About Business On The Capital Market

Original Language Title: o podnikání na kapitálovém trhu

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=57888&nr=256~2F2004~20Sb.&ft=txt

256/2004 Coll.



LAW



of 14 June. April 2004



about business on the capital market



Change: 635/2004 Sb.



Change: 179/2005 Sb.



Change: 377/2005 Sb.



Change: 56/2006 Coll., 62/2006 Sb.



Change: 57/2006 Coll., 70/2006 Sb.



Change: 159/2006 Sb.



Change: 120/2007 Sb.



Change: 296/2007 Sb.



Modified: 29/2008 Sb.



Change: 104/2008 Sb.



Change: 216/2008 Sb.



Change: 126/2008 Coll., 230/2008 Sb.



Change: 230/2008 Coll. (part)



Changed: 7/2009 Sb.



Change: 230/2009 Sb.



Change: 420/2009 Sb.



Change: 223/2009 Sb.



Change: 156/2010 Sb.



Change: 160/2010 Sb.



Change: 227/2009 Sb.



Change: 281/2009 Coll., 409/2010 Sb.



Change: 41/2011 Sb.



Change: 139/2011 Sb.



Change: 188/2011 Sb.



Change: 41/2011 Coll. (part)



Change: 420/2011 Sb.



Change: 37/2012 Sb.



Change: 172/2012 Sb.



Change: 254/2012 Sb.



Change: 428/2011 Sb.



Change: 134/2013 Sb.



Change: 241/2013 Sb.



Change: 303/2013 Sb.



Change: 135/2014 Sb.



Change: 135/2014 Coll. (part), 336/2014 Sb.



Parliament has passed the following Act of the Czech Republic:



PART THE FIRST



BASIC PROVISIONS



§ 1



The subject of the edit



(1) this law incorporates the relevant provisions of the European Union ^ 1),

at the same time builds on the directly applicable European Union legislation ^ 2) and

regulates the provision of services in the field of capital market, the protection of

capital market and investors and a public offer of investment securities

securities.



(2) this Act also incorporates the relevant provisions of the European Union, if the

as for the final settlement, and regulates the legal regime of the final

leveling ^ 24).



(3) This Act regulates the following on directly applicable provision

The European Union on the sale to short and certain aspects of swaps

the failure of ^ 42) (hereinafter referred to as the "regulation on the sale on the short") and directly

the applicable regulation in the European Union about OTC derivatives, Central

counterparty and registers trade data ^ 43) (hereinafter referred to as the "regulation on the

derivatives ") the scope of the Czech National Bank and the Ministry of Finance (hereinafter the

"the Ministry") and the administrative offences in the area defined by these

the regulations.



§ 2



The definition of certain concepts



(1) in this Act, means the



and the head of the person) of the statutory body, statutory authority, the Director of the

a legal person or a person who otherwise actually controls the activity of the

legal persons, if a statutory body or a member of the statutory

authority of the legal person, the head of a person means a natural person who

is this a legal person authorized to to it in the statutory authority

represented,



(b)) a person with management powers



1. the head of the person,



2. the Supervisory Board or another supervisory authority,



3. the Member of the Supervisory Board or another supervisory authority,



4. a person who, within the issuer makes a decision that may affect the

the future development and corporate strategy, and that the issuer has access to

internal information,



(c) the person is a special relationship) to the trader in securities



1. the head of the person of a trader with securities,



2. bound representative (section 32a) trader with securities and its head

of the person,



3. the investment intermediary (§ 29) trader with securities,



4. an employee of a securities trader, which is involved in the

the main provision of investment services,



5. employee representative-bound merchant securities, which

involved in the provision of the main investment services,



6. a natural person other than that referred to in points 1 to 4, which is involved in the

the main provision of investment services and securities trader

that their activities take place in accordance with the merchant's statements with the securities

papers,



7. a natural person who is directly involved in the activities, the performance

securities dealer charged a third person in connection with the

the main provision of investment services,



8. a person who, in connection with the exercise of his employment, profession or

the function creates the material content analysis of investment opportunities,



(d)) the indirect share through the share held by any other person or

a group of persons acting in concert,



(e)) by a qualified participation, direct or indirect share capital

the voting rights or of the person or of their sum, which represents

at least 10% or allows you to exercise significant influence on the management,



(f)) close links close links in accordance with article. 4 (4). 1, point 38 of regulation

The European Parliament and of the Council (EU) no 575/2013



g) misleading information information eligible trigger a false idea about

the subject matter to which it relates; misleading information, the information is true,

that, given the context in which it was used, can mislead,



(h)) the property of the customer's cash and investment tools that

securities dealer has in its power to provide

investment services, and cash and investment tools acquired

for these values to the customer; the property of the customer are not deposits in accordance with

the law governing the activity of the bank, which charged a trader with securities

the papers, which is a bank or a branch of a foreign bank,



I) initial capital initial capital in accordance with article. 26 paragraph. 1 letter

and (e))) up to European Parliament and Council Regulation (EU) no 575/2013



j) data on the person



1. in the case of a legal person, or the business name of the name, registered office and identification

the number of persons, if assigned,



2. in the case of a natural person name and surname, date of birth, social security number,

If it was allocated, the address of the residence; for entrepreneurs, registered in the

commercial register business name, registered office and, where applicable, the identification

the number of persons, if assigned,



to the personal store with trade) investment facility closed person

a special relationship to the trader in securities or on their behalf,

If a person with a special relationship to a trader in securities

It is beyond the scope of their employment or business concluded on the

account



1. this person,



2. the person under the civil code, in



3. a person that is closely linked, or



4. any other person, if the person has a special relationship to the merchant with the

Securities has a direct or indirect material interest in the outcome of the trade,

that is not a fee or reward for trade execution.



(2) the transfer is



and the regulated market)



(b)), the multilateral trading system,



(c) a securities dealer) performing systematic internalisation

(section 17a (1)),



(d)) a market maker or other liquidity provider, if it's not working

on a regulated market or in a multilateral trading system, or for

securities trader carrying out the systematic internalisation of

(section 17a (1)), or



(e)), whose foreign transfer instead of subject of activity is similar to the

the subject of activity of any of the sites listed in the transfer (a))

to (d)).



(3) in this Act means



and commodity by commodity) directly to the applicable regulation in the European Union,

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

financial instruments ^ 2b),



b) portfolio trade portfolio business by directly applicable

the European Union regulation implementing directive of the European

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



(c)) the related party related party by the directly applicable

Regulation of the European Union, adopting certain international accounting

^ 2d) standards.



§ 2a



Professional customer



(1) the customer is in this Act shall mean



and)



(b)), savings and credit cooperative,



c) a securities dealer,



d) insurance company,



(e)) the reinsurance undertaking,



(f)) investment company,



(g)) investment fund,



h) Pension Fund



I) pension company,



j) person as its critical operations are performed by securitisation



to) the person who trades for his own account with the investment instruments for

to reduce the risks (hedging) of investment instruments

referred to in section 3, paragraph 3. 1 (a). (d)), to include this activity) and its

critical activities,



(l)) a person who trades for his own account with the investment instruments

referred to in section 3, paragraph 3. 1 (a). g) to (i)) or commodities, and this activity

among its critical activities,



m) legal person who is responsible to manage the property of the State, in

ensuring the purchase, sale or management of its claims or other

assets or restructuring of commercial companies or other

legal persons, with the participation of the State,



n) foreign person with similar activities as one of the persons referred to in

(a)) to m)



about) State or a Member State of the Federation,



p), Czech National Bank, foreign central bank or the European

the Central Bank and the



q), the World Bank, the International Monetary Fund, the European Investment Bank

or other international financial institutions.



(2) the customer is in this law means



and) legal person formed for the purpose of the business, which according to the last

financial statements at least 2 of the 3 criteria, which are



1. the total amount of assets corresponding to the amount of at least EUR 20 0000 0000



2. the net annual turnover corresponding to the amount of at least EUR 40 0000 0000,



3. own funds corresponding to the amount of at least EUR 2 0000 0000,



(b) a foreign person based) for the purpose of a business that meets the

the conditions laid down in point (a)).
(3) the customer in accordance with paragraphs 1 and 2 shall be considered as a customer who is not

professional customer in range of shops with the investment instrument

or investment services, on which the securities dealer

agree upon. The agreement must be clear what kind of trade or business with

an investment instrument or investment services are concerned. In the case of

that this agreement has not been concluded in writing, is a securities trader

the customer shall be obliged to release securities on request of confirmation of

the facts referred to in the second sentence.



(4) the customer referred to in paragraphs 1 and 2 shall be considered customer

not a professional customer, also in case when the merchant with the

securities without his request that it considered such customer

shall be considered. Of the communication must be clear to the customer, what trade or

shops with an investment instrument or investment services are concerned.



Section 2b



Professional customer on request



(1) the customer is in this Act shall mean also the person



and merchant) in securities that treated her like a

professional customer, and he agrees and requests



(b)) that meets at least 2 of the following 3 criteria:



1. carried out for each of the last 4 consecutive quarter on

the regulated European market or in the relevant multilateral

trading system operated by a person established in a Member State

The European Union deals with the investment instrument, to which the application relates, in

significant volume and the average number of at least 10 stores in the quarter,



2. the volume of its assets consisting of funds and investment

instruments corresponding to the amount of at least EUR 500 000,



3. has pursued for at least one year, or in the context of

with the exercise of his employment, profession or function activities in the area

the financial market, which requires knowledge of the transactions or services covered by the

the application concerns.



(2) the request under paragraph 1 (b). and) must be in writing and must

be clear what kind of trade or business with an investment instrument or

What investment services is concerned. The annex to the application is the written declaration

the applicant, that he is aware that the



and) this change can mean the loss of entitlement to the refund of the foreign

the guarantee system similar to the system zabezpečovanému Guarantee

the Fund of securities traders,



(b)) the obligations laid down in section 15 to 15r in relation to professional

the customer holds the securities dealer in a narrower range than in the

relation to the customer, who is not a professional customer; on these

fact, the securities dealer applicant expressly notifies you.



(3) a securities dealer may consent referred to in paragraph 1 (b). and)

grant, if satisfied that the applicant meets the criteria referred to in paragraph

1 (a). (b)), and has the respect of trade or investment instrument shops

or investment services to which the application relates, the necessary experience and

expertise, is capable of making his own investment decisions and

He understands the risks involved.



(4) the Professional customer, referred to in paragraph 1 shall be deemed to

the customer, who is not a professional customer, if the trader

with the securities. The request must be clear what kind of trade

or stores with an investment instrument or investment service

such application relates. This request as a securities dealer.



(5) a securities dealer shall verify continuously and regularly assesses

whether a professional customer in accordance with paragraph 1 ceased to meet the conditions

referred to in paragraph 3.



(6) the customer referred to in paragraph 1 shall be considered as a customer who is not

professional customer, also when his stock trader

the papers without his request that it considers such a customer.

From communication to the customer must be clear what kind of trade or business with

an investment instrument or investment services are concerned.



section 2 c



(1) for the purpose of requesting information from a dealer in securities

the customer, when providing investment services (section 15 h of up to 15 k), it is considered,

that the customer has the professional expertise and experience in the field of

investment to make your own investment decisions and follow up

the risks that it incurs in connection with the investment service or

trade with the investment tool for which the professional

by the customer.



(2) for the purposes of the provision of investment advice, it is considered that the

professional customer referred to in section 2a paragraph. 1 and 2 has the financial background to

to go through the related investment risks, corresponding to its

investment goals.



section 2d



(1) a securities dealer is not required in the provision of the main

investment services referred to in section 4, paragraph 4. 2 (a). and (b))) or (c)) to perform

in relation to the Professional client referred to in section 2a paragraph. 1

the obligations provided for in § 15-15r. For a professional customer, in

relation to which the securities dealer is not in the provision of

the main investment services referred to in section 4, paragraph 4. 2 (a). and (b))) or

(c)) bound to meet obligations set out in section 15 to 15r, shall, if

expressly agrees with this, and the natural person resident or legal

person established in another Member State of the European Union, in relation to the

that under the law of that Member State is not a foreign person

to enable that Member State to provide investment

the services required without her request when providing the main investment

the services referred to in section 4, paragraph 4. 2 (a). and (b))), or (c)) to perform the duties

similar obligations laid down in § 15-15r. Of consent must be

Obviously, what kind of trade or business with an investment instrument or what

investment services is concerned.



(2) a securities dealer is not required in the provision of the main

investment services referred to in section 4, paragraph 4. 2 (a). and (b))) or (c)) to perform

in relation to the Professional client referred to in section 2a paragraph. 2 and section 2b

paragraph. 1 the obligations provided for in § 15 to 15r, if such

professional customer request in writing. The request must be clear,

What kind of trade or business with an investment instrument or what

investment services is concerned.



(3) a securities dealer shall, in providing the main

investment services referred to in section 4, paragraph 4. 2 (a). and (b))) or (c)) to perform

the obligations provided for in § 15-15r in relation to professional

the customer, in relation to which it is fulfilling in the meaning of paragraph 1 or

2 If the customer is a trader with securities in writing

so requests. Such a request must be clear what kind of trade or business with

an investment instrument or investment services are concerned.



(4) the obligations provided for in § 15-15r is a securities dealer

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

(a). and (b))) or (c)) shall be entitled to carry out against the customer in relation to the

which is within the meaning of paragraph 1 or 2 is not otherwise obliged to fulfil. In doing so,

must be clear what kind of trade or business with an investment tool

or what investment services is a trader in securities

concerns.



(5) the Professional customer, in relation to which the merchant is not with

securities shall, when providing the main investment services

referred to in section 4, paragraph 4. 2 (a). and (b))) or (c)) to perform within the meaning of paragraph 1

or 2 the obligations provided for in § 15 to 15r, is considered to be a customer,

that is not a professional customer, also when his merchant

securities without his request that it considered such customer

shall be considered. Must be clear what kind of trade or business with

an investment instrument or investment service, the following procedure

Merchant securities concerned.



section 2e



The Czech National Bank shall exercise the functions of the competent authority and is at the same time

the designated authority in accordance with regulation directly applicable in the European Union

governing the prudential requirements ^ 2).



PART THE SECOND



INVESTMENT TOOLS AND INVESTMENT SERVICES



TITLE I OF THE



BASIC PROVISIONS



§ 3



Investment tools



(1) the investment instruments are



and investment securities)



(b)) securities for collective investment,



(c)), money market instruments,



d) options, futures, swaps, forwards and other instruments whose value is

refers to the exchange rate or the value of the securities, currency rates, interest

the interest rate or yield, as well as other derivatives contracts, financial indices

quantitatively expressed indicators or financial, and showing

the right to a cash settlement or the right to the supply of property values,

to which their value applies,



(e)) tools to transfer credit risk,



(f)) of the Treaty, the financial differential



g) options, futures, swaps, forwards and other instruments whose value is

apply to commodities and which shows a right to cash settlement

or the right to at least one party to choose whether it wishes to settle at

the money, if the use of this right depends on insolvency

or other similar impossibility of performance,



h) options, futures, swaps and other instruments whose value is related to the

commodities and which shows the right to the supply of this commodity, and that
are traded on a regulated European market or in a multilateral

trading system operated by a person established in a Member State

The European Union,



I) options, futures, swaps, forwards and other instruments whose value is

apply to commodities and which shows the right to the supply of this commodity,

which are not referred to in subparagraph (h)), it is not intended for commercial purposes, and

have the characteristics of other derivative investment instruments; in particular, it's about you,

that are cleared and settled through a settlement system

or is their part of the agreement on the invitation to tween to ensure



j) options, futures, swaps, forwards and other instruments whose value is

applies to the climatic characteristics, transport fares, the emission

allowances or inflation and other economic indicators

published in the official statistics, which show the right to

cash settlement or the right to at least one party to choose whether you

wishes to cash settlement, if there is no use of this right depends on

insolvency or other similar impossibility of performance,



for tools with a value) applies to property values, rights,

obligations, indices or quantitatively expressed indicators, which

are not referred to in subparagraph (j)) and have the characteristics of other derivative

investment instruments; in particular those that are traded on

the European regulated market or in a multilateral trading system

operated by a person established in a Member State of the European Union, are

cleared and settled via the settlement system or is

their part of the agreement on the call to replenish collateral.



(2) Investment Securities are securities which are

negotiable on the capital market. Investment securities are

in particular, the



and) shares or similar securities representing the share of the company

or other legal entity,



(b)) the bonds or similar securities representing the right to repayment of the

the amount due,



c) securities replacing the securities referred to in (a)) and (b)),



d) securities giving the right to acquire or dispose of securities investment

securities referred to in (a)) and (b)),



e) securities, of which give a right to cash settlement and

whose value is determined by the value of investment securities

Exchange rates, interest rates, interest income, commodity, or

financial indexes or other quantitatively expressed indicators.



(3) securities for collective investment are mainly shares

Investment Fund and units.



(4) money market instruments are tools, which are usually

traded on the money market and which have a value which can be at any time

determine exactly.



(5) the investment instruments are not payment instruments.



(6) one investment tool can kick characters according to their characteristics

more types of investment instruments.



(7) in cases where the investment facility referred to in paragraph 1 (b). I) and)

It is not intended for commercial purposes and which has the characteristics of other derivative

investment instruments, defines a directly applicable regulation in the European Union,

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

financial instruments ^ 2e).



§ 4



Investment services



(1) investment services are the main investment services and activities

(hereinafter referred to as "the main investment services") and the additional investment services

provided by the business.



(2) the main investment services are



and) receiving and transmitting instructions concerning investment instruments,



(b) implementation of the guidelines) relating to investment instruments on behalf

the customer,



c) trading with investment instruments on its own account,



(d) the management of the assets of the customer) is the part of the investment

tool, based on the free account under contractual arrangements,



e) investment advice relating to investment instruments,



(f)) the operation of the multilateral trading system,



g) underwriting or placement of investment instruments with a commitment to their

underwriting,



h) placement of investment instruments without the commitment of their subscription.



(3) Ancillary investment services are



a) safekeeping and administration of investment instruments, including related services,



(b) the provision of the loan or lease) to the customer in order to allow

trade with the investment instrument, on which the credit provider or

the lease is involved,



c) consultancy relating to capital structure, industrial

strategy and related issues, as well as provide consultancy and

services relating to transformation of companies or transfers of commercial establishments,



(d)) the provision of investment advice and analysis of investment

opportunities or similar general recommendations relating to

trading in investment instruments,



e) conducting foreign exchange operations related to the provision of

investment services,



(f)) services related to underwriting, or placement of investment

Tools,



g) service similar to the investment service that relates to the property values, to

which is the relative value of the investment facility referred to in section 3, paragraph 3. 1

(a). g) to) and that is related to the provision of investment services.



(4) the Investment service of reception and transmission of instructions relating to

investment instruments includes the mediation with the investment

instruments.



(5) the investment advice relating to investment instruments is

the provision of individualised advice that points directly or

indirectly, to the purchase, sale, subscription, location, payment, held by or

another treatment with a particular investment instrument or instruments or

to the exercise of the right to such use, and irrespective of whether it is

provided the initiative of the customer or potential customer or

Merchant securities.



(6) investment service of safekeeping and administration of investment instruments, including

related services also includes the keeping of registers, building on the

the central register of dematerialised securities (section 92),, leadership

separate registers of investment instruments or recording

follow-up on separate registers of investment instruments (section 93).



(7) analysis of investment opportunities is the information



and) that directly or indirectly recommends investment strategy or

investment opportunity relating to the specific investment instruments

or the issuer of the investment tool and



(b)) which may be the addressee of the circumstances be considered objective and

the recommendations of such independent investment strategy or investment

opportunities.



(8) part of the analysis of investment opportunities, which is intended for

the public or the disclosure can reasonably be expected, must be

opinion on the present or future value or price of such

investment instruments.



(9) analysis of investment opportunities can be also an investment

the recommendation.



Section 4a



The main investment services and supplementary investment service as referred to in § 4

paragraph. 3 (b). and no one shall provide without) a permit issued by the Czech

National Bank, unless this Act or other legislation does not provide for

otherwise.



section 4b



Exemptions from the authorisation to provide investment services



(1) for the provision of investment services do not require authorisation under this

the law,



and) with respect to the main investment service or supplementary investment service

referred to in section 4, paragraph 4. 3 (b). and), and these services are provided



1. only persons who control a person providing investment services,

persons that are controlled by a person providing investment services or

persons controlled by the same person as the person providing investment

service, or



2. only occasionally, and in connection with the performance of other professional or

business activity, if different legislation governing these

activity the provision of such services does not prohibit,



(b)) in the case of the main investment service or ancillary investment services

referred to in section 4, paragraph 4. 3 (b). and), concerning investment instruments

referred to in section 3, paragraph 3. 1 (a). g) to), if these services are

provided in the context of the critical activities of the provider, and



1. the critical activities of the provider is not providing the main

investment services and



2. the provision of the main investment services or ancillary investment

the services referred to in section 4, paragraph 4. 3 (b). and not among the decisive activities)

the person who controls the provider, who is the provider of the

controlled by, or persons controlled by the same person as a provider,



(c)) with respect to trading on its own account with the investment instruments, if

It is performed by a person who does not provide another major investment service



(d)) with respect to trading on its own account with the investment instruments

referred to in section 3, paragraph 3. 1 (a). g) to (i)), if the implementation of this activity

or dealing on own account in commodities is among the crucial

activities of the person, which is done, and if this person does not provide a different

the main investment service; This does not apply if the person trading on

own account investment instruments referred to in section 3, paragraph 3. 1 (a). (g))

to (i)) or the commodities trading controls the person providing the main investment
the service is controlled by the person providing the main investment service or

provide persons controlled by the same person as the person trading on

own account investment instruments referred to in section 3, paragraph 3. 1 (a). (g))

to i) or with the commodities, the main investment services or



(e)) with respect to the collection of funds or money transferred

things from the public or qualified investors according to law

governing investment companies and investment funds, or if the

the performance of the activities of the depositary of an investment fund or foreign

the investment of the Fund.



(2) the authorisation does not require also trading on account of other market participants, with

investment instruments referred to in section 3, paragraph 3. 1 (a). (d)) to) or

pricing for these participants, if the settlement of these transactions is

guaranteed to the participants of the settlement system of such a market.



(3) to trading on its own account with the investment instruments are required

authorisation in accordance with this law, if it is carried out by the creator of market (paragraph

4); This does not apply, if the market maker trading with investment instruments



and on its own account) in the context of its activity of decisive and

trading on its own account, is not among the crucial activities of the person,

that controls the market maker, a person who is controlled by a market maker, or

persons controlled by the same person as a market maker,



(b)) on its own account solely for the purpose of reducing the risk of

concluded on the market with investment instruments referred to in section 3, paragraph 3. 1

(a). (d)) to)



(c)) on its own account exclusively with participants in the relevant market investment

tools and deals with the following investment instruments is

guaranteed to the participants of the settlement system of such a market.



(4) the market maker is a person who, on the financial market trades on your own

the account of investment instruments so that continuously offers participants

the relevant market or a part of an opportunity to close her shop

relating to investment instruments for her price. Market maker

referred to in paragraph 3 is always a person who regularly and systematically outside

the European regulated market or outside the multilateral trading system

operated by a person established in a Member State of the European Union offers

third parties an opportunity to close her business relating to investment

Tools.



TITLE II



SECURITIES DEALER



Part 1



Basic provisions



§ 5



(1) a securities dealer is an entity that provides

investment services on the basis of the authorization of the Czech National Bank's activities

Merchant securities.



(2) for the purposes of section 9a to 9au, § 12 g to 12j, section 14, paragraph. 6 to 10, section 16a,

16d, 16e, paragraph 27, section 135a. 4, 5 and 9, § 135b, 135 c, 135d, § 136 paragraph. 2,

5 to 7, § 136a, 150 to 156 with the trader in securities means

a securities dealer, which is an investment firm referred to in article. 4

paragraph. 1 point 2 of the European Parliament and of the Council Regulation (EU) no 575/2013.



the title launched



§ 6



(1) the Czech National Bank grants permission to the securities dealer activities

the papers only public limited liability companies or limited liability companies,



and if) which is a joint-stock company, the only documentary

registered shares or dematerialised shares; This is without prejudice to the provisions of the

another legal provision on the form of preferred shares issued by the Bank

or, if this is a company with limited liability, which has services set up

the Supervisory Board and the Supervisory Council has such powers as are

the powers of the Supervisory Board of the joint-stock company according to the law governing the

legal conditions of commercial companies and cooperatives,



(b)) which has its registered office and head office within the territory of the Czech Republic,



(c)) that has a transparent and sound the origin of initial capital, including

of share capital,



(d)) that is trusted,



(e)) which shall submit to the



1. business plan, supported with real economic calculations,



2. the draft organizational arrangement of the securities dealer, the



3. the draft rules of prudent provision of investment services, which

meet the requirements of this Act,



4. the proposal for the rules of conduct of a trader with securities with customers,

which meet the requirements of this Act,



(f)) that has, in the extent to which it intends to provide investment services,

material, personnel and organizational preconditions for the exercise of the activities of the

Merchant securities and for the performance of its duties, in particular in the

the field of activities and management rules of the securities dealer, the



(g)), which has a paid-up share capital of at least 2 persons and whose

the head of the person meeting the conditions of the approval of the heads of the persons specified in §

10,



(h)) on which have a qualifying holding of a person satisfying the criteria

in section 10 d of paragraph 1. 6,



I) whose close links with another person do not prevent the effective exercise of supervision

over the securities dealer; When a narrow link with a person who

has its registered office or head office in a State which is not a Member State of the

The European Union, not the law of such State and the way his

the application, including the enforceability of the law hamper effective supervision

above the trader with securities,



(j)) which, if asking for permission to provide the main investment services

referred to in section 4, paragraph 4. 2 (a). (f)), shall submit to the



1. design of the trading rules in the multilateral trading system (section 69

paragraph. 2)



2. the draft rules for the admission of investment instruments to trading on the

multilateral trading system (section 69 (3)),



3. design of the access rules into the multilateral trading system (section 69

paragraph. 4).



(2) the authorised merchant with the Czech national securities

the Bank, indicating that the main and ancillary investment services is a merchant with the

securities shall be entitled to deliver and in relation to which an investment

the tools, and whether he is entitled to receive funds or investment

customer tools. The authorization must contain at least one main

investment service.



§ 6a



Other business activity of the trader in securities



(1) other business activities can trader of securities, which

It is not a Bank, to carry out only after the registration of the Czech national

by the Bank.



(2) other business activities of the trader in securities referred to in

§ 8a, paragraph. 1 to 3 may consist simply in the provision of other services on the

the financial market, and in particular



and) in activities related to the building savings loan, mortgage or

other loans, insurance, pension insurance, or if the rest

in mediation, or other agency activities or in the

advice,



(b)) in rent safety deposit boxes,



(c)) in foreign exchange activities and non-cash foreign currency trade



(d)) in training activities in the area of financial market.



(3) a securities dealer referred to in section 8a, paragraph. 1 to 3 may

operate business activity consisting in activities directly

related to the Administration's own assets.



(4) the Czech National Bank for more business activities of the applicant

registers and without undue delay, send to the applicant a certificate of

the registration.



(5) in the event that the performance of the other business activities hinders the proper

the provision of investment services or the effective performance of the supervision of

a dealer in securities or request does not meet the conditions referred to section 7 of the

paragraph. 2, the Czech National Bank may



and to reject, or registration)



(b)) other business activities to limit the scope, where appropriate, may determine the

the conditions that the securities dealer must meet before

each of the other business activities, where appropriate, which must

follow for its performance.



(6) in the case of decisions on the registration of the other activities referred to in

paragraph 3, provided for the registration of this other business activities

the reasons are not given special attention worthy, Czech National Bank

shall assess, in particular, with regard to whether this additional registration

the activities will contribute to the improvement of the quality of investment

the service, refusal of registration would cause the trader in securities

injury, or, what is the scope, complexity and nature of this

For more activities, the Czech National Bank shall refuse registration. In the decision

registration of the other activities referred to in paragraph 3, the Czech National Bank

limit the scope of registered activities, where appropriate, specify the conditions that

securities dealer must meet before the start of each of the

registered activities, where appropriate, which must comply with when it

performance.



(7) the Czech National Bank cancels the registration, if the securities dealer

papers writing about the cancellation of the Czech National Bank.



section 6aa



A securities dealer may also be carried out to the extent

the administration of foreign investment funds or investment funds,

If the holder of the authorization to carry out administration according to law

governing investment companies and investment funds.



§ 6b



(1) the subject of business of securities trader, which is not a Bank,

they can only be the activities referred to in the authorization for the activities of the merchant with the

securities or registered the Czech National Bank in accordance with § 6a.



(2) the authorisation to operate as a securities trader can be granted, as well as
Register for more business can be done, even for

some. ".



section 7 of the



(1) a request for authorisation to the securities dealer activities

the Czech National Bank will decide within 6 months from the date of its delivery.



(2) an application for authorization to operate a securities dealer may give

only on the prescribed form, to which the applicant shall be accompanied by documents

certifying the fulfilment of the conditions set out in section 6 (1). 1. the application for

the registration of other business activities can be made only on the prescribed

form, which shall be accompanied by documents certifying the fulfilment of the

the conditions referred to in section 6a of paragraph 1. 2 and 5. The patterns of the forms and content of their

the annexes shall determine the implementing legislation.



Section 7a



The Czech National Bank, without undue delay, inform the European

supervision (European Securities and markets) ^ 32) (hereinafter referred to as

"The European authority for the Securities and markets") that has granted permission to

the activities of the securities dealer.



§ 8



The Czech National Bank requests the opinion of the supervisory authority of another Member

State of the European Union prior to the granting of an authorisation to the merchant's activities with

securities, or after the receipt of the request for consent in the cases

referred to in section 10b of the paragraph. 1, if the person with a qualifying holding on

person for permission or consent is sought, is the person who has

the authorization of the supervisory authority of the Member State to act as a Bank,

insurance undertaking, reinsurance undertaking, investment firm or supplier

investment services, or controlling person of such persons.



Part 2



Some of the terms and conditions of business of the trader in securities



Section 1



Initial capital



§ 8a



(1) the initial capital securities trader, which is not a Bank and the

not the provision of investment services limited in accordance with paragraphs 2 to 9,

must be at least the amount corresponding to the 730 000 euros.



(2) the initial capital securities trader, which is not a Bank and the

is not authorized to provide the investment services listed in section 4, paragraph 4. 2 (a).

(c)), and (g)), must be at least the amount corresponding to 125 000 euros.



(3) the initial capital securities trader, which is not a Bank and the

is not authorized to provide the investment services listed in section 4, paragraph 4. 2 (a).

(c)), and (g)) and at the same time is not entitled to receive the cash or

investment tools customers must be at least the amount corresponding to

EUR 50 000.



(4) initial capital securities trader, which is not a Bank and the

is authorised to provide only the main investment services referred to in section 4 of the

paragraph. 2 (a). ) and (e)) and at the same time is not entitled to receive cash

funds or investment vehicles of customers must be at least

amount equivalent to EUR 50 000.



(5) the initial capital of the securities dealer may be lower than

provided for in paragraph 4, if the securities dealer

insured in case of liability for damage caused in the provision

investment services with the limit of indemnity



and) in the amount of at least EUR 1 0000 0000 corresponding to the amount of each

insured event and



(b)) in the case of overlapping claims more in one year in the amount of

corresponding to the amount of at least EUR 1 500 0000.



(6) the initial capital or indemnity limit for the case

liability may be lower than that provided for in paragraphs 4

and 5 if their combination corresponds to or is comparable with the level of coverage

referred to in paragraph 4 or 5.



(7) the initial capital of the trader in securities referred to in paragraph

4, which is in accordance with European Union law ^ 2 g) entitled to exercise

intermediary activity in the field of insurance and which is

at the same time be insured in case of liability for damage caused by the power

insurance provider in accordance with the requirements laid down

the law governing the activities of insurance intermediaries ^ 2 h),

be at least the amount corresponding to € 25 000.



(8) the initial capital of the securities dealer may be lower than

provided for in paragraph 7, if the securities dealer

insured in case of liability for damage caused in the provision

investment services with the limit of indemnity



and) corresponding to the amount of at least EUR 500 000 for each insurance

event and



(b)) in the case of overlapping claims more in one year in the amount of

corresponding to the amount of at least EUR 750 000.



(9) the initial capital or indemnity limit for the case

liability may be lower than that provided for in paragraphs 7

and 8, if the combination corresponds to or is comparable with the level of coverage

referred to in paragraph 7 or 8.



Section 2



The capital adequacy ratio and engagement



§ 9



cancelled



§ 9a



(1) a securities dealer, which is not a Bank, receives and submits

reliable, effective and complete strategies and processes for determining ongoing

assessment and maintenance of internal capital at a level

the structure and layout, to sufficiently cover the risks to which it is or

would be subjected to. A securities dealer, which is a Bank,

proceed according to the law governing the activity of the bank.



(2) a securities dealer, which is not a Bank, regularly examines the

strategies and procedures referred to in paragraph 1 so as to ensure that the

they are functional, effective and proportionate to the nature, scale and complexity of its

activities.



(3) the obligations referred to in paragraphs 1 and 2 only has the stock trader

the papers, which



and is not controlled by the local proxy) trader in securities [section

paragraph 151. 1 (a). p)], controlling the domestic Bank, a local financial

holding a person [section 151 (1) (a). r)] or domestic mixed

financial holding person [section 151 (1) (a).)]



(b)) is not a responsible trader with securities in the Group of foreign

leader merchant securities [section 151 (1) (a). w)] or

in the Group of the European financial holding of the person [section 151 (1) (a).)]



(c)) is not responsible to the securities dealer controlled by the European

mixed financial holding the person or other securities dealer

papers-controlled mixed financial holding person [section 151 (1)

(a). (f))],



(d)) does not control another trader with securities, foreign trader

in securities, a Bank, a foreign bank, a financial institution,



(e)) is not included in the consolidation pursuant to article. 19 of the regulation of the European

Parliament and of the Council (EU) no 575/2013, or



(f)) is not required on the basis of a derogation granted by the Czech National Bank in accordance with

article. 14 European Parliament and Council Regulation (EU) no 575/2013 to comply with

capital requirements on a consolidated basis.



