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On The Adjustment Of Certain Rules When Providing Investment Services

Original Language Title: o úpravě některých pravidel při poskytování investičních služeb

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303/2010 Sb.



The DECREE



of 14 June. October 2010



a more detailed treatment of certain rules when providing investment

services



The Czech National Bank provides under section 199, paragraph. 2 Act No. 256/2004 Coll.,

about business on the capital market, as amended, (hereinafter the

"the Act") for the implementation of section 12f (c). and (b)), section 12f. (c)), section 15, paragraph. 5,

§ 15a paragraph. 3, section 15 d of paragraph 1. 4, section 15 h of paragraph 1. 4, § 15i paragraph. 5, § 15 l, paragraph.

6, § 15 ° of paragraph 1. paragraph 2, section 15q. 2, § 15r paragraph. 3, § 17 paragraph. 4 and § 32

paragraph. 8 (a). and (c)) of the Act):



PART THE FIRST



GENERAL PROVISIONS



§ 1



(1) this Decree incorporates the relevant provisions of the European Union ^ 1) and

Adjusts the detail



and when the rules of operation) to provide investment services under section 12f

(a). and (b)), section 12f. (c)), section 15, paragraph. 5 and § 17 paragraph. 4 of the Act,



(b)) the rules dealing with customers when providing investment services

According to § 15a paragraph. 3, section 15 d of paragraph 1. 4, section 15 h of paragraph 1. 4, § 15i paragraph. 5, § 15 l

paragraph. 6, § 15 ° of paragraph 1. paragraph 2, section 15q. 2 and § 15r paragraph. 3 of the Act.



(2) this Decree also regulates in more detail some of the activities and the rules

negotiations with customers when providing investment provider

investment services referred to in section 32, paragraph. 8 (a). and (c)) of the Act).



(3) the Decree shall apply to the



and merchant securities) and



(b) investment in the range of providers) pursuant to section 32.



§ 2



(1) a securities dealer and investment provider in the range

According to § 32 adjusts the internal regulation rules and procedures referred to in this

the Decree.



(2) the obligations in relation to the customer as set out in section 10 to 27 shall carry out

securities dealer also in relation to the potential customer with

the exception of the obligations laid down in section 18 and section 24, paragraph. 1.



§ 3



For the purposes of this Ordinance means



and) identifier of the investment facility designation according to

the international numbering system for the identification of securities (ISIN)

If you have been assigned, otherwise the name of the tool or the description of the character of the Treaty,

the object of which is the derivative of, or at least the name and the date of this Treaty

its conclusion and



(b) trade financing transaction) of the securities trade

financing of securities according to the directly applicable

the European Union regulation implementing directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 2).



PART THE SECOND



RULES OF OPERATION FOR THE PROVISION OF INVESTMENT SERVICES



TITLE I OF THE



PROTECTION OF PROPERTY OF THE CUSTOMER



§ 4



Accounting procedures



[To section 12f c) section 3 of the Act]



The accounting procedures of the securities trader always govern the way

accounting for the funds and the investment vehicles of customers.

The accounting system must capture



and) deals with investment instruments concluded by the customer separately from

deals with investment instruments on its own account, the trader concluded with

securities,



(b)) the status of funds and investment vehicles each

customers, with whom the securities dealer may dispose of, and



(c)) the claims and obligations the trader in securities related to the

the provision of investment services to individual customers.



§ 5



Records of property of the customer



[To section c 12f) section 4 of the Act]



(1) a securities dealer in their internal records system ensures

coherent and unambiguous identification of investment instruments and the

of the funds so that each customer may at any time vary the

assets held for one client from assets held for others

customers and from their own assets. Internal evidence also includes

records about which account for a third of the person are individual investment

tools and funds to each customer.



(2) a securities dealer



and compliance data) in the internal records of the actual status

cash and investment instruments of the customer held by third

person and to remove the irregularities detected (hereinafter referred to as

"rekonciliace") at least once a month,



(b)) has obligation to carry out transaction reconciliation



1. on the basis of a document provided by a third party,



2. a supportable and documented in a manner which results in the progress and

the result of the rekonciliace,



(c)) provides for control of the fulfilment of obligations in connection with the

rekonciliací and frequency and the method rekonciliace.



(3) a securities dealer also takes effective organizational measures,

that will lead to minimize the risk of loss or deterioration of the property

the customer or the rights associated with this property as a result of abuse

customer assets, fraud, poor management, lack of registration or

negligence.



(4) If the customer assets located in the State, whose legislation

do not meet the requirements referred to in paragraph 1, a trader with securities

the papers shall take such measures as many zooms requirements

in accordance with paragraph 1.



§ 6



Saving investment instruments of the customer



[To section 12f c) point 1 of the law]



(1) a securities dealer can save the investment tools

the customer on the account of a third party, if the



and in the framework of his duties) Act with care, taking into account the

the experience of the person, its reputation in the financial market and legal requirements

and market practices governing the management of investment instruments

the customer for the third person controls which could adversely affect the rights of

of the customer; such rights include information about all fees

associated with the imposition of investment tools,



(b)) the imposition of investment instruments of the customer in a third State shall be subject to

Regulation and supervision, with the exception of the case when



1. the nature of the investment instruments or investment services associated with

These investment instruments requires that they were deposited with the person in the

State where the imposition of investment tools is not subject to regulation and supervision,

or



2. professional customer ^ 3), in writing, request the brokerage house

papers to its investment tools for the person put in a given State,



(c)) shall ensure the separation of the investment instruments of the customer in the registers

the third person from the investment tools of the trader in securities and

persons that are saved by using the specified accounts or other particular

in a comparable way.



