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Chapter I. GENERAL PROVISIONS
Article 1. The status, purpose, function and authority of SAINT MARY LIBERTY ISLAND’s Central Bank (MARK OF THE BANK) is determined by the SAINT MARY LIBERTY ISLAND Constitution, this State Law.
The functions and powers provided for by the SAINT MARY LIBERTY ISLAND Constitution and this State Law are exercised by Mark Bank regardless of the state authority, state authorities of SAINT MARY LIBERTY ISLAND entities and local governments.
Mark Bank is a legal entity. Mark Bank bears a seal bearing the Coat of Arms of SAINT MARY LIBERTY ISLAND and with its name.
Article 2. The authorized capital and other property of Mark Bank are State property. In accordance with the purposes and in accordance with the procedure established by this State Law, Mark Bank exercises powers to own, use and dispose of Mark Bank’s property, including gold and foreign exchange reserves of Mark Bank. The seizure and encumbrance of the specified property without the consent of Mark Bank is not allowed, unless otherwise provided by the State Law.
The state is not responsible for the obligations of Mark Bank, and Mark Bank – for the obligations of the state, if they have not assumed such obligations or unless otherwise provided for by State laws.
Mark Bank carries out its expenses at the expense of its own income.
Article 3. The objectives of Mark Bank’s activities are:
protecting and ensuring Thaler and Crypto-Thaler stability;
development and strengthening of SAINT MARY LIBERTY ISLAND banking system;
ensuring stability and development of the national payment system;
development of the SAINT MARY LIBERTY ISLAND financial market;
ensuring the stability of the SAINT MARY LIBERTY ISLAND financial market.
Making a profit is not the purpose of Mark Bank’s business.
Article 4. Mark Bank performs the following functions:
1) in cooperation with the Government SAINT MARY LIBERTY ISLAND develops and conducts a unified state monetary policy;
1.1) in cooperation with the SAINT MARY LIBERTY ISLAND Government develops and implements a policy for the development and stability of the SAINT MARY LIBERTY ISLAND financial market;
2) exclusively issues cash and organizes cash circulation;
2.1) approves the graphic designation of Thaler and Crypto-Thaler in the form of a sign;
3) is a lender of last resort for credit institutions, organizes a system of their refinancing;
4) establishes the rules for making settlements in SAINT MARY LIBERTY ISLAND;
4.1) supervises and supervises the national payment system;
5) establishes the rules for conducting banking operations;
6) service budget accounts of all levels of the SAINT MARY LIBERTY ISLAND budget system, unless otherwise established by the State Laws, through settlements on behalf of authorized executive bodies and state extra-budgetary funds, which are responsible for organizing the execution and execution of budgets;
7) Mark Bank performs effective management of gold and foreign exchange reserves;
8) makes a decision on state registration of credit institutions, issues banking licenses to credit institutions, suspends them and revokes them;
8.1) makes decisions on state registration of non-governmental pension funds;
9) supervises the activities of credit institutions and banking groups (hereinafter – banking supervision);
9.1) regulate, control and supervise the activities of non-bank financial institutions in accordance with the State Laws;
10) register issues of issue securities and prospectuses of securities, register reports on the results of issues of issue securities;
10.1) supervises and supervises compliance by issuers with the requirements of SAINT MARY LIBERTY ISLAND legislation on joint stock companies and securities;
10.2) carries out regulation, control and supervision in the field of corporate relations in joint-stock companies;
11) carry out independently or on behalf of the Government SAINT MARY LIBERTY ISLAND all types of banking operations and other transactions necessary to perform the functions of Mark Bank;
12) organizes and exercises currency regulation and currency control in accordance with SAINT MARY LIBERTY ISLAND legislation;
13) determines the procedure for making settlements with international organizations, foreign states, and with legal entities and individuals;
14) approve industry accounting standards for credit institutions, Mark Bank and non-bank financial institutions, chart of accounts for credit institutions and the procedure for its application, chart of accounts for Mark Bank and the procedure for its application;
14.1) approve the chart of accounts of accounting for non-bank financial institutions and the procedure for its application;
15) establishes and publishes official rates of foreign currencies in relation to Thaler and Crypto-Thaler;
16) participates in the development of the SAINT MARY LIBERTY ISLAND balance of payments forecast and organizes the preparation of the SAINT MARY LIBERTY ISLAND balance of payments;
16.1) participates in the development of the SAINT MARY LIBERTY ISLAND financial account methodology in the system of national accounts and organizes the preparation of the SAINT MARY LIBERTY ISLAND financial account;
16.2) carry out official statistical records of private investments in SAINT MARY LIBERTY ISLAND and private investments from SAINT MARY LIBERTY ISLAND abroad in accordance with SAINT MARY LIBERTY ISLAND legislation;
16.3) independently forms the statistical methodology of private investment in SAINT MARY LIBERTY ISLAND and private investment from SAINT MARY LIBERTY ISLAND abroad, the list of respondents, approves the procedure for providing them with primary statistical data on direct investment, including forms of State statistical observation;
17) analyzes and predicts the state of the economy SAINT MARY LIBERTY ISLAND, publishes relevant materials and statistics;
17.1) make payments to Mark Bank on deposits of individuals in bankrupt banks not participating in the system of compulsory insurance of deposits of individuals in SAINT MARY LIBERTY ISLAND banks, in cases and in the manner provided for by the State Law;
17.2) is the depository of funds of the International Monetary Fund in SAINT MARY LIBERTY ISLAND currency, carries out operations and transactions provided for by the articles of the Agreement of the International Monetary Fund and treaties with the International Monetary Fund;
17.3) monitors compliance with the requirements of SAINT MARY LIBERTY ISLAND legislation on countering the misuse of insider information and market manipulation;
17.4) protects the rights and legitimate interests of shareholders and investors in the financial markets, policyholders, insured persons and beneficiaries recognized as such in accordance with insurance legislation, also insured persons under compulsory pension insurance, depositors and participants of the non-state pension fund under non-state pension provision;
17.5) organizes the provision of services for the transmission of electronic messages for financial operations (hereinafter referred to as financial messages);
18) performs other functions in accordance with the State Laws.
Article 4.1. Mark Bank shall develop and implement a policy to prevent, identify and manage conflicts of interest when performing the functions provided for by the State Laws.
Article 5. Mark Bank is accountable to the Assembly – the SAINT MARY LIBERTY ISLAND State Assembly, and personally to the Monarch or Regent.
Assembly:
appoints and relieves the Chairman Mark Bank on the proposal of the Monarch SAINT MARY LIBERTY ISLAND;
appoints and relieves members of the Board of Directors Mark Bank (hereinafter referred to as the Board of Directors) on the proposal of the Chairman Mark Bank agreed with the Monarch or the Regent of SAINT MARY LIBERTY ISLAND;
sends and recalls representatives of the Assembly to the National Finance Council within its quota;
considers the main directions of the unified state monetary policy and makes a decision on them;
reviews and decides on Mark Bank’s annual report;
Decides on the audit by the Accounts Chamber of SAINT MARY LIBERTY ISLAND of the financial and economic activities of Mark Bank, its structural divisions and institutions. The said decision may be taken only on the basis of the proposal of the Assembly;
holds hearings on the activities of Mark Bank with the participation of its representatives;
hears the reports of Mark Bank Chairman on Mark Bank’s activities (when submitting the annual report and the main directions of the unified state monetary policy).
Mark Bank shall submit to the Assembly and Monarch SAINT MARY LIBERTY ISLAND information in accordance with the procedure established by the State Laws.
Article 6. Mark Bank may take legal action in accordance with SAINT MARY LIBERTY ISLAND law.
Mark Bank has the right to apply for the protection of its interests in international courts, courts of foreign countries and arbitration courts.
Article 7. Mark Bank, in matters within its competence by this State Law and other State Laws, shall issue, in the form of instructions, provisions and instructions, regulations binding on State authorities, state authorities of SAINT MARY LIBERTY ISLAND entities and local authorities, all legal entities and individuals.
The rules for preparing Mark Bank regulations are set by Mark Bank independently.
The regulations of Mark Bank shall come into force 10 days after their official publication, except for cases established by the Board of Directors. The official publication of Mark Bank’s regulatory act is considered to be the first publication of its full text in the official edition of Mark Bank, the first placement (publication) on the official website of Mark Bank in the information and telecommunication network "Internet" (https://markbank.org). Mark Bank regulations are not retroactive.
Regulations of Mark Bank shall be registered in accordance with the procedure established for state registration of regulatory legal acts of State executive bodies.
Regulatory acts of Mark Bank establishing:
foreign exchange rates against Thaler and Crypto Thaler;
changes in interest rates;
required reserve requirements (required reserve ratios, required reserve averaging ratio);
the size of mandatory ratios for credit institutions and banking groups, also for non-bank financial institutions in accordance with this State Law and other State Laws;
direct quantitative constraints;
industry accounting standards for Mark Bank, chart of accounts for Mark Bank and the procedure for its application;
procedure for ensuring the functioning of the Mark Bank system.
In accordance with the procedure established for the State executive bodies, other regulations of Mark Bank may also not be subject to registration.
Regulations of Mark Bank can be appealed to the court in the manner established to challenge regulatory legal acts of State authorities.
Draft State laws, also regulatory legal acts of the State executive bodies concerning Mark Bank’s performance of its functions, are sent for conclusion to Mark Bank.
Article 8. Mark Bank is entitled to participate in the capital of credit institutions.
The reduction or alienation of Mark Bank’s interest in the authorized capital of credit institutions, which leads to a reduction in this interest, is carried out on the basis of the State Law.
