FACTORING LAW I. BASIC PROVISIONS II. DEFINITIONS

Size: px
Start display at page:

Download "FACTORING LAW I. BASIC PROVISIONS II. DEFINITIONS"

Transcription

1 FACTORING LAW I. BASIC PROVISIONS Article 1 This Law governs the concept and subjects of factoring; parties to factoring; conditions and manner of providing factoring services; types of factoring; rights and obligations of parties to factoring; factoring contracts; reverse factoring; and oversight of factoring. Page 1 II. DEFINITIONS Article 2 [1] The terms used in this Law shall have the following meanings: 1) Factoring is the financial service of selling and purchasing existing non-matured or future short-term receivables arising from agreements on the sale of goods or provision of services, either nationally or abroad; 2) Any existing non-matured or future short-term receivables, either in whole or in part, arising from an agreement on the sale of goods or provision of services entered into between legal entities and sole proprietors, may be subject to factoring. 3) Short-term receivables are receivables maturing up to one year from the date of sale of goods or provision of services under the pertinent agreement on the sale of goods or provision of services; 4) The following may act as parties to factoring: (1) Any bank, business entity or sole proprietor domiciled in the Republic of Serbia ( Serbia ), or any such entity domiciled abroad and incorporated under legislation of its home country, may act as assignor, the party assigning to the factor its receivables against the debtor arising from an agreement on the sale of goods or provision of services; (2) Any: (a) Bank, as governed by legislation concerning the operation of banks; (b) Business entity, set up as a joint-stock or limited liability company, domiciled in Serbia and in possession of an authorisation issued by the Ministry of Finance ( the Ministry ) to provide factoring services; (c) Foreign bank or foreign business entity, solely in matters of crossborder factoring; may act as factor, the party purchasing receivables from the assignor. (3) Any bank, business entity or sole proprietor domiciled in Serbia, or any such entity domiciled abroad and incorporated under legislation of its home country, may appear as debtor.

2 [2] Any existing non-matured or future short-term receivables, either in whole or in part, arising from any agreement on the sale of goods or provision of services entered into with beneficiaries of funding provided from the budget of the Republic of Serbia, a sub-national unit, or local authority, or with beneficiaries of funding provided by mandatory social security organisations, may also be subject to factoring. Article 3 [1] Future receivables may be subject to factoring only if their characteristics are such that they may be defined and if the factoring agreement stipulates the debtor. [2] Any provision of an agreement assigning future receivables shall have legal effect as of the time such receivables arise. Page 2 Article 4 No receivables arising from the sale of goods or provision of services for personal, family, or household needs may be subject to factoring. III. CONDITIONS FOR PROVIDING FACTORING SERVICES Article 5 [1] Any business entity established in Serbia for the purpose of providing factoring services may undertake activities referred to in Article 2[1] hereof if it meets the conditions set out herein with respect to its capital stock and is in possession of an authorisation to provide factoring services. [2] Any business entity referred to in Paragraph [1] of this Article ( factoring company ) may provide only factoring and factoring-related services. Article 6 [1] A factoring company must hold capital stock amounting to not less than RSD 40 million. [2] The capital stock of a factoring company may not at any time fall below the amount referred to in Paragraph [1] of this Article. Article 7 [1] The founder of a factoring company, or a person designated by him, may apply with the Ministry for an authorisation to provide factoring services. [2] The following documents shall be appended to the application referred to in Paragraph [1] of this Article: 1) Articles of Association of the factoring company; 2) Information on the founders of the company and the amounts of their stakes/shares: (1) For founders who are individuals a certified copy of a personal identity card, or a printout of a biometric identity card, for nationals of Serbia, or a certified copy of a passport, for foreign nationals; and a certificate issued by the appropriate body, not older than six months, attesting that no

3 criminal charges have been brought against the founder and that no ban on performance or holding office has been imposed against him; (2) For founders that are legal entities a certified copy of a decision or other document attesting registration with the body charged with keeping a registry of business or legal entities, as provided for under local legislation, not older than six months; 3) Certified statement by the founders attesting the amounts of their shares/stakes in the factoring company; 4) Information concerning the authorised officer of the factoring company: a certified copy of a personal identity card, or a printout of a biometric identity card, for nationals of Serbia, or a certified copy of a passport, for foreign nationals; and a certificate issued by the appropriate body, not older than six months, attesting that no criminal charges have been brought against the founder and that no ban on performance or holding office has been imposed against him; 5) Certified statement of the founder attesting that the cash capital in the amount referred to in Article 6[1] hereof is to be paid into the company bank account; 6) Certified statement of the founder regarding the origin of the funds referred to in Item 5) of this Paragraph. [3] The Ministry shall issue a procedural decision regarding the application referred to in Paragraph [1] of this Article within 15 days of receiving a duly substantiated application, provided that the applicant had beforehand provided proof to the Ministry of having paid in the cash capital. [4] The procedural decision issued by the Ministry and referred to in Paragraph [1] of this Article shall be deemed final for the purposes of administrative proceedings. [5]An administrative dispute may be initiated to contest the procedural decision referred to in Paragraph [3] of this Article. [6] In adjudicating in such administrative dispute, no court may rule on an administrative matter. [7] The founder of the business entity or a person designated by him shall be required to apply for registration with the business registry within ten days of receiving the procedural decision of the Ministry authorising the factoring company to provide factoring services. [8] The founder of the business entity or a person authorised by him shall be required to notify the Ministry of any and all changes to information referred to in Paragraph [2] of this Article without delay, or at the latest within ten days of such change having occurred. [9] The Minister of Finance shall define in greater detail the conditions for and manner of issuing authorisations. Page 3 Article 8 [1] Authorisation to provide factoring services shall cease to have effect:

