Banking & Finance

We have knowledgeable and experienced banking and finance law team, providing a broad range of services covering both traditional banking and finance as well as insurance, FinTech solutions and online consumer crediting.

EXAMPLES

• Representing the European Central Bank in the claim against the Republic of Latvia in the European Court of Justice on infringement of independence of national central bank’s Governor.
• Legal support to the European Central Bank with respect to verification of implementation of European Union legal acts and ECB’s internal legal acts by Latvian institutions.
• Provision of legal support to one of the biggest Latvian credit intuitions within the scope of implementation of innovative payment services compliant with requirements of the Second Payment Services Directive.
• Provision of ongoing legal support to the very first licensed payment institution in Latvia within the scope of its daily business activities, including legal assistance in securing compliance with anti-money laundering requirements and compliance with requirements of the Second Payment Services Directive.
• Ongoing legal advice to a number of the biggest Latvian online consumer crediting companies on corporate law matters, including drafting of standard agreements with clients and suppliers, legal opinions on corporate and commercial matters, communication with regulatory institutions etc.
• Participation in a Ministry of Finance working group to create the Financial Sector Development Plan for years 2017-2019, particularly with respect to amendments to law related to payment institutions.
• Legal advice to one of the Big Four accounting firms in litigation related to alleged professional negligence in auditing of a Latvian licensed bank and reporting to regulatory institutions.
• Serving as liquidator of LAS VEF Banka.
• Acting for AS “Seesam Insurance” Latvia branch on insurance disputes including a dispute over policy interpretation and building designer liability.
• Representing of an international insurance company in a number of “Maxima cases” on compensation of damages due to the collapse of Maxima shopping center

SERVICES

• Licensing of payment and electronic money institutions
• Licensing of consumer crediting companies
• Ensuring regulatory compliance
• Structuring an appropriate legal framework of innovative financial services and coordination with the supervisory authorities, including the Financial and Capital Markets Commission and Consumer Rights Protection Centre
• Advising on ownership structure and preparing respective notifications to supervisory authorities, including the Financial and Capital Markets Commission and Consumer Rights Protection Centre
• Financing agreements
• Advising on compliance with legal requirements for marketing activities
• Transaction structuring
• Restructuring of financial institutions
• Financing agreements
• Financial instruments
• Security/mortgage registration
• Drafting of law reform proposals
• Liquidation of financial institutions
• Representation in court, including against supervisory authorities