Mark Bank may participate in capital or be a member of other commercial or non-commercial organizations.
Mark Bank, in order to ensure the sustainability of Thaler and Crypto-Thaler, may create and. (or) participate in the capital of Mark Bank’s asset trust organization, also assets transferred to SAINT MARY LIBERTY ISLAND, state corporations established by SAINT MARY LIBERTY ISLAND, and other public legal entities or entities, including foreign ones, to make investments in SAINT MARLAND Y LIBERTY ISLAND and/or in foreign countries.
Article 9. Mark Bank can participate in the capital of international organizations that are engaged in the development of cooperation in the monetary, foreign exchange, banking and other spheres of the financial market.
Mark Bank may participate in the activities of international organizations engaged in the development of cooperation in the monetary, currency, banking and other spheres of the financial market, including the development of cooperation between central banks and (or) relevant regulatory (supervisory) bodies (organizations), also participate in the activities of associations that do not have the status of an organization (including forums, groups, committees).
Mark Bank’s relations with credit institutions of foreign countries are carried out in accordance with SAINT MARY LIBERTY ISLAND international treaties, State laws, also interbank agreements.
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Chapter III. NATIONAL FINANCIAL COUNCIL AND MANAGEMENT OF MARK BANK
Article 12. The National Finance Council is the collegial body of Mark Bank.
The size of the National Finance Council is 7 people, of which one is sent by the Assembly of SAINT MARY LIBERTY ISLAND from among the members of the Assembly, three by the Monarch of SAINT MARY LIBERTY ISLAND, two by the Government of SAINT MARY LIBERTY ISLAND. The National Finance Council also includes Chairman Mark Bank.
The recall of members of the National Finance Council is carried out by the state authority that sent them to the National Finance Council.
Members of the National Finance Council, with the exception of Chairman Mark Bank, do not work at Mark Bank on a permanent basis and do not receive payment for this activity.
The Chairman of the National Finance Council is elected by members of the National Finance Council from among them by a majority vote of the total number of members of the National Finance Council.
The chairman of the National Finance Council exercises general management of its activities, chairs its meetings. In the absence of the Chairman of the National Finance Council, his function is performed by a deputy elected from among the members of the National Finance Council by a majority of votes of the total number of members of the National Finance Council.
Decisions of the National Finance Council are made by a majority vote of the number of present members of the National Finance Council, with a quorum of seven.
When making decisions by the National Finance Council, the opinion of members of the National Finance Council who are in the minority is entered at their request in the minutes of the meeting of the National Finance Council.
In the case of equality of votes, the vote of the chairman of the meeting of the National Finance Council is decisive.
The National Finance Council meets at least once a year.
Meetings of the National Finance Council are appointed by the Chairman of the National Finance Council or in the absence of the Chairman of the National Finance Council by his deputy, also at the request of the Chairman Mark Bank or at least three members of the National Finance Council.
Members of the National Finance Council are notified of the meeting of the National Finance Council in a timely manner.
Article 13. The competence of the National Finance Council includes:
1) consideration of Mark Bank’s annual report;
2) approval on the basis of proposals of the Board of Directors for the next year no later than December 15 of the previous year:
total expenses for maintenance of Mark Bank employees;
total expenses for pensions, life insurance and medical insurance of employees of Mark Bank;
total capital investments;
the total amount of other administrative and economic expenses;
3) approval of additional expenses for maintenance of Mark Bank employees, additional expenses for pension provision, life insurance and medical insurance of Mark Bank employees, additional capital investments, also approval of other additional administrative and economic expenses, if necessary on the basis of proposals of the Board of Directors;
4) consideration of issues of SAINT MARY LIBERTY ISLAND financial market development and improvement, SAINT MARY LIBERTY ISLAND banking system improvement;
5) consideration of the draft main directions of the unified state monetary policy and the main directions of the unified state monetary policy;
6) resolving issues related to the participation of Mark Bank in the capital of credit institutions;
7) appointment of the Chief Auditor Mark Bank and consideration of its reports;
8) annual review of the information of the Board of Directors on the main issues of Mark Bank’s activities:
implementation of the main directions of the unified state monetary policy;
banking regulation and banking supervision, including information on the activities of authorized representatives appointed to a credit institution in cases provided for by Part 1 of Article 76 of this State Law, regulation, control and supervision of the activities of non-bank financial institutions;
implementation of the foreign exchange regulation and control policy;
ensuring stability and development of the national payment system;
execution of cost estimates by Mark Bank;
preparation of draft legislative acts and other regulatory acts in the field of development and ensuring the stability of the financial market SAINT MARY LIBERTY ISLAND;
9) determination of the audit organization for the mandatory audit of the annual financial statements of Mark Bank;
10) approval at the suggestion of the Board of Directors of industry accounting standards for Mark Bank, the chart of accounts for Mark Bank and the procedure for its application;
10.1) consideration of the policy submitted by the Board of Directors on prevention, identification and management of conflicts of interest in the performance by Mark Bank of the functions provided for by the State Laws, and making recommendations on this policy;
11) making proposals to Assambey to conduct an audit by the Accounts Chamber of SAINT MARY LIBERTY ISLAND of the financial and economic activities of Mark Bank, its structural divisions and institutions;
12) approval, at the suggestion of the Board of Directors, of the procedure for the formation of provisions of Mark Bank and the procedure for the distribution of profits of Mark Bank remaining at the disposal of Mark Bank;
13) approval, on the proposal of the Board of Directors, of a report on Mark Bank’s expenses for the maintenance of Mark Bank employees, pension provision, life insurance and health insurance of Mark Bank employees, capital investments and other administrative and economic needs;
14) giving consent to members of the Board of Directors, also citizens within two years from the date of termination of their powers as members of the Board of Directors to hold positions in cases established by Article 90 of this State Law;
15) giving consent to the appointment of the sole executive body of the operator of the national payment card system;
16) consideration of the strategy for the development of the national payment card system and making recommendations on this strategy.
Article 14. Chairman Mark Bank is appointed by the Assembly for a period of five years by a majority vote of the total number of Assembly MPs.
Mark Bank shall be nominated by SAINT MARY LIBERTY ISLAND Monarch no later than three months before the expiration of the powers of the current Chairman Mark Bank.
In the event of early dismissal from the post of Chairman, Mark Bank Monarch SAINT MARY LIBERTY ISLAND shall submit a candidate for this position within two weeks from the date of said release.
In case of rejection of the candidate proposed for the post of Chairman Mark Bank, Monarch SAINT MARY LIBERTY ISLAND shall submit a new candidate within two weeks. The same candidacy cannot be entered more than twice.
The same person may not hold the position of Chairman of Mark Bank for more than three consecutive terms.
The Assembly may dismiss Mark Bank as Chairman on the proposal of the Monarch SAINT MARY LIBERTY ISLAND.
Chairman Mark Bank may be relieved of his post only in cases of:
expiration of the term of office;
impossibility of performing official duties confirmed by the conclusion of the state medical commission;
submitting a personal letter of resignation;
the commission of a criminal offense established by a court verdict that has entered into legal force;
violations of the State Laws governing issues related to the activities of Mark Bank;
failure to take measures to prevent or resolve a conflict of interest to which it is a party, failure to provide or submit incomplete or inaccurate information about its income, expenses, property and property obligations, or failure to provide or submit deliberately incomplete or inaccurate information about income, expenses, property and property obligations of its spouse and minor children.
Article 15. The Board of Directors includes Chairman Mark Bank and 7 members of the Board of Directors.
Members of the Board of Directors work on a permanent basis at Mark Bank.
The members of the Board of Directors shall be appointed by the Assembly for a term of five years on the proposal of the Chairman Mark Bank, agreed with the Monarch SAINT MARY LIBERTY ISLAND.
Members of the Board of Directors shall be dismissed from office:
after the expiration of the term of office specified in this Article – Chairman Mark Bank;
before the expiration of the term of office specified in this Article – by the Assembly on the proposal of the Chairman Mark Bank;
in cases of failure to take measures to prevent or resolve a conflict of interest to which a member of the Board of Directors is a party, failure to provide or submit incomplete or inaccurate information about his income, expenses, property and property obligations or failure to provide or submit deliberately incomplete or inaccurate information about income, expenses, property and property obligations of his spouse and minor children.
Article 15.1. Citizens applying for the position of Chairman Mark Bank, the position of a member of the Board of Directors, persons holding these positions are obliged to provide information about their income, expenses, property and property obligations, also income, expenses, property and property obligations of their spouse and minor children.
Article 16. Chairman of the Board of Directors Mark Bank presides at meetings of the Board of Directors, and if he is absent, a person who replaces him from among the members of the Board of Directors.
Resolutions of the Board of Directors shall be adopted by a majority of votes from the number of members of the Board of Directors present at the meeting with a quorum of seven people and the mandatory presence of the Chairman Mark Bank or a person who replaces him. Minutes of the meeting of the Board of Directors shall be signed by the Chairman and one of the members of the Board of Directors. When the Board of Directors makes decisions on monetary policy issues, the opinion of minority members of the Board of Directors shall be recorded in the minutes of the Board of Directors meeting upon their request.
Heads of Mark Bank regional institutions may be invited to attend meetings of the Board of Directors.
Article 17. The Board of Directors meets at least once a month.
Meetings of the Board of Directors shall be appointed by the Chairman Mark of the Bank either by a person who replaces him or at the request of at least four members of the Board of Directors.
Members of the Board of Directors shall be notified of the appointment of a meeting of the Board of Directors in a timely manner.