(4) the obligations referred to in paragraphs 1 and 2 is on a consolidated basis

to the extent and in the manner provided for in the first part of title II, Chapter 2 sections 2 and 3

Regulation of the European Parliament and of the Council (EU) no 575//13 only

a securities dealer, which is



and controlling the local dealer) securities [section 151 (1)

(a). p)],



(b)) controlling the trader of securities [section 151 (1) (b) (c))],

but it is not controlling the domestic securities dealer,

responsible trader with securities in the financial holding group

the responsible person or dealer in securities controlled mixed

financial holding person, and a member of its consolidated Group

is a foreign securities dealer, the foreign bank or the

financial institution established in a State which is not a Member State of the

The European Union,



(c)) the responsible trader with securities in the group financial

the holding of the person [section 151 (1) (a).)]



(d)) the responsible trader with securities in the Group of foreign

leader merchant securities [section 151 (1) (a). w)],



(e)) the responsible trader with securities in a foreign group

the controlling Bank [section 151 (1) (a). x)], or



(f)) in a responsible trader in securities operated a mixed financial

holding a person [section 151 (1) (a). y)].



§ 9aa



The combined capital reserve



(1) a securities dealer, which has permission to provide

investment services referred to in section 4, paragraph 4. 2 (a). (c)) or section 4 (4). 2 (a).

(g)), the total number of employees in the service reaches at least

the number of 250 and that has, according to the latest accounts of the annual turnover of at least

EUR 50 0000 0000 the total amount of its assets equal to at least 43

0000 0000 EUR, continuously maintains the equity tier 1 according to the article. 50

Regulation of the European Parliament and of the Council (EU) no 575/2013

the corresponding combined capital reserve, over and above the requirements of the

in the capital, according to the article. 92 of the European Parliament and of the Council (EU) No.

575/2013, capital requirements imposed on him by the measures to

redress and other measures under this Act or other legal

legislation and taking into account the internal capital.



(2) the combined capital reserve form



and security capital),



(b) the counter-cyclical capital reserve)



(c) capital reserve) to cover systemic risk.



(3) a securities dealer referred to in paragraph 1 maintains the capital

the reserve referred to in paragraph 2 (a). and (c))) on an individual and
consolidated basis according to the second part of the first head of regulation

The European Parliament and of the Council (EU) no 575/2013.



(4) where a securities dealer referred to in paragraph 1 does not maintain

the combined capital reserve in the desired amount, must not divide

a proportion of profits after tax, and within 5 working days from the date when the

combined will drop below the required level of capital reserves,

the Czech National Bank shall submit the application for approval of a plan to restore the

capital. The Czech National Bank may extend this period to 10

working days, depending on the individual situation assessment

a trader in securities referred to in paragraph 1, taking into account the scope and

the complexity of its activities.



(5) the Czech National Bank plan to restore the capital referred to in paragraph 4

approve, if it can be expected that on the basis of this plan, a trader with

the securities referred to in paragraph 1 within the time limit will meet the combined

the capital reserve. If the Czech National Bank on the recovery plan

capital does not approve, saves the corrective measures under section 136, paragraph. 2 (a).

§ 136 k) or paragraph. 2 (a). p).



(6) the implementing legislation provides for



and the rules for combined) capital reserve referred to in paragraph 1 and

capital reserve referred to in paragraph 2,



(b)), the rules for calculating the proportional part of the profit after tax in accordance with paragraph 4

and



(c) the particulars of the plan to restore) of capital referred to in paragraph 4.



§ 9ab



The rate of the security capital reserves



The rate of the security capital reserves amounts to 2.5% of the total volume of

risk exposure according to the article. paragraph 92. 3 regulation of the European Parliament and the

The Council (EU) no 575/2013.



Countercyclical capital reserve



§ 9ac



(1) calculated on a quarterly basis, the Czech National Bank indicative indicator

countercyclical capital buffers as a reference value, the

controls in the determination of rates of countercyclical capital reserves. This

the indicator is based on deviation the ratio of volume of loans and

the gross domestic product from a long-term trend.



(2) the Czech National Bank in the calculation of indicative indicators

countercyclical capital reserve account shall be taken, in particular, to the



and the credit cycle and growth) of the volume of provided loans in the Czech

Republic,



(b) the ratio changes) volume of loans and the gross domestic product,



(c)) the specificities of the national economy and



(d) the recommendation issued by the European Council) for systemic risks.



(3) the rate of countercyclical capital buffers for the Czech Republic

be determined on a quarterly basis, taking into account the



indicative indicators) countercyclical capital reserves as calculated

referred to in paragraphs 1 and 2,



(b) the recommendation issued by the European Council) for systemic risks and



(c)), which may indicate the performance growth of systemic risk.



(4) the rate of countercyclical capital reserve referred to in paragraph 3 shall be

0% up to 2.5% of the total risk exposure according to the article. 92

paragraph. 3 regulation of the European Parliament and of the Council (EU) no 575/2013

multiples of 0.25 of a percentage point. In cases where it will be based on the

the facts referred to in paragraph 3, the reason, you can specify this rate

higher than 2.5%.



(5) the Czech National Bank provides for measures of a general nature



and counter-cyclical capital reserve) rate for the Czech Republic in accordance with

paragraph 3 and



(b)) the date from which they are traders in securities under section 9aa of paragraph 1. 1

required to use the rate referred to in subparagraph (a)) for the purposes of the calculation of the combined

capital reserves.



(6) When the first determination of the rate referred to in paragraph 5 (a). and) or

the increase in this rate may be the day referred to in paragraph 5 (a). (b)) was established

first 1 year after the date of issue of the measures of a general nature; in cases of

the special considerations of this period may be shorter. This does not apply,

where the rate referred to in paragraph 5 (a). and) reduces.



(7) the Czech National Bank in measures of a general nature shall



and the information referred to in paragraph 5),



(b)) the ratio of the volume of loans to gross domestic product of the Czech

Republic and the variance of the proportion of the long-term trend,



c) counter-cyclical capital reserve reference rate referred to in paragraphs 1 and

2,



(d)) of the rate referred to in paragraph 5 (a). and), including

all the factors that the Czech National Bank has taken into account in determining

This rate,



(e) the reasons for the shortening of the period), if the time limit referred to in paragraph 6 of the shorter

than 1 year, and



f) tentative specified period, after which it is expected that the rate according to the

paragraph 5 (a). and justification) will not be increased, including the length of this

period, if the rate of countercyclical capital reserves reduced.



(8) the Czech National Bank shall coordinate the measures of a general nature, the term release

with the competent authorities, or by the designated authorities of other States.



§ 9ad



(1) a securities dealer under section 9aa of paragraph 1. 1 apply rate

countercyclical capital reserves for another Member State of the European Union in the

the amount, which has established a competent authority or a designated authority of that

Member State ^ 44), if this rate was fixed up to 2.5% of the

the total risk exposure according to the article. paragraph 92. 3 of regulation

The European Parliament and of the Council (EU) no 575/2013.



(2) If the competent authority or a designated authority of another Member State

The European Union has set the rate of countercyclical capital reserves higher than

2.5% of the total risk exposure according to the article. paragraph 92. 3

Regulation of the European Parliament and of the Council (EU) no 575/2013, the Czech national

the Bank recognizes that rate or a rate of 2.5%. A trader with a

securities under section 9aa of paragraph 1. 1 in this case, apply the rate of

set by the Czech National Bank.



(3) the Czech National Bank provides for measures of a general nature



and counter-cyclical capital reserve) rate for another Member State

The European Union referred to in paragraph 2,



(b) the name of the State) which applies the rate referred to in subparagraph (a)), and



(c)) the date from which they are traders in securities under section 9aa of paragraph 1. 1

required to use the rate referred to in subparagraph (a)) for the purposes of the calculation of the combined

capital reserves.



(4) When the first determination of the rate referred to in paragraph 3 (b). and) or

the increase in this rate may be the day referred to in paragraph 3 (b). (c)) was established

first 1 year after the date of issue of the measures of a general nature; in cases of

the special considerations of this period may be shorter. This does not apply,

where the rate referred to in paragraph 3 (b). and) reduces.



(5) if the period referred to in paragraph 4 is less than 1 year, Czech National Bank

in measures of a general nature shall state the reasons for the shortening of the time limits.



§ 9ae



(1) a securities dealer under section 9aa of paragraph 1. 1 apply rate

countercyclical capital reserves for the State, which is not a Member State of the

The European Union, of which it has established, the competent authority of that State,

If this rate was fixed up to 2.5% of the total volume of

risk exposure according to the article. paragraph 92. 3 regulation of the European Parliament and the

The Council (EU) no 575/2013.



(2) if the competent authority of a State which is not a Member State of the European

the Union has set the rate of countercyclical capital reserve less than 2.5% of the

the total risk exposure according to the article. paragraph 92. 3 of regulation

The European Parliament and of the Council (EU) no 575/2013, the Czech National Bank may

the rate of increase of up to 2.5%, if it considers it necessary, in terms of

the risks associated with the volume of provided loans in that State. Trader

securities under section 9aa of paragraph 1. 1 in this case, apply the rate of

set by the Czech National Bank.



(3) if the competent authority of a State which is not a Member State of the European

the Union has set the rate of countercyclical capital reserves higher than 2.5% from the

the total risk exposure according to the article. paragraph 92. 3 of regulation

The European Parliament and of the Council (EU) no 575/2013, the Czech National Bank

rate recognizes or establishes the rate of 2.5%. Securities dealer

under section 9aa of paragraph 1. 1 in this case, apply the rate provided for the Czech

the National Bank.



(4) if the competent authority of a State which is not a Member State of the European

the Union, the rate of countercyclical capital buffers determined, Czech national

the Bank may set up this rate of 2.5% of the total volume of

risk exposure according to the article. paragraph 92. 3 regulation of the European Parliament and the

The Council (EU) no 575/2013. A securities dealer under section 9aa of paragraph 1. 1 in the

this case uses the rate set by the Czech National Bank.



(5) the Czech National Bank in determining rates of countercyclical capital

reserves under paragraphs 2 to 4 shall take into account the recommendations issued by the European

the Council for system risks.



(6) the Czech National Bank provides for measures of a general nature



and counter-cyclical capital reserve) rate for a State which is not a Member

State of the European Union, in accordance with paragraphs 2 to 4,



(b) the name of the State) which applies the rate referred to in subparagraph (a)), and



(c)) the date from which they are traders in securities under section 9aa of paragraph 1. 1

required to use the rate referred to in subparagraph (a)) for the purposes of the calculation of the combined

capital reserves.



(7) When the first determination of the rate referred to in paragraph 6 (a). and) or

the increase in this rate may be the day referred to in paragraph 6 (a). (c)) was established

first 1 year after the date of issue of the measures of a general nature; in cases of

the special considerations of this period may be shorter. This does not apply,

where the rate referred to in paragraph 6 (a). and) reduces.



(8) the Czech National Bank in measures of a general nature justifying the rate
in accordance with paragraph 6 (a). and), and if the period referred to in paragraph 7 is less than 1

year, the Czech National Bank, giving the reasons for the shortening of the time limits.



The capital reserve to cover systemic risk



§ 9af



(1) the Czech National Bank may provide to dealers in securities

under section 9aa of paragraph 1. 1, a group of generically designated merchants with valuable

securities under section 9aa of paragraph 1. 1 or individual securities dealer

under section 9aa of paragraph 1. 1 continuously maintain a capital reserve to cover

systemic risk to the individual and consolidated basis according to the

the second part of the first title regulation of the European Parliament and of the Council (EU) No.

575/2013, and above the capital requirements under article. 92 this

Regulation, the requirements imposed on the capital securities trader

under section 9aa of paragraph 1. 1 through the corrective measures and the other

measures under this Act or other legislation and,

taking into account the internal capital.



(2) the Czech National Bank establishes the rate of capital reserves to cover

systemic risk for exposures that are located in the Czech Republic in the amount of

at least 1% of the total risk exposure according to the article. paragraph 92. 3

Regulation of the European Parliament and of the Council (EU) no 575/2013 in increments of 0.5

percentage point, while this rate may also be laid down for exposures

located in another Member State of the European Union or in a State which is not

the Member State of the European Union. The Czech National Bank in setting rates

take into account the fact that the amount of rates had a negative impact on the financial market

as a whole or in part in other Member States of the European Union or

across the European Union and has not been an obstacle to the functioning of the single market.

The Czech National Bank examines the reasons for the determination of capital reserves

to cover systemic risk at least once every 2 years.



(3) the Czech National Bank establishes the decision or measures of General

the nature of the



and) rate capital reserves to cover systemic risk, in accordance with paragraphs

1 and 2,



(b)) the particulars needed to identify the securities trader under section 9aa

paragraph. 1, which is required to maintain a capital reserve to cover

systemic risk,



(c)) the date from which the securities dealer under section 9aa

paragraph. 1 required to rate according to subparagraph (a)), and



(d)) names of States, covered by the rate under (a)).



§ 9ag



(1) the Czech National Bank shall notify the intention to determine the rate of capital reserves

to cover systemic risk, the European Commission, the European authority for the

the banking sector, the European Council for system risks and the competent authorities of the

or the designated authorities of the States concerned.



(2) the notification referred to in paragraph 1 shall include the



and) rate capital reserves to cover systemic risk,



(b) a description of the system or a macro-prudential) risks,



(c)) the rate referred to in subparagraph (a)), given the extent of the system

or a macro-prudential risks and threats to the stability of the financial

the system in the Czech Republic,



(d)) of the rate referred to in subparagraph (a)) in terms of its effectiveness and

the adequacy of the system of macro-prudential risk, mitigate or,



(e)) justification the efficiency and adequacy of the amount of the rates referred to in point (a))

relative to the other existing measures applicable under this

law and regulation of the European Parliament and of the Council (EU) no 575/2013

exception of articles 458 and 459 of this regulation,



(f) assessment of the likely) positive and negative impacts of the establishment of

capital reserves to cover systemic risk to the single market of the European

the Union on the basis of the information available to the Czech National Bank.



(3) If the Czech National Bank intends to determine the rate of capital reserves

to cover systemic risk in the amount of 5% of the total volume of risk

exposure referred to in article. paragraph 92. 3 regulation of the European Parliament and of the Council

(EU) no 575/2013, shall notify the intention referred to in paragraph 1 not later than 1 month

prior to the date of issue of the decision or action of a general nature according to § 9af

paragraph. 3. If the Czech National Bank intends to determine the rate of capital

reserve to cover systemic risk more than 5% of the total volume of

risk exposure according to the article. paragraph 92. 3 regulation of the European Parliament and the

The Council (EU) no 575/2013, shall notify the intention referred to in paragraph 1, and

decisions or measures of a general nature referred to in section paragraph 9af. 3 shall only be granted in the

following the European regulations or decisions of the Commission.



(4) If the Czech National Bank intends to determine the rate of capital reserves

to cover systemic risk in the amount of 5% of the total volume of risk

exposure referred to in article. paragraph 92. 3 regulation of the European Parliament and of the Council

(EU) no 575/2013 for exposures situated in other Member States

The European Union, shall be the rate of the capital reserves to cover system

the risk is the same for all Member States of the European Union.



(5) the Czech National Bank may ask the European Council for system

the risk, in order for the competent authorities or the authorities designated by other Member

States of the European Union issued a recommendation to recognise the rate of capital reserves to

cover of systemic risk set by the Czech National Bank for the Czech

the Republic.



(6) If the Czech National Bank intends to determine the rate of capital reserves

to cover systemic risk is higher than 3% and less than or equal to 5% of the

the total risk exposure according to the article. paragraph 92. 3 of regulation

The European Parliament and of the Council (EU) no 575/2013, before issuing the

decisions or measures of a general nature referred to in section paragraph 9af. 3 the opinion of the

Of the European Commission. If the Czech National Bank opinion of the European Commission

does not pass, the reasons which have led it to do so.



(7) If the Czech National Bank intends to determine the rate of capital reserves

to cover systemic risk is higher than 3% and less than or equal to 5% of the

the total risk exposure according to the article. paragraph 92. 3 of regulation

The European Parliament and of the Council (EU) no 575/2013 for brokerage house

securities under section 9aa of paragraph 1. 1, the controlling entity has its registered office in another

Member State of the European Union, and the Czech National Bank and the competent authorities of the

or the designated authorities of the Member State of the European Union do not agree

or, in the case where the opinions of the European Commission and the European Council for

systemic risks are ' no ', the Czech National Bank can refer the matter

the decision to the European banking authority as directly

the applicable regulation in the European Union relating to the supervision of the financial

market in the area of banking ^ 44). The Czech National Bank decision or

measures of a general nature referred to in section paragraph 9af. 3, until in a matter

unless the European banking authority.



§ 9ah



(1) If the competent authority or a designated authority of another Member State

The European Union has set for that Member State, the rate of capital reserves

to cover systemic risk, the Czech National Bank rate for the purposes of

calculation of capital reserves to cover systemic risk and

decision or measures of a general nature referred to in section paragraph 9af. 3 this rate

fix. The Czech National Bank before setting the rates to be taken into account

the information referred to in the notice of the competent authority of the Member

State.



(2) the Czech National Bank shall notify the recognition rates referred to in paragraph 1 of the European

the Commission, the European banking authority, the European Council for system

the risks and the competent or designated authority of the Member State of the European

the Union.



§ 9ai



(1) when issuing the measures of a general nature according to § 9ac to 9af, the sections 172 and section

paragraph 173. 1 of the administrative code shall not apply. Measures of a general nature shall notify the

The Czech National Bank in a manner enabling remote access. Measures

of a general nature shall enter into force on the date of publication. If the disclosure of

justification the measures of a general nature issued pursuant to section 9af paragraph. 3 threaten

the stability of the financial system of the States concerned, the Czech National Bank

reasons not to publish.



(2) measures of a general nature against a given merchant can stock

securities under section 9aa of paragraph 1. 1 submit a written reasoned objections within the time limit to

10 working days from the date of its notification. Lodged objection shall execute the Czech

National Bank of communication. Lodged objection may take advantage of the Czech National Bank

as a basis for the amendment or cancellation of the issued the measures of a general nature.



(3) the Czech National Bank will publish the final decision according to § 9af

paragraph. 3 in a manner enabling remote access. If the disclosure of

reasons for the decision would jeopardize the stability of the financial system of the concerned

States, the Czech National Bank to disclose reasons.



§ 9aj



paid



§ 9ak



paid



the title of the paid



§ 9al



paid



§ 9 am



paid



§ 9an



paid



the title of the paid



§ 9ao



paid



§ 9ap



paid



§ 9aq



paid



§ 9ar



paid



§ 9as



paid



§ 9at



paid



§ 9au



paid



§ 9b



cancelled



§ 9 c



cancelled



Section 3



The approval of the head of the person of the trader in securities



§ 10



the title launched



(1) the head of the securities dealer, the person must have to perform its

features of the prior consent of the Czech National Bank; the brokerage house

the papers, which is a Bank, this consent is required only for the performance of

functions of the head of the person responsible for the activities of the Bank as a merchant with the

securities.



(2) the Czech National Bank shall grant the approval under paragraph 1, a person,



and that has these assumptions) for the performance of their functions:



1. have reached the age of 18 years,
2. is fully svéprávná,



3. valid for her, the fact that it is an obstacle to the operation of the business

According to the law, which regulates the business of business,



4. is a trusted,



5. competence,



(b)) which is an appropriate person in terms of sound and prudent provision

investment services in the securities trader, which has

perform the functions of the head of the person; proper performance of the particular function does not prevent the

her trade, business or other similar activity, especially the activity of

in the case of a person with a similar business.



(3) in the assessment of the facts referred to in paragraph 2 shall take the Czech

National Bank account in particular the scope of the powers associated with the performance of

features of the organizational arrangement of the trader in securities and its

the total staffing of the equipment.



(4) the request for approval referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by documents certifying the fulfilment of the

the conditions laid down in paragraph 2. The pattern of the form and the content of its annexes

including attachments showing credibility and professional competence pursuant to the

paragraph 2 (a). and points 4 and 5), lays down the detailed legal prescription.



section 10a



(1) the head of a person who has received prior approval for the performance of its functions,

shall be obliged to notify without undue delay the Czech National Bank each

change of the conditions referred to in section 10, paragraph 1. 2, in particular the end of the performance of their

function.



(2) if the person Starts the head trader in securities to exercise their

function within 6 months of the date on which it was granted prior consent, or

If the person does not exercise the head trader in securities of any

the reasons for its function for longer than 6 months, the prior consent of the

shall cease.



Section 4



The acquisition, improvement and dispose of qualified participation in merchant

Securities and his mastery of the



section 10b



The determination and calculation of the qualified participation



(1) the person or persons acting in concert, must have the approval of the Czech

the National Bank of



and the acquisition of a qualifying holding) to the trader in securities,



(b)) to increase skilled attendance at trader in securities

so, to reach or exceed 20%, 30% or 50% or



(c)) to have become the persons controlling the trader with securities

papers,

even in the case that the person voting rights associated with acquired

the participation of the trader in securities are not exercised; nevykonáváním

voting rights, there is no change in the share of voting rights

These or other persons.



(2) For the purposes of calculating the participation referred to in paragraph 1 shall be considered as voting

the rights arising from the participation in a securities trader, which is

joint-stock company, the voting rights referred to in section 122, paragraph. 2; § 122

paragraph. 10 to 15 shall apply mutatis mutandis.



(3) in the calculation of the participation referred to in paragraph 1 shall not be counted voting rights

from the participating securities, which relate to securities,

that is a securities dealer, or a person who has the authorization

another Member State of the European Union to provide investment services,

in their power in direct connection with the underwriting, or placement of securities

, does not exercise voting rights or otherwise does not interfere with the management of

the issuer of the securities, and if these securities steals up to 1 year from the date

the date of their acquisition.



(4) A dealer in securities, which is a company with limited liability

limited, paragraphs 2 and 3 shall apply mutatis mutandis.



section 10 c



Consent to the acquisition or increase of qualifying holding or controlling and

their announcement



(1) the consent referred to in section 10b of the paragraph. 1 must be a person or persons acting in

conformity to get before the acquisition or increase of qualifying holding on

a trader with securities or its controlling.



(2) a person who without the prior consent of the Czech National Bank takes

or increase a qualifying holding on to a dealer in securities or

It would control, is obliged to inform about this fact immediately to the Czech

the National Bank and without undue delay, it ask for consent under section 10b

paragraph. 1.



(3) the acquisition or increase of qualifying holding on to a dealer with securities

papers or domination without the prior consent of the Czech National Bank

does not result in the invalidity of legal acts, on the basis of which to

These changes in the holdings of the securities trader occurred, but

the voting rights associated with such participation shall not be acquired,

and the grant of this consent.



§ 10 d



Assessment of qualifying holding



(1) the Czech National Bank not later than 2 working days from the date of receipt of the

the request for approval under section 10b of the paragraph. 1 the applicant in writing shall acknowledge

adoption and shall inform it of the date on the end of the time limit for

examination of the application provided for in paragraph 2. The request contains the information about the person

or persons intending to acquire or increase a qualifying holding on

securities trader or dealer in securities

control, information about the trader with securities, on which this

the participation of the acquired or increased or that has to be contained, the total

the amount of the stake, which the applicant on this trader in securities

the acquisition or increase of qualifying holding reaches or controlling

gets the data of the person, and that the applicant's share of converts. To the application

the applicant shall be accompanied by the documents necessary for the assessment of the application in terms of

compliance with the conditions referred to in paragraph 6.



(2) the Czech National Bank shall issue a decision on the application within 60

working days from the date of dispatch of the written acknowledgement of receipt of the application

in accordance with paragraph 1. If the Czech National Bank decision within this period

does not apply, that the approval was granted. This does not apply in the case of a request for

consent filed pursuant to section 10 c of paragraph 1. 2.



(3) if the application is incomplete or still suffer if other defects,

The Czech National Bank, without undue delay, but not later than 50. day

the time limit laid down in paragraph 2, it shall invite the applicant, in writing, to the removal of

the shortcomings of the application, where appropriate, to submit further information necessary

for the examination of the application, with the receipt of the information requested by the Czech

the National Bank shall confirm in writing to the applicant within the time limit referred to in paragraph 1.

The date of dispatch of the call, the time limit laid down in paragraph 2 shall be discontinued,

and for a maximum period of 20 working days. The time limit laid down in paragraph

2 up to 30 working days if the applicant



and) has a domicile or registered office in the State, which is not a Member State of the European

the Union, or



(b) is not subject to the supervision authority) Member State of the European Union

executing the supervision of banks, insurance undertakings, reinsurance undertakings,

investment services providers or foreign obhospodařovateli

investment funds.



(4) the request for approval referred to in paragraph 1 may be made only on the

the prescribed form, to which the applicant shall be accompanied by documents certifying

compliance with the conditions referred to in paragraph 6. The patterns of the forms and content of their

the annexes shall determine the implementing legislation.



(5) the Czech National Bank in assessing the application examines only the fulfilment of the

the conditions referred to in paragraph 6 and to the economic

the needs of the market.



(6) the Czech National Bank request if, in terms of the potential impact

on the performance of the activities of the trader in securities are subject to the following

terms and conditions:



and) persons asking for consent, are trusted,



(b)) of the person, which are designed for persons with head trader

the papers, without any apparent doubt fulfil the conditions laid down in section 10

paragraph. 2,



c) sufficient volume, the transparency of the origin and safety of financial resources

the applicant, in relation to the functions or activities planned for

Merchant securities,



(d) a securities dealer) will continue to be able to comply with the rules

a prudent business on an individual and consolidated basis,



(e)) the structure of the consolidated Group, to which the trader

securities included,



1. do not prevent the effective supervision of the securities dealer, the



2. do not prevent the effective exchange of information between the Czech National Bank and the authority

supervision of another Member State of the European Union, which exercises supervision over the

financial market, or



3. neznesnadňuje performance of individual institutions, supervision of the

consolidation total and over the persons included in the consolidated

a whole,



(f)) in connection with the proposed acquisition or increase of qualifying

the participation of the trader in securities or its controlling do not arise

reasonable grounds for concern that could lead to violation of the law governing the

measures against the legalization of proceeds from crime and the financing of

terrorism, or that such a violation has occurred, and



(g)), this is a case of particular interest, in respect of the request referred to in

section 10 c of paragraph 1. 2.



(7) the decision on the request of the Czech National Bank



and may specify a time for) the acquisition of the participation of the trader in securities

under section 10b of the paragraph. 1,



(b) the conclusions arising from) opinions, who received the procedure

According to § 8 before issuing a decision.



§ 10e



Termination or reduction of qualifying holding



(1) the person or persons acting in concert, without undue delay, notify the

The Czech National Bank,



and reduce your qualified participation) the trader in securities
so that drops below 50%, 30% or 20%, or completely cease, or



(b) reduce their qualifying holdings) the trader in securities

so that it ceases to operate.



(2) the notification referred to in paragraph 1 containing the information about the person or persons

reducing or pozbývajících your qualified participation in

trader in securities or of the person or persons přestávajících

to control it, the information about the trader with securities, on which this

the participation of reduced or pozbyta or which ceases to be controlled,

the total amount of the share of this trader in securities after its

reduction and information about the person or persons who share the trader with

securities maturing or increase.



§ 11



the title launched



The provisions of section 10b to 10e shall not apply in the case of a trader with securities,

which is the Bank. In his case, it shall proceed according to the law governing the

the activities of the bank.



Part 3



Rules of operation and management of the trader in securities



Section 1



Professional care



section 11a



A securities dealer is required to provide investment services with

professional care.



Section 2



A prudent provision of investment services



§ 12



the title launched



To ensure a prudent trader with the provision of investment services

securities, unless it has been granted an exception to the Czech National Bank

According to the article. 7 regulation of the European Parliament and of the Council (EU) no 575/2013

It will establish and maintain



and) the management and control system,



(b)) the procedures for detection and management of conflict of interests between



1. a dealer in securities, its senior management, bound

Representative and his staff and customers of the trader in securities

or its potential customers,



2. a person who operates a securities trader, is controlled by the

a dealer in securities or a person controlled by the same person as

a securities dealer and their heads and bound

representatives and customers, trader with securities or its

potential customers,



3. customers or potential customers of the trader in securities

each other,



4. investment intermediaries, which performs the merchant with the

securities of their activities, and their customers,



c) measures to protect the internal information,



d) measures to prevent market manipulation.



§ 12a



(1) the management and control system includes



and organizational prerequisites and assumptions) the proper management and control of

the company, always



1. the principles and procedures



2. the organizational arrangements, with a full, transparent and coherent definition

activities and related responsibilities and decision-making powers, in whose

at the same time define the functions whose performance is incompatible,



3. sound administrative and accounting procedures, and



4. the system of remuneration of persons whose activities in the performance of their

employment, profession or function have a significant effect on the dealer

securities, the risks involved and their peace, including principles for

destination and the conditions of payment of the fixed and variable components of remuneration, the procedures for

the adoption of the decision on the remuneration and the method of assessing the performance

to the remuneration system contribute to the proper and effective risk management and was

in accordance with it,



(b)) risk management system, which always includes the



1. the rules on access of the trader in securities to risks

a securities dealer is or may be exposed, including risks

resulting from the external environment and liquidity risks,



2. the procedures of recognition, evaluation, measurement, monitoring, and reporting

the risks and



3. the procedures for the adoption of measures to limit the risks,



c) internal control, which is always



1. internal audit



2. follow-up to the compliance with the obligations of the trader in securities

arising from this Act, other legislation and the internal

regulations of the securities dealer, the



(d) the provision of trust, expertise) of the competence and experience of the members of

the statutory authority, the members of the Management Board and the members of the supervisory authority

Merchant securities and



e) specialist competence and experience of the statutory body,

the Management Board and the supervisory authority as a whole, to ensure understanding

Merchant securities activities, including sufficient understanding of the

the main risks.



(2) the management and control system must be effective, coherent and appropriate

the nature, extent and complexity of the risks associated with the business model and

the activities of the securities dealer.



(3) a securities dealer if you are not a trader with securities

the papers referred to in section 8a, paragraph. 4 and 7, has an obligation to establish and maintain

the management and control system, also on a consolidated basis, if it is

the person referred to in section 9a, paragraph. 4.



(4) a securities dealer, who has the obligation under paragraph 3,

shall ensure that the controlled by him, which is not subject to the supervision of the Czech national

the Bank has implemented policies and procedures, management structure, and more

the procedures and mechanisms under section 12a paragraph. 1. This obligation may Czech

National Bank to grant an exception, if the securities dealer proves

the introduction of such policies, procedures, arrangements and mechanisms is not in

accordance with the legislation of the country of residence of the controlled entity.



(5) a securities dealer, who has the obligation to establish and maintain

the management and control system on a consolidated basis, ensure that

management policies and procedures, organizational arrangements, processes and mechanisms

referred to in paragraph 1 are used by members of the consolidated Group have been mutually

and linked way prescience did and resulted from them any information necessary for the

the purpose of the decision-making processes within the framework of the consolidated Group and for the purpose of

the exercise of supervision.



(6) for the management and control system trader with securities, which is

the Bank shall apply the law regulating the activities of banks and specific requirements

in accordance with this Act.



section 12b



(1) a part of the organizational assumptions under section 12a paragraph. 1 (a). and)

are always



and the rules for the closure of passenger) shops,



(b)) the rules for compounding instructions of customers,



(c) posting) rules for the assets of customers and for keeping

the assets of the customer,



(d)) the rules for the handling of complaints, and the complaints of customers who

There are professional customers, and potential customers, who

There are professional customers,



(e) the internal communication system).



(2) the rules of internal control under section 12a paragraph. 1 (a). (c))

also



and) control and safety measures when handling and registration

information and taking into account their nature,



(b) the activities of the investment control rules) providers and bound

representatives, which the securities dealer uses when providing

of their services.



(3) a securities dealer is required to continuously validate and

regularly evaluate the integrity, adequacy and effectiveness of the management and

control system in its whole and parts, and zjednávat without undue

delay the appropriate remedy.



(4) a securities dealer shall establish within its control and

control system of measures and procedures to ensure the proper and smooth

the provision of investment services.



(5) providing analysis of investment opportunities is the merchant with the

securities in the context of its procedures for the management of conflicts of interest

to ensure the impartiality and independence of persons in connection with the performance of

of his employment, profession or function produces the substance analysis

investment opportunities, in particular for persons whose interests may be

in conflict with the interests of the people, which should be the analysis of the investment

opportunities extended.



§ 12 c



(1) a securities dealer shall ensure the keeping of registers



and) book-entry securities, whose contract with the owner of the

the leadership of the securities account, which records the dematerialised securities

the owner which are also registered in the central register

book-entry securities for the account of customers; This evidence is

the registration of building on the central register of dematerialised securities

led by the Central Depositary of dematerialised securities (hereinafter referred to as

"central depository") (section 92),



(b)) of book-entry securities, whose contract with the owner of the

the leadership of the securities account, which records the dematerialised securities

the owner which are also recorded in a separate register of securities

securities, led by the Czech National Bank on the customer's account; This evidence is

leads in the register following the registration of the investment instruments described

The Czech National Bank (section 93)



(c)) of the documentary instruments took over from customers in

custody; This register is kept in a separate register of investment

toolbar (section 93)



d) foreign investment instruments, which took over from the customer for

the purpose of the provision of investment services; This register is kept in a separate

registration of investment instruments (section 93)



e) investment tools, which took over from the customer in order to

the provision of investment services and that are not listed in (a))

(d)) and the nature of which it allows; This register is kept in a separate

registration of investment instruments (section 93).
(2) the register referred to in paragraph 1 shall be in an electronic form.



Section 12d



The activities carried out by other persons



(1) where a securities dealer shall instruct another person performance

significant operational activities, is obliged to introduce measures to eliminate

the emergence of undue operational risk.



(2) a securities dealer shall ensure that significant operational activity,

the performance was responsible for the other person, is not exercised in a manner

that would substantially reduce the quality of the management and control system or

the possibility of the Czech National Bank to exercise the supervision of compliance with the obligations

Merchant securities ^ 3).



(3) operating activities of a securities dealer shall be deemed to

an important, if the lack of performance in its seriously disrupted the proper and

continuous provision of investment services or performance of obligations

Merchant securities, threaten its financial stability or

represented a change of assumptions, on the basis of which it was the merchant with the

securities granted to activities of a trader with securities.



