The Saeima1 has adopted and
the President has proclaimed the following law:
Securitisation
Law
Chapter I
General Provisions
Section 1. Terms Used in this
Law
(1) The terms "investor", "originator", "tranche", "servicer",
"original lender", "sponsor", "securitisation", and other terms
related to securitisation correspond to the terms used in Article
2 of Regulation (EU) 2017/2402 of the European Parliament and of
the Council of 12 December 2017 laying down a general framework
for securitisation and creating a specific framework for simple,
transparent and standardised securitisation, and amending
Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations
(EC) No 1060/2009 and (EU) No 648/2012 (hereinafter - Regulation
No 2017/2402).
(2) The term "securitisation entity" (hereinafter also - the
entity) corresponds to the term "securitisation special purpose
entity" used in Article 2 of Regulation No 2017/2402.
(3) The term "assets" means the exposures underlying
securitisation, including claims arising from civil law
transactions.
Section 2. Purpose of the Law
The purpose of this Law is to facilitate access to additional
financing for the development of commercial activities by
creating legal preconditions for securitisation transactions in
Latvia.
Section 3. Scope of Application of
the Law
(1) This Law shall be applicable to securitisation that
complies with Article 2(1) of Regulation No 2017/2402 and a
securitisation entity that is registered in Latvia.
(2) The provisions of Section 8, Paragraph one of this Law
shall be also applicable to a securitisation entity that is not
registered in Latvia if the country of registration of such
entity cannot be subject to Article 4 of Regulation No 2017/2402
and the exposure to be securitised is subject to the requirements
of Latvian laws and regulations in the field of consumer
crediting.
(3) The Insolvency Law shall be applicable to a securitisation
entity and a servicer insofar as it is not provided for otherwise
in this Law. The Insolvency Law shall be applicable to an
originator insofar as it is not provided for otherwise in this
Law and Regulation No 2017/2402.
Chapter
II
Establishment, Operation, and Termination of Operation of a
Securitisation Entity
Section 4. Establishment of a
Securitisation Entity in Latvia
(1) A securitisation entity shall be established in Latvia as
a capital company.
(2) Documents of incorporation of a securitisation entity
shall not specify a time period for which this entity has been
established or the fact that the operation thereof is terminated
upon achieving the objectives specified in the articles of
association.
Section 5. Firm Name of a
Securitisation Entity
(1) The firm name of a securitisation entity shall include the
indication "securitisation entity".
(2) It is prohibited to use of the term "securitisation
entity" in any conjugation, conjunction, or derivation in the
firm name or self-promotion of a capital company other than a
securitisation entity in a manner that creates a misleading
impression that its operation complies with this Law and
Regulation No 2017/2402.
Section 6. Restrictions of the
Operation of a Securitisation Entity
(1) A securitisation entity shall carry out only such
activities and enter into only such transactions which are
necessary to enable its operation or to properly implement a
securitisation transaction or scheme (hereinafter - the
securitisation transaction) and which are not in contradiction to
the purpose for which the entity was established. Transactions
entered into by a securitisation entity which are in
contradiction to the restrictions laid down in the first sentence
of this Paragraph shall not be valid.
(2) A securitisation entity shall have no employees within the
meaning of the Labour Law.
(3) A securitisation entity is entitled to enter into
derivative contracts on the management of currency and interest
rate risks, to alienate assets, and to provide collateral using
assets only in accordance with the provisions on securitisation
transaction documentation.
(4) A securitisation entity is entitled to implement only one
securitisation transaction at a time.
Section 7. Legal Protection
Proceedings, Insolvency Proceedings, Liquidation and
Reorganisation of a Securitisation Entity
(1) Legal protection proceedings shall not be applicable to a
securitisation entity.
(2) A securitisation entity may be liquidated on the basis of
a resolution of a meeting of members or shareholders only
after:
1) all claims of investors arising out of the securities
issued by the securitisation entity and also the claims of other
creditors have been settled in full;
2) the securitisation entity no longer holds assets, including
in cases where payment obligations to investors arising from
securities issued by the entity or obligations to other creditors
are not met in full.
(3) A securitisation entity may not be reorganised by means of
a merger or division.
