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Amendments To The Credit Institutions And Investment Firms In The Reconstruction And Relief Act

Original Language Title: Grozījumi Kredītiestāžu un ieguldījumu brokeru sabiedrību darbības atjaunošanas un noregulējuma likumā

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The Saeima has adopted and the President promulgated the following laws: the official supervision of credit institutions and investment firms in the reconstruction and Relief Act to make the credit institutions and investment firms restoration and Relief Act (Latvian journal, 2015, nr. 127.) as follows: 1. Article 1: turn off the first part of paragraph 1; Replace paragraph 4 of the first paragraph, the words "authorities or society" with the words and figures "or this law, article 2, second paragraph, 2, 3 or 4 referred to in financial corporations (hereinafter also the authority or the financial community)"; Add to the first part of paragraph 6, after the words "national central bank" with the words "or of the European Central bank '; Add to the first subparagraph of paragraph 23 with the words and figures "which complies with the financial instruments market law, the first paragraph of article 120 of the requirements of paragraph 3"; Express 32. paragraph by the following: "32) micro-enterprise, small and medium-sized enterprise: a company according to the Commission of 17 June 2014 to Regulation No 651/2014, by which certain categories of aid compatible with the internal market, the application of the Treaty and article 107.108 (text with EEA relevance) (hereinafter Regulation No 651/2014) criterion used in annex I as regards the turnover resulting from the company's annual report;" to supplement the first part with 38.1 points as follows: "the President's plan-381) plan, which is designed for relief operations that are applied to the authority or the financial community, if it complies with the settlement;" to supplement the first part with 52, 53 and 54 of this.: "52) the single adjustment — President of the Board of joint competence to develop relief plans and to take a decision on the operation of the application of the President of the European Parliament and of the Council of 15 July 2014 of Regulation (EU) No 806/2014, establishing uniform rules and a common procedure for the supervision of credit institutions and certain investment brokerage firm, using a single interlocutory relief mechanism and joint relief fund and amending Regulation (EC) no 1093/2010 (text with EEA relevance) (hereinafter Regulation No 806/2014) 2 and article 7, paragraph 5 entities; 53) Fund — the single settlement fund, which funds the national settlement of the Member States have made contributions to the Fund and shall be used in a single adjustment Board in accordance with Regulation No 806/2014 article 76; 54) joint relief Board, institution, established as an agency of the European Union, in accordance with Regulation No 806/2014 article 42. "; replace the second paragraph, the words "used terms" with the words and figures "and Regulation No 806/2014 used terms". 2. in article 2: express the second subparagraph by the following: "(2) this law shall determine measures and restore operation of the application in the application: 1) institutions in respect of which the application is not drawn up plans and a decision on the interlocutory application of joint relief operations; 2) financial institutions which are credit institutions, investment firms or those parts 3 and 4 of the public referred to in paragraph subsidiaries for such subsidiary under the consolidated supervision of the parent in accordance with Regulation (EC) no 575/2013; 3) European Union financial holding company, registered mixed financial holding company and the mixed-activity holding company; 4) of the Republic of Latvia on financial holding company, the parent of Republic of Latvia in the European Union registered a parent financial holding company, the parent of the Republic of Latvia to the mixed financial holding company and registered in the Republic of Latvia in the European Union's parent mixed financial holding company; 5 branches of foreign institutions) in the Republic of Latvia in the cases provided for in this Act. "; Add to article 2.1 part as follows: "(21) in addition to the second paragraph of this article, this law lays down the procedures for the financial and capital market Commission participates in the single application and the joint settlement Board provides the necessary information to the interlocutory decision of the plan for development and operation of the application on the application for the adoption of joint measures and implement the joint relief decisions of the Management Board. '; to make the fourth subparagraph by the following: "(4) the authority or the financial community, which apply the law, the case for it being made operational recovery measures and settlement activities, also apply the law of credit institutions and financial instruments market law, in so far as Regulation No 806/2014 and this law provides otherwise." 3. To make article 3 first paragraph as follows: "(1) settlement plans, a decision on the renewal and operation of the application in respect of the application of this law article 2 referred to in the second paragraph of the subjects adopted and its implementation in the Republic of Latvia shall take financial and capital market Commission, taking into account the law, financial and capital market laws and regulations issued by the Commission of Regulation No 806/2014 and other directly applicable European Union legislation requirements as well as the European banking authority issued guidelines. " 4. Replace article 4, introductory part the fourth paragraph, the words "the Authority considers important the financial system" with the words "the authority constitute a substantial part of the financial system". 5. Article 5: to express the sixth part as follows: "(6) in addition to the directly applicable European Union law requirements of the financial and capital market Commission shall determine the activities to be included in the recovery plan of the information content and the procedure for the submission of this plan." turn off the eighth. 