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AS IBS "Renesource Capital"
Type of infringement:
Violations of the Fiancial Instruments Law
Date:
09.06.2021
Status:
In force
Sanctions applied:
A fine of 34 000 euro
Related article:
Type of infringement:
Violations of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing requirements.
Date:
09.06.2021
Status:
In force
Sanctions applied:
A fine of 34 000 euro imposed on the AS IBS "Renesource Capital". A fine of 2900 euro on the Chairman of the Board of AS IBS "Renesource Capital" M.Priede from the field of the AML/CTF compliance.
Related article:
Akciju sabiedrība "Rietumu Banka"
Type of infringement:
Infringements of the regulatory requirements regarding anti-money laundering and counter-terrorism and proliferation financing.
Date:
30.05.2022
Status:
Appealed
Sanctions applied:
A fine of 5.27 million euro. The fine has been reduced as a result of contesting the decision of the FCMC Board, taking into account the investment made and planned by the Bank in the development of the internal control system.
Related article:
SSE Baltic Opportunities Limited
Type of infringement:
Infringements of the Financial Instruments Market Law
Date:
14.06.2021
Status:
In force
Sanctions applied:
A public statement, indicating the natural person responsible and the nature of the breach.
Related article:
Luminor Bank AS Latvijas filiāle
Type of infringement:
Breaches of the anti-money laundering and counter terrorism and proliferation financing regulatory requirements
Date:
23.08.2021
Status:
In force
Sanctions applied:
A warning
Related article:
Akciju sabiedrība "Olainfarm"
Type of infringement:
Infringements of the Financial Instruments Market Law, Regulation (EU) No 596/2014, Implementing regulation (EU) 2016/347.
Date:
20.09.2021
Status:
Adopted by FCMC
Sanctions applied:
A fine of 50 000 euro imposed on the company.
Related article:
Asja Berne, Nika Berne
Type of infringement:
Violation of procedures laid down in Section 7.¹ of the Law on Investment Management Companies, namely, a qualifying holding has been acquired indirectly in a company before notifying in advance the FCMC in writing of intention to acquire a qualifying holding in the company and prior to the receipt of the FCMC\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\'s permission to acquire a qualifying holding.
Date:
27.09.2021
Status:
Adopted by FCMC
Sanctions applied:
Public statement indicating the person responsible for the infringement and the nature of infringement.
Related article:
Nadežda Fiļa
Type of infringement:
Violation of procedures laid down in Section 7.¹ of the Law on Investment Management Companies, namely, a qualifying holding has been acquired indirectly in a company before notifying in advance the FCMC in writing of intention to acquire a qualifying holding in the company and prior to the receipt of the FCMC\\\\\\\'s permission to acquire a qualifying holding.
Date:
27.09.2021
Status:
Adopted by FCMC
Sanctions applied:
Public statement indicating the person responsible for the infringement and the nature of infringement.
Related article:
SIA "MONTEA INSURANCE BROKERS"
Type of infringement:
Deadline for submission of the half-yearly report delayed
Date:
15.11.2021
Status:
In force
Sanctions applied:
A warning
Related article:
AS Baltic Technology Ventures, Gene Zolotarevs
Type of infringement:
Infringement of Article 15 of Regulation No 596/2014
Date:
12.01.2022
Status:
In force
Sanctions applied:
AS Baltic Technology Ventures must pay a fine of EUR 25 000, while Gene Zolotarev – EUR 33 347.16. A joint commitment by Gene Zolotarev and AS Baltic Technology Ventures to make a binding share buy-back offer to all shareholders who have become such through the acquisition of shares on NASDAQ over the period from 13.08.2020, when the public statement on non-audited financial results was made, up to 06.05.2021, when the next updated statement on financial results was published, and who are currently shareholders of AS Baltic Technology Ventures.
Related article:
AS "PrivatBank"
Type of infringement:
Breaches of the anti-money laundering and counter terrorism and proliferation financing regulatory requirements.
Date:
23.05.2022
Status:
In force
Sanctions applied:
A fine of 893 986 euro. The fine has been reduced as a result of contesting and appealing the decision of the Board of the FCMC upon entering into the administrative agreement between the Bank and the FCMC.
Related article:
Type of infringement:
Failure to ensure an adequate and consistent risk culture and effective internal control system leading to infringements of the regulatory requirements regarding anti-money laundering and counter-terrorism and proliferation financing.
Date:
15.11.2021
Status:
Appealed
Sanctions applied:
A warning to Inga Rumba, the member of the board and the former acting chairperson of the board of AS PrivatBank.
How to become a market participant
In order to become a participant of Latvian financial and capital markets and commence business activities, a credit institution, an insurance company, a reinsurance company, an insurance broker, a credit union, an investment management company, an investment firm, an operator of regulated market, a pension fund, a payment institution, an electronic money institution, as well as an alternative investment fund manager shall obtain operating authorisation (licence).
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