(4) an important operational activity of the trader in securities is

does not consider the



and) legal or other advice, training its personnel, activities

associated with the billing of services rendered to him, protecting his space and

workers or other services provided by the merchant to the securities

If these services are not part of the investment services provided by the

a dealer in securities,



(b)) removing the standardized services, including market information and

prices.



(5) the performance of activities associated with the provision of the main investment

the services referred to in section 4, paragraph 4. 2 (a). (d)), which is not a customer

professional customer, you can authorize another person established in the State,

that is not a Member State of the European Union, if the



and) this person has a permit or registration for this activity in the

State in which it has its registered office, and subject to the supervision of compliance with the rules

a prudent provision of investment services, and



(b)), the Czech National Bank has concluded a cooperation agreement with the competent

supervisory authority.



(6) If you are not satisfied the conditions laid down in paragraph 5, the

securities dealer delegate activities referred to in paragraph 5

the other person is located in a State which is not a Member State of the European

the Union, only in the case that the advance shall notify this intention to the Czech National Bank

and the Czech National Bank within 2 months from the date of receipt of the notification of this

does not disable the credentials because of impropriety in terms of sound and prudent

the provision of investment services. An appeal against this decision is not

means permitted.



(7) in connection with the conditions laid down in paragraph 5 is a Czech

the National Bank shall be entitled to conclude cooperation agreements with the supervisory authorities

States which are not Member State of the European Union. The Czech National Bank

the Commission shall publish in the journal of the Czech National Bank and on its Internet

list of supervisors, with whom the cooperation agreement

has concluded.



§ 12e



Protection of property of the customer



(1) a securities dealer is required to when dealing with investment

customer tools to introduce measures for the protection of ownership rights

the customer, in particular in case of failure of a securities dealer, and

the exclusion of the use of the investment tools the customer shops on your own

account or for the account of another customer, except in the case when the customer to

such a procedure has granted securities trader express consent.



(2) a securities dealer is required to in the handling of cash

means the customer to introduce measures to protect the rights of the customer to the

assets and, with the exception of deposits at Merchant securities, which is

the Bank, to the exclusion of the use of this asset to a business on their own account

or for the account of another customer.



(3) a securities dealer is obliged to ensure that its external

auditor or audit firm have filed at least once a year, the Czech

the National Bank report on the adequacy of the measures taken to

the protection of the assets of the customer.



§ 12f



The implementing legislation provides for, if it is not adjusted right

the applicable law of the European Union governing the prudential

requirements, regulations or decisions of the European Commission,



and compliance with individual rules) the way a prudent provision

investment services referred to in section 12,



(b)) the requirements for credentials and performance of activities of a trader in securities

another person under section 12d of the paragraph. 1 to 5, consisting in the provision



1. the maintenance responsibility of the trader of securities for the performance of its

obligations in relation to customers,



2. the maintenance responsibilities of the securities trader for the provision

investment services with professional care,



3. ability to perform effective oversight of the Czech National Bank,



4. sound and prudent conduct of the activities of the trader in securities

another person,



(c) measures) the requirements for a trader of securities to ensure the

customer asset protection laid down in § 12e involving



1. the rules for the storage of the property of the customer by third parties,



2. the rules for the use of the investment instruments of the customer



3. requirements to the accounting procedures in relation to the assets of the customer,



4. the rules for the registration of the customer's assets,



5. the formalities, deadlines and the method of reporting the external auditor or

the audit of the company in accordance with § 12e paragraph. 3,



(d) the scope of jurisdiction), the composition and functioning of the organs and committees of the trader

securities, as well as requirements on their members.



§ 12 g



(1) a securities dealer, which is significant in relation to its

the size, internal organisation, the nature, scope and complexity of their

activities, establish a



and risk Committee)



(b)), the Committee for the appointment of



(c) the remuneration Committee).



(2) a Committee for risk, the Nomination Committee and the remuneration Committee are

composed of non-executive members of the organs of the merchant securities.



(3) Implementing legislation lays down the criteria for the assessment of the relevance of the

a trader in securities referred to in paragraph 1.



§ 12



The Czech National Bank



and information on) uses the remuneration policy in accordance with the article. 450

Regulation of the European Parliament and of the Council (EU) no 575/2013 for comparison

the trends and practices of the remuneration,



(b)) keeps track of whether a securities dealer with regard to the nature,

the scope and complexity of their activities does not rely only on external credit

the guest in the assessment of the credit standing of entity, or a financial

Tools, for the purposes of this Act, means the financial instrument

According to the article. 4 (4). 1 point 50 of the regulation of the European Parliament and of the Council (EU)

No 575/2013



(c) monitor the extent of volume) of risk-weighted exposure amounts or capital

Merchant securities requirements, with the exception of the capital

requirements for operational risk, exposure, or for transactions in

comparative portfolio resulting from internal approaches the merchant

with securities; operating risk, for the purposes of this Act, means the

operational risk according to the article. 4 (4). 1, point 52 of the regulation of the European

Parliament and of the Council (EU) no 575/2013



(d) at least once a year) will evaluate the quality of the merchant's internal approaches

securities,



(e)) shall take corrective measures, if internal access leads to an underestimation of the

the capital requirements of the trader in securities that are not

the result of the existing differences in the positions or exposures; measures to

remedy for the internal objectives of access, preserves



(f)) monitors the developments in connection with liquidity risk profiles,



g) shall adopt the measures referred to in point (f), if the development) can lead to

the instability of the trader in securities or system instability,



h) uses the information on the diversity policy in accordance with the article.

435 European Parliament and Council Regulation (EU) no 575/2013 for comparison

policies supporting diversity of selection of the members of the statutory body,

members of the Management Board and the members of the supervisory body of the brokerage house

the papers.



section 12i



(1) a securities dealer shall establish procedures for its staff to

internal reporting of violations of, or threatened violation of this law,

legislation implementing it or directly applicable regulation

The European Union governing the prudential requirements through

a special, independent and a separate communication channel.



(2) the Czech National Bank will put in place an effective mechanism to report violations of

or threatened violation of this law, it law

implementing or directly applicable regulation in the European Union

governing the prudential requirements and information on

their website; This mechanism includes at least



and the procedures for reporting violations of) or impending violation of Czech national

the Bank and their evaluation of the Czech National Bank,



(b) the protection of the person) reports the infringement or threatened infringement; If

This is a worker of a trader with securities, the Czech National Bank and

a securities dealer shall ensure that at least the protection against discrimination

or other kinds of unfair treatment,



(c)), the protection of personal data of the person who reports the infringement or threatened

violation of or that is allegedly responsible for the infringement or threatened
violation of, unless disclosure is required by national law, in

connection with another investigation or subsequent legal proceedings.



(3) Implementing legislation lays down the requirements on procedures of the merchant with the

the securities referred to in paragraph 1, including ensuring the same level of protection,

as is required under paragraph 2 (a). (b)), and (c)).



(4) the internal reporting Procedures referred to in paragraph 1 may be established on the

the basis of the agreement with the social partners, through or with the

using channels of communication of these partners, while ensuring the same

extent of protection as is required by paragraph 2 (a). (b)), and (c)).



section 12j



A securities dealer may also adjust the power in the statutes

the general meeting of



and in the Treaty on) set the performance level of the function of the ratio between fixed and

variable component of remuneration higher than 100%, with the overall level of

the variable component shall not exceed, for any of the individual 200% fixed

the folder its total rewards, or



b) instruct the supervisory authority or the Management Board, if approved

contract for the execution of the function, set the level of the ratio between fixed and

variable component of remuneration higher than 100%, with the overall level of

the variable component shall not exceed, for any of the individual 200% fixed

his total remuneration components.



Section 3



Diary of trader in securities



section 13



the title launched



(1) a securities dealer keeps a diary, which means evidence

received the instructions to obtain the purchase, sale or other transfer of the

investment instruments and transactions concluded on the basis of these guidelines,

as well as shops closed the trader with securities on your own

account.



(2) the diary of trader in securities is kept in electronic form.

A securities dealer is a dealer for the purpose of keeping a journal with

securities entitled to lead the social security numbers of the participants the transaction.



(3) the method of keeping a journal and a trader in securities

lays down the following on directly applicable provision of the European Union, which

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

financial instruments ^ 3a), the implementing legislation.



Section 4



The expertise of persons with which the securities dealer shall carry out its

the activities of the



§ 14



Personnel equipment



(1) a securities dealer has the personal nature of the equipment,

the complexity and scope of activities carried out by it.



(2) in the case of employees, investment intermediaries, agents,

their employees, senior management and other persons, that

securities dealer performs its activities, securities trader

the papers shall ensure that this was the person trusted to

the knowledge and experience necessary for the performance of activities allocated to them.

Trust, knowledge and experience are required to

Merchant securities demonstrate the relevant documents.



(3) Implementing legislation, especially in relation to the provision of

investment services, risk management, internal audit and continuous performance

control of compliance with the obligations arising from this Act, other

legislation and of the internal regulations of the trader in securities

provides for the



and scope of necessary knowledge of persons) referred to in paragraph 2 as regards the

the financial market, investment services, investment tools, transfer

places and settlement systems, securities dealer activities,

knowledge of the legislation and professional standards governing the financial

the market, with an emphasis on the provision of investment services, the rules of their

a prudent provision and the rules of conduct with customers,



(b) the extent of experience required of persons) referred to in paragraph 2 as regards the

the financial market, investment services, investment tools, transfer

places and settlement systems and activities of the trader in securities and



(c) the requirements for the proof of) the knowledge and experience of the persons referred to in

paragraph (2).



(4) a securities dealer shall ensure that the persons referred to in paragraph

2 should the knowledge of procedures and regulations necessary for the performance of their

duties related to the activities of the securities dealer.



(5) a securities dealer shall ensure, to the extent and nature of the activities

carried out by the persons referred to in paragraph 2 does not impede the proper performance of

each of the activities of such persons.



(6) the Administrative Council of the securities dealer must have at least 5 members,

being a member is a Director. Statutory Director

Merchant securities shall not be the Chairman of its Board of

of the Council; The Czech National Bank may, on the basis of a reasoned proposal

Merchant securities allow the concurrent performance of both functions, and

assess the effect of overlapping of functions on the regularity and performance activities

Merchant securities due to their nature, scope and

the complexity of and taking into account individual circumstances, in particular, to the



and the sufficiency of time for capacity) the obligations laid down and



(b)) the emergence of a potential conflict of interest.



(7) a securities dealer shall ensure that



and a member of the statutory body), a member of its Board of Directors and a member of his

the supervisory authority has been the person trusted enough by a competent

and experienced to understand the activities of the trader in securities, including

the main risks,



(b)) have been allocated sufficient human and financial resources for the continuous

the training of the members of the statutory body, the members of the Management Board and the

members of the supervisory body and the



(c)) was carried out the policy of supporting diversity in the selection of the members of the

the statutory authority, the members of the Management Board and the members of the supervisory authority.



(8) a member of the statutory body, the Administrative Council and the supervisory authority

throughout the performance of its functions



and) perform their duties properly, honestly and independently, and dedicated to the performance of this

its features enough time capacity,



(b) may at the same time hold function) in the bodies of other legal persons only

If it does not affect the sufficiency of time for filling capacity

duties in the authority, a trader with securities due to the nature of,

the scale and complexity of its activities and taking into account the individual

in the circumstances,



(c)) in a securities dealer, which is significant in relation to its

the size, internal organisation, the nature, scope and complexity of their

activities, not at the same time holding in the bodies of other legal

a wider range of persons than



1. the performance of one member of the Executive with two non-features

Member, or



2. the performance of the four functions of a non-member.



(9) the Czech National Bank may, on the basis of a reasoned proposal of the trader

securities to allow a member of the statutory body, Member of the Board

the Council or the Member of the Supervisory Board in the securities dealer that is

significant due to their size, internal organisation, the nature, scope

and the complexity of its activities, hold one another helping

a member of the authority, other legal persons, if it does not affect the proper performance of the

duties in the authority, a securities trader.



(10) for the purposes of the provisions of paragraph 8 (a). (c)) does not function

Member of the legal person, that is not predominantly hire and destinations, and

Furthermore, it is considered a performance the performance of the functions of the Executive and

a non-member in the framework of the



and the same group leader) trader with securities,



(b)) of the same institutional protection system according to the article. paragraph 113. 7

Regulation of the European Parliament and of the Council (EU) no 575/2013



(c)), in which the business of the Corporation is a securities dealer

qualified participation.



(11) a member of the Executive, for the purposes of this Act, means the Member of the authority,

that the merchant securities holds a powerful control function.



§ 14a



Recognition method of verifying the expertise of normal on the capital markets



(1) when assessing the knowledge or experience of the persons referred to in section 14, paragraph.

2 takes into account the Czech National Bank authentication expertise usually on

the capital markets.



(2) as a way of verifying the expertise usually on capital markets

recognised by the Czech National Bank Professional exam performed before a domestic or

foreign professional organizations or other similar test or other

the usual method of authentication expertise in capital markets, if

demonstrating knowledge or experience required for the performance of the relevant

activity.



(3) the Czech National Bank publishes on its website

the opinions concerning the recognition of the expertise of the usual authentication method to

capital markets, including the description of this expertise and the reasons why the

This expertise meets the conditions laid down in paragraph 2.



Section 5 of the



Negotiations with the securities dealer with customers



§ 15



General obligations when dealing with customers



(1) a securities dealer is an educated, honest and

fairly and in the best interest of customers, in particular satisfies the obligations

provided for in this section.



(2) The closing of shops between the participants of the European regulated market

or multilateral trading system operated by a person established in the

Member State of the European Union, the obligations imposed by § 15-15r

do not apply. This does not affect the obligation on the trader with securities,

who is a member of or participant in this market or the system, comply with the
obligations under section 15 to 15r in relation to its customers.



(3) a securities dealer shall provide investment

services to offer or accept a fee, reward or provide

non-pecuniary advantage (hereinafter referred to as "incentive"), which may lead to violation of

the obligations laid down in paragraph 1.



(4) the obligations in relation to the customer as set out in section 15 to 15 k satisfies the

securities dealer also in relation to the potential customer,

with the exception of the obligations laid down in section 15 d of paragraph 1. 1 (a). h) and section 15 g.



(5) Implementing legislation lays down requirements on the qualitative

the nature of acceptable incentives.



Communication with customers



§ 15a



(1) a securities dealer when communicating with the customer, including

personal negotiations or promotional communication, relating to the investment

services or investment instruments, may not use vague, untrue,

misleading or deceptive information. For promotional communication with the trader

securities shall further ensure that its contents are in compliance with all

the information that the customer, when providing investment services

provided, and from its content and form, it was obvious that it is a promotional

communication.



(2) when communicating with the customer, who is not a professional customer,

a securities dealer is required to ensure that the



and the content of the communication) were the obvious data about a person, a trader with securities

papers,



(b) the content of the communications was sufficient), precise and did the potential

income or benefits that are associated with the investment service or with the

an investment instrument, without at the same time significantly and objectively

neupozorňoval on all material risks, which are or may be

investment service or investment instrument,



(c) the content of the communication) didn't nezlehčoval or explained the important

facts, information or warning.



(3) Implementing legislation shall define the content and method of administration information

the customer, who is not a professional customer, if



comparison of investment services), investment instruments, or of persons that

provide investment services,



b) data on the yield from the investment facility, a financial index or

investment services achieved in the past,



(c) the estimate or forecast) the yield of an investment instrument or financial

the index gained on the basis of historical data,



(d) information on expected future) yield,



e) tax benefits related to the investment service provided

or investment instrument,



(f)) for information on the Czech National Bank, another domestic or foreign

supervising authority or supervision over the financial market or its

parts.



section 15b



(1) analysis of investment opportunities, which the trader with securities

the papers make up or expanding, must be in accordance with all the information

which the securities dealer has provided to the customer.



(2) where a securities dealer or extends the

the recommendation, which is not the analysis of investment opportunities or

investment recommendations, shall ensure that such recommendations contained

the explicit warning that, in its formation or spread trader with securities

the papers did not proceed according to the requirements of this Act governing rules

for the analysis of investment opportunities or investment recommendations.



§ 15 c



A securities dealer shall carry out the duties provided for in § 15a and 15b,

at the same time take into account, as should the explanation, promotion or

other information perceived by the person with an average intellectual levels,

skills in circumspection and recognition status of the customer.



Informing customers



section 15 d



(1) a securities dealer is required to inform in due time

the customer of the



and information about your person) and the essential information related to it

provided investment services,



(b)), which provides investment services,



(c)) investment instruments, which has investment service relate,



(d)) the potential risks that may be associated with the investment

service or investment instrument, and possible zajištěních against them



(e)) the total price investment services provided, including all fees,

taxes paid by the trader with securities and other

related costs, as well as other financial commitments

arising from the provision of investment services; If the exact

to determine the total price, is a securities dealer shall inform the

the customer on how to calculate the final price, enabling the customer to

check the final price,



(f) the customer asset protection scheme), in particular on the



1. that the accounts, which will be or are kept investment tools

or cash, subject to the law of a State which is not a Member

State of the European Union, and that the rights to investment instruments or money

resources may consequently vary,



2. the existence of all the claims and rights of the hedge and the right to compensation,

that is a securities dealer in respect of investment tools

or customer funds, including the existence of such rights and

claims made by the schovatele, or persons in a similar position,



3. the fact that a person is or will be kept on the account funds

the customer,



(g)) the content of the commitment, including terms and conditions relating to the

investment services,



h) facts contained in section 2a to 2d,



and its rules for implementation) guidelines, laid down in accordance with § 15 l

paragraph. 3,



(j) any material change in the facts), referred to in points (a) to (i)))

If such a change has significance for the service, which the trader with securities

the papers provided to the customer.



(2) If promotional communication contains a proposal on conclusion of the contract

concerning the investment instrument or investment service or call to

the submission of the proposal on the conclusion of the contract relating to investment instruments

or investment services, securities dealer or makes

extends this promotional communications contain information about

the facts contained in paragraph 1 (b). and (g))), unless it is of the

promotional communication, proposal or challenge the obvious, which is possible with the

information about these facts.



(3) a securities dealer shall ensure that the essential elements of the

the contract for the provision of the main investment services, with the exception of services

referred to in section 4, paragraph 4. 2 (a). (e)), the customer, who is not a professional

the customer, or a reference to a substantial part of such a contract, the

recorded in writing or on data medium in the manner prescribed in section 15e

(a). (b)).



(4) Implementing legislation provides for



and the information content) referred to in paragraph 1,



(b) time limits for the provision of information) within the meaning of paragraph 1, and article 15, paragraph. 1

(a). (b)) to the customer.



section 15e



A securities dealer is required to provide the customer information

referred to in section 15 d of paragraph 1. 1, section 15q paragraph. 1 and § 15r paragraph. 1



and in documentary form,) or



(b) on any data medium), which allows the customer retention

These information so that they can be used after a period of time adequate to their

purpose, and which allows the unchanged reproduction, and it

only if the



1. is the provision of adequate information on this medium, practice,

between them the securities dealer and customer have introduced or

decided to introduce; in the event that the information provided on the

the website, the condition is not met, in particular a reasonable practice

If the customer can obtain this information on the Internet

the website, and



2. with the provision of the information in that medium has granted the customer

the consent.



section 15f



In the event that information about the facts referred to in section 15 d of paragraph 1. 1 (a).

and) to (g)) and i) and information about their material change, if such

change the importance for service that the securities dealer to the customer

provides,



and are not intended personally to the customer),



(b)) the provision of means that allow remote access is reasonable

the practice, which between them as a securities dealer and customer have introduced

or decide to implement; the condition reasonable practice is met, in particular

If the customer can get this information in a manner that allows

remote access,



(c)) with their provision in a manner enabling remote access granted

customer consent,



(d) the customer was communicated electronically) website

including data, where it can find the appropriate information to the customer, and



(e) the customer has the option at any time) to use such information for the period

appropriate to its purpose,



can a securities dealer to provide such information to the customer

and in a way that allows remote access, which does not meet the conditions

referred to in section 15e (a). (b)).



section 15 g



A securities dealer is required to inform professional

the customer of the facts referred to in section 15 d of paragraph 1. 1 (a). (c)), d), (f))

paragraphs 1 to 3 (a). h) and (i)) and their substantial change if it is to

the significance of such a change for the service, which the securities dealer

the customer provides. The other factors referred to in section 15 d of paragraph 1.

1 inform the Professional client only if it professional

the customer requests.



Requesting information from the customer



§ 15 h
(1) in the provision of the investment services listed in section 4, paragraph 4. 2 (a). (d)) and

(e)) is a securities dealer shall obtain from the customer necessary

information about its



and) expertise in the area of investment,



(b) experience in the investment field),



(c)) the financial background and



(d)) investment objectives.



(2) the information referred to in paragraph 1 is a securities dealer shall

get on a scale that will allow him to evaluate whether the granting of investment

the services referred to in paragraph 1, the provision of investment advice

tools or trade execution with the investment instrument in the framework of the

investment services referred to in paragraph 1, corresponds to the financial facilities

the customer, his investment objectives and the expertise and experience

necessary for the understanding of the associated risks.



(3) a securities dealer shall not recommend investment services

referred to in section 4, paragraph 4. 2 (a). d) or (e)), or provide advice about

investment instruments or to carry out trade with the investment tool in the

the context of the investment services listed in section 4, paragraph 4. 2 (a). (d)), and (e))

that he can get the extent of the information referred to in paragraph 2 or on the

the basis of the information received, the provision of investment services

the provision of advice or trade execution does not match the financial background

the customer, its investment objectives, expertise or experience

necessary for the understanding of the associated risks; This prohibition shall apply, mutatis mutandis,

even in cases of refusal to provide the information a customer or application

information clearly incomplete, inaccurate or false.



(4) Implementing legislation shall determine the content of the necessary information

referred to in paragraph 1, that is a securities dealer shall

get the.



§ 15i



(1) in the provision of the main investment services, with the exception of services

referred to in section 4, paragraph 4. 2 (a). (d)), and (e)), is a securities dealer

ask the customer for the information about his



and) expertise in the area of investment and



(b) experience in the investment field).



(2) the information referred to in paragraph 1 is a securities dealer

shall apply to the extent that will allow him to evaluate whether the granting of

investment services referred to in paragraph 1 or of the investment advice

tools or trade execution with the investment instrument in the framework of the

investment services referred to in paragraph 1 corresponds to the expertise and

the experience necessary for the understanding of the associated risks.



(3) in the event that the securities dealer shall evaluate the acquired

the information referred to in paragraph 1 so that the provision of the relevant investment

services, investment advice or trade execution tools with

an investment tool in the context of the investment services referred to in paragraph 1

does not match his expertise or experience, it notifies the customer

on such a finding.



(4) in the event that the customer refuses the information referred to in paragraph 1

provide, or otherwise to the extent required, with

securities shall instruct the customer that such a position does not allow him to

to evaluate whether the granting of the relevant investment services, Council on

investment tools or trade execution with an investment tool in the

under the investment services referred to in paragraph 1 corresponds to its professional

knowledge or experience necessary for the understanding of the associated risks.



(5) the implementing legislation provides for the content of the information, which is

a securities dealer shall be obliged to ask the customer in accordance with paragraph 1.



§ 15j



(1) a Dealer in securities is prohibited to encourage the customer to

the information referred to in section 15 h and did not allow 15i.



(2) a securities dealer is entitled to rely on the reliability of the

information obtained pursuant to § 15 h and from the customer, unless the 15i knew or

know that such information is clearly incomplete, inaccurate, or

false.



§ 15 k



(1) in the provision of the main investment services referred to in section 4, paragraph 4. 2

(a). and (b))) or, where appropriate, ancillary investment services with it

related, the securities dealer is not required to ask the customer

information according to § 15i, if the following conditions are met:



and the required investment service) is provided at the initiative of the customer, and

This applies only to simple investment tool,



(b)) a securities dealer to inform the customer within a specified period of

that is not required for the main investment service request

customer information in accordance with § 15i.



(2) a simple investment tool for the purposes of this provision, the

means



and) shares admitted to trading on a regulated European market or on

the market equivalent to a regulated market in a State which is not a Member State of the

The European Union, if it is this market mentioned in the list

published by the European Commission,



(b)) the bonds or similar securities representing the right to repayment of the

the amount due, the value of which is derived from the investment facility

referred to in section 3, paragraph 3. 1 (a). (d)) to) or the investment facility referred to in

section 3 (3). 2 (a). (e)),



c) securities replacing the securities referred to in (a)) and (b)),



(d)), money market instruments,



(e)), the units of the standard Fund or securities of a foreign

the standard of the Fund,



(f)) other investment instruments referred to in section 3, paragraph 3. 1 (a). and (c)))

the securities are referred to in points (a) to (e))), if



1. you can normally acquire or dispose of, or exercise the right to such

available to them for the course or the price on the European regulated market, or in the

multilateral trading system operated by a person established in the

Member State of the European Union, or at a price specified by the award, which is

independent of the issuer of the investment instruments; in the case of securities

collective investment securities is a condition of the award of the securities

collective investment undertaking, independent of the issuer of the securities

true, if the depositary of the Fund is subject to supervision in the Member State

The European Union,



2. from customer's do for other financial obligations and



3. information about them are commonly available and are meaningful

the customer, who is not a professional customer, so that on the basis of the

they can make an informed assessment of whether the trade in such

investment instrument.



The implementation of the guidelines under the best conditions



§ 15 l



(1) a securities dealer carries out the instructions of the customer for the best

conditions, and, taking into account the criteria of the nature of the customer,

in particular, the classification, the nature of the customer's instruction, nature and characteristics

the investment facility, which is the subject of this guideline, as well as the nature of the

transfer points, which can be directed, shall take into account



and) price that can be achieved at the transfer point,



(b)) the total volume of fees charged to the customer; custom volume

the fees charged to the customer shall take into account only if the instruction of the customer

may be executed on more than one transfer place, which are

included in the rules for the implementation of the guidelines, and the total amount of fees

third parties, the customer would be charged to the customer in these

cases as well,



(c)) the speed with which it can be instructed to perform,



(d) the probability of execution of the order),



(e) the required volume of trade)



(f)), the conditions for settlement,



g) type of instruction, or



(h) any other factor) of relevance to the implementation of the guidelines of the customer

under the best conditions.



(2) the obligation referred to in paragraph 1, the securities dealer may

depart only within the limits set by order of the customer. To the filing of such

the command must not be a securities dealer customer directly or indirectly

encourage.



(3) to ensure the implementation of the guidelines under the best conditions, the merchant with the

Securities Institute and maintains the organizational arrangements and the rules for

the implementation of instructions of the customer, which shall include at least the



and determine the relative importance of the trader) securities of selected

the factors referred to in paragraph 1, or at least a way to determine their

the relative importance,



b) relevant information on the transfer points of the guidelines

the customer relating to the various investment instruments is carried out, and a description of the

the facts that influenced the securities dealer in the selection

the following conversion places.



(4) a securities dealer shall lay down its own reward posted

the customer in a way that some transfer places preferred

without objective reasons.



(5) a securities dealer is required to monitor the effectiveness of

organizational arrangements and the rules for the implementation of the guidelines for the purpose of

identify and remedy any deficiencies, in particular, is obliged to verify

whether the conversion places referred to in rules allow you to continue to be in accordance with the

paragraph 3 (b). and carry out the instructions of the customer) in the best conditions.



(6) the implementing legislation provides for



and the rules for) the requirements for the implementation of the guidelines referred to in paragraph 3,



(b) the method and time limits) monitor the effectiveness of the organizational arrangement and

rules for the implementation of the guidelines referred to in paragraph 5 and the circumstances under which

the adjustment is done by this organization and these rules, the



(c)) the relative importance of factors referred to in paragraph 1 (b). and (b))), and

taking into account to the customer, who is not a professional customer.



§ 15 m



A securities dealer to the customer on his request, showing that
performs or has performed his instruction or guidance in accordance with the rules for

the implementation of the orders set out in section 15 l, paragraph. 3.



§ 15n



The provisions of § 15 l shall apply mutatis mutandis also to major investment service

referred to in section 4, paragraph 4. 2 (a). and when forwarding instructions) relating to the

investment tools, section 4, paragraph 4. 2 (a). (c)), if provided by the

to the customer, and section 4, paragraph 4. 2 (a). d). in the event that the dealer with the securities

papers relays in providing these services to instruct another person, which is

shall comply with comparable rules for the implementation of guidelines for the

the best conditions, is not required to evaluate the rules for the implementation of the

the instructions for this person.



Processing instructions



§ 15 °



(1) a securities dealer handles the customer's instructions in relation to the

the instructions of the other customers or guidelines on their own account in a fair and

without undue delay. A securities dealer shall establish and maintain

rules for processing instructions, which provide at least



and immediate and accurate record) the adoption and implementation of the guidelines,



(b) comparable instructions) customers by the time priorities

their adoption, except where justified by the nature of the order,

current market conditions or interest of the customer,



(c)) the proper settlement of the executed order, if the securities dealer

papers, ensures



(d)) the immediate and accurate distribution of investment instruments, acquired

of funds and the costs incurred in the case of Association guidelines

customers with each other or pooling orders with instructions on their own

account,



(e) in the case of the instructions) to obtain the purchase or sale of investment

the instruments referred to in section 3, paragraph 3. 2 (a). and), which was adopted by the

trading on a regulated European market, which contain the limit price,

for which such investment tool purchased or sold, or

limit the volume in which the investment is to be bought by such a tool or

sold and which could not be carried out without undue delay due

the currently prevailing market conditions, disclosure of such information

other market participants in the manner laid down by the directly applicable

the EU regulation implementing directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 3b).



(2) the implementing legislation lays down the conditions for the pooling and instructions

the conditions under which it may not be the information referred to in paragraph 1 (b). (e))

made available to other market participants.



(3) If during the processing of the order referred to in paragraph 1, first sentence

substantial difficulties, and if an instruction of the customer, who is not a professional

the customer, a securities dealer shall inform the customer immediately about the

These difficulties.



§ 15 p



(1) a securities dealer shall not use information relating to

pending the instructions of customers so that, on the basis of such information

before performing the customer's instruction on your account has acquired or it was verified that

the investment facility, which is an unrealized hint applies to, or acquired or

It was verified that other investment tool, whose value is related to the

an investment tool, which is an unrealized hint applies. This does not

without prejudice to the provisions on the protection of the information contained in this

the Act.



(2) a securities dealer shall take all reasonable steps to ensure

to prevent the use of the information concerning the pending guidelines

customers of the persons with a special relationship to the dealer with the securities

the papers.



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



section 15q



(1) a securities dealer is required to inform the customer in the

the prescribed period of instruction and on request also on the status

the processing instruction has not yet Germany.



(2) the implementing legislation provides for the time limits for the submission of the information referred to in

paragraph 1 and the contents of the information referred to in paragraph 1 for the customer that is not

professional customer.



§ 15r



(1) a securities dealer is required to inform the customer in the

set a time limit on the status of funds and investment tools,

which are the property of the customer, and if it is about investment service

referred to in section 4, paragraph 4. 2 (a). (d)), also about the stores, which for him

He concluded.



(2) if the contract with the customer, who is not a professional customer,

allows you to manage the assets of the customer in a way that may, for

customer result potential extraordinary commitments, is a businessman with a

securities required to inform the customer about any losses,

that exceeded the limit agreed in advance.



(3) Implementing legislation provides for the content of the information referred to in paragraph 1 and

the deadline for the submission of the information referred to in paragraphs 1 and 2.



§ 15s



cancelled



Section 6



Information obligations of the trader in securities



§ 15t



Reporting shops



(1) a securities dealer shall inform the building on the right

the applicable regulation in the European Union, implementing the directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 3 c), without

undue delay, the Czech National Bank on the closed stores

investment instruments admitted to trading on a regulated European

the market, however, at the latest by the end of the first working day following the

the conclusion of the trade; information obligation does not apply to shops

concluded with the Czech National Bank.



(2) a securities dealer may fulfil the obligation laid down in

paragraph 1 by means of a regulated market or multilateral

trading system, in which the transaction has been closed, or through

the other person.



(3) the form and manner of information about the stores referred to in paragraph 1

lays down detailed legal prescription. The implementing legislation on

the data have to be part of the information about the trade referred to in

paragraph 1 further to the directly applicable provision of the European Union,

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

financial instruments ^ 3d). Part of the information about the trade referred to in

paragraph 1 may be an indication of the birth of the participant of the trade.



(4) the Czech National Bank passes the information on trade in the investment

the tool, which was received in accordance with paragraph 1, the supervisory authority of the Member

State of the European Union, with the most important market in terms of liquidity for this

the investment facility, intended as a follow-up to a directly applicable regulation

The European Union, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 3e).



(5) in the case of information on the shops closed a branch of business

plant (hereinafter referred to as the "branch") of a foreign person who has the permission of the authority

supervision of another Member State of the European Union to provide investment

services and which provides investment services on the territory of the Czech Republic (§

24), the Czech National Bank shall forward the information received under paragraph 1

supervisory authority of the home state of the foreign person, unless the authority of the

supervision of the home State does not require such information (section 135a).



section 16 of the



the title launched



(1) a securities dealer no later than 4 months after the end of

the accounting period of Czech National Bank presents its annual report and

the consolidated annual report referred to in the Act relating to accounting,

which is part of the financial statements certified by an auditor and an indication of the amount of the

the basis for calculating the contribution to the guarantee fund (section 129 (1)), and

It publishes on its website. If the general meeting

Merchant securities does not approve within accounts

or the consolidated accounts, the securities dealer sends her

The Czech National Bank, together with the reasons for which it was not approved, and

way to solve the comments of the general meeting; the Commission shall publish these data at the same time

on its Web site. A securities dealer shall send

the accounts or the consolidated accounts, without undue

delay after the approval of the Czech National Bank and publish it to their

website. This is without prejudice to the obligations of the joint-stock

company or a company with limited liability when disclosing the accounting

accounts and the annual report under other legislation.