4 1) Where so requested by the holder of such authorisation, as of the date of receipt of the procedural decision issued by the Ministry granting such request, and 2) Upon the termination of the company, as of the date the company is stricken from the business registry due to voluntary or compulsory liquidation or bankruptcy. [2] Provisions of legislation governing bankruptcy and liquidation of business entities shall apply to the bankruptcy and liquidation of factoring companies. Page 4 Article 9 [1] The Ministry shall issue a procedural decision revoking a factoring company s authorisation to provide factoring services where it is established in the course of oversight that: 1) Such factoring company no longer complies with conditions stipulated under Article 6 hereof; 2) Authorisation to provide factoring services was granted on the basis of false information; 3) Such company did not comply with Article 7[8] hereof. [2] The procedural decision issued by the Ministry and referred to in Paragraph [1] of this Article shall be deemed final for the purposes of administrative proceedings. [3] An administrative dispute may be initiated to contest the procedural decision referred to in Paragraph [1] of this Article. [4] In adjudicating in such administrative dispute, no court may rule on an administrative matter. Article 10 [1] Data on authorisations to provide factoring services that have been issued or revoked shall be recorded in a Factoring Registry ( the Registry ), kept by the Business Registries Agency and managed by a Registrar. [2] The Registry shall be kept as a unified electronic database of data on authorisations to provide factoring services that have been issued or revoked. [3] Legislation governing the operation of the Business Registries Agency shall apply to the appointment of the Registrar and his scope of authority and obligations, while legislation governing registration procedure at the Business Registries Agency shall govern the procedure of registration. [4] Data referred to in Paragraph [1] of this Article shall be recorded with the Registry immediately upon the receipt of the procedural decision referred to in Article 7[3] and Article 9[1] hereof by the Business Registries Agency. [5] The Minister of Finance shall determine the content of the Registry. IV.TYPES OF FACTORING Article 11 [1] Within the meaning of this Law, factoring may be:

5 1) Domestic, and 2) International. [2] Based on the obligation to undertake the risk of collecting a receivable, factoring referred to in Paragraph [1] above may be: 1) Factoring without recourse, and 2) Factoring with recourse. Page 5 Article 12 Domestic factoring is defined as factoring the object of which is the sale of receivables arising from the sale of goods or provision of services between domestic entities in the internal market. Article 13 [1] International factoring is defined as factoring the object of which is the sale of receivables arising from foreign trade in goods or services, within the meaning of legislation governing foreign trade. [2] International factoring may entail: 3) A one-factor system, whereby only one factor is party to the factoring transaction, and 4) A two-factor system, whereby a factor domiciled in Serbia and another factor domiciled abroad are parties to the factoring transaction. [3] Where the sale of receivables in foreign trade in goods or services is otherwise governed under another law, the provisions contained herein shall prevail in the event of international factoring. Article 14 [1] A factor providing services in international factoring in a two-factor system shall be required to: 1) Enter into an interfactor agreement, using the internationally-recognised and accepted legal and technical framework developed by international associations, particularly Factors Chain International (FCI) and International Factors Group (IFG); 2) Carry out customer due diligence, as provided for under legislation governing the prevention of money laundering and financing of terrorist activities. [2] An interfactor agreement, within the meaning of Paragraph [1]1) above, is defined as an agreement between a factor domiciled in Serbia and a factor domiciled abroad. Article 15 [1] Factoring without recourse shall entail the factor assuming credit risk. [2] Within the meaning of this Law, credit risk shall comprise the risk of the debtor becoming insolvent.

6 Article 16 [1] Factoring with recourse shall entail the assignor being liable to the factor for the collectability of the receivables on their due date. [2] Where factoring with recourse has been provided for in the factoring agreement, the factor may demand satisfaction from the debtor, the assignor, or both simultaneously, within the limits of the liability of the debtor and the assignor, if not otherwise agreed. [3] With regard to the liability of the assignor referred to in Paragraph [2] of this Article, the factor shall be required to notify the assignor that the receivables have not been collected within eight days of such receivables becoming due. [4] Upon having exercised its option of recourse against the assignor, the factor shall be required to restore the receivables to the assignor. Page 6 Article 17 Where it cannot be ascertained with any degree of certainty whether factoring with recourse or factoring without recourse has been contracted for, factoring with recourse shall be deemed to have been contracted for. V. REVERSE FACTORING Article 18 [1] Reverse factoring is a specific type of factoring contracted for between a factor and a debtor under an agreement on the sale of goods or provision of services at home or abroad, whereby the factor assumes the debtor s invoices and thus also the debtor s payables owed to creditors, and acquires the right to collect the receivables due from the debtor by the deadline set in the agreement on the sale of goods or provision of services. [2] The debtor shall be required to secure the consent of the creditors. [3] Provisions contained herein that govern factoring shall apply, as appropriate, to reverse factoring. [4] Beneficiaries of funding from the national budget of Serbia, or budget of a subnational unit or local authority, or beneficiaries of funding provided by mandatory social security organisations, may not be parties to reverse factoring. VI. FACTORING AGREEMENT Article 19 [1] Factoring services may only be provided pursuant to an agreement entered into in writing or electronically. [2] Any agreement the subject of which is not defined as provided for in Article 3 hereof shall not be deemed a factoring agreement within the meaning of this Law. [3] A factoring agreement shall not be deemed a credit or loan agreement within the meaning of legislation in force in Serbia and sound business practice.

7 Article 20 A factoring agreement shall contain, in particular: 1) Information regarding parties to the agreement; 2) Indication of the type of factoring; 3) Grounds for and information on the receivables that are the subject of the agreement; 4) Amount and manner of calculating and remitting the purchased receivables to the assignor; 5) Amount and manner of calculating and remitting the fee due to the factor; 6) Entitlement of the factor to interest and other costs that may arise in the course of the implementation of the agreement; 7) Date of entering into the agreement; 8) Signatures of authorised representatives of each contracting party or other authorised signatories or their representatives under power of attorney. Page 7 Article 21 A factoring agreement shall cease to have effect upon the expiry of its original term; if no term is stipulated, an agreement may not cease to have effect before the collection of all receivables assigned or the exercise of recourse by the factor. Article 22 [1] Factoring agreements entered into between one assignor and multiple factors that have as their subject the assignment of the same receivables may not be allowed; any such agreement entered into subsequently shall be null and void. [2] Provisions of factoring agreements or general operating conditions of an assignor or factor that run contrary to the rule referred to in Paragraph [1] of this Article shall be null and void. VII. SALE OF RECEIVABLES Article 23 [1] At the time the assignor sells each receivable designated in a factoring agreement, the assignor shall provide the factor with: 1) Agreements (original or copy certified by an appropriate body) and/or any and all invoices and other documents proving the existence of the receivables and identifying them; 2) Notice to the debtor of sale of receivables to the factor. [2] The assignor and the factor shall draw up a set of minutes regarding the transfer of documents referred to in Paragraph [1] of this Article. [3] The date on which the assignor provides the factor with documentation referred to in Paragraphs [1] and [2] of this Article shall be deemed to be the date of sale of the receivables.

