2002-07-04 Regulations on the Provision of Information regarding Persons with whom a Credit Institution has Close Links (replaced by the Regulations for Obtaining Permits of the Financial and Capital Market Commission Regulating the Operation of Credit Institutions and Credit Unions and for Providing Information, which came into force on 19 December 2002)

  • Section:

PUBLISHED: in Latvijas Vēstnesis on 3 July 2002

IN EFFECT AS OF 4 July 2002

APPROVED

by 28 June 2002 decision No.184

of the Council of the Financial and Capital Market Commission

U. Cērps

Chairman

Financial and Capital Market Commission

REGULATIONS ON THE PROVISION OF INFORMATION REGARDING PERSONS WITH WHOM A CREDIT INSTITUTION HAS CLOSE LINKS

1. GENERAL PROVISIONS

1.1. Regulations on the Provision of Information regarding Persons with whom a Credit Institution has Close Links (hereinafter – these Regulations) have been formulated in accordance with Article 17 of the Law on the Financial and Capital Market Commission and Article 8 of the Law on Credit Institutions.

1.2. These Regulations determine procedures as to how newly established and registered credit institutions (hereinafter – the credit institution) shall provide information to the Financial and Capital Market Commission (hereinafter – the Commission) regarding persons with whom the credit institution has close links. The credit institution shall notify the Commission of close links in the form of participation only in cases where:

1.2.1. the investment gives the possibility of exercising influence over the management or financial policy of the merchant (undertaking/company),

1.2.2. the investment cannot be classified as an asset held for the purpose of trade or available for sale.

1.3. Notification regarding persons with whom the credit institution has close links shall include:

1.3.1. regarding natural persons:

1.3.1.1. residents – the name, surname, identification code and the nature of close links;

1.3.1.2. non-residents – the name, surname, year and place of birth, the nature of close links;

1.3.2. regarding merchants (undertakings/companies) – the (name), number and place of registration of the firm, the nature of close links.

2. PROVISION OF INFORMATION

2.1.The credit institution shall, when submitting to the Commission documents for the receipt of a credit institution operating licence, submit to the Commission notification in writing regarding persons with whom it has close links.

2.2. The credit institution shall notify the Commission in writing of the establishment of close links or changes thereof not later than ten days before the establishment of close links or changes thereof.

2.3. The credit institution shall prepare a report on persons with whom it has close links and submit the report to the Commission in writing regarding the situation on 31 December of the previous year by 1 February each year.

3. FINAL PROVISIONS

3.1. The credit institution shall notify the Commission in writing of the persons with whom it has close links within a three-month period of the date of coming into force of these Regulations.

3.2. A relationship to persons who have close links with the credit institution shall be shown graphically or provided in the form of list.

4. An informative reference to European Union directives.

These Regulations include legal norms set out in EU Directive 95/26/EC.

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