(2) a securities dealer verifies compliance

for storing the customer's investment tools on the account of a third person in the

the selection of a third person, in services and in the course of their provision.



section 7 of the



Saving money the customer



[To section 12f c) point 1 of the law]



(1) a securities dealer stores cash customer

only for



and the Central Bank)



(b)) credit institutions established in a Member State of the European Union,



(c)) of the Bank with activities other than in the Member State of the European

the Union, or



(d)) money market fund, which is subject to supervision or has authorization to

the activities of the Member State of the European Union and



1. its main goal is the preservation of parity in the net asset value (without the

the revenue), or in the amount of investments increased revenue,



2. in accordance with the objective referred to in paragraph 1 to instruments exclusively invests

the money market with a maturity or residual maturity not exceeding

397 days with a weighted average maturity of 60 days or with regularly

the service income consistently with this maturity and with the weighted

the average maturity of 60 days, which the credit rating agency, which

regularly and professionally allocates funds to money-credit ratings

market and is an eligible rating agency ^ 4), has allocated the highest possible

credit rating. The condition of the highest possible credit rating must be

fulfilled for each credit rating agency that the instruments of money

the market has assigned credit rating. The objectives referred to in paragraph 1 can be achieved also

the additional investment in deposits with credit institutions,



3. ensure the liquidity of the settlement of the same or the following day.



(2) the funds referred to in paragraph 1 are not customer deposits

received in connection with the activities of the Bank, which is also a trader with

securities.



(3) where a securities dealer stores cash

the customer for the persons referred to in paragraph 1 (b). (b) to (d)))

prudently and with care and take into account the experience of the person, its

the reputation of the financial market and legal requirements and market practices, which

with the handling of funds by third parties the customer controls and

could adversely affect the rights of the customer. According to the prerequisites

the first sentence as a securities dealer, be examined in the selection of a third person,

at the conclusion of the services and in the course of their provision.



(4) a securities dealer shall ensure that cash

customer and merchant securities have been maintained on a separate

accounts.



(5) a securities dealer to the customer saves money

money market fund referred to in paragraph 1 (b). (d)), only if the

the customer agrees.



§ 8



The use of investment instruments of the customer



[To section 12f c) point 2 of the Act]



(1) a securities dealer may apply investment tools

the customer to trade on their own account or for the account of another customer,

If the customer expressly agreed in advance with the use of investment

instruments under clearly defined conditions. A customer who is not

professional customer (hereinafter referred to as "retail client"), it must

your consent, in writing or in an equivalent manner. Such

consent must be given on a separate list and in the case of

electronic contact a separate data message.



(2) a securities dealer may apply investment tools

the customer on the customer's account held by a third person to trade on your own

account or for the account of another client under the conditions referred to in the previous

paragraph, only if the



and) each client whose investment tools are kept in the account

customers, has granted prior approval in the manner referred to in paragraph 1, or



(b)) has the systems and control mechanisms which ensure that they can

be used only investment vehicles of customers who have granted in advance

its approval in the manner referred to in paragraph 1.



(3) for the purpose of the proper assignment of the loss referred to in paragraph 1

contains records of securities trader data




and each time, with the customer) the approval of the investment have been used

Tools, and



(b)) number of investment instruments belonging to each customer,

with the approval of the investment instruments were used.



(4) a securities dealer shall make available to the retail customer

their rules or guidelines for the use of investment instruments to the customer

shopping on their own account or for the account of another customer and the rules or

the principles for granting consent in the manner set out in paragraph 1.



§ 9



Auditor's report



[To section 12f c) of the Act, section 5]



(1) the report on the adequacy of the measures taken in order to protect assets

customer pursuant to § 12e paragraph. 3 of the Act shall be submitted



and in the case of annual information) within 4 months after the end of the

of the accounting period, or



(b)), without undue delay after finding deficiencies in the preparation of the report

According to subparagraph (a)) or after finding deficiencies at any time during the year.



(2) the report referred to in paragraph 1 (b). and assessment and functional) contains the

the effectiveness of the measures taken in order to protect the property of the customer and

the identification of the established mechanisms of control, in particular:



and the material and information) the time scale of the authenticated external areas

^ 5) the auditor or audit firm,



(b) assessment of compliance) accounting principles and practices of accounting for cash

resources and investment instruments of the customer with the legislation,



(c) the assessment of the conformity of the management of assets) of the customer in the system of internal evidence

with the legislation,



(d)) the assessment of whether a securities dealer carries out transaction reconciliation

customer assets reasonably often, conclusively and in accordance with the

the law and its internal regulation,



e) verify the accuracy of the system and the functional settings of the process

rekonciliace all customer assets, carried out by the dealer

securities, and verify the results of at least one rekonciliace all

customer assets in each month during the calendar year,

that handles the message,



(f) the result of the verification of compliance) saving investment instruments and cash

resources for the third persons with the legislation,



(g) verification of compliance use) the result of investment instruments provided for

laws and regulations and internal regulation of the trader in securities,



h) for important information relating to the protection of the assets of the customer

a dealer in securities.



(3) in the event that the report referred to in paragraph 1 (b). and) detected

shortcomings, a securities dealer shall ensure that the external auditor ^ 5)

the company said an audit specification or missing mechanisms

internal control and the evaluation of the severity of individual shortcomings.



(4) the report referred to in paragraph 1 (b). (b)) contains a description of the identified

the shortcomings. A securities dealer shall ensure that the external auditor ^ 5)

the company said an audit specification or missing mechanisms

internal control and the evaluation of the severity of individual shortcomings.



(5) the report referred to in paragraph 1 is submitted in electronic form,

advanced electronic signature ^ 6) in the form of data messages to the data

the Czech National Bank mailbox or to the address of the electronic registry,

or in paper form to the address of the Czech National Bank, with

unequivocally identifying information obligations.