8 Article 24 The assignor shall be required to give the debtor notice of the sale of receivables in writing or electronically. Article 25 [1] Notice of the sale of receivables may be given with respect to all receivables covered in a factoring agreement, regardless of whether they actually exist at the time the agreement was entered into. [2] The notice referred to in Paragraph [1] of this Article must contain information on the factoring agreement, data on the factor to which the debtor is required to remit funds, and payment instructions. [3] Where the notice referred to in Paragraph [1] of this Article refers to one or multiple existing receivables, such notice must, in addition to data referred to in Paragraph [2]of this Article, contain the invoice number, amount receivable, and currency. Page 8 Article 26 [1] Having received the notice referred to in Article 24 hereof, the debtor shall be required to remit the amount receivable to the factor. [2] The remittance of the amount receivable to the assignor shall not extinguish the liability of the debtor with the factor where notice of the sale of the receivables had been given prior to such remittance; the assignor shall be required to transfer such payment to the factor without delay. VI. COLLECTION OF RECEIVABLES Article 27 A factor shall collect on receivables that have become due for and on behalf of itself. VIII. RIGHTS, OBLIGATIONS AND LIABILITIES IN FACTORING Article 28 [1] The factor shall be required to keep orderly and up-to-date records, and shall be required to make such records available to any and all bodies charged with oversight of factoring. [2] The factor shall be required to exercise due care in ledgering purchased receivables. Article 29 [1] The assignor shall be liable to the factor for the grounds and amounts of any and all receivables subject to a factoring agreement. [2] The assignor shall guarantee that any and all receivables sold are free of pledges, contestations, burdens and other rights of third parties and that such receivables may not be contested on any grounds, excepting where otherwise agreed.

9 [3] Where any receivables sold are the subject of a pledge, or if such receivables have been contested in any manner whatsoever by a debtor or any third party, and where the factoring agreement does not exclude the assignor s guarantee referred to in Paragraph [2] of this Article, the factor shall have recourse against the assignor even where factoring without recourse has been agreed on. Article 30 Where the sale of receivables is prohibited under an agreement between the assignor and the debtor or the general operating conditions of the debtor, such prohibition shall not have legal effect on the sale of receivables to a factor subject to a factoring agreement and in compliance with this Law, except where otherwise provided for under an international treaty. Page 9 Article 31 Where not otherwise provided for in a factoring agreement, onward sale and assignment of receivables from a factoring company to another factoring company shall be deemed allowed where this is in compliance with the remaining provisions contained herein. Article 32 [1] The documents referred to in Article 23[1] hereof shall be considered authentic documents for the purposes of enforcement. [2] Proof of grounds for the assignment of receivables shall be provided along with the invoice. X. OVERSIGHT OF FACTORING SERVICES Article 33 [1] Oversight of factoring companies shall be performed by the Ministry or by another duly authorised body, as provided for under particular legislation governing the powers of such bodies. [2] The National Bank of Serbia shall perform oversight of banks that provide factoring services, as governed by legislation concerning the operation of banks. XI. PENAL PROVISIONS Article 34 [1] A misdemeanour fine of between RSD 100,000 and RSD 2,000,000 shall be imposed on a bank or a business entity: 1) Providing factoring services in contravention of the requirements stipulated herein (Article 5); 2) Failing to file for registration with the business registry by the deadline stipulated herein (Article 7[7]);

10 3) Providing factoring services in an international two-factor system in contravention of the requirements stipulated herein(article 13, Paragraph 1); 4) Providing factoring services without an agreement (Article 19[1]); 5) Entering into multiple factoring agreements dealing with the sale of the same receivables in their entirety with more than one factor (Article 22[1]); 6) Failing to keep orderly and up-to-date records or failing make such records available to any and all bodies charged with oversight of factoring (Article 28[1]). [2] A misdemeanour fine of between RSD 5,000 and RSD 150,000 shall also be imposed on the responsible officers of the bank or business entity committing actions referred to in Paragraph [1] of this Article. Page 10 Article 35 A misdemeanour fine of between RSD 10,000 and RSD 500,000 shall be imposed on a sole proprietor: 1) Providing factoring services without an agreement (Article 19[1]); 2) Entering into multiple factoring agreements dealing with the sale of the same receivables in their entirety with more than one factor (Article 22[1]). XII. TRANSITIONAL AND FINAL PROVISIONS Article 36 [1] Business entities providing factoring services established prior to the entry into effect of this Law shall be required to harmonise their operations with the provisions hereof by filing the application referred to in Article 7[1] hereof with the Ministry within six months from the entry into effect of this Law. [2] Business entities providing factoring services established prior to the entry into effect of this Law shall be exempt from the requirement to provide the statement referred to in Article 7[2]5) hereof, but shall rather be required to provide proof of meeting conditions referred to in Article 6[2] hereof. [3] Provisions of Articles 5-10 hereof shall not apply to business entities established by Serbia under particular legislation with the purpose of financing exports that operate under such particular legislation. [4] Provisions contained herein shall not apply to factoring agreements entered into prior to the entry into effect of this Law. Article 37 The byelaw referred to in Article 7[9] hereof shall be enacted at the latest six months following the entry into effect of this Law; the byelaw referred to in Article 10[5] hereof shall be enacted at the latest 90 days following the entry into effect of this Law.

11 Article 38 The Factoring Registry shall be established within 90 days of the entry into effect of this Law. Article 39 This Law shall enter into effect eight days following the day of its publication in the Official Gazette of the Republic of Serbia, excepting only the provision of Article 2[2] hereof, which shall enter into effect on 1 May Page 11

LAW ON PLEDGE OF MOVABLE ASSETS REGISTERED IN THE PLEDGE REGISTRY I. GENERAL PROVISIONS

LAW ON PLEDGE OF MOVABLE ASSETS REGISTERED IN THE PLEDGE REGISTRY I. GENERAL PROVISIONS LAW ON PLEDGE OF MOVABLE ASSETS REGISTERED IN THE PLEDGE REGISTRY (Published in the Official Gazette of the Republic of Serbia No. 57/03, 61/05, 64/06) I. GENERAL PROVISIONS Subject Matter of the Law Art.

