Association of Latvian Commercial Banks

(1) Court of Arbitration of the Association of Commercial Banks of Latvia (hereinafter – the Court of Arbitration) is a standing Court of Arbitration. Its status and other organizational issues are stipulated by its Bylaws (Annex 1).

(2) Dispute resolution shall be only referred to the Court of Arbitration when the parties have agreed so as provided by the law.

(3) The Court of Arbitration resolves all disputes related to provision of financial issues and also other issues related to commercial bank activities. Other disputes may be resolved by the Court of Arbitration only after approval by the Chairperson of the Court of Arbitration.

(4) The Court of Arbitration does not resolve disputes that pursuant to the law may only be resolved by the court.

(5) Issues that are not stipulated by these Rules and are not regulated by the law shall be resolved by the Court of Arbitration in line with these Rules.

(6) When resolving a dispute the Court of Arbitration shall first deliberate whether the parties have agreed upon according to which laws or customs of transactions their relations should be construed. Such agreement shall be valid as far as it is without prejudice to the Civil Law Sections 19, 24 and 25. In the event there has not been such agreement or the Court of Arbitration has declared it invalid the legal relations of the parties shall be subject to such law as is stipulated by the Introduction of the Civil Law.

(2) If the parties have not agreed on the procedure of appointing Arbitrators, then:

In the event when an arbitrator is to be nominated to arbitrate the dispute individually, either party may propose one or more candidates to the other party sending a proposal of arbitrator candidate(s). If the arbitration court does not receive evidence that the parties have agreed on the arbitrator candidate within 10 days as of the date of sending of a proposal of arbitrator candidate by one party to the other one, the arbitrator shall be the chairman of the arbitration court or their nominated person.
In the event three Arbitrators have to be appointed each party appoints one Arbitrator, notifying the other party respectively. Both appointed Arbitrators select the third Arbitrator who shall act as the chairperson of the body of the Court of Arbitration. The arbitrators shall produce a decision of nomination of the chairman of the bench to the arbitration court as soon as possible.
If a party fails notifying the other party and the arbitration court about its nomination of arbitration within 10 days as of the date of sending to it of the other party's notice of nomination of its arbitrator, the second arbitrator shall be nominated by the chairman of the arbitration court. If the arbitration court does not receive the arbitrators' decision of nomination of the chairman of the bench within 10 days as of the date of nomination of the second arbitrator, the chairman of the bench shall be the chairman of the arbitration court or their nominated person.

Note: The proposal of arbitrator candidate stipulated in item 1 of the second part of the present articles and the notice of nominated arbitrator stipulated in item 2 hereof could be incorporated in the statement of action or opinion on the action.

(3) If either party (all respondents or all petitioners) fails notifying the other party and the arbitration court about its nomination of arbitration within 10 days as of the date of sending to it of the other party's notice of nomination of its arbitrator, the second arbitrator shall be nominated by the chairman of the arbitration court. If the arbitration court does not receive the arbitrators' decision of nomination of the chairman of the bench within 10 days as of the date of nomination of the second arbitrator, the chairman of the bench shall be the chairman of the arbitration court or their nominated person.

(4) If a party has nominated an arbitrator and notified the other party, it cannot recall the arbitrator without consent of the other party.

Article 5. The Arbitrator’s Independence, Rejection, Dismissal and Termination of Authority

(1) The Arbitrator shall perform their duties honestly, without becoming subjected to any influence, they shall be objective and independent.

(2) A person whose agreement to be appointed as an Arbitrator is requested shall disclose to the parties any circumstances that would cause substantiated doubt about the objectiveness and independence of this person. Should such circumstances become known to the Arbitrator before the end of the arbitration proceedings, they shall disclose them to the parties without delay.

(3) An Arbitrator may be rejected if circumstances exist that cause substantiated doubt about their objectiveness and independence, as well as when their qualifications do not comply with such as the parties have agreed upon. The party may reject the Arbitrator it has appointed or in whose appointment is has participated only if this party becomes aware of the grounds for repudiation after the appointment of the Arbitrator.

