclosed, is the issuer's employees who need such information to perform their professional duties, and the person entitled to receive the following information is laid down in the legislation.
21.1.8. Issuer prohibited statements, comments, interviews or other way to discover information that until now has not been discovered and which may affect the price of securities listed, until such information is disclosed to the stock information system.
21.1.9. The issuer shall ensure that all information which the issuer intends to disclose the holders of securities quoted, are open to the public in accordance with the procedure laid down in these provisions not later than it disclosed to the holders of the securities.
21.1.10. If the issuer learns that information under these regulations be deemed discoverable information has become available to unauthorized persons before its public disclosure, the issuer shall promptly disclose information in accordance with these rules.
21.1.11. If, upon the provisions referred to in 21.1.10 circumstances, the issuer requires additional time to prepare information to be published, the issuer shall promptly notify the issuer of the stock exchange will soon discover the intention of the relevant information, the notice will briefly describe the event that is intended to discover information.
21.1.12. If the Exchange considers that this provision is referred to in 21.1.10. information may result in the issuer's securities prices quoted major fluctuations, Exchange may temporarily suspend trading in the securities of the issuer in question, until the issuer has not been fully discovered the specific information.
21.1.13. An issuer whose securities are listed on a stock exchange in another, ensure that the issuer discloses information to be made public on the stock exchange no later than the point in time when it is made public in the other stock exchange, in which the issuer's securities are quoted.
21.2. The wrong edit If the issuer learns that the other person's true or false disseminated information about the issuer, which could have been affected by the issuer of the securities or the price the issuer must immediately comment on such information by providing appropriate notice to the stock exchange.
21.3. the prohibition to distribute misleading or false information are prohibited from revealing the false or misleading information about the issuer, its operations, its economic situation, the organisation of work, competitiveness, future plans, or other conditions that directly or indirectly related to the issuer and which creates or may create a false or misleading impression of the price of securities.
21.4. information disclosure methods, within the meaning of these provisions 21.4.1. information considered open when it is published as a notice of stock information system.
21.4.2. Stock Exchange may require disclosure in other media at the same time or after the information made public by the stock information system, if it does not result in additional costs to the issuer.
21.4.3. the issuer is obliged to submit to the stock exchange disclosures in electronic form in accordance with the stock exchange.
21.4.4. Disclosure, the issuer is obliged to reflect all financial data both in Latvian lats and euro. It is the responsibility of the issuer between the Latvian lats recalculation and the euro to use the Bank's foreign exchange rate specified on the notice or statement in a moment of the event (date), indicating respectively.
21.4.5. All notices submitted to the Latvian language Stock Issuer, subject to the provisions laid down in paragraph 21.4.6 additional requirements.
21.4.6. Preparing statements and other stock to submit and the information to be published, the issuer shall comply with the following requirements: 1) and the second in the official list of the securities listed issuer shall prepare and submit to all notifications and Exchange financial statements also in English.
2) free list quoted securities issuers shall prepare and submit financial statements to the Stock Exchange also in English.
3) debt securities the issuer shall prepare and submit financial statements to the stock exchange and all notices in English.
4) Investment Fund financial statements and other statements about the Fund and its managing company shall prepare and submit to the Exchange also in English.
21.4.7. The issuer shall ensure that notice of the English stock exchange could publish stock information system together with the Latvian language in the statement, but not later than on the next trading day.
22. The issuer's disclosure information 22.1. The issuer's articles of Association to All the issuer's articles of Association amendments proposed for approval at the general meeting of shareholders, send a form of project Stock for at least fourteen (14) days prior to the general meeting of shareholders.
22.2. the management of the issuer, trustee and Auditor changes 22.2.1. the issuer promptly disclose information on its Board or Council modified or auditors, accountants, financial Chief Director, economists or Governors. The issuer must also send the message to the Exchange if the person referred to in this paragraph has submitted a resignation, if the contract has been concluded with a person for a job in any of the posts referred to in this paragraph, or if the person referred to in this paragraph is elected.
22.2.2. If the issuer's Management Board or Council is elected or appointed to a new person, the issuer must submit the person's three previous years ' professional experience in a brief description, as well as details of the person issuing the number of voting shares, as well as immediately relevant changes should be made to the issuer's internal information holders list.
22.3. the issuer address or office location change to the issuer must immediately disclose information on its actual legal address or office location changes.
22.4. The paying agent of the issuer is 22.4.1. changes in a timely manner should disclose information about all changes with respect to the paying agent. At least one of the issuer's paying agent's office location must be in Latvia.
22.4.2. In these regulations, the paying agent (the operator of payment) is the issuer's representative who is authorized to make payments on behalf of the issuer in relation to the issuer's securities.
22.5. The rights issuer 22.5.1. changes are fair and equitable to treat all the same type of Issuer and the security holders of categories in accordance with legislation and securities regulations.
22.5.2. The issuer must promptly disclose information about the holders of all proposed legislation or changes, including changes in the conditions for debt securities, bonds or securities all CBS, you can convert the convertible bonds (the underlying securities).
22.6. The acquisition of shares 22.6.1. If the issuer of the shares purchased its own shares in accordance with the Law of the Republic of Latvia and the other instruments, the issuer shall inform the stock exchange of any such decision, as well as stock purchase rules.

22.6.2. Stock issuer regulations specify the optional category, number of shares and price, as well as a shareholder, if the optional is great. Name of shareholders (name, surname) always gets, if the purchased amount is at least one percent of the balsstiesīgaj shares or share capital, as well as if there is some other good reason to disclose the name of the shareholders (name, surname).
22.6.3. the issuer of shares provide an exchange of information on the proposals of the Executive Board to the general meeting with respect to the following issues: 1) the purchase of own shares;
2) sale of own shares;
3) mandate for 1) and 2) referred to in the decision.
22.6.4. the issuer of shares shall inform the stock exchange about the decisions of the general meeting this provision of paragraph 22.6.3 1 and 2 issues and referred to the decision of the Board of Directors of the authorisation as referred to in this provision of paragraph 3 subparagraph 22.6.3).
14.1. the Court of Justice or arbitration, the issuer must promptly disclose information about judicial or arbitration procedure, proposed by the issuer or proposed issuer, as well as to the Court or arbitration for provisional or definitive judgment or a judgment, which has not yet entered into force and which may or may not have an effect on the issuer's securities quoted price.
22.8. Bankruptcy or liquidation of the issuer is obliged 22.8.1. promptly disclose information about the issuer, its parent company or subsidiaries of major's decision to submit to the bankruptcy court for the commencement of bankruptcy proceedings or any of the customers.