(4) If the insolvency proceedings of a securitisation entity
have been declared and the insolvency administrator concludes in
accordance with Section 118, Paragraph six of the Insolvency Law
that the funds of the securitisation entity are insufficient to
fully settle all claims of creditors (investors and other
creditors) referred to in Section 118, Paragraph five of the
Insolvency Law, the respective claims shall be settled in
accordance with the procedures laid down in Section 17 of this
Law.
Chapter
III
Special Provisions Applicable to the Persons Involved in a
Securitisation Transaction
Section 8. Permit (Licence) for the
Provision of a Consumer Crediting Service and an Extrajudicial
Recovery of Debt Service
(1) A securitisation entity shall not require the special
permit (licence) laid down in laws and regulations for the
provision of a consumer crediting service and an extrajudicial
recovery of debt service.
(2) A servicer shall not require the special permit (licence)
laid down in laws and regulations for the provision of a consumer
crediting service and an extrajudicial recovery of debt service
only where this is specifically provided for in laws and
regulations.
Section 9. Transactions with Related
Persons
Securitisation transactions shall not be subject to the
provisions of the Commercial Law on related person
transactions.
Section 10. Protection of
Information and Data Processing
(1) In order to exercise the rights and fulfil the obligations
laid down in this Law, an originator or an original lender shall
transfer to a securitisation entity the data of the natural
person in respect of whom it acts as controller. The
securitisation entity shall become the data controller in respect
of the received personal data without the consent of the data
subject.
(2) The provisions of Paragraph one of this Section shall also
apply to non-disclosable information held by a credit institution
where it is an originator or an original lender.
(3) Latvijas Banka is entitled to request that a
securitisation entity, an originator, an initial lender, a
sponsor, and audit service providers of the aforementioned
persons and also any other persons involved in the
securitisation, provide information necessary for the performance
of supervisory functions laid down in this Law and Regulation No
2017/2402.
Section 11. Inclusion of Information
in the Credit Register and the Database of the Credit Bureau
(1) If a Credit Register participant or a Credit Register
participant with a restricted status is involved in a
securitisation transaction, information on the assets of the
securitisation entity shall be included in the Credit Register
according to the procedures laid down in the Law on the Credit
Register.
(2) If the relevant claim arises from a loan which has been
provided according to a consumer credit agreement in accordance
with the Consumer Rights Protection Law, the servicer as the user
of credit information shall provide information on the debt to
the credit bureau in accordance with the laws and regulations
prescribing the provision of such information.
Section 12. Transfer of the
Collateral Related to Assets
(1) The alienation of assets by an originator shall include
the transfer of the collateral relating to those assets to a
securitisation entity, except as provided in Paragraph five of
this Section.
(2) Subsequent submission of such documents which provide for
changes in relation to the registration of the collateral in
public registers shall not, in accordance with this Law, affect
the transfer of the collateral to a securitisation entity and the
validity thereof. If the laws and regulations applicable to the
collateral link the use of the collateral with changes in entries
of the public registers in respect of the collateral taker, the
securitisation entity shall use the collateral after the relevant
changes in entries of the public register have been made.
(3) A consent of a debtor and a collateral provider for the
registration of the collateral shall not be required.
(4) Claims related to the collateral shall be transferred to a
securitisation entity concurrently with the collateral and to the
same extent as they have arisen or would arise for an originator
(hereinafter also - the alienor) in accordance with this Law if
the assets were not alienated to the securitisation entity.
(5) After alienation of the assets to a securitisation entity,
the alienor shall be the financial collateral taker. The
securitisation entity has a pre-emptive right to the financial
resources obtained by executing the financial collateral. The
procedures for executing the financial collateral for claims
transferred to a securitisation entity shall, in conformity with
this pre-emptive right, be specified in the provisions on
securitisation transaction documentation.
(6) The pre-emptive right referred to in Paragraph five of
this Section shall also apply in the case of insolvency
proceedings or liquidation, resolution, or reorganisation
measures of the alienor, or transfer of a credit institution
undertaking when the credit institution is the originator.
Section 13. Rights Related to
Assets
(1) If the contracting parties do not agree otherwise in the
disposal agreement, the assets shall be alienated and transferred
to a securitisation entity together with all existing rights,
claims, and fruits, including the right to insurance indemnity
which the alienor is entitled to receive in relation to assets in
accordance with laws and regulations or the concluded
agreements.