More information

OPERATING RULES OF THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE. (Consolidated text reflecting amendments entered into force Jan, 19, 2015)

OPERATING RULES OF THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE. (Consolidated text reflecting amendments entered into force Jan, 19, 2015) OPERATING RULES OF THE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE (Consolidated text reflecting amendments entered into force Jan, 19, 2015) Page 1 I. BASIC PROVISIONS 1. [1] The Central Securities

More information

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA The translation of BiH legislation has no legal force and should be used solely for informational purposes. Only legislation published in the Official Gazettes in BiH is legally binding. LAW ON FOREIGN

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

PAYMENT TRANSACTIONS ACT (PTA)

PAYMENT TRANSACTIONS ACT (PTA) PAYMENT TRANSACTIONS ACT (PTA) Published in the Official Gazette of the Republic of Slovenia No. 30 on 5 April 2002 All effort has been made to ensure the accuracy of this translation, which is based on

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

Merchants and Trade - Act No 28/2001 on electronic signatures

Merchants and Trade - Act No 28/2001 on electronic signatures This is an official translation. The original Icelandic text published in the Law Gazette is the authoritative text. Merchants and Trade - Act No 28/2001 on electronic signatures Chapter I Objectives and

More information

LAW ON PROVIDING FAST MONEY TRANSFER SERVICES (unofficial fair copy) 1 I. GENERAL PROVISIONS

LAW ON PROVIDING FAST MONEY TRANSFER SERVICES (unofficial fair copy) 1 I. GENERAL PROVISIONS LAW ON PROVIDING FAST MONEY TRANSFER SERVICES (unofficial fair copy) 1 I. GENERAL PROVISIONS Article 1 This Law shall regulate the manner and the terms and conditions for providing fast money transfer

More information

Article 1. Article 2. The legislation shall mean this Law and the by-laws relating to the compliance with this Law.

Article 1. Article 2. The legislation shall mean this Law and the by-laws relating to the compliance with this Law. ACCOUNTING AND AUDITING LAW I BASIC PROVISIONS Article 1 This Law shall govern the requirements for and manner of keeping books of account, preparing, presenting, submitting and disclosing financial statements,

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

ACT ON LIABILITY FOR NUCLEAR DAMAGE

ACT ON LIABILITY FOR NUCLEAR DAMAGE ACT ON LIABILITY FOR NUCLEAR DAMAGE Published in the Official Gazette of the Republic of Slovenia - International Treaties, No. 77/2010 UNOFFICIAL TRANSLATION I. GENERAL PROVISIONS Article 1 (Contents)

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (CONSOLIDATED) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

Law on the Takeover of Joint Stock Companies

Law on the Takeover of Joint Stock Companies Law on the Takeover of Joint Stock Companies CONSOLIDATED TEXT Law on the Takeover of Joint Stock Companies ("Official Gazette of the Republic of Macedonia" no.4/2002, 37/2002 and 36/2007) I. GENERAL PROVISIONS

More information

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS Law of the Republic of Kazakhstan dated April 22, 1998 220-I On limited liability companies and additional liability companies (with alterations and amendments as of 29.12.2014) CHAPTER I. General provisions

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT. Ministry of Justice of the Republic of Slovenia

ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT. Ministry of Justice of the Republic of Slovenia ACT AMENDING THE FINANCIAL OPERATIONS, INSOLVENCY PROCEEDINGS AND COMPULSORY DISSOLUTION ACT Ministry of Justice of the Republic of Slovenia 2010 MINISTRY OF JUSTICE OF SLOVENIA LEGISLATION Disclaimer:

More information

LAW. ON ELECTRONIC SIGNATURE (Official Gazette of the Republic of Montenegro 55/03 and 31/05)

LAW. ON ELECTRONIC SIGNATURE (Official Gazette of the Republic of Montenegro 55/03 and 31/05) LAW ON ELECTRONIC SIGNATURE (Official Gazette of the Republic of Montenegro 55/03 and 31/05) I GENERAL PROVISIONS Article 1 This Law shall regulate the use of electronic signature in legal transactions,

More information

ORDER to promulgate the Act on Prevention of Late Payment (ZPreZP)

ORDER to promulgate the Act on Prevention of Late Payment (ZPreZP) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

2. Definitions of Terms

2. Definitions of Terms PUBLIC DEBT LAW I. GENERAL PROVISIONS 1. Subject of the Law Article 1 This Law regulates conditions, manner and procedure under which the Republic of Serbia (hereinafter referred to as: the Republic) may

More information

957.1. Federal Act. Intermediated securities. (Federal Intermediated Securities Act, FISA) Chapter 1: Purpose, Scope and Definitions

957.1. Federal Act. Intermediated securities. (Federal Intermediated Securities Act, FISA) Chapter 1: Purpose, Scope and Definitions English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Intermediated Securities (Federal Intermediated

More information

The Business Enterprise Registration Act

The Business Enterprise Registration Act Please note: The text below is a translation of the original Norwegian Act. Should any doubt arise, the Norwegian text of the Act is valid and binding. The Business Enterprise Registration Act Latest update:

More information

LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010)

LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010) LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010) I. GENERAL PROVISIONS Article 1 This Law defines the terms and proceedings

More information

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation)

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. GENERAL PROVISIONS Article 1 This Law governs the status, organization, powers

More information

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015

THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015 THIRD SUPPLEMENT TO THE GIBRALTAR GAZETTE No. 4,167 of 7th May, 2015 B. 13/15 Clause PRIVATE TRUST COMPANIES BILL 2015 1. Short title and commencement. 2. Interpretation. 3. Registration of Private Trust

More information

INDIVIDUAL CLIENT AGREEMENT AGILITY FOREX LTD INDIVIDUAL CLIENT AGREEMENT

INDIVIDUAL CLIENT AGREEMENT AGILITY FOREX LTD INDIVIDUAL CLIENT AGREEMENT INDIVIDUAL CLIENT AGREEMENT INDIVIDUAL CLIENT AGREEMENT The following terms and conditions apply to individuals who are transacting: for their own account, as a sole proprietor of a business, as a trustee

More information

CLEARING AND SETTLEMENT SYSTEMS BILL

CLEARING AND SETTLEMENT SYSTEMS BILL C1881 CLEARING AND SETTLEMENT SYSTEMS BILL CONTENTS Clause Page PART 1 PRELIMINARY 1. Short title and commencement... C1887 2. Interpretation... C1887 PART 2 DESIGNATION AND OVERSIGHT Division 1 Designation

More information

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections

REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited

More information

SUBSIDIARY LEGISLATION 386.10 COMPANIES ACT (CELL COMPANIES CARRYING ON BUSINESS OF INSURANCE) REGULATIONS

SUBSIDIARY LEGISLATION 386.10 COMPANIES ACT (CELL COMPANIES CARRYING ON BUSINESS OF INSURANCE) REGULATIONS CARRYING ON BUSINESS OF INSURANCE) [S.L.386.10 1 SUBSIDIARY LEGISLATION 386.10 COMPANIES ACT (CELL COMPANIES CARRYING ON BUSINESS OF INSURANCE) REGULATIONS LEGAL NOTICE 243 of 2010. 30th April, 2010 1.