(2) a securities dealer shall inform the Czech National Bank on the



the types and extent) provided investment services,



(b)) of all regulated markets, including the foreign and persons whose

through performing the instructions of customers, with an indication of the facts,

that influenced the selection of such persons, and to the possible benefits from

These people received as a reward for the use of their services,



(c)) received instructions and closed stores, and to the extent referred to in §

13,



d) changes in the condition of the property of the customer and the balance of the assets of the customer,



e) changes in the facts, on the basis of which he was granted

authorised dealer of securities.



(3) a securities dealer, which is not a Bank, it shall inform the Czech

the National Bank also



and the financial situation and results),



(b) persons with a qualified participation) and persons with close links,



(c)) the structure of the consolidated Group, which is part of the,



d) activities, the performance of the commissioned third person (outsourcing),



e) internally set capital



(f) failure to comply with debt risk) the other party shops limited
by the implementing regulation referred to in paragraph 5,



(g)) that it has ceased to be a permission under another law for the performance of

the activity, which was registered under section 6a.



(4) a securities dealer, which is not a Bank and is not entitled to

to provide a different service than the main investment investment service

referred to in section 4, paragraph 4. 2 (a). ) and (e)) and at the same time is not entitled to receive

funds or investment vehicles, inform the customer of the Czech

the National Bank of the facts referred to in paragraph 2 (a). and), c) and (e))

and paragraph 3 (b). and (b))), d) and (g)).



(5) the implementing legislation provides for the scope, form, method and structure

implementation of information obligations referred to in paragraphs 1 to 4. Detailed legal

the regulation also establishes the periodicity and deadlines of performance information

the obligations referred to in paragraphs 2 to 4. Part of the information referred to in paragraphs 2

up to 4 can also be an indication of the birth of the customer or person with

qualifying holdings or persons with close links. A trader with a

securities for this purpose, it is entitled to lead the social security numbers of these

persons.



Section 7



The disclosure of the information by the dealer with the securities



section 16a



the title launched



(1) a securities dealer discloses basic information about yourself,

the composition of the shareholders, the consolidated Group structure, which is part of, and

on its activities and financial situation.



(2) a securities dealer, which are set out the obligations on

a consolidated basis in accordance with this law or by directly

the applicable regulation in the European Union relating to the prudential

requirements, will publish annually information about



and related relations between members) of the consolidated Group, including

information about the close link,



(b)) the management and control system in accordance with section 12 and section 12a paragraph. 1,



(c)) the management and control system of the consolidation unit pursuant to section 12a paragraph.

4, 5 and 6.



(3) a securities dealer fulfills the obligation referred to in paragraph 2 (i)

by posting the link to the place where such information is available.



(4) the Czech National Bank may provide less than the yearly periodicity

disclosure of information to traders in securities as part of the eighth

Regulation of the European Parliament and of the Council (EU) no 575/2013.



(5) a securities dealer shall publish annually in the immediate

the previous accounting period with a resolution by each Member

States of the European Union and the States which are not Member States of the European

the Union, which is controlled by the person or a branch,



and enumeration of activities) and their geographical location,



(b))



(c) the number of staff) calculated on full-time staff equivalents

working time,



d) the profit or loss before tax,



e) corporate income tax or a similar tax paid abroad

or loss,



(f) public aid).



(6) the information referred to in paragraph 5 shall be published in the annex to the annual accounts

or if he shall draw up the consolidated financial statements, in

the annex to the consolidated financial statements.



(7) a securities dealer shall publish in its annual report among the

key indicators of return on its assets, expressed as a percentage of

the net profit and the total balance sheet.



(8) a securities dealer discloses information about compliance

requirements for the management and control system, on its Internet

pages.



(9) a securities dealer shall ensure that the auditor has verified the ^ 6)

released data on capital, capital requirements and financial

indicators a trader with securities. In the context of its audit, the auditor

the activities also verifies the information referred to in paragraph 5.



(10) the detailed legal prescription



and the extent of the data) intended to publish in accordance with paragraphs 1 to 3,

as well as form, the way the structure and limits the disclosure of the data, and

the periodicity of the publication of the information referred to in paragraph 1,



(b)) may set the periodicity of the provided for in paragraph 4, the corresponding deadlines, and

method of disclosure of information,



(c)) provides for a range of data intended for public disclosure under paragraph 8, as well as

and the form, manner, structure, periodicity and deadlines of publishing data,



(d) the scope of the data verified) establishes the statutory auditor or the audit

companies referred to in paragraph 9.



section 16b



(1) a securities dealer shall publish the information on the types and extent of

provided investment services.



(2) the implementing legislation provides for the scope, form, method, structure,

the periodicity and deadlines the disclosure of the information referred to in paragraph 1.



section 16 c



Securities dealer discloses information on trade with shares

admitted to trading on a regulated European market closed outside

the European regulated market or a multilateral trading system based on the

Member State of the European Union, under the conditions and to the extent laid down directly

the applicable law of the European Union, implementing the directive

The European Parliament and of the Council to govern the markets in financial instruments,

Similarly modified in section 68.



§ 16d



If the Czech National Bank decided pursuant to article. 7. 3 of regulation

The European Parliament and of the Council (EU) no 575/2013, the Commission shall publish in the manner

enabling remote access



and the criteria that apply) to determine whether there are, or

foreseen material practical or legal impediment to the prompt

transfer of own funds or repayment of liabilities,



(b) the number of persons controlling), which make use of the option provided for in article. 7

paragraph. 3 regulation of the European Parliament and of the Council (EU) no 575/2013, and the number of

controlling persons, which include the controlled person in the State, which is not

Member State of the European Union,



c) collectively for the Czech Republic



1. the total amount of own funds on a consolidated basis of persons controlling

using the option provided for in article. 7. 3 regulation of the European

Parliament and of the Council (EU) no 575/2013, which are held in subsidiaries entities

in a State that is not a Member State of the European Union,



2. the percentage of the total capital of persons controlling the

consolidated basis using the option provided for in article. 7. 3

Regulation of the European Parliament and of the Council (EU) no 575/2013, which is held

in the controlled persons in a State which is not a Member State of the European

of the Union,



3. the percentage of the total capital of persons controlling under article.

92 of the European Parliament and of the Council (EU) no 575/2013

consolidated basis, using the option provided for in article. 7. 3

Regulation of the European Parliament and of the Council (EU) no 575/2013, which is held

in the controlled persons in a State which is not a Member State of the European

the Union.



§ 16e



If the Czech National Bank decided pursuant to article. 9 (2). 1 of regulation

The European Parliament and of the Council (EU) no 575/2013, the Commission shall publish in the manner

enabling remote access



and the criteria that apply) to determine whether there are, or

do not foresee any material practical or legal impediment to

immediate transfer of own funds or repayment of liabilities,



(b) the number of persons controlling), which make use of the option provided for in article. 9

paragraph. 1 regulation of the European Parliament and of the Council (EU) no 575/2013, and the number of

controlling persons, which include the controlled person in the State, which is not

Member State of the European Union,



c) collectively for the Czech Republic



1. the total amount of own funds of persons controlling using options

laid down in article. 9 (2). 1 regulation of the European Parliament and of the Council (EU) No.

575/2013, which are held in subsidiaries in a State which is not

Member State of the European Union,



2. the percentage of the total capital of the controlled persons

using the option provided for in article. 9 (2). 1 regulation of the European

Parliament and of the Council (EU) no 575/2013, which are held in subsidiaries entities

in a State that is not a Member State of the European Union,



3. percentage of total capital according to the article. 92 the regulation

The European Parliament and of the Council (EU) no 575/2013 persons controlling

using the option provided for in article. 9 (2). 1 regulation of the European

Parliament and of the Council (EU) no 575/2013, which are held in subsidiaries entities

in a State that is not a Member State of the European Union.



Section 8



Retention of documents and records



§ 17



the title launched



(1) a securities dealer shall keep the



and) documents relating to the investment services provided, including records in the

the journal of the trader in securities referred to in section 13, and



(b) communication with the customer) records relating to the granted investment

services, and records of the communication with a potential customer,



at least for a period of 5 years from the time of the provision of investment services or

trade execution; This is also true for the person whose authorisation for activities

Merchant securities have been withdrawn or died, as well as for

its legal successor.



(2) records of the commitment, including terms and conditions relating to the

the investment services, securities dealer shall keep the following

the entire duration of the contract; This is without prejudice to the provisions of paragraph 1.



(3) a part of the records kept in accordance with paragraphs 1 and 2, it is also an indication of the

birth of the customer and trade participants.



(4) Implementing legislation provides for



and the method of storage of documents), the records and information referred to in paragraphs

1 to 3,
(b)) that the records in respect of which the investment tools or

carried out business as a securities dealer keeps, for a period longer

than the period referred to in paragraphs 1 and 2, if such is the length of time

the retention of exceptional circumstances, justified by the nature of the investment

tools or carried out by trade and a crucial significance for the performance

supervision.



Section 9



Systematic internalisation



§ 17a



(1) the systematic internalizací is an activity of the trader in securities,

who regularly and systematically carries out the instructions of the customer concerning

investment instruments so that trades with customers on their own account

outside the European regulated market or multilateral trading system

operated by a person established in a Member State of the European Union. Conditions,

in which is the provision of investment services, securities dealer

papers, provides a systematic internalizací directly applicable provision

The European Union, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments 6a ^ ^).



(2) a securities dealer, which begins or terminates the systematic

internalisation relating to shares admitted to trading on the European

a regulated market, it shall notify, in writing, without undue delay,

The Czech National Bank.



section 17b



The obligation to publish the quotations



(1) a securities dealer publishes mandatory quotations for liquid

shares admitted to trading on a regulated European market, for which the

performs systematic internalisation. If a trader with securities

the systematic internalisation of papers for shares admitted to trading on a

the European regulated market which are not liquid, shall, at the request of the

quotes to your customers.



(2) the quotation represents the price at which the securities dealer

offers or demands by a predetermined number of shares. This price must

responding to market conditions. When fixing the price corresponding to the market

the conditions of a securities dealer shall proceed in accordance with the directly

the applicable law of the European Union, implementing the directive

The European Parliament and of the Council governing the markets for financial instruments ^ 6b).



(3) a securities dealer is not required to publish a quotation,

traded with a volume of liquid to listed shares, exceeding

the standard volume.



(4) a securities dealer will publish quotations continuously during their

usual business hours in a manner which is easily accessible to the participants of the capital

market and is entitled at any time to update their quotes. Access to these

quotes may be charged at a price that shall not be higher than the price

on the financial market. Specifying the conditions for the disclosure of the

quotations provides a directly applicable regulation in the European Union, which

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

financial instruments ^ 6 c).



(5) a securities dealer shall be entitled to suspend the publication of the

quotation for one or more liquid shares admitted to trading on a

the European regulated market, if there is exceptional market conditions.

A securities dealer shall make provision in their general business

conditions, what it considers exceptional market conditions.



(6) a securities dealer who intends to stop the systematic

internalisation for one or more liquid shares are admitted to

trading on a regulated European market, is obliged to this fact

publish in the manner prescribed in advance directly applicable law

The European Union, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 6 d).



(7) the Liquid shares admitted to trading on a regulated European market

the shares are determined in accordance with the directly applicable European regulation

Union, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 6e), and are listed on the list of

supervisory authority of the Member State of the European Union.



(8) the Czech National Bank leads at least once a year and updates the list of



and) shares admitted to trading on a regulated European market for

that is the most important market of the Czech Republic in terms of their

liquidity ^ 6f), divided into groups according to the average volume of trades with

indication of the standard volume for each group; This list of

be sent to the European authority for the Securities and markets,



(b)) of liquid shares admitted to trading on a regulated European

the market, for which the Czech Republic is the most important market in terms of

their liquidity ^ 6f).



(9) the procedure for the distribution of shares admitted to trading on the European

regulated market into groups in accordance with the average trading volume, standard

trading volume for each group shares admitted to trading on a

the European regulated market, how to determine the liquid shares and the terms and

the way the publication of the list of liquid shares admitted to trading on a

the European regulated market provides for a directly applicable regulation

Union, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 6 g). If the number of liquid

shares admitted to trading on a regulated European market intended

According to the directly applicable European Union regulation implementing

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 6), less than 5, the Czech National Bank may include in the list

additional liquid shares admitted to trading on a regulated European

market in accordance with the applicable law of the European Union itself, which

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

financial instruments ^ 6 h).



§ 17 c



Obligation to execute the instruction for the quoted price



(1) a securities dealer that carries out a systematic

internalisation, is obliged to execute the instruction of the customer who is not

professional customer, concerning liquid shares are admitted to

trading on a regulated European market, whose quantity corresponds to the

published listing, for the price of this quotation published in the time of the adoption of the

guideline.



(2) a securities dealer that carries out a systematic

internalisation, is obliged to execute the instruction of a professional customer

concerning liquid shares admitted to trading on the European

regulated market, whose quantity corresponds to the published listing, for a price

corresponding to the published listing at the time of the order, with the exception of

in the cases referred to in paragraphs 3 and 4.



(3) a securities dealer that carries out a systematic

internalize, to instruct a Professional client can perform for the price for

professional customer better than the published quotations, if



and it is a guideline) on the amount of the shares in the capacity of more than 7 500 EUR

or equivalent of this amount in other currency,



(b)) this price is within the range previously published dealer

securities, which corresponds to current market conditions.



(4) a securities dealer that carries out a systematic

internalize, to instruct a Professional client may perform for the price

different from the published quotations directly applicable, under the conditions laid down

the EU regulation implementing directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 6i) If this

instructs the



and) is part of your portfolio of trade, or



(b) be carried out for) does not have a market price; without prejudice to the provisions of

protection against abuse of the market.



(5) where a securities dealer shall receive instruction on the customer

the quantity of liquid shares admitted to trading on the European

regulated market, which is larger than its biggest quoted quantity and

at the same time smaller than the standard volume for these shares, the

the instruction to perform for a price quotation for the biggest it quoted quantity.



(6) where a securities dealer shall receive instruction on the customer

the quantity of liquid shares admitted to trading on the European

regulated market, which fall between the quoted amount, can this instruction

make the price quotation for the nearest larger or smaller

quoted amount, subject to the conditions laid down in § 15º and 15 p.



(7) the procedure for the implementation of the steps referred to in paragraphs 5 and 6 is the merchant with the

securities, which carries out systematic internalisation, shall

Edit in their general terms and conditions.



section 17 d



Restrict access to quotes



(1) a securities dealer may, on the basis of objective and

neupřednostňujících criteria to limit the use of their quotations



and some professional) only on customers or only on certain

customers who are not professional customers, or



(b)) to each of the customers because of their lack of financial

resources, their higher risk of failure as the Contracting Parties, the inappropriateness of

to ensure the settlement or from any similar reason.



(2) a securities dealer may, in carrying out the systematic

the internalisation of limit number of shops with one customer or the total

the number of shops for a specific quotation. The total number of trades for a particular

listing can be limited only if the total number or the volume of trades

significantly exceeded the normal amount; the obligations provided for in § 15 ° and

15 p that are not affected.
(3) the rules for limiting the use of the quotations referred to in paragraph 1 and

number of transactions referred to in paragraph 2 provides for a securities dealer in

its business conditions. These rules lay down the objective conditions

for restrictions and correspond directly to the applicable regulation in the European Union,

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

financial instruments ^ 6j).



Part 4



Cancellation, change of business or conversion of securities trader

papers and transfer, suspension or the leasing of a commercial plant trader

securities



section 18



Cancellation or change of the subject business trader in securities



(1) If the general meeting of the trader in securities shall decide on

the cancellation of the company's liquidation or about changing the articles of Association of

change in the business, is a securities dealer shall this

the fact of the Czech National Bank announce without delay after the decision of the General

meeting. If the companions of the securities dealer, if

This is a company with limited liability, shall decide on the revocation of the company

with the disposal or change of social contract or memorandum

of change in the business, is a securities dealer

shall be obliged to notify without delay after the Czech National Bank

the decision of the shareholders. The same obligation is even in the case that the

the general meeting shall decide the company with limited liability.



(2) the date of entry of the trader with securities in liquidation or the date

the date changes his line of business must not be a person who has entered into a

destruction or changed the course of business, to provide investment services,

and if not, the Bank may only issue a customer's assets and settle your

receivables and debts resulting from the investment services provided; to

the settlement of these claims and debts to such person considers

Merchant securities. The entrance to the disposal or changing the subject

business permits for the activities of a securities dealer shall lapse.



(3) in the case of changes to the business, which occurred as a result of

changes to the scope of authorisation (article 144) or as a result of registration, more

business activities or changes in its scope according to § 6a, 6b and 7,

the provisions of paragraph 2 shall not apply.



§ 19



Conversion of securities trader



(1) the merger of the trader in securities for distribution to the brokerage house

papers to change the legal status of the trader in securities, transfer

assets trader in securities on its shareholder or

partnership or to transfer the assets of another person to the brokerage house

papers should be to enable the Czech National Bank. The Czech National Bank

before a decision to request the opinion of the supervisory authority, which also

shall exercise supervision on a consolidated basis over the consolidation, total

is a member of a securities dealer, which is not a Bank, and other

supervisory authorities, which this fact applies, unless the decision

urgent or such consultations could compromise the purpose of the

the decision; in this case, the supervisory authorities concerned shall inform without

undue delay after the issuance of the decision.



(2) an application for authorization of a merger of the securities dealer, for an authorisation

the distribution of the securities dealer, the authorization to change the legal form

Merchant securities, for permission to transfer assets

a trader with securities on its shareholder or partner, or about

to enable transfer of the assets of another person to the brokerage house

papers can be submitted only on the prescribed form, to which the applicant

shall be accompanied by the documents necessary for the assessment of the effects of the merger, Division, change

legal forms or a transfer of assets. The pattern of the forms and content of

their attachments, lays down implementing legislation.



(3) the merger of the trader in securities with a person who is not a dealer

securities, is not permissible. It does not apply to the merger of the merchant with the

securities, who has a permit only for the provision of investment services

According to the section 4, paragraph 4. 2 (a). (d)), with the investment company, which has a permit

the management of customer assets under other legislation;

the provisions of paragraphs 1 and 2 shall apply mutatis mutandis.



(4) the provisions of paragraphs 1 to 3 shall not apply for a brokerage house

the papers, which is a bank. In his case, it shall proceed according to the law

governing the activity of the bank.



section 20



Transfer, suspension or the leasing of a commercial plant trader with securities

papers



(1) the conclusion of the contract on the transfer of the business or part of the

commercial plant trader with securities, the Treaty on stopping

commercial business or part of a business brokerage House race

papers or tenancy contract of commercial business or part of a business

plant trader with securities is subject to authorization by the Czech national

the Bank. The provisions of § 19 paragraph. 1 the second sentence shall apply mutatis mutandis.



(2) the request for authorisation referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by the documents necessary for the assessment of

consequences of the transfer, the cessation or lease commercial plant trader

securities or its parts. The pattern of the forms and content of its annexes

lays down detailed legal prescription.



(3) the provisions of paragraphs 1 and 2 shall not apply for a brokerage house

the papers, which is a bank.



TITLE III



THE PROVISION OF INVESTMENT SERVICES ON THE TERRITORY OF THE MEMBER STATES OF THE EUROPEAN UNION



Part 1



The provision of investment services, securities trader in another

Member State of the European Union



section 21



(1) a securities dealer that intends to provide investment

services in another Member State of the European Union (hereinafter referred to as "the host

State ") through a branch, shall notify this fact beforehand to the Czech

the National Bank. The provision of investment services in the host Member State

by the bound representative based, residents or established in the

the host State shall, for the purposes of this Act, be deemed to

the provision of investment services through affiliates.



(2) the notification referred to in paragraph 1 shall include the



and the host State) which is to be located, branch



(b) the business plan) containing, in particular, investment services, which

to be provided in the host State, and whether the information will be

These activities are carried out by the bound representative,



(c) the organisation of the branch)



(d) the address of the branch on) that may be required information and documents,



e) data on the head of the branch.



(3) if the Czech National Bank has no objections to the location of the branch

Merchant securities in the host State, shall, within 3 months from the

receipt of the notification referred to in paragraph 1, the supervisory authority of the host

State the information referred to in paragraph 2, and shall inform him of the conditions of the provision of

compensation from the guarantee fund. The Czech National Bank without undue delay

inform the trader with securities supervisory authority for communication of data

of the host State.



(4) a securities dealer can start to provide the investment services

in the host State, once it receives notification of the supervisory authority

of the host State that this authority has received from the Czech national

Bank information referred to in paragraph 2, or after the expiration of 2 months from the date on which the

the supervisory authority of the host Member State receives information from the Czech National Bank

in accordance with paragraph 2.



(5) if the Czech National Bank does not consider the location of the branches of the trader

securities in the host State for appropriate due to the Organization

the arrangement or the financial situation of the securities dealer, in respect of

the business plan of the branch shall, within 3 months from the date of delivery of the notice

referred to in paragraph 1, a trader with securities of a decision that the

refusing to communicate to the supervisory authority of the host State, the information referred to in paragraph

2. the decision is subject to appeal.



(6) a securities dealer, which has a branch located in the territory of

of the host State, the Czech National Bank shall notify of any change in

the facts referred to in paragraph 2 (a). (b) to (e))) no later than 1 month

before the date of its transposition; If the securities dealer can

This period for objective reasons cannot be met, the change shall be notified without undue

the postponement. In assessing the changes shall apply, mutatis mutandis, the provisions of paragraph 3 or 5.

The Czech National Bank shall notify without undue delay the change authority

supervision of the host State.



(7) the Czech National Bank, without undue delay, inform the supervisory authority

the host Member State of any change regarding the terms of

compensation from the guarantee fund.



(8) the procedure referred to in paragraphs 1 to 7 shall not apply for a brokerage house

the papers, which is a bank; for the investment company qualifying

use of the standard funds or comparable foreign funds or

comparable foreign person carrying out any of the activities referred to in section

11. 1 (a). c) to (f)) or under section 11 (2). 6 (a). and the law)

governing investment companies and investment funds, however, will apply.



section 22



(1) a securities dealer that intends to provide investment

services in the host Member State without the location of the branch shall notify this

the fact of the Czech National Bank.



(2) the notification referred to in paragraph 1 shall include the



and the host State), in which the securities dealer intends to

provide investment services,
(b) the business plan) containing, in particular, investment services, which

Merchant securities intends to provide, information on whether the

used to provide investment services representative-bound.



(3) the Czech National Bank within 1 month from the date of delivery of the notification referred to in

paragraph 1 shall forward the information referred to in the notification to the supervisory authority

of the host State.



(4) a securities dealer can start to provide the investment services

in the host State, as soon as the supervisory authority of the State receives from the

The Czech National Bank, the notification referred to in paragraph 1.



(5) a securities dealer who provides investment services to

the territory of the host State, the Czech National Bank shall notify of any change in

the facts referred to in paragraph 2 (a). (b) the Czech National Bank).

notify without undue delay the change of the supervisory authority of the host

State.



(6) the procedure referred to in paragraphs 1 to 5 shall not apply for a brokerage house

the papers, which is a bank; for the investment company qualifying

use of the standard funds or comparable foreign funds or

comparable foreign person carrying out any of the activities referred to in section

11. 1 (a). c) to (f)) or under section 11 (2). 6 (a). and the law)

governing investment companies and investment funds, however, will apply.



section 22a



(1) a securities dealer may be a participant in the foreign

of the regulated market, either with the use of or access to the

through its branches. The participation of the trader in securities on

Foreign regulated market is not the provision of investment services within the

State in which the regulated market is to foreign headquarters.



(2) a securities dealer may be a participant in the settlement system

established in another Member State of the European Union.



section 23



The Czech National Bank, without undue delay, inform the supervisory authority

the host State for the withdrawal to the securities dealer activities

the papers.



Part 2



The provision of investment services to a foreign person who has authorization

supervisory authority of another Member State of the European Union on the territory of the Czech

of the Republic of



section 24



The provision of investment services by branches



(1) a foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services (hereinafter referred to as

"home State") and which intends to provide investment services in Czech

the Republic through a branch, the Czech National Bank



and shall send without delay the information) that was received from the supervisory authority

the home state of the information relating to the intended provision of investment

the services of this person in the Czech Republic,



(b)) shall, within 2 months from the date when received from the supervisory authority of the home

the State of the data concerning the intended provision of investment services in

The Czech Republic, the information obligations and the rules dealing with customers.



(2) a foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services, may start

to provide investment services in the Czech Republic through a branch

from the day when the Czech National Bank disclosed her information obligations and

rules of conduct with customers, or after the expiry of the period referred to in paragraph 1

(a). (b)).



(3) the Czech National Bank shall inform a foreign person who provides

investment services in the Czech Republic in accordance with paragraph 2, and of any change in

information obligations and rules of conduct with customers.



(4) the procedure referred to in paragraphs 1 to 3 shall not apply to the foreign person

advancing under the law governing the activity of the bank.



(5) a foreign person who provides investment services in Czech

Republic in accordance with paragraph 2, or foreign person situated in another

Member State of the European Union, which is based on a single license

According to the law governing the activity of the bank, shall be entitled to deliver in the Czech

Republic investment services



and shall keep a journal) is a securities dealer under section 13;

the evidence is concerning investment services, which referred to the person

provided through a branch,



(b)) information obligations of the trader in securities referred to in this

the law in the scope of § 16. 2 (a). and (d))), para. 3 (b). and, under section)

16B and 16 c in accordance with section; information under section 16. 2 (a). b) to (d)), pursuant to section

16B and 16 c shall be in accordance with section on investment services, which referred to

the person provides through a branch, or on customers,

that in this way, investment services,



(c)) adheres to the rules of negotiations securities dealer with customers

provided for in section 15 and 15s,



d) fulfils the obligations for the reporting of trades specified in § 15t,



e) documents and records kept in the manner prescribed in section 17,



(f)) carries out the obligations laid down in the systematic internalisation in § 17a to

17 d.



(6) the provision of investment services by the bound representative

established or residing in the Czech Republic for the purposes of this Act,

It considers the provision of investment services through affiliates.



§ 24a



(1) a securities trader, who has a permit to

the provision of investment services referred to in section 4, paragraph 4. 2 (a). (c)) or under section

4 (4). 2 (a). (g)), or a branch of a foreign brokerage house

papers based in another Member State, which has a permit for

the provision of investment trading services with investment instruments on

own account or subscription or placement of investment instruments with

the commitment of their subscription may be the supervisory authority of the Member State, on the

whose territory the branch, marked in accordance with the law of the European Union

an important (hereinafter referred to as "branch").



(2) its intention to designate a branch of a foreign brokerage house

papers for a significant Czech National Bank shall inform the supervisory authority

the home state of a foreign securities dealer. If there is a

such a branch of a foreign securities dealer is a member of the Group

the European leader of the trader in securities [section 151 (1)

(a). q)], a member of the Group of the European financial holding of the person [section 151

paragraph. 1 (a). u)] or a member of the Group of the European banks by the controlling

the law governing the activity of the bank, shall inform the Czech National Bank on its

the intent of the mark such an important branch authority supervising

on a consolidated basis over that kind of bonds; the authority executing

supervision on a consolidated basis shall, for the purposes of this Act, means the

authority exercising supervision on a consolidated basis pursuant to article. 4 (4). 1

section 41 of the European Parliament and of the Council (EU) no 575/2013. At the same time

The Czech National Bank that authority shall communicate the grounds on which it lead to

the designation of a branch of a foreign person for a significant having regard to the criteria

referred to in paragraph 3.



(3) when the intention to mark an important account of the Czech branch of the national

the Bank, in particular, to the



and the likely impact of the) suspension or cessation of activities

foreign securities trader, whose branch could be

marked as significant liquidity on the market or on the activities of payment

or securities settlement systems in the Czech Republic,



(b)) the size of the branch and its importance for the financial system of the Czech

Republic in terms of the number of its clients.



(4) the Czech National Bank is making an effort to make its decision on the

the designation of a branch of a foreign securities dealer has been achieved

in agreement with the supervisory authority referred to in paragraph 2, within 2

months from the day when the Czech National Bank has informed the authority of its

plan referred to in paragraph 2. Failing such agreement, the Czech

the National Bank will decide on the designation of a branch of a foreign merchant

securities for major within 4 months from the date of this plan

inform the supervisory authority referred to in paragraph 2, or in the same time period

This authority shall be notified that from this intention. In doing so, shall take into account

the opinion of this body.



(5) if the designation of the Czech National Bank branches of foreign

securities trader for a major, it shall inform in writing without

undue delay, the supervisory authority referred to in paragraph 2. Czech national

This authority at the same time, the Bank shall communicate the reasons for the designation of this branch for

a significant.



(6) the Czech National Bank can turn to the European authority for the

banking and ask it to settle the dispute by directly applicable

Regulation of the European Union relating to the supervision of financial markets in the

the banking, if the



and supervisory) authority referred to in paragraph 2 does not consult with the Czech national

the Bank plan to restore liquidity to the foreign brokerage house

the papers, which acts on the territory of the Czech Republic through a significant

Branch, or



(b)), the Czech National Bank does not agree with the plan submitted to the restore

liquidity.



section 24b



(1) the Czech National Bank is responsible for the agreement on the designation of a branch

securities trader for a major, if this merchant

securities carried out through this branch activity in another

the Member State and the host State supervisory authority informed the Czech

the National Bank of the intention to mark this branch for the major and told her

the reasons that lead to this intent in accordance with the law of the European
the Union. The provisions of section 24a, paragraph. 4 shall apply mutatis mutandis.



(2) where the securities dealer provides investment services in

the host State through the relevant branches, shall communicate to the United

National Bank supervision to the competent authorities of the host State data

referred to in § 152 paragraph. 2 (a). (c)), and (d)), the results of the review process and

the evaluation pursuant to § 135b, providing them with risk assessment report

the group under section 152b, paragraph. 2 and in cooperation with the supervisory authorities

the host State shall carry out the tasks referred to in section 152a, paragraph. 1 (a). (c)).

the National Bank shall inform the supervisory authorities of the host State

about measures to remedy that a trader of securities deposited, if

the decision is significant for this branch.



(3) If the Czech National Bank establishes the negative development in the merchant

securities, providing investment services in the host Member State

through the relevant branches, without undue delay, inform the

the relevant central banks the European system of central banks and authorities

a public authority under the terms of the law governing surveillance in

the capital market in the Member States concerned by this development.



(4) where a securities dealer provides investment services in

the host Member State of the branch shall be established by means of a significant Czech

National Bank to carry out the tasks referred to in paragraphs 2 and 3 and section 135a

the College of supervisors (hereinafter referred to as "the College"). The establishment and activities of the

the College is based on written arrangements under section 152a, paragraph. 8, which

the Czech National Bank is being prepared in consultation with the supervisory authorities in accordance with

of paragraph 2. Members of the College are the Czech National Bank and the supervisory authorities

host States, in which a securities dealer provides

investment services through relevant branches. The provisions of § 152c

paragraph. 4 and 5 shall apply mutatis mutandis.



(5) the obligations referred to in paragraphs 2 to 4 shall be exercised by the Czech National Bank

then, when the agreed the designation of a branch as significant in accordance with paragraph 1,

or, when the branch was the designation of a trader with securities for

an important supervision by the competent authority shall be informed of the host State.



(6) where the securities dealer carries out the activity on the territory of another

the Member State shall consult the relevant branches, through the Czech

the National Bank with the supervisory authority of the Member State of a plan to restore the

liquidity of the securities trader, provided that there is a risk

liquidity, which could have a significant impact on the currency of the host

State.



§ 25



The provision of investment services, the location of the branch



(1) a foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services and that it intends to

to provide investment services in the Czech Republic without the location of the branch on

the territory of the Czech Republic, the Czech National Bank shall without delay inform about

It received from the supervisory authority of the home state of data relating to

the intended provision of investment services by this person in the Czech

Republic.



(2) a foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services, may start

to provide investment services in the Czech Republic without the location of branch offices from

the day when the Czech National Bank receives from the supervisory authority of the home State

information relating to the provision of investment services by this person in the Czech

Republic, or after the expiry of 1 month from the date on which the following data received

the supervisory authority of the home State.



(3) the procedure referred to in paragraphs 1 and 2 shall not apply to the foreign person

advancing under the law governing the activity of the bank.



(4) If a foreign person who is authorised by the supervisory authority of another

the Member State of the European Union to provide investment services and intends to

to provide investment services in the Czech Republic through the bound

representatives who do not have a registered office or residence in the Czech Republic, the

The Czech National Bank to ask the supervisory authority of the home State to provide

the list of such representatives-bound. This list may the Czech national

the Bank shall publish on its website.



§ 25a



A foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services may be

a participant in the regulated market, either with the use of access from abroad

or through their branches. The participation of this person on a regulated market

It is not the provision of investment services in the Czech Republic.



section 26



Cooperation with the European Commission



(1) the Czech National Bank shall immediately inform the European Commission that



and authorizations) awarded a trader of securities to any person,

which controls the person established in the State, which is not a Member State of the

The European Union,



(b) a securities dealer) dominated the person established in the State in which

It is not a Member State of the European Union.



(2) the information referred to in paragraph 1 containing the information about the trader with securities

the papers, about the person controlling this trader in securities and

How to link them. The information referred to in paragraph 1, the Czech national

at the same time, the Bank will send a note to the Ministry.



(3) the Czech National Bank shall inform the European Securities and

markets and through the Department of the European Commission about problems with

faced by traders in securities in the provision

investment services in States which are not Member States of the European

the Union.



(4) inform the Czech National Bank through the Ministry of

The European Commission,



and on the number and kinds of) the cases in which its decision under section 21

paragraph. 5 refused to communicate to the supervisory authority of another Member State of the European

Union data on securities trader, who had an interest in this

State to provide investment services through a branch,



(b)) of the measures to rectify and the penalties imposed to foreign persons

established in another Member State of the European Union in the context of the

the provision of investment services in the Czech Republic.



(5) the Czech National Bank forwarded to the European banking authority

the information collected for the purpose of comparison between the remuneration systems and procedures

introduced by other traders in securities on



and the number of persons), whose earnings are at least of the amount corresponding to 1

0000 0000 eur, broken down according to their job duties and areas

the activities of the securities dealer, the



(b)) major components of wages, bonuses, remuneration based on performance

a longer period of time and the special pension benefits of the persons referred to in point (a)

and).



section 27 of the



Cooperation between the supervisory authorities of the Member States of the European Union



(1) in the course of supervision, the Czech National Bank cooperates with the authorities

the surveillance of other European Union Member States, in particular those on which

the territory has a securities dealer or branch in the territory has

the seat of foreign securities dealer that provides services in

The Czech Republic through a branch.