(4) The parties may agree on the procedure of Arbitrator’s repudiation. If the parties have not agreed on the procedure of Arbitrator’s repudiation, the other party does not agree to repudiation and the Arbitrator to be repudiated does not withdraw form performance of their duties themselves, the issue of repudiation shall be decided by the Chairperson of the Court of Arbitration who shall be entitled to dismiss the arbitrator, provided they consider the repudiation substantiated.

(5) The parties shall file the repudiation of Arbitrator not later than within five days from the day the party becomes aware or it should have become aware of the circumstances due to which the issue of the Arbitrator’s independence arose. The party that has not filed its repudiation within the specified term shall be deemed as having waived its right to file repudiation.

(6) In the event of inaction of the Arbitrator, or when they cannot perform their functions legally or actually, the Chairperson of the Court of Arbitration may dismiss this Arbitrator at their own or the party’s initiative.

To substitute the arbitrator whose authority has ceased the procedure described in Article 4 shall apply. If the dispute is resolved by three Arbitrators and during the proceedings the Arbitrator appointed by one party is replaced for more than two times anew Arbitrator to replace the previous one shall be appointed by the Chairperson of the Court of Arbitration. If the chairperson of the body of the Court of Arbitration or the Arbitrator who resolves the dispute alone is replaced after commencement of the case hearings, the hearings shall be repeated. If another Arbitrator is replaced the issue of repeated hearing of the case is decided by the Court of Arbitration.

(1) All notices, applications and other correspondence shall be dispatched in registered letter or otherwise by recording the fact of dispatching, or delivered to the addressee in person against signature.

(2) Correspondence shall be deemed received when delivered to the addressee in person or to the mail address indicated by the addressee, or location of a legal entity (registered office), or place of residence of a natural person, but if it is not possible to determine the address – to the last known address.

The parties are entitled to state the venue of dispute resolution freely. If the parties have not agreed on this, the proceedings shall take place in the premises of the Court of Arbitration of the Association of Commercial Banks of Latvia at Pçrses iela 9/11, Riga, LV-1011. Correspondence addressed to the Court of Arbitration shall be dispatched to the abovementioned address.

(1) The procedural terms not stated by these Rules shall be stated by the Court of Arbitration.

(2) A precise date or a term by the concrete date, or a period of time (in years, months, days or hours) are set for the performance of procedural activities. If a procedural activity is not needed to be performed on a concrete date, it may be performed over the whole period stated. The term may be also set by indicating an event that is compulsory to take place.

(3) The term measured in years, months or days shall start on the next day after the date or event marking its beginning. The term measured in hours shall start with the next hour following the event that marks its beginning.

(4) The term measured in years shall expire on the respective month and date of the last year. The term measured in months shall expire on the respective date of the last month. If the term measured in months expires in such month that does not have the respective date, it shall expire on the last day of that month. A term marked by a concrete date shall expire on that date. If the last day of the term is a Saturday, Sunday, or a national holiday stipulated by the law, the expiry of the term shall be on the next workday.

(5) A procedural activity with its term expiring may be performed on the last day of the term by twenty four hours. In the event the procedural activity is to be performed at the Court of Arbitration the term expires in the hour the Court of Arbitration closes. If a statement of claim, a complaint or other dispatches are delivered at the authority on the last day of the term by twenty four hours, they are deemed delivered within the term.

(6) The right to perform procedural activities lapses with the expiry of the term. After the expiry of the procedural term the submitted claims and documents are not accepted.

(7) Upon suspending the arbitration proceedings the counting of the term is discontinued. The counting of the term discontinues at the moment when the condition occurs that is the basis for suspension of the arbitration proceedings. The counting of the procedural term resumes with the day the arbitration proceedings resume.

(8) The Court of Arbitration may extend those terms of procedural activities that it has itself stated. The procedural terms stipulated by these Rules may not be extended.

