Latvijas Banka Rules No. 413 on Audit Committees of Public Interest Entities

Latvijas Banka Rules No. 413
Riga, 2 February 2026

Rules on Audit Committees of Public Interest Entities

Issued in accordance with Article 37.9, paragraph 2.1 of the Audit Services Law

1. These Rules determine the volume and deadline for submitting information, by which a public interest entity provides the Bank of Latvia with information on the establishment of an audit committee or a structure equivalent to it, its composition and changes in the composition of the audit committee, or the justification for not establishing it.

2. A public interest entity submits information to the Bank of Latvia within 10 working days after the decision on the establishment of an audit committee is adopted, indicating:
   2.1. the first name and surname of each member of the audit committee, separately indicating the first name and surname of the chairman of the audit committee;
   2.2. which members of the audit committee meet the independence criteria specified in Article 55.6, paragraph 3 of the Financial Instrument Market Law;
   2.3. which members of the audit committee have education and professional experience that meet the requirements of Article 55.6, paragraph 7 of the Financial Instrument Market Law;
   2.4. which members of the audit committee have knowledge that meets the requirements of Article 55.6, paragraph 7.1 of the Financial Instrument Market Law (if applicable);
   2.5. the term of the mandate of the audit committee, including the period from which to which the mandate is in force.

3. If a public interest entity that meets the criteria for a small and medium-sized enterprise specified in Article 55.11, paragraph 1.1 of the Financial Instrument Market Law has adopted a decision to delegate the functions of an audit committee to the board of directors of a joint-stock company, it submits information to the Bank of Latvia within 10 working days after the adoption of the decision, indicating the date of adoption of the decision and the justification.

4. If a public interest entity is a subsidiary and a structure established at the group level ensures the performance of the tasks set for an audit committee in the Financial Instrument Market Law, it submits information to the Bank of Latvia within 10 working days after the decision on delegating the tasks of an audit committee to a structure established at the group level is adopted, indicating:
   4.1. the date of adoption of the decision;
   4.2. the name of the parent company and the name of the structure established at the group level;
   4.3. the information specified in sub-items 2.1., 2.2., 2.3., 2.4. and 2.5. of these Rules.

5. If a public interest entity already has a structure equivalent to an audit committee established that meets the requirements set for an audit committee in the Financial Instrument Market Law, it submits information to the Bank of Latvia within 10 working days after the decision on delegating the tasks of an audit committee to this structure is adopted, indicating:
   5.1. the date of adoption of the decision;
   5.2. the name of the structure;
   5.3. the information specified in sub-items 2.1., 2.2., 2.3., 2.4. and 2.5. of these Rules, if it has not already been submitted to the Bank of Latvia.

6. If a public interest entity is a public pension fund or a manager of state-funded pension scheme funds, or manages an investment fund, or its sole commercial activity is issuing securities supporting the issuance of securities in accordance with point a) of Article 1 of Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, examination and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004, and it chooses not to establish an audit committee in accordance with the Audit Services Law or the Financial Instrument Market Law, then such a public interest entity submits information to the Bank of Latvia within 10 working days after the decision not to establish an audit committee is adopted, indicating the date of adoption of the decision and the justification.

7. A public interest entity submits the information specified in points 2., 3., 4., 5. or 6. of these Rules to the Bank of Latvia in electronic form using the official electronic address.

8. Regarding any changes to the information provided in accordance with points 2., 3., 4., 5. or 6. of these Rules, a public interest entity informs the Bank of Latvia within 10 working days by submitting updated information.

9. A public interest entity that has already adopted a decision regarding an audit committee before the date these Rules enter into force and has informed the Bank of Latvia in writing upon request, assesses whether the information previously provided meets the requirements specified in points 2., 3., 4., 5. or 6. of these Rules. If a public interest entity determines that incomplete information was provided or changes have occurred in the previously provided information, it submits additional or updated information to the Bank of Latvia within 10 working days after the entry into force of these Rules.

President of the Bank of Latvia
M. Kazāks

Legal Act Details

Name: Rules on Audit Committees of Public Interest Entities

Status:
In force

Issuer: Bank of Latvia
Type: rules
Number: 413
Adopted: 02.02.2026.
Enters into force: 07.02.2026.
Published: Latvijas Vēstnesis, 26, 06.02.2026.

OP number:
2026/26.7

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