TITLE II



PERSONAL TRANSACTIONS, CONFLICTS OF INTEREST AND INCENTIVE



§ 10



Rules for personal transactions



[To section 12f) and section 12b of paragraph 1. 1 (a). and) of the Act]



(1) for the protection of internal information under section 124 of the Act and the prevention of

conflicts of interest between the persons referred to in section 11 (1). 1 trader with securities

papers



and persons) to determine a special relationship to the trader in securities

According to § 2 (2). 1 (a). (c)) of the Act, which



1. carry out activities that can be a source of conflicts of interest,



2. have obtained or may obtain internal information or



3. have access to confidential information about customers or their

the stores,



(b) adopt measures to prevent the person) under (a)) close personal

According to § 2 (2). 1 (a). to the law, should) when it



1. use internal or other confidential information or could be

their unauthorized disclosure, or



2. could be violation of other obligations of the trader in securities

laid down by law,



(c)) shall ensure that the person referred to in subparagraph (a)) nenabádala or nevyzývala

another to trade outside the framework of the performance of their duties, if

would



1. not alone shall be entitled to personal trade referred to in subparagraph (b)),



2. personal trade involved the person referred to in section 14, paragraph. 1 (a). and)



3. When this trade could be used for information about the nevypořádaném instruction

the customer,



(d)) shall take measures to prevent any person with a special relationship to the

Merchant securities, to beyond the normal performance of their

job duties to another person provided information or opinions, if

knows or should know, under normal circumstances, that this person can



1. the information provided is used to close a personal trade by

(a) (b)), or (c)), item 1 or 2, or



2. the next person to guide or call for the conclusion of the trade referred to in point

1,



e) secures the inform a special relationship to the merchant with the

Securities about the limitations in relation to their personal business,



(f)), to the persons referred to in point (a)) to notify to the personal

shop without undue delay. In the event that the person whose

through a securities dealer shall carry out its activities,

requires that this person has led recording personal transactions concluded

a person with a special relationship to the dealer with the Securities and

request without undue delay, provide the trader with

securities,



(g)) keeps records of



1. the notified or otherwise identified personal transactions referred to in subparagraph (f)),



2. any authorisation or prohibition of personal trades.



(2) the rules referred to in paragraph 1 shall not apply to personal stores



and asset management) performed in persons with a special relationship to the

Merchant securities, if the trader in securities

and the person with a special relationship to him did not complete the previous communication on the

trade,



(b)) with standard Securities Fund or another fund of collective

the investment, which invests on a comparable principle of risk-spreading

and is subject to supervision in the Member State of the European Union, unless the person

a special relationship to the dealer with the securities involved in the

management or administration of such a Fund.



§ 11



Detection and management of conflicts of interest



[To section 12f) and section 12 (a). (b)) of the Act]



(1) in the provision of investment services, securities dealer

detects and manages the conflicts of interests between him, including his senior management,

the representatives of the employees or the bound and the heads of the people, representatives of the

the person who controls the securities trader, is controlled by the

a dealer in securities or controlled by the same person as

a securities dealer and its customers or potential

customers or its customers or potential customers to each other in

connection with the provision of investment services.



(2) where a securities dealer is a member of the business

grouping, verifies and manages the conflicts of interest in accordance with paragraph 1 also

having regard to all foreseeable circumstances, which may cause a conflict of

interests as a result of the structure of the Group and of the subject

the business of its members.



(3) If, despite the measures taken pursuant to paragraph 1 cannot be reliably

to avoid any adverse effect on the interests of conflict of interests of the customer, shall communicate to the

securities dealer before the provision of investment services

the customer information on the nature or sources of conflicts of interest.



(4) a securities dealer shall provide the client with the information referred to in

paragraph 3 of information in a durable medium in accordance with section 15e of the Act in the manner and in the

the scale that takes into account the nature of the customer and allows him to properly take into account the

conflicts of interest related to the investment service or other business

the activities of a securities dealer under section 6a of the Act.



§ 12



Detection of conflicts of interest



[To section 12f) and section 12 (a). (b)) of the Act]



(1) in the detection and assessment of conflicts of interest in connection with the

the provision of services as a securities dealer shall take into account whether he

alone, a person under section 11 (2). 1, or a person with a special relationship to the

trader in securities



and can obtain financial benefit) or to avoid financial loss on the

the expense of the customer,



(b)) has a distinct interest in the outcome of the services provided by the customer or

the result of the trade carried out on behalf of the customer from the interest of the

the customer,



(c)) has incentive to prioritize customer interest before the interests of the different

the customer,



d) operates in the same scope as the customer,



e) receives or will receive from persons other than the customer, an incentive (§ 15

paragraph. 3 of the Act) in respect of the service to the customer and this incentive

It does not present the usual remuneration for the service.



(2) a securities dealer on always



and) to determine the circumstances in relation to specific services and

activities, which provides he or any other person acting on its behalf,

can lead to conflicts of interests, which represents a substantial risk of

damage to the interests of the customer (hereinafter referred to as "a substantial conflict of interest"),



(b) specifying the procedures of the particular binding) and measures to control the essential

conflicts of interest,



(c)) the current record provided by the leading investment services, from which the

originated or may result in a significant conflict of interest.



section 13



A substantial conflict of interest management



[To section 12f) and section 12 (a). (b)) of the Act]



(1) a securities dealer shall ensure that persons with special

relationship to a dealer in securities, which are involved in the performance of

services, which is linked to a substantial conflict of interest, the exercise of their

working with such a degree of independence that is proportionate to the nature,

the scale and complexity of the activities of the trader in securities and

the business group to which it belongs, and the severity of the danger

damage to the interests of the customers.



(2) the procedures for the management of significant conflicts of interest, which will lead to

the independence of the security referred to in paragraph 1, in accordance with the circumstances of the particular

the situation includes




and) effective procedures to prevent or control the exchange of information between the

persons with a special relationship to the trader of securities, if the

with information linked to the danger of conflicts of interest, and if the Exchange

the information could harm the interests of the customer,



(b) an independent check of the persons) a special relationship to the merchant with the

securities, which are involved in the implementation of services for customers,

whose interests, or the interests of the persons for which the activity may be exercised by the

in mutual conflict,



(c) the avoidance of any direct links) between reward persons with special

relationship to a trader in securities mainly performing a

activity and reward, or income of another person with a special relationship to the

a trader practising different, if in respect of such

activities may give rise to a conflict of interest,



d) such measures, which prevent unauthorized execution options

or nedůvodného influence on the way that a person with a special relationship to the

trader in securities secures investment

services,



(e)) the measures that will prevent a person with a special relationship to the merchant with the

securities, to participate in the provision of investment services, if

While this may result in a threat to the proper management of conflicts of interest, or

ensure that the monitoring of this activity so as to compromise the sound management

avoid conflicts of interest,



(f)) for more appropriate measures, if the measures taken pursuant to points) to (e))

do not provide the necessary degree of independence referred to in paragraph 1.