(9) Delayed procedural terms may be renewed by an application of a party in the case, provided the Court of Arbitration finds the reasons of delay to be valid. Renewal of the delayed term is a permission to perform the delayed procedural activity.

information about the parties:
1. for legal entities: name and location (registered office) and, if known to the claimant – also the registration number and phone numbers;
2. for natural persons: name, surname and place of residence, and if known to the claimant – also the identity number and a phone number;
the subject of the claim, the claimed amount and its calculations;
the grounds for the claim and circumstances substantiating it;
claims of the claimant;
proposal or notice of arbitrator, if it is made as an individual document, and the bench has not been formed and the parties have not agreed on the procedure of nomination of arbitrators;
the list of appended documents.

contract(s), in connection with which the dispute has arisen;
appointment of Arbitrators, provided they have already been appointed;
that the statement of claim has been dispatched to the defendant;
1. identity of the parties:
  1. for physical persons registered in the Population Register of the Office of Citizenship and Migration Affairs of the Republic of Latvia - a copy of the Republic of Latvia citizen's or alien's passport or stateless person's travel document or extract from Office of Citizenship and Migration Affairs of the Republic of Latvia; for foreign citizens - a copy of a foreign country citizen's passport or a copy of any other document certifying the person's identity.
  2. For legal entities registered in the Republic of Latvia - SIA "LURSOFT" database printout or certificate of the Register of Enterprises of the Republic of Latvia; for legal entities registered abroad - a document certifying the legal person's registration in a relevant register.
2. agreement of the parties on the arbitration court, unless such agreement is incorporated in the contract, in connection with which the dispute has arisen;
3. nomination of arbitrators, if nominated;
4. the fact that the statement of action has been sent to the defendant;
5. the fact that the proposal and notice of arbitrator have been sent to the defendant, unless the proposal or notice is incorporated in the statement of action;
6. circumstances, on which the action is grounded;
7. payment of the expenses of arbitration.

(3) The parties may amend and supplement the claim during the whole arbitration proceedings before the resolution of the dispute on the merits commences.

Article 11. Deciding the Issue of Acceptance of the Statement of Claim and Launching of Processings

The Arbitration court shall refuse accepting a statement of action, if it follows from the documents attached thereto that the dispute is out of the arbitration court jurisdiction.

(2)The Chairperson of the Court of Arbitration takes a motivated decision on not advancing the statement of claim, delivers it to the claimant and states a term for elimination of the drawbacks. Provided the claimant eliminates the drawbacks within the stated term the statement of claim is deemed submitted on the day when it was first filed with the Court of Arbitration. In the event the claimant fails to eliminate the drawbacks within the stated term the statement of claim is deemed not filed.

(3)If the drawbacks are insignificant the Chairpersons of the Court of Arbitration may bring the action and set it for the claimant to eliminate the drawbacks during the proceedings.
An inessential defect shall be deemed the lack of either of the documents stipulated in the first sub-item of item 3 of part (2) of article 10 of the Regulation, if the same are not available to the petitioner. In that event, the chairman of the arbitration court may decide on action bringing with the documents not submitted.

(1) The Court of Arbitration may direct the claimant to single out one claim or several claims from the united claims in a separate claim, if it finds separate examination of the claims preferable.

(2) The Court of Arbitration may single out one claim or several claims from the united claims in a separate case, if their examination under single proceedings has become inconvenient or impossible.

(3) If a claim is separated prior to the action bringing, all provisions of the regulation, which are relevant to the statement of action, shall apply to the separated claim.

(4) If a claim is separated after the action bringing, the separation shall be documented with decision of the arbitration court. The separated case shall be examined by the same bench.

(5) The arbitration court expenses of the separated claim shall be covered in full as for a separate action.

(1) Provided there are no obstacles to acceptance of the statement of claim the Chairperson of the Court of Arbitration brings the action and sets the date for hearing the case. If necessary the list of documents requested by the Court of Arbitration, as well as special directions of the Court of Arbitration may be included in the decision of the Chairperson of the Court of Arbitration. The Court of Arbitration shall dispatch the notice on the first session of the Court of Arbitration not later than fifteen days before the session, unless the parties have agreed on a shorter term.

(2) Within fifteen days from the day of dispatching the statement of claim the defendant shall submit to the Court of Arbitration and the claimant their reply to the claim.

whether they admit the action in full or any part thereof;
their objections against the claim and their substantiation;
evidence that supports their objections against the claim and its substantiation, as well as the law that substantiates their objections;
requests for acceptance or requirement of evidence;
other circumstances, which they consider being significant for the dispute settlement.

