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Swedish, Estonian, Latvian, Lithuanian and many other European countries’ central banks and financial market supervisory authorities have signed a joint letter to the European Commission calling for the European Union (EU) to ensure a full, timely and consistent implementation of reforms that were agreed in the global banking supervision standards known as Basel III after […]

On 24 August 2021, the Administrative Regional Court terminated the proceedings for the claim to annul the decision of the Financial and Capital Market Commission (FCMC) by which the FCMC allowed "AB City" to make a mandatory buy-back offer for AS "Olainfarm" shares. The Court's ruling may be appealed.

The Financial and Capital Market Commission (FCMC) informs AS "Olainfarm" parties involved in a mandatory share buy-back offer that the parties' requests for the application of interim protection will be considered on 24 August 2021 within the case initiated in the Administrative Regional Court based on the applications of the applicants Agris Auce and Mārcis Judzis regarding the FCMC's decision of 14 July 2021.

On 14.07.2021, the Financial and Capital Market Commission (FCMC) decided to allow AS "AB CITY" to make a mandatory buy-back offer for AS "Olainfarm" shares, however, the decision was appealed to the Administrative Regional Court. In accordance with Section 185 (1) of the Administrative Procedure Law submission of an application to a court for the setting aside of an administrative act or revocation or invalidation thereof shall suspend the operation of the administrative act from the day the court receives the application.

The Financial and Capital Market Commission (FCMC), together with the European Bank for Reconstruction and Development (EBRD) and Ministry of Finance of Republic of Latvia, 29.01.2021, discussed some of the ongoing capital market initiatives implemented jointly by local and regional authorities with the EBRD: Pan-Baltic single index classification – to facilitate the integration of the […]

On Friday, 7 February, the Head of the Financial and Capital Market Commission (FCMC), Santa Purgaile, addressed members of the American Chamber of Commerce in Latvia (AmCham) on recent developments in the financial sector. Substantial work has been done to restore the reputation of the Latvian financial sector, however, much needs to be done to support the sector, including developing capital markets and introducing new technologies. Among key FCMC tasks is communication, both international and local, to minimize negative impact on investors willing to do business in Latvia.

FCMC revokes from the day of its issuance the order of the previous FCMC’s Chairman P. Putniņš of 29th April 2019 on suspension of Compliance Control Department Director Maija Treija, recognizing this order as non - substantiated and illegal.

On Thursday, 24 October, the Saeima appointed Santa Purgaile as the Chairperson of the Financial and Capital Market Commission.

Introducing a recommendation of Moneyval, namely, to improve the understanding and application of the legislation on the identification and compliance control of the beneficial owner (hereinafter – the BO) to the participants of the financial and capital markets the Financial and Capital Market Commission (FCMC) carried out an examination of internal documentation developed by 15 banks and five branches of Member States' banks operating in the Republic of Latvia and compiled information on the procedures specified by the banks under which they carry out the identification of the BO and verification of compliance of identified beneficiary.

Pēters Putniņš: "Risk mitigation measures have shifted the focus of banking business. We managed to bring it off. This is a historic turn, and there is no more reason to talk about the free flow of high-risk foreign money in our system. Domestic and EU deposits have reached 91%."