§ 14



The management of conflicts of interest in connection with the analysis of investment opportunities



[To section 12f) and section 12 (a). (b)) of the Act]



(1) a securities dealer, which carries out the analysis of investment

opportunities, shall adopt the measures, which



and obliged persons) in connection with the exercise of his employment,

profession or function create material content analysis of investment

opportunities to conduct personal transactions according to § 2 (2). 1 (a). to) Act

or participate in the provision of investment services referred to in section 4, paragraph 4. 2

(a). and (d)), to), and (g)) of investment instruments, which relates to the

analysis of investment opportunities, or related investment

instruments, if it had happened in time or in kind related to

the analysis of investment opportunities, the results cannot be easily inferred

from publicly available information, and whose recipients did not have adequate

the opportunity to take account of it in its investment decisions; This does not apply,

If



1. shall do so in good faith from the position of a market maker,



2. it is usual in the framework of the activities of the market maker, or



3. so in the implementation of the customer's instruction, unsolicited



(b)) prevents the persons referred to in point (a)) to conduct personal transactions referred to

in subparagraph (a)) in violation of a valid recommendation, unless exceptional

circumstances and with a personal trade agreement organization unit

ensuring ongoing monitoring of compliance with legal obligations and

the obligations resulting from the internal rules of the trader in securities

(compliance),



(c) avoiding the adoption of incentives) from a person who has an interest in the subject of the analysis

investment opportunities, and even the persons referred to in point (a)),



(d) obliged to swear to the issuer) the favourable result of the analysis of investment

opportunities and prevent such a promise of the persons referred to in point (a)),



(e)) to the issuer, a person with a special relationship to the merchant with the

Securities and another person not mentioned in paragraph (a)) judge the proposal

analysis of investment opportunities, unless it is a verification of compliance with

the legal obligations of the issuer in the case of analysis of investment

opportunities, which includes the investment recommendation or target price.



(2) the rules referred to in paragraph 1 of the securities dealer may not

to observe, as regards the dissemination of analysis of investment opportunities, which

created by another person for the public or for the customers, if the trader

with the securities



and do not belong to the same) group as the person who

analysis of investment opportunities created,



(b)) the analysis of the investment opportunities do not change substantially,



(c)) does not raise the impression that it is an analysis of investment opportunities, which itself

created by,



d) verifies that the person who created the investment opportunity analysis

is subject to comparable requirements as regards the production and the prevention of

conflict of interest in connection with the analysis of investment opportunities.



(3) related to the investment facility referred to in paragraph 1 (b). and)

means the investment instrument, whose price significantly influences or determines the

the price of the investment facility, which is the analysis of investment opportunities

concerns.



§ 15



Admissibility of incentives



(Section 15 (5) of the Act)



(1) an incentive is within the limits of § 15 paragraph. 1 and 3 of the Act, if



and is paid for by the customer), the customer or the customer is paid,



(b)) is paid for by a third party or for a third party or provided by a third

a party or a third party, and



1. customer before providing the main or additional investment

the service clearly, clearly and fully informed about the existence and nature of the

incentives and the amount or value of the incentives or the method of its calculation, if

It cannot be determined in advance,



2. incentive contributes to improving the quality of the service provided and



3. the incentive is not in conflict with the obligations of the trader in securities

Act in the best interest of the customer.



(2) Permissible is an incentive that will allow the provision of investment services

or that is necessary for this purpose, and whose nature is not in conflict with

obligations of the trader with Securities Act competently, honestly and

fairly and in the best interest of the customer.



(3) a securities dealer may the information referred to in paragraph 1 (b). (b))

section 1 provide, in the form of a summary description of the main terms of the incentives,

at the request of the customer, however, always communicate whether or not details.



TITLE III



THE MAKING AND RETENTION OF RECORDS



[To section 12f), section 12b of paragraph 1. 2 (a). and) and § 17 paragraph. 4 of law]



section 16 of the



For the purpose of keeping a record of communication with the customer in connection with the

the provision of investment services referred to in section 4, paragraph 4. 2 (a). and (e)))

Act as a securities dealer



and) uses and operates facilities for communication in the event that the

communicate with the customer occurs means of communication at a distance,



1. through a specifically designed device for communication, including

specifically designated telephone lines and addresses for electronic communications,



2. procures and maintains records of the communication on the device for communication and

stores it in its original form,



3. has the option to purchase the full authentic communication of these output

the device,



(b)) or other conclusively in writing of the particulars referred to in point (a)

(c)), if the communication with the customer occurs otherwise than in the manner referred to in

(a)),



(c)) shall ensure that the record referred to in subparagraph (a)), section 2 contains at least



1. the date and time of the communication,



2. the identification of the parties to the communication, if it is available, and



3. the content of the communication,



(d)) provides the device management for communication under (a)) only

designated by the administrator,



e) secures a record of communication referred to in subparagraph nezměnitelnost, and).



PART THE THIRD



THE RULES DEALING WITH CUSTOMERS



TITLE I OF THE



INFORMING THE CUSTOMER



§ 17



Communication with customers



(To section 15a (3) of the Act)



(1) if the information provided by the dealer with the securities

retail client compares investment services, investment

instruments or persons providing investment services, the comparison must



and be useful, accurate) and balanced,



(b)) contain information about the source of the information for comparison

used, and



(c)), the most important facts and describe the assumptions from which comparison

is based on.



(2) if the information provided by the dealer with the securities

retail client includes data on the performance of the investment

Tools, a financial index or an investment service in the past,



and such information) may be the most significant element of the communication,



(b)), this information must include appropriate performance data for at least

the five immediately preceding years; If no such data, shall

the data for the entire period, when it was offered to the investment tool, when it was

introduced financial index or the investment service provided; the information must

based on the data collected for the twelve consecutive

consecutive calendar months,



(c)) in the information must be clearly indicated the reference period and the source of

information,



(d)) the information must contain a prominent warning that the data used

refer to the past and that past performance is not a reliable indicator of

future returns,



(e)) must be indicated, including the communication of foreign currency that may yield

fluctuate as a result of fluctuations in the exchange rate, unless the data are transmitted to the

the customer do not contain values expressed in a currency other than the currency of

the State where the customer has its registered office or place of residence, and



(f)) the information must contain the information about the effect of commissions, fees and other

fees, unless the data communicated to the customer are not based on gross

performance.