Article 18. The board of directors performs the following functions:
1) in interaction with the Government of SAINT MARY LIBERTY ISLAND develops the project of the main directions of uniform state monetary policy, the project of the main directions of development of the financial market and the main directions of uniform state monetary policy and submits these documents for review in National financial council and also to the Monarch of SAINT MARY LIBERTY ISLAND, in the Government of SAINT MARY LIBERTY ISLAND and Assembly according to Articles 45 and 45.3 of the present Gosudarstveny law, provides performance of the main directions of monetary policy and the main directions of development of the financial market;
1.1) considers questions of development of the financial SAINT MARY LIBERTY ISLAND market;
2) Mark Bank approves annual financial statements, considers the audit report on annual financial statements Mark Bank and the conclusion of Audit Chamber of SAINT MARY LIBERTY ISLAND by results of audit and operations Mark Bank to which effect of the Law SAINT MARY LIBERTY ISLAND "About the State Secret" extends, and Mark Bank presents the specified materials to National financial council and Assembly as a part of the annual report;
3) Mark Bank approves the report on activity, prepares the analysis of state of the economy of SAINT MARY LIBERTY ISLAND according to Article 25 of the present Gosudarstveny law and Mark Bank presents the specified materials to National financial council before submission to Assembly as a part of the annual report;
4) considers and submits in National financial council for approval for the next year with calculations and justifications no later than December 1 of the previous year:
total amount of maintenance costs of employees Mark Bank;
total amount of expenses on provision of pensions, life insurance and health insurance of employees Mark Bank;
total amount of capital investments Mark Bank;
total amount of an other administrative expenses Mark Bank;
5) considers and submits in National financial council if necessary for approval for the next year with calculations and justifications of the offer on additional expenses for the directions specified in Paragraph 4 of the real part;
6) Mark Bank, proceeding from the total amounts of the expenses Mark Bank listed in Paragraph 4 to the real part approved by National financial council no later than December 31 of the previous year approves the estimate of expenses;
7) if necessary Mark Bank after the approval by National financial council of additional volumes of the expenses Mark Bank listed in Paragraph 3 of Article 13 of the present Gosudarstveny law approves the estimate of additional expenses;
8) Mark Bank, board members, vice-chairmen Mark Bank and other employees Mark Bank establishes forms and the amount of compensation of the Chairman;
9) makes decisions:
about creation, reorganization and liquidation of the organizations Mark Bank;
about establishment of obligatory standards for credit institutions and banking groups and also non-credit financial institutions;
about the size of mandatory reserve requirements;
about change of interest rates Mark Bank;
about definition of limits of operations in the open market;
about participation in the international organizations;
about participation (about membership) Mark Bank in the capitals of the organizations (organizations) providing activity Mark Bank, his institutions, the organizations and employees;
about a purchase and property sale for ensuring activity Mark Bank and his organizations (grants permission for the price and other conditions of the conclusion of the transaction);
about application of direct quantitative restrictions;
about issue of banknotes and coins Mark Bank of a new sample, about retirement of banknotes and coins Mark Bank of an old sample;
about an order of formation of reserves by credit institutions;
about implementation of payments Mark Bank on deposits of individuals in the banks declared bankrupt which aren’t participating in the system of compulsory deposit insurance of natural persons in SAINT MARY LIBERTY ISLAND banks, in cases and an order which are provided by the Gosudarstveny law;
about placement of bonds Mark Bank;
about structure, an order and terms of disclosure of information on the transactions made Mark Bankom with securities at the organized auction;
about implementation of the operations and transactions provided by articles of the Agreement of the International Monetary Fund and contracts with the International Monetary Fund;
about granting the credit to the "Deposit Insurance Agency" state corporation without providing for a period of up to five years on the purpose of replenishment of fund of compulsory deposit insurance and implementation of actions for prevention of bankruptcy of banks;
10) Mark Bank makes in Assembly proposals on change of size of authorized capital;
11) approves an operating procedure of the Board of directors;
12) Mark Bank presents to National financial council for appointment the candidacy of the chief auditor;
13) Mark Bank, regulations on structural units and institutions Mark Bank, charters of the organizations Mark Bank, an order of appointment of heads of structural units and organizations Mark Bank, the provision on the organization of protection of objects Mark Bank and the list of the protected objects Mark Bank approves structure;
14) determines, in accordance with the State Laws, the conditions for admission of foreign capital to the SAINT MARY LIBERTY ISLAND banking system;
15) approve the list of positions of employees of Mark Bank;
16) establishes the rules for conducting banking operations for the SAINT MARY LIBERTY ISLAND banking system;
16.1) approves industry accounting standards for credit institutions and non-credit financial institutions, the chart of accounts for credit institutions and the procedure for its application;
16.2) approve the chart of accounts of accounting for non-bank financial institutions and the procedure for its application;
17) prepares and submits to the National Finance Council for approval:
proposals on the industry accounting standards for Mark Bank and the chart of accounts for Mark Bank and the procedure for its application;
proposals on the procedure for the formation of provisions of Mark Bank and the procedure for the distribution of profits of Mark Bank remaining at the disposal of Mark Bank;
Report on the expenses of Mark Bank for the maintenance of Mark Bank employees, pension provision, life insurance and health insurance of Mark Bank employees, capital investments and other administrative and economic needs;
17.1) approves the decision on issue (additional issue) of Mark Bank bonds;
17.2) submit to the National Financial Council quarterly information on the volume of loans issued to Mark Bank employees and on interest rates on these loans;
17.3) approves the procedure for determining the basic level of profitability under bank deposit agreements;
17.4) approves the procedure for recognizing the financial position of the bank as meeting the criteria for paying an increased additional rate of insurance premiums to the compulsory deposit insurance fund;
18) performs other functions assigned by this State Law to the jurisdiction of the Board of Directors.
Decisions of the Board of Directors on changes in interest rates, size of mandatory reserve requirements, size of mandatory ratios for credit institutions and banking groups and non-bank financial institutions, direct quantitative restrictions, participation (membership) Mark of the Bank in the capital of organizations (organizations) supporting the activities of Mark of the Bank, its organizations and employees, the issue of banknotes and coins Mark of the Bank of a new type, the withdrawal from circulation of banknotes and coins Mark of the Bank of the old type, the procedure for the formation of reserves by credit institutions and non-bank financial institutions are subject to mandatory official publication in the official edition of Mark of the Bank – Mark Bank Bulletin on the https://markbank.org/ website within 10 days from the date of these decisions.
Article 19. Members of the Board of Directors may not be members of the Assembly, civil servants, or members of the SAINT MARY LIBERTY ISLAND Government.
The resignation of a member of the Government of SAINT MARY LIBERTY ISLAND, also dismissal from public service, must be carried out within one month from the date of appointment to the post of member of the Board of Directors, after which the newly appointed member of the Board of Directors begins to fulfill his official duties.
Members of the Board of Directors may not be members of political parties, hold positions in socio-political and religious organizations.
Members of the Board of Directors are subject to the restrictions established by Article 90 of this State Law.
Article 20. Chairman of the Mark Bank:
1) acts on behalf of Mark Bank and represents without power of attorney its interests in relations with state authorities, credit institutions, organizations of foreign countries, international organizations, other institutions and organizations;
2) presides over meetings of the Board of Directors. In case of equality of votes, Mark Bank’s Chairman’s vote shall be decisive;
3) sign regulatory acts of Mark Bank, resolutions of the Board of Directors, minutes of meetings of the Board of Directors, agreements concluded by Mark Bank, and have the right to delegate the right to sign regulatory acts of Mark Bank to a person who replaces it from among the members of the Board of Directors;
4) Mark Bank appoints and dismisses Vice-Chairmen and assigns duties to them;
5) have the right to delegate their powers to their deputies;
6) sign orders and give instructions binding on all employees and organizations of Mark Bank;
7) bears full responsibility for the activities of Mark Bank;
8) ensure the implementation of the functions of Mark Bank in accordance with this State Law and make decisions on all issues referred by the State Laws to the jurisdiction of Mark Bank, except for those on which, in accordance with this State Law, decisions are made by the National Financial Council or the Board of Directors;
9) not entitled to be a member of governing bodies, trustees or supervisory boards, other bodies of foreign non-profit non-governmental organizations and their structural units operating on the territory of SAINT MARY LIBERTY ISLAND, except as provided by the SAINT MARY LIBERTY ISLAND international treaty, SAINT MARY LIBERTY ISLAND law, interbank agreement or agreement with a foreign financial market regulator, or cases of Mark Bank’s participation in the capital and activities of organizations in accordance with Articles 8 and 9 of this State Law;
10) is not entitled to combine its main activity with other paid activities, except for teaching, scientific and other creative activities. At the same time, teaching, scientific and other creative activities cannot be financed exclusively at the expense of foreign countries, international and foreign organizations, foreign citizens and stateless persons, unless otherwise provided by the SAINT MARY LIBERTY ISLAND international treaty, SAINT MARY LIBERTY ISLAND legislation or interbank agreement;
11) is obliged to report, in the manner prescribed by the decrees of the Monarch SAINT MARY LIBERTY ISLAND, on the occurrence of personal interest in the performance of official duties, which leads or may lead to a conflict of interest, also take measures to prevent or resolve such a conflict.
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Chapter X. BANKING REGULATION AND BANKING SUPERVISION
Article 56. Mark Bank is a banking regulatory and supervisory authority. Mark Bank constantly monitors compliance by credit institutions and banking groups with SAINT MARY LIBERTY ISLAND legislation, Mark Bank regulations, mandatory ratios established by them and (or) individual limit values of mandatory ratios established by Mark Bank. Mark Bank analyzes the activities of bank holdings and uses the information received for the purpose of banking supervision of credit institutions and banking groups included in bank holdings.