(2) the Czech National Bank provides the supervisory authorities referred to in paragraph 1

all the information about the merchant shares with the Securities and

the management of this trader in securities or foreign merchant

securities account service in the Czech Republic through the

the branch, which may make it easier to protect financial stability, supervision of

or a review of the conditions for issuing a licence or permit.

The Czech National Bank also provides all the information that can

to facilitate the supervision of the trader in securities or foreign

securities dealer providing services in the Czech Republic

through the branches, in particular information about liquidity, cash

skills, capital ratios, restrictions on large exposures and other

factors that may affect the degree of systemic risk

represented by a trader with securities, administrative and accounting

procedures and internal control mechanisms.



(3) in pursuance of the cooperation referred to in paragraph 1 may, Czech National Bank

ask the supervisory authorities of other Member States of the European Union for information

referred to in paragraph 2.



(4) the Czech National Bank shall immediately provide the supervisory authority of another

the Member State of the European Union, on whose territory provides the merchant with the

securities services through branches, all information

related to the supervision of compliance with the requirements concerning the

liquidity by the sixth section of the regulation of the European Parliament and of the Council (EU)

No 575/2013 or regulation implementing it, and with the supervision of the

consolidated basis as part of the tenth of this law, if they are

This information is important for ensuring the protection of the common interests of the clients

or investors, the securities dealer or financial stability in the

This member State. The Czech National Bank shall immediately inform the

the competent supervisory authority, if it is threatened by the liquidity of the merchant with the

securities, or if there is reasonable suspicion that liquidity will be compromised

Merchant securities. In this case the Czech national

Bank to the competent supervisory authority for information about a plan to restore the

liquidity, the manner of its implementation and measures in this

connection accepted. The Czech National Bank shall, at the request of the supervisory authority
another Member State of the European Union, on whose territory provides

securities dealer services through its branch offices, as

taking into account the information received from it.



(5) if the liquidity of the foreign merchant in securities,

which provides services in the Czech Republic through its affiliates and

supervisory authority of the home State has not taken the necessary measures, the Czech

the National Bank may, after prior information of the supervisory authority and the

The European banking authority take measures to ensure

protection of the common interests of clients or investors, brokerage house

papers or financial stability in the Czech Republic.



(6) the Czech National Bank can turn to the European authority for the

banking and ask it to settle the dispute by directly applicable

Regulation of the European Union relating to the supervision of financial markets in the

the banking, if you do not agree with the measures adopted by the authority

supervision of another Member State of the European Union, on whose territory the trader

Securities provides services through a branch.



(7) the Czech National Bank may inform the European

banking, if the supervisory authority of another Member State of the European Union

rejects the request of the Czech National Bank about collaboration, in particular on the provision of

information, or does not provide the requested information within a reasonable time.



TITLE IV



BRANCH OF A FOREIGN PERSON WHO IS REGISTERED IN A STATE WHICH IS NOT A MEMBER

STATE OF THE EUROPEAN UNION AND PROVIDES INVESTMENT SERVICES IN THE CZECH REPUBLIC



section 28



(1) a foreign person who is registered in a State which is not a Member

State of the European Union, may provide investment services in Czech

Republic, if the authorisation of the Czech National Bank to provide the

investment services through a branch.



(2) the Czech National Bank has granted authorisation to provide investment

services through a branch, if



and registered office and Head Office) of the applicant are in the same State,



(b) the applicant has permission) supervisory authority of the State in which it has its registered office,

the provision of investment services which are the subject of the request for

authorisation referred to in paragraph 1,



(c)) the applicant is based in the State, which guarantees at least the same protection

investors like the Czech Republic,



(d)) the applicant is trustworthy,



(e) the applicant shall ensure that branch) financial resources that correspond to the

scope of investment services provided in the Czech Republic and the

the origin is transparent and safe,



f) proposed by the head of the branch is trustworthy and competent,



(g)), the applicant shall demonstrate substantive, organizational and personnel assumptions branch

for the provision of investment services specified in the application,



(h)) the applicant complies with the capital requirements under the directly comparable

the applicable regulation in the European Union relating to the prudential

requirements and 9a



(I) the applicant shall submit a business plan) of the activities of the branch, supported with real

economic kalkulacemi,



(j)), the applicant shall inform the Czech National Bank on its participation in the guarantee

the system from which to pay refunds to customers; If the applicant is a

a participant in such a system, showing at the same time the amount of the refunds paid by the

customers, the customers and the extent of their assets covered by this

guarantee system including the territorial scope of the guarantee

the system,



the applicant shall submit draft rules) a prudent provision of investment

services and the proposal for the rules of conduct of the trader in securities is

customers, complying with the requirements of this Act,



l) on the applicant, have a qualified person participation appropriate in terms of

the sound and prudent management of a securities dealer with regard to the

Branch,



m) the applicant has close links with the other person does not prevent the effective exercise of

supervision.



(3) a request for authorisation to provide investment services through

the branch can be made only on the prescribed form, to which the applicant

shall be accompanied by documents certifying that it complies with the conditions referred to in paragraph 2.

The pattern of the form and the content of the annexes thereto lay down the detailed legal prescription.



(4) for the performance of the functions of the head of the branch is to be the prior consent of the Czech

the National Bank, mutatis mutandis, in accordance with section 10. For the head of the branch applies to section 10a

Similarly.



(5) the authorisation to provide investment services through

branches of the Czech National Bank, indicating that investment services is a branch of the

authorized to provide, and in relation to which the investment tools. Czech

the National Bank may impose conditions in the permit, which shall branch

meet before the permitted activity, or to comply with in the performance of

permitted activities. Authorisation shall be granted for an indefinite period.



(6) a foreign person who is registered in a State which is not a Member

State of the European Union, and provides investment services on the territory of the Czech

the Republic through a branch, the Czech National Bank shall notify without

undue delay of any changes in the facts, on the basis of

She has been granted authorisation to provide investment services

through a branch.



(7) a foreign person who is registered in a State which is not a Member

State of the European Union, and provides investment services in the Czech Republic

through a branch,



and adheres to the comparably capital) requirements laid down in

the applicable regulation in the European Union relating to the prudential

requirements and 9a



(b)) abides by the activities and management of the trader in securities

provided for in § 11a up to 15t and section 17 to 17 d,



(c)) shall carry out information obligations in the range specified in § 16. 2 (a).

and (d))), section 16. 3 (b). and publishes information) pursuant to section 16a to

16 c; information under section 16. 2 (a). and (d))), section 16b and 16 c shall

in respect of investment services that the person providing

through affiliates, where applicable, in respect of the customer to whom this

the way the investment services they provide.



THE HEAD OF THE



INVESTMENT BROKER



section 29



Basic provisions



(1) investment broker is a person who is not entitled to

to provide a different service than the main investment investment service

referred to in section 4, paragraph 4. 2 (a). and) or (e)) relating to the investment

securities or collective investment securities, but



and) does not accept funds or investment vehicles of customers,



(b) passes only) instructions



1. the Bank,



2. a dealer in securities,



3. a foreign person that has its registered office in a Member State of the European Union and

the subject of the business activities of some of the matches of persons referred to in

points 1 and 2,



4. the Branch Office of a foreign person who has a permit under section 28(2). 1,



5. obhospodařovateli collective investment fund or a comparable

foreign investment fund, which manages this Fund to

the basis of the authorization of the Czech National Bank, or



6. foreign person authorised to offer investment in the Fund of collective

investment or a comparable foreign investment fund in the Czech

Republic.



(2) the activities of the investment intermediaries can only carry a person,

which is registered at the Czech National Bank.



section 30



Registration of the investment intermediary



(1) investment broker who is a legal person, may

to carry out the activities referred to in section 29. 1 only in the representation

the statutory authority, a member of the statutory body, bound by a representative or

by the employee.



(2) investment broker who is a natural person, may

the activities referred to in section 29. 1 only personally, on behalf of the

tied agent or employee.



(3) the Czech National Bank registers as an investment

the provider is a legal person,



and) which is a company or cooperative,



(b) the person whose head)



1. have reached the age of 18 years,



2. is fully svéprávná,



3. is a trusted,



4. have completed secondary education,



5. has the appropriate knowledge and experience in a range of activities

the investment intermediary



6. a person is suitable in terms of sound and prudent provision

investment services investment, for which the provider has

perform the functions of the head of the person; proper performance of the particular function does not prevent the

her trade, business or other similar activity, especially the activity of

in the case of a person with a similar business,



(c)) at whose head the person is absent, the fact that it is an obstacle to the

operation of the trades under the law relating to the business of business,



(d)) that is trusted,



(e)) which has a transparent and sound the origin of capital,



(f)) whose close links with another person do not prevent the effective exercise of supervision

above the investment broker; When a narrow link with a person who

has its registered office or head office in a State which is not a Member State of the

The European Union, not the law of such State and the way his

the application, including the enforceability of the law hamper effective supervision

above the investment provider.



(4) the Czech National Bank registers as an investment

a natural person, the provider



and that has reached the age of 18) years



(b)) that is fully svéprávná,



(c)) for which a valid fact, which is an obstacle to the operation of the business

According to the law governing the business of business,
(d)) that is trusted,



(e)) that have completed secondary education,



(f)) that has the appropriate knowledge and experience in a range of activities

the investment intermediary



(g)) which is an appropriate person in terms of sound and prudent provision

investment services investment provider; above all, the proper

the provision of investment services does not prevent its professional, business

or other similar activities, in particular activities for persons with a similar subject

the business.



(5) in the assessment of the facts referred to in paragraph 3 (b). (b)) and paragraph 5 of

paragraph 4 (b). (f)), the Czech National Bank will take into account, in particular, the scope of the

the powers associated with the performance of the functions or activities of the business

the arrangement of the investment provider and its overall staffing

assumptions.



(6) an application for the registration of the investment provider can be made only

on the prescribed form, to which the applicant shall be accompanied by documents

certifying that it complies with the conditions referred to in paragraphs 3 and 4. Pattern

the form and the content of its annexes, including the annexes, showing

the trust referred to in paragraph 3 (b). (b)) and paragraph 4 of point 3 (a). (d)),

lays down detailed legal prescription.



(7) the Czech National Bank within 30 days from the date of receipt of the applicant's

registers and issue him a certificate. If the applicant submits the fulfilment of

the conditions referred to in paragraph 3 or 4, the Czech National Bank in this period

initiate administrative proceedings and decide that the application for registration is rejected,

If the applicant submits the fulfilment of the conditions described in this procedure.



(8) the Czech National Bank will cancel the registration if the investment

the provider in writing of the cancellation of the Czech National Bank.



section 31



A person who takes instructions from the investment provider [section 29

paragraph. 1 (a). (b))],



and shall inform in detail the investment provider) and truthfully about the

investment instruments covered by the instructions received, and transmitted to the

the investment by the provider,



(b) provide the necessary synergies when) ensure the expertise of persons under section

30 paragraph. 1 and 2,



(c) the provider shall immediately inform the investment) of any change in

the information provided under point (a)).



§ 32



The obligations of the investment intermediary



(1) the investment provider is required to provide investment services

with professional care. Incurring professional care means that

investment intermediary is acting competently, honestly and fairly and

in the best interest of customers, in particular, fulfil the obligations under this title.



(2) The investment provider in the performance of the activities referred to

in section 29, paragraph. 1 shall apply mutatis mutandis the provisions of this law governing

the expertise of persons with which the securities dealer shall carry out their

activities (§ 14 and 14a).



(3) The investment provider in the performance of the activities referred to

in section 29, paragraph. 1 shall apply mutatis mutandis to section 15a to 15r governing obligations in

dealing with customers; the provisions of § 15 of paragraph 1. 3 and 4 shall apply mutatis mutandis.



(4) in order to ensure a prudent provision of investment services investment

the provider due to the nature and extent of the services provided

It will establish and maintain



and with the proper organizational arrangements), a transparent and coherent definition

activities and related responsibilities and decision-making powers,



(b)) the proper administrative procedures involving, in particular, the system of internal

communication and the rules for the handling of complaints, and the complaints of customers,

who are professional customers,



(c)) the procedures for detection and management of conflicts of interest between the investment

provider, including the heads of the people, representatives and

employees and its customers or potential customers, or its

customers or potential customers to each other,



(d)) of the control and safety measures when handling and registration

information,



e) internal control involving routine control of compliance with the

the obligations laid down by this law, other laws and

the obligations resulting from the internal rules of the investment

the provider.



(5) the Investment provider keeps records of received and transmitted by the

the guidelines concerning investment instruments and register the contracts involving

investment services are provided; investment provider is

for the purposes of management of this evidence, to conduct social security numbers of customers.



(6) an investment agent shall keep the documents relating to the

investment services provided including records in the register referred to in paragraph 5

and records of communications with the customer concerning the granted investment

services and with a potential customer for a minimum period of 5 years from the time

the provision of investment services or trade execution. This is true even for

a person whose registration has been cancelled, or its legal successor.

Records of the contents of the commitment, including terms and conditions relating to the

the investment service provider keeps investment after

the entire duration of the contract, at least for a period of 5 years.



(7) an investment agent shall inform the Czech National Bank on the



species and range) of the services provided,



(b)) of all received and transmitted by the guidelines, and to the extent provided for in paragraph

5,



c) changes in the facts on the basis of the received permission to

the activities of the investment intermediary; for information about changing leaders

persons must demonstrate compliance with the conditions laid down in § 30 paragraph. 3 (b).

(b)), and (c)),



(d)) and the results of the financial situation, management



(e)) persons with close links.



(8) the implementing legislation provides for



and the scope of the fulfilment of the obligations laid down) in paragraphs 3 and 4,



(b)) and a way of keeping the evidence referred to in paragraph 5,



(c) the content and method of preservation) of documents and of the records referred to in paragraph 6,



d) scope, form, method, structure, periodicity and deadlines of performance

the information referred to in paragraph 7.



TITLE VI OF THE



BOUND OF THE REPRESENTATIVE



section 32a



Basic provisions



(1) a representative of the Bound is a natural or legal person who is entitled to

on the basis of a written contract is represented by its name



and arrange, and where appropriate) and closed shops on main

investment services referred to in section 4, paragraph 4. 2 (a). and) or (h)), if the

represented by their provision of authorised



(b)) to provide the investment services listed in section 4, paragraph 4. 2 (a). (e)),



(c) promote investment services), which is represented by the authorized

provide, if not represented by the person referred to in paragraph 2 (e)).



(2) Represented in this Act shall mean



and) a securities dealer,



(b)) a person who has the authorization of a supervisory authority of another Member State

The European Union, to the provision of investment services, if provided

investment services in the Czech Republic,



c) foreign person that has its registered office in a State which is not a Member

State of the European Union, and which provides investment services in Czech

the Republic through a branch,



(d)) investment provider,



(e)) of the investment company, which has authorisation to provide investment

services, with respect to this service.



(3) a representative of the Bound must not accept funds or investment

customer tools.



(4) a bound representative who is a natural person, may exercise an activity

referred to in paragraph 1 only personally or on behalf of an employee. Bound

a representative who is a legal person, may exercise an activity referred to in

paragraph 1 only in the representation of a member of the statutory body, the statutory

authority or by the staff member.



(5) for the performance of the activities referred to in paragraph 1-representative matches

represented by.



(6) represented by replacing the damage caused by means of the representative in the performance of

the activities referred to in paragraph 1 as well, as it caused myself.



(7) a representative of the Bound is obliged to in the performance of the activities referred to in paragraph

1 inform the customer or potential customer the information about the person

on behalf of which it is represented, and information on the activities referred to in

section 32a of the paragraph. 1, which is entitled, and in relation to which the

investment tools.



(8) the bound of the representative is obliged to exercise the activity, to which it is obliged to

through professional care. In relations with representative is represented by

obligation to act honestly and in good faith.



§ 32b



The requirements on the bound of the representative



(1) the Prosecutor may Bound activities referred to in section 32a of the paragraph. 1 exercise

only for one person. This person can only be represented by,

unless otherwise provided in other legislation differently.



(2) a Deputy-who is a natural person, and the head of a person

the bound of the representative may be the only person who



and) has reached the age of 18,



(b)) is fully svéprávná,



(c)) has or intends to have a registered office or residence in the territory of the Czech Republic, or

He has on the territory of a Member State of the European Union, whose legal system does not allow

to carry out activities similar to the activities referred to in section 32a of the paragraph. 1 using the

bound representative,



(d)) has completed secondary education,



e) satisfies the conditions of incompatibility pursuant to paragraph 5.



(3)-representative who is a natural person, and the head of a person

bound representative, may only be a person, for which valid fact

that is an obstacle to the pursuit of business under the law governing the

the business of business.



(4) means of the representative is a legal person, may only be
a person who has a transparent and safe, if the origin of the capital

This is a trade company or cooperative, or comparable

quantities, if it is a foreign legal person.



(5) the representative shall not be Bound



and) a securities dealer, the person who is authorised by the supervisory authority

another Member State of the European Union to provide investment services,

If provides investment services in the Czech Republic, the foreign person,

which has its registered office in a State which is not a Member State of the European Union, and

that provides investment services in the Czech Republic through the

branches, and investment broker



(b)) a person person referred to in subparagraph (a)),



(c)) the employee persons referred to in (a)),



(d)) Companion trader with securities,



(e)) or the companion investment provider.



section 32 c



Registration and cancellation



(1) a representative of the represented-bound may start to exercise the activities referred to

in section 32a of the paragraph. 1 the date of registration, carried out on the basis of an application to the

list of bound representatives. The Czech National Bank leads the list of bound

representatives of the represented.



(2) the request referred to in paragraph 1 shall be represented; the bound is

to provide the necessary documents, represented and synergy.



(3) the Czech National Bank writes bound representative within 5 working days

from the date of delivery of the request for entry on the list bound representatives and shall issue him a

about through the applicant's certificate.



(4) in the list referred to in paragraph 1 shall, where appropriate, the information and changes

These data, which are



and details of the person bound) representative with the exception of social security number,



(b) details of the person represented) with the exception of social security number,



(c)) the activities referred to in section 32a of the paragraph. 1, which is bound to a representative authorised to

exercise and in relation to which the investment tools,



(d) the date of entry in the list)-bound representatives.



(5) the Czech National Bank the request referred to in paragraphs 1 and 2 does not read from the

the perspective of truth or accuracy of the data contained within it. Czech

the National Bank does not examine the fulfilment of the conditions for the registration of the bound

a shortcut to the list.



(6) the represented, which is bound to perform or performing representative

the activities referred to in section 32a of the paragraph. 1,



and) validates the correctness and completeness of the particulars given in the application for registration to the

list of bound representatives and fulfilment of the conditions laid down in § 14 paragraph. 2

and Section 32b,



(b) takes control of the activities of the rules) bound representatives that provide

the proper performance of the activities of the tied agent referred to in section 32a of the paragraph. 1,

in particular, compliance with rules of conduct with customers,



(c)) shall adopt measures to ensure that the performance of the activities other than those specified in

section 32a of the paragraph. 1 bound representative, will not jeopardize the proper performance of the activities referred to

in section 32a of the paragraph. 1 bound representative,



(d)) shall notify without undue delay the Czech National Bank, the Contracting

the obligation under section 32a of the paragraph. 1 has lapsed.



(7) the Czech National Bank performs the deletion from the list of shortcut-bound,

If it receives notice in accordance with paragraph 6 (a). (d) the Czech National Bank).

deleted from the list of shortcut-bound, bound, if the representative of the

in writing of the cancellation by the represented the Czech National Bank

so requests.



(8) the request for entry on the the list bound representatives may only be submitted on the

the prescribed form. The pattern of the form and the manner of its dispatch provides

the implementing legislation.



§ 32d



Immediate termination



(1) the represented person is obliged to immediately terminate the contractual obligation under section

paragraph 32A. 1, if it finds that a representative of the head of the person bound or

bound representative does not meet the conditions referred to in section 14, paragraph. 2 or §

32B; the delivery of the testimony of the representatives of this contractual obligation-bound.



(2) a bound representative is obliged to immediately terminate the contractual obligation under

section 32a of the paragraph. 1 if it no longer meets the conditions referred to in section 14, paragraph. 2

or in Section 32b; delivering testimony represented the contractual obligation

shall cease. This obligation has bound the representative and, where the conditions

referred to in section 14, paragraph. 2 in Section 32b or ceases to comply with his head

the person.



PART THE THIRD



THE PUBLIC AUCTION OF SECURITIES



section 33



(1) Organize the public sale of securities trader may only

securities, which is authorised to provide investment services

referred to in section 4, paragraph 4. 2 (a). (b)), or a foreign person who has

permission to provide the investment services (hereinafter referred to as "auctioneer

securities ").



(2) the public auction of the securities law is applicable mutatis mutandis

governing the public auction, unless the law provides otherwise.



(3) the rules for the organisation of the public sale of securities shall adjust the

the auction of the securities conditions of auction sale.



(4) Auction procedure and any amendments to the approved Czech National Bank.

If the Czech National Bank will not send to the applicant within 30 days from the date of

the delivery of the request for approval of auction procedure or its amendments to decision

for this application, the auction procedure or its amendment was approved.

If the application is interrupted, this time limit is not running.



(5) the involuntary public sale of investment securities is for the

determine the price of the subject of the auction must be processed by an expert according to the

the law governing the performance of expert activities; does not exceed the lowest

the submission amount 100 USD, can be an expert auction item price

replace the writing of the estimate price of the auction according to the law

governing public auctions. The auctioneer shall publish an expert opinion or

the estimate of the prices on their website for at least

one year. The auctioneer will send the Decree containing the price of the auction

the subject of the auction within the time limits laid down by law governing the

the public sale of Czech National Bank.



(6) If the subject of the public sale of securities is zaknihovaný

a valuable paper, registers the person leading the transition of securities

securities on the successful bidder at the moment of impact, on the basis of confirmation of

on the acquisition of ownership to command the successful bidder or auctioneer. In the case of

securities on the ranks of the auctioneer shall be identified on the basis of confirmation of the acquisition

ownership of securities on the transition of the purchaser at the time of impact.



(7) If they are the subject of the public sale of securities securities

bearer securities and the auctioneer does not know the owners of these securities,

securities, the auctioneer is not required to send a notice to the owners of the auction and

other documents.



(8) the Involuntary public auction of securities is also possible,



and, if the plaintiff proves) that the owner of the bond is in default

with the takeover, the presentation or surrender of the security, although he was

alerted to a possible sale of the securities in the auction, or



(b)) if it is not properly and in a timely manner met the claim secured by mortgage

law to the securities.



(9) the Czech National Bank shall publish on the dražebníkovi of the securities on the

Central address:



and the commercial company) legal form, address of the registered office and registration number,

If the trader in securities, and the name, address and location

the identification number of the organizational folder in the Czech Republic, if the

foreign person



(b)) the indication of the permission to organize the public sale of securities and



(c)) date of its creation.



(10) the provisions of this section shall apply mutatis mutandis also to other species

investment instruments than the securities, if it does not follow from the nature of things

otherwise.



PART THE FOURTH



THE PUBLIC OFFER OF INVESTMENT SECURITIES AND PROSPECTUS OF THE SECURITIES



TITLE I OF THE



THE PUBLIC OFFER OF INVESTMENT SECURITIES



§ 34



Basic provisions



(1) public offer of investment securities (hereinafter referred to as "public

offer ") is any communication to a wider range of people containing information

investment securities offered and the conditions for their

the acquisition, which are sufficient to ensure that the investor has made a decision

to buy or to subscribe to these investment securities.



(2) for the purposes of the provisions of this law on the public offering, the prospectus

Security and on the conditions for admission to trading

on a regulated market shall mean the



and) equity securities investment securities in accordance with § 3 (1).

2 (a). and) and transferable securities giving the right to acquire these

investment securities, where these securities are issued in the same

by the issuer or the issuer in the same controlled group belonging to the

controlling person (hereinafter referred to as "the same group") as the issuer of the investment

the securities to be acquired by transfer,



(b)) debt securities investment securities, which are not

equity securities,



(c) the invitation by the plan) ongoing or recurring issue

debt securities, including warrants, warrants, and other

securities of these debt securities, in the specified

issuing period,



(d) securities issued continuously) or securities

of the same kind to be issued gradually or at least 2 emissions during the 12

months.



(3) for the purposes of the provisions of this law on the public offering, the prospectus

Security and on the conditions for admission to trading

on a regulated market is a qualified investor, means the person referred to in
section 2a paragraph. 1 and 2. A qualified investor shall mean also the other person,

which a securities dealer or a person referred to in section 24, paragraph. 5

or in section 28 paragraph. 6 under section 2b for the customer that is

professional customer, to the extent of transactions or investment services

relating to the securities offered.



(4) the provisions of this law on public offering of securities and prospectus

the paper, with the exception referred to in paragraph 5 shall not apply to



and) debt securities issued



1. the Member State of the European Union,



2. the Member State of the Federation, which is a Member State of the European Union,



3. the local government a total of a Member State of the European Union,



4. The Czech National Bank, the Central Bank of the Member State

The European Union or of the European Central Bank,



5. international organizations, of which at least one is a Member State

The European Union,



(b) capital shares) of the Central Bank of the Member State of the European Union,



c) securities unconditionally and irrevocably guaranteed by a Member State

The European Union or its territorial authorities,



(d) securities issued by) the non-profit organization to obtain funds

necessary to achieve its purpose, nonprofit



e) debt securities issued in a continuous or repeated referred to

in section 2a paragraph. 1 (a). and (b))) or a foreign person with similar

activities, which



1. they are not subordinate or removable,



2. to the acquisition of another kind of security with the exception of the coupon,



3. are not associated with the investment facility referred to in section 3, paragraph 3. 1 (a).

(d)) to)



4. represent the right to a refund of the deposit received by the Bank,



5. are covered by deposit insurance according to the law of the European Union ^ 7),



(f)) debt securities issued in a continuous or repeated referred to

in section 2a paragraph. 1 (a). and (b))) or a foreign person with similar

activities, which



1. they are not subordinate or removable,



2. to the acquisition of another kind of security,



3. are not associated with the investment facility referred to in section 3, paragraph 3. 1 (a).

(d)) to)



4. the total value of the consideration is lower than the amount corresponding to 75

0000 0000 EUR; This amount is calculated for the securities offered in the

all the Member States of the European Union in the course of 12 months,



g) securities, the total value of the consideration is less than the

the amount of EUR 1 0000 0000; This amount is calculated for securities

offered in all Member States of the European Union in the course of 12 months,



h) non-fungible shares of capital whose main purpose is to ensure

the holder of the right to occupy an apartment, or House, where the shares cannot be sold without

There is a waiver of this right,



I bonds issued) repeatedly by credit institutions in Swedish

the Kingdom, whose main purpose is to grant mortgage loans,

provided that these bonds are of the same emissions, are issued to the

tap during a specified issuing period, their terms and conditions

is not changed during the issuing period and of the amounts derived from the issue of these

the bonds are in accordance with the agreement of the issuer placed

in assets which provide sufficient coverage for the debt arising from the securities

securities,



j) units issued by investment fund, which is open

mutual fund, investment shares issued by investment fund, which

is a joint-stock company with variable capital and securities

or dematerialised securities issued by a foreign investment fund with

which is linked right on their purchase to the account of the Fund.



(5) the securities referred to in paragraph 4 (b). and (c))), f), (g) and (i)))

may the issuer or the person who intends to offer securities to the public or

asking for the admission to trading on a regulated market,

decide that the prospectus shall be drawn up and publicise it in accordance with this

by the law.



the title launched



section 35



The obligation to publish a prospectus



(1) Public offer of investment securities of a person who can only

no later than the beginning of the offer to the public shall publish listing particulars

(hereinafter referred to as the "prospectus"), approved by the Czech National Bank (section 36 c) or

supervisory authority of another Member State of the European Union (section 36f).



(2) the obligation to publish a prospectus shall not apply to the offer of securities



and) intended solely to qualified investors,



(b)), and to a limited circle of persons, who, in the Member State of the European Union,

where the offer is made is less than the number of 150, not counting

qualified investors,



(c)) if the lowest possible investment for an investor is equal to the

or greater than the amount laid down in euro of the corresponding limit, or



(d)) whose nominal value or the price for 1 piece at least equal to the amount of

the corresponding limit laid down in the euro.



(3) the person referred to in section 2a paragraph. 1 (a). and (c))) or a foreign person with

similar activities on the basis of the request, shall notify the issuer or the person

wishing to offer securities to the public, whether your customer is considered a

Professional, and it's in the range of trades or investment services

relating to securities of the issuer, which are to be the subject of

menu.



(4) the obligation to publish a prospectus shall not apply to the public offer



and) securities in connection with a take-over bid in Exchange

for other securities, if it is delivered to the Czech National Bank and is to

available to the addressees of the bid document, on which the Czech national

the Bank that contains data equivalent to that of the prospectus; If the Czech

the National Bank does not send to the issuer within 15 working days from the date of delivery of the

the document, a decision on this document is true, that the information be deemed to

equivalent to that of the prospectus; If the document management is broken

This period of time is not running,



(b)) of the securities offered in connection with a merger, Division or on

the basis of an approved reorganization plan, if it is delivered to the Czech

the National Bank and is available to the addressees of the bid document, on which the

the Czech National Bank decides that contains data equivalent to that in the

the prospectus; If the Czech National Bank will not send to the issuer before 15

working days from the date of delivery of the decision on the document this document,

applies, that the information be deemed equivalent to the information in the prospectus; If there is a

document management is interrupted, this period of time is not running,



(c)) of the shares distributed as a form of dividend, if the shares of the same

kind as the shares in respect of which such dividends are paid, other

If it is delivered to the Czech National Bank and the addressees of the bid is available

a document containing information on the number and nature of the shares and the reasons for and details of the

the menu,



d) securities issued by and offered or allocated to current

or former employees, or persons with control of their powers

the employer or the person of the same group as the employer, if the

is delivered to the Czech National Bank and the addressees of the bid is available

a document containing information on the number and nature of the Securities and the reasons for and the

details of the offer, the terms of the employer or a person from the same

the group as an employer,



1. established or having their head office in a Member State of the European Union, or



2. is headquartered in the State, which is not a Member State of the European Union, for

provided, that the employer or person from the same group as

the employer issued securities which are admitted to trading on a

the European regulated market or on the securities market, based in

State which is not a Member State of the European Union, which the European Commission

has recognized as comparable with the European regulated market (section 35a)



e) shares issued by Exchange for other shares of the same class already issued,

If this does not occur to increase the capital.



section 35a



(1) the person referred to in section 35, paragraph. 4 (b). (d)), whose securities are

admitted to trading on the securities market, based in the State,

that is not a Member State of the European Union, which the European Commission

recognized as comparable with the European regulated market, the European

the Commission, by the Czech National Bank to submit a request for recognition of this

the market for comparable with the European regulated market.



(2) the request referred to in paragraph 1 may relate only to the securities market

organized on the basis of authorisation issued by the supervisory authority of the State in

which has its registered office Organizer, is subject to supervision of the authority

supervision, and if the law of the State of the registered office of the organiser at least



and) requires the introduction and maintenance of transparent rules of trading

on the securities market to ensure fair and orderly

trading and establish objective criteria for the implementation of the guidelines,



(b)) requires the introduction and maintenance of transparent rules of admission to

trading on this market, which ensure that the securities are accepted

papers that are freely negotiable and that the assumptions

a fair, orderly and efficient trading



(c)) requires the introduction and maintenance of measures related to the handling of

market and the use of internal information,



(d)) provides for issuers of securities admitted to trading on a market with

securities regular and ongoing information requirements,



e) provides to participants of such securities market access
publicly available information on the securities admitted to trading

on the securities market.



(3) the application referred to in paragraph 1 shall be accompanied by documents certifying the applicant

compliance with the conditions laid down in paragraph 2. If the application is incomplete

or if you suffer from other disabilities, the Czech National Bank without undue delay

in writing ask the applicant to eliminate the deficiencies of the application, where appropriate, to

the submission of further information necessary for the examination of the application of the

satisfying the conditions laid down in paragraph 2.



(4) If the Czech National Bank recommends that the securities market,

where the application concerns, recognised by the European Commission to be comparable with the

the European regulated market, it shall refer the request with their opinion

The European Commission within 30 days from the date of receipt of the application attesting to compliance with the

the conditions laid down in paragraph 2.



section 35b



The subsequent public offer of securities



A securities dealer, the person referred to in section 24, paragraph. 5 or a person

referred to in section 28, paragraph. 6, who makes a subsequent public offer of securities

securities subscribed by the issuer or purchased from a person offering these

securities, a prospectus may not disclose, if



and) is for the duration of the subsequent public offerings of the addressees of the public offer

available in the prospectus drawn up in connection with the initial public

the offer,



(b)) this is a valid prospectus in accordance with section 36i, and



(c) agreed in writing) of all persons that the original prospectus

develop, on its use in subsequent public offer.



TITLE II



LISTING PARTICULARS



section 36



The contents of the prospectus of the securities



(1) a prospectus shall contain all information which, due to the

the particular nature of the issuer and the securities offered to the public

or in respect of which is applied for admission to trading on the European

a regulated market, is necessary for investors thanks to the assessment

the securities offered and the rights associated with it, property and debts,

financial position, profit and losses, the future development of the business and financial

the situation of the issuer and, where appropriate, a third party guaranteeing the repayment of the

Securities (hereinafter referred to as the "guarantor"). The prospectus must be formulated

clearly, in a way that allows for easy analysis.



(2) the prospectus shall contain information concerning the issuer and the instrument, which has to be

publicly offered or admitted to trading on a regulated European

market, and the summary of the prospectus. The prospectus may not contain a summary of the prospectus,

If the admission of debt securities whose nominal

the value or price per piece is at least equal to the amount corresponding to

the limit laid down in the euro, to trading on a regulated European

the market. A prospectus need not contain the information about the guarantor if the guarantor is

the Member State of the European Union.