(3) if the information provided by the dealer with the securities

retail client provides a simulation of the past performance or on the

It refers,



and must be based on such a simulation) of the actual past performance



1. the underlying financial index or investment tool, or



2. the same financial index or an investment tool,



(b)) the information must meet the conditions of paragraph 2 (a). and (c))), e) and (f))

and



(c)) the information must contain a prominent warning that the figures refer to

simulated past performance and that past performance is not a

a reliable indicator of future performance.



(4) if the information provided by the dealer with the securities

retail customer refers to future performance,



and must not be based on) simulated past performance or not

reference,



(b)) must be based on reasonable assumptions supported by objective

data,



(c)) if it is a rough view of performance, must include the effect of commissions,

fees and other fees and



d) must contain a prominent warning that the expected performance is not

a reliable indicator of future performance.



(5) if the information provided by the dealer with the securities

retail client contains data on taxation, must contain the


the explicit warning that taxation depends on the personal circumstances of the customer, and

It may vary.



(6) the information provided by the dealer with the securities

in the case of a retail client contain investment services

According to the section 4, paragraph 4. 2 (a). (d)) of the Act apply mutatis mutandis to the circumstances



and an indication of how the award) and the frequency of valuation of investment tools,

that are part of the managed assets customer,



(b)), information on the conditions under which the securities dealer may

entrust the management of the property of the customer or its part of a third person,



(c) information on the indicators) (benchmark), which will be the performance of the

managed assets customer compared,



(d) information on the species) of investment instruments, which may be part of the

managed assets of the customer, and the types of transactions that can be

with such investment instruments, including any limits

relating to such stores and investment instruments, and



(e) information on the objectives of the investment), about the extent of the risk, which will be

reflected in the exercise of the discretionary managers, as well as

any specific limitations of free account managers.



section 18



Information on the classification of customer



(Section 15 d, paragraph 4, of the Act)



Information about the facts contained in section 2a to 2d law pursuant to section 15 d

paragraph. 1 (a). h) of the Act provided by the trader in securities

the customer shall contain



and an indication of the classification of the customer) as a professional or

retail client and



(b) the letter of the law) to ask for change and about the limitations of the protection

of the customer which are related with it.



Information on investment services and tools



(Section 15 d, paragraph 4, of the Act)



§ 19



(1) the information on investment services, tools and related

risks pursuant to section 15 d of paragraph 1. 1 (a). (b) to (d))) and (f)) of the Act provided

a securities dealer to the customer, if the nature of things

does the information about



and the nature and characteristics of the investment) tools



(b)) the risks associated with the investment facility, including an explanation of the

leverage and the risk of losing the entire investment; If the risks associated

with the investment instrument composed of two or more investment tools

or other ingredients may be greater than the risks associated with its

individual ingredients, also matching the description of the components of that

investment instruments and how their interaction increases

the risks associated with the investment instrument,



(c)) price volatility of investment instruments and any limitations

the availability of the market on which such investment instruments

trade,



(d) the liabilities of the customer associated with) an investment instrument or resulting from

in connection with the management of the investment facility, including such

possible additional commitments,



(e) requirements associated with trading) on loan or in a similar way

trading, which relate to the investment facility,



(f) the existence and the conditions of all) bonds or other similar rights,

which the securities dealer has or may have in relation to the

investment instruments or money resources of the customer or his

any right to compensation, which has in relation to this investment

instruments or funds,



g) any lien or other similar law depository,

schovatele, opatrovatele, or persons in a similar position to the investment

instruments or customer funds and



(h) any liability of third parties) including information about the guarantor.



(2) the information referred to in paragraph 1 shall provide the trader with securities

adequately the nature and characteristics of the investment facility and the classification and

knowledge of the customer and to the extent, in order to allow the customer to make

-based investment decisions.



(3) from information supplied by the retail customer may not

to imply that the supervisory authority supports or endorses the products or

securities merchant services.



section 20



(1) information about the trader with securities and investment services

pursuant to section 15 d of paragraph 1. 1 (a). and a and b) of the Act) provided by dealer

securities retail client shall include mutatis mutandis

the circumstances also



and contact information) necessary to ensure functional communication

the customer,



(b)) information about the language or languages in which the customer can with

securities trader to communicate and where from it will

to receive information,



(c) information on the way) communication between a trader with securities and

by the customer, including the method of entering instructions if they have experience, and

compulsory minimum terms of instructions,



d) permit or registration information to provide investment

services, including the name and registered office of the authority which issued the authorisation,



e) information about the fact, that the securities dealer is acting

by the bound representative, including an indication of the State in which it is

registered representative,



f) information on the nature, frequency and dates of sending information about the

services and



(g) a description of the rules for case) conflict of interest; This information can be used, where appropriate,

provide in summary form; at the request of the customer, however, a trader with

securities shall communicate more details about these rules, or

the customer shall inform where can familiarize with the rules.



(2) the information about the costs and charges referred to in section 15 d of paragraph 1. 1 (a). (e))

the Act provided by the trader with securities retail

the customer contain, mutatis mutandis, to the circumstances of at least



and the total price), the customer will pay in connection with the investment

instrument or investment service, including related fees, commissions,

fees, expenses, and all taxes paid via the merchant with the

securities broken down so that it is in any case clear, how much

make commissions; If an exact price cannot be quantified, the trader

securities at least a basis from which to calculate the total price,

It's the customer can verify,



(b)) the currency in which the price is to be paid or a part thereof, including the Exchange

rates and associated costs,



(c)) notice of the possibility that in the context of the investment services or

transactions with the investment instrument may arise to the customer

other costs, including taxes, does not apply as a securities dealer and

nor is not charged to the customer, and



(d) the payment terms or data) about other benefits.