More information

Law No. 59/1934 on cheque, with subsequent amendments and supplements ( Law No. 59/1934 );

Law No. 59/1934 on cheque, with subsequent amendments and supplements ( Law No. 59/1934 ); 333 Chapter 28 Bill of exchange, Promissory Note and Cheque 1. General Romania is not part of the Geneva Convention of June 7, 1930 for a unitary law of the bills of exchange and promissory notes, neither

More information

GUIDELINES FOR IMPLEMENTING THE DECISION ON TERMS AND CONDITIONS OF PERFORMING FOREIGN PAYMENT TRANSACTIONS

GUIDELINES FOR IMPLEMENTING THE DECISION ON TERMS AND CONDITIONS OF PERFORMING FOREIGN PAYMENT TRANSACTIONS RS Official Gazette, Nos 24/2007, 31/2007, 41/2007, 3/2008, 61/2008, 120/2008, 38/2010, 92/2011, 62/2013, 51/2015 and 111/2015 Pursuant to Articles 21 and 45 of the Law on the National Bank of Serbia ("RS

More information

RS Official Gazette, No 38/2015

RS Official Gazette, No 38/2015 RS Official Gazette, No 38/2015 Pursuant to Article 92, paragraphs 4 and 5, and Article 105, paragraphs 4 and 5 of the Law on Insurance (RS Official Gazette, No 139/2014) and Article 15, paragraph 1 of

More information

I BASIC PROVISIONS. Subject matter Article 1

I BASIC PROVISIONS. Subject matter Article 1 LAW ON THE PREVENTION OF MONEY LAUNDERING AND THE FINANCING OF TERRORISM ( Official Gazette of the Republic of Serbia, Nos 20/2009, 72/2009, 91/2010 and 139/2014) I BASIC PROVISIONS Subject matter Article

More information

RS Official Gazette, Nos 31/2012, 71/2013, 98/2013 and 125/2014

RS Official Gazette, Nos 31/2012, 71/2013, 98/2013 and 125/2014 Based on Article 14, paragraph 1, item 9 and Article 34, item 9 of the Law on the National Bank of Serbia (RS Official Gazette, Nos 72/2003, 55/2004 and 44/2010), and Article 27, paragraph 2 of the Law

More information

LAW ON PAYMENT SERVICES

LAW ON PAYMENT SERVICES LAW ON PAYMENT SERVICES Part I INTRODUCTORY PROVISIONS Subject matter Article 1 This Law regulates the conditions and manner of providing payment services, electronic money, payment systems and supervision

More information

SUBSIDIARY LEGISLATION COMPANIES ACT (CELL COMPANIES CARRYING ON BUSINESS OF INSURANCE) REGULATIONS

SUBSIDIARY LEGISLATION COMPANIES ACT (CELL COMPANIES CARRYING ON BUSINESS OF INSURANCE) REGULATIONS CARRYING ON BUSINESS OF INSURANCE) [S.L.386.10 1 SUBSIDIARY LEGISLATION 386.10 COMPANIES ACT (CELL COMPANIES CARRYING ON BUSINESS OF INSURANCE) REGULATIONS 30th April, 2010 LEGAL NOTICE 243 of 2010, as

More information

NATIONAL PAYMENT SYSTEM ACT

NATIONAL PAYMENT SYSTEM ACT (official gazette Narodne novine, No. 117/2001) NATIONAL PAYMENT SYSTEM ACT I GENERAL PROVISIONS Article 1 This Act shall regulate the functioning of the national payment system. Article 2 "Payment system"

More information

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015)

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. BASIC PROVISIONS Article 1 This Law governs the

More information

CROATIAN PARLIAMENT 242

CROATIAN PARLIAMENT 242 Important Disclaimer The English language text below has been provided by the Translation Centre of the Ministry for European Integration for information only; it confers no rights and imposes no obligations

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

on Electronic Signature and change to some other laws (Electronic Signature Act) The Parliament has hereby agreed on this Act of the Czech Republic:

on Electronic Signature and change to some other laws (Electronic Signature Act) The Parliament has hereby agreed on this Act of the Czech Republic: 227/2000 Coll. ACT of 29 th June 2000 on Electronic Signature and change to some other laws (Electronic Signature Act) Amendment: 226/2002 Coll. Amendment: 517/2002 Coll. Amendment :440/2004 Coll. Amendment:

More information

CONTENT OF THE AUDIT LAW

CONTENT OF THE AUDIT LAW CONTENT OF THE AUDIT LAW I. GENERAL PROVISIONS Article 1 This Law shall regulate the conditions for conducting an audit of legal entities which perform activities, seated in the Republic of Macedonia.

More information

Part 3. Company Formation and Related Matters, and Re-registration of Company

Part 3. Company Formation and Related Matters, and Re-registration of Company Part 3 Division 1 Subdivision 1 Section 66 A3491 Part 3 Company Formation and Related Matters, and Re-registration of Company Division 1 Company Formation Subdivision 1 General Requirements for Formation

More information

and the President has proclaimed the following Law:

and the President has proclaimed the following Law: Unofficial translation The Saeima 1 has adopted and the President has proclaimed the following Law: THE INSURANCE CONTRACT LAW Chapter I GENERAL PROVISIONS Article 1. Definitions 1) sum insured - the amount

More information

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed July 2013)

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed July 2013) FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed July 2013) TABLE OF CONTENTS SECTION I Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 10 Article

More information

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner Entry into force: 29. April 2015 Version: 1.1 Published 27. April 2015 VPO NOK Rules Rules for the Central Securities Settlement in Norwegian Kroner This document is a translation from the original Norwegian

