Issuers

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Licensing of issuers

Issuers are commercial companies whose transferable securities (shares, bonds, debt securities, mortgage bonds) are publicly offered, or securities that are admitted to trading on a regulated market, namely, stock exchanges.
Articles 14-24 of the Law on the Financial Instruments Market (Law) regulate offering of transferable securities while Articles 41-53 of the Law govern admission of securities to trading on a regulated market.
The issuer or authorized agent may start public offering of securities only upon receipt of the permission from the Financial and Capital Market Commission (the Commission).
To receive permission to make a public offer, the issuer shall submit to the Commission an application together with the documents referred to in Article 14 of the Law, but for the admission of transferable securities to trading on the regulated market the issuer shall register an issue prospectus in the Commission by submitting an application and relevant documents in accordance with Article 44 of the Law.
The Commission shall examine an application and the accompanying documents and take a decision on granting or refusing permission to make a public offer or registration of prospectus within 10 business days of the receipt of the documents required by regulatory provisions.
The Commission shall notify the issuer of the decision taken without delay and send the decision with a certified copy of prospectus to the issuer within three business days.
The Law on the Financial Instruments Market is available on the Commission’s website at: http://www.fktk.lv/en/law/financial_instruments_market/laws/

Licensing of offerers

Offerer – is a commercial company, a natural person or a group of persons who makes a mandatory, voluntary or final share buyout offer of shares admitted to a regulated market.
The provisions of Chapter V of the Law on the Financial Instruments Market (Law) regulate the share buyout offer.
The offerer may start making share buyout offer to other joint stock shareholders only upon receipt of the permission from the Financial and Capital Market Commission (the Commission).
To receive permission to make a share buyout offer, the offerer shall submit to the Commission an application together with the documents referred to in Article 70 of the Law.
The Commission shall examine an application and the accompanying documents and take a decision on granting or refusing permission to make a share buyout offer or registration of prospectus within 10 business days of the receipt of the documents required by regulatory provisions.
The Commission shall also notify the respective offerer, the market organizer and, in case of a final share buyout offer, also the Latvian Central Depository without delay of the decision taken send it to them within three business days.
The Law on the Financial Instruments Market is available on the Commission’s website at: http://www.fktk.lv/en/law/financial_instruments_market/laws/

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