(2) In cases where the alienated assets include the right to
insurance indemnity upon occurrence of an insurance event, claims
of the alienor for the disbursement of insurance indemnity shall
be included in the assets, unless the contracting parties agree
otherwise in the disposal agreement.
(3) The insurance indemnity referred to in Paragraph two of
this Section shall be included in the assets to the extent
provided for by the laws and regulations in the field of
insurance or by the concluded agreements. A securitisation entity
is entitled to allow the debtor or the collateral provider to use
the insurance indemnity, either in full or in part, for the
elimination of the consequences of the insurance event.
(4) A unilateral notification of a securitisation entity to
the insurer that the insured assets have been transferred to the
securitisation entity on the basis of the disposal agreement
shall grant the right to such entity to receive the insurance
indemnity related to this asset.
(5) The alienation of assets to a securitisation entity shall
not form the grounds for the amendment or termination of an
insurance contract.
Section 14. Rights and Obligations
of a Debtor and a Collateral Provider
(1) An agreement between a debtor and an originator under
which it is prohibited or restricted to alienate or transfer
assets to another person shall not be valid if the assets are
alienated by the originator to a securitisation entity.
(2) Informing or consent of a debtor and a collateral provider
shall not be required for the alienation of assets.
(3) The alienation of assets to a securitisation entity shall
not affect the rights and obligations of a debtor and a
collateral provider which are provided for in the laws and
regulations in the field of consumer protection.
Section 15. Features of Insolvency
Proceedings of an Originator
In the insolvency proceedings of an originator, the
invalidation of transactions provided for in Articles 20 and 24
of Regulation No 2017/2402 shall apply not only to simple,
transparent, and standardised securitisations but to any
securitisation that complies with Article 2(1) of Regulation No
2017/2402.
Section 16. Isolation of Property of
a Servicer
Funds received by a servicer (including an originator if it
performs the functions of a servicer) from a debtor and a
collateral provider as a certain payment flow in relation to the
underlying exposure of the securitisation shall not be part of
the property of the servicer. In the event of legal protection
proceedings, insolvency proceedings, or liquidation of the
servicer or in the event of resolution or reorganisation
measures, such funds shall not be used to settle the claims of
creditors of the servicer, except to the extent that is set in
accordance with the provisions on securitisation transaction
documentation as the remuneration of the servicer for servicing
the debts.
Section 17. Procedures for the
Settlement of Claims of Investors and Other Creditors of a
Securitisation Entity
(1) The claims of investors shall be settled in accordance
with the order of seniority of the tranches of the securitisation
positions in the particular securitisation transaction. The
claims of investors in a tranche of a single securitisation
position shall be of the same order.
(2) The claims of other creditors, including claims arising
from derivative contracts, shall be settled in accordance with
the provisions on securitisation transaction documentation,
including the provisions governing the order in which the claims
of investors and other creditors in a particular securitisation
transaction are settled.
Section 18. Bringing an Action
against a Securitisation Entity
Bringing an action against a securitisation company shall be
governed by the provisions on securitisation transaction
documentation, taking into consideration that the claimant shall
not receive more in the event of a successful claim than it would
be entitled to in the order of seniority of tranches and what it
would actually be entitled to receive under the terms of the
securitisation transaction documentation, compared to other
investors and creditors. Actions of investors may only be brought
through a trustee, if such has been appointed.
Section 19. Representation of
Interests of Investors
(1) A securitisation entity shall convene a meeting of
investors if this is foreseen in the provisions on securitisation
transaction documentation in order to decide on the
representation of the interests of investors, insofar as it is
not in contradiction to this Law.
(2) The procedures for convening a meeting of investors, the
quorum of the meeting, the majority of votes necessary for
decision-making, the procedures for voting, including remote
voting, and any other issues related to convening and conducting
of the meeting shall be laid down in the provisions on
securitisation transaction documentation.
(3) A securitisation entity shall cover all expenses related
to the organisation of the meeting of investors and taking and
communication of decisions.
Section 20. Appointment of an
Investor Trustee
(1) The meeting of investors may decide that the joint
interests of investors related to securitisation shall be
represented by a trustee. The meeting of investors shall
determine the rights, obligations of the trustee, the settlement,
the procedures for covering expenses, and also any other
issues.
(2) The authorisation referred to in Paragraph one of this
Section shall not be affected by the declaration of insolvency
proceedings or liquidation of an investor, or the application of
the proceedings for the resolution or restructuring of
liabilities.
