Banking and Finance

Banking and Finance

drill. Banking and Finance practice team is known for its in-depth and extensive knowledge of local and international financing transactions. Our lawyers have gained professional experience in the largest banks in Latvia, as well as participated in the development of important financial legislation.

 

We give regular advice to Latvian and international financial institutions, payment service providers, pension funds, venture capital funds, business angels, agents of noteholders, companies included in the regulated market, the Alternative Financial Services Association of Latvia, institutional investors, as well as other lenders and borrowers.

 

Clients appreciate our approach to work in a small, compact team, ensuring active and personal participation of experienced partners and senior lawyers in the implementation of projects.

 

We provide legal assistance related the establishment of funding structure, preparation of transaction documents and establishment of collateral, as well as other issues in the field of finance. Our advice covers both traditional bilateral and syndicated loans, structured financing, project finance, acquisition finance, real estate finance and leasing transactions. We also work with capital market instruments, such as bonds and other types of securities.

Publications and Projects

In response to the request of SIA Mindi Insurance, drill. Regulatory team provided its assistance when SIA Mindi Insurance was registered as an intermediary for insurance and reinsurance services with the Financial and Capital Market Commission. We are pleased to say that the registration process went easily and smoothly.

 

While providing advice, drill. team developed a number of internal documents required by the company as an insurance and reinsurance service provider, namely, the Rules for Testing and Ensuring the Compliance of Knowledge and Skills of the Responsible Person and Employees Involved in Services, the Customer Payment Processing Procedure, the Information System Protection Rules, the Complaints Review Procedure and the Organizational Structural Rules.

 

In addition, we invested a lot of work in developing the Privacy Policy and Cookie Policy for the needs of SIA Mindi Insurance, as well as the terms of use of the Mindi portal.

 

More information at: FCMC news.

We are indescribably happy and satisfied that on 21.01.2021, our client, AS Indexo Atklātais Pensiju Fonds, received a licence from the Financial and Capital Market (FCMC) to operate a private pension fund. INDEXO plans to offer conceptually new and innovative 3rd pillar pension plans in the near future.

 

drill. experts participated in the preparation and coordination of the documents required for obtaining the licence from the FCMC, including the development of all internal control system documents, and participated in meetings and negotiations with the regulator. This is the first licence received by the pension fund after the entry into force of the new Private Pension Fund Law and subject to the strict AML regulation after the overhaul of the financial sector.

 

More information at : INDEXO blog un FCMC news.

IPAS Indexo is a start-up pension fund that has helped revitalize the Latvian pension fund industry in recent years by offering low-cost second-tier pension fund services. It is the first pension fund in Latvia to offer passively managed pension plans.

 

Our Banking and Finance team successfully provided consultations and represented Indexo in the discussion of the new draft Private Pension Fund Law at the Saeima’s Legal Bureau. Thanks to the Indexo initiative, the draft law incorporates a mechanism that facilitates the convenient transfer of funds between private pension funds, as well as amendments to the Credit Institutions Law to ensure stronger protection of pension fund members’ assets in the event of insolvency of credit institutions. Both of these legal initiatives have been adopted.

 

Legal advice included preparation of amendments to the draft law and their substantiation (annotation) and successful representation of Indexo’s interests in the Saeima’s Legal Bureau.

 

For more information, please see

https://indexo.lv/blogs/parmainas-3pl/

HansaMatrix is a fast-growing, high-technology company offering electronic product and system design, industrialization and complete manufacturing services in data networking, Internet of Things, industrial segments and other high added value business segments. HansaMatrix shares are listed on the regulated market, and it is the only company from Latvia that is included in the Financial Data Analysis and Research Programme of the European Bank for Reconstruction and Development.

 

ZGI Capital ranks among most experienced managers of venture capital funds in the Baltics and has been operating since 2005. ZGI Capital currently manages several alternative investment funds, including the fourth generation growth venture capital fund ZGI-4.

 

Our Banking and Finance practice team advised ZGI Capital throughout all stages of the transaction, including legal due diligence as well as prepared and negotiated all investment-related documents.

Mogo Finance is one of the largest and fastest growing car financing companies in Europe, which started its operations in Latvia and currently operates in 17 countries. In 2018 and 2019, Mogo Finance successfully issued EUR 1 billion in corporate bonds in several phases. The bonds are listed on the Frankfurt Stock Exchange Open Market.