6. Supplement article 6, fourth subparagraph with the sentence by the following: "the financial and capital market Commission may extend that period by one month." 7. Replace article 7, first paragraph, the words ' the Member State "by the words" European Union ". 8. Express article 8 the first paragraph by the following: "(1) in the Republic of Latvia to the European Union established the parent group activities check out the recovery plan and compliance with individual action plans for renewal of the requirements assessed financial and capital market Commission, together with the College of supervisors and supervisory organs of branches, as it relates to the relevant branch. This inspection and conformity assessment shall be carried out in accordance with the Group's activities within the recovery plans established procedure, taking into account the activities of the recovery measures of potential impact on financial stability in all Member States in which the Group runs. " 9. Article 11: to supplement the first sentence with the following: "the financial and capital market Commission shall provide the authority with the information on this article is the sixth part of the summary referred to in paragraph 1. '; express the sixth point 7 by the following: ' 7) a description of the critical functions of the authority, the main area of activity, asset value and sales value determination procedure; "; to supplement the article with the 7.1 part as follows: "(71) if the financial and capital market Commission, the President of the Authority's plan for the recapitalisation of the application of internal instrument, the authority identifies the authorities or public-company clients in excess of Regulation No 651/2014 set out in annex I of the small and medium business annual turnover criteria." 10. Supplement article 14 with 2.1 part as follows: "(21) financial and capital market Commission, in consultation with the second part of this article, the President referred to authorities, developed and maintained by the President of the group plan. Financial and capital market Commission has the right to involve the Group's relief plan in the development and maintenance of foreign relief institutions located in the territory of the country, the Group has registered a subsidiary company or financial holding company, subsidiaries or significant. " 11. the title of chapter IV, Expressed as follows: "(IV) Chapter noregulējamīb assessment of the authority". 12. in article 17: replace the second paragraph, the words "relevant authority" with the words "or" liquidation; turn off the third; replace the fourth subparagraph, the word "preparation" with the word "development". 13. Article 18: make the second paragraph as follows: "(2) the Group considers that if, in applying its removal or adjustment of different instruments and the rights in respect of the Group's units, the maximum to avoid a significant negative impact on the financial systems of the Member States in which the Group companies or other financial systems of the Member States, as well as from the broader systemic financial instability or crisis, and to achieve the objective of ensuring the public is critical of the group function continuity. If the financial and capital market Commission, the President of the group, it is not possible to inform the European banking authority. "; turn off the fourth paragraph, the words "established in the Republic of Latvia is a Member State of the parent". 14. Make 20 the fourth paragraph of article 9 the following paragraph: "9) request, to the authority or the financial community attracting new appropriate commitments in order to ensure the minimum equity requirements and corresponding obligations are fulfilled;". 15. To supplement the law with the chapter IV1 by the following: "chapter IV1 cooperation with joint adjustment Board 23.1 article. The President of the Board of the unified development of the settlement plan and shall take a decision on the application of the uniform operation of the application in the context of the application of Regulation No 806/2014 article 7(2) and (5), if the entities referred to in the Cabinet of Ministers has transferred the management plan and the decision on the settlement activity, the adoption of the joint application of the President of the Executive Board.
23.2 article. Financial and capital market Commission, the joint President of the Management Board provided the information requested in the application for the development of the plan for Regulation No 806/2014 article 7(2) and (5) and other entities referred to in Regulation No 806/2014 information referred to in article 28. The President of the Board of the single information financial and capital market Commission obtained and evaluated this law chapters III, IV and V and in the financial and capital market Commission issued regulations, which provides for the requirements for the provision of information management plan development.
23.3 article. Financial and capital market Commission in accordance with Regulation No 806/2014 article 11, paragraph 2 of the joint relief by proposing to the Board in relation to Regulation No 806/2014 article 7(2) and (5) identify the entities referred to facilitate demands relief plan or decide not to develop settlement plan accordingly based on the information obtained and considered this law chapters III, IV and V and in the financial and capital market Commission issued regulations rules providing the requirements for the provision of information management plan development.
Article 23.4. Financial and capital market Commission Regulation No 806/2014 article 13, paragraph 1 and 4 in the order shall immediately inform the President of the Board of the single every financial and capital market Commission of the decision taken with regard to the implementation of early intervention, as well as on the situation, the authority found the financial difficulties or are expected to occur.