(3) The meeting of investors may decide that a trustee shall
represent all investors when performing the activities specified
in the authorisation. An investor may not concurrently exercise
independently his or her rights conferred on the trustee.
(4) In conformity with the powers and restrictions imposed on
a trustee in a decision by the meeting of investors, the trustee
is entitled to initiate proceedings on behalf of all investors
and defend their common interests, including in legal
proceedings, without the obligation to establish the identity of
investors. In exercising such rights, it shall be sufficient if
the trustee indicates that he or she acts as a trustee and
attaches a decision by the meeting of investors certifying the
powers of such person and the limits of the authorisation.
(5) A trustee is entitled to obtain information on insolvency
proceedings or liquidation of a securitisation entity, insofar as
it affects the settlement of the claims of investors brought in
the insolvency proceedings or liquidation of the securitisation
entity.
(6) If a trustee has been authorised to acquire assets in the
name or on behalf of investors, those assets shall be held and
accounted for separately from the personal assets of the trustee
and from any other assets transferred under its management.
Creditors of the trustee may not direct their claims against
assets, including financial resources, which the trustee has
received in the name or on behalf of investors upon fulfilment of
the obligations of the trustee specified thereto.
Chapter
IV
Supervision
Section 21. General Supervision
Requirements
(1) Latvijas Banka shall be deemed to be the competent
authority in Latvia within the meaning of Article 29(4) and (5)
of Regulation No 2017/2402.
(2) Latvijas Banka shall supervise the activities of
securitisation entities, originators, original lenders, sponsors,
and third parties verifying the conformity of securitisation with
the requirements of simplicity, transparency, and standardisation
in accordance with the requirements laid down in Regulation No
2017/2402 and other directly applicable European Union legal acts
in the field of securitisation.
(3) Latvijas Banka, when exercising supervision in the field
of securitisation, has the rights of the competent authority
referred to in Article 30(2), (3), (4), and (5) of Regulation No
2017/2402.
Section 22. Authorisation for a
Third Party to Verify the Conformity of Securitisation with the
Requirements of Simplicity, Transparency, and Standardisation
A one-off fee of EUR 5000 shall be payable to Latvijas Banka
for the review of the submitted documents for the issuance of the
authorisation referred to in Article 28(1) of Regulation No
2017/2402 to third parties verifying compliance of securitisation
with the requirements of simplicity, transparency, and
standardisation.
Section 23. Opinion of Latvijas
Banka
(1) Persons who require this in order to perform their
functions laid down in laws and regulations may request Latvijas
Banka to provide an opinion on whether a company whose firm name
includes the indication "securitisation entity" has carried out
or is carrying out transactions that are defined as
securitisation in accordance with Article 2(1) of Regulation No
2017/2402.
(2) Latvijas Banka has the right to request additional
information or explanations from the parties to the particular
transaction and any other person if this is necessary for the
provision of an opinion.
(3) Latvijas Banka shall provide its opinion within 30 days
from the date of receipt of the information necessary for the
provision thereof.