The defendant may file a counterclaim that the Court of Arbitration may examine together with the claim, provided the subject of the counterclaim is covered by the arbitration agreement. The counterclaim shall be filed in writing. The same provisions of these Rules that apply to the statement of claim shall also apply to the counterclaim. The counterclaim may be filed within the term stated for submission of the reply. If the defendant has missed the stated term the Court of Arbitration shall leave the counterclaim without examination, unless the Court of Arbitration justifies such delay.

(1) The arbitration proceedings shall be in the official state language. The proceedings may be in other language, provided the parties have agreed so. The Court of Arbitration may require translation or translation certified by the notary of any written evidence into the language in which the proceedings are conducted.

(2) Should any of the participants of the proceedings not know the language in which the proceedings are, they are entitled to invite an interpreter by

(3) The Court of Arbitration invites an interpreter under its decision only when any of the participants in the case has requested so. The application with the request to provide for an interpreter shall be filed by the participant to the Court of Arbitration not later than five workdays before the date scheduled for the hearing of the case. The application shall be attached with a document of payment for interpreter's services in the amount not less LVL 100.00 with the value added tax sum added. The total amount of payment for interpreting services and the procedure of payment is determined by the Court of Arbitration.

(1) The subjection of the dispute shall be decided by the Court of Arbitration itself, also in the cases when any of the parties disputes the existence and validity of the arbitration agreement.

(2) A party may file the application stating that the dispute is not subject to the Court of Arbitration by the day the withdrawal submission term expires.

(3) The Court of Arbitration may decide upon the issue of subjection of the dispute at any stage of the proceedings, incl. also by the judgment.

(1) Upon resolving a dispute the Court of Arbitration shall take into account the principle of equality and competition of the parties. Each party has equal entitlement to explain their opinion and to defend their rights.

(2) Pursuant to the arbitration agreement concluded by the parties, the Court of Arbitration organizes sessions to hear the explanations and objections of the parties, as well as to verify the evidence (verbal proceedings), or it resolves the dispute solely on the basis of submitted written evidence and materials (written proceedings). The Court of Arbitration also organizes verbal proceedings when the parties have agreed on written proceedings, but one of the parties has required verbal proceedings before the issue of the ruling.

(3) The Court of Arbitration sessions shall be closed. Persons who are not the parties to the proceedings may participate at the Court of Arbitration sessions only with consent of the parties.

(4) The Court of Arbitration shall introduce the parties with any applications, documents and other information it has received, as well as with expert opinions and other evidence.

Natural persons shall manage their cases at the Court of Arbitration themselves or through mediation of authorized representatives. Cases of legal entities at the Court of Arbitration are managed by their officials acting under the granted authorization or other representatives of the legal entities. The parties may invite Attorneys at Law to provide legal assistance in the arbitration proceedings.

(1) At the Court of Arbitration means of evidence may be explanations of the parties, written evidence, real evidence and expert opinions.

(2) Evidence shall be submitted by the parties. Each party shall prove those circumstances to which they refer as a substantiation of they claims or objections. The Court of Arbitration may require the parties to submit additional documents or other evidence.

(3) Written evidence shall be submitted as original or as a true copy. If a party submits a true copy the Court of Arbitration itself or upon request by the other party may require submission of the original. Upon a request by the person who has submitted the original the Court of Arbitration returns it back, keeping in the materials of the case a certified true copy.

(4) The Court of Arbitration itself shall determine the admissibility and relation of the evidence. The Court of Arbitration may refuse to accept the evidence submitted by the parties, if it considers them unnecessary, or such that do not refer to the case, or if the evidence may be obtained more easily and cheaply by other means.

(1) Unless otherwise specified in the agreement of the Court of Arbitration, the Court of Arbitration may, upon a request by a party, arrange for examination by inviting one or several experts. Examination shall only take place when the party has paid for the expert services beforehand.

(2) Upon request by the Court of Arbitration the parties submit to the expert the necessary information or documents, produce goods or other objects.