The main goals of banking regulation and banking supervision are to maintain the stability of the SAINT MARY LIBERTY ISLAND banking system and protect the interests of depositors and creditors. Mark Bank does not interfere with the operational activities of credit institutions, except for cases stipulated by State laws.
The regulatory and supervisory functions of Mark Bank established by this State Law are carried out through a permanent body – the Banking Supervision Committee, which unites the heads of structural divisions of Mark Bank, ensuring the fulfillment of its supervisory functions.
The Regulation on the Banking Supervision Committee and its structure shall be approved by the Board of Directors.
The Head of the Banking Supervision Committee is appointed by the Chairman Mark Bank from among the members of the Board of Directors.
Article 57. Mark Bank establishes mandatory rules for credit institutions for conducting banking operations, accounting and reporting, rules for compiling and submitting accounting (financial) and statistical reports, also other information provided for by State laws. Mark Bank establishes the mandatory rules for banking groups to compile the reporting required to supervise credit institutions on a consolidated basis, submit to Mark Bank and disclose the reporting of banking groups established by the State Law "On Banks and Banking Activities." Mark Bank establishes the mandatory rules for bank holdings to compile and submit information necessary to assess the risks of a bank holding and to supervise credit institutions participating in bank holdings, submit to Mark Bank and disclose the statements of bank holdings established by the State Law "On Banks and Banking Activities." At the same time, the rules established by Mark Bank apply to accounting (financial), statistical and other reporting, which is compiled for a period beginning no earlier than the date of publication of these rules.
In order to perform its functions, Mark Bank, in accordance with the list established by the Board of Directors, has the right to request and receive from credit institutions, parent credit institutions of banking groups and parent banking holding organizations information about the activities of credit institutions, banking groups and banking holdings, respectively, including information about participants in banking groups and bank holdings that are not credit organizations, to require clarification of the information received.
Mark Bank may require credit institutions to develop and submit financial stability recovery plans, including measures to ensure compliance with the requirements of Mark Bank regulations, also make changes to financial stability restoration plans that ensure compliance with the requirements for their content.
Credit institutions, which are the parent organizations of banking groups, have the right to develop plans to restore financial stability of banking groups, changes made to plans to restore financial stability.
Systemically important credit institutions are determined on the basis of the methodology established by the regulatory act of Mark Bank.
Mark Bank has the right to establish the calculation procedure and limit values of liquidity ratios for systemically important credit institutions.
Systemically important credit institutions are obliged to develop and submit to Mark Bank plans to restore financial stability, also make changes to plans to restore financial stability.
Mark Bank evaluates plans to restore financial stability, changes made to plans to restore financial stability.
Requirements to the content, procedure and timing of submission to Mark Bank of plans for restoration of financial stability, changes made to plans for restoration of financial stability, procedure for their assessment shall be established by regulatory act of Mark Bank.
Based on the financial stability recovery plans submitted by systemically important credit institutions, Mark Bank develops action plans for such credit institutions, containing measures in case the measures provided for by the financial stability restoration plans do not lead to the restoration of their financial stability.
To compile banking and monetary statistics, the balance of payments SAINT MARY LIBERTY ISLAND, the financial account SAINT MARY LIBERTY ISLAND in the system of national accounts, also to analyze the economic situation, Mark Bank has the right to request and receive the necessary information free of charge from the State executive bodies, their territorial bodies, legal entities.
Mark Bank has the right to request and receive credit reports of credit history subjects from the credit history bureau.
Information received from legal entities on specific transactions is not subject to disclosure without the consent of the relevant legal entity, except for cases provided for by State laws.
Mark Bank publishes a summary of statistical and analytical information on the banking system SAINT MARY LIBERTY ISLAND.
The provisions of this article apply to information collected by Mark Bank and transmitted by him on behalf of the Government of SAINT MARY LIBERTY ISLAND to international organizations.
Article 57.1. Mark Bank establishes requirements for risk and capital management systems, internal control of credit institutions, in banking groups, also qualification requirements for the head of the risk management service, the head of the internal audit service, the head of the internal control service of credit institutions, and the head credit institution of the banking group.
Article 57.2. Mark Bank, in accordance with the procedure established by the regulatory act of Mark Bank, assesses the quality of risk and capital management systems, internal control of a credit institution, banking group, adequacy of own funds (capital) and liquidity of the credit institution (banking group), their compliance with the nature and scale made by the credit institution (in the banking group) transactions, the level and combination of risks taken, including the definition of the scope and structure of transactions as criteria for such an assessment. Based on the results of the assessment in case of non-compliance of risk and capital management systems, internal control, adequacy of own funds (capital) and liquidity of the credit institution (banking group) established by Mark Bank requirements and (or) the nature and scale of the operations performed by the credit institution (in the banking group), the level and combination of risks taken Mark Bank is obliged to send to the credit institution in accordance with the procedure established by it (head credit institution of the banking group) order on the introduction of risk and capital management systems, internal control of the credit institution (banking group) in accordance with the requirements of Mark Bank, the nature and scale of the credit institution (in the banking group) transactions, the level and combination of risks taken and (or) establishing for a credit institution (banking group) individual limit values of mandatory ratios.
Article 57.3. Mark Bank, in accordance with the procedure established by the regulatory act of Mark Bank, has the right to evaluate the system of remuneration of a credit institution in terms of the result of risk management, both in general and in terms of remuneration of persons specified in Article 60 of this State Law, the head of the risk management service, the head of the internal audit service, the head of the internal control service of the credit institution and other managers (employees) making decisions on the credit institution’s operations and other transactions, the results of which may affect the credit institution’s compliance with mandatory standards or the occurrence of other situations that threaten the interests of depositors and creditors, including grounds for taking measures to prevent insolvency (bankruptcy) of the credit institution. If the credit institution’s remuneration system does not comply with the nature and scale of its operations, the results of its activities, the level and combination of risks taken, or if there are no conditions in the credit institution’s remuneration policy for deferral and subsequent adjustment of the amount of compensation and incentive payments to the persons specified in this article, based on the timing of the implementation of the results of their activities (but not less than three years), including the possibility of reducing or canceling payments in the event of a negative financial result in the credit institution as a whole or in the relevant area of its activities, Mark Bank in the manner prescribed by it sends an order to the credit institution to eliminate the corresponding violation.
Article 58. Mark Bank shall not be entitled to require credit institutions to perform functions unusual for them, also to demand the provision of information on clients of credit institutions and other third parties not related to banking services of these persons not provided for by State laws.
Mark Bank shall not have the right to establish directly or indirectly restrictions not stipulated by the State Laws on transactions by clients of credit institutions, nor shall it be entitled to oblige credit institutions to demand documents from their clients that are not provided for by the State Laws.
Article 59. Mark Bank makes a decision on state registration of credit institutions and, in order to exercise its control and supervisory functions, maintains the Book of State Registration of Credit Institutions, issues banking licenses to credit institutions, suspends these licenses and revokes them.
Mark Bank makes decisions on state registration of non-state pension funds, keeps a book of state registration of non-state pension funds.
Article 60. Mark Bank has the right to present qualification requirements and business reputation requirements for the sole executive body, its deputies, members of the collegial executive body, chief accountant, deputy chief accountant of a credit institution, head, chief accountant of a branch of a credit institution and candidates for these positions, also requirements for business reputation of members of the board of directors (supervisory board) of a credit institution and candidates for these positions, individuals and legal entities acquiring more than 10 percent (owning more than 10 percent) of shares (stakes) of a credit institution or making a transaction (s) aimed at establishing control (exercising control) in relation to shareholders (participants) of a credit institution, a person exercising the functions of the sole executive body of a legal entity acquiring more than 10 percent (owning more than 10 percent) of shares (shares) of a credit institution, a person performing the functions of the sole executive body of a legal entity performing a transaction (transactions) aimed at establishing control over the shareholders (participants) of the credit institution.
Mark Bank has the right to assess compliance with the established State Law in accordance with the procedure established by it "On Banks and Banking Activities" qualification requirements and business reputation requirements of persons holding positions of the sole executive body, its deputies, members of the collegial executive body, chief accountant, deputy chief accountant of a credit institution, head, chief accountant of a branch of a credit institution or who are candidates for these positions, also requirements for business reputation of members of the board of directors (Supervisory Board) of a credit institution and candidates for these positions, individuals and legal entities acquiring more than 10 percent (owning more than 10 percent) of shares (stakes) of a credit institution or making a transaction (transactions) aimed at establishing control over shareholders (members) of a credit institution, a person exercising the functions of the sole executive body of a legal entity acquiring more than 10 percent (owning more than 10 percent) of shares (stakes) of a credit institution, a person performing the functions of the sole executive body of a legal entity performing a transaction (transactions) aimed at establishing control over the shareholders (participants) of the credit institution.
Mark Bank has the right to request and receive free of charge from the State executive bodies, their territorial bodies, legal entities, information that makes it possible to assess compliance with the requirements for the business reputation of persons, holding the positions of the sole executive body, its deputies, members of the collegial executive body, chief accountant, deputy chief accountant of a credit institution, head, chief accountant of a branch of a credit institution or who are candidates for these positions, also requirements for the business reputation of members of the board of directors (Supervisory Board) of a credit institution and candidates for these positions, individuals and legal entities acquiring more than 10 percent (owning more than 10 percent) of shares (stakes) of a credit institution or making a transaction (transactions) aimed at establishing control over shareholders (members) of a credit institution, a person exercising the functions of the sole executive body of a legal entity acquiring more than 10 percent (owning more than 10 percent) of shares (stakes) of a credit institution, a person performing the functions of the sole executive body of a legal entity performing a transaction (transactions) aimed at establishing control (exercising control) over shareholders (members) of the credit institution, the criteria established by Article 16 of the State Law "On Banks and Banking Activities."