22.8.2. an issuer will be obliged to disclose information on the application to open proceedings against the issuer, its parent company or significant subsidiary.
22.8.3. Issuer will be obliged to disclose information about the issuer, its parent company or subsidiaries of major insolvency or reorganisation of the proclamation.
22.8.4. Issuer will be obliged to disclose information about the intention to propose the suspension of business of the issuer or liquidation.
14.2. The quotation in other stock exchange is the duty of the Issuer to disclose the information of the intention to include the securities quoted at the stock exchange, other than acceptance or rejection of the application, as well as exclusion from the securities listed on other stock exchange listings.
22.10. Exceptions to the information on the business conversation does not have to disclose to the issuer 22.10.1. information on business negotiations. The issuer may provide such information to only those individuals that take place or are planned for business talks.
22.10.2. The issuer is authorized to provide sensitive information to potential future emissions also securities, its signatories consultants, auditors, as well as national authorities which are in accordance with the law has the right to request such information.
22.10.3. the issuer must ensure that the provisions and paragraph 22.10.2 22.10.1. the beneficiaries of that information would be a known fact about the privacy of information provided to them and to be aware that it is forbidden to make transactions with the issuer's securities to the disclosure of the information.
22.10.4. If the issuer has reason to believe has been violated or could be a violation of the privacy of that information to the status, the issuer shall promptly disclose information in 21.1.10. these rules and procedures specified in paragraph 21.1.11.
22.10.5. the issuer must disclose information for business negotiations, which may affect the price of securities, quoted immediately after the parties have concluded an agreement on the essential terms of the transaction.
23. Internal information use 23.1. Insider role Insider role is certain FITL.
23.2. the internal information holders 23.2.1. This requirement within the meaning of the internal information holders are: 1) the issuer or a subsidiary of the issuer or member of the Board, the internal auditor or an auditor;
2) a person who is the majority shareholder of the issuer, or belong to the same group that owns a majority of the shareholders of the issuer;
3) person who has access to confidential information in connection with the performance of the duties of the job, either as an employee of the issuer or so stems from contractual relations and the legal relationship with the issuer.
23.2.2. If internal information of the holder is a legal person, this provision the obligation referred to in paragraph 23.4 shall also apply to the natural persons who take part in decision making, in relation to such transactions on behalf of the legal person.
23.3. Issuer the issuer responsibilities 23.3.1. should draw up internal rules relating to the procedure of internal information holders of the listed persons has the right to do business with a particular issuer's financial instruments.
23.3.2. the issuer is obliged to organize internal information holders list. The issuer must submit to insider Stock holders ' list, as well as the information changes.
23.3.3. the issuer must inform all internal information holders about this Requirement and should require that such individuals would act in accordance with these requirements.
23.3.4. the issuer must ensure that internal information is available only to persons who are obliged to respect the confidentiality of such information and to whom such information is required to perform the normal duties or tasks, as well as persons whose right to request such information arises from legislation. The issuer is obliged to take measures to prevent unauthorized persons to access to inside information.
23.4. The prohibition to use internal information 23.4.1. Insider is prohibited from revealing to the holder, apply and transfer to third parties the information internally, except in cases where such information is to be disclosed or made available by performing job tasks, executing the job responsibilities or other legislation the cases and order.
23.4.2. Internal information holder is prohibited to buy or sell financial instruments of the issuer or another person in his behalf and advise, appoint another person to purchase or sell financial instruments of the issuer, using inside information.
23.4.3. This provision is specified in 23.4.2 paragraph prohibition does not apply to subscribe for shares of the issuer, through pre-emptive rights, transactions made through securities repurchase offer, bonus issue and the rights arising from the officials and employees of the issuer of the stock options granted.
23.4.4. Within three working days of the transaction with the issuer's financial instruments to the conclusion of the internal information holders list parties submitted a statement to the stock exchange, which should include information on the date of the transaction, the number of shares acquired or lost as a result of the transaction, as well as the remaining number of shares after the transaction, are the property of the shareholders.
23.4.5. The stock exchange shall forthwith publish in its internet site information on internal information holders persons included in the list of transactions.
24. financial statements 24.1. Reporting 24.1.1. Issuer financial statements prepared using the calculation schemes and methods that correspond to the relevant issuer registration national accounting standards and international accounting standards (IAS), and also includes the information required by these rules, the Board's order and stock recommendations.
24.1.2. If international accounting standards permit alternative methods in the preparation of the report or the financial statements provide information, the issuer is obliged to act in accordance with the features that comply with the relevant legislation.
24.1.3. it is the responsibility of the issuer the financial statements comparable table comparing specific data reporting period with the previous financial year, the period in question.
24.1.4. If the issuer changes the calculation scheme or the methods used in compiling the financial statements of the issuer's obligation is to comment on these changes report notes, stating the reasons for the changes and their impact on the current period and previous period comparable results.
24.1.5. If the issuer is the parent company of the group, the issuer is obliged to make available to the public the Group's consolidated financial statements.
24.1.6. If the issuer prepares statements of the parent company in addition to the consolidated financial statements include the accounts and when those essential information, the issuer is obliged to make available to the public following reports in accordance with these requirements.
24.1.7. Full year report for the issuer sends the stock exchange in electronic publishing in the Stock Exchange's internet site.
24.1.8. If the general meeting approved the annual report differs from the stock market and sent to its Web site in the report, it is sent to the stock exchange the day after approval of the shareholders ' meeting.
24.1.9. If the issuer or parent company important subsidiary securities are already listed in another stock exchange, the issuer shall ensure that the financial statements of the company at the same time the disclosure of these stock exchanges.
24.2. Management report

24.2.1. Issuer's public management report shall include all relevant information to enable investors to assess the issuer's business trends and profit or loss, while indicating the special circumstances that have influenced the issuer's business and the profit or loss for the period, including information on extraordinary income and/or expenses.
24.2.2. Information Management report found so that it can be compared to the previous year's relevant period control of the information provided in the report.
24.2.3. Issuer together with the statement of profit or loss is to be calculated on the ratio "earnings per share (EPS), based on the results of the reporting period.
24.3. the annual report must be submitted to the Auditors of the issuer 24.3.1. examined the annual report not later than the next business day after receipt of the auditor's report of the jury. In addition to the Latvian legislation required data the annual report should contain information that should be disclosed in the notes to the annual accounts in accordance with international accounting standards.