(3) Upon a request of a party, after providing the opinion the Court of Arbitration invites the expert to participate in the court session to provide explanations and answer the questions of the parties concerning the opinion.

(4) The Court of Arbitration shall determine the procedure of how expenses of the expert services have to be divided between the parties.

In the event the parties do not arrive at the Court of Arbitration verbal session or fail to submit written evidence, the Court of Arbitration shall proceed with the proceedings and resolve the dispute on the grounds of the evidence at its disposal.

(1) Minutes of the Court of Arbitration session are only taken when any of the parties has requested so. The application with the request to provide for taking the minutes of the session shall be submitted by the party to the Court of Arbitration not later than five workdays before the scheduled date of the hearing. The application shall be attached with a document of payment for recorder's services in the amount not less LVL 50.00 with the value added tax sum added. Starting with the third hour, LVL 15.00 per hour shall be paid up for recorder's services in addition to above amount with the value added tax sum added. The Court of Arbitration shall determine the total amount of payment for taking the minutes and the procedure of payment.

(2) The minutes are taken by a secretary appointed by the Court of Arbitration. The minutes are signed by all Arbitrators and the secretary. The parties are entitled to become acquainted with the minutes and within five days after their signing to submit written objections or notes concerning the minutes. The Court of Arbitration shall decide on substantiation of the objections or compliance of the notes with the events at the session.

(1) The fact that a natural person who is one of the parties has deceased, or that a legal entity who is one of the parties has ceased to exist, in itself does not terminate the arbitration agreement, unless the parties have agreed otherwise and the disputed legal relation allows succession of rights.

(2) In such case the Court of Arbitration shall suspend the proceedings as provided for by these Rules until appointment of the legal successor.

(3) Assignment of the claim or transfer of liabilities may be the basis for termination of the arbitration proceedings only in cases when the arbitration agreement is annulled pursuant to the law or as provided for by the agreement.

(1) Should any of the provisions of the arbitration proceedings be violated or not complied with, the party participating in the proceedings shall immediately after becoming aware of such violation or after it should have become aware, submit to the Court of Arbitration and the other party a written objection.

(2) The substantiation of the objection shall be decided by the Court of Arbitration.

(3) If the party does not file the objections it shall be deemed that the party has waived its right to such objection.

(1) All the Court of Arbitration rulings (decisions and judgments), if the court consists of more than one Arbitrator, shall be made by simple majority of vote.

(2) The Court of Arbitration ruling applies as at the date of its issue. It is not subject to the appeal and it cannot be protested.

(3) Signatures of Arbitrators under the rulings shall be certified by a person appointed by the President of Association of Latvian Commercial Banks.

The Court of Arbitration may take a decision on postponing or suspension of the dispute resolution and on other issues, without judging the case on the merits. The chairperson of the body of the Court of Arbitration may independently decide procedural issues, provided the parties or other Arbitrators have authorized them to do so.

when any of the participants does not appear at the Court of Arbitration session and they have not been informed about the time and venue of the session;
when any of the participants notified on the time and venue of the Court of Arbitration session does not appear at the session due to such reason the Court of Arbitration considers as valid;
when the defendant has not received the statement of claim and due to this requests postponement of dispute resolution.

when the claimant who has been notified on the time and venue of the Court of Arbitration session does not appear at the session due to unknown reasons;
when the defendant who has been notified on the time and venue of the Court of Arbitration session does not appear at the session due to unknown reasons;
upon a request by a participant in the case, to provide them with a possibility to submit additional evidence;
in other cases, provided the Court of Arbitration finds this appropriate.

(3) After postponement of dispute resolution its resolution shall be started anew at the next session.

(1) The Court of Arbitration shall suspend the arbitration proceedings until the appointment of legal successors or legal representatives, if a natural person has deceased or a legal entity has ceased to exist, who were the dispute party, provided the disputed legal relations permit transfer of rights and there are no grounds for dismissal of the case.

(3) The arbitration proceedings are resumed by the Court of Arbitration decision at its own initiative, or upon an application by the parties to the case.

(2) If the claim is not examined the claimant is entitled to file a new statement of claim with the Court of Arbitration as provided for by the law and these Rules.