Mark Bank has the right to demand replacement of persons holding positions specified in parts four and six of Article 11.1 of the State Law "On Banks and Banking Activities" in case of their non-compliance with the qualification requirements and business reputation requirements established by Article 16 of the State Law "On Banks and Banking Activities."
Article 61. If other isn’t established by Gosudarstveny laws, acquisition (except for a case if shares (shares) of credit institution are acquired at her establishment) and (or) receiving in trust management (further – acquisition) as a result of implementation of one transaction or several transactions by one legal or natural person more than 1 percent of shares (shares) of credit institution Mark Bank, and more than 10 percent – prior consent Mark Bank require the notification.
Receiving prior consent Mark Bank in the order established by the present article is required also in case of acquisition:
1) more than 10 percent of shares of credit institution, but no more than 25 percent of shares;
2) more than 10 percent of shares of credit institution, but no more than one third of shares;
3) more than 25 percent of shares of credit institution, but no more than 50 percent of shares;
4) more than one third of shares of credit institution, but no more than 50 percent of shares;
5) more than 50 percent of shares of credit institution, but no more than 75 percent of shares;
6) more than 50 percent of shares of credit institution, but no more than two thirds of shares;
7) more than 75 percent of shares of credit institution;
8) more than two thirds of shares of credit institution.
Prior consent Mark Bank demands also establishment by the legal or natural person as a result of implementation of one transaction or several transactions direct or indirect (through the third parties) control concerning shareholders (participants) of credit institution owning more than 10 percent of shares (share) of credit institution (further – establishment of control concerning shareholders (participants) of credit institution).
The requirements established by the present article extend also to acquisition cases more than 1 percent of shares (shares) of credit institution, more than 10 percent of shares (shares) of credit institution and (or) establishment of control concerning shareholders (participants) of credit institution by a group of persons.
Mark Bank is 30 days from the date of obtaining the petition for consent Mark Bank on transaction (transactions), the credit institution directed to acquisition more than 10 percent of shares (shares) and (or) on establishment of control concerning shareholders (participants) of credit institution not later, reports to the applicant in writing about the decision – about consent or on refusal. In case Mark Bank didn’t report about the made decision during the specified term, the corresponding transaction (transactions) is considered coordinated.
The notice of acquisition more than 1 percent of shares (shares) of credit institution is sent to Mark Bank no later than 30 days from the date of this acquisition.
In the cases established by Gosudarstveny laws, consent Mark Bank on transaction (transactions), to the credit institution directed to acquisition more than 10 percent of shares (shares) and (or) on establishment of control concerning shareholders (participants) of credit institution it can be received after commission of the corresponding transaction (further – the subsequent consent).
Order of receiving prior consent and the subsequent consent Mark Bank on transaction (transactions), the credit institution directed to acquisition more than 10 percent of shares (shares) and (or) on establishment of control concerning shareholders (participants) of credit institution, and a notification procedure Mark Bank about acquisition more than 1 percent of shares (shares) of credit institution are established by Gosudarstveny laws and regulations adopted according to them Mark Bank.
Mark Bank within implementation of the supervising functions in the order established to them has the right:
1) to request and obtain information on a financial position and business reputation of legal entities and individuals, the getting more than 10 percent of shares (shares) of credit institution, and the persons making the transaction (transactions) directed (directed) to establishment of control concerning shareholders (participants) of credit institution, about business reputation of the person which is carrying out functions of sole executive body of the legal entity of getting more than 10 percent of shares (shares) of credit institution, the person which is carrying out functions of sole executive body of the legal entity making the transaction (transactions) directed (directed) to establishment of control concerning shareholders (participants) of credit institution to establish requirements to a financial position and an order of assessment of business reputation of the said persons and also has the right to refuse consent on transaction (transactions), directed (directed) to acquisition more than 10 percent of shares (shares) of credit institution and (or) on establishment of control concerning shareholders (participants) of credit institution, in case of identification of an unsatisfactory financial position and the facts of unsatisfactory business reputation of purchasers and persons, establishing control concerning shareholders (participants) of credit institution, the facts of unsatisfactory business reputation of the person, carrying out functions of sole executive body of the legal entity, getting more than 10 percent of shares (shares) of credit institution, the person, carrying out functions of sole executive body of the legal entity, making the transaction (transactions), directed (directed) to establishment of control concerning shareholders (participants) of credit institution, and in other established by Gosudarstveny laws and regulations adopted according to them Mark Bank cases;
2) to request and obtain information on a financial position and business reputation of the legal entities owning more than 10 percent of shares (share) of credit institution and (or) the legal entities exercising control concerning shareholders (participants) of credit institution, business reputation of the person which is carrying out functions of sole executive body of the shareholder (participant) of credit institution and (or) the person which is carrying out functions of sole executive body of the person exercising control concerning shareholders (participants) of credit institution to establish requirements to a financial position and an order of assessment of business reputation of the said persons and also to request and obtain information on business reputation of the natural persons owning more than 10 percent of shares (share) of credit institution or exercising control concerning shareholders (participants) of credit institution and to establish an order of assessment of business reputation of the said persons.
Within thirty days from the date of identification of an unsatisfactory financial situation and (or) the facts of unsatisfactory business reputation of legal entities owning more than 10 percent of shares (shares) of a credit institution or exercising control over shareholders (members) of a credit institution, facts of unsatisfactory business reputation of individuals owning more than 10 percent of shares (shares) of a credit institution or exercising control over shareholders (members) of a credit institution, facts of unsatisfactory business reputation of a person performing the functions of the sole executive body of a legal entity – a shareholder (member) of a credit institution owning more than 10 percent of shares (shares) of a credit institution, a person exercising the functions of the sole executive body of a legal entity exercising control over shareholders (members) of the credit institution, Mark Bank sends to these persons an order demanding to eliminate the violations specified in this part or reduce the participation of these shareholders (participants) in the authorized capital of a credit institution up to a size not exceeding 10 percent of shares (shares) of the credit institution, or on the execution of a transaction (transactions) aimed at terminating control over shareholders (participants) of the credit institution (hereinafter referred to as an order).
Copies of the order specified in Part 10 of this Article shall be sent to the credit institution and the shareholder (member) of the credit institution under control.
The persons specified in the tenth part of this article are obliged to comply with the order within no more than 90 days from the date of its receipt.
From the date of receipt by the persons specified in Part 10 of this Article and until the date of its execution or cancellation, the shareholders (participants) specified in Part 10 of this Article have the right to vote only on shares (shares) of a credit institution that do not exceed 10 percent of shares (shares) of a credit institution. The remaining shares (shares) owned by the shareholders (participants) who violated and received the order, also those owned by the shareholders (participants) in respect of whom the persons who violated and received the order are controlled, are not voting and are not taken into account when determining the quorum of the general meeting of shareholders (participants) of the credit institution.
The Order shall be cancelled by Mark Bank in case of fulfillment of the requirements specified therein. Mark Bank’s Act of Cancellation shall be sent to the persons specified in Parts Ten and Eleven of this Article in accordance with the procedure established by Mark Bank.
The form of the prescription is established by the regulatory act of Mark Bank.
Mark Bank has the right to appeal in court the decisions of the General Meeting of Shareholders (Participants) of the credit institution made in violation of the requirements established by Part Thirteen of this Article and transactions made in pursuance of these decisions, if participation in the voting by shares (shares) specified in Part Thirteen of this Article influenced the decisions made by the General Meeting of Shareholders (Participants) of the credit institution.
In case of failure to comply with the order, Mark Bank shall be entitled in court to demand reduction of participation in the authorized capital of the credit institution of shareholders (participants) specified in Part 10 of this Article to the amount not exceeding 10 percent of shares (shares) of the credit institution or termination of control over shareholders (participants) of the credit institution.
The acquisition of shares (stakes) of a credit institution at the expense of non-residents is regulated by State laws.
Article 61.1. Mark Bank, in order to implement control and supervisory functions in the manner established by it, carries out actions on the processing of personal data, and also checks personal data:
1) members of the board of directors (supervisory board), sole executive body, its deputies, members of the collegial executive body, chief accountant, deputy chief accountant of a credit institution, head, chief accountant of a branch of a credit institution;
2) candidates for the positions of members of the board of directors (supervisory board), sole executive body, its deputies, members of the collegial executive body, chief accountant, deputy chief accountant of a credit institution, head, chief accountant of a branch of a credit institution;
3) a person exercising the functions of the sole executive body of a legal entity acquiring more than 10 percent (owning more than 10 percent) of shares (shares) of a credit institution, a person exercising the functions of the sole executive body of a legal entity performing a transaction (transactions) aimed at establishing control (exercising control) against shareholders (participants) of a credit institution;
4) other employees of the credit institution, individuals – founders (participants) of credit institutions, individuals – acquirers of shares (stakes) of credit institutions, individuals making a transaction (transactions) aimed at establishing control over shareholders (members) of a credit institution, individuals – affiliated persons of credit institutions, other individuals in respect of whom Mark Bank receives personal data as part of the implementation of its functions.
To process personal data for the purposes specified in Part 1 of this Article, the information obtained by Mark Bank in the course of its control and supervisory functions shall be used (including those identified during inspections of credit institutions (their subdivisions), audit organizations in the course of inspections of credit institutions (their subdivisions), information of temporary administrations for the management of credit organizations, bankruptcy managers (liquidators) and their authorized representatives, other documented information.