24.3.2. the annual report of the issuer is required to provide the following information: 1) information on the circumstances that result in the issuer's financial results are different from the previously proposed forecasts of more than ten percent (10%); 2) information about significant subsidiary location, amount of capital, voting rights, as well as other companies that are part of the same group as the issuer, the issuer's direct or indirect participation in subsidiary companies;
3) number of shares of the issuer owned issuer's Board members at the end of the financial year, indicating the data separately for each Board and Board member. Shares which that person will buy the stock options in coming periods, specified separately;
4) list of shareholders who own more than five percent (5%) of the voting shares of the issuer of the number at the end of the financial year. If not, shareholders should provide the relevant approval;
5) information on the shareholders ' meetings the decisions in force, which gives the issuer the right to purchase its own shares or accept them as security. If the issuer has purchased own shares, funded the acquisition or acquired during the financial year, provide information on the number of shares to be acquired, the purchase terms, as well as indicate the price paid for the shares, and provide information on stock sellers;
6) if the subscription for shares, and/or if the shares are issued, not taking into account the existing prior rights of shareholders, and if these emissions are not approved by the terms of the shareholders meeting, you must specify the names of the persons who acquired shares, each person signed/number of shares purchased and share premium amount. It is the duty of the issuer to provide the same information about its major subsidiaries;
7) details of transactions with persons associated with the issuer or its major subsidiary, in the course of the financial year concerned in accordance with the requirements governing the disclosure of transactions between such persons;
8) information on stock options, which have not expired and where the financial year of the issuer's Board of Directors and granted to the members of the Council, together with information about the Board and Council members who have the right to use such options.
24.3.3. After the publication of the annual report must also be available to investors the issuer's internet site, if any, and the Office of the issuer. If necessary, permission to make copies of the annual report.
24.3.4. If the issuer's annual report discusses their foreseeable development in the next fiscal year, the issuer must provide the following information in the annual report in accordance with the provisions of paragraph 24.6.1.
24.3.5. sworn auditor verified If the annual report net profit differs from the audited annual reports not specified in net profit by more than 10%, the issuer shall promptly notify this fact, while explaining the reasons why this situation occurred.
15.2. The financial statements is the responsibility of the issuer 24.4.1. to submit financial statements to the stock exchange for the fiscal year, 3 months, 6 months, 9 months and 12 months (all collectively, financial reports).
24.4.2. Financial reporting as a whole consists of a balance sheet, income statement, cash flow statement, statement of changes in equity and the attachment. Financial report for the 6 month period, includes a report on the management of the issuer's business.
24.4.3. where the financial statements have been examined by the sworn auditor and has prepared a report on it, the issuer, the financial statement shall be submitted, accompanied by the certified auditor's report.
24.4.4. Issuers that prepare consolidated annual accounts, financial statements may be submitted in a consolidated or unconsolidated form.
24.4.5. the issuer of debt securities: the company, as well as investment fund publishes financial statements for 6 months and 12 months.
24.4.6. The financial statements shall be drawn up using the same calculation schemes and methods applied in the last annual report of the issuer (except for the changes needed in connection with the respective provisions of the law).
24.4.7. financial report should include information on whether the report is checked by a sworn auditor.
24.4.8. the issuer is obliged to make available to the public immediately after approval of the financial statements to the Board, but no later than two (2) months from the end of the reporting period. In exceptional cases the Stock Exchange Management Board has the right to extend the time limit on the basis of the written submissions of the issuer.
24.4.9. the issuer not audited financial statements for the 12-month stock may not submit: 1) if the issuer statement sent to the stock exchange is determined to submit audited annual accounts within three months after the end of the reporting year, in cases where the issuer is not obliged to prepare consolidated accounts;
2 If the issuer of the stock-sent) communication is determined to submit audited annual accounts to the four months following the end of the reporting year, in cases where the issuer is obliged to prepare consolidated accounts.
24.4.10. Financial report the information provided should be sufficiently detailed, in order to avoid the situation that the annual report includes a completely new information that was not included in the financial statements which may substantially affect the price of securities of the issuer.
15.2. The auditor's report is the responsibility of the issuer 24.5.1. together with the annual report to submit sworn auditor's report. If the issuer's financial statements have been examined by the sworn auditor, then simultaneously with the respective financial statements of the issuer must submit a sworn auditor's report.
24.5.2. If the issuer in accordance with these rules is the duty FITL or annual report prepared in accordance with international accounting standards, the auditor's report shall include an indication of whether that requirement is met.
24.5.3. the issuer shall submit to the Exchange immediately sworn auditor's report if the sworn auditor: 1) has made important remarks, based on our audit, or 2) acknowledges that financial statements drawn up by the issuer for the previous financial year does not match the issuer concerned, legislation and the requirements laid down in these provisions.
24.6. the financial results forecasts 24.6.1. If the issuer publishes financial results forecasts for the next reporting period, or periods, the issuer will explain these predictions, stating the conditions and assumptions, on which the projections are based. If the forecast of financial results include the issuer communicate emergency income or expenditure, it is the duty of the issuer to indicate separately the following income or expenditure.
24.6.2. If after the issuer's financial results forecasts published has reason to believe that the forecast period will differ from the actual financial results of more than 10%, the issuer must promptly submit an exchange information about the situation and to explain the reasons which caused the deviation from the forecasts. The issuer must submit the relevant information to the stock exchange, if it is not possible to realize assumptions on which was based the previously published the forecast.
25. the changes in the business of the issuer the issuer 25.1. should immediately disclose any circumstances and events that have had a significant impact or which might significantly affect the issuer's business or financial position. The following circumstances may be considered: 25.1.1. transactions with significant amounts for fixed assets;
25.1.2. Issuer important goods, raw material price fluctuation of major;
25.1.3. Issuer important contracts, termination or cancellation of the contract, significant irregularities in the fault of the issuer and in relation to the issuer;
25.1.4. new product or service outlets or loss of learning;
25.1.5. significant amounts of investment;
25.1.6. planned merger, the Division or the reorganisation and proposals the issuer to buy one category or all their shares or its subsidiaries of relevant shares and the issuer's response to this proposal;
25.1.7. with other companies contracted for the establishment of a joint venture or a joint project started, if such sales are significant;
25.1.8. Issuer's business exchange.

25.2. the meaning of these requirements an important volume of transactions or investments is the issuer or its subsidiaries, in which the assets are paid or the amount receivable, including asset or market value of the securities, or the issuer's debt obligations or home loans is equal to or exceeds 10% of the equity of the issuer in accordance with the last sworn auditor audited the consolidated balance sheet.
25.3. the issuer is obliged to disclose information about the significant volume of transactions at the same time including the following information: 25.3.1. transaction and its impact on the issuer's business and financial performance;
25.3.2. the receivable or payable transaction amounts, including the amounts to be paid or to be paid in future periods, payment and payment schedule.