 

Our Banking and Finance practice team advised Mogo Finance on all issues of Latvian law related to the bond issue, including advice on collateral structuring, establishment and registration in Latvia, as well as prepared transaction-related agreements and other documents and provided a legal opinion on the validity and enforceability of bond prospectus and related contracts.

Our Banking and Finance practice team advised ZGI-3, a venture capital fund managed by ZGI Capital, in connection with third-round investment made by BaltCap, one of the leading venture capital funds in the Baltics, in SIA KOOL Latvia. As a result of the transaction, BaltCap acquired a 30% stake in SIA KOOL Latvia.

 

Our experts advised ZGI-3, the venture capital fund, as an existing shareholder of SIA KOOL Latvia throughout all stages of the transaction, as well as negotiated all documents related to the investment, including the investment agreement and the shareholder agreement, as well as advised on issues related to the conclusion and performance of the transaction.

 

KOOL is a new innovative brand in the Latvian oil retail market with a fresh and modern concept. Since its establishment, KOOL has attracted more than € 7.5 million in funding from various local entrepreneurs as well as private and institutional investors.

 

ZGI Capital is an alternative investment fund manager that manages ZGI-3 and ZGI-4 funds established in cooperation with the Development Finance Institution ALTUM. ALTUM is a state-owned development finance institution that provides state support to certain target groups in the form of financial instruments (through loans, guarantees, investments in venture capital funds, etc.).

SIA Mobilly is a licensed electronic money institution with the right to provide payment services. Its licence was issued by the Financial and Capital Market Commission, which regulates and supervises the participants of the Latvian financial sector. SIA Mobilly owns the most convenient and user-friendly payment system in Latvia, which facilitates the daily lives of more than 250,000 people and provides an opportunity for mobile phone users to make payments wherever mobile communications are available.

 

Our team of Banking and Finance experts advised on the financing transaction of SIA Mobilly, which was concluded with the fourth largest bank in Latvia, AS Citadele banka. As a result of the transaction, AS Citadele banka acquired 12.5% of the SIA Mobilly shares. The purpose of the transaction was, among other things, to integrate Mobilly’s mobile payment services into the services offered by the Citadele Group, as well as to develop new mobile payment services.

 

Our Banking and Finance team helped SIA Mobilly prepare and negotiate all documents related to the bank’s investment, including the investment agreement and the shareholder agreement, with the existing and new shareholders, as well as to close the transaction and resolve post-closing issues.

Based on our significant experience in advising non-bank creditors and the recent rapid development of the industry, our Banking and Finance practice group had the opportunity to help establish a new leasing company, AS Loango.

 

Legal services included obtaining of a special consumer credit permit (licence) at the Consumer Rights Protection Centre (CRPC), preparation and negotiation of standard contract terms, internal credit issuance procedure, solvency assessment procedure, debt collection procedure, consumer complaint handling procedure and data processing procedure with the CRPC. It should be noted that this was already the 4th CRPC licence that was obtained with assistance of our experts.

AS Biotehniskais Centrs, which is the leading manufacturer of bioreactors and other special biotechnological equipment in the Baltics, has attracted investments in the amount of EUR 200 thousand from the venture capital fund ZGI-3 managed by ZGI Capital.

 

Our Banking and Finance practice team advised the venture capital fund ZGI-3 throughout all stages of the transaction, including legal due diligence of AS Biotehniskais centrs, as well as developed and coordinated all investment-related documents.

 

ZGI Capital is an alternative investment fund manager that manages ZGI-3 and ZGI-4 funds established in cooperation with the Development Financial Institution ALTUM. ALTUM is a state-owned development finance institution that provides state support to certain target groups in the form of financial instruments (through loans, guarantees, investments in venture capital funds, etc.).

On 21 October 2016, Mobilly, one of the largest mobile payment service providers in Latvia, announced that it has managed to attract large investments in the amount of 1.1 million euro, including 700 thousand euro from the venture capital fund ZGI-3 to expand its operations. By signing an investment agreement with the venture capital fund ZGI-3, Mobilly became the largest investment attractor in the FinTech sector in Latvia in 2016.