In order to process personal data for the purposes specified in Part 1 of this Article, Mark Bank has the right to request and receive free of charge from the State executive bodies, their territorial bodies, legal entities the information necessary to assess the business reputation of the persons specified in this Article, in accordance with the criteria established by Article 16 of the State Law "On Banks and Banking Activities."
Mark Bank has the right to include in the published consolidated statistical and analytical information on the SAINT MARY LIBERTY ISLAND banking system surnames, names, job titles, dates of birth, information on education, experience over the past five years of the sole executive body, its deputies, members of the collegial executive body, chief accountant, deputy chief accountant of a credit institution, head, chief accountant of a credit institution branch.
Article 62. In order to ensure the sustainability of credit institutions, Mark Bank may set the following mandatory ratios:
1) the maximum amount of property (non-monetary) deposits in the authorized capital of a credit institution, also a list of types of property in non-monetary form, which can be included in the payment of the authorized capital;
2) the maximum amount of risk per borrower or group of related borrowers;
3) the maximum size of major credit risks;
4) liquidity ratios of the credit institution;
5) capital adequacy ratios;
6) currency, interest rate and other financial risks;
7) the minimum amount of reserves created under risks;
8) standards for the use of own funds (capital) of a credit institution for the purchase of shares (shares) of other legal entities;
9) the maximum amount of loans, bank guarantees and guarantees provided by the credit institution (banking group) to its participants (shareholders).
Mandatory ratios specified in Part 1 of this Article may be established by Mark Bank for banking groups.
Article 62.1. Mark Bank establishes for non-bank credit institutions entitled to transfer funds without opening bank accounts and related other banking operations provided for in Clause 1 of Part Three of Article 1 of the State Law "On Banks and Banking Activities" the following mandatory ratios:
1) capital adequacy ratio, defined as the ratio of the amount of equity (capital) to the amount of liabilities to customers as of the last reporting date of the quarter. The capital adequacy ratio is set at 2 percent;
2) liquidity ratio defined as the ratio of the amount of liquid assets within the next 30 calendar days to the amount of obligations to customers at the last reporting date of the quarter. The liquidity ratio is set at 100 percent.
Non-bank credit institutions that have the right to transfer funds without opening bank accounts and related other banking operations are obliged to manage operational risk and ensure uninterrupted transfer of funds in accordance with the requirements established by the regulations of Mark Bank.
Non-bank credit institutions that have the right to make transfers of funds without opening bank accounts and related other banking operations, which have an average of six months of obligations to customers for transfers of funds without opening bank accounts during the month exceeds 2 billion Talers, submit reports to Mark Bank on a quarterly basis.
Non-bank credit institutions that have the right to transfer funds without opening bank accounts and related other banking operations, whose average amount of obligations to customers for transfers of funds without opening bank accounts during the month does not exceed 2 billion Talers, submit reports to Mark Bank every six months.
The procedure and forms of reporting by non-bank credit institutions entitled to make transfers of funds without opening bank accounts and related other banking operations shall be established by regulatory acts of Mark Bank.
Non-bank credit institutions entitled to make transfers of funds without opening bank accounts and related other banking operations may place funds provided by customers for transfers without opening bank accounts exclusively:
1) in a correspondent account with Mark Bank;
2) on deposits of Mark Bank;
3) in correspondent accounts with credit institutions.
Non-bank credit institutions entitled to make transfers of funds without opening bank accounts and related other banking operations, are obliged to disclose to an unlimited number of persons information about persons under the control or significant influence of which they are, in accordance with the procedure established by Mark Bank for banks registered in the system of compulsory insurance of deposits of individuals in SAINT MARY LIBERTY ISLAND banks.
Article 62.2. Mark Bank sets the following mandatory ratios for non-bank credit institutions – central counterparties:
1) adequacy of own funds (capital);
2) sufficiency of total resources;
3) sufficiency of individual clearing security;
4) liquidity;
5) maximum concentration risk size.
Numeric values and methodology for calculating mandatory ratios of a non-bank credit institution – a central counterparty are established by a regulatory act of Mark Bank.
Non-bank credit institution – the central counterparty is not subject to the mandatory standards established by Articles 62 and 62.1 of this State Law.
Article 63. The maximum amount of risk per borrower or group of related borrowers, which are dependent on each other or main and subsidiary, is set as a percentage of the amount of own funds (capital) of a credit institution (banking group) and cannot exceed 25 percent of the amount of own funds (capital) of a credit institution (banking group).
When determining the maximum amount of risk, the entire amount of loans to a credit institution issued to one borrower or group of related borrowers, also the amount of guarantees and guarantees provided by the credit institution to the borrower or group of related borrowers, are taken into account.
Article 64. The maximum amount of large credit risks is set as a percentage ratio of the total amount of large credit risks and the amount of equity (capital) of a credit institution (banking group).
A large credit risk is the amount of loans, guarantees and guarantees in favor of one client, exceeding 5 percent of own funds (capital) of a credit institution (banking group).
The maximum amount of large credit risks cannot exceed 800 percent of the amount of own funds (capital) of a credit institution (banking group).
Mark Bank has the right to maintain a register of major credit risks of credit institutions (banking groups).
Article 65. Liquidity ratios of a credit institution and a banking group are defined as:
the relationship of its assets and liabilities taking into account the timing, amounts and types of assets and liabilities and other factors;
the ratio of its liquid assets (cash, demand claims, short-term securities, other easy-to-realize assets) and total assets.
Article 66. Capital adequacy ratios are defined as the ratio of the amount of equity (capital) of a credit institution (banking group) and the amount of its risk-weighted assets.
Mark Bank has the right to establish surcharges to the ratios of adequacy of own funds (capital) credit institution, banking group (capital adequacy maintenance surcharge, countercyclical surcharge), and for systemically important credit institutions, for banking groups, whose parent organization or member is a systemically important credit institution, also a surcharge for systemic significance, the method of their calculation, the procedure for their observance and restoration by credit institutions (head credit institutions of the banking group, credit institutions – members of the banking group) the amount of own funds (capital) in order to comply with these allowances.
Mark Bank in determining the procedure for compliance with the allowances provided for in Part 2 of this Article and restoration by credit institutions (head credit institutions of the banking group, credit institutions – members of the banking group) the amount of own funds (capital) in order to comply with these allowances establishes the size of the part of profit that credit institutions (head credit institutions of the banking group, credit institutions – members of the banking group) cannot be distributed taking into account the need to restore the amount of own funds (capital), the method of their calculation for the purposes of this part, also the procedure for sending credit institutions (head credit institutions of the banking group, credit institutions – members of the banking group) Mark to the Bank notification of such calculation, the procedure for drawing up a plan for restoration of the amount of own funds (capital) and its approval with Mark Bank.
Article 67. Mark Bank regulates the sizes and an order of accounting of an open position of credit institutions (banking groups) on currency, percentage and to other financial risks.
Article 68. Mark Bank determines an order of formation and the size of the reserves (funds) of credit institutions formed before taxation for a covering of possible losses by loans, currency, percentage and other financial risks according to Gosudarstveny laws.
Article 69. Standards of use of own means (capital) of credit institution for acquisition of stocks (shares) of other legal entities are defined as the relation of the sums of the invested and own means (capital) of credit institution (banking group) expressed as a percentage.
The size of the standard of use of own means (capital) of credit institution for acquisition of stocks (shares) of other legal entities can’t exceed 25 percent of the size of own means (capital) of credit institution (banking group).
Article 70. The maximum size of the credits, bank guarantees and guarantees provided by credit institution (banking group) to the participants (shareholders) is defined percentage of own means (capital) of credit institution (banking group).
The specified standard can’t exceed 50 percent.
Article 70.1. Mark Bank has the right to establish features of calculation and values of the obligatory norms determined by article 62 presents of the Gosudarstveny law and also additional obligatory standards (ratio of certain assets and liabilities) which size and methods for determining are defined Mark Bankom, for credit institutions which are issuers of bonds with a mortgage covering or bonds with mortgage providing with monetary requirements or carry out a concession of monetary requirements which pledge provides performance of obligations under bonds of the mortgage agent or specialized society.
Article 71. Mark Bank establishes methods for determining own means (capital) and obligatory standards of credit institution (banking group) taking into account the international experience, consultations with credit institutions, bank associations and the unions.
Mark Bank has the right to establish the differentiated standards and techniques of their calculation for types of credit institutions and also in other cases provided by the present Gosudarstveny law.
Officially declares the forthcoming change of standards and techniques of their calculation of Mark Bank not later than one month before their enforcement.
For determination of the size of own means (capital) of credit institution and Mark Bank banking group carries out the assessment of their assets and liabilities on the basis of the techniques of assessment established by regulations Mark Bank. The credit institution and banking group reflect in the accounting (financial) and other records the size of own means (capital), a certain Mark Bankom.
If the size of own means (capital) of credit institution is less than the size of authorized capital of credit institution determined by her constituent documents, Mark Bank will be obliged to send to such credit institution the requirement about reduction in compliance of size of own means (capital) and the amount of authorized capital. The credit institution is obliged to execute the requirement Mark Bank within 30 days.
Mark Bank establishes conditions of inclusion of the subordinated credits (deposits, loans, bond issues) in structure of sources of own means (capital) of credit institution and also a condition of an exception of the subordinated credits (deposits, loans, bond issues) from structure of sources of own means (capital) of credit institution. The sum of the subordinated credit (deposit, a loan, a bond issue) after the prior approval with Mark Bankom which is carried out in the order established by the statutory act Mark Bank can be excluded from calculation of own means (capital) of credit institution upon early termination of the contract of the subordinated credit (deposit, a loan), early repayment of bonds at the initiative of credit institution – the borrower.