25.4. the issuer is obliged to immediately disclose information on all of the other circumstances, events or transactions that are not mentioned in this provision in paragraph 25.1, but which may have a significant effect on the issuer's financial condition, business prospects, performance or otherwise may significantly affect the price of securities of the issuer.
26. Special requirements for share issuers 26.1. General use rules for issuers of shares of an issuer whose shares are included in the stock exchange, is the obligation to respect this provision 22.-25. Chapter requirements laid down in this chapter, as well as additional requirements.
26.2. The shareholders ' meeting is the responsibility of the issuer 26.2.1. immediately submit stock exchange information about the decision to convene the shareholders ' meeting, the date, location, duration and other conditions. The issuer must provide information on the meeting agenda.
26.2.2. Issuer not later than two (2) weeks prior to the convening of the general meeting are to be found in the agenda of the meeting of the decisions provided for in the project.
26.2.3. the issuer must promptly, but not later than the next business day following the shareholders ' meeting should reveal all the decisions taken at the meeting.
26.2.4. When convened an extraordinary shareholders ' meeting, in addition to these rules 26.2.3 26.2.1. – the Issuer referred to in paragraph also provides the emergency convening of the general meeting and the reasons for the agents.
16.3. Dividends 26.3.1. the issuer without delay exchange information about the issuer's Board or a decision of the Council to the general meeting a proposal to pay or not to pay dividends.
26.3.2. If the issuer's Management Board or Council proposes a meeting, the issuer to pay dividends in the notification sent to the stock exchange shall contain at least the following information: 1) the planned dividend calculation date;
2) per share dividend payable amount.
26.3.3. Together with the notice of decision of the general meeting to pay a dividend, the issuer must submit at least the following information: 1) the planned dividend calculation date;
2) per share dividend for the amount to be paid;
3 dividend payment date).
26.4. the increase of the share capital of the issuer is obliged 26.4.1. promptly disclose information about the issuer's share capital increase and planned to announce the convening of the general meeting, which will discuss such an increase.
26.4.2. If the share capital is increased by issuing new shares to existing shareholders of a prior right to subscribe to new shares, the notice of convocation of the general meeting, in addition to the information required by the commercial law must contain the following information: 1) shareholder registration date to determine shareholders with pre-emptive right;
2) information on financial year from which the reissued shares participate in profit-sharing;
3) if the votes attaching to shares issued by or to be signed to a contract with a provider of investment services for the initial deployment of the shares (with or without redemption, with or without guarantee), the essential conditions of the contract;
4) the due date of the shares subscribed;
5) situation description, when the shares are subscribed in full, and when the demand exceeds the supply of the shares concerned.
26.4.3. where one shareholder holds more than fifty percent (50%) of the shares of the issuer, the issuer's balsstiesīgaj is obliged by issuing shares, corresponding to the same category, which is already listed on the stock exchange and for which existing shareholders have refused to use the prior rights, to ensure that the new issue subscription price is significantly lower than the quoted market price of the securities. This point limit does not apply to employees issued share sale price to use their stock options. Voting rights shall be calculated in accordance with the Provisions of sections ' Listing Rules ' requirements.
26.4.4. based on the issuer's written submissions, the Board of the stock exchange may apply the exceptions to this rule in paragraph 26.4.3 these requirements if the Stock Exchange Board concludes that the issue of shares at a price which is considerably lower than the market price, has caused the financial situation of the issuer, or if it is otherwise reasonable.
26.4.5. These requirements on the issue price is considered to be significantly lower than the market price, if the issue price of new shares is more than ten percent (10%) lower than the average of ten (10) days before the date of the determination of the issue price of the last session.
26.4.6. the issuer must promptly be notified of the decision to increase the share capital. The shareholders ' meeting or Council decision, to be found, in addition to the applicable Stock Exchange requires data should also include the decision on the matters referred to in this provision-paragraph 26.4.2.5 26.4.2.1.
26.4.7. If the share capital is increased by a bonus issue, the communication exchange on the convening of the general meeting, as well as the decision on the increase of the share capital in addition to the commercial law must contain the following information: 1) number of shares issued or amount by which the increase in the nominal value of the shares;
2) date of the registration for participation in the bonus issue;
3) date on which the securities will be credited to the accounts of the reissued bonus, or the date when you increase the nominal value of the shares.
26.4.8. If the bonus issue out, skipping the new shares, the shareholders ' meeting a proposal in addition to the provisions referred to in paragraph 26.4.7 information includes information for the fiscal year to which the holders of the shares will be entitled to receive dividends.
26.5. reduction of the share capital of the issuer, it is the duty of 26.5.1. disclose information on the planned reduction of the share capital and to publish notice of the convening of the meeting, which will be discussed in the reduction of the share capital. In addition to the commercial law required notice of the convening of the meeting shall include the following information: 1) the date of registration for participation in the reduction of the share capital;
2) if the share capital is reduced by cancelling debt, shares, the number of shares to be cancelled and principles.
26.5.2. the issuer must promptly disclose the general meeting of shareholders approved the decision on the reduction of the share capital. In addition to the data required in the applicable notice must include decisions about this rule referred to in paragraph 26.5.1.
16.5. Debt securities, the issuer is obliged to disclose information about the planned debt securities issues. In a statement to the stock exchange shall contain at least the following information: 26.6.1. of debt securities issued in the number, denomination, maturity date and interest rate;
26.6.2. warranty or guarantees issued in respect of commitments resulting from the issuer's debt securities;
26.6.3. subscription terms of debt securities and issue price.
16.6. Subscription to shares and debt securities 26.7.1. If the shares issued in the public tender or to emitējamaj shares to existing shareholders are able to use the prior rights, the issuer recommended to organize subscribe to shares with one of the Latvian Central Depository participants in mediation in accordance with the Latvian central depository.
26.7.2. by signing the end of the period, the issuer shall promptly publish information about the signed number of securities. If emissions are not enough signed and/or on some shares have been made using the required payment, the issuer shall inform about the measures to be taken.
26.7.3. Issuer which issued convertible bonds, or other securities that are convertible into shares of the issuer in accordance with the above stated conditions, found information about the number of shares subscribed immediately after each subscription period.
16.7. The shareholder agreement, the issuer must ensure that shareholders who own more than five percent (5%) of the voting shares of the issuer, the issuer shall inform the stock exchange through the agreement, all agreements concluded with other shareholders or third persons, the relevant conditions may restrict the free disposal of assets or shares which may have a significant effect on the share price.