More information

SWEDBANK AS TERMS AND CONDITIONS FOR PAYMENT CARDS SERVICING Valid from 01.12.2014

SWEDBANK AS TERMS AND CONDITIONS FOR PAYMENT CARDS SERVICING Valid from 01.12.2014 SWEDBANK AS TERMS AND CONDITIONS FOR PAYMENT CARDS SERVICING Valid from 01.12.2014 1. TERMS AND DEFINITIONS 1.1 Account is a current account of the Merchant specified in the Agreement. 1.2 Agreement is

More information

United Nations Convention on the Assignment of Receivables in International Trade

United Nations Convention on the Assignment of Receivables in International Trade United Nations Convention on the Assignment of Receivables in International Trade UNITED NATIONS UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE UNITED NATIONS New York,

More information

L A W ON TAKEOVERS OF JOINT STOCK COMPANIES. (Official Gazette of RS, No 46/2006, 107/2009 and 99/2011) I. GENERAL PROVISIONS

L A W ON TAKEOVERS OF JOINT STOCK COMPANIES. (Official Gazette of RS, No 46/2006, 107/2009 and 99/2011) I. GENERAL PROVISIONS L A W ON TAKEOVERS OF JOINT STOCK COMPANIES (Official Gazette of RS, No 46/2006, 107/2009 and 99/2011) I. GENERAL PROVISIONS Objectives and Application Article 1 This Law shall apply to conditions and

More information

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES 1 Short title and commencement. 2 Interpretation. PART I PRELIMINARY Clause PART II REGISTRAR AND REGISTRAR OF LIMITED LIABILITY PARTNERSHIPS

More information

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010)

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010) FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010) TABLE OF CONTENTS SECTION I Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 10 Article

More information

LAW OF THE REPUBLIC OF KAZAKHSTAN ON LIMITED LIABILITY PARTNERSHIPS AND ADDITIONAL LIABILITY PARTNERSHIPS OF APRIL 22, 1998 N

LAW OF THE REPUBLIC OF KAZAKHSTAN ON LIMITED LIABILITY PARTNERSHIPS AND ADDITIONAL LIABILITY PARTNERSHIPS OF APRIL 22, 1998 N LAW OF THE REPUBLIC OF KAZAKHSTAN ON LIMITED LIABILITY PARTNERSHIPS AND ADDITIONAL LIABILITY PARTNERSHIPS OF APRIL 22, 1998 N 220-1 (with amendments and additions as of August 7, 2007) CHAPTER I. GENERAL

More information

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING

THE CROATIAN PARLIAMENT DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING THE CROATIAN PARLIAMENT Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby pass the DECISION PROMULGATING THE ACT ON INVESTMENT FUNDS WITH A PUBLIC OFFERING I hereby promulgate

More information

Insolvency INSOLVENCY PRACTITIONER REGULATIONS 2014

Insolvency INSOLVENCY PRACTITIONER REGULATIONS 2014 Insolvency Legislation made under s. 486. 2011-26 (LN. ) Commencement 1.11.2014 Amending enactments Relevant current provisions Commencement date LN. 2015/133 rr. 9, 22 20.8.2015 Regulation 1. Title and

More information

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank

Act on Mortgage Credit Banks 23.12.1999/1240. Chapter 1 General provisions. Section 1 Definition of a mortgage credit bank (Unofficial translation, amendments up to 645/2006 included) Act on Mortgage Credit Banks 23.12.1999/1240 Chapter 1 General provisions Section 1 Definition of a mortgage credit bank A mortgage credit bank

More information

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT

LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT LEGISLATION COMMITTEE OF THE CROATIAN PARLIAMENT 2300 Pursuant to its authority from Article 59 of the Rules of Procedure of the Croatian Parliament, the Legislation Committee determined the revised text

More information

ELECTRONIC COMMERCE AND ELECTRONIC SIGNATURE ACT (ZEPEP-UPB1) (Official consolidated text)

ELECTRONIC COMMERCE AND ELECTRONIC SIGNATURE ACT (ZEPEP-UPB1) (Official consolidated text) ELECTRONIC COMMERCE AND ELECTRONIC SIGNATURE ACT (ZEPEP-UPB1) (Official consolidated text) On basis of article 153 of the National Assembly of Slovenia Rules of Procedure the National Assembly of the Republic

More information

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010 This translation and consolidation of laws is not official. It has been prepared

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

Regulations for Shareholders Safekeeping Accounts at Swiss Life

Regulations for Shareholders Safekeeping Accounts at Swiss Life Regulations for Shareholders Safekeeping Accounts at Swiss Life Regulations for Shareholders Safekeeping Accounts at Swiss Life 3 Contents 1. Entitlement / Assets in safe custody 4 2. Opening a safekeeping

More information

RULES. The Central Securities Depository of Poland (KDPW) CHAPTER I GENERAL PROVISIONS

RULES. The Central Securities Depository of Poland (KDPW) CHAPTER I GENERAL PROVISIONS rules_ of The Central Securities Depository of Poland (KDPW) Valid as of 3 February, 2014 RULES Of The Central Securities Depository of Poland (KDPW) CHAPTER I GENERAL PROVISIONS 1 1. The Rules of the

More information

ACT of 27 May 2004 on Investment Funds 1. Part I General Provisions

ACT of 27 May 2004 on Investment Funds 1. Part I General Provisions The present English text is furnished for information purposes only. The original Polish text published in the Journal of Laws is binding in all respects. ACT of 27 May 2004 on Investment Funds 1 Part

More information

Part E of the account agreement:

Part E of the account agreement: Part E of the account agreement: 1. Cardholder: The person(s) to whom the card(s) was/were issued The Company: The card issuer, DNB Bank ASA. Card Acceptor: Place of business that accepts the card as a

More information

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the DECREE PROMULGATING THE LAW ON FOREIGN CURRENT AND CAPITAL TRANSACTIONS (Official Gazette of Montenegro

More information

THE LAW ON POLITICAL PARTIES I. GENERAL PROVISIONS SUBJECT OF THE LAW. Article 1

THE LAW ON POLITICAL PARTIES I. GENERAL PROVISIONS SUBJECT OF THE LAW. Article 1 THE LAW ON POLITICAL PARTIES I. GENERAL PROVISIONS SUBJECT OF THE LAW Article 1 This Law governs the establishment and the legal position of political parties, their entry and deletion from the Registry,

More information

FACTORING REGULATION ACT, 2011

FACTORING REGULATION ACT, 2011 FACTORING REGULATION ACT, 2011 (NO. 12 OF 2012)* An Act to provide for and regulate assignment of receivables by making provision for registration therefor and rights and obligations of parties to contract

More information

RULES. MultiCash Electronic Customer Service System

RULES. MultiCash Electronic Customer Service System RULES MultiCash Electronic Customer Service System Warsaw May 2015 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 CONDITIONS FOR MAKING THE MULTICASH SYSTEM AVAILABLE... 4 CHAPTER 3 MAKING

More information

Bulgarian companies and financial institutions have been slow to tap the

Bulgarian companies and financial institutions have been slow to tap the 27 Structuring cross-border securitisations in Bulgaria Vassil Hadjov and Boyko Bratanov Bulgarian companies and financial institutions have been slow to tap the cross-border securitisation market. In

More information

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used.

