“I appreciate the efforts of the legislator to improve the regulation of financial instruments market to prevent the risk of majority shareholders avoiding the obligation to make a compulsory stock redemption offer dishonestly. Failure to comply with this obligation seriously violates the rights of minority shareholders and has an impact on a price of shares. However, the statutory regulation calls into question the assessment and elimination of all the risks that could emerge given that such a regulation takes effect. The proposed changes may restrict the rights of majority shareholders to the property and the right of establishment disproportionally,” stated Raimonds Vējonis.
In Article 74.1 of the amendments to the Law on the Financial Instruments Market, the chosen solution for the protection of minority shareholders’ rights is contrary to the purpose of the mandatory stock redemption offer provided for in this Law. The legislator has not assessed the efficiency and impact of the preventive and punitive mechanisms contained in the regulation currently in force on the participants of the financial market. Providing for a new regulatory framework without such an assessment causes a risk of disturbing the balance between protection of the interests of minority shareholders and of the interests of majority shareholders.
In their turn, amendments to the Law on the State Administration System were returned to the Saeima for reconsideration because the legislation adopted by the Saeima was contradictory and the Saeima’s Rules of Procedure were not respected during its adoption.
"Clear and unambiguous regulation is needed to promote openness and transparency in the use of state and local government budget funds, as well as to not create further uncertainties regarding the publication of remuneration of officials and employees of state and local government institutions. The fact that the legislator creates a different regulation of the same issue in different law is unacceptable,” indicated the President of Latvia in his letter to Madam Speaker of the Saeima Ināra Mūrniece. He pointing out that the adopted regulation contradicted the amendments to the Law on Remuneration of Officials and Employees of the State and Local Government Institutions adopted by the Saeima only two months ago.
In his letter to the Madam Speaker of the Saeima, the President of Latvia also requested to assess the compliance of the amendments adopted by the Saeima with the requirements of the protection and circulation of personal data as well as to find a balanced solution for the implementation of the fundamental rights guaranteed in Articles 100 and 96 of the Satversme. Raimonds Vējonis also informed her that he received a letter from the State Data Inspectorate on 30 June 2017, which focused on the non-compliance of the regulation included in the Law with the regulatory requirements regulating data protection of individuals and included a request not to promulgate that Law.