 

Our Banking and Finance practice team advised the venture capital fund ZGI-3 throughout all stages of the investment transaction, including legal due diligence, as well as the preparation and negotiation of all investment-related documents.

 

Venture capital fund ZGI-3 made this investment in cooperation with the state-owned Development Finance Institution ALTUM and the European Regional Development Fund within the framework of the European Union Funds Operating Programme “Entrepreneurship and Innovation” for 2007-2013, which is implemented with co-financing from the European Regional Development Fund.

Our Banking and Finance practice team successfully represented venture capital fund manager ZGI Capital in the transaction under which its managed fund ZGI-3 provided capital and mezzanine financing to the innovative dairy producer Baltic Dairy Board.

 

Our Banking and Finance experts advised the client at all stages of the transaction, including legal due diligence, structuring the transaction, taking into account existing venture capital investments and co-financing from the Latvian Investment and Development Agency, as well as drafted all transaction documents.

 

The transaction was carried out within the framework of the European Union Funds Operating Programme “Entrepreneurship and Innovation” for the programming period 2007-2013, which is implemented with the co-financing of the European Regional Development Fund.

Our Banking and Finance team was involved in the implementation of the first rent-to-own financial services project in Latvia. Legal services included advising on the establishment of a legal form and service structure, drafting a standard contract, advising on debt collection issues, and drafting corporate governance rules.

 

Our experts also successfully represented the client in the case of the Consumer Rights Protection Centre (CRPC) regarding the application of consumer credit (especially operational leasing) regulations to the services provided by our client, which could have a significant negative impact on the client’s future operations. While implementing the strategy developed by our experts, the CRPC closed the inspection case against our client.

In 2013, the Ministry of Economics launched a campaign against non-bank lending, which seriously threatened the continued existence of non-bank lenders in the Latvian market. Our team of experts was actively involved in the assessment of the relevant restrictions and represented the interests of clients, preparing substantiated objections to the implementation of the restrictions. As a result, most of the restrictions were not introduced, allowing non-bank lenders to continue to provide their services in Latvia.

Our Banking and Finance team represented the venture capital fund FlyCap in financing transaction of HansaMatrix, one of the leading high-tech product development and manufacturing companies in the Nordic and Baltic countries, to expand the existing plant in Ogre and finance the company’s working capital.

 

enture capital fund FlyCap provided its financing in cooperation with the state-owned Development Finance Institution ALTUM and the European Regional Development Fund within the framework of the European Union Funds Operating Programme “Entrepreneurship and Innovation” for the programming period 2007-2013, which is implemented with co-financing from the European Regional Development Fund.

 

Our experts advised the client at all stages of the transaction, including legal due diligence, structuring the transaction and also drafted all transaction documents.

 

We are proud to emphasize that this transaction was nominated by the Latvian Venture Capital Association and the Latvian Business Angels Network as the “Investment of the Year 2015”.

Banku garantiju apmaksa

Ramona Tiltiņa

zvērināta advokāte, zvērinātu advokātu birojs „Krodere & Judinska”

Slēdzot dažādu veidu darījumus, viens no būtiskākajiem jautājumiem ir – kā nodrošināties pret līdzēju saistību neizpildi vai nepienācīgu izpildi? Šādos gadījumos plaši tiek izmantoti saistību pastiprināšanas līdzekļi vai saistību izpildes juridiskie nodrošinājumu līdzekļi, jo civiltiesībās izplatītais un visiem labi zināmais pamatprincips pacta sunt servanda mūsdienu darījumu izpildes nodrošināšanai ir nepietiekams, ja vien līdzēju starpā nepastāv absolūta savstarpēja uzticēšanās.

Praksē saistību spēks bez ķīlas tiesības, līgumsoda, galvojuma un rokas naudas tiek pastiprināts arī ar bankas garantiju. Šodien turpat ikvienā liela mēroga darījumā, lai tas būtu būvniecības līgums vai iepirkuma konkurss, tiek prasīta bankas garantija, tādā veidā cenšoties samazināt saistību neizpildes vai nepienācīgas izpildes risku, it īpaši, ja darījuma puse nav uzticama vai gluži vienkārši nav bijusi iespēja pārliecināties par šīs darījuma puses uzticamību.