26.9. Issuer's internal information holders transactions undertaken and significant acquisition or loss of the issuer, the issuer's share capital 26.9.1. must immediately disclose information about transactions made by persons who are included in the internal information in the list of users, if that person has discovered the following information to the issuer.
26.9.2. Notice, the issuer shall provide all the information on the business Insider has provided the holder of the issuer.

26.9.3. the issuer FITL 61. within the time limit laid down in article and notify the stock exchange for the persons who have acquired or lost major holdings in the issuer's capital. Notice, the issuer shall provide all information which the issuer has made the person who acquired or lost significant participation.
26.10. The acquisition of a qualifying holding or loss of other enterprises 26.10.1. the issuer promptly disclose information about the decision to obtain or terminate the qualifying holding in another company.
26.10.2. Notice of decision to gain or lose significant participation includes at least the following information: 1), in which the gain or lose a significant participation, name, scope and description of the business;
2 the optional or forfeited) qualifying holding the amount and the percentage of the share capital of the company;
3) acquisition or loss of purpose and the impact on the business of the issuer;
4) information on whether a particular transaction can be regarded as a transaction with individuals included in the list of internal information holders;
5) if notice of the significant acquisition or loss include a forecast of the impact of the transaction on the business of the issuer in subsequent reference periods, the statement must contain the allegations and the circumstances to which the prediction, based on the description.
26.10.3. If a significant acquisition or loss within the meaning of these requirements results in circumstances that determine the obligation to disclose information, the issuer is obliged, in addition to the information mentioned above to discover information on the following conditions: 1) paid or received for the shares in the amount of money, payment terms and payment or cash receipt deadline, the issuer of the shares issued and number of grade to pay for future shares exchange ratio principles; the difference between the stock and the selling price if the shares sold;
2) shares of the company that acquires or sells shares of the issuer, the last three years of financial results (sales, net profit or loss, dividends per share, EPS), sworn auditor audited financial statements for the last two years comparable table form; information about material changes in the company, if any, have occurred after the end of the financial year, or proof that the company is not a significant change;
3) shares of the company that acquires or sells shares of the issuer, the reporting of loans received from the period beginning not earlier than sixty (60) days before the date of the notification to the issuer;
4) shares of the company that acquires or sells shares, the shareholder structure of the issuer; the list of shareholders who own more than five percent (5%) of the voting shares of the issuer; 5) information on the Court or arbitration proceedings involving joint stock company that acquires or sells shares of the issuer, which may significantly affect the company's business, or a statement that no such processes;
6) information on existing relevant agreements between the issuer and the shares of the company whose shares acquires or loses the issuer;
7) shares of the company that acquires or sells shares of the issuer, Council and Board members names.
26.11. the criteria for a qualifying holding 26.11.1. These requirements for the acquisition or sale of shares considered essential, if at least one of the following criteria: 1) if the company that acquires or sells shares of the issuer or its subsidiaries in the consolidated balance sheet, capital or turnover or exceeds 10% of the relevant indicators of the issuer in accordance with the issuer's last sworn auditor audited the consolidated balance sheet, and if such a transaction the company becomes or ceases to be a subsidiary of the issuer within the meaning of the commercial law;
2) if the amount of money to pay or receive for an issuer or its subsidiary's shares, including payment in cash and/or on the means of payment used for the market value of securities and debt, which betrayed an issuer or an issuer provided, or more than 10% of the share capital of the issuer, as specified by the last sworn auditors examined in the consolidated report. Exchange-traded securities market value is calculated based on the last price of the session the previous day before the conclusion of the contract.
26.11.2. acquisition of assessing major or loss of significance, one of the company's stock purchase or sale of any in the last twelve (12) months is considered cumulatively, on the basis of this provision, paragraph 26.11.1 criteria.
26.12. information about mergers is the responsibility of the issuer 26.12.1. immediately publish a proposal for the merger of the issuer with another company, submitted to the Executive Board, Council and/or the shareholders ' meeting and the Board, the Board and/or the general meeting decisions.
26.12.2. it is the duty of the issuer to guarantee disclosure of all documents of the issuer of the merger in accordance with the legislation concerned must disclose to shareholders with stock information system no later than the moment when it is revealed to shareholders of the issuer.
26.12.3. If the issuer of the information did not disclose the merger prospectus, the issuer is obliged to disclose at least the requirements laid down in paragraph 25.1.3 company information with which the issuer.
26.13. The merger of the publication of the prospectus obligation for the issuer 26.13.1. shares are quoted on the stock exchange, a merger with another company, the issuer shall publish the merger prospectus, which includes information on the merged companies in accordance with stock exchange requirements.
26.13.2. Merger of two issuers whose shares are quoted on the stock exchange, the Issuer shall publish together a merger prospectus, which includes information about issuers combined in accordance with stock exchange requirements.
26.14. The exception to the obligation to publish a prospectus if the issuer of the merger merges with a company whose shares are not quoted on the stock exchange, Stock Exchange issuers may be exempted from the obligation to publish a prospectus for the merger, if there is reason to believe that the merger would not significantly affect the stock price quoted, or if it detects other exceptional circumstances. In this case it is the duty of the issuer to publish General information about the merger.
26.15. information about the reorganization of these requirements and rules that define the obligations of the issuer in the event of a merger, subject to disclosure to the issuer's or the reorganization of divisions, taking account of the differences of breakdown and reorganization.
26.16. Information concerning the issuer's management and employees granted stock options within the meaning of this requirement 26.16.1. Issuer's employee stock option is omitted, arrangement by which the issuer or subsidiary of the issuer granted the company's Board of Directors and Council members and employees the right to buy shares of the issuer in the prescribed period and in accordance with the predetermined conditions.
26.16.2. it is the duty of the issuer to disclose information concerning the issuer's competent institution issuing stock options to employees. The notification shall contain at least the following information: 1) justification to identify the subjects entitled to stock options, and the number of shares sold, the maximum number of shares that are entitled to one person under the conditions of the option. If one or more members of the Board of the issuer owned by entities eligible stock option, information must be provided for each Member of the Council of the number of shares to be allocated or the stock count description;
2) purchased or the maximum number of shares issued to comply with stock options; stock option plan the timing and execution of the option term of use;
3) the exercise price of the options;
4) in the financial year in which the shares are issued, to comply with the conditions of the stock option grant to the first dividend;
5) category of shares issued to comply with stock options and shares, the rights attached to these rights differ from previously released the shares the issuer attached;
6) other important conditions of the stock option.
26.16.3. If the stock option issue proposal is submitted for approval to the general meeting of shareholders, this provision of the information referred to in paragraph 26.16.2 should be included in the notice of the convocation of the general meeting.