(3) where a securities dealer shall be treated with the customer's property,

for information about the asset protection scheme under section 15 d of paragraph 1. 1 (a). (f)) of the Act

designated retail client include



and if it is) on the site, information about measures to protect assets

customers and system of compensation to customers and the deposit insurance system,

relating to the assets of the customer; This information will in General

the plane,



(b)) warning that investment instruments or cash customer

may be in the possession of a third person on behalf of a trader with securities,

the lesson of the responsibility of the trader with securities acts of third persons

and the consequences of insolvency of a third person for the customer,



c) warning that the investment tools the customers are in the third person

conducted collectively on the customer account, if this is kept, with a strong

a lesson about the risks that this entails,



d) warning that the investment tools cannot be the property of the third

the persons for which they are kept, identifiable and distinguishable from the asset

This third person, if it's from foreign legislation; with a strong

a lesson about the risks that this entails, and



(e) information on the obligations of the trader) securities in relation to

use of investment instruments, which are part of the assets of the customer,

a dealer in securities for the purposes of the trade's objective in

financing of investment instruments, to trade on their own account or on

another account of the customer and the customer about the lessons the risks involved.



(4) a securities dealer shall provide the retail client

information on its rules for the implementation of the guidelines under section 15 d of paragraph 1. 1 (a).

I) of the Act that contains



and the relative importance of the description), which the securities dealer in

accordance with the criteria set out in section 15 l, paragraph. 1 the Act attributed to the factors

under section 15 l, paragraph. 1 (a). and a to h) of the Act), or a description of the procedure

securities dealer determines the relative importance of these factors,



(b)) the list of transfer of posts that securities dealer uses,

including the conditions under which it may be carried out outside the customer's instruction

a regulated market or a multilateral trading system, and



(c)) a prominent warning that an express instruction of the customer may merchant

securities to defend in the execution of the order in accordance with the rules of implementation

the instructions in the best conditions.



For information about guidelines and the State of the customer's assets



(Section 15q (2) and (3) of the Act 15r)



section 21



(1) the information on the instruction provided by the securities dealer

securities retail client provides, if it's the nature of things

shall not preclude the



^ data) 7) trader with securities,



(b) the identification of the customer)



(c)) date of execution of the order,



(d) the execution of the order, time)



(e)), type



(f)) identification data space implementation guideline,



g) identification data of the investment facility,



(h)) in the direction of trade (purchase or sale),



I) character of the order, unless an instruction to buy or sell,



j) quantities,



to) the unit price,



l) of the total price,



m) the total amount of the commissions and expenses charged; at the request of the customer

a trader with securities commissions and expenses charged on the outside

individual items,



n) information about the obligations of the customer relating to the settlement of trade,

including the time limit for payment or delivery, and information about your account, to the extent

required for settlement if the account information has not been communicated to the

the customer previously, and



about) that this is the case, when the counterparty of the trade he was alone

securities dealer carrying out the instruction, the person linked with him

or other customer, unless it was a trade in a system with anonymous

trading.



(2) If an instruction is executed, the securities dealer may

retail client to communicate instead of unit price price

each tranche or the average price; at the request of the customer to communicate always


the price of each tranche.



(3) a securities dealer may retail client

to provide the information referred to in paragraph 1 by using the standardized

codes, if the customer will explain the importance of these codes.



section 22



(1) Information about the status of funds and investment tools,

which are the property of the customer ^ 8) according to § 15r paragraph. 1 of the Act,

provided by the dealer with the securities to the customer, are



and an indication of the investment facility) identification or description of the cash

resources,



(b)) the quantities and price of investment instruments or cash

resources,



(c)) the extent to which the property is used to facilitate a customer's shops

in the financing of investment instruments, and



(d) the share of any proceeds obtained) by the customer in connection with the

the use of the property or part of the business transaction financing

investment instruments and the basis on which the yield of the swelling.



(2) a securities dealer may provide information

related to the yield of nevypořádaného trade pursuant to paragraph 1

choose whether the statement shall, in relation to the data referred to in points a and b))

information on the date of the conclusion of the trade, or to the settlement date. A trader with a

securities not in one statement to use both ways of determining

the vesting date.



section 23



(1) information on the State of assets within the framework of the provision of investment services

management of the assets of the customer according to the section 4, paragraph 4. 2 (a). (d)) of the Act

provided by the trader with securities retail client

contain



^ data) 7) trader with securities,



(b)) the number or other designation of the customer account



(c)) the composition and valuation of the portfolio, including identification data

individual investment instruments in the portfolio, the market value of

or fair value if market value is not available, money

balances at the beginning and at the end of the reporting period and performance data

portfolio during the reporting period,



(d)), the total amount of fees and other charged items incurred during

the reporting period, with a breakdown of the total fees for at least

management and total costs associated with the implementation of the shops

charged to the customer; at the request of a securities dealer shall provide the

a detailed schedule of the customer,



(e)) the comparison of the actual performance of the portfolio for the reporting period and

reference performance



(f)) of dividends, interest and other payments received in the reporting period

in connection with the management of the portfolio,



(g) data on the operations of the issuer), the founding rights in connection with the

investment instruments in the property of the customer and



(h)), the information specified in § 21. 1 (a). (c)) to l) each carried out

trade.



(2) if the retail client shall agree with the dealer with the securities

the papers on the provision of data after each trade, provides

a securities dealer to the customer information in accordance with section 21.



(3) a securities dealer shall inform the retail client about

the option to make an application under section 26(3). 1 (a). (b)).



TITLE II



THE DEADLINE FOR PROVIDING INFORMATION TO CUSTOMERS



section 24



The deadline for information about investment services and tools



(Section 15 d, paragraph 4, of the Act)



(1) the information referred to in the first sentence of section 15 g of the Act and under section 19, paragraph. 1 (a).

e) to (g)) a securities dealer shall provide professional

the customer in sufficient time before the provision of investment

the service.



(2) the information referred to in section 15 d of paragraph 1. 1 (a). and (f))) up to the law and according to § 17

paragraph. 6, § 19 paragraph. 1 and section 20 shall provide the trader with securities

retail customer in sufficient time before the

the provision of investment services.