Banku izdotās garantijas pēc pieprasījuma (angļu val. demand guarantee) ir viens no ērtākajiem un vienkāršākajiem saistību izpildes nodrošināšanas līdzekļiem starptautiskā un nacionālā līmenī. Bankas garantijas lielākā vērtība ir garantijas saņēmēja jeb beneficiāra pārliecība par to, ka, neskatoties uz jebkādiem strīdiem vai nesaskaņām, kas var rasties starp darījuma pusēm, banka ir uzņēmusies saistību veikt samaksu pēc tam, kad tiks izpildīti garantijā ietvertie nosacījumi. Banku garantiju izdošana visā pasaulē ir pietiekami unificēta un bankas rīcība garantijas apmaksas pieprasīšanas gadījumā ir viegli prognozējama, tāpēc bankas garantijām ir augsta uzticamības pakāpe.

Taču ir jāņem vērā, ka bankas garantijas saņemšana pati par sevi nebūt nenozīmē, ka darījuma partnera saistību neizpildes gadījumā beneficiārs bez jebkādiem sarežģījumiem gūs no garantijas apmierinājumu. Līdzīgi kā attiecībā uz bankas garantijas izdošanu, arī garantijas apmaksas pieprasījuma gadījumā beneficiāram ir jārēķinās ar virkni būtiskiem noteikumiem un principiem, kuru neievērošanas gadījumā garantijas izdevēja banka var atteikties garantiju apmaksāt. Uzņēmēji bieži vien nepietiekami rūpīgi pievērš uzmanību garantijas pieprasījuma noformēšanai, kā rezultātā praksē ir vērojami gadījumi, kad bankas atsaka garantijas apmaksu dažādu formālu vai citu būtisku trūkumu dēļ, un šo trūkumu novēršanai nepietiek laika, jo ir iestājies garantijā norādītais termiņš, pēc kura garantijas apmaksu pieprasīt vairs nevar.

Saņemot garantijas apmaksas pieprasījumu, bankai ir pienākums pārbaudīt vai attiecīgais pieprasījums ir iesniegts korektā formā garantijā norādītā termiņa ietvaros un vai tas atbilst citiem garantijā minētajiem noteikumiem, kā arī bankai ir pienākums atteikties veikt apmaksu, ja nav ievēroti garantijā minētie noteikumi un nosacījumi. Ja beneficiārs nevar iesniegt garantijā norādītos dokumentus vai iesniedz dokumentus, kas neatbilst visām garantijā ietvertajām prasībām, vai, ja prasība nav iesniegta garantijā norādītajā veidā (piem., notariāli apliecinātā vai SWIFT paziņojuma formā) un termiņā, beneficiāram nav tiesību saņemt garantijas apmaksu. Atbilstībai ir jābūt dzelžainai un mazākā kļūda var liegt beneficiāram saņemt garantijas apmaksu. Ja banka, atklājot garantijas pieprasījumā kādu neatbilstību, tomēr ir veikusi garantijas apmaksu, banka var zaudēt tiesības gūt atlīdzinājumu no tās klienta, jo šāda bankas rīcība, nepamanot vai neņemot vērā garantijas apmaksas pieprasījuma neatbilstību garantijas noteikumiem, var tikt uzskatīta par neattaisnojamu un prettiesisku. Šādā gadījumā bankas klients var vērsties tiesā pret banku un lūgt tiesu lemt par prasības nodrošināšanu, aizliedzot bankai veikt jebkādas piedziņas darbības pret klientu (piemēram, realizēt bankas finanšu ķīlu jeb aizliegt norakstīt klienta naudas līdzekļus no klienta kontiem bankā).

Garantijas apmaksas pieprasījuma pārbaudē galvenokārt tiek izvērtēts vai iesniegtie dokumenti atbilst tiem dokumentiem, kas norādīti garantijā. Iesniegtajiem dokumentiem ir jābūt precīzi tādiem, kādi norādīti garantijas tekstā. Ja tiek prasīts rakstisks pieprasījums veikt apmaksu, tad pieprasījumā ir jābūt iekļautam skaidri izteiktam beneficiāra lūgumam veikt maksājumu saskaņā ar garantiju. Ja beneficiārs bankai iesniegtajā pieprasījumā tikai apraksta darījuma partnera saistību neizpildes faktu, bet nenorāda ne pieprasīto summu, ne bankas kontu, kurā būtu jāieskaita pieprasītais maksājums, bankai var rasties pamatotas šaubas par beneficiāra nodomu prasīt garantijas apmaksu. No prasības ir jābūt nepārprotami skaidram, ka konkrētā beneficiāra komunikācija ir uzskatāma par pienācīgu garantijas apmaksas pieprasījumu, nevis tā darījuma partnera saistību neizpildes faktu izklāstu vai savas neapmierinātības paušanu.

