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.