14.6 article. Financial and capital market Commission shall take joint measures in a single settlement of the Board decision taken within the framework of the specific relief operations. Making the decision of the Board of the single interlocutory relief set out in the action, the financial and capital market Commission in accordance with Regulation No 806/2014 article 29 concerning Regulation No 806/2014 article 7(2) and (5) apply to the entities referred to in this law, the requirements of the relief action. " 16. Supplement article 24, first paragraph, after the words "in other Member States or abroad, which are" with the words "or of the authority". 17. Supplement article 25 with the 3.1 part as follows: "(31) the financial and capital market Commission is entitled to adopt a decision to ban to conclude an agreement on financial support, if it does not comply with article 28 of this law." 18. the express article 27, first paragraph, the first sentence as follows: "(1) the agreement on the Group's internal financial support that close monitoring by the authorities, submitted for the approval of each of the parties to the agreement to be applied for groups of shareholders meeting." 19. Make article 28 paragraph 3 by the following: "3) financial support granted in accordance with the agreement, taking into account article 24 of this law, the seventh part of the remuneration laid down in the principles of calculation;". 20. Supplement article 32 with the words and figures "pursuant to Regulation No 575/2013 431.432, 433, 434. article." and ". 21. in article 39: turn off paragraph 4 of part three of the "b" section, the word "relevant"; in the fourth paragraph, replace the words "which didn't get into financial difficulties" with the words "in respect of which no proposed insolvency proceedings "; to make a fifth by the following: "(5) observed that the authority or the financial community comply with the third paragraph of this article, the Financial and capital market Commission evaluate the authorities or the public's compliance with the first paragraph of this article and shall decide on the measures to be applied, or the decision to initiate the public authorities or of the insolvency proceedings, the decision is based." 22. Article 43: Supplement to article 2.1 part as follows: "(21) if the financial and capital market Commission decision of the public authority or to apply for the financial settlement of losses creditors or their requirements are converted, financial and capital market Commission implemented a write-off or conversion rights to equity instruments concerned before or simultaneously with the settlement of one or more of the instruments." express the sixth part as follows: "(6) on the adjustable body assets, rights or obligations to another company, the separation of the application of the measures implementing the instrument, adjustment or application of additional financial stabilization tools do not apply to the insolvency process the laws governing the rights of creditors to challenge decisions that hurt the interests of the creditors." 23. Article 48 of the Present fourth paragraph as follows: "(4) the application of the company's sales of instruments, financial and capital market Commission is empowered with the buyer's consent to the release of the assets of the authority, its rights or obligations to put back its authority or shares or other ownership instruments in their original shareholders or persons who belonged to other instruments of ownership, and adjustable body and these persons are obliged to accept them." 24. Article 50: make the seventh subparagraph by the following: "(7) the financial and capital market Commission, the Provisional Authority released shares or other instruments of ownership can be transferred back to their original shareholders, or other transfer of ownership of tool holders, as well as by the provisional release of assets, rights or obligations put back adjustable body, if this possibility has been provided through the transfer, or if the shares are transferred or other ownership instruments , assets, rights or liabilities that the transfer was not provided for in the contract, and these persons and adjustable body is obliged to accept them. " replace the eleventh paragraph, the words "settlement" with the word "adjustable". 25. in article 52: replace the words "the fifth part of the financial and capital market Commission" with the words "adjustable body"; Add to sixth with the words "and its authority is obliged to accept them". 26. Article 54, first paragraph: replace the paragraph 1, the words "coverage level" with the words "cover" the deposit amount; Replace paragraph 7, first sentence, the words "fixed remuneration" with the words "not the variable part of remuneration"; replace the second sentence of paragraph 7, the words "not regulated" by the word "regulate". 27. in article 56: replace the first subparagraph of paragraph 2, the words "adjustable body and capital and reserves total" with the words "the obligations of the authority, its total capital and reserves"; to make the second part of paragraph 2 as follows: "2) amount within three years can get additional payments pursuant to Regulation No 806/2014 article 71;". 28. Turn off article 57 paragraph 2 the third subparagraph, the words "excluding contributions to deposit guarantee fund". 29. the second paragraph of article 59: replace, in paragraph 3, the words "or" raising issue with the word "purchase"; Add to paragraph 6, after the words "intended" with the words "the first or second round." 30. Supplement article 60, first paragraph, introductory phrase after the words "having regard to" with the words "at least". 