July 17, 2018 – European Central Bank (ECB), as proposed by Financial and Capital Market Commission of the Republic of Latvia (FCMC), withdrew the authorisation of ABLV Bank AS to operate as a credit institution as of 11th July 2018.

The authorisation was withdrawn following a proposal of FCMC submitted for consideration to the ECB, based on the 5th of March 2018 decision by the ABLV Bank’s shareholders’ meeting regarding their intent to implement a voluntary liquidation procedure, as well as a proposed draft voluntary liquidation plan and the 12th of June 2018 decision adopted by the FCMC to authorise the commencement of voluntary liquidation process.

Considering section 3.4.1 of Chapter I of Rules of Nasdaq CSD, and taking into account the withdrawal of the authorization of ABLV Bank AS under the decision of ECB, on 16th of July 2018 Nasdaq CSD Management Board has terminated Participation agreement with ABLV Bank AS and revoked the Participant status of ABLV Bank AS. Termination of Participation agreement and revocation of Participant status shall mean that ABLV Bank AS shall have no access to services and functionalities of Nasdaq CSD, except where (i) use of such services or functionalities is required for the implementation of the procedure provided in Section 100.2 of Financial Instrument Market Law and (ii) where the use of such services or functionalities has been consulted with the FCMC.