(1) The Court of Arbitration shall pass the judgment in writing and it shall be signed by the Arbitrators. If the Court of Arbitration consists of several Arbitrators, the judgment shall be signed by all Arbitrators, but if any of the Arbitrators do not sign the judgment the reasons for not having their signature shall be indicated in the judgment.

the composition of the Court of Arbitration;
the date and venue of passing the judgment;
information about the parties;
subject of the dispute;
motivation of the judgment, unless the parties have agreed otherwise;
conclusion on satisfaction of the claim wholly or partly, or on its full or partial rejection and the essence of the judgment of the Court of Arbitration;
the amount to be collected, if the judgment is passed on collection of moneys;
definite property and its value, which shall be collected in case of absence of property, when property return in kind is awarded;
who has to perform what action within what term, if the judgment imposes a duty to perform certain actions;
which part of the judgment refers to each of the claimants, if the judgment is passed for the benefit of several claimants, or which part of the judgment has to be performed by each of the defendants, if the judgment is passed against several defendants;
expenses of the Court of Arbitration, as well as the division of these expenses and the expenses for legal assistance between the parties.

(3) The judgment of the Court of Arbitration shall be dispatched or issued to the parties within fourteen days, but in the event of written proceedings – within three day.

(1) Each party, by notifying the other party respectively, may request the Court of Arbitration:

before execution of the judgment – to correct any calculation, grammar or spelling errors in the judgment. This allows the Court of Arbitration to correct the errors also upon its own initiative.
before execution of the judgment – to explain the judgment. The explanation of the judgment is an integral part to the judgment.
within 30 days after dispatching of the judgment – to pass an additional judgment, if any claim filed before passing the judgment has not been resolved in the judgment. Should the Court of Arbitration find the request valid, it shall decide on this request by passing an additional judgment.

(2) The Court of Arbitration shall decide whether presence of the parties is necessary for deciding of such issue by the Court of Arbitration.

(1) If the parties conclude an amicable settlement during the arbitration proceedings, the Court of Arbitration shall terminate the lawsuit. The parties shall make the amicable settlement in writing indicting in it: for legal entities – name, registration number and location (registered office), for natural persons – name, surname, identity number and place of residence, as well as the subject of the dispute and obligations of both parties that they voluntarily agree to perform.

(2) Upon a request by the parties the Court of Arbitration by its decision approves the amicable settlement, provided its provisions are not at variance with the law. Such decision shall be of the same legal force and the judgment of the Court of Arbitration.

to the claimant withdraws its claim and the defendant does not object to this;
the parties agree of discontinuation of the dispute through an amicable settlement;
the arbitration agreement has become invalid subject to the law or agreement;
the Court of Arbitration acknowledges that the dispute is not subject to the Court of Arbitration;
a natural person who is one of the parties has deceased, or a legal entity who is one of the parties has ceased to exist and legal relations do not allow transfer of rights, or the parties have agreed that the arbitration proceedings in such case shall be dismissed.

(2) If a reason for the dismissal of arbitration proceedings arises before establishing the composition of the Court of Arbitration, the decision on dismissal of proceedings shall be taken by the Chairperson of the Court of Arbitration.

(1) Expenses of the Court of Arbitration consist of the fixed arbitration expenses, Arbitrators’ fees, remuneration for expert, interpreting or secretarial services, transport costs, etc.

(2) The fixed arbitration costs and Arbitrators’ fees and their procedure of payment are stipulated by the Regulation on Expenses of the Court of Arbitration of the Association of Commercial Banks of Latvia (Annex 2). Other arbitration expenses are stated by the Court of Arbitration under these Rules, and they shall be reasonable.

(1) Normally the Court of Arbitration adjudges all paid arbitration costs for the benefit of the party for whose benefit the judgment is passed. If the claim is partly satisfied, arbitration costs are adjudged to the claimant in proportion with the volume of the satisfied claims, but to the defendant – in proportion with the part of the claims that is rejected.

(2) If the claimant withdraws the claim, the arbitration costs paid by the claimant would not be compensated by the defendant. However, if the claimant does not sustain their claims because the defendant has voluntarily satisfied them after submission of the claim, the Court of Arbitration adjudges, upon the claimant’s request, the arbitration costs paid by the claimant to the defendant.