31. Article 63: turn the introductory part of the first subparagraph, the words "other European Union Member State of the parent company"; make the first part of paragraph 2 as follows: "2) group a set minimum equity requirements and the corresponding obligations of the consolidation level."; turn off the second paragraph, first sentence, the words "other European Union Member State of the parent company"; Replace in the second sentence of the second paragraph, the words "the European Union's parent company" with the words "European Union" parent body. 32. To make the first paragraph of article 64, the first sentence as follows: "(1) the financial and capital market Commission as a group-level management authority shall take all measures within their competence in order to group together with the President of the subsidiary body for the adoption of harmonised decision on minimum capital requirements and the corresponding commitment level applicable subsidiary individually." 33. Make 65. the third paragraph of article as follows: "(3) the decisions adopted in accordance with the requirements of this law for the minimum equity capital commitments and requirements determination, may provide that the minimum equity requirements of the commitment and the corresponding level of consolidation or individually run, partly using internal contractual recapitalisation." 34. in article 68: replace the first subparagraph, the introductory paragraph, the number "76." with the number "77."; make the first part of paragraph 2, "a" and "b" in subparagraph by the following: "(a)) in accordance with this law, in the second paragraph of article 77 of those rights, the relevant equity instruments, that the body emits or attracted, b) 85 of this law in accordance with the first paragraph of article 6 right of the corresponding obligations which, adjustable body emits or attracted."; replace the third subparagraph in point 1 the words "finance company" with the words "the authority or the financial firm". 35. the first subparagraph of article 69: make the introductory paragraph as follows: "(1) the application of internal instrument for recapitalisation, the Financial and capital market Commission implemented a write-off or conversion rights, having regard to article 54 of this law and article 55 of the obligations referred to in the first subparagraph in the case of exclusion, and sequentially all the following requirements: '; Replace paragraph 5, the words and figures "according to this law, 54, 55, 56, 57 and 58, art.. subject to the first paragraph of article 1, 2, 3 and 4" with the words and figures "pursuant to this law, 54, 55, 56, 57 and 58 and article. first part 1, 2, 3 and 4". 36. Article 70 of the Present third paragraph as follows: "(3) if the derivatives transactions covered by mutual agreement, including the financial and capital market Commission or evaluator down the obligations resulting from these transactions, in the light of mutual clearing agreement, which is part of this law, 45, 46 and 47. the assessment provided for in article. " 37. in article 73: turn off the fifth paragraph, the words "inter alia"; replace the eleventh paragraph, the words "financial companies" with the word "authorities". 38. in article 76: make the first part of paragraph 2 as follows: "2) natural persons and not for micro, small and medium-sized enterprises above the guarantee claims the amount payable in compensation;"; make the third paragraph as follows: "(3) the financial and capital market Commission is entitled to request that the authority or the financial firm provides a reasonable assessment of the second part of the implementation of those agreements." 39. Replace article 77 ninth part, in the second sentence the words "financial company" by the words "authority or financial corporations". 40. in article 78: make the first part of paragraph 2 and 3 as follows: "2) first level of additional equity principal written off or converted into the first level of basic capital instruments or both copies and converts the basic first level capital instruments the value of which reaches this law referred to in article 38 adjustment objectives or meet the equity loss relief could, depending on the value of which is less; 3) second-level equity principal written off or converted into the first level of basic capital instruments or both copies and converts the basic first level capital instruments the value of which reaches this law referred to in article 38 adjustment objectives or meet the equity loss coverage ability, depending on which value is less. " replace the fourth subparagraph of paragraph 1, the introductory paragraph and the words "finance company" (the fold) with the words "the authority or the financial company" (the fold). 41. Article 80: replace the second paragraph, the words "financial company" with the word "authority"; replace the fifth paragraph, the words "financial company" with the words "the authority or the financial firm"; Add to sixth and seventh subparagraph following the words ' with the authorities "with the words" or institutions ". 42. Article 90: to supplement paragraph 2 the third subparagraph following the words ' authorities or society "with the words" or its group companies; replace the fourth paragraph, the words "and the third part of the" in paragraph 2 by the words "third paragraph". 43. in article 91: replace the first paragraph, the words "until midnight of the same day" with the words "until midnight of the following working day"; to make the fourth subparagraph by the following: "(4) the financial and capital market Commission takes into account in the implementation of the rights provided for in article's potential impact on the financial market stable." 44. in article 92: replace the first paragraph, the words "until midnight of the same day" with the words "until midnight of the following working day"; make the third paragraph as follows: "(3) the financial and capital market Commission takes into account in the implementation of the rights provided for in article's potential impact on the financial market stable." 