(3) information on the content of the obligation relationship pursuant to section 15 d of paragraph 1. 1 (a). (g))

the Act and information according to § 20 paragraph. 1 and 3 (b). and) relating to the

the obligation resulting from a contract relating to the investment services

a securities dealer shall provide the retail client, in

sufficient time prior to the conclusion of such a contract.



(4) a securities dealer may provide the information referred to in paragraphs

2 and 3 immediately after the commencement of the provision of investment services referred to in paragraph

2, or immediately after, the customer is bound by the Treaty is unprofessional

in accordance with paragraph 3, if the



and he could not comply with the time limit) in accordance with paragraph 2, since the contract was concluded

at a distance, at the request of a retail client, and using resources

of distance communication which does not enable providing the information in accordance with the

paragraphs 2 and 3, or



(b)) shall apply to section 54b paragraph. 10 of the civil code; the obligation under section

54b of the civil code that are not affected. Securities dealer

While considered a supplier according to § 52 paragraph. 2 of the civil code

and retail client for consumers pursuant to § 52 paragraph. 3

of the civil code.



The deadline for information about guidelines and the State of the customer's assets



(Section 15q (2) and (3) of the Act 15r)



§ 25



(1) information about the execution of the order under section 15q paragraph. 1 of the Act shall provide

a securities dealer to the customer without undue delay after the

execution of the order, if this Ordinance provides otherwise.



(2) If an instruction refers to debt securities financing contract

on mortgage credit, a securities dealer shall inform the customer

not later than one month after the execution of the order, in which case the

customer terms and conditions of the mortgage loan.



(3) a securities dealer shall inform the customer of the status

Germany the order without undue delay after receipt of the request

of the customer.



(4) a securities dealer shall send to the retail customer

information about carried out the order, pursuant to section 21, no later than



and the following business day) after the execution of the order,



(b)) the following business day after receipt of the confirmation from the third party, if the

send the information depends on the confirmation of a third person, or



(c)), once every six months, if the instructions pertain to securities

collective investment undertakings and, if carried out regularly.



(5) If, in accordance with the Treaty, with a retail client may

the shops on the customer's account the potential extra obligations arising

in particular when dealing with the use of leverage, a trader with

securities required to inform the customer about the losses that exceeded the

in advance of the agreed limit, without undue delay, but not later than

the end of the



and) business day in which the limit is exceeded, or



(b)) the following business day, if the limit is exceeded in a non-commercial

the day.



(6) a securities dealer shall provide information about the condition of the property

the customer in accordance with section 22 paragraph 1(b). 1 at least once per calendar year.



section 26



(1) information about the status of the property referred to in section 23, paragraph. 1 provides the merchant with the

securities retail client at least once a



and, if the contract) with the customer allows the trader with securities

to manage the portfolio of securities and in a way that makes use of the leverage effect,



(b)) for three months, if so requested by the customer,



c) twelve months, if the customer has requested information about the

executed transactions for each trade separately, and if the subject of the trade

are not derivatives, or



d) six months in the other cases.



(2) information about the status of the property referred to in section 23, paragraph. 2 provides the merchant with the

securities to the retail customer no later than



and the following business day) after the execution of the order, or



(b)) the following business day after receipt of the confirmation from the third party, if the

send the information depends on the confirmation of a third person.



TITLE III



THE INFORMATION REQUIRED FROM THE CUSTOMER



(Section 15, paragraph 4, and section 5 of the Act 15i)



section 27 of the



(1) the content of the information about the professional knowledge and experience in the field of

investment securities dealer checks in the provision

investment services from the customer in accordance with section 15 h of paragraph 1. 1 (a). and (b))) and section

15i paragraph. 1 of the Act, if the information cannot detect itself, are

adequately provided by the investment service at least information on



and expert knowledge in the customer) the area of investment, in particular on the

knowledge services, investment vehicles and shops,



(b) education and profession) an earlier occupation of the customer, if

applies to transactions with investment instruments, and



(c)) previous experience in the area of the customer's investment, in particular on the

the length, frequency, extent and nature of the business.



(2) the content of the information on the financial background of the customer that the merchant with the

securities determined pursuant to section 15 h of paragraph 1. 1 (a). (c)) of the Act, are

adequately provided by the investment service at least information on



and) source and extent of regular income,



(b) the amount of the asset), including liquid assets, investments and real estate, and



(c)) financial commitments filled in regular installments.



(3) the content of the information about the customer's investment objectives, which the trader

securities determined pursuant to section 15 h of paragraph 1. 1 (a). (d)) of the Act, are

adequately provided by the investment service at least information on



and) period during which the customer intends to hold investment tools,



b) tolerance and preferences in relation to the risks and



(c)) the purpose of the investment.



TITLE IV



THE IMPLEMENTATION OF THE GUIDELINES



(Section 15 l (6) of the Act)



section 28



The consent of the customer



A securities dealer is required to obtain prior



and consent of the customer with the rules) the implementation of the guidelines and



(b) explicit consent to the implementation of) the instructions outside a regulated market or

the multilateral trading system.



section 29



The content of the rules for the implementation of the guidelines, their monitoring and review



(1) the rules for the implementation of the guidelines in relation to particular types of

investment instruments include



and transfer) information about the places where the securities dealer

instructions, and the factors that influenced the choice of transfer points, and



(b) the designation of the persons) a securities dealer passes the guidelines,

or the person through which the securities dealer guidelines

performs.



(2) if there is more comparable to execution of the order, the rules

for the implementation of the guidelines in order to assess and compare the results for the

the customer, who would perform the instruction in each of the transfer points

referred to in the implementation of the policy guidelines, which is able to meet the guideline,

may take into account only their own commissions and costs for brokerage house


the papers on the implementation of the instruction in the various transfer points.



(3) a securities dealer continuously assesses the effectiveness of the rules

for the implementation of the guidelines, in particular the quality of the implementation of the guidelines of the third

persons, and identified deficiencies resolves without undue delay.