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. 1= Governance; 2=Facilities and Products; 3 Charges; 4 Legal terms and security arrangements;

More information

LAW ON ACCOUNTING AND AUDITING. ("Official Herald of the Republic of Serbia", Nos. 46/2006, 111/2009 and 99/ other law) I BASIC PROVISIONS

LAW ON ACCOUNTING AND AUDITING. (Official Herald of the Republic of Serbia, Nos. 46/2006, 111/2009 and 99/ other law) I BASIC PROVISIONS LAW ON ACCOUNTING AND AUDITING ("Official Herald of the Republic of Serbia", Nos. 46/2006, 111/2009 and 99/2011 - other law) I BASIC PROVISIONS 1. The Scope of Regulation and Application Article 1 The

More information

ACT. of 15 March 2002

ACT. of 15 March 2002 215 ACT of 15 March 2002 on electronic signature and on the amendment and supplementing of certain acts as amended by Act No. 679/2004 Coll., Act No. 25/2006 Coll., Act No. 275/2006 Coll., Act No. 214/2008

More information

Palestine Capital Market Authority (Seal) Palestine Capital Market Authority PCMA

Palestine Capital Market Authority (Seal) Palestine Capital Market Authority PCMA Regulations for Licensing Mortgage Finance Companies and Real Estate Business Owners (No. 7/T/R/Ain) of 2007 Issued by the Board of Directors of the Palestine Capital Market Authority Pursuant to the Provisions

More information

THE CROATIAN PARLIAMENT. Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION

THE CROATIAN PARLIAMENT. Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION THE CROATIAN PARLIAMENT 1456 Pursuant to Article 89 of the Constitution of the Republic of Croatia, I hereby issue the DECISION PROMULGATING THE ACT ON SETTLEMENT FINALITY IN PAYMENT AND FINANCIAL INSTRUMENTS

More information

UNIFORM ACT ON GENERAL COMMERCIAL LAW CHAPTER 1 DEFINITION OF TRADER AND COMMERCIAL TRANSACTIONS

UNIFORM ACT ON GENERAL COMMERCIAL LAW CHAPTER 1 DEFINITION OF TRADER AND COMMERCIAL TRANSACTIONS PRELIMINARY CHAPTER : SCOPE BOOK I : STATUS OF TRADER UNIFORM ACT ON GENERAL COMMERCIAL LAW CHAPTER 1 DEFINITION OF TRADER AND COMMERCIAL TRANSACTIONS CHAPTER 2 CAPACITY TO TRADE CHAPTER 3 ACCOUNTING OBLIGATIONS

More information

LAW No. 107/2015 ON ELECTRONIC IDENTIFICATION AND TRUST SERVICES

LAW No. 107/2015 ON ELECTRONIC IDENTIFICATION AND TRUST SERVICES LAW No. 107/2015 ON ELECTRONIC IDENTIFICATION AND TRUST SERVICES Pursuant to article 78 and 83, paragraph 1 of the Constitution, upon the proposal of the Council of Ministers, THE ASSEMBLY OF THE REPUBLIC

More information

Labuan Limited Partnerships and Limited Liability Partnerships

Labuan Limited Partnerships and Limited Liability Partnerships Labuan Limited Partnerships and Limited Liability Partnerships 1 laws OF MALAYSIA Act 707 LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010 2 Laws of Malaysia Act 707 Date of Royal

More information

Cyprus International Trusts

Cyprus International Trusts Cyprus International Trusts Cyprus International Trusts qualification criteria The International Trusts Law of 1992 complements the Trustee Law which is based on the English Trustee Act 1925. Under section

More information

THE FACTORING REGULATION BILL, 2011

THE FACTORING REGULATION BILL, 2011 Bill No. 24-F of 2011 ORIGINAL THE FACTORING REGULATION BILL, 2011 (AS PASSED BY THE HOUSES OF PARLIAMENT LOK SABHA ON 21ST DECEMBER, 2011 RAJYA SABHA ON 27TH DECEMBER, 2011) ASSENTED TO ON 22ND JANUARY,

More information

TERMS AND CONDITIONS OF AGREEMENT FOR CREDIT CARD WITH FIXED PAYMENT Valid as of 01.01.2012

TERMS AND CONDITIONS OF AGREEMENT FOR CREDIT CARD WITH FIXED PAYMENT Valid as of 01.01.2012 1. GENERAL PROVISIONS 1.1 Agreement for credit card with fixed payment (hereinafter the Agreement) regulates the rights and obligations for using a credit card issued by (hereinafter the Bank). 1.2 A credit

More information

GENERAL TERMS OF PURCHASE

GENERAL TERMS OF PURCHASE 1. GENERAL PROVISIONS GENERAL TERMS OF PURCHASE 1.1 The General Terms of Purchase adopted by PETROL d.d., Ljubljana, Petrol Energetika d.o.o., Petrol Geoterm d.o.o., and Petrol tehnologija d.o.o. (hereiafter

More information

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity; CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed

More information

Law on Deposit Insurance. ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS. Article 1

Law on Deposit Insurance. ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS. Article 1 Law on Deposit Insurance ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS Article 1 This Law regulates the statutory insurance of Deposits of natural persons, Entrepreneurs

More information

Not an Official Translation On Procedure of Coming into Effect of the Law of Ukraine On State Regulation of the Securities Market in Ukraine

Not an Official Translation On Procedure of Coming into Effect of the Law of Ukraine On State Regulation of the Securities Market in Ukraine Not an Official Translation Translation by Financial Markets International, Inc., with funding by USAID. Consult the original text before relying on this translation. Translation as of July 1999. RESOLUTION

More information

STATUTE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE. ("RS Official Gazette", No. 113/2006) I BASIC PROVISIONS. Article 1