45. in article 93: replace the first paragraph, the words "until midnight of the same day" with the words "until midnight of the following working day"; Replace paragraph 2 of the second paragraph, the words "financial difficulties" with the words "insolvency proceedings"; replace the third paragraph, the words "until midnight of the same day" with the words "until midnight of the following working day"; to make the seventh and eighth by the following: "(7) the financial and capital market Commission takes into account in the implementation of the rights provided for in article's potential impact on the financial markets stable. (8) the financial and capital market Commission is entitled to request for the body or the finance company shall maintain detailed records regarding financial contracts. Financial and capital market Commission is entitled to ask for the Latvian Central Depository will provide the financial and capital market Commission of the rights referred to in this article for the purpose of applying the necessary information to the European Parliament and of the Council of 4 July 2012 to Regulation (EU) No 648/2012 for OTC derivatives, central counterparties and the transaction logs on article 81. " 46. To complement the article 95 of the first subparagraph following the words "settlement activities" with the words "except in the second part of instruments". 47. in article 98: replace the first subparagraph of paragraph 6, the words "financial instruments" with the words "structured finance"; Replace paragraph 1 of the second paragraph, the words "and the regulations" with the words "If the laws". 48. Replace article 101, first paragraph, point 1, the words "the assets" with the words "all assets". 49. the first subparagraph of article 105: replace the introductory paragraph, the word "provided" with the words "give or get"; Supplement point 4 with the words, "or" potential beneficiaries ". 50. the express article 106 paragraph 7 as follows: "the proper consideration of the objectives of the 7), balancing the different interests of the Member States involved and the interests of the Member States to avoid failure or defence;". 51. Article 110: make the fifth subparagraph, introductory part and paragraph 1 by the following: "(5) the application of group relief plan: 1) takes into account and execute the predesigned plan of settlement, unless the President of the authority, subject to the actual circumstances, the President does not believe that the target will be achieved more effectively by carrying out activities other than those provided for in the settlement plan previously developed;" Replace in the second sentence of the seventh paragraph, the words "settlement plan" with the words "the President of the previously developed plan". 52. To make 112. the third paragraph of article as follows: "(3) if the financial and capital market Commission announced the settlement does not include the activities of the President of the Group on the implementation of the plan, financial and capital market Commission, acting after consultation with the President of the College of the members, shall take into account the predesigned plan of group relief, unless the President of the authority, subject to the actual circumstances of the participating Member States, as well as financial stability, the President does not believe that the objectives will be achieved efficiently If the actions will be performed, not provided for in the settlement plan. " 53. Article 113: replace the first paragraph, the words "Republic of Latvia registered groups" with the words "registered in the Republic of Latvia"; replace the third paragraph, the words "to assess the relief plan" with the words "examine the predesigned plan of peaceful settlement".
54. in article 114: replace the second paragraph, the words "not implemented" with the words "not accepted". 55. Express 116. the sixth article as follows: "(6) the financial and capital market Commission, if it is necessary in the public interest, can make the adjustment, and use rights in respect of the application of the parent, if the settlement of a foreign State authority finds that the registered institution in a foreign country satisfies the conditions of the application in accordance with the legislation of the foreign State." 56. Article 121 of the expression as follows: "article 121. Financial and capital market Commission ensures the accumulation and management of funds of the national relief fund, pursuant to the provisions of Regulation No 806/2014 69, 70, 71, 72, 73 and 74., the purpose of the application for a transfer of funds is the single settlement fund in accordance with the procedures set out in the agreement for the transfer of contributions to a single Relief Fund and sharing it, approved by the law "on the agreement for the transfer of contributions to a single Relief Fund and share it." Financial and capital market Commission uses a single Relief Fund of Regulation No 806/2014 article 77. "
57. off 122, 123, 124, 125.. and article 126. 58. The transitional provisions: replace the words "transitional provisions" with the words "transitional provisions"; believe the current transitional provisions the transitional provisions of the text of paragraph 1; adding to the transitional provisions in paragraph 2 by the following: "2. Relief actions with respect to Regulation No 806/2014 article 7 referred to in paragraph 5 of the subjects of settlement which the authority has begun to IV1 chapter of this law to the date of entry into force of implementing those provisions of law that was in force when the decision on the settlement date of the transaction." The law adopted by the Parliament in 2017 16 February. The President of the Parliament instead of the President i. Mūrniec in Riga on March 3, 1869 in