248/2008 Coll. ACT of 5 June 2008 amending Act no. 340/2006 Coll., On the activities of institutions for occupational retirement provision in the Member States of the European Union, the Czech Republic and amending Act no. 48/1997 Coll., On Public Health Insurance and amending and supplementing some related laws, as amended Parliament has passed this Act of the Czech Republic: Article. I Act no. 340/2006 Coll., On the activities of institutions for occupational retirement provision in the Member States of the European Union, the Czech Republic and amending Act no. 48/1997 Coll., On Public Health Insurance and Amendments to Certain Related Acts, as amended amended, is amended as follows: 1. The title of the Act, the words "of the Member States of the European Union," the words "or other states that are party to the Agreement on the European Economic Area." 2. The title of the first part reads: "ACTION IORPs OF THE MEMBER STATES OF THE EUROPEAN UNION OR OTHER STATES WHICH ARE PARTY TO THE AGREEMENT ON THE EUROPEAN ECONOMIC AREA, THE CZECH REPUBLIC". 3. In § 1 para. 1 the words "pension plans and actions resulting from them" is replaced by "occupational pension schemes" and the words "of the Member States of the European Union (hereinafter referred to as" Member State ")" is replaced by "who were granted permission for such activities in another EU Member State than the Czech Republic or another state that is a contracting party to the Agreement on the European Economic Area. " 4. In § 1 para. 2, after the words "pension insurance," the words "accident insurance". 5. In § 2, after letter a) the following new paragraph b), which reads: "b) Member State, the Member State of the European Union or another state that is a contracting party to the Agreement on the European Economic Area." The existing letters b) to h) are renumbered c) to i). 6. In § 2 letter e) reads: "e) contributor of legal entity or a natural person as an employer pays contributions into an institution for occupational retirement provision in favor of its employees, or in his favor, if the employer is self-employed, ". 7. In § 3, paragraph 2 reads: "(2) The Czech National Bank in carrying out its responsibilities under this Act shall cooperate with the Ministry of Labour and Social Affairs, in matters within his competence.". 8. In § 4, letter a) reads: "a) notify the competent authority of the home Member State within 2 months from the date on which it received the information from him about the intention institutions operate occupational pension schemes in the Czech Republic, including the main characteristics of the pension plan, and the designation Contributor first specific requirements of Czech legislation related to the employee pension insurance, 2. information on the investment limits which apply to the activities of an institution in the Czech Republic, 3. the scope of the information that an institution is obliged to provide participants and beneficiaries in the Czech Republic ". 9. In § 4 point. b) the words "other Member States of" the word "significant". 10. In § 4 point. c) and d) the words "pension plans and actions resulting from them" are replaced by "an employee pension insurance". 11th § 5, including the heading reads: "§ 5 The activities of the institutions in the Czech Republic (1) The institution may, in the Czech Republic to operate, if a) it is authorized by the competent authority of the home Member State to operate occupational pension schemes b) The Czech National Bank informed the competent authority of the home Member State pursuant to § 4 point. a) or the deadline under § 4 point. a). (2) The institution referred to in paragraph 1 shall exercise its activities in the Czech Republic in accordance with the authorization given to the activity, law of the home Member State and the Czech Republic legislation relating to the employee pension insurance. (3) The institutions referred to in paragraph 1, the Czech Republic only operate occupational pension schemes. ". 12. In § 6 para. 2 of the introductory part, the words "operated by institutions" are replaced by "institutions operating occupational pension schemes." 13. In § 7 para. 2 first sentence, the words "operated for Contributors" deleted and the words "the operation of the pension" is replaced by "Pensions". 14. § 8 including the title reads: "§ 8 Supervision of the Czech National Bank (1) The activity of the institution in the Czech Republic is subject to supervision by the Czech National Bank over compliance with the obligations laid down by the legislation applicable to the employee pension insurance. To this end, the Czech National Bank may require institutions to produce documents and provide information and explanations concerning the operation of occupational pension schemes, in particular the annual financial statements, annual reports and statement of investment policy principles. (2) After prior notification to the Czech National Bank is the competent authority of the home Member State is entitled to carry out on-site inspections at the institution that carries out activities