Financial and capital market Commission, the provisions of regulations No 29 in Riga on 25 February 2011 (financial and capital market Commission Council Protocol No 4 p 8.)
Credit the company's transition to the regulatory requirements, regulations Issued under the provisions of the credit institutions act, article 42 of the fourth subparagraph of article 50 and i. General questions 1. "credit Enterprise regulatory requirements of transition regulations" (hereinafter the rules) is bound by the credit institution under article 59.2 of the law of credit institutions in order to receive more financial and capital market Commission (hereinafter the Commission) allows the credit institution or credit institutions for the transition of the company law, article 37.1 in order to receive Commission wants permission for exemption from the regulatory requirements of the business of credit institutions.
2. the rules provide procedures for: 2.1. credit institutions shall consider the Commission submitted a proposal for the transition of the establishment of the credit institution and the documents annexed thereto;
2.2. evaluates the credit institution or part of the company, including subsidiaries, separate property set, the set of assets or liabilities or credit clients magnitudes concluded contract;
2.3. the company has a credit institution or a company the transferor beneficiary credit institutions exempted from the regulatory activities of credit institutions for enforcement of the law of credit institutions according to the provisions of article 37.1.
II. the proposal for the establishment of a transitional Credit review 3. credit institutions corporate transition proposal shall include at least the following documents: 3.1 application for a credit company's transition;
3.2. between the company and the company's credit institutions the transferor beneficiary credit institution contracts on the company's transition;
3.3. credit institutions the company assets and liabilities contained in the assessment of the functioning of the normal market conditions that no earlier than 30 days before the submission of the proposal made by a person who has property investment included in the list of evaluators;
3.4. credit institutions undertaking the transfer of the assets and liabilities values;
3.5. the credit company's transition plan;
3.6. in case a part or the whole of the credit institution, including branches, identifiable property, assets or liabilities or with credit institutions clients magnitudes concluded contract of a traitor and the winner is the person subject to the supervision of the Commission, the person to be monitored (traitor and benefit) balance sheet, prepared in the light of the outcome of the transition, and the financial forecast for the following two years from the date of transition. If the beneficiary is a person who is not subject to the supervision of the Commission, financial data on the benefit need not be submitted.
4. A credit institution's credit company submitted a proposal and the documents attached to it, the Commission shall consider and respond to the credit institution not later than one month from the date of receipt of all required documents.
5. If a credit institution as a result of the transition of the company the new company is the beneficiary of the credit institution established in another credit institution, the Commission submitted a credit company transition proposal, consult the national supervisory authorities of credit institutions.
6. by credit institutions, credit institutions provided the company's transition and of the documents accompanying the proposal, the Commission has the right to refuse permission to credit institutions for the transition of the company if the Commission financial and capital market Commission of the law set forth in article 5, the purpose of the action detects that the transition would negatively affect the investors and the protection of the collective interests of depositors and the financial and capital market development and stability.
7. A credit institution which has received the Commission's authorisation of credit institutions to the transition, the company is obliged to make the transition of the company the company's transition plan established and timeless. If a credit institution does not comply or cannot comply with the company's proposal for the transition arrangements and terms, the credit institution shall forthwith inform the Commission thereof. In this case, the Commission examined the question of the establishment of the transitional credit extension.
II. Identifiable assets and liabilities value determination 8. Divestiture of the assets value is determined by assuming that the divestiture assets, the transferee is provided with the necessary resources for the care of the assets taken over and the efficient management of, and taking into account the divestiture assets or groups of assets, long-term economic value is estimated based on the following principles: 8.1 severable assets long-term economic value komercpieņēmum can be used differ from those which would be taken into account If the transaction is conducted between mutually completely unrelated persons;
8.2. the divestiture assets or groups of assets, long-term economic value is defined as the expected free cash flow of the debtor, which is adjusted according to the long-term development of the macro-economic indicators, forecasts net present value;
8.3. the debtor's expected free cash flow forecast based on the country's macro-economic indicators of long-term trends, which determined, for example, the Bank of Latvia, the Ministry of finance, Ministry of Economic Affairs (Latvia) and the World Economic Outlook (foreign countries), forecast (t.sk. gross domestic product, inflation, unemployment, average gross wages, etc.) and the evaluation of their impact on the quality of the asset divestiture, for example, the expected amount of credit overdue changes, changes to the gross domestic product of 1 percent. All the forecasts used macroeconomic indicators must be consistently obtained from national sources of information;
8.4. the debtor's expected free cash flows discounted with the inseparable to the asset appropriate discount rate, which takes into account the individual risk of the asset;
8.5. If the asset is separable, the recovery of which depends exclusively on security sales, because the debtor has no other source of financial obligations, its value is determined taking into consideration the estimated future cash flows, which can occur as a result of marketing collateral and are deducted from the realization of the security-related costs if they are relevant.
9. The credit institution and the divestiture of assets and liabilities before the start of the evaluation, the evaluator shall consult with the Commission on the performance estimates used assumptions (predictions), parameters (the link between macroeconomic performance and the quality of the assets, future cash flow discounting rate used) and certain valuation methods.
IV. Establishment of a credit institution or a company the transferor beneficiary credit institutions for credit exemption from regulatory requirements, To be 10 of the law of credit institutions referred to in article 37.1 of the regulatory action requirements, exemptions, a credit institution or a company company the transferor beneficiary credit institution shall submit an application to the Commission, indicating: 10.1 law credit institutions referred to in article 37.1 of the regulatory requirements, the performance of which it requested the enforcement exemption;
10.2. for each compliance with regulatory requirements of the planned level of credit institutions provide a period for which relief is requested;
10.3. the plan, which includes the planned final and interim deadlines, to ensure law enforcement.
11. Expressing a request for exemption from the law of credit institutions referred to in article 42 of the activities of the regulatory requirements, business credit institution or company by the transferor beneficiary credit institution in addition to the provisions referred to in paragraph 10 shall be submitted to the Commission in excess of the exposure (financial instrument).
12. is the request for the release of 44 of the law of credit institutions and the activities laid down in article 45 of the regulatory compliance, company credit institution or company by the transferor beneficiary credit institution in addition to the provisions referred to in paragraph 10 shall submit to the Commission the relevant participation in forming the excess list.
13. The Commission may determine that the business of a credit institution or a company the transferor beneficiary credit institutions credit exemption law 42, 44 and 45 of the activities set out in article regulatory enforcement applies only to transactions that were concluded before the Commission's authorisation of a credit institution to receive transfers of undertakings.
14. Making a request for the release of the amount of the equity capital of the company by the credit institution or company the transferor beneficiary credit institution comply with the condition that the credit institution's equity capital shall not be less than the law of credit institutions as defined in article 21.
15. After the exemption from one or more of the business of regulatory requirements, the receiving institution shall submit to the Commission monthly report (free-form) of the relevant regulatory requirements, actual indicators and their compliance with the planned levels.
V. closing question 16. entry into force these rules shall terminate the Commission's November 4, 2009. the guidelines no. 144 "divestiture assets determination guidelines".
The country's economic, political and social situation depends on the borrower's business activity or income.
Financial and capital market Commission of Krūman I.