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On 1 March 2006 amendments to the Civil Law of Latvia came into force changing the statutory remedies available to contracting parties in cases of payment delays and fine-tuning the statutory rights and requirements concerning claims for compensation of moral damages

The Civil Procedure Law has been subject to several substantial amendments in the second half of 2006

On May 18, 2006 Regulations No.93 on Establishment of Inside Control System for Prevention of Money Laundering and Terrorism Financing (the "Regulations") issued by the Finance and Capital Market Commission (the "FCMC") entered into force

On 5 October 2006, the Latvian Parliament adopted a new Law on Implementation of Sanctions of International Organizations in the Republic of Latvia. The law will enter into force on 1 January 2007 and will replace the existing Law on Regime of Sanctions of International Organizations in the Republic of Latvia which has been in place since April 2000

On 26 September 2006, the Cabinet of Ministers adopted a new Regulation on Application of the Law on Personal Income Tax. The Regulation entered in force retroactively as of 1 September 2006 and replaced the previously existing Regulation carrying the same name

It is expected that public procurement will become more flexible and simpler as a result of the adoption of the new Public Procurement Law, in effect as from 1 May 2006.

On 1 March 2006, the Rome Convention on the law applicable to contractual obligations (the "Rome Convention") and the first and second protocols on its interpretation by the Court of Justice of the European Communities came into force in Latvia.

The standards for protection of personal data established by the Natural Persons Data Protection Law (implementing Directive 95/46/EC) and the Electronic Communications Law (implementing Directive 2002/58/EC) will soon become subject to new exceptions

The adoption of the Financial Collateral Law last year has rendered the granting and enforcement of security interests over cash and financial instruments considerably easier.

In an effort to combat various abuses of arbitration process in Latvia, the Latvian parliament ("Saeima") has passed an amendment to the Civil Procedure Law tightening the regulation of arbitration process and arbitration courts in Latvia. The amendment introduces a mandatory registration requirement for institutional arbitration bodies, expands the scope of issues which may not be referred to arbitration in Latvia, sets out new rules of enforceability of arbitral awards, clarifies certain proce

After a lengthy drafting process and more than a year after the introduction of new administrative procedure in Latvia, on 2 June 2005 the parliament of Latvia finally adopted the Law on Reparation of Damages Caused by State Administrative Institutions.

On 26 October 2006, the Parliament approved a number of amendments to the law on Taxes and Duties, the most essential of which are liberalization of the tax penalty provisions and changes in the rules concerning cash payments.