26.17. The issuer's employees and management stock option granted conditions 26.17.1. Defining the issuer's employees stock option terms, the issuer must comply with the following requirements: 1) omitting the new shares, at a fixed exercise price options must not be lower than the weighted average price of the shares trading day prior to the date of approval of the conditions of the option;
2 If the option conditions) has released new shares, fixed options exercise price must not be less than the weighted average price of the shares;
3) each person's maximum entitlement does not exceed 25% of the total number of shares to be released or sold options;
4) If option not released new shares, the conditions of the option of the issuer's shareholders approved at a general meeting in accordance with the legal regulations. The acquisition of shares in the secondary market must not be initiated more than ten trading days from the date of notification of the decision of the meeting of the stock exchange;

5) If the issuer has entered into an agreement with a shareholder (s) for the purchase of shares needed for the execution of the scheme, options, or if the issuer intends to conclude such an agreement, the issuer shall provide the general meeting information on the stock purchase rules and of the relevant shareholder (existing) (s);
6) if the execution of the scheme has not released new shares, options for the implementation of the scheme the total nominal value of the shares acquired in one calendar year may not exceed 10% of the share capital of the issuer;
7) If, on the basis of the Council decision, the options among the eligible entity has one or more of the Council members, the Council shall submit to the conditions of share options to the general meeting for approval.
26.17.2. Stock option terms and conditions approved by the shareholders ' meeting may be adjusted as more favourable to the option holders only with the relevant decision of the general meeting, except for the changes needed, in accordance with the relevant legislation.
26.17.3. With the authorization of the stock exchange, the issuer can change the fixed exercise price of the options, if the issuer's share price is affected by the events (bonus, share split).
27. Special requirements for issuers of debt securities 27.1. General provisions 27.1.1 the issuers of debt securities. This provision 20. – the provisions of chapter 25 also applies to issuers of debt securities (commercial companies).
27.1.2. Public authorities must respect the Provisions of this chapter only 20, 21.4 points and chapter 27.
27.1.3. International organisations and debt securities of issuers whose debt securities are already listed in one of the Member States of the European Union, the stock exchange must comply with these rules only in Chapter 20, 21.4, 22 and paragraph 27. Chapter requirements.
27.1.4. Debt securities issuers, with internationally recognised rating agency has given investment level ratings, only to be followed that rule 20, paragraph 21.4 of chapter, Chapter 22 and 27 and to inform the public about the (possible) rating review or change.
27.2. the obligation of disclosure, the issuer must immediately disclose all of the information which the issuer learned and which may significantly affect the price of the issuer's debt securities or issuer's ability to meet its obligations in respect of those debt securities.
27.3. information on interest payments to the issuer is 27.3.1. disclose immediately the competent authorities of the decision of the issuer does not pay the interest on the debt securities or make only a partial interest payment.
27.3.2. this requirement meaning interest payments have been made by the issuer, the regular interest payments to holders of debt securities, which are carried out in accordance with the emission prospectus.
27.4. information about the early repurchase of debt securities the issuer 27.4.1. disclose immediately to the competent authorities of the issuer a decision on early redemption of debt securities and the following atpērkam of debt securities.
27.4.2. the issuer is obliged to disclose information on the early redemption of debt securities in accordance with the provisions of paragraph 22.6. The notice must indicate the early repurchase of securities, and investors, the amount of each debt.
27.4.3. If the withdrawal is partial, information about the number of bought back debt securities and distribution discovered after the buyback.
27.5. Debt securities Issuers of new emissions 27.5.1. immediately disclose information on any new debt securities issues. Stock Exchange Executive Board may determine exceptions in this case.
17.1. reduction of the share capital of the issuer is obliged 27.6.1. promptly disclose information about the planned reduction of the share capital of the issuer, and publish notice of the convocation of the general meeting.
27.6.2. the issuer after the decision of the stock exchange without delay the decision taken at a meeting of the share capital reduction in the notarized copy.
28. Special requirements for investment funds 28.1. Other provisions of the investment funds of All these requirements in Chapter 20, 21.4, 22 and the requirements set out in this chapter apply to investment funds and for investment management company pārvaldošaj.
28.2. the investment management company and the Fund's legality of investment management companies and investment funds must be consistent with the operation of the regulatory legislation, fund prospectus and fund management rules, as well as the investment management company's statutes.
28.3. Disclosure 28.3.1. Investment management companies will be obliged to submit all the changes to the exchange of information and the documents that were submitted to the stock exchange at the same time with the application for the certificate of investment funds into the stock market.
28.3.2. Investment management company approved by the Executive Board and submitted a sworn auditor check Investment Fund annual report no later than the day after receipt of the opinion of the Chartered auditor.
28.3.3. Investment management company approved by the Executive Board of the Fund shall be submitted 6 months report not later than two months after the end of the reporting period.
28.4. the investment part of the Fund's value investment management company every day to inform the stock exchange trade on the part of the Fund's investment value for the period between the issuer and the stock exchange agreed to in a contract concluded.
28.5. Investment Fund liquidation of investment management company or the custodian is obliged to notify the Exchange immediately of the decision to launch an investment fund for the liquidation or suspension.
28.6. Investment Fund, the investment management company and the custodian Exchange 28.6.1. Investment management company must disclose information about investment management company's shareholders, Council and Board members, as well as investment fund, which is included in the licence stock exchange, Manager.
28.6.2. the investment management company must immediately inform the stock exchange about the FCMC decision, under which limited investment management company operates or is cancelled the license issued to the public.
28.6.3. Investment management company is obliged to disclose a decision on investment management company or the custodian mergers, divisions or reorganization, as well as on the management of investment funds for transfer to another public administration or a custodian of national transition.
28.6.4. Investment management company must immediately disclose information on the application to open proceedings against specific investment management company or the custodian.
28.7. other information 28.7.1. Investment management company must immediately disclose any conditions relating to the requirement that the Fund and/or investment management company shall be determined by the law. The notice of infringement must include a description of the infringement, as well as to describe the full set of measures that investment management company has taken or intends to take infringement and resulting consequences.
28.7.2. Investment management company immediately to report the violation of applicable investment restrictions that apply to the Fund, as well as the fund prospectus, fund rules, a management contract or a custodian contract violations, all notifications issued by a custodian that the investment management company acted contrary to the law, the statutes of the investment management company, custodian of the Fund management agreement, or statute. The notice must include a description of the infringement and the set of measures taken or planned by the infringement and resulting consequences.