(4) the review of the rules for the implementation of the steps performed by the merchant with the

securities immediately after a major change affecting the ability to

to achieve the best possible result by performing the order for the customer,

at least once a year.



section 30



The relative importance of the factors



If the securities dealer performs instructs retail

the customer, the execution of the order in the best conditions shall be determined in terms of the

of the total population, which consists of the price of the investment tools and

the costs associated with the implementation of the order, including all expenses

the customer's directly related to the making of the order, including charges

transfer points, clearing fees and any other charges

paid to third parties involved in the execution of the order.



THE HEAD OF THE



ASSOCIATION GUIDELINES AND SHOPS



[To section 12f), section 12b of paragraph 1. 1 (a). (b)) and § 15 ° of paragraph 1. 2 of the Act]



section 31



(1) a securities dealer shall lay down the rules for the allocation of the performance and

obligations of the guideline and the associated trade, which must be fair and

sufficiently precise and that, in accordance with the requirements of paragraphs 2, 3 and 4 shall

Edit procedures for the



and) informing customers about the pooling of the guidelines and the shops and the possible

the adverse consequences of the Association,



(b)) and the layout of the performance of the combined instruction and trade including



1. the rules for the determination of the impact of the volume of trade and its price for the distribution of

the implementation of the commitments undertaken and the associated guideline,



2. layout rules in the case of partial execution of the order.



(2) a securities dealer is authorized to execute the instruction of the customer

together with the trade on their own account or with the guidance of another client,

If



and) it is unlikely that the Association guidelines for customers whose

the guidelines are to be grouped together, less favourable than their individual design,



(b)), the customer whose order is to be associated, was informed that the Association

This guideline for him may be less profitable than its separate

implementation, if such a situation may occur,



(c) implementation of the commitments and layout) of the associated instruction is carried out

take place in accordance with the rules under this section, and



(d) implementation of the commitments and layout) of the associated guideline will not damage any

of the customer.



(3) if the associated instruction of the customer and trade on their own account

carried out only partially, the securities dealer admits the performance and

the corresponding commitments of the associated order of priority to the customer,

unless the conditions are met in accordance with paragraph 4.



(4) where a securities dealer is able to demonstrate that the combined

instruction is conducted under more favourable conditions than what would

likely to be achieved for each of the guidelines, or would not have been possible

not at all, can divide the filling and the commitments of the associated order fairly.



(5) a securities dealer may not make available to other participants

market information provided in § 15 ° of paragraph 1. 1 (a). (e)) of the Act, if



and the customer expressly requests) to a securities dealer limit

instructs the Manager to other market participants, or



(b)), has instructed the limit compared to the normal market volume, large

range, as determined by the applicable law of the European Union itself, which

implementing directive of the European Parliament and of the Council to govern the markets

^ 9 financial instruments).



PART THE FOURTH



INVESTMENT BROKER



[To section 32, paragraph 8 (a) and (c))) of the Act]



§ 32



(1) to secure compliance with the rules of the activity in the provision of

investment services provider subject to investment



and similarly, the procedures for discovery) and the management of conflicts of interest under section 11 to

14 as regards the interests of persons according to § 32 paragraph. 4 (b). (c)) of the Act, and



(b) the rules for the procurement of mutatis mutandis) and the keeping of records referred to in section 16.



(2) to secure compliance with rules of conduct with customers to

the investment provider



and apply, mutatis mutandis, the rules for) the admissibility of incentives under section 15,



(b)) apply mutatis mutandis



1. the rules on the information to the customer in accordance with section 19,



2. additional requirements for informing the retail client under section

17 paragraph. 1 to 5 and section 20 (2). 1 and 2,



3. the rules for the information required from the customer in accordance with section 27,



(c)) applies the rule that information communicated to investment

provider to the retail customer always contain information about

person ^ 7), which passes the guidelines.



PART THE FIFTH



FINAL PROVISIONS



section 33



Cancellation provisions



Decree No. 237/2008 Coll., on details of some of the rules in the

the provision of investment services, is hereby repealed.



§ 34



The effectiveness of the



This Decree shall take effect on 1 January 2005. January 2011.



Governor:



Ing. Singer, Ph.d., in r.



1) European Parliament and Council Directive 2004/39/EC of 21 June 1999. April

2004 on markets in financial instruments, amending Council directives 85/611/EEC and

93/6/EEC and European Parliament and Council Directive 2000/12/EC and repealing

Council Directive 93/22/EEC, as amended by the directives of the European Parliament and of the Council

2006/31/EC, 2007/44/EC and 2008/10/EC.



Commission Directive 2006/73/EC of 10 June 1999. August 2006 implementing

European Parliament and Council Directive 2004/39/EC, as regards the

organisational requirements and operating conditions for investment firms and

definition of terms for the purposes of that directive.



Directive of the European Parliament and of the Council 2003/6/EC of 28 June 1999. January 2003 on the

insider dealing and market manipulation (market abuse).



Commission Regulation (EC) no 1287/2006 of 10 March 2006. August 2006

performed by European Parliament and Council Directive 2004/39/EC, as regards the

record-keeping obligations for investment firms, shops,

market transparency, admission of financial instruments to trading, and

definition of terms for the purposes of that directive.



Article 2, paragraph 2). 10 of Commission Regulation (EC) no 1287/2006.



§ 2a, paragraph 3). 1 and 2 and Article 2b, paragraph. 1 of Act No. 256/2004 Coll., on business

on the capital market, as amended.



4) Article. paragraph 81. 1 European Parliament and Council Directive 2006/48/EC of

on 14 June 2004. June 2006 regarding access to the activities of credit institutions and

performance (recast), as amended by the directive of the European Parliament and of the

Council 2009/111/EC.



5) § 12e paragraph. 3 of Act No. 256/2004 Coll., as amended.



6) section 11 of Act No 227/2000 Coll., on electronic signature and amending

certain other laws (the law on electronic signature), as amended by

Act No. 440/2004 Sb.



7) § 2 (2). 1 (a). j) Act No. 256/2004 Coll., as amended

regulations.



8) § 2 (2). 1 (a). h) Act No. 256/2004 Coll., as amended

regulations.



9) Article. 20 Commission Regulation (EC) no 1287/2006.