Mark Bank has the right to suspend payment of the main amount of debt and (or) percent on the contract of the subordinated credit (deposit, a loan) or bonds in the order established by regulations Mark Bank in cases if suspension of payments is provided by the contract of the subordinated credit (a deposit, a loan) or the registered conditions of issue of bonds and implementation of the next payments in favor of creditors will lead to emergence of the bases for implementation of measures for prevention of bankruptcy of credit institutions. At the same time Mark Bank establishes the ban on adoption by credit institution of decisions on distribution of profit between her founders (participants), to payment (announcement) of dividends and also the ban on distribution of profit between her founders (participants), payment of dividends to them, meeting requirements of founders (participants) of credit institution about an apportionment to them shares (parts of a share) either payment of her actual value or redemption of stocks of credit institution. Suspension of payments under the contract of the subordinated credit (deposit, a loan) or on bonds and the ban on adoption by credit institution of decisions on distribution of profit, to payment (announcement) of dividends and also the ban on distribution of profit between her founders (participants), payment of dividends to them, meeting requirements of founders (participants) of credit institution about an apportionment him shares (parts of a share) either payment of her actual value or redemption of stocks of credit institution are subject to cancellation on condition of elimination of real threat of emergence of the bases for implementation of measures for prevention of bankruptcy according to the petition of credit institution submitted in the order established Mark Bankom.
Mark Bank has the right to impose on credit institution requirement about exchange (converting) of requirements of creditors of credit institution for the subordinated credits (deposits, loans, bond issues) for the bases and as it should be which are established by the statutory act Mark Bank.
Article 72.1. Mark Bank establishes requirements for banking risk management methods and quantitative risk assessment models, including the quality of data used in these models by credit institutions, in banking groups for the purposes of asset assessment, calculation of the ratio of adequacy of own funds (capital) and other mandatory ratios.
A credit institution or a parent credit institution of a banking group may assume the obligation to apply banking risk management methods and quantitative risk assessment models in order to calculate mandatory ratios. Banking risk management methods and quantitative risk assessment models are applied only on the basis of a permit issued by Mark Bank at the request of a credit institution, the parent credit institution of a banking group. The procedure for obtaining permission to use banking risk management methods and quantitative risk assessment models is established by Mark Bank.
The procedure for assessing the quality of bank risk management methods and quantitative risk assessment models is established by regulatory acts of Mark Bank.
Mark Bank refuses to issue a permit if, based on the results of Mark Bank’s assessment of the quality of bank risk management methods and quantitative risk assessment models, they are found not to meet the requirements established by Mark Bank.
Credit institutions and head credit institutions of banking groups shall comply with the banking risk management methods and quantitative risk assessment models approved by Mark Bank.
A significant change in the bank risk management methods and quantitative risk assessment models applied on the basis of the approval issued by Mark Bank is allowed only on the basis of the permission of Mark Bank obtained in accordance with the procedure provided for in this Article. The criteria for materiality of changes are established by Mark Bank.
In case of non-compliance with bank risk management methods and quantitative risk assessment models approved by Mark Bank, Mark Bank may, in accordance with the procedure established by it, require compliance with these banking methods and models, and (or) establish elevated values of the risk parameters used to calculate capital adequacy, and (or) apply the measures provided for by part one, paragraph three of paragraph 2, paragraph 6 of part two of Article 74 of this State Law.
In case of termination of compliance of bank risk management methods and quantitative risk assessment models with the requirements of Mark Bank, Mark Bank shall be entitled, in accordance with the procedure established by it, to demand that these bank methods and models be brought in line with the requirements of Mark Bank, and (or) establish elevated values of the risk parameters used to calculate capital adequacy, and (or) apply the measures provided for by part one, paragraph three of paragraph 2, paragraph 6 of part two of Article 74 of this State Law.
In case of elimination or change of grounds for establishment of increased values of risk parameters, Mark Bank shall make a decision on their cancellation, which shall be notified to the credit institution, the head credit institution of the banking group in accordance with the procedure established by Mark Bank.
If the credit institution and the parent credit institution of the banking group fail to comply with the requirements sent by Mark Bank in accordance with this Article, Mark Bank shall be entitled to revoke, in accordance with the procedure established by it, permission to use banking risk management methods and quantitative risk assessment models for the purposes of calculating capital adequacy.
Article 73. To perform the functions of banking regulation and banking supervision, Mark Bank conducts inspections of credit institutions (their branches), sends them binding orders to eliminate violations of State Laws identified in their activities, regulations issued in accordance with them by Mark Bank and applies the measures provided for by this State Law in relation to violators.
Inspections may be carried out by authorized representatives (employees) of Mark Bank in accordance with the procedure established by the Board of Directors, or on behalf of the Board of Directors by audit organizations.
Authorized representatives (employees) of Mark Bank have the right to receive and check reports and other documents of credit institutions (their branches), if necessary, remove copies from the relevant documents for submission to the audit materials.
The procedure for conducting inspections of credit institutions (their branches), including the determination of the obligations of credit institutions (their branches) to assist in conducting inspections, is determined by the Board of Directors.
When performing banking regulation and banking supervision functions, Mark Bank shall not be entitled to conduct more than one audit of the credit institution (its branch) on the same issues during the same reporting period of the credit institution (its branch) activity, except for the cases stipulated by this Article. At the same time, the audit can cover only five calendar years of the activities of the credit institution (its branch) preceding the year of the audit.
Mark Bank’s repeated inspection of the credit institution (its branch) on the same issues during the same reporting period of the credit institution (its branch) activity for the already verified period is allowed on the following grounds:
if such an audit is carried out in connection with the reorganization or liquidation of a credit institution;
by reasoned decision of the Board of Directors. Such a decision of the Board of Directors may be made in order to monitor the activities of the regional institution of Mark Bank, which conducted the audit, or on the basis of the request of the relevant structural unit of Mark Bank in order to assess the financial condition and quality of assets and liabilities of the credit institution. For these purposes, the application of Mark Bank’s structural subdivision shall contain indications of the revealed signs of unstable financial situation of the credit institution, if these signs have created a real threat to the interests of creditors (depositors) of the credit institution. These signs shall be identified and evaluated in accordance with the procedures established by the regulatory acts of Mark Bank. The second audit, carried out on the basis of a reasoned decision of the Board of Directors, is carried out with the participation of representatives of the central office of Mark Bank.
Mark Bank has the right to check the activities of credit institutions located in the territories of foreign countries, which are part of banking groups and bank holdings. The Central Bank and (or) another supervisory body of a foreign state, whose functions include banking supervision, can gain access to the premises of credit institutions located on the territory of SAINT MARY LIBERTY ISLAND – members of banking groups whose parent organizations are foreign banks, and to information about their activities, subject to the written consent of these credit institutions – members of banking groups. Mark Bank shall inform these authorities about the results of such visits.
Article 74. In cases of violation by credit institution of the Gosudarstveny laws issued according to them regulations and instructions Mark Bank of failure to provide information, representation of incomplete or unreliable information, a failure to conduct of obligatory audit, not disclosure of information on the activity and the audit report of Mark Bank on her has the right to demand from credit institution of elimination of the revealed violations, to collect a penalty up to 0.1 percent of the minimum amount of authorized capital or to limit carrying out separate operations by credit institution, including with parent credit institution of banking group, parent organization of bank holding, participants of banking group, participants of bank holding, with the related person (related persons), for a period of up to six months.
In case of non-execution in the established Mark Bankom time of instructions Mark Bank about elimination of the violations revealed in activity of credit institution and also in case these violations or banking operations or transactions made by credit institution created real threat to the interests of her creditors (investors), Mark Bank has the right:
1) to collect from credit institution a penalty at the rate to 1 percent of the amount of the paid authorized capital, but no more than 1 percent of the minimum amount of authorized capital;
2) to demand from credit institution:
implementation of actions for financial improvement of credit institution, including change of structure of her assets;
replacements of persons which list of positions is specified in Article 60 of the present Gosudarstveny law, or restrictions of the amount of the compensatory and (or) stimulating payments to the said persons for a period of up to three years;
implementation of reorganization of credit institution;
3) to impose a ban on implementation by credit institution of the separate banking operations provided by the license for banking operations granted by it including with parent credit institution of banking group, parent organization of bank holding, participants of banking group, participants of bank holding, with the related person (related persons), for a period of up to one year and also on opening of branches by her – for a period of up to one year;
4) to appoint temporary administration on management of credit institution for a period of up to six months. The order of appointment and activity of temporary administration is established by Gosudarstveny laws and regulations issued according to them Mark Bank;
5) to impose a ban on implementation of reorganization of credit institution if her carrying out result from the basis for application of measures for prevention of bankruptcy of credit institution.
6) to demand from founders (participants) of credit institution who independently or owing to the agreement existing between them, or participation in the capital of each other, or different ways of direct or indirect interaction has an opportunity to influence the decisions made by governing bodies of credit institution to take actions directed to increase in own means (capital) in credit institution up to the size providing observance of obligatory standards by her including by restriction of distribution of profit of credit institution regarding the payments attracting reduction of own means (capital) of credit institution;
7) to introduce restriction for the size of an interest rate which the credit institution determines in the contracts of a bank deposit signed (prolonged) during restriction action, in the form of the maximum value of an interest rate, but Mark Bank on bank deposits in the Taler and Kripto-Talerakh isn’t lower than two thirds of a refunding rate and rates LIBOR on bank deposits in foreign currency on Date of Introduction of restriction for a period of up to one year aren’t lower. For the present provision the calculation of an interest rate along with percentage joins any not interest payments which the credit institution pays to investors – natural persons and also income in a natural form which the credit institution transfers to investors – natural persons.