in the Czech Republic. (3) If the competent authority of the home Member State of the institution that carries out activities in the Czech Republic, ask the Czech National Bank on cooperation in performing oversight bodies, the Czech National Bank is obliged to comply with this request. (4) If the Czech National Bank, the institution that carries out activities in the Czech Republic, violated laws related to the employee pension insurance, without undue delay, inform the competent authority of the home Member State of the institution, and the said institution saves to within the deadline set by the Czech National Bank to remove the deficiencies identified. (5) If the institution does not remove the deficiencies referred to in paragraph 4, Czech National Bank is the competent authority of the home Member State to take immediate necessary measures to correct the shortcomings. (6) If the measures taken by the competent supervisory authority of the home Member State do not correct the identified deficiencies in the work of the institution, or if no action is taken, Czech National Bank may, after informing the competent authority of the home Member State and depending on the nature of the breach and its severity a) prohibit the free disposal of assets of the institution held by a depositary collective investment fund established on the territory of the Czech Republic or other body established on the territory of the Czech Republic, which performs a similar function as the depository, or b) prohibit or restrict the activities of an institution in the Czech Republic; information on Prohibitions or Restrictions on the activities of the Czech National Bank stated in the list according to § 4 point. e). ". 15. In § 8 the following new § 8a, including the heading reads: "§ 8a Disciplinary penalties (1) Institutions that prevents or seriously impedes the exercise of supervision by the Czech National Bank that it fails to provide the required cooperation pursuant to § 8. 1, Czech National Bank may impose fine of up to CZK 500 000. (2) The fine may be imposed within 6 months from the date on which the infringement occurred. (3) In determining the amount of fines Czech National Bank ensures that it is not grossly disproportionate to the severity of the effect and importance of the subject proceedings; a fine may be imposed repeatedly. Total fines levied by the same person may not exceed 2 000 000 CZK. (4) The parties to proceedings on imposing a disciplinary fine is the only person to be a disciplinary fine imposed. The first act in the proceedings for the imposition of fines is the decision. An appeal against the decision to impose fines have suspensive effect. (5) imposed a disciplinary fine, the Czech National Bank a new decision to waive or reduce. In doing so, the authority shall take into account, in particular, as a person who was a disciplinary fine imposed fulfill their procedural obligations in the course of the proceedings. (6) A disciplinary penalty collected by the Czech National Bank and enforced by the competent customs office. Revenue from fines imposed under this Act, the state budget revenue. ". 16th § 9 including the title reads: "§ 9 Administrative offenses of legal persons (1) The depositary collective investment fund or other entity that manages assets freely institution that holds, and has its headquarters in the Czech Republic, and thus performs a similar function as depository, commits an administrative offense if it conflicts with § 8. 6 point. a) manages the assets of the institution that holds. (2) The institution commits an administrative offense by: a) violates the obligation under § 7, or b) contrary to § 8 par. 5 does not remove the deficiencies identified. (3) For an administrative offense under paragraph 1 or paragraph 2. b) shall be fined up to CZK 2 000 000 and for an administrative offense pursuant to paragraph 2. a) a fine of up to 1 000 000 CZK. ". 17. § 10, paragraph 5 shall be deleted. Former paragraph 6 shall become paragraph 5. 18. In § 10 paragraph 5 reads: "(5) Penalties for administrative offenses under this Act collected by the Czech National Bank and enforced by the competent customs office. Revenue from fines imposed under this Act, the state budget revenue. ". Art. II Transitional Provisions 1. Administrative proceedings initiated before the effective date of this Act shall be completed in accordance with existing regulations. 2. The fines not recovered until the effective date of this Act, enforced by the competent customs office. Art. III Authorization to publication of the full text of the Act empowers the Prime Minister to order in the Official Gazette the full wording of the Act no. 340/2006 Coll., On the activities of institutions for occupational retirement provision in the Member States of the European Union, the Czech Republic and amending Act no. 48 / 1997 Coll., on Public Health Insurance and Amendments to Certain Related Acts, as is clear from the amendments made by this Act. Art. IV Effectiveness This Act shall take effect on the date of publication. Vlcek mp Klaus mp Topolánek mp