Tāpat ir jāņem vērā, ka beneficiārs ir tiesīgs pieprasīt visu garantijā norādīto summu, taču tas nevar pieprasīt vairāk par maksimālo summu, kaut arī viņa faktisko zaudējumu vai procentu kopējais apmērs pārsniedz šo summu. Neraugoties uz minēto, praksē ir sastopami gadījumi, kad beneficiārs bankai pieprasa samaksāt summu, kas atbilst beneficiāra aprēķināto zaudējumu apmēram un ievērojami pārsniedz maksimālo summu, kas norādīta garantijā. Šādos gadījumos bankai būtu jālūdz beneficiāram precizēt tā garantijas apmaksas pieprasījumu, norādot korektu summu.

Papildus prasībai veikt samaksu, beneficiāram ir rūpīgi jānoformulē tā apliecinājums, ka tā darījuma partneris ir pārkāpis savas saistības (piemēram, nav izpildījis darbus, nav veicis darbu apmaksu, nav piegādājis materiālus, nav noslēdzis iepirkuma līgumu konkursa uzvaras gadījumā u.c.). Tā, piemēram, gadījumos, kad banka ir izdevusi apmaksas garantiju, šāda garantija nodrošina darījuma puses pienākumu veikt samaksu par padarītajiem darbiem vai saņemtajiem labumiem saskaņā ar nodrošināto līgumu, nevis izpildīt citus nodrošinātajā līgumā minētos pienākumus (piemēram, segt zaudējumus vai sniegt pretizpildījumu). Arī avansa atmaksas garantijas gadījumā beneficiāram nav tiesību pieprasīt bankai veikt garantijas apmaksu, ja darījuma partneris nav, piemēram, izpildījis darbus, kas neattiecas uz samaksāto avansu, vai nav atlīdzinājis citus beneficiāram radītos zaudējumus.

Vienlaicīgi ir jānorāda, ka garantijas apmaksas pieprasīšanas gadījumā bankai nav pienākums un tai pat ir jāaturas no citu ārējo faktoru izvērtēšanas, piemēram, vai darījuma puse ir izpildījusi savas saistības saskaņā ar nodrošināto līgumu. Taču, neskatoties uz šo bankas neitralitāti, ja beneficiārs iesniedz bankai garantijas apmaksas pieprasījumu, zinot, ka tā darījuma partneris ir pilnībā izpildījis savas no nodrošinātā līguma izrietošās saistības, par ko pārliecināties ir bijusi iespēji arī bankai, tā var atteikt garantijas apmaksu.

Lai arī banku garantijas vieno unificēts tiesiskais regulējums, tās ir atšķirīgas pēc to veidiem. Tāpēc, ņemot vērā augstāk minēto, pirms garantijas saņemšanas beneficiāram ir ieteicams pārliecināties par to: (a) vai tam izsniegtā garantija ir pietiekama un sedz visus tos darījuma partnera saistību neizpildes gadījumus, kuriem par nodrošinājumu beneficiārs ir izvēlējies bankas garantiju, kā arī (b) vai beneficiārs sava darījuma partnera saistību neizpildes gadījumā varēs izpildīt garantijā minētos noteikumus. Būtu ieteicams izvairīties no dažādu papildus dokumentu paredzēšanas garantijā, lai neradītu papildus riskus un iespējas atrast formālas neatbilstības garantijas apmaksas atteikuma noformēšanai.

The main purpose of the prohibition on financing stated in Article 241 of the Commercial Law is to protect the creditors and minority shareholders of a joint stock company, but in the event of reorganization and reduction of the share capital, they are protected by other provisions of the Commercial Law. Therefore, the reorganisation and reduction of the share capital carried out in accordance with the provisions of the Commercial Law do not preclude the prohibition on financing.

https://juristavards.lv/doc/190991-par-aizliegumu-akciju-sabiedribai-finanset-savu-akciju-iegadi/