Transposition of EU NFR Directive: A) Amendments to Financial and Capital Market Commission Regulations no. 200 B) Amendments to the Financial Instruments Market Law

The transposition has been finalized in two separate regulations. It looks within both towards the EU directives scope and narrative for the national implementation, it emphasizes the non-financial statement, comply explain approach, and includes requirements for auditor to verify statement.

Issuer name

Ministry of Finance

More information

The transposition stays the same however it diverges on a couple of matters: Auditor's involvement requires the content of the statement be check where the statement is included in the consolidated management report; fines: up to 10 percent of the net turnover of the previous financial year or EUR 142,300, whichever is the larger amount, imposed on the organization; and/or a temporary ban, for a period up to 3 years, imposed on the responsible persons; and/or a fine of up to EUR 1 million imposed;

Comply or explain

True

Organizations covered by the instrument

State-owned companies

Industry scope

All/none specified

ESG coverage - E (Environment)

All

ESG coverage- S (Social)

All

ESG coverage- G (Governance)

All

ESG coverage- Eco (Economic & General)

All

Status

Current

Country

Latvia

Region

Europe

Date of publication

2016

Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Go to the instrument