(3) The Court of Arbitration may also divide any expenses between the parties differently, provided it considers it reasonable on the grounds of the circumstances of the case.

(4) If the defendant does not submit a reply to the claim within the term stated under these Rules, the results of the case examination notwithstanding, all arbitration expenses shall be covered by the defendant, unless the Court of Arbitration justifies such delay.

(5) If the petitioner brings the same action to the arbitration court repeatedly as far as the writ of execution has not been issued, the chairman of the arbitration court may, on the petitioner's request, release the petitioner from paying expenses of arbitration court, if the issue of a writ of execution is refused because of infractions committed by the arbitration court and the infractions have been established objectively.

(1) The Court of Arbitration shall provide for the confidentiality of the dispute resolution. Until the finalization of the case the materials in the case shall be stored, upon the choice of the chairperson (Arbitrator) of the body of the Court of Arbitration, either at the Court of Arbitration or with the chairperson (Arbitrator) of the body of the Court of Arbitration.

(2) Documents in the proceedings are stored with the Court of Arbitration for 10 years after the closing of the arbitration proceedings.

(3) The Court of Arbitration is prohibited to disclose information about the case. Only the participants to the proceedings, the Arbitrator, Chairperson of the Court of Arbitration and staff of the Court of Arbitration secretariat shall become acquainted with the materials in the case.

(4) The Court of Arbitration does not provide or publish information about arbitration proceedings for third parties.

Association of Latvian Commercial Banks
Board Member (the President)
T.Tverijons
Riga, 11.03.2010.

Annex 1 to
the Rules of the Court of Arbitration
of Association of Latvian Commercial Banks

1.1. The Court of Arbitration of the Association of Commercial Banks of Latvia (hereinafter the Court of Arbitration) is a regular court of arbitration.

1.2. The founder of the Court of Arbitration is Association of Latvian Commercial Banks, unified registration No. 40008002175.

1.3. The full name of the Court of Arbitration is the Court of Arbitration of the Association of Commercial Banks of Latvia.

1.6. The Court of Arbitration is situated at Pçrses iela 9/11, Riga, LV-1011.

2.1. Dispute resolution at the Court of Arbitration is as provided for by the Rules.

2.2. Performance of the procedural functions stated under the Rules is ensured by the Chairperson of the Court of Arbitration, who also provides consultancy and methodological assistance in issues related to the operation of the Court of Arbitration.

2.3. The Chairperson of the Court of Arbitration of the Association of Commercial Banks of Latvia is appointed for a period of three years by the Board Member (the President) of Association of Latvian Commercial Banks. The Board Member (the President) of Association of Latvian Commercial Banks may dismiss the Chairperson of the Court of Arbitration before the expiry of the term upon a request by the Chairperson themselves, or in the event the Chairperson fails to perform or insufficiently performs their duties.

2.4. In the absence of the chairperson of the arbitration court and in other cases, when objective circumstances do not allow him/her perform his/her duties, the duties of the chairperson of the arbitration court shall be performed by the vice-president of the Association of Latvian Commercial Banks or other person appointed by the board member (president) of the Association of Latvian Commercial Banks.

2.5. The Chairperson of the Court of Arbitration reports to the Board Member (the President) of Association of Latvian Commercial Banks about the work performed.

2.6. The Chairperson’s of the Court of Arbitration remuneration is determined by the Board Member (the President) of Association of Latvian Commercial Banks.

The activities of the Court of Arbitration are organized by Latvijas Komercbanku asociâcijas ðíîrçjtiesas un ombuda attîstîbas biedrîba, unified registration number 40003502116. For the performance of this task Latvijas Komercbanku asociâcijas ðíîrçjtiesas un ombuda attîstîbas biedrîba performs the functions of the arbitration secretariat, accepts payments addressed to the Court of Arbitration, pays the expenses of organizing arbitration proceedings, manages accounts related to the activities of the Court of Arbitration, pays for the services of the Chairperson of the Court of Arbitration and Arbitrators and performs all other necessary activities.