Chapter V
Liability
Section 24. Imposing of Sanctions
and Administrative Measures
Latvijas Banka is entitled to impose the sanctions and
administrative measures referred to in this Law if it establishes
the following:
1) an originator, a sponsor, or an original lender fails to
conform to the risk-retention requirements laid down in Article 6
of Regulation No 2017/2402;
2) an originator, a sponsor, or a securitisation entity fails
to conform to the requirements relating to transparency
requirements for originators, sponsors, and securitisation
entities laid down in Article 7 of Regulation No 2017/2402;
3) an originator, a sponsor, or an original lender fails to
conform to the requirements relating to the criteria for
credit-granting laid down in Article 9 of Regulation No
2017/2402;
4) an originator, a sponsor, or a securitisation entity fails
to conform to the requirements relating to the use of the
designation "simple, transparent, and standardised
securitisation" laid down in Article 18 of Regulation No
2017/2402;
5) with regard to securitisation other than asset-backed
commercial security securitisation, an originator, a sponsor, or
a securitisation entity fails to conform to:
a) the requirements of simple, transparent, and standardised
securitisation laid down in Article 19 of Regulation No
2017/2402;
b) the requirements relating to simplicity laid down in
Article 20 of Regulation No 2017/2402;
c) the requirements relating to standardisation laid down in
Article 21 of Regulation No 2017/2402;
d) the requirements relating to transparency laid down in
Article 22 of Regulation No 2017/2402;
6) with regard to asset-backed commercial security
securitisation, an originator, a sponsor, or a securitisation
entity fails to conform to:
a) the requirements of simple, transparent, and standardised
securitisation laid down in Article 23 of Regulation No
2017/2402;
b) the transaction-level requirements laid down in Article 24
of Regulation No 2017/2402;
c) the requirements for the sponsor of a programme laid down
in Article 25 of Regulation No 2017/2402;
d) the programme-level requirements laid down in Article 26 of
Regulation No 2017/2402;
7) with regard to simple, transparent, and standardised
balance-sheet securitisation, an originator, a sponsor, or a
securitisation entity fails to conform to:
a) the requirements of simple, transparent, and standardised
securitisation laid down in Article 26(a) of Regulation No
2017/2402;
b) the requirements relating to simplicity laid down in
Article 26(b) of Regulation No 2017/2402;
c) the requirements relating to standardisation laid down in
Article 26(c) of Regulation No 2017/2402;
d) the requirements relating to transparency laid down in
Article 26(d) of Regulation No 2017/2402;
e) the requirements relating to the credit protection
agreement, the third-party verification agent, and the synthetic
excess spread laid down in Article 26(e) of Regulation No
2017/2402;
8) an originator or a sponsor makes a misleading simplicity,
transparency, and standardisation notification referred to in
Article 27(1) of Regulation No 2017/2402;
9) an originator, a sponsor, or a securitisation entity fails
to comply with the requirements relating to the notification on
non-compliance of securitisation with the simplicity,
transparency, and standardisation requirements laid down in
Article 27(4) of Regulation No 2017/2402;
10) the third party that has received the authorisation
provided for in Article 28 of Regulation No 2017/2402 to verify
compliance of securitisation with simplicity, transparency, and
standardisation requirements has not notified any material
changes to the information specified in Article 28(1) of
Regulation No 2017/2402 or any other changes that could
reasonably be considered as such that affect the assessment of
Latvijas Banka with regard to granting the authorisation.
Section 25. Sanctions
(1) When taking a decision on the violations referred to in
Section 24 of this Law, Latvijas Banka is entitled to impose the
following sanctions:
1) to make a public notice which indicates the natural or
legal person who is responsible for the violation and the nature
of the violation;
2) to impose a fine in the following amount:
a) on the natural person responsible for the violation - up to
EUR 5 000 000;
b) on the legal person responsible for the violation - up to
EUR 5 000 000 or up to 10 per cent of the total annual turnover
of the legal person according to the latest available financial
statement. If the legal person is a parent undertaking or a
subsidiary which prepares a consolidated financial statement in
accordance with the Law on Annual Statements and Consolidated
Annual Statements, the relevant total annual turnover shall be
the total annual turnover or the corresponding type of income in
accordance with the relevant laws and regulations in the field of
accounting, taking into consideration the latest available
consolidated financial statement of the ultimate parent
undertaking;
c) on the natural person responsible for the violation - up to
twice the amount of the benefit derived from the violation if
such benefit can be established, even if it exceeds the amounts
specified in Sub-clause "a" of this Clause;
d) on the legal person responsible for the violation - up to
twice the amount of the benefit derived from the violation if
such benefit can be established, even if it exceeds the amounts
specified in Sub-clause "b" of this Clause.
(2) When taking a decision on the violation referred to in
Section 24, Clause 10 of this Law, Latvijas Banka can impose a
sanction which provides for the cancellation of the issued
authorisation.
Section 26. Administrative
Measures
(1) If Latvijas Banka establishes any of the violations
referred to in Section 24 of this Law, it is entitled to impose
the following administrative measures:
1) to request that the natural or legal person who is
responsible for the violation immediately ceases the relevant
activity;
2) to impose a temporary prohibition on a member of the board
or council (if such has been created) of an originator, a
sponsor, or a securitisation entity or the natural person
responsible for the violation from performing the duties assigned
thereto until the moment when the violation is eliminated, but
not longer than two years.
(2) If Latvijas Banka establishes any of the violations
referred to in Section 24, Clause 5, 6, 7, or 8 of this Law, it
is entitled to impose a temporary prohibition on the originator
and the sponsor to provide to the European Securities and Markets
Authority the notice referred to in Article 27(1) of Regulation
No 2017/2402.