(3) in exceptional cases, when some of the compulsory particulars referred to ^ 8)

are not excessive in relation to the issuer's sphere of activity or legal form of

the issuer or to the securities to which the prospectus relates, includes

the prospectus information equivalent to compulsory reported data, unless such data

are not available. Paragraph 1 shall not be affected.



(4) data may be included in the prospectus by reference to one or more

documents previously or simultaneously published and approved by the Czech national

Bank or published and sent to the Czech National Bank as part of the

the fourth or ninth titles II to IV. The prospectus refers only to

the most up-to-date documents that must be available to the public all the time

the publication of the prospectus, and contains a list of links.



(5) the Summary of the prospectus is a structured brief and understandable document

in the language in which the prospectus is drawn up, taking for his copy of the

You cannot use the procedure referred to in paragraph 4 and paragraph 2 sentence last

apply, mutatis mutandis; the summary of the prospectus contains



and on) Note that



1. This summary represents an introduction to the prospectus,



2. the decision to invest in the securities should be based on

the investor will consider the prospectus as a whole,



3. in the case when it is brought before the Court, concerning the data

referred to in the prospectus, the plaintiff investor may be obliged to bear the costs of

on the translation of the prospectus before the legal proceedings incurred,

If it is not in accordance with the law, unless otherwise provided for, and



4. a person who has produced a summary prospectus including its translation,

responsible for the accuracy of the information in the summary of the prospectus only if that

the summary of the prospectus is misleading or inaccurate in the common interpretation with

other parts of the prospectus, or that the summary prospectus for common

the interpretation with the other parts of the prospectus does not contain the information referred to in

paragraph 5 (a). (b)), and



(b)) a structured overview of the information necessary to assess the nature of the

Security and risks associated with it, so that, on the basis and in

consideration of the prospectus as a whole could judge whether the addressee of the offer is valuable

paper suitable for him; This overview contains at least



1. a brief characterization of the issuer and of any

the guarantor, including risks associated with the assets, liabilities and financial situation

of these persons,



2. a brief description of the essential risks of issuer and any

the guarantor,



3. a brief description of the significant risks associated with investment in the

security, the basic characteristics of the investment in this valuable

the paper and the description of the rights associated with this valuable paper



4. in the case that this is a summary of the prospectus issued in connection with

the public offer of securities, also the reasons for the offer to the public,

the way in which the issuer, or the person making the public offer shall apply the proceeds

offer to the public, and the General conditions of the offer to the public, including estimates of the amount of the

charges associated with the acquisition of the securities that are the subject of

offer to the public, and



5. in the case that this is a summary of the prospectus issued in connection with

the adoption of a security to trading on a regulated European market,

for details on the admission to trading on a regulated European market

including estimates of the amount of the charges associated with the acquisition of securities, which

to be admitted to trading on a regulated European market.



(6) the prospectus prepared by the issuer or the person who intends to publicly

offering securities or applying for admission to the

trading on a regulated European market, or organizer

of the regulated market, which it intends to take to himself a valuable paper

trading on a regulated market, it organised without the consent of

of the issuer. If the intention to offer securities to the public or where the

admission to trading on a regulated European market more

persons together, to draw up a prospectus such persons jointly; However, if the

one of those persons by the issuer, the issuer is made by prospectus.



(7) the prospectus shall be drawn up as a single document or as a composite of

separate documents. A prospectus composed of separate documents

divided on the registration document, a document about the quote and summary

the prospectus. The registration document contains information relating to the issuer.

Evidence of the quote contains the details of the quote, which is publicly

offered or to be admitted to trading on a regulated European market.



(8) an issuer which already has a registration document approved earlier the Czech

the National Bank can offer to the public or for admission

paper to trading on a regulated European market only

evidence of the quote and the summary of the prospectus. Evidence of the quote in

this case also contains the data which are otherwise content

the registration document if the registration since the last approval

the document was a significant change that could affect the evaluation of the

investors and which were not contained in the appendix to the prospectus approved by the Czech

the National Bank. Evidence of the quote and summary prospectus, require

a separate approval by the Czech National Bank.



§ 36a



The base prospectus



(1) a prospectus may be prepared as a base prospectus, which may not

include the final terms relating to individual emissions per

the paper, if it is a



and) debt securities including warrants, warrants, and other

securities of these debt securities issued in the framework of the

invitation to the program, or



(b) debt securities issued by) continually or repeatedly referred to

in section 2a paragraph. 1 (a). and (b)) or) or a foreign person with similar

in the case of activities that



1. the proceeds of the issue of the said securities are put into the assets,

that provide sufficient coverage of debts arising from securities

to the date of maturity, and



2. the insolvency of the competent person referred to in section 2a paragraph. 1

(a). and (b)) or) or a foreign person with similar activities are

the yields referred to in the first place intended to repay the principal and interest due.



(2) if in the course of an offering programme or during

continuous or repeated issuance of securities to substantial changes

the information given in the base prospectus, the person who made

the prospectus, the following information in the appendix to the prospectus in accordance with section 36j.



(3) If the final terms of the offering are not included in the basic

the prospectus or supplement a prospectus, final terms will be disclosed, and

communicated to the issuer of the Czech National Bank and any supervisory authority
the Member State in which the security is to be offered to the public or

admitted to trading on a regulated European market, before the beginning of

before accepting the offer to the public and to trading on the regulated European

the market. Final terms contain only data that relate to the

the document about the quote, and not a substitute for the prospectus supplement. In each of the

such a case, the provisions of § 36 odst. 1 (a). and) similarly.



section 36b



Responsibility for the content of the prospectus



(1) for the accuracy or completeness of the information given in the prospectus corresponding to the person,

which according to § 36 odst. 6 was produced by a prospectus, and the guarantor, if it is

listed in the prospectus and the guarantee for the accuracy of the data. If vyhotovilo

the prospectus more persons together, each of these persons is responsible for the content of

the prospectus. The prospectus must be given on the persons responsible for the

correct copies of the prospectus and its statement that, according to their

to the best of knowledge, the information contained in the prospectus is correct and that it

not zamlčeny any facts that might change the meaning of the

the prospectus.



(2) the accuracy of the information contained in the summary of the prospectus corresponding to the person

referred to in paragraph 1 only if, that is the summary of the prospectus

misleading or inaccurate in the common interpretation with other parts of the

the prospectus or summary prospectus, if when the common interpretation with

other parts of the prospectus does not contain the information specified in § 36 odst. 5

(a). (b)).



section 36 c



The approval of the prospectus



(1) the Czech National Bank approved at the request of the person that the prospectus

made (§ 36 paragraph 6), the prospectus issued by the issuer of the securities

based in the Czech Republic with the exception referred to in paragraph 4.



(2) the Czech National Bank approved at the request of the person that the prospectus

made (§ 36 paragraph 6), the prospectus issued by the issuer of the securities

located in a State which is not a Member State of the European Union, with the

the exception referred to in paragraph 4, if the Czech Republic is the first

Member State of the European Union, where such securities are to be

the issuer offered to the public or admitted to trading on a regulated

the market.



(3) the Czech National Bank approves the prospectus of debt securities

issued by an issuer established in another Member State of the European Union or

in a State that is not a Member State of the European Union on the approval of

asked the Czech National Bank, the person who made this prospectus

paper or in the Czech Republic is to be admitted to trading on the

regulated market or publicly offered and this debt paper



and the nominal value or has) the price for 1 piece at least equal to the amount of the

corresponding to EUR 1 000, or



(b)) to acquire transferable securities or to obtain

the amounts in cash as a result of the transfer or exercise of the rights associated with it,

provided that the issuer of the debt securities is not at the same time

the issuer of the underlying securities or a person who is part of the

in the same group as the issuer of the underlying securities.



(4) the person who made the prospectus of the securities issued by the issuer

based in the Czech Republic, or by the issuer referred to in paragraph 2,

ask for the approval of the prospectus by the supervisory authority of another Member State

The European Union, where the securities are to be admitted to trading on a

regulated market or offered to the public, if it is a debt

the security referred to in paragraph 3 (b). and) or (b)).



(5) the Czech National Bank will decide in the first instance on an application referred to in

paragraphs 1, 2 or 3 to 10 working days from the date of delivery of this

the application, if they are part of the application documents that the issuer of a security

the paper referred to in the prospectus has securities admitted to trading

on a regulated European market or have publicly offered securities.

This period shall be extended to 20 working days, if the issuer of a security

the paper referred to in the prospectus does not have any securities admitted to

trading on a regulated European market and has not yet publicly securities

It offered.



(6) the annex to the application for approval form



and 2 copies of the draft prospectus),



(b)) the documents referred to in paragraph 5.



(7) the Czech National Bank asks for a supplement prospectus, if they are submitted by the

documents incomplete or it is necessary to supplement the other data. The time limit for

the decision shall start to run again from the date when the Czech National Bank

receives the requested additional information.



(8) a prospectus shall be approved by the Czech National Bank, which contains all the

requirements arising from this Act.



(9) the Czech National Bank may approve the prospectus of the securities issued by the

the issuer is located in a State which is not a Member State of the European Union,

which is drawn up in accordance with the legislation of that State, if the



and the requirements of that State) on the contents of the prospectus, equivalent

the requirements, which lays down the law, and



(b)) the prospectus was drawn up in accordance with international standards

established by international organisations competent supervisory authorities.



(10) the Czech National Bank may refer the request for the approval of the prospectus

supervisory authority of another Member State of the European Union, provided that this

foreign supervisory authority gave its assent. Shall notify the Czech

the National Bank of the person who made the prospectus, within 3 working days from the

the date of submission of the request. The time limit referred to in paragraph 5 shall run again from the date of

submission of the request. About its intention to refer the request to inform the Czech

National Bank in advance, the European Securities and markets. Article 28

paragraph. 4 regulation of the European Parliament and of the Council (EU) No 1095/2010

establishment of a European supervisory authority (European securities authority and

markets) does not apply.



(11) the Czech National Bank may decide that agrees with the proposal

supervisory authority of another Member State of the European Union on the referral

applications for the approval of the prospectus of the Czech National Bank. When approving the

the prospectus of the Czech National Bank shall proceed under this Act.



section 36 d



The final price and number of securities



(1) If on the date of approval of the prospectus is aware of the final price and the number of

the securities will be offered to the public, the Czech National Bank

approve the prospectus, if the



and disclosed in the prospectus) is the maximum price, or the criteria or conditions,

for which will be the final price and number of securities is intended, or



(b)) it is possible to revoke the purchase or subscription of securities, at least 2 working

days after the public disclosure of the final price and amount of securities which will be

offered to the public.



(2) the final price and number of securities must be reported to the Czech national

the Bank and disclosed in the manner referred to in section 36 h.



section 36e



The narrowing of the prospectus



The Czech National Bank may allow narrowing of the prospectus on some

the elements, if the prospectus does not happen and if it is deceptive narrowed

only on the essentials,



and) that are not relevant for the purposes of the public offer and acceptance

market and for the assessment of the assets and financial situation of the issuer,

the applicant or guarantor and their future development, nor for the assessment

the securities issued by the issuer,



(b)), whose publication would be contrary to the public interest, or



(c)), whose publication could significantly harm the issuer and the

neuveřejnění does not mislead the public regarding the facts essential to the

assessment of the security and the rights associated with it, the issuer, the

the guarantor and the applicant.



section 36f



Securities of issuers located in another Member State of the European Union



(1) for the purposes of public offerings of securities of the issuer established in another

the Member State of the European Union or for the purposes of the application for the adoption of such

securities to trading on a regulated market is a valid prospectus,

approved by the supervisory authority of the State of the registered office of the issuer, if such authority

the Czech National Bank has provided a certificate of approval, certifying that the

the prospectus has been drawn up in accordance with the law of the European Union, a copy of the

the said prospectus in the Czech language or in the English language and a copy of the

the summary of the prospectus in the Czech language, and if the issue of the certificate was

at the same time informed the European authority for the Securities and markets.



(2) the procedure referred to in paragraph 1 shall apply mutatis mutandis for the purposes of public

the offer of the securities of the issuer with its registered office in the Czech Republic, or

the issuer is located in a State which is not a Member State of the European Union,

or for the purposes of the application for admission of such securities to trading

on a regulated market, if the securities prospectus approved

supervisory authority of another Member State of the European Union.



section 36 g



The language of the prospectus



(1) If the Czech National Bank approves the prospectus for the purposes of public

the menu in the Czech Republic or the admission of a security to trading on a

a regulated market, shall be drawn up in the Czech language.



(2) the prospectus shall be drawn up in the Czech language, and, according to

the decision of the person vyhotovující prospekt, either in the language, in which you can

submit the documents to the competent supervisory authority of the Member State

The European Union, or in the English language,



and the Czech National Bank) if it approves the prospectus for the purposes of public

the menu in the Czech Republic and at the same time and in one or more other

the Member States of the European Union, or



(b)) for the purposes of admission of a security to trading on a regulated market

(section 55) for admission to trading on one or more of the

Foreign regulated markets.
(3) the prospectus shall be drawn up, in accordance with the decision of the person vyhotovující

prospectus, either in the language, in which you can submit the documents of the supervisory authority

of the Member State of the European Union, or in the English language,



and the Czech National Bank) if it approves the prospectus for the purposes of public

the menu in one or more of the other Member States of the European Union, or



(b)) for the purposes of admission of a security to trading on foreign

a regulated market.



(4) for the purposes of the Czech National Bank supervision within the meaning of paragraph 3

the prospectus shall be drawn up, in accordance with the decision of the person vyhotovující

prospectus, either in English, or in English.



(5) If the Czech National Bank approves the prospectus of a debt security

the paper, whose nominal value or the price for 1 piece equals at least

the amount laid down in euro corresponding to the limit, for the purposes of the adoption of the

trading on one or more regulated European markets must

be a prospectus drawn up according to the decision of the person vyhotovující the prospectus either

in the language, in which you can submit documents to the Czech National Bank, and in

the language in which you can submit documents to the competent supervisory authority

another Member State, or in the English language.



(6) in cases where the law requires that the prospectus has been drawn up in

Czech language, may, at the request of the person applying for the approval of the prospectus,

The Czech National Bank after an assessment of the specific circumstances allow, to

the prospectus shall be drawn up in the English language only, if it is in the interest of

the investors. Summary of the prospectus, however, must always be drawn up in the Czech,

the language.



section 36 h



The publication of the prospectus



(1) a prospectus shall be published without undue delay after the approval in accordance with §

36 c or after the delivery of the certificate of approval under section 36f in full

one or more of the ways listed



and on the website) the issuer or the person who requested the

the adoption of the investment securities to trading without the consent of the

the issuer, or on the website of the trader in securities

or a person referred to in section 24, paragraph. 5 or § 28 paragraph. 6 If the valuable

papers puts or selling,



(b)) in full in at least one nationally distributed journal and

at the same time and in the manner referred to in point (a)),



(c)) in the form of a booklet, which is available free of charge to the public at the registered office and

the establishment of the organizer of the regulated market on which the securities are to be

securities admitted to trading, or at the registered office of the issuer or the person in the seat,

which requested the adoption of investment securities to trading without

the consent of the issuer, and in premises and the premises of traders with valuable

papers or a person referred to in section 24, paragraph. 5 or § 28 paragraph. 6, who

placing or selling the securities, and at the same time in the manner referred to in point (a)

and)



(d)) on the website of the organizer of the regulated market on which

is applied for admission to trading, or which receives investment

a valuable paper to trading, or



(e)) on the website of the applicant, if the securities are publicly

It offers a person other than the issuer.



(2) If a prospectus is composed of several documents or integrates

information by reference, the documents and information making up the prospectus adequately and

spread separately when the procedure referred to in paragraph 1 for all

separate documents and links. Each document States, where can I get

other documents constituting the full prospectus.



(3) if the prospectus is published only on the Internet

the website of the issuer, the offering must, the person asking for the admission to

trading on a regulated market, or a securities dealer, or

the person referred to in section 24, paragraph. 5 or § 28 paragraph. 6 the securities

placing or selling, on the request of the investor to deliver free of charge

a physical copy of the prospectus.



(4) for the purposes of public offerings in the territory of the Czech Republic and for the adoption of the

trading on a regulated market shall be published in the Czech

language or in the English language; the summary of the prospectus is published in

the Czech language.



(5) if the prospectus published on the website,

publish it to the issuer, the securities dealer, the person referred to in section 24

paragraph. 5 or § 28 paragraph. 6 or the organizer of a regulated market on their

the website in a manner that typically post information about

his activities. In so doing, to ensure at least



and) website easily accessible to the public, in order to

You can easily find in the usual way and that the contents of the

the site was provided free of charge, by the issuer,



(b)) should take the form of prospectus posted data file suitable for

Download, commonly used format



(c)) posted a prospectus was referred to in a manner accessible in unchanged

the form of a continuous period of 5 years, in the case of admission to the

trading on a regulated market, or for a period of 12 months in the case of

public offerings of securities.



section 36i



The validity of a prospectus



(1) a prospectus is valid for the purposes of public offers and admission

paper to trading on a regulated market for a period of 12 months from the date of its

the approval of the Czech National Bank. In the cases referred to in section 36j applies

This time limit only if the prospectus is completed by approved and which are listed

additions to prospectus.



(2) the base prospectus for the purposes of the tendering program valid for

not more than 12 months after publication.



(3) in the case of debt securities referred to in § 36a, paragraph. 1 (a).

(b)) is a valid prospectus until the securities concerned will not cease to be

continuously or repeatedly issued.



(4) previously approved and publicized the registration document referred to in § 36 odst.

7 is valid for a period not exceeding 12 months, if it has been updated in the

accordance with § 36 odst. 8 or section 36j. If this registration document

accompanied by the approved and published evidence of the quote and summary

the prospectus, these documents are together considered as a valid prospectus.



(5) the Form, content and form of the prospectus shall be valid for the whole period

prospectus amended, with the exception of the procedure according to § 36 odst. 8 and section 36j.



section 36j



The appendix to the prospectus



(1) If, after the approval of the prospectus but before the end of the public

the offer or the start of trading on a regulated market, the relevant

a change in any of the facts referred to in the prospectus, or if the detected

significantly inaccurate data, and this change or inaccuracy may influence the

evaluation of securities, the person who made the prospectus,

the Czech National Bank, submit for the approval of the prospectus supplement and after

approval to publish it in the same way as the published prospectus. About

the approval of the prospectus Appendix, the Czech National Bank decides to 7

working days from the date of delivery of the request for approval of Appendix a prospectus.



(2) if it is necessary, the person who made the prospectus supplement summary

the prospectus and all its translations, in accordance with the approved amendment

the prospectus.



(3) in the case of a public bid is an investor, that before the publication of

the appendix to the prospectus agreed to purchase or subscribe for securities, and that

These securities even regained the ownership right, entitled to from

the purchase or subscription to withdraw within 2 working days after the date of publication of the

Appendix, unless the person making the public offer prospectus Appendix

a longer period.



(4) the Form, content and form of the appendix to the prospectus may not be all of the time

the validity of the appendix to the prospectus.



section 36 k



Promotional and other communication



(1) Any promotional communication relating to a public offer or admission

securities to trading on a regulated market, which applies

the obligation to draw up a prospectus must contain the information about the fact, that the

the prospectus has been or will be published and where it is, or can be a prospectus

get the. Promotion messages disseminated together with other communication shall be

clearly identifiable and appropriately separated from the rest of the communication.



(2) Any promotional communication from other notice in written or oral form,

relating to a public offer or admission to trading

on a regulated market, which is an obligation to draw up a prospectus,

must be in accordance with the information contained in the prospectus and may not

contain information that is inconsistent with its contents or which is

misleading.



(3) in the case of a public offer or admission to trading

on a regulated market, in which the obligation to draw up a prospectus

is required, material information provided by an issuer or offering

communicated and addressed to qualified investors or special categories of

investors (article 35, paragraph 2, and 4), disclosed to all qualified investors

or special categories of investors to whom the offer is made.



§ 36l



Cooperation between the supervisory authorities of the Member States of the European Union



The Czech National Bank at the request of the issuer or the person responsible for

a copy of the prospectus to the competent authority of another Member State

The European Union certificate of approval attesting that the prospectus

has been drawn up in accordance with the law of the European Union, and will provide a copy of the

to that of the prospectus, and this within 3 working days from the date of delivery of this

application or, if the application is submitted together with the draft prospectus, within

one working day after the approval of the prospectus, and at the same time

the issue of the certificate of the issuer or the person responsible for
copies of the prospectus and the European Securities and markets. The same

the procedure is applicable for any supplement to the prospectus. The Czech National Bank

the translation of the summary of the prospectus attaches certificate, drawn up by a person who

material produced by the prospectus if the issuer or the person responsible for the

a copy of the prospectus.



section 36 m



The Czech National Bank, without undue delay, inform the European

Securities and markets about the approval of the prospectus under section 36 c of the appendix or

the prospectus and the prospectus in accordance with section 36j, where appropriate, the appendix to the prospectus, he

at the same time.



PART THE FIFTH



MARKET INVESTMENT INSTRUMENTS



TITLE I OF THE



OPERATOR OF THE REGULATED MARKET



the title launched



§ 37



Basic provisions



(1) the operator of the regulated market is a legal person, which organizes the

regulated market on the basis of authorisation of the Czech National Bank.



(2) to organize a regulated market in the Czech Republic can only Organizer

of the regulated market.



section 38



Authorization of the organizer of the regulated market



(1) the Czech National Bank has granted permission to the organiser's activities

a regulated market only joint stock company or limited company

limited,



and that is) to a joint stock company, the only paper shares on

name or dematerialised shares, or if the companies with limited liability

It has a supervisory board; the powers of the Supervisory Board shall be at least equivalent

such as the Supervisory Board of the joint-stock company according to the law

governing legal relations of commercial companies and cooperatives,



(b)) which has its registered office and head office within the territory of the Czech Republic,



(c)) that has its own capital equal to at least the amount of 730 000 EUR,



(d)) that is trusted,



(e)) which has a transparent and sound the origin of capital,



(f)) which shall submit a draft of the rules for trading on a regulated market (section

62), draft rules on access to the regulated market (section 63) and draft rules

for the admission of investment instruments to trading on a regulated market

(section 56),



(g)) that has the material, personnel and organizational prerequisites for the proper performance of

the activities of the organizer of a regulated market in a range of activities that it intends to

exercise, and that it follows from the proposal on trading rules

on a regulated market and trading rules in a multilateral trading

System (hereinafter referred to as "trading rules"), the rules for the adoption of

of investment instruments to trading on a regulated market, and the rules for

the admission of investment instruments to trading on a multilateral trading

System (hereinafter referred to as "the rules for the admission of investment instruments to the

trading ") and the rules on access to the regulated market and access rules

in the multilateral trading system (hereinafter referred to as "the rules"),



(h)), which has a paid up share capital and whose senior management meet

laid down the conditions for the approval of persons (section 43),



I) which have a qualifying holding the person in terms of proper and appropriate

prudent management of the regulated market, organizer



j) whose close links with another person do not prevent the effective exercise of supervision

the organizer of the regulated market; in close connection with the person,

which has its registered office and head office in a State which is not a Member State of the

The European Union, not the rule of law and the method of its application including

law enforcement prevent the effective exercise of supervision of the Organizer

of the regulated market,



k) which, if requested, to enable the activities of the organizer of the regulated

the market include the permission to engage in the multilateral trading system,

submit a proposal to the rules of trade in the multilateral trading system

(article 69, paragraph 2), design access rules into the multilateral trading

System (article 69, paragraph 4) and the proposal for the rules for the admission of investment

tools for trading in the multilateral trading system (§ 69 paragraph.

3).



(2) a request for authorisation to operate a regulated market organizer can be

made only on the prescribed form, to which the applicant shall be accompanied by

the documents certifying the compliance with the conditions referred to in paragraph 1. Pattern

the form and content of the annexes thereto lay down the detailed legal prescription.



(3) the authorisation to operate a regulated market for the Czech national Organizer

the Bank will indicate whether it is an organizer of the regulated market shall be entitled to operate

the multilateral trading system.



(4) the Czech National Bank shall inform the supervisory authorities without undue delay

the Member States of the European Union, the European Securities and markets

through the Department of the European Commission that



and odejmula) awarded or authorization of the organizer of the regulated

market,



(b)) the cancellation, change of business or the conversion of the Organizer

of the regulated market.



section 39



Other business activities of the organizer of the regulated market



(1) the business operator of the regulated market may

vykovávat only after the registration of the Czech National Bank.



(2) other business activities of the organizer of the regulated market may

found only in the provision of services related to the financial market

or commodity market, in particular



and in the activities of the commodity exchange),



(b)) in providing other services on the financial market under other laws,

regulations,



(c)) in activities relating to the organisation of a regulated market or

the operation of the multilateral trading system,



(d)) in training activities.



(3) the operator of the regulated market may continue to operate the business

activity consisting in activities directly related to managing your own

the asset.



(4) the Czech National Bank signs up for more business

the applicant and without undue delay, the applicant submits a certificate of

the registration.



(5) an application for the registration of other business activities of the Organizer

the regulated market can be made only on the prescribed form, to which

the applicant shall be accompanied by documents certifying compliance with the conditions referred to in

paragraph (2). The pattern of the form and the content of the annexes thereto lay down the detailed legal

prescription.



(6) in the event that the performance of the other business activities hinders the proper

the organisation of the regulated market, the operation of the multilateral trading

system or the effective supervision of the performance organiser

of the regulated market or the application does not satisfy the conditions referred to in paragraph 4,

The Czech National Bank may



and to reject, or registration)



(b)) to limit the scope of other business activities, where appropriate, may

specify the conditions that must be met before the operator of the regulated market

the start of each of the other business activities, where appropriate, is to comply with

During her performance.



(7) in the case of decisions on the registration of the other activities referred to in

paragraph 3, provided for the registration of this other business activities

the reasons are not given special attention worthy, Czech National Bank

shall assess, in particular, with regard to whether this additional registration

the activities will contribute to the improvement of the quality of investment

the service, refusal of registration would cause to the organizer of the regulated

injury, or market to, what is the scope, complexity and nature of this

For more activities, the Czech National Bank shall refuse registration. In the decision

registration of the other activities referred to in paragraph 3, the Czech National Bank

limit the scope of registered activities, where appropriate, specify the conditions that

the organizer of a regulated market must meet before the start of each of the

registered activities, where appropriate, which must comply with when it

performance.



(8) the Czech National Bank cancels the registration, if the Organizer

regulated market in writing of its cancellation of the Czech National Bank.



section 40



the title launched



(1) the business of the organizer of the regulated market can only be

the activities referred to in the authorization of the organizer of the regulated market

or registered trademarks of the Czech National Bank pursuant to section 39.



(2) the authorization of the organizer of a regulated market, as well as

the registration of other business activities, may be granted for a specified period.



§ 41



the title launched



(1) the operator of the regulated market shall be obliged to provide services with the

professional care and in accordance with the rules of trade, the rules for

the admission of investment instruments to trading and rules of access.



(2) the Incurring of professional care means that the Organizer

the regulated market it expertly, honestly and fairly, and in the

the best interest of the attendees by the organized regulated market, in particular

fulfils the obligations laid down in this section.



section 42



the title launched



The representative of the Czech National Bank may participate in the general meeting

the organizer of the regulated market. Operator of the regulated market of the venue

the general meeting shall inform, in writing, the Czech National Bank.



§ 43



The head of the person of the organizer of the regulated market



(1) the head of the person of the organizer of the regulated market shall have to exercise their

features of the Czech National Bank's prior consent except as provided in

paragraph 5.



(2) the Czech National Bank shall grant the approval under paragraph 1, a person,



and) which satisfies the conditions referred to in section 10, paragraph 1. 2 (a). and)



(b)) which is an appropriate person in terms of sound and prudent management of

the organizer of the regulated market, which is to carry out the function of the head

of the person; above all, the proper performance of the duties does not prevent its professional,

business or other similar activities, in particular activities for persons with
a similar line of business.



(3) in the assessment of the facts referred to in paragraph 2 shall take the Czech

National Bank account in particular the scope of the powers associated with the performance of

features of the organizational arrangement of the organizer of the regulated market and

the total staffing of the equipment.



(4) the request for approval referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by documents certifying the fulfilment of the

the conditions laid down in paragraph 2. The pattern of the form and the content of its annexes

including attachments showing credibility and professional competence pursuant to the

paragraph 2 (a). and), lays down the detailed legal prescription.



(5) If a person has become a leading organizer of the regulated market

the person who is the head of another person, the organizer of the European

of the regulated market, may not have to perform its function of the consent of the Czech national

the Bank.



(6) the head of a person who has received prior approval for the performance of its functions,

is required to notify in writing without undue delay of the Czech National Bank

any change to the conditions referred to in paragraph 2, in particular the end of the performance

their functions.



(7) For the head of the person of the organizer of a regulated market applies to section 10a, paragraph.

2 by analogy.



§ 44



Cancellation or change of the subject business organizer of the regulated market



(1) If the general meeting, the organizer of the regulated market shall decide on

the cancellation of the company's liquidation or about changing the articles of Association of

change in the business, is the operator of the regulated market shall be obliged to this

the fact of the Czech National Bank announce without delay after the decision of the General

meeting. If the companions of the organizer of a regulated market, if the

This is a company with limited liability, shall decide on the revocation of the company

with the disposal or change of social contract or memorandum

of change in the business, is the organizer of the regulated

the market shall be obliged to notify without delay after the Czech National Bank

the decision of the shareholders. The same obligation is even in the case that the

the general meeting shall decide the company with limited liability.



(2) the date of entry of the regulated market to the organizer's disposal, or from the

the date changes his line of business must not be a person who has entered into a

destruction or changed the course of business, to organize a regulated market

or to engage in the multilateral trading system and can only deal

their claims and debts resulting from these activities; to settlement

receivables and debts is considered the organizer of such a person

of the regulated market. The entrance to the disposal or change of business

authorization of the organizer of the regulated market shall lapse.



(3) in the case of changes to the business as a result of changes in the scope of

authorization of the organizer of a regulated market issued under section 38

or as a result of further business registration or changes its

scope according to § 39, paragraph 2 does not apply.



section 45



The conversion of the organizer of the regulated market



(1) the merger of the organizer of regulated market, for the distribution of the Organizer

of the regulated market, to transfer the assets of the organizer of the regulated

the market for his companion, a change in the legal form of the Organizer

regulated market or to transfer the assets of the Organizer

of the regulated market on its shareholder or partner, or to transfer the

assets of another person to the organizer of the regulated market

enabling the Czech National Bank.



(2) the application for authorisation of the merger of the organizer of a regulated market, the permission

transfer of the assets of the organizer of a regulated market, the permission

changes to the legal form of the organizer of a regulated market, or to transfer the

assets of the organizer of the regulated market to its shareholders or

partnership and enable transfer of the assets of any other person on the

the organizer of the regulated market can be made only on the prescribed

form, which are accompanied by the documents necessary for the assessment of

the consequences of mergers, changes of legal form or a transfer of assets. Pattern

the form and content of the annexes thereto lay down the detailed legal prescription.



(3) the allocation of the organizer of the regulated market or of a merger with the person

that is not the organizer of the regulated market or by an operator

settlement system, are not permitted.



section 46



Transfer, or stop the leasing business of the race Organizer

of the regulated market



(1) the conclusion of the contract on the transfer of the business of the race Organizer

regulated market or part of a Treaty on the cessation of the business

the race organiser of the regulated market or any part thereof, or of the Treaty on

farming business of race organiser of the regulated market or of its parts

You must enable the Czech National Bank.



(2) the request for authorisation referred to in paragraph 1 may be made only on the prescribed

form, which are accompanied by the documents necessary for the assessment of

consequences of the transfer, the cessation or lease commercial race Organizer

regulated market or its parts. The pattern of the form and the content of its annexes

lays down detailed legal prescription.



section 47



The acquisition, improvement and dispose of qualifying holding on to the Organizer

regulated market and his mastery of the



(1) to acquire or increase qualifying holdings in the Organizer

of the regulated market or the organizer's domination of the regulated market is

required the consent of the Czech National Bank. To grant this consent applies to section

10B 10 d up similarly. The request for approval must include information

referred to in section 10 d of paragraph 1. 1 and can be made only on the prescribed form,

to which the applicant shall be accompanied by documents certifying the fulfilment of the conditions

referred to in section 10 d of paragraph 1. 6. Patterns of the forms and the content of its annexes

lays down detailed legal prescription.



(2) for the termination or reduction of qualifying holding on the Organizer

of the regulated market shall apply mutatis mutandis to section 10e.



(3) the operator of the regulated market shall publish on its website

pages of information on persons who have a qualifying holding on it or

It controlled, and the size of their participation.



(4) the time limits, the form and manner of the disclosure of these data provides detailed

legal prescription.



section 48



Organizational requirements of the organizer of the regulated market



(1) the operator of the regulated market shall be obliged to



and establishing procedures) will allow to detect and deal with any possible negative

impact on the operation of the regulated market or for its participants, which would

may arise from the conflict between the interests of the organizer of the regulated market

or its affiliates and the proper functioning of the regulated market,



(b)) to establish procedures for risk management which is exposed; primarily

introduce appropriate measures to identify all significant risks to its operation

and effective measures to reduce these risks,



(c)) to establish policies and procedures to ensure the proper operation of its

commercial and other systems, including the adoption of effective measures for

disruption of system operation and emergency situations,



(d)) to introduce rules of trading on a regulated market, which provide

fair and orderly trading and lays down the objective criteria for

the implementation of the guidelines,



(e) implement measures allowing) the proper and timely settlement carried out

shops,



(f)) to establish measures to prevent market abuse,



g) maintain their own capital of at least the amount of the equivalent amount of 730 000

EUR



h) have available sufficient financial resources to ensure the proper

the functioning of the market, having regard to the nature and extent of the trades concluded on the market

and the nature and degree of the risks to which it is exposed,



I) introduce measures to systematically monitor and track whether



1. the participants of organized by the regulated market comply with the rules

trading on a regulated market and the rules of access to a regulated market,



2. investment instruments admitted to trading on an organised by

the regulated market comply with the conditions for admission to trading on a

regulated market provided for by this law (sec. 56) and the rules for

the admission of investment instruments to trading on a regulated market, and

the conditions for the admission of a security to trading on the official market (section

65),



3. the issuers of investment securities are admitted to trading on the

organized regulated market shall carry out information obligations laid down in section

57, 118, 119, 119a, 119b, 120 to 120, 123 and section 125, paragraph. 1 and 3,



4. a person who subsequently asked for the adoption of the financial instrument on the

a regulated market without the issuer's consent, the information duty according to §

paragraph 56. 8,



j) continuously monitor trading on the regulated market by the organized

and evaluate whether there is violation of trading rules, the emergence of

the exceptional situation on the market, or actions which may be considered

the use of internal information or market manipulation,



to establish procedures for the enforcement of) fulfilment of the obligations laid down in the rules of the

trading rules for the admission of investment instruments to trading

and the rules of access to the participants organised by the regulated market and

issuers of investment instruments admitted to trading on the

organized regulated market, including the possibility of penalties for

violation of these rules,



l) allow participants organised by the regulated market access

the information referred to in subparagraph i) point 3,



m) in the management of the property of the participant of a regulated market or

operated by the multilateral trading system to introduce measures to
the protection of the rights of a participant to this property, in particular in case of bankruptcy of the

the organizer of the regulated market.



