June 08, 2015
Changes in legislation
Important legislative update for single-member SIAs
On 21 May 2015 the Latvian Parliament (Saeima) adopted amendments to the Commercial Law. The objective of the new amendments is to simplify the procedure for single-member SIA (sabiedrība ar ierobežotu atbildību - limited liability company) to fulfil requirements and terms regarding the submission of an actual shareholders register and Euro currency denominated equity capital statement. In accordance with the amendments, the Enterprise Register shall be entitled to carry out an automatic recalculation of the equity capital in Euros, if the management of the respective companies will fail to do so by 30 June 2016.
A new Unfair Practice in Retail Trade Prohibition Law is adopted
On 21 May 2015 the Latvian Parliament adopted the new Unfair Practice in Retail Trade Prohibition Law, which shall regulate the abuse of significant market power by retailers. Up to the adoption of the new law retailer market power abuses have been governed by general Competition law provisions. The new law shall enter into force on 1 January 2016.
As of 1 July 2015 unfair commercial behavior may cost more
As of 1 July 2015 amendments to the Unfair Commercial Practice Prohibition Law and Advertising Law shall enter into force. As a result, a fine imposed by the supervisory institutions as a result of the unfair commercial practices shall be up to 10 percent of the net turnover of the previous financial year, but not exceeding EUR 100,000. The relevant amendments were adopted by the Latvian Parliament back in the spring of 2014.
A step closer towards on-line real estate auctions
On 28 May 2015 the Latvian Parliament adopted amendments to the Civil Procedure Law regarding the real estate auctions using electronic means. The said amendments will enter into force already on 1 July 2015, whereas the insolvency administrators shall apply the new procedure as of 1 January 2016.
New alternative extra-judicial dispute resolution procedure for consumers planned
On 7 May 2015 in the first reading the Latvian Parliament supported the new draft law aiming to introduce an alternative extra-judicial dispute resolution procedure for consumers. The new draft law sets uniform requirements for extra-judicial settlement of consumer disputes in order to ensure enforcement of consumer rights through independent, transparent, efficient, fast and fair alternative dispute resolution without judicial intervention.
The anticipated extra-judicial procedure shall not be applicable to disputes concerning utility services, health services and similar services that are already subject to other specific dispute resolution procedures.
Pending changes in the field of industrial property
On 28 May 2015 in the second reading the Latvian Parliament supported the new draft law “Industrial Property Institutions and Procedural law” in order to determine unified procedures and legal relations in the field of industrial property rights, in particular regarding the registration of the industrial property rights in the Patent Office of the Republic of Latvia, organization of the registers, applications and registration files kept by the Patent Office of the Republic of Latvia and its public access, as well as to provide faster and more objective settlement of disputes regarding the protection of industrial property rights.
The most important changes are related to the appeal procedure in opposition matters, since in these cases the decision of the Board of Appeal would be the subject matter of civil, not administrative judicial review.
SKA team runs 100 kilometers in the Lattelecom Riga Marathon
On 17 May 2015 for the third year in a row the SKA team participated in the Lattelecom Riga Marathon. SKA team members ran distances of 10km and/or 5km, all together 100 km in total! In the 10 km distance Arturs achieved the highest result, whereas lawyers Elina and Paula were our office champions in the 5 km distance.
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