(3) Latvijas Banka shall impose administrative measures
independently of the sanctions provided for in Section 25 of this
Law.
Section 27. Decision of Latvijas
Banka on Imposing of Sanctions and Administrative Measures
Upon taking the decision to impose sanctions and
administrative measures and on the amount of the fine, Latvijas
Banka shall take into account the criteria referred to in Article
33(2) of Regulation No 2017/2402 and the Law on Latvijas Banka,
and also the measures taken by the person to prevent the
recurrence of the violation and to mitigate the possible systemic
consequences of the violation and the extent of the damage caused
to third parties thereby, and also assess the proportionality,
effectiveness, and deterrent nature of the applicable sanctions
and administrative measures.
Section 28. Informing of the
Sanctions and Administrative Measures Imposed
(1) Latvijas Banka shall post the information on the imposed
sanction and administrative measure on its website, indicating
information on the person and the violation committed thereby,
and also on appealing the decision taken by Latvijas Banka and
the ruling made.
(2) If, after prior assessment, Latvijas Banka finds that the
disclosure of data of such person on whom a sanction and
administrative measure has been imposed is not commensurate or
the disclosure of such data can endanger the stability of the
financial market, examination of the relevant administrative
case, or the course of the commenced criminal proceedings, or
publication of such information is not commensurate with the
committed violation, Latvijas Banka is entitled to carry out one
of the following activities:
1) to suspend publishing of the information referred to in
Paragraph one of this Section on the sanctions and administrative
measures imposed on the person until the moment when
circumstances for suspending the publishing cease to exist;
2) to publish the information referred to in Paragraph one of
this Section without identifying the person;
3) to not publish the information referred to in Paragraph one
of this Section.
(3) The information posted on the website of Latvijas Banka on
the violation shall be available for five years from the day of
posting thereof.
Section 29. Statute of
Limitation
(1) Latvijas Banka is entitled to initiate proceedings within
five years from the day when the violation is committed but in
case of a continuous violation from the day of eliminating the
violation.
(2) Counting of the statute of limitation for the initiation
of a case specified in Paragraph one of this Section shall be
stopped from the day of when the proceedings have been
initiated.
(3) Latvijas Banka may take the decision on imposition of the
sanctions and administrative measures specified in this Law
within two years from the day when the proceedings have been
initiated.
(4) Due to objective reasons, including if the case requires a
protracted determination of facts, Latvijas Banka, by taking a
decision, may extend the time period for taking the decision
specified in Paragraph three of this Section for a time period
not exceeding three years from the day when the proceedings have
been initiated.
(5) Latvijas Banka shall terminate the case if the decision on
imposing the sanctions and administrative measures has not been
taken within the time period specified in Paragraph three or four
of this Section.
Section 30. Appeal of an
Administrative Act Issued by Latvijas Banka
(1) When appealing an administrative act issued by Latvijas
Banka, the application shall be submitted to the Regional
Administrative Court. The court shall examine the case as the
court of first instance. The case shall be reviewed in the
composition of three judges. A judgement of the Regional
Administrative Court may be appealed by submitting a cassation
complaint.
(2) The appeal of the administrative act referred to in
Paragraph one of this Section, except for an administrative act
on the imposition of a fine, a public notice, or cancellation of
the authorisation, shall not suspend the operation of such
act.
Section 31. Obligation of Latvijas
Banka to Provide Information to the European Securities and
Markets Authority
Latvijas Banka shall inform the European Securities and
Markets Authority of the sanctions and administrative measures
imposed for the violations of Regulation No 2017/2402 and other
directly applicable European Union legal acts in the field of
securitisation and also of the appeal of a decision of Latvijas
Banka.
Transitional
Provision
Section 14, Paragraph one of this Law shall also apply to an
agreement between the debtor and the originator concluded before
the date of entry into force of this Law if the originator itself
performs the functions of a servicer after the alienation of
assets to the securitisation entity.
This Law shall come into force on 15 July 2023.
This Law has been adopted by the Saeima on 8 June
2023.
President E. Levits
Adopted 20 June 2023
1The Parliament of the Republic of
Latvia
Translation © 2023 Valsts valodas centrs (State
Language Centre)