(2) the provisions of this Act governing the management and control system

Merchant securities is the organizer of the regulated market

shall apply mutatis mutandis.



section 49



the title launched



(1) the operator of the regulated market shall notify without delay the Czech national

Bank



and significant violations of trading rules) or an exceptional situation on the

It organized regulated market,



(b) the use of the reasonable suspicion) internal information or manipulation

It organized regulated market,



(c) violation of the obligation of the issuer information) investment securities

admitted to trading on a regulated market, organized by the

the implementation is required to monitor,



(d) violation of the obligation of the person) of the information set out in section 48 (a). I) point

4, whose performance is bound to follow,



(e) the reasonable suspicion of violation) of this Act by a person authorised

close sales on a regulated market.



(2) the form and method of informing the Czech National Bank referred to in paragraph 1

lays down detailed legal prescription.



the title launched



section 50



Information obligations of the organizer of the regulated market



(1) the operator of the regulated market shall submit to the Czech National Bank



and) no later than 4 months after the end of the accounting period, its annual

the report and the consolidated annual report referred to in the law governing the

accounting, if under this Act shall be required to draw up this report,

which is part of the financial statements certified by an auditor,



(b)) no later than 1 month after the calendar quarter results

its economy in the past quarter.



(2) the operator of the regulated market shall publish the reports and information referred to in

paragraph 1 without undue delay after their submission to the Czech national

the Bank on its website.



(3) the operator of the regulated market shall publish in the current texts on their

the website of the trading rules, the rules for the adoption of

of investment instruments to trading, and access rules.



(4) the operator of the regulated market to be sent to the Czech National Bank also

For more information about the participants, the conditions, course and results of the

trading on an organized market, by investment instruments

admitted to trading on an organised market and by their issuers and

about the services provided, which are necessary for the exercise of supervision.



(5) the operator of the regulated market shall notify the national Czech Bank without

undue delay



and all the changes in the facts), on the basis of which he was granted

authorization of the organizer of a regulated market,



(b)) to the disposal of permissions according to the different legal regulation for the performance of additional

the activities, which have been registered pursuant to section 39.



(6) change of the trading rules, the rules for the admission of investment

instruments to trading or access rules sent to the Organizer

regulated market without undue delay after their approval note

The Czech National Bank.



(7) the implementing legislation provides for the content of information obligations

laid down in paragraphs 1 and 4, and the time limit, form and method of implementation.



section 51



Access to the settlement systems



(1) the operator of the regulated market allows participants organized by

of the regulated market to choose for a settlement with investment instruments

enclosed in this market settlement system, central counterparty,

Clearing House and a settlement system of their choice, if

exists between the regulated market and the selected settlement system,

central counterparty clearing house and a settlement system

such a connection, which will allow the proper and timely settlement of these transactions

without disproportionate cost.



(2) the use of different settlement system other than that which is usual for the

the relevant regulated market referred to in paragraph 1, requires the prior consent of the

The Czech National Bank. The Czech National Bank has granted the consent of the participant

in the case of a regulated market that technical conditions for settlement of the

receivables and debts from deals with investment instruments other than

the normal settlement system does not prevent the proper functioning of financial markets.



section 52



The Czech National Bank may restrict or prohibit the organizer of regulated

the use of market settlement system, a central counterparty, a settlement agent

or clearing institution from another Member State of the European Union to

settlement of all or only selected shops with investment instruments

closed on it an organized regulated market, if it is necessary

to the proper functioning of the regulated market; When deciding, the Czech national

the Bank will take into account whether the conditions laid down in § 51 paragraph.

1.



the title launched



section 53



The designation of "regulated market" or "stock" or similar

designation in conjunction with investment instruments can when your business

use only the organizer of the European regulated market.



§ 54



Permanent Court of arbitration of the organizer of the regulated market



(1) the operator of the regulated market can set up the Permanent Court of arbitration.



(2) the Permanent Court of Arbitration disputes from the shops on a regulated market

the organized settlement of the founder and of these shops, as well as disputes

from shops in the multilateral trading system operated by the founder and

from the settlement of such transactions. Permanent Court of arbitration and disputes shall be decided by the

trades in commodities and disputes from other shops on the financial market, if

such trades resulting from other business activities of the founder

the Czech National Bank registered under section 39. Permanent Court of arbitration may

also decide disputes from other shops with investment instruments or

commodities, disputes of the business on the stock market, the money market, the market

the supplementary pension savings, insurance and pension market market

insurance, if the parties so agree.



(3) The procedure before the permanent arbitral tribunal shall apply the law governing

the arbitration proceedings and enforcement of arbitral awards ^ 9). The way of management and

deciding the method of appointment of arbitrators, their number, the organizational

the arrangement of the Permanent Court of arbitration, the tariff of fees of the arbitrators, the rules

on the cost management and other issues related to the activities of the Standing

the Arbitration Court and its economic provision modifies the Statute and regulations

the Permanent Court of arbitration.



TITLE II



TRADING ON A REGULATED MARKET



Part 1



Basic provisions



section 55



(1) the regulated market is a market with investment tools organized

the organizer of a regulated market in accordance with the authorization of the Czech national

the Bank, which trades regularly and that has established rules

for the admission of investment instruments to trading on a regulated market,

the rules of the trading on a regulated market and the rules on access to the

regulated market which are in accordance with this Act.



(2) the European regulated market is a regulated market referred to in the list

regulated markets in the Member State of the European Union.



(3) a foreign regulated market is the European regulated market which

is not a regulated market referred to in paragraph 1.



the title launched



section 56



The conditions for the admission of investment instruments to trading on a regulated

market



(1) the conditions for the admission of investment instruments to trading on a

regulated market provides for this law. Other conditions or information

the obligations of the issuer than set out in this law can Organizer

of the regulated market provide for the adoption of rules of investment

instruments to trading on a regulated market.



(2) On a regulated market may be accepted just such an investment tool

be assigned an identification mark in accordance with the international

numbering system for the identification of securities (ISIN), and for which the

are prerequisites for a fair, orderly and efficient trading for

the conditions laid down by the directly applicable provision of the European Union, which

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

financial instruments ^ 10). The said conditions shall ensure the Organizer

regulated market in the rules for the admission of investment instruments to the

trading on a regulated market.



(3) in the case of investment securities, operator of the regulated market in

rules for the admission of investment instruments to trading on a

regulated market shall further ensure that the trading on a regulated market

He was admitted only investment security that is freely negotiable

under the conditions laid down in the applicable regulation in the European Union itself,

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

financial instruments ^ 10a).



(4) in the case of investment instruments referred to in section 3, paragraph 3. 1 (a). (d)) to)

operator of the regulated market in the rules for the admission of investment

instruments to trading on a regulated market shall ensure that

trading on a regulated market has been accepted only investment tool

referred to in section 3, paragraph 3. 1 (a). (d)) to), which allows the proper determination of

prices and suitable method of settlement under the conditions laid down directly

the applicable law of the European Union, implementing the directive

The European Parliament and of the Council governing the markets for financial instruments ^ 10b).



(5) the investment facility may be admitted to trading on a regulated
market without the issuer's consent. Investment paper can be accepted to

trading on a regulated market without the issuer's consent, only if the

already admitted to trading on a regulated market. The conditions of the

admission to trading on a regulated market provided for in § 57 this does not

without prejudice to the.



(6) the operator of the regulated market shall notify without undue delay the

the issuer of the investment instrument issued by the issuer of the investment tool

accepted for trading on the regulated market in accordance with the organized

paragraph 5.



(7) the issuer of the investment securities admitted to trading on the

a regulated market referred to in paragraph 5 shall not be obliged to carry out this

a regulated market of any of the information obligations.



§ 57



The conditions for the admission of investment securities to trading on a

regulated market



(1) the operator of the regulated market may take investment securities

to trading on a regulated market, if the published prospectus

These investment securities and from his publication has passed at least

1 day.



(2) the obligation to publish a prospectus referred to in paragraph 1 shall not apply to



and) securities specified in § 34 paragraph. 4,



(b)) shares, which for the previous 12 months are less than

10% of the total number of shares of the same class already admitted to trading

on the same regulated market,



(c)) the current shareholders free of charge, offered shares and stock split

as a form of dividend, if the shares of the same class as the shares, of which

such non-cash dividends paid, if it is delivered to the Czech

the National Bank and is available to participants of the regulated market to the document

containing information on the number and nature of the shares and the reasons for and details of the offer,



(d) securities issued by the employer), or by a person of the same group and

offered by current or former employees, or persons with management

the powers of the employer, in the case of securities of the same type as

securities admitted to trading on a regulated market, and if it is

delivered to the Czech National Bank and is available to participants of the regulated

market document containing information on the number and nature of the Securities and the reasons for

and details of the offer,



e) shares issued in Exchange for other shares of the same class already admitted to

trading on the same regulated market, if it does not increase

of share capital,



(f)) shares acquired in Exchange for another security or performance rights from the

other securities, provided that the shares are of the same

kind as the shares already admitted to trading on the same regulated market,



g) securities already admitted to trading on another regulated market in

Member State of the European Union, if the



1. these or fungible securities are admitted to trading on a

other regulated market for more than 18 months,



2. for securities first admitted to trading on a regulated market

after 31 December 2006. December 2003, admission to trading associated with the approval

the prospectus and its publication in accordance with the requirements of the law of the European

Union ^ 10 c),



3. in the case of securities which have been admitted to trading on a

regulated market after 30. June 1983 and do not meet the conditions referred to in point 2,

meet the requirements of the law of the European Union for the admission

on the official market ^ 10 d),



4. continue to meet the conditions for securities for trading on that other

a regulated market,



5. the person asking for admission to trading on a

a regulated market, it shall draw up a summary document in the Czech language

that contains the summary of the prospectus in the manner specified in § 36 odst. 4 and

for information about where you can obtain the most recent prospectus and where are

available financial information published by the issuer; the Commission shall publish this document

in the manner referred to in section 36 h.



(3) the obligation to publish a prospectus referred to in paragraph 1 shall not apply to

securities offered in connection with a take-over bid, as

consideration or with the merger, Division or on the basis of the approved

If the reorganization plan is the Czech National Bank received the document

the Czech National Bank decides that contains information equivalent to

the information contained in the prospectus. If the Czech National Bank will not send

the issuer, within 15 working days from the date of delivery of the decision on the document

This document, that the information be deemed equivalent to the information in the

the prospectus; If the document management is broken, this time limit is not running.



section 58



A transaction concluded on the regulated market



A transaction concluded on the regulated market in accordance with the rules of trading

regulated market operator of the regulated market cannot cancel. Mistake in

instruction at the close of trade on the regulated market shall not constitute its

the nullity.



section 59



Registration of securities issued by a collective investment fund on the

regulated market



(1) a security issued by a collective investment fund, which is not

admitted to trading on a regulated European market, may be for the purpose of

public disclosure of its value registered on the regulated market.



(2) the conditions for the registration of the securities issued by the Fund of collective

investing and the method of determining its value provides the Organizer

regulated market in the rules for the admission of investment instruments to the

trading on a regulated market.



section 60



Disposal of securities from trading on the regulated market



(1) an issuer which decided on the disposal of securities of the

trading on a regulated market, this fact without delay to the



and the Czech National Bank) and the organizer of the regulated market, on the

which is a security admitted to trading, and



(b)) shall publish on its website.



(2) the issuer referred to in paragraph 1 shall be sent to the organizer of the regulated market

the application for the disposal of securities from trading on a regulated market without the

undue delay after fulfilment of all obligations arising from the Act

governing legal relations of commercial companies and cooperatives, these

persons. When the compulsory public draft contract on purchase of participating

securities pursuant to the Act governing the legal relations of business

companies and cooperatives for the fulfilment of the obligations shall be deemed compliance with debt

to the stockholders of the public draft of the Treaty. Annexed to the application form

a decision on the disposal of securities from trading on the regulated market

in accordance with the law governing the legal relations of companies and

cooperatives and proof that this has been announced by the Czech national

the Bank, and proof of compliance with all the obligations arising from the Act

the legal standards governing commercial companies and cooperatives.



(3) if the foreign law in the case of a foreign issuer

obligations of similar obligations laid down in paragraph 1 shall send an issuer

prior to the disposal of securities from trading on the regulated market

the organizer of the regulated market, the document proving the compliance with these

duties.



(4) the operator of the regulated market, excludes security from trading on

regulated market without undue delay after receipt of the request referred to in

paragraph 2 with all the attachments.



(5) the operator of the regulated market shall notify without delay the disposal of valuable

paper from trading on the regulated market of the Central Depositary and the Czech

the National Bank.



(6) if the disposal of the securities of the trading party from the

the law, the organizer of a regulated market shall ensure that their trading

such a valuable piece of paper on a regulated market.



section 61



The suspension of trading in investment tool and exclusion

the investment instrument from trading on the regulated market



(1) the operator of the regulated market to suspend trading with investment

instrument on the regulated market or excludes investment tool from the

trading on a regulated market, if the investment facility does not meet the

the conditions for the admission of investment instruments to trading on a regulated

market in accordance with this Act and the rules for the admission of investment instruments

to trading on a regulated market or trading rules

regulated market or are not fulfilled obligations relating to the information

This investment instrument under this Act and the rules for

the admission of investment instruments to trading on a regulated market and

If it seriously imperil the interests of investors or the smooth operation of the market.



(2) the operator of the regulated market shall publish the decision referred to in paragraph 1

and communicate to the Czech National Bank. The Czech National Bank shall inform the authorities of the

supervision of other Member States of the European Union.



section 62



The rules of the trading on a regulated market



Operator of the regulated market shall establish transparent and adheres to the rules

trading on a regulated market, which lays down in particular the structure of the

of the regulated market, which it organises, and the rules for the conclusion of transactions with

investment instruments on a regulated market.



section 63



The rules of access to a regulated market



(1) the operator of the regulated market shall establish and adheres to transparent

the rules of access to a regulated market, which lays down the objective criteria

for this access.



(2) the rules of access to a regulated market shall stipulate the obligations of the participants

of the regulated market, resulting from the proceedings and the structure of a regulated market,

the rules of the trading on a regulated market, and the rules for clearing and

settlement of transactions concluded on the regulated market.



(3) the rules for access to the regulated market to be further adjusted to the requirements of the
the expertise of the people, which they use for their activities on a regulated market

traders in securities and foreign persons with the permission of the foreign

supervisory authority for the provision of investment services, who are participants in the

in this market, and the rules for the access of persons referred to in paragraph 4 (b). (b)).



(4) a participant in the regulated market can be



and) a securities dealer and the foreign person with permission

the external supervisory authority for the provision of investment services or



(b)) other person



1. is a trusted and professionally qualified,



2. has sufficient ability and the capacity to trade,



3. have the appropriate organizational assumptions and



4. has sufficient financial resources, in particular with regard to the

ensure settlement of trades.



(5) the operator of the regulated market shall forward regularly to the Czech National Bank

changes in the list of the participants organised by the regulated market. The time limits,

the content, form and manner of the sending of lays down detailed legal prescription.



(6) the rules for access to the regulated market to allow foreign person with

the external supervisory authority authorisation to provide investment services

access from abroad.



(7) the Organizer foreign regulated market may in the Czech Republic

to establish the technical and organisational measures, that will allow the participants to it

organized regulated market established or residing in the Czech

Republic access to the regulated market. The Czech National Bank may

ask the supervisory authority the organizer of regulated market of

the participants of the regulated market established or residing in the Czech

Republic.



(8) the operator of the regulated market established in the Czech Republic shall notify the

The Czech National Bank, the Member State in which the European Union intends to

to establish the technical and organisational measures, that will allow the participants to

of the regulated market established or residing in another Member State

The European Union organised by access to a regulated market. Czech national

the Bank shall communicate this information to the competent authority within one month of supervision

This member State of the European Union. The Czech National Bank shall notify to the

the request of the supervisory authority of the Member State of the European Union information on the

the participants of the regulated market established or resident in that Member

State of the European Union.



Part 2



The official securities market



section 64



the title launched



Operator of the regulated market may organize as part of

a regulated market, the official market, which satisfies the conditions laid down in this

the Act (section 65).



section 65



The conditions for the admission of a security to trading on the official market



(1) the operator of the regulated market can to trading on the official market

accept only equities or bonds, if the



and) conditions are met under section 56 and 57,



(b) the legal status of the issuer of the) shares or bonds is in accordance with the

the law of the State in which the issuer has its registered office,



(c)) or the anticipated share exchange rate multiplied by the number of issued

shares in Czech crowns the amounts corresponding to at least 1 0000 0000

EUR; If you cannot determine the estimated rate estimated qualitatively

at least referred to the amount of own capital of the issuer of the shares; condition

the lowest amount need not be met if the issuer of the shares already issued

of the same kind, and these shares were admitted to trading on a regulated

the market, on which the admission to trading is sought, or if the

to ensure smooth trading with these shares,



(d) the total nominal value of the issue) a bond in Czech Crowns

Czech values corresponding to at least EUR 200 000; the condition of the lowest

the total nominal value need not be met if will be provided

seamless trading with these bonds,



(e)), the issuer of the shares or debentures, according to published accounts of the

the law governing accounting for at least three consecutive

accounting period previous accounting period in which the application is made

about the admission of a security to trading on a regulated market; condition

the publication of the financial statements for the three consecutive financial years

need not be met if the issuer there is by writing to

appropriate register less than 3 years and the adoption of stock or bonds to

trading on the official market is in the interest of the issuer or investor and

If investors have sufficient information necessary for assessing the

of the issuer and of the securities,



f) these shares or bonds meet the requirements of the law of the State in accordance with

which have been issued,



(g)) is not excluded or limited transferability of the shares or

bonds; the shares may also be admitted to trading on the official

market, if their transferability limited only by the requirement of the consent of the

organs of the company, and if their admission to trading does not interfere with

trading in this market,



h) is fully paid the emission rate of these shares or bonds; the emission rate

may not be fully paid, if it's another law allows and if the

ensure smooth trading with them and if it is in their

the prospectus explicitly stated, that the emission rate has not been repaid and are listed

the measure, which was taken in connection with this,



I) at least 25% of the shares to be admitted to trading on a

the official market, is owned by the public of the Member States of the European

the Union, or if it is in the possession of the public of the Member States of the European

the Union, at least the percentage of shares that guarantees seamless

trading on the official market; It is not necessary, if



1. the ownership of the shares of the public member States of the European Union to be

ensure only trading on this market and the organizer of the regulated

the market considers that the required ownership of the public will be achieved during the

a short time after admission to trading, or



2. the shares of the same issuer and type are admitted to trading on a similar

the official market of the State which is a Member State of the European Union, and in

This State is owned by the public, such as their volume, which

ensures trouble-free trading on the official market,



(j)), the application for admission to trading, to apply to all bonds

the same emissions or on all shares of the same type; application for admission to the

trading may not include shares held for the purpose of control of the issuer

or on the shares, which cannot be based on the agreement after a period of time

trade, if only parts of the trading of the shares of the same type

There are no disadvantages to investors; the fact that the application for

admission to trading on the official market applies only to a portion of the shares

of the same kind, it must be expressly stated in the prospectus, together with the

the reason,



to shares or bonds), which are items of documentary securities, are

printed in accordance with the demand for printing paper stock

securities under the law of the State in which the issuer has its registered office,



l) by the issuer of the shares or debentures the person is resident in the State,

that is not a Member State of the European Union, and these shares or bonds

not admitted to trading on the official market of the State in which the

the issuer of the registered office and head office, or in the State in which it is in the

the largest share of public ownership of these shares or bonds, and

operator of the regulated market where admission is sought, is

convinced that the reason for non-acceptance to trading is not the protection of investors,



m) is a removable bonds, bonds or bonds of priority

debentures with warrants, to be exchanged for shares, and shares the same

the species are already admitted to trading on the official market or investors

available all information necessary to assess the value of these

the shares,



n) the issuing of such shares or debentures have been issued as securities,

or as book-entry securities and all of its pieces have the same

the nominal value and the same identification mark in accordance with the international

numbering system for the identification of securities (ISIN)



about) the organizer of a regulated market are not aware of the circumstances which, in the

the case of the adoption of these shares or bonds to trading on the official

the market could lead to damage to investors, to the threat to their interests or to

the threat to important public interests.



(2) securities representing shares may be admitted to trading on a

the official market, if



and the issuer of the shares) of the paper stands, meets the conditions of

laid down in paragraph 1 (b). (b)), and (e)) and performs for the represented shares

information obligations of the issuer of shares admitted to trading on a

the official market,



(b)) meet the conditions laid down in paragraph 1 (b). f), (g)), i) to) and in

paragraph 4,



(c)) the shares, which represent a valuable paper, satisfy the condition laid down in the

paragraph 1 (b). (c)).



(3) if the subject of the request for admission to trading on the official

market are securities which carry the right to acquire securities

representing the share of the company is established in another Member

State of the European Union, and securities representing the share of the company

are admitted to trading on the official market of the State in which the

the registered office of the issuer, operator of the regulated market before the decision

the application requests the opinion of the authority, which decided on their acceptance to the

trading.



(4) If they are called upon to subscribe shares or bonds on the basis of public
menu, you can start trading with them until after the expiry of the deadline for

subscription to the specified in the offer to the public; This does not apply, if the period has not been

established.



(5) the conditions for the admission of securities to trading on the official

the market laid down in paragraph 1 (b). b) to (f)), h), (i) and (l))) up to)

not apply to Treasury bonds issued by the Czech Republic, Member

State of the European Union or a Member State of the Organisation for economic

cooperation and development, municipal bonds or bonds issued by entities

of international law.



§ 65a



The issuer of shares admitted to trading on the official market for shares,

that newly issued and that are of the same kind as it issued shares

admitted to trading on the official market, it shall within one year from the date of their

the issuance of a request for admission to trading on such a market, if there is no

their adoption without a request.



section 66



Admission of a security to trading on the official market



Operator of the regulated market shall, within 6 months from the date of delivery of the

or complete the request for admission to trading on a

the official market to disclose to an applicant, whether a security to trading on a

the official market.



Part 3



The transparency of the regulated market



§ 67



The transparency of a regulated market before the conclusion of the trade



(1) the operator of the regulated market publishes under the conditions laid down

directly applicable EU regulation implementing directive

The European Parliament and of the Council governing the markets for financial instruments ^ 10e)

the current supply and demand and the current prices offered and demanded

the amount for these prices for shares admitted to trading on the

a regulated market.



(2) the operator of the regulated market shall publish the information referred to in

paragraph 1 continuously during its usual business hours in a manner easily

available to the participants of the capital market; access to this information may

to charge a price that shall not be higher than usual on the financial

the market.



(3) the operator of the regulated market may not disclose the information referred to

in paragraph 1, to which it lays down implementing legislation in accordance with

conditions laid down in the EU regulation, directly applicable,

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

financial instruments ^ 10f).



section 68



The transparency of a regulated market after the conclusion of the trade



(1) the operator of the regulated market shall publish the particulars of the trade with shares

closed on a regulated market, under the conditions and to the extent laid down directly

the applicable law of the European Union, implementing the directive

The European Parliament and of the Council governing the markets for financial instruments ^ 10 g).



(2) the operator of the regulated market shall publish the information referred to in paragraph 1

immediately after the close of trade in a manner which is easily accessible to the participants

capital market; access to such data may charge for the price

which shall not be higher than usual on the financial market.



(3) the Czech National Bank may, under the conditions laid down in the

the applicable regulation in the European Union, implementing the directive

The European Parliament and of the Council governing the markets for financial instruments ^ 10 h)

at the request of the organizer of the regulated market to grant prior approval with a

deferring the publication of the information referred to in paragraph 1. Notice of award

This is the organizer of the regulated market shall be obliged to publish

in a manner which is easily accessible to the participants of the capital market.



(4) For investment instruments with the exception of shares of the operator of the regulated

the market publishes



and the current exchange rate) of the investment facility, which is traded on the

the organized market,



(b) the closing rate of the investment facility), which is traded on the

the organized market; closing rate is published after the end of the business

the day in the quotation.



(5) the time limits, the form and manner of disclosure of rates of investment tools

in accordance with paragraph 4 lays down detailed legal prescription.



TITLE III



TRADING IN THE MULTILATERAL TRADING SYSTEM



§ 69



the title launched



(1) the multilateral trade system is the market with the investment instruments

run by a dealer in securities or organizer

of the regulated market that has established rules for the adoption of

of investment instruments to trading in the multilateral trading system,

the rules of trade in the multilateral trading system and the rules

access to the multilateral trading system, which are in accordance with the

This law.



(2) the operator of a multilateral trading system is obliged to introduce

transparent rules of trade in the multilateral trading system,

to ensure fair and orderly trading and establishes objective

the criteria for the implementation of the guidelines.



(3) the operator of a multilateral trading system is obliged to introduce

transparent rules for the admission of investment instruments to the

trading in the multilateral trading system, which provides objective

the criteria for determining whether an investment instrument can be traded in this

the system. Rules for the admission of investment instruments to trading on the

multilateral trading system may provide also information

the obligations of issuers of investment instruments admitted to trading or

persons who have applied for the adoption of investment instruments to trading on the

multilateral trading system without the consent of the issuer.



(4) the operator of a multilateral trading system is obliged to introduce

transparent access rules into the multilateral trading system,

which lays down the objective criteria for this approach. § 63 paragraph. 4 and 6

apply for access to the multilateral trading system by analogy.



(5) the operator of a multilateral trading system is required to ensure

participants in the multilateral trading system operated by it access

to publicly available information on investment instruments admitted to

trading in the multilateral trading system.



(6) investment instrument may be admitted to trading on a multilateral

trading system without the consent of the issuer.



(7) the issuer of the investment instrument admitted to trading on the

multilateral trading system referred to in paragraph 6 is not obliged to carry out

towards the multilateral trading system, any information

obligations.



(8) the operator of a multilateral trading system is established in another

Member State of the European Union may in the Czech Republic to introduce technical and

organizational measures to allow persons established or resident in

The Czech Republic access to the multilateral trading system.

The Czech National Bank may ask the supervisory authority of the operator

the multilateral trading system for information about participating in this

the multilateral trading system established or residing in the Czech

Republic.



(9) the operator of a multilateral trading system based in the Czech

the Czech Republic shall notify the National Bank, in which the Member State of the European

the Union intends to introduce technical and organisational measures, that will allow the

persons established or resident in a Member State of the European Union

access to the multilateral trading system. Czech national

the Bank shall communicate this information to the competent authority within one month of supervision

This member State of the European Union. The Czech National Bank shall notify to the

the request of the supervisory authority of the Member State of the European Union information on the

participating in the multilateral trading system established or

resident in that Member State of the European Union.



the title launched



section 70



Access to the settlement systems



(1) the operator of a multilateral trading system is required to ensure

the proper settlement of the transactions concluded in the multilateral trading system and

to inform the participants in the multilateral trading system on your rights

and obligations, and about the rights and obligations of the participants, while ensuring

settlement of the transactions concluded in the multilateral trading system.



(2) the Czech National Bank may restrict or prohibit operator

the multilateral trading system, the use of the settlement system,

a central counterparty, settlement agent or clearing house of another

the Member State of the European Union to settle all or just selected

deals with investment instruments concluded in this multilateral

trading system, if it is necessary for the proper functioning of this

System; When deciding, the Czech National Bank will take into account whether the

circumstances referred to in section 49.



section 71



(1) the operator of a multilateral trading system is obliged to introduce

measures for continuous monitoring, whether the



and this) the participants in the multilateral trading system comply with the rules

trading in the multilateral trading system provided for in § 69 paragraph. 2,



(b)) investment instruments admitted to trading in this multilateral

trading system comply with the rules for the admission of investment instruments

to trading in the multilateral trading system provided for in § 69 paragraph.

3.



(2) the operator of a multilateral trading system continuously monitors the

shops in this multilateral trading system, and assesses whether the

There is no violation of trading rules in a multilateral trading

system, the emergence of the exceptional market situation, or actions which may be

considered the use of insider information or manipulating the market.
(3) the operator of a multilateral trading system is obliged to

immediately notify the Czech National Bank



and significant violations of trading rules) in the multilateral trading

system or an exceptional situation on the market,



(b) the use of the reasonable suspicion) internal information or manipulation

market,



(c) the reasonable suspicion of violation) of this Act by a person authorised

close sales in the multilateral trading system.



(4) the operator of a multilateral trading system be sent to the Czech national

the Bank also for more information about participating in, the conditions, course and

trading results in the operating system, the investment

instruments admitted to trading in the operating system and their

issuers and of the services provided, which are necessary for the performance of

supervision.



(5) the form and method of informing the Czech National Bank referred to in paragraph 3 and

the time limits, the content, form and manner of the sending of the information referred to in paragraph 4

lays down detailed legal prescription.



section 72



the title launched



The operator of a multilateral trading system is obliged to comply with the

transparency in relation to the shares taken to trading on the

regulated market, mutatis mutandis, in accordance with section 67 and section 68, paragraph. 1 to 3 and, in relation to the

the other investment tools, mutatis mutandis, in accordance with section 68, paragraph. 4.



the title launched



section 73



The store closed in the multilateral trading system



The store closed in the multilateral trading system, according to the rules

trading in the multilateral trading system, the operator cannot

cancel the multilateral trading system. A mistake in the instruction at the conclusion of the

trade in the multilateral trading system, shall not entail its annulment.



PART SIX



cancelled



§ 74



cancelled



§ 75



cancelled



§ 76



cancelled



§ 77



cancelled



§ 78



cancelled



section 79



cancelled



the title launched



§ 80



cancelled



§ 81



cancelled



PART SEVEN



SETTLEMENT SYSTEM WITH THE FINALITY OF SETTLEMENT



TITLE I OF THE



BASIC PROVISIONS



section 82



Settlement system with the finality of settlement



(1) Settlement System with the finality of settlement is a system



and) that has at least 3 participants referred to in section 84, paragraph. 1 (a). and (g))),



(b)) that performs the settlement [§ 83)] on the basis of specified

the rules,



(c)), whose participants, at least one of which has its registered office or headquarters in the Czech

Republic, agreed that the legal relations between them in the implementation of

the settlement governed by Czech law, and



(d)) whose existence of the Czech National Bank has announced the European authority for the

Securities and markets pursuant to § 90 g of paragraph 1. 1 or 2.



(2) the international settlement system with the finality of settlement is the

settlement system, the existence of the European Securities Authority announced

Securities and markets, the competent authority of another Member State in accordance with regulation

The European Union governing the finality in systems

settlement of trades in securities ^ 30).



(3) Settlement System with the finality of settlement and participation in this

the system shall be based.



section 83



The definition of certain concepts



For the purposes of this Act, means the



and) settlement



1. set-offs of investment instruments,

or



2. compliance with the mutual debt of the investment instruments transfer

investment instruments or funds,



(b)) to the settlement system for the settlement with instruction by a participant

finality of settlement or participant or system operator

linked under section 89, on whose basis has to be in accordance with the rules

settlement system with the finality of settlement (hereinafter referred to as "the rules of the

the system ") made a settlement,



(c)) a central counterparty, the person who enters in the settlement between the

participants in the settlement system with the finality of settlement referred to in

section 84, paragraph. 1 (a). and) to g) or m) as their exclusive counterparty,



(d)), the person who leads the settlement agent for the participants in the settlement system with

finality of settlement referred to in section 84, paragraph. 1 (a). and (g))))

or m) account, on which the settlement is carried out,



e) clearing house, the person who performs settlement netting

the mutual claims of the participants with the finality of settlement system

the settlement referred to in section 84, paragraph. 1 (a). and) to (g)), i), (j)) or m),



(f) the operating rules of the system) the date fixed, periodic

the period during which the settlement system with the finality of settlement receives

and carries out the commands to the settlement and other tasks with this settlement

related.



§ 83a



cancelled



§ 84



Participant of the settlement system with the finality of settlement



(1) a participant in the settlement system with the finality of settlement may

only be



and)



(b)), savings and credit cooperative,



c) a securities dealer,



(d)) of the foreign person whose business corresponds to the activity of some

of the persons referred to in points (a) to (c)))



(e)) legal person of public law or the legal person in whose

all the debts of the person is guaranteed by public law,



(f)), Czech National Bank, foreign central bank or the European

the Central Bank,



(g)) legal person with a special status, which is excluded from the

the scope of the regulation the European Union governing access to the activity

credit institutions and its performance ^ 31),



h) settlement system operator with the finality of settlement (section

90),



I) a central counterparty,



(j)), zúčtovatel



k) clearing house,



(l)) a person who performs similar activities as one of the persons referred to

in subparagraphs (h)) to) in the payment system with the finality of settlement,

in the international settlement system with the finality of settlement or in the

foreign payment system with the finality of settlement, or



m) a person not mentioned in points (a) to (l))), that it is appropriate in light of

on the degree of systemic risk arising from the scope of its activities.



(2) the activities of a central counterparty, settlement agent or clearing house

the institution may be exercised and several participants in the settlement system

with the finality of settlement.



TITLE II



OPERATION OF THE SETTLEMENT SYSTEM WITH THE FINALITY OF SETTLEMENT



Rules of the system



§ 85



the title launched



(1) the operator of a settlement system with the finality of settlement

lays down the rules of the system.