IV. Monitoring monitoring 29. General questions the meaning of these rules 29.1. the term "monitoring" understands the supervision of issuers of Exchange according to the requirements of these provisions and FITL.
29.2. The stock exchange may set up one or more bodies (committees) supervisory task, fully or partially delegating their supervision duties in these institutions. In this case, the mandate of the Committee and the Organization of the activities detailed in the rules of operation of the Committee, subject to the approval of the Council of the stock exchange.
30. the obligations and rights of the stock exchange supervisory activities is the responsibility of the stock exchange 30.1. daily monitoring of the activities of the issuer, and whether they comply with these rules and the markets in financial instruments of regulatory legislation, the decisions of the Management Board, stock exchange orders, procedures and recommendations.
30.2. to carry out its duties, the stock exchange shall have the right to: request from issuers 30.2.1. information and documents in connection with the requirements for issuers and securities listing requirements (including in relation to the requirements concerning the prohibition on the basis of internal information);
30.2.2. to require from issuers other information necessary for its work, in order to assess whether the issuers followed and whether his action complies with the rules and regulations of the stock exchange requirements;
30.2.3. manufactured from the issuers of the received documents and information copies and transcripts.
30.3. Exchange within their competence, are entitled to request from the Issuer: 30.3.1. internal information holders list in accordance with these rules and requirements; FITL
30.3.2. a claim of insider list of holders;
30.3.3. to request from the issuer's internal information holders information on transactions in securities of the issuer and the issuer owned by such persons securities;

30.3.4. request information concerning the issuer's shareholders, Board and Council members and staff.
18.9. The stock market down all of the Exchange Board members, employees and representatives for an indefinite period of time to comply with the confidentiality of any information received in connection with the supervision of Issuers. This obligation does not apply to information that is publicly available, as well as information that is bound to the public in accordance with the laws and requirements of these provisions.
31. Monitoring activities. the inspection 31.1.1 31.1. in the case of reasonable doubt of the Exchange may require the issuer to perform internal audit and/or the audit at any time to check for a specific transaction, document and/or compliance with stock exchange transaction rules or regulations and/or other stock exchange requirements, respectively. The test must be carried out in the stock exchange.
31.1.2. checks costs shall be borne by the issuer, if the inspection is not carried out in the stock market. If the Tribunal finds that the Stock Exchange request to carry out an inspection has not been substantiated, the Tribunal of the stock on the basis of the application, the issuer may decide that the inspection expenses partially or fully covered by the stock exchange.
31.2. the supervisory status of the issuer 31.2.1. Stock Exchange has the right to apply to the supervision of the status of the issuer. If the Stock Exchange Management Board shall adopt the decision to establish the supervisory status of the issuer, stock information system the issuer and issued financial instruments are added to a specific term of financial instruments market allows you to identify whether the issuer has determined the status of the monitoring.
31.2.2 status for the purpose of applying of supervision is to attract the attention of market participants to an important condition for the financial instrument or its issuer.
31.2.3. the supervisory status of the application does not set the limits to trade with these financial instruments, as well as the release from the obligation of the issuer to disclose the information in accordance with the requirements of these regulations.
31.2.4. monitoring status can be determined in the following cases: 1) if the issuer has launched a process of liquidation or bankruptcy of the issuer is proposed;
2) if the issuer acknowledge their insolvency or bankruptcy of the issuer the long-term problems;
3 in case the proceedings), the outcome of which may have a significant effect on the issuer or his future operations;
4) if the issuer or his actions repeatedly, continuously, or does not meet the essential legislative or rules of the stock exchange requirements;
5) have been submitted to turn the financial instruments of the issuer of the stock exchange or the next six (6) months scheduled to perform operations that result in the issuer's financial instruments (excluding debt securities from the stock exchange, if the buyout is carried out) be excluded from the stock exchange;
6) joined other Issuer activity-conditions that could severely compromise the interests of investors.
31.2.5. Stock Exchange Management Board shall decide on the application of the supervisory status of financial instruments in accordance with the provisions of paragraph 31.2.4. In exceptional cases, if the decision of the Board of stock-waiting can be detrimental to the interests of investors, the Stock Exchange's Board Chairman is allowed to unilaterally make a decision on the application of the supervisory status of the financial instrument concerned. The Board of the stock exchange when it became possible, adopt or revoke this decision.
31.2.6. Stock Exchange shall immediately notify the issuer, if the issuer and its financial instruments are issued certain supervisory status, sending the decision to the issuer on the surveillance status and its grounds. If the issuer wishes to comment on the decision of the stock exchange, the issuer must do this by submitting a public notice to the stock exchange.
31.2.7. Stock Exchange after making supervisory status immediately stock information system shall publish a notice of the supervisory status, describing a decision supporting conditions.
31.2.8. If the conditions which the supervisory status was applied, is run out of the Exchange Board immediately decides to withdraw the status of the issuer and monitoring its financial instruments issued and shall immediately inform the issuer of the decision taken.
31.2.9. Stock Exchange shall immediately notify the relevant Issuer on the surveillance status revocation, as well as insert a corresponding notification stock information system.
32. Sanctions sanctions types If 32.1. Issuer, its Board or Council member or employee violated the requirements of this regulation or if the issuer, the trustee, Auditor, Member of the Board of directors or Council of investment activities have been in conflict with these rules or if the issuer or any other person referred to above is not fulfilled the decision or order to the stock exchange, stock exchange may apply the following sanctions to the issuer: 1) warn;
2) impose fines;
3) stop trading with securities of the issuer;
4) off the issuer's securities from the stock exchange.
32.2. The alert expression 32.2.1. Stock Exchange Management Board has the right to decide on an alert expression of the issuer where the issuer has violated the requirements of this regulation or FITL or if the issuer or its Board members or employees are not fulfilled, or fail to comply with the relevant stock exchange orders.
32.2.2. Stock Exchange immediately informs the issuer in writing of the circumstances of the warning and on the basis of which the decision is adopted.
32.2.3. the issuer may challenge the decision of the Board of Directors of the stock exchange on the expression of stock alerts in this arbitration provision in section 33.
32.3. the imposition of the fine 32.3.1. Stock Board is entitled to take a decision on the imposition of a fine, if the issuer, its Council or a Board member or employee is materially violated the requirements of this regulation, the issuer is not distracted by the stock exchange expressed in the infringement notice or misconduct is substantially harmed the interests of investors. The Stock Exchange Management Board decision shall set a deadline by which the issuer must pay the fine.
32.3.2. Stock Exchange has the right to impose fines on the issuer from $50 to $20, 000. In deciding on the amount of the fine, the Board examined stock-gravity of the infringement and its effects on regular and open market operations. The Stock Exchange Management Board has the right to impose that penalty is determined and is charged for each day starting from the date of notification of the decision of the issuer the date to the date on which the issuer is a violation of remedy.