STATUTE CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE. (RS Official Gazette, No. 113/2006) I BASIC PROVISIONS. Article 1 STATUTE of CENTRAL SECURITIES DEPOSITORY AND CLEARING HOUSE ("RS Official Gazette", No. 113/2006) I BASIC PROVISIONS Article 1 This Statute shall govern, in accordance with law, the issues relating to

More information

Swedbank P&C Insurance AS general terms and conditions of insurance contracts 3

Swedbank P&C Insurance AS general terms and conditions of insurance contracts 3 Swedbank P&C Insurance AS general terms and conditions of insurance contracts 3 This is a translation. In case of dispute the Estonian terms and conditions are valid. Swedbank P&C Insurance AS 01 March

More information

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$2.00 WINDHOEK - 25 August 2004 No.3266 CONTENTS Page GOVERNMENT NOTICE No. 189 Notice in terms of Section 15A of the Usury Act, 1968 (Act No. 73 of 1968)...

More information

ct A Insolvency Act Insolvency ISBN 978-80-7357-681-3

ct A Insolvency Act Insolvency ISBN 978-80-7357-681-3 Insolvency Act Insolvency Act Insolvency Act Example of quotation: Insolvency Act. Prague : Wolters Kluwer ČR, a. s., 2011, p. 216. Legal state of the publication as of 31 th August 2011. Updated version

More information

TMF Group Croatia Amendments of the General Tax Act are now in force

TMF Group Croatia Amendments of the General Tax Act are now in force TMF Group Croatia Amendments of the General Tax Act are now in force The General Tax Act amendments came into effect on 17 March 2015. Please find below the most important changes: The definition of a

More information

Act on Guaranties and Third-Party Pledges

Act on Guaranties and Third-Party Pledges NB: Unofficial translation Ministry of Justice, Finland Act on Guaranties and Third-Party Pledges (361/1999) Chapter 1 General provisions Section 1 Scope of application and mandatory provisions (1) This

More information

Part 4. Share Capital

Part 4. Share Capital Part 4 Division 1 Section 134 A3599 Part 4 Share Capital Division 1 Nature of Shares 134. Nature and transferability of shares (1) A share or other interest of a member in a company is personal property.

More information

GENERAL TERMS AND CONDITIONS FOR ISSUANCE AND USE OF BUSINESS MASTERCARD REVOLVING CREDIT CARD

GENERAL TERMS AND CONDITIONS FOR ISSUANCE AND USE OF BUSINESS MASTERCARD REVOLVING CREDIT CARD GENERAL TERMS AND CONDITIONS FOR ISSUANCE AND USE OF BUSINESS MASTERCARD REVOLVING CREDIT CARD 1. Card Issuing A card may be issued to a legal or physical person with registered business activity and head

More information

Agreement on Account Management, Settlement and Collateralisation between... (name of the Bank) and. For Norges Bank

Agreement on Account Management, Settlement and Collateralisation between... (name of the Bank) and. For Norges Bank Page 1 of 13 Agreement on Account Management, Settlement and Collateralisation between. (name of the Bank) and Norges Bank Type of account (please mark one): Ordinary account Contingency account Oslo,

More information

CROSS-BORDER MERGERS OF LIMITED LIABILITY COMPANIES

CROSS-BORDER MERGERS OF LIMITED LIABILITY COMPANIES 1 CROSS-BORDER MERGERS OF LIMITED LIABILITY COMPANIES Law 2 of 186(I) of 2007 has introduced new provisions to the Cyprus Companies Law, Cap. 113 in consistency to the provisions of Directive 2005/56/EC

More information

Disclaimer Definitions account books articles capital charge floating charge debenture series of debentures document Official Receiver

Disclaimer Definitions account books articles capital charge floating charge debenture series of debentures document Official Receiver Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional

More information

FOREIGN EXCHANGE ACT, 1992 ARRANGEMENT OF SECTIONS. Title PART I PRELIMINARY PROVISIONS

FOREIGN EXCHANGE ACT, 1992 ARRANGEMENT OF SECTIONS. Title PART I PRELIMINARY PROVISIONS FOREIGN EXCHANGE ACT, ARRANGEMENT OF SECTIONS Section Title PART I PRELIMINARY PROVISIONS 1. Short title. 2. Commencement. 3. Application. 4. Interpretation. PART II PROVISIONS FOR FOREIGN EXCHANGE ADMINISTRATION

More information

Comparative Table. Business Registration Act (Cap. 32, 2004 Ed.) Business Names Registration Bill 2014

Comparative Table. Business Registration Act (Cap. 32, 2004 Ed.) Business Names Registration Bill 2014 APPENDIX TO ANNEX B Comparative Table Business Registration Act (Cap. 32, 2004 Ed.) Business Names Registration Bill 2014 PART I PRELIMINARY Short title 1. This Act may be cited as the Business Registration

More information

O.C. 57-2007, 30 January 2007

O.C. 57-2007, 30 January 2007 964 GAZETTE OFFICIELLE DU QUÉBEC, February 14, 2007, Vol. 139, No. 7 Part 2 For the purposes of the recommendation, the committee may require the applicant to successfully undergo an interview, pass an

More information

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section

More information

1.8. Invalidity or voidance of any provision of the conditions shall not result in invalidity or voidance of other provisions.

1.8. Invalidity or voidance of any provision of the conditions shall not result in invalidity or voidance of other provisions. 1. GENERAL PROVISIONS 1.1. Upon provision by Danske Bank A/S Estonia branch (hereinafter: Bank) to the Client of investment services and/or ancillary investment services (hereinafter collectively referred

More information

NEW RULES ON FOREIGN EXCHANGE TRANSACTIONS IMPORT, EXPORT AND RE-EXPORT OF GOODS

NEW RULES ON FOREIGN EXCHANGE TRANSACTIONS IMPORT, EXPORT AND RE-EXPORT OF GOODS NEW RULES ON FOREIGN EXCHANGE TRANSACTIONS IMPORT, EXPORT AND RE-EXPORT OF GOODS Notice nr. 19/2012, 19.04., of National Bank of Angola establishes the new regime for foreign exchange transactions relating

More information

Bulgaria Law on Obligations

Bulgaria Law on Obligations Bulgaria Law on Obligations This English translation has been generously provided by the Bulgarian Institute for Legal Development. Important Disclaimer This does not constitute an official translation

More information