(2) the rules governing the system of at least



and the business name or name), registered office and identification number, if

granted, the operator with the finality of settlement system

the settlement,



(b) conditions for participation in the settlement) system with the finality of

the settlement, which must be transparent and must contain an objective

the criteria for access to the system with the finality of settlement

the settlement; persons established in another Member State of the European Union must not

be the disadvantage of other than economic reasons,



(c) the rights and obligations of the participants) settlement system with the finality of

the settlement resulting from their participation in this system,



(d) the method and conditions for ensuring) the debts arising from participation in the

settlement system with the finality of settlement,



(e) the manner and terms of the settlement), including the establishment of a procedure to correct

errors arising during the settlement,



(f) particulars of the settlement statement), method and the conditions of its entry into

settlement system with the finality of settlement,



g) information that the participant with the finality of settlement system

the settlement provides the operator with the settlement system

the finality of settlement for the performance of its duties, and how their

the provision,



h) measures, which the operator may settlement system with

finality of settlement apply to a participant in the settlement

system with the finality of settlement, and the procedure for their application,



I) a timetable for implementation of the settlement, including the schedule of individual

the stages in which the settlement takes place,



j) definition of the operating day,



for the moment, to which) a settlement be considered adopted

settlement system with the finality of settlement,



l), to which the command entered into the settlement to settlement

system with the finality of settlement considered unilaterally

irrevocable, and the technical conditions for the security of its

finality,



m) investment tools and the currency in which the settlement is carried out and



n) access rules to the risks, which include at least



1. the risks to which the settlement system with the finality of settlement is the

or may be exposed, including systemic risk, operational risk,

liquidity risk and credit risk,



2. the procedures of recognition, evaluation, measurement, monitoring, and reporting

the risks and



3. the procedures for the adoption of measures to limit the risks, including

the determination of the appropriate conditions for participation in the settlement system with

finality of settlement.



§ 86



the title launched



(1) the operator and the other participants in the settlement system with

finality of settlement shall comply with the rules of the system.



(2) the rules of the system in the current wording must be published on the

the website of the operator and shall be open to inspection by
to the public at the registered office of the operator of settlement system with

finality of settlement in his office hours. If

the operator of a settlement system with the finality of settlement shall establish

establishment, the rules of the system must be open to inspection by the public in the

This establishment.



§ 87



Change the rules of the system



(1) a change to the rules of the system becomes effective at the moment of publication,

unless otherwise provided by an operator with the finality of settlement system

a moment later the settlement efficiency. Change the rules of the system cannot be

publish, as long as the Czech National Bank has given its approval to the change.



(2) a participant in the procedure for granting consent to change the rules of the system is

only the operator of settlement system with the finality of settlement.

Unless the Czech National Bank decision on a request for consent

to change the rules of the system within 1 month from the date of receipt of the application,

true, that consent has been granted.



§ 87a



The provisions of this Act governing the management and control system

Merchant securities settlement system provider

shall apply mutatis mutandis.



The finality of the order for the settlement



section 88



the title launched



(1) from the date provided for in the rules of the system cannot command to

the settlement unilaterally revoke.



(2) the bankruptcy decision or decision or other action of the public

to be able to work towards stopping or restricting settlement, to the exclusion or

restrictions on use of investment instruments or funds on

the account to which the settlement, or the exclusion or limitation of

the application of the law to the satisfaction of providing they do not affect the



and, or) the validity of enforceability of the order for the settlement if the

This statement was adopted by the settlement system with the finality of

settlement prior to the release of this decision or before performing this

intervention,



(b)) the ability to use tools or investment funds on account

the participant's settlement system with the finality of settlement, on which

settlement is carried out, to meet the debts incurred in the

settlement system with the finality of settlement or in the system

linked under section 89, if the investment instrument or cash

resources are used during the operating day during which the

There was a release of this decision, or for the implementation of this intervention, and



(c)), the effectiveness or enforceability of the right to the satisfaction of securing

provided by the participant or the operators of the settlement system with

finality of settlement or a linked system, pursuant to section 89.



(3) to exclude the effects of the bankruptcy decision or decision or other

intervention by the public authority referred to in paragraph 2 (a). and) occurs even if,

that was the order for the settlement accepted by the settlement system with

finality of settlement after the release of this decision or after

implementation of this intervention, if



and is performed during the settlement) of the operating day during which there has been

to issue this decision or to implement this intervention, and



(b)) to the operator with the finality of settlement settlement system

not to the time when the settlement became a non-appealable order by

paragraph 1, the date of this decision or the implementation of this intervention

notified or was not otherwise be known; the fact that the

the bankruptcy decision was published in the insolvency register,

itself does not mean that this decision was the operator of settlement

system with the finality of settlement known or should be known.



(4) the bankruptcy decision or decision or other action of the public

the power referred to in paragraph 2 does not have retroactive effects on the rights and obligations

incurred in the settlement system with the finality of settlement or in the

the system of interconnected according to § 89 before the release of this decision, or before the

implementation of this intervention.



Link systems



§ 89



the title launched



(1) if the operator of a settlement system with the finality of

the settlement of the interconnection agreement with another operator systems

settlement system with the finality of settlement, the payment system

with the finality of settlement of foreign settlement system with

finality of settlement or the foreign payment system

finality of settlement allowing the mutual implementation of the orders

the settlement, does not constitute the new settlement system with the finality of

the settlement.



(2) if it is possible, the operator of settlement system with

finality of settlement shall ensure that the rules of the system and the rules

a linked system referred to in paragraph 1 was coordinated as regards

the moment that the warrant for settlement considered unilaterally

irrevocable, and the moment that such a command considers it

adopted by the system. Unless otherwise agreed by the parties in the contract referred to in paragraph 1

otherwise, the rules of connected systems when it comes to these moments,

independently of each other.



(3) if the operator of a settlement system with the finality of

the settlement is linked to the system operator in accordance with paragraph 1

ensure not by the decision of the bankruptcy or decision or other

by the intervention of a public authority under section 88, paragraph. 2 to ensure the recipients

without prejudice to the right of the provider to the subject of the collateral.



TITLE III



THE OPERATOR OF A SETTLEMENT SYSTEM WITH THE FINALITY OF SETTLEMENT



§ 90



(1) the operator of a settlement system with the finality of settlement is the

legal person who is authorized to operate a settlement system with

finality of settlement on the basis of a permit to operate

settlement system with the finality of settlement, which awarded her the

The Czech National Bank.



(2) the operator of a settlement system with the finality of settlement

It may also, if it is stated in the authorization for the operation of the settlement

system with the finality of settlement, to provide for its participants

investment services referred to in section 4, paragraph 4. 3 (b). and).



(3) the operator of a settlement system with the finality of settlement is the

required to operate a settlement system with the finality of settlement with

professional care.



(4) funds or investment vehicles that have been

the operators of the settlement system with the finality of settlement

entrusted to the administration or as security for a debt arising from vypořádávaného

trade with investment tools are not part of the assets of the operator

settlement system. The operator of a settlement system accounts for

property of third parties, that is in their power, separate from his property.



The authorisation to operate a settlement system with the finality of

the settlement of the



§ 90a



(1) the Czech National Bank has granted a permit to operate a settlement

system with the finality of settlement of the applicant,



and) which is a joint stock company or limited liability companies,



(b)) which has its registered office and head office within the territory of the Czech Republic,



(c)) that is trusted,



(d)) that has an initial capital of at least the amount of the equivalent amount of 730

000 EUR,



(e)) whose initial capital has a transparent and safe origins,



(f)) which shall submit a business plan, supported with real

economic calculations,



(g)) whose substantive, technical, personnel, and organizational requirements are

appropriate in terms of sound and prudent operation of settlement

system with the finality of settlement,



h) whose potential business consisting in activities other than in

operation of the settlement system with the finality of settlement

does not represent a significant threat to the financial stability of the operator

settlement system with the finality of settlement or cannot defend

the effective exercise of supervision over the activities of the operators of settlement system

with the finality of settlement,



I) which have a qualifying holding the person in terms of proper and appropriate

prudent management of the settlement system operator with

finality of settlement,



j) whose close links with another person do not prevent the effective exercise of supervision

over the activities of the operator with the finality of settlement system

the settlement; in close connection with the person, which is governed by the rule of law

a State which is not a Member State, not the law or the way

its application to hamper effective supervision over the activities of

settlement system operator with the finality of settlement,



to the head of the person) are trusted,



l) whose head of the persons who effectively conduct the business in the area

operation of the settlement system with the finality of settlement, are

they have a competent and sufficient experience in terms of sound and

prudent operation of the settlement system with the finality of

settlement and



m) by the rules of the system that are appropriate in terms of

the sound and prudent operation of the settlement system with

finality of settlement and systemic risk.



(2) the Czech National Bank has granted a permit to operate a settlement

system with the finality of settlement and the applicant that



and) is a legal entity,
(b)) has its registered office and head office in another Member State of the European Union,



(c)) that is trusted,



(d)) is authorized to operate a system of similar securities settlement system

finality of settlement, in which the legal relationship between the participants

in the implementation of the settlement system governed by the law of another Member State

The European Union, and



(e)) rules of the system that are appropriate from the point of view of sound and

prudent operation of the settlement system with the finality of

settlement and systemic risk.



(3) an application for authorization to operate a settlement system with

finality of settlement can be made only on the prescribed form,

to which the applicant shall be accompanied by documents certifying the fulfilment of the conditions

referred to in paragraph 1 or 2. The pattern of the form and the content of its annexes

lays down detailed legal prescription.



section 90b



(1) on the application for authorization to operate a settlement system with

finality of settlement of the Czech National Bank will decide within 6 months

from the date of its delivery.



(2) the decision on the granting of a permit to operate a settlement system

with the finality of settlement approved by the Czech National Bank rules

the system.



(3) the decision to grant a permit to operate a settlement system

with the finality of settlement of the Czech National Bank may provide

the conditions that must be met before the settlement system operator

the start of the activity, or to comply with in the performance of its activities.



(4) the operator of a settlement system with the finality of settlement

notify without undue delay the Czech National Bank, changing the data referred

in the application for a permit to operate a settlement system with

finality of settlement or its annexes on the basis of

It was granted a permit to operate.



TITLE IV



INFORMATION OBLIGATIONS OF THE OPERATOR AND THE SUBSCRIBER'S SETTLEMENT SYSTEM WITH

FINALITY OF SETTLEMENT



§ 90c



(1) the operator of a settlement system with the finality of settlement

inform the Czech National Bank, without undue delay on the



and company or business name) or the name and surname of the participant

settlement system with the finality of settlement, their headquarters or

residence, their identification number, if assigned, and in the case of

natural persons, their date of birth and hometown number, if

assigned, and the change of these data and



(b)) of the draft decision on its liquidation or without liquidation

or a change in its business; as well informed of the adoption of the

such a decision by the competent authority of the operator of settlement

system with the finality of settlement.



(2) the participant with the finality of settlement settlement system without

undue delay, inform the operator of settlement system with

finality of settlement of the data within the scope of paragraph 1 (b). and).



(3) the operator of a settlement system with the finality of settlement

immediately inform the participants with the finality of settlement system

the settlement and the operator of a linked under section 89 of the notification

According to § 90 g of paragraph 1. 4.



(4) the operator of a settlement system with the finality of settlement

be sent to the Czech National Bank information and documents necessary for the performance of

supervision of its financial position, the results of the economic and

fulfilment of the conditions of performance of its activities. The deadline for sending information and

documents, details about their content, form and manner of the sending of lays down

the implementing legislation.



(5) the operator of a settlement system with the finality of settlement

established in another Member State of the European Union shall, for the purposes

an assessment of the fulfilment of the conditions of performance of its activities to provide the Czech national

the Bank required information and explanations.



§ 90 d



Participant of the settlement system with the finality of settlement at the request of the

It shall inform the person demonstrating a legitimate interest, the settlement system

with the finality of settlement, which involved, and about its rules.



sec. 90e



Participant of the foreign settlement system with the finality of

the settlement, which has its registered office on the territory of the Czech Republic,



and, on request, inform it), who shall certify the legal interest on this

the system and its rules and



(b)) shall inform without delay the Czech National Bank on its participation in the

This system, a Member State of the European Union, that the existence of this

the system of the European body announced for the Securities and markets, address

its headquarters and about change these facts.



THE HEAD OF THE



THE OBLIGATION OF THE PUBLIC AUTHORITIES



§ 90f



The obligation of notification to the Court or other public authority



On the issue of the bankruptcy decision or issue a decision or other intervention

a public authority under section 88, paragraph. 2 against the party settlement

system with the finality of settlement without undue delay, notify the

Court or other public authority, which carried out the action, the Czech national

the pot. Court or other public authority shall inform the Czech National Bank

also in the case if the decision issued or similar interventions carried out

against the party of the foreign settlement system with the finality of

the settlement, which has its registered office on the territory of the Czech Republic.



§ 90 g



Notification of the Czech National Bank



(1) the Czech National Bank shall, without undue delay, notify the authority

Securities and markets, the existence of the settlement system with

finality of settlement, which the operators granted a permit to

operation of the settlement system with the finality of settlement. In

notification of the Czech National Bank settlement system operator shall indicate to the

finality of settlement. If there is a change referred to in this

the notice shall inform the Czech National Bank without undue delay

The European Securities and markets. If you have permission to

operation of the settlement system with the finality of settlement is withdrawn,

The Czech National Bank shall notify to the European authority for the Securities and markets

the demise of this settlement system with the finality of settlement without

undue delay after complete settlement on the basis of

orders received before the date of the withdrawal.



(2) the Czech National Bank may notify to the European securities authority

the existence of markets and settlement of trades in securities, which

operates according to the law governing the status and the scope of the Czech national

the Bank, if the system satisfies the conditions referred to in section 82, paragraph. 1

(a). and (c)).) In the notice, the Czech National Bank, indicating that it is

the operator of this system. For this system, and for the Czech national

the Bank in the performance of the activities of the operator with section 87, paragraph. 1 the second sentence

(a). 2, § 90a, 90b, section 90c paragraph. 1 and paragraph 4 shall not apply. Czech

the National Bank of the notification under the first sentence appeals without undue delay,

If your system no longer meets the conditions referred to in section 82, paragraph. 1 (a).

and (b))), or (c)).



(3) if the Czech National Bank receives the notification referred to in § 90f, which

refers to a participant of the foreign settlement system with the finality of

the settlement, which has its registered office on the territory of the Czech Republic, it shall notify the

shall immediately notify the authority for the Securities and markets, the European Council for

systemic risks ^ 36) and to the competent authority of the Member State of the European

the Union, which announced the existence of this system to the European authority for the

Securities and markets.



(4) if the Czech National Bank receives the notification referred to in § 90f or

a similar notice from the authority of the Member State of the European Union, which concerns the

the participant's settlement system with the finality of settlement, it shall notify the

the operator immediately of this settlement system with the finality of

the settlement.



PART EIGHT



REGISTRATION OF INVESTMENT TOOLS



TITLE I OF THE



INTRODUCTORY PROVISIONS



Part 1



Introductory provisions



§ 91



Zaknihovaný paper is kept in the central register of dematerialised

securities, unless otherwise provided in this Act or other legislation

otherwise.



Part 2



Types of registers of investment instruments



section 92



Central registration of dematerialised securities



(1) a central register of dematerialised securities is evidence of all

book-entry securities issued in accordance with Czech law, with the exception of



and the book-entry securities) collective investment undertakings, if they are

kept in a separate register (section 93)



(b)) book-entry securities registered in the register of the Czech National Bank

According to the law governing the activities of the Czech National Bank, and



(c)) book-entry securities held in the records of the Ministry by

the law governing the budgetary rules.



(2) a central register of dematerialised securities leads Central

the depositary and the persons authorised to keep a record, building on the Central

Register of dematerialised securities, led by the Central Depositary.



(3) the registration of building on the central register of dematerialised securities

led by the central securities depository can lead



and) a securities dealer, who has the authorization referred to in the investment

the service of safekeeping and administration of investment instruments, including related

services,



(b)) the one who is entitled according to the law governing investment
companies and investment funds to pursue custody of securities or

keeping of the record book entry securities investment fund, if it is

registration of investment certificates or founding or investment

shares issued by investment fund,



(c)), Czech National Bank,



(d)) of the foreign person whose activity corresponds to the activities of the persons referred to in

(a)), and (b)) and that it is entitled to provide investment services in

The Czech Republic,



e) foreign central depository or foreign person authorized to lead

registration of investment instruments.



§ 93



Separate registration of investment tools



(1) in a separate register of investment instruments, may be registered



and dematerialised securities) collective investment undertakings,



(b)) the documentary investment tools in the custody,



c) foreign investment tools, which has in its power trader

securities for the purpose of the provision of investment services



(d)) investment tools that are not listed in points (a) to (c)))

the nature of it.



(2) the separate registers of investment instruments may lead Central

the depositary and, depending on whether or not authorisation granted



and) a securities dealer, which has a permit to its activities

listed investment service safekeeping and administration of investment tools

including related services,



(b)) the one who is entitled according to the law governing investment

companies and investment funds to pursue custody of securities or

keeping of the record book entry securities investment fund, if it is

registration of investment certificates or founding or investment

shares issued by investment fund,



(c)) the operator of a settlement system, if the register for

investment instruments referred to in paragraph 1 (b). b) to (d)), which is

authorised to settle debts and the debts of the shops,



(d)), the Bank, in the Bank license referred to investment service

safekeeping and administration of investment instruments, including related services,



(e)) of the foreign person whose activity corresponds to the activity of some of the persons

referred to in (a)), b) and (d)) and who is entitled to provide

investment services in the Czech Republic.



(3) the registration of building on a separate register can lead



and) a securities dealer, which has a permit to its activities

listed investment service safekeeping and administration of investment tools

including related services,



(b)) the one who is entitled according to the law governing investment

companies and investment funds to pursue custody of securities or

keeping of the record book entry securities investment fund, if it is

registration of investment certificates or founding or investment

shares issued by investment fund,



(c)) the operator of a settlement system, if the register for

investment instruments referred to in paragraph 1 (b). b) to (d)), which is

authorized to settle claims and liabilities of the shops,



(d)), the Bank, in the Bank license referred to investment service

safekeeping and administration of investment instruments, including related services,



(e)) of the foreign person whose activity corresponds to the activity of some of the persons

referred to in (a)), b) and (d)) and who is entitled to provide

investment services in the Czech Republic,



f) foreign central depository or foreign person authorized to lead

registration of investment instruments.



(4) a person referred to in paragraph 2 or of paragraph 3 (b). and (e)))

separate registers of investment instruments or recording the follow-up to

separate registers of investment instruments in the manner laid down by the

the implementing legislation. The implementing legislation further provides

requirements for the organizational and technical security management of such evidence

and the particulars of the registration statement.



(5) a separate registers of investment instruments is also the registration of securities

securities, led by the Czech National Bank according to the law governing the activity of the

The Czech National Bank. Operating regulations for the management of your records and its changes

the Czech National Bank publishes on its website.



(6) a person who keeps separate registers of investment instruments,

be sent to the Czech National Bank information and documents necessary for the performance of

supervision. The deadline for sending information and documents, details of their

the content, form and manner of the sending of lays down detailed legal prescription.



section 93a



Special provisions relating to dematerialized securities



(1) if the issuer decides on immobilization of according to the law governing the

securities already issued securities shall, mutatis mutandis, in accordance with

the legislation governing the transformation of documentary securities

book-entry securities. When you save the securities in bulk

deposit issuer may also decide to replace all of the documentary

the securities, which have been returned or which have been declared

invalid public Charter or more mass.



(2) if it Admits the conditions of issue, the issuer may be immobilized

security, decide on the exemption of all immobilized securities

from custody. Unless at the same time their custody to the custody of another

depositors referred to in paragraph 3 or on changing their form, proceed

mutatis mutandis in accordance with the legislation governing the conversion of zaknihovaného

securities on the documentary. Schovatel immobilized securities issue

to the issuer.



(3) if the issuer referred to in paragraph 2 of the exemption of all immobilized

securities from escrow, and their custody to the custody of another

depositors, is obliged to transmit the original schovatel new depositors

all the documents and information necessary for the conduct of a separate registration

dematerialized securities, within 3 months from the date when he was

such a decision is notified in writing, or otherwise at a later date

laid down in the decision of the issuer, but not before it is closed

contract for custody with a new schovatelem.



(4) On the new schovatele crossing on the date referred to in paragraph 3, all

the rights and obligations of contracts related to the custody of the

dematerialized securities concluded between the current schovatelem and

their owners and from contracts with persons leading these immobilized

securities, in the registration of building on a separate register, in

the scope concerning the registration of the immobilized securities.



(5) joint-stock company, whose statutes that allow you to, may conclude a contract

about escrow shares issued her immobilized with only Central

the depositary of securities dealer authorised to provide

investment service of safekeeping and administration of investment instruments, or

foreign person with similar activities, who is entitled to

provide services in the Czech Republic.



(6) the shareholders cannot claim the issue of dematerialized shares

the owner of the bulk of the deposit. The exemption to the owner of the dematerialized shares

mail custody is permissible only if at the same time to change the

their form or shape or if they are at the same time entrusted to the safekeeping

other depositors procedure laid down in this provision.



(7) on the register of dematerialized securities shall apply mutatis mutandis also

the provisions governing the registration of emission of book-entry securities.



Part 3



The principle of registration of investment tools



§ 94



Types of accounts



(1) the securities account must include information about the person for whom it is conducted, and

for natural persons, whether or not your social security number. On the securities account is maintained for at least

investment tools, separately transferable rights associated with the

investment instruments, the lien to investment instruments and

the suspension of the exercise of the right of the owner to dispose of the book-entry

investment instruments. Further details of the person authorized to register this

the right to perform and the information about the person, which is the lien creditor. U

natural persons entitled to exercise these rights and for physical persons, that

the lien creditor shall be recorded whether or not your social security number. If a natural person

has not been assigned a social security number, date of birth records. U

securities on records the limitation of the right to dispose with the valuable

paper provided by the issuer. The running order of the Central Depository (§

104) in the central register and the implementing legislation (article 93 (4)) for

separate registration provides the data closer to the register on

the various types of equity accounts.



(2) the central depository leads central register of dematerialised securities

securities accounts of owners or customers ' accounts.



(3) a person who keeps records of the building on the central register

book-entry securities led Central Depositary, leads this

register on the accounts of the owners.



(4) a person who keeps separate registers of investment instruments, leads

the owners of the accounts or the accounts of the customers.



(5) a person who keeps records of the building on a separate register

investment instruments, the register of the owners of the accounts or

the accounts of the customers. Account customers can only lead to the person referred to in section

paragraph 93. 3 (b). e) or (f)), which leads the follow-up registration abroad

According to the foreign law; a condition of the granting of permission to the

investment services in the Czech Republic may not be in such a case,

met.
(6) the central registration of dematerialised securities, led by Central

the depositary, separate record book entry securities

collective investment undertakings and the separate registration of securities, led by

The Czech National Bank are also in the stock issue. In the register of emissions

stores data about the person of the issuer and of the securities

the papers referred to in paragraph 1. The registration of emission is doing under contract with

by the issuer. The Czech National Bank establishes the rules of keeping emissions in

operating regulations published pursuant to § 93 paragraph. 5.



(7) for a person who leads a separate register of securities

collective investment undertakings, and the person who keeps records of the follow-up on the

a separate register of securities, collective investment schemes, the section

paragraph 111. 2 and 3 apply mutatis mutandis; the range of information to lay down the detailed

legal prescription under section 93, paragraph. 4.



section 95



Registration in the register of investment tools



(1) the Critical information for the exercise of the rights related to the book-entry

the investment facility are the data entered on the account of the owner of the accounts

the date specified by the operating regulations of the Central Depository (§ 104), implementing

legal regulation for the separate registration (article 93 (4)) or operational

regulations for registration of securities, the Czech National Bank (§ 93

paragraph. 5). This is without prejudice to the provisions of § 99 paragraph. 4.



(2) the registration in the register of investment tools is carried out on the basis of the

the command of the authorised person. Entry shall be effected promptly after the adoption of the

command, if the person entitled does not provide for a later moment of the registration.



(3) If a person gives a command to write to the registration of the investment

led by the Central Depositary of instruments through the participant's

Central Depository (§ 109), participant of the central depository verifies

the legitimacy of that person to submit the statement. In other cases, verifying

the eligibility of a person to submit a statement for registration in the register of investment

instruments, the person who leads this register.



section 96



Effects of the transfer of investment tools



(1) converts to zaknihovaný investment tool for the new owner,

ownership at the time of registration for the account of customers.

The owner of the account, the customer is obliged to immediately write this change to the account

the owner, but not later than the date of clearance of accounts; the change to the time of writes

writing on behalf of customers.



(2) converts to zaknihovaný investment tool, and the change is not recorded

on the customer account, the transfer of ownership occurs at the moment of the registration of the

the account of the owner; writes the change immediately, but not later than in the statement

of the day.



(3) if another law provides otherwise, it becomes the one who is

zaknihovaný paper is transferred, the owner of the security and

If the transferor did not have the right to zaknihovaný a valuable paper to convert;

This does not apply if the person to whom it is transferred, zaknihovaný paper

He knew or should have known, that the transferor at the time of the transfer of this right not. In

doubt the good faith assumed.



(4) a securities dealer who procured the transfer of investment

tools can immediately command to write changes resulting from the transfer to the

the relevant evidence.



(5) If the transfer is to take place on a regulated investment tools

the market, gives the command to write the changes resulting from the transfer to the competent

registration of the organizer of a regulated market or an operator of settlement

the system.



§ 97



The suspension of the exercise of the right of the owner to dispose of the investment instrument



(1) Command to write to the suspension of the exercise of the right of the owner to dispose of the

the investment facility (the "suspension of investment management

tool ") in the register of investment tool gives



and operator of the regulated market) or operator of settlement

the system, if it is to be converted, zaknihovaný investment tool



(b)), the competent court, the bailiff or an administrative office, if it is necessary

in connection with the issuance of the interim measure, execution or

other purposes of judicial or administrative proceedings or if another

legislation,



(c)), the central depository, if this is necessary in connection with the

settlement or other services of central depository under section

100,



d) depositary of an investment fund or a foreign investment fund,



(e)) the third person, if he gives the command to your advantage and has the consent of the

the owner.



(2) in order to write to the suspension of the management of the investment facility,

shows the time at which the management of the investment facility shall be suspended.



(3) the suspension of the management of the investment facility ceases to exist



and the date of expiry) which was the management of the investment facility

suspended,



(b)), from the person who gave the command to write the suspension of dealing with

an investment instrument, or



(c)), from the person who proves his permission to cancel registration

the suspension of the management of the investment facility.



(4) the administrative authority or a court authorized to give the command to write the suspension

the management of the investment facility referred to in paragraph 1 (b). (b)) may give

also the command to cancel the suspension of the management of the investment facility, to the

which gave the command to the other person.



(5) After a period of suspension of the management of the investment facility is not possible to

registration of investment tools to write a change of owner of the transfer of this

investment tool, nor is it possible to write the contract lien to

This investment tool. After a period of suspension of the handling

investment instrument cannot be logged in the documentary investment tool

separate registration of issue of custody.



§ 98



Correction of errors in the register of investment tools



(1) a person who keeps records of investment instruments, corrects the error in the

your registration



and on the basis of objections) of the account holder, issuer, participant of the Central

the depositary, the organizer of the regulated market or the operator

settlement system, which recognizes as legitimate,



(b)) on the basis of a final decision of a court or other authority,



(c)), or on its own initiative



(d)) on the basis of the corrections made in the register of investment instruments, which

leads the other person, if the fix was this person called errors and

the request shall recognize as legitimate.



(2) a person who keeps records of investment instruments, will repair

errors in the accounts on the date on which the error in the register was established,

If the Act or decision of the Court or other authority does not imply something

another. If you cannot determine this day, shall be carried out to fix the error on the date on

which the error was detected.



(3) a person who keeps records of investment vehicles leads

documentation bug fixes.



(4) a person who keeps records of investment instruments, shall send to the person on the

the corrected an error account, a statement from her account on the grounds that you made

changes, and it immediately after correcting the error.



(5) persons, which shall maintain a register of investment instruments, cooperate

so, in order to remove any errors in the information contained in the register

investment tools in the shortest possible time.



§ 99



Extract from the register of investment tools



(1) a person who keeps records of investment instruments, shall issue to the owner of the

an account maintained in the register or the issuer of the investment facility

in this extract from the records of registration. The Central Depository shall issue

the owner of the account statement always through your participant.



(2) a person, uncertificated instruments

the pledge creditors shall issue on request of an extract from the register. In this

the statement shall indicate the registered investment vehicles pledged in favour of the

Lien creditors led by the account owner and any other lien

law on investment instruments of the drains, including order of liens.

If the statement issued by the participant and the participant's central depository

at the same time by the debtor or the zástavcem of book-entry investment

tools in the extract, the pledgee may demand after Central

confirmation of the correctness of the statement to the depositary and the central depository is obliged to

it without undue delay.



(3) an extract from the register of investment instruments, the evidence of the fact

registered in the register of the accounts of the day designed the operating regulations

Central Depository (§ 104), the implementing legislation for the

separate registration (article 93 (4)) or operating regulations for the conduct of

registration of securities, the Czech National Bank (§ 93 (5)),

which it was issued, and is effective against all persons, unless they have evidence

the opposite.



(4) if the information on the extract from the register of emissions differs from the data on the

statement of the securities account, for critical data indications on

extract from the register of emissions.



section 99a



(1) a person who keeps records of investment tools is required to

keep this register and all documents relating to the information entered

in the register for a period of 12 years from the end of the calendar year in which the

was the information in the register is written.



(2) a person who keeps records of investment instruments, is entitled to

provide data from the register and the documents held by the

paragraph 1 without the consent of the person for whom the securities account was set up,

only if this law or other legal regulation, and in

cases where the complaint is served.



TITLE II
BOOK-ENTRY SECURITIES CENTRAL DEPOSITORY



Basic provisions



§ 100



(1) the central depository is a legal person



and the central register) of book-entry securities in the Czech

Republic,



(b)) allocates the investment instruments of the identification mark provided for in

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



(c) settlement system); If the central depository

settlement system with the finality of settlement, it is considered

settlement system operator with the finality of settlement.



(2) the central depository may also keep separate registers of investment

tools or perform other business activities registered

The Czech National Bank pursuant to section 103a.



(3) the central depository may also, if it is stated in the permit to

the activities of the central depository



and to cater to the repayment of the securities), return of the securities or

payment of the income from securities,



(b) provide for the issuer and) for its participants in the custody and administration

investment instruments



(c)) in order to deal with investment tools through

its settlement system to provide their participants credit or

the lease if you are properly secured, or these loans or leases

mediate,



(d)) to provide their subscribers to lease securities denominated in

the central register of dematerialised securities, if they are properly

secured, or mediate these leases,



e) manage cash and investment tools, composed as

the security for the fulfilment of the debt resulting from the vypořádávaných trades with

investment instruments,



(f)) to establish for its participants in the customer accounts for foreign persons with

similar activities as the Central Depositary,



g) settlement transactions on the commodity exchanges

According to the law, which regulates the commodity exchange,



(h)) to cater for its participants, other activities related with the activities of the

Central Depository under this Act.



(4) the central depository will replace the damage that persons for whom leads

securities accounts or records of emissions caused as a result of errors or

incompleteness in such accounts or in this register. Damage caused by

error or incompleteness in the information received from the Central Depositary

the owner of the customer's account pursuant to § 111 paragraph. 3 to 5, will replace the account owner

of the customers.



§ 101



(1) the Central depositary must have capital of at least 100 0000 0000

CZK. The emission rate of its shares must be at least one-third of paid

part deposits.



(2) a trade name shall contain the designation of the central depository

"central securities depository". A person who does not have authorisation to

the activities of the central depository, shall not use the description of "Central

securities depository ".



(3) the Central Depository shall not issue preferred shares.



(4) the central depository Shares are transferable only with the consent of the

the statutory body of the central depository.



§ 102



The central depository is entitled to keep a register of personal data of

the owners of the accounts according to the law governing the protection of personal data.



section 103



Authorization for the activities of the central depository



(1) the activities of the central depository to authorization of the Czech national

the Bank.



(2) the Czech National Bank has granted permission to the activities of the Central

the depositary, if



and the applicant is a joint-stock company) with registered offices in the Czech Republic, which

only issues paper shares on name or dematerialised shares,



(b) the applicant demonstrates the readiness of the lead) Central Register of dematerialised

securities for all book-entry securities, including documentation

This register, which is required to be kept pursuant to section 99a,



(c)) the applicant satisfies the conditions referred to in § 101 paragraph. 1 (a). 3 and 4,



d) applicant satisfies the conditions, mutatis mutandis, in accordance with section 6 (1). 1 (a). (c)), d), (h))

and i),



(e)), the applicant has the substantive, organizational and personnel prerequisites for performance

the activities of the Central Depositary, in particular business plan and proposal

the organizational arrangement.



(3) a request for authorisation to the activities of the central depository can be made only

on a specified form, to which the applicant shall be accompanied by the documents necessary

for the assessment of the substantive, organizational and personnel prerequisites for

the activity of the central depository. The pattern of the form and the content of its annexes

lays down detailed legal prescription.



(4) the Czech National Bank in the authorization for the activities of the central depository



and may provide for the terms) that the applicant must meet before

Central Register of securities or comply with when it

leadership,



(b)), indicating that the activities under section 100, paragraph. 3 is the Central Depositary

entitled, and to what extent,



(c)) shall approve the rules of operation of the central depository.



(5) the authorisation to operate the Central Depositary shall be granted for a period of

an indefinite period. The permit is not a legal right.



(6) the business may only be central depository activities

referred to in section 100, paragraph. 1 and the activities referred to in the authorization

central depository.



(7) the Central Depository shall notify the Czech National Bank, without undue

delay of any change in the facts, on the basis of which he was

authorization to the activities of the central depository.



(8) the central depository provides its services with professional care.



section 103a



(1) other business activities referred to in section 100, paragraph. 2, the Central

the depositary shall exercise only after the registration of the Czech National Bank.



(2) other business activities of the central depository may consist of:

only the activities directly related to the Administration's own assets.



(3) in the event