32.3.3. Stock Exchange shall immediately inform in writing the issuer relating to the imposition of fines and the circumstances on the basis of which the decision is adopted.
32.3.4. the issuer may challenge the decision on the imposition of penalties in the regulations of the Stock Exchange Arbitration.
32.3.5. Bringing the Stock Exchange Arbitration does not exempt from the obligation of the issuer to pay stock Board fines imposed on Stock Exchange Board within the prescribed period.
32.4. Trading with financial instruments of the issuer suspension 32.4.1. In exceptional cases, to protect the interests of investors, the stock exchange suspended trading in financial instruments of the issuer.
32.4.2. the provisions referred to in paragraph 32.4.1. the term "exceptional circumstances" understands the great price fluctuations, the validity of the information, which may substantially affect the price of the financial instrument in question and which is expected to publish in the near future, as well as in other situations, circumstances or conditions which may hinder the open and fair trade.
32.4.3. Stock Exchange shall have the right to suspend trading with financial instruments of the issuer the issuer's shareholders ' meetings or press conferences during the time in which to make decisions or to communicate information that may significantly affect the price of financial instruments. The stock exchange of the cases referred to in this paragraph may be suspended from trade in the beginning until you have published information about the decisions taken and communicated to the public or other important information.
32.4.4. Trade with financial instruments may be suspended if the issuer has not made interest payments on the debt securities, filed an insolvency application or convene a meeting to make a decision on the liquidation of the issuer.
32.4.5. Stock Exchange has the right to suspend the trading in financial instruments where the issuer violates these rules or requirements or FITL follow certain practices, thus significantly impeding the formation of prices for financial instruments in accordance with the requirements of the stock exchange.
32.4.6. Stock Exchange shall have the right to suspend trading with financial instruments, if the information provided by the issuer of stock information system and which may significantly affect the price of securities, is clearly flawed, or it has to be recycled or check for other reasons.
32.4.7. Stock Exchange has the right to suspend trade with financial instruments for a short period of time, if the issuer's stock exchange in the relevant information that must be published with stock information system is extensive and it cannot immediately enter the stock information system.
32.4.8. Stock Exchange shall have the right to stop the trade in financial instruments where the issuer is not a paid listing fee within the time limit set or the stock exchange.
32.4.9. Stock Exchange immediately with stock information system shall be published in the notice of the decision to suspend and resume trade with financial instruments.
32.4.10. a decision on trading in financial instruments stop accepting stock Board.

32.4.11. Stock Exchange shall immediately notify the issuer of the decision to suspend trade with financial instruments of the issuer.
32.5. the resumption of trade and stop duration 32.5.1. the Management Board shall adopt the decision of the stock exchange for the resumption of trade in securities if the circumstances on the basis of which the decision was taken on the suspension of trading.
32.5.2. If the suspension was triggered by the need to wait for the publication of information, in particular trade resumes after the publication of such information, if there is no other reason for the suspension. If the information to be published is large, Exchange may extend the break following the publication of the information exchange system of information for the period necessary for the members of the stock exchange and investors to become familiar with this information.
32.5.3. sales must not exceed six months. If trade with financial instruments break has been more than six months and if the issuer does not take steps to prevent the circumstances on the basis of which trade was suspended, the stock exchange has the right to exclude financial instruments of the issuer of the stock exchange.
32.6. the exclusion of the financial instruments listed in the Stock Exchange Board is 32.6.1. to adopt a decision on the financial instruments of the issuer from stock listings in the following cases: 1) if financial instruments no longer complies with the relevant financial instrument the requirements laid down in these provisions;
2 the issuer, its Board) or the members of the Council or employees have repeatedly flouted those rules or substantially or FITL requirements;
3) joined this provision conditions referred to in paragraph 32.5.3;
4 other circumstances) is entered, the results of which will not be possible in the future to make a trade with the issuer's financial instruments prescribed in these provisions.
32.6.2. before taking a decision on the exclusion of securities from the stock exchange lists Stock shall have the right to invite the members of the Governing Board of the issuer on the Stock Exchange Board to discuss with issuers the circumstances on the basis of which is to take place regarding the Issuer's financial instruments excluded from the stock exchange lists or with the issuer to discuss measures to be taken to troubleshoot failures, as well as to enable the issuer to submit written explanations. Stock Exchange Executive Board may determine the shortcomings of the issuer the maturity or the plan submission.
32.6.3. decision of the Board of the stock exchange financial instruments from stock listings indicate the date of entry into force of the decision. In determining the date of entry into force, the Board of stock-take into account the interests of investors.
32.6.4. Stock Exchange shall immediately inform, in writing, of the decision to exclude the issuer the issuer's financial instruments of the stock market listings. The notice specifies the conditions of Exchange on the basis of which the Stock Exchange Board has taken a decision on removal from the stock exchange.
32.6.5. Stock Exchange shall publish without delay the decision on the financial instruments of the issuer from the stock exchange lists stock information system.
32.6.6. the decision of the stock exchange financial instruments of the issuer from stock lists (except when the issuer even has demanded the exclusion of financial instruments), the issuer shall have the right to challenge the FCMC thirty (30) days from the date of adoption of the decision.
33. Disputes 33.1. All disputes arising between stock exchanges and issuers, between the issuer and the investors that cannot be resolved by agreement of the parties, the Tribunal shall, in accordance with the stock exchange arbitration rules or requirements in accordance with the FCMC FITL. The Stock Exchange Arbitration rulings are final and non-appealable.
33.2. the issuer shall have the right to challenge the Board of the stock exchange arbitration decisions or, as determined by the FCMC FITL, thirty (30) days from the date of the decision.
34. final questions 34.1. these provisions shall enter into force on 1 October 2004.
21.3. With the entry into force of these regulations shall lapse AS "Riga Stock Exchange ' Council of 23 January 2004 on" approved financial instruments quotation rules "(published in the" Journal of 30.01.2004. Latvian and 26.03.2004).
Transitional provisions 1. Issuers whose shares are included in the free list, and which are obliged to prepare consolidated accounts, the report in accordance with international accounting standards drawn up, beginning with the 2005 reporting year.
2. until the establishment of the Tribunal and the stock exchange arbitration rules for approval by the stock exchange Executive Board decisions may be appealed to the Council of the stock exchange within 30 days of adoption of the decision of the Board of the stock exchange. The Stock Exchange's Council's decision may be challenged in a Court of law in Latvia.