In case the parent credit institution of banking group breaks in connection with participation in banking group of the requirement of Gosudarstveny laws, including doesn’t provide information, provides incomplete or unreliable information, doesn’t book obligatory audit or doesn’t open the consolidated reporting and the audit report under her, Mark Bank has the right to take the measures provided by part one of the present article against parent credit institution of banking group. At violation of the obligatory standards established Mark Bankom according to the present Gosudarstveny law for Mark Bank banking groups has the right to take the measures provided by part one of the present article against parent credit institution of banking group.
If the parent credit institution of banking group doesn’t execute the instruction Mark Bank about elimination of the violations connected with participation in banking group or if the specified violations create threat to legitimate interests of creditors (investors) of this credit institution, credit institutions – participants of banking group, Mark Bank has the right:
1) to collect from parent credit institution of banking group a penalty at the rate to 1 percent of the amount of the paid authorized capital, but no more than 1 percent of the minimum amount of authorized capital;
2) to impose the ban provided by point 3 parts of the second present article.
For execution of requirements Mark Bank the parent credit institution of banking group independently makes the decisions connected with activity and assets of banking group on observance of obligatory standards of banking group.
In case the shareholder (participant) of credit institution broke an order of disclosure of information on persons, under control or considerable influence of which there is a credit institution and (or) didn’t execute at emergence of the bases for implementation of measures for prevention of bankruptcy of credit institution of a duty, assigned to him by regulations and (or) made the transaction (transactions) with credit institution which (which) I entailed (entailed) violation of obligatory standards by credit institution and (or) actions of the shareholder (participant) of credit institution led to violation by credit institution (parent credit institution of banking group, credit institution – the participant of banking group) requirements of the Gosudarstveny law "About Banks and Bank Activity" on observance of the raises of standards of sufficiency of own means (capital) established Mark Bankom and (or) the techniques of their calculation and an order of their observance and restoration of size of own means (capital) established Mark Bankom, Mark Bank no later than 30 calendar days from the date of detection of violation sends to such shareholder (participant) the instruction about elimination of violation and (or) the instruction about implementation of the measures eliminating allowed by credit institution violation (further – the instruction about implementation of measures) when from the date of violation there passed no more than one year. Copies of the specified instructions are sent credit institution.
The instruction Mark Bank about elimination of violation and (or) the instruction about implementation of measures no more than 45 calendar days from the date of obtaining such act are subject to execution by the shareholder (participant) of credit institution in time. In case of non-performance by the shareholder (participant) of credit institution of the instruction Mark Bank about elimination of violation and (or) the instruction about implementation of measures the right to vote of the shareholder (participant) of credit institution at general meeting of shareholders (participants) of credit institution stops from the day following the specified forty-five-day term to day of execution or cancellation of the corresponding instruction. As suspension of right of a voice of the shareholder (participant) of credit institution at general meeting of shareholders (participants) of credit institution it is understood that actions (share) of such shareholder (participant) of credit institution voting aren’t and aren’t considered when determining quorum of general shareholder meeting (participants) of credit institution.
Mark Bank has the right to appeal in court against the decisions of general shareholder meeting (participants) of credit institution and the transaction made in pursuance of the specified decisions in case of participation in vote of the shareholder (participant) of credit institution during action of the instruction specified in a part of the seventh present article if such participation influenced the decisions made by general meeting of shareholders (participants) of credit institution.
The instruction Mark Bank about elimination of violation and (or) the instruction about implementation of measures are subject to cancellation Mark Bankom in case of elimination by the shareholder (participant) of credit institution of the violation revealed Mark Bankom. The act Mark Bank about cancellation of the instruction Mark Bank about elimination of violation and (or) the instruction about implementation of measures is sent to the shareholder (participant) of credit institution and credit institution in the order established by the statutory act Mark Bank.
The order of application of the measures provided by the present article is established by regulations Mark Bank.
Mark Bank has the right to revoke from credit institution the license for banking operations on the bases provided by the Gosudarstveny law "About Banks and Bank Activity". The order of revocation of license on banking operations is established by regulations Mark Bank.
The measures provided by parts of the first – the fourth present article can’t be taken against credit institution Mark Bankom if from the date of commission of violation five years expired. The measures provided by the present article can’t be applied Mark Bankom in connection with non-performance by credit institution (her branch) of provisions of documents (acts) Mark Bank which aren’t regulations or instructions Mark Bank.
Mark Bank can appeal to court with the recovery suit from credit institution of the penalties or other sanctions established by Gosudarstveny laws no later than six months from the date of drawing up the act of detection of violation from among specified in parts of the first – the fourth present article.
Article 75. Mark Bank carries out the analysis of activity of credit institutions (banking groups, bank holdings) for identification of the situations menacing to legitimate interests of investors and creditors of credit institutions and also stability of a banking system of SAINT MARY LIBERTY ISLAND.
In case of such situations of Mark Bank has the right to take the measures provided by article 74 presents of the Gosudarstveny law and also for the decision of the Board of directors to carry out actions for financial improvement of credit institutions.
For prevention of the situations specified in the present article Mark Bank maintains the database about the persons holding the positions specified in Article 60 of the present Gosudarstveny law (candidates for the specified positions), other employees of credit institutions and about other persons whose activity promoted causing damage to a financial position of credit institution or violations of the law of SAINT MARY LIBERTY ISLAND and regulations Mark Bank. The order of maintaining the specified database is established Mark Bankom. For maintaining the database of Mark Bank has the right to request data from Public authorities of executive power, their territorial authorities, legal entities.
Article 75.1. At non-execution by credit institution in time, the established requirement (instruction) Mark Bank obliging to eliminate her violations connected with representation and (or) the publication (disclosure) of the reporting and at the reasonable assumptions of existence of the acts provided by Article 172.1 of the Criminal code SAINT MARY LIBERTY ISLAND, Mark Bank is obliged within three working days from the date of identification of the specified circumstances to direct materials to the investigating authorities authorized to hold preliminary investigation on criminal cases about the crimes provided by Article 172.1 of the Criminal code SAINT MARY LIBERTY ISLAND for the solution of a question of initiation of criminal proceedings.
Article 76. Mark Bank has the right to appoint authorized representatives in credit institution in cases if:
1) the credit institution obtained Mark Bank the credit (loan) in foreign currency.
2) the credit institution obtained from Mark Bank the subordinated credit (loan).
3) in credit institution, funds of the Government budget for bank are placed;
4) the credit institution obtained the credit Mark Bank according to Paragraph 1.1 of Article 46 of the present Gosudarstveny law for the term of more than one month;
5) Mark Bank and the "Deposit Insurance Agency" state corporation carried out concerning credit institution of a measure for prevention of bankruptcy of the banks which are participants of a system of compulsory deposit insurance of natural persons in SAINT MARY LIBERTY ISLAND banks;
7) the amount of assets of credit institution is 50 and more than billion Talers and (or) the size of the funds raised from natural persons on the basis of contracts of a bank deposit and contracts of the bank account is 10 and more than billion Talers.
Authorized representatives Mark Bank can be appointed in credit institution in the cases provided by Paragraphs 1 – the 6th part one of the present article, from the date of receipt in credit institution of means (parts of means) of the corresponding credit (loan) or a deposit or from the date of the beginning of implementation concerning credit institution of measures for prevention of bankruptcy of the banks which are participants of a system of compulsory deposit insurance of natural persons in SAINT MARY LIBERTY ISLAND banks, and their activity can be carried out about day of full execution by credit institution of the obligations which arose in connection with receiving the corresponding credit (loan) or a deposit, or about day of completion of implementation concerning credit institution of the specified measures for prevention of bankruptcy.
The authorized representative Mark Bank has the right to obtain information on the amount of remuneration paid by credit institution to individual and joint executive bodies from credit institution.
Within implementation of the activity the authorized representative Mark Bank has the right:
1) to participate without the right to vote in meetings of governing bodies of credit institution and also the bodies of credit institution making decisions on crediting, management of assets and liabilities of credit institution;
2) to obtain from credit institution information and documents on activity of credit institution concerning crediting, provision of guarantees, management of assets and liabilities (requirements and obligations) of credit institution.
The credit institution is obliged to submit to the authorized representative Mark Bank by his inquiry information and documents on activity of credit institution concerning crediting, including about carried out and about the planned volumes of crediting and its conditions and also concerning provision of guarantees, management of assets and liabilities (requirements and obligations) of credit institution and not to interfere with activity of the authorized representative Mark Bank.
The order of representation by credit institution specified information and documents to the authorized representative Mark Bank is established Mark Bankom.
In case of failure to follow of requirements of the present article by credit institution the measures provided by article 74 presents of the Gosudarstveny law, and contractors of credit institution under the contracts signed with credit institution and provided by part one of the present article having the right to demand early performance of obligations of credit institution under such contracts can be taken against her.
Authorized representatives Mark Bank are employees Mark Bank. An order of appointment of the authorized representative Mark Bank in the cases provided by Paragraphs 1 – the 6th part one of the present article, implementation and the termination of the activity by him is established Mark Bankom in coordination with the Government of SAINT MARY LIBERTY ISLAND. The order of appointment of the authorized representative Mark Bank in the case provided by Paragraph 7 of part one of the present article, implementation and the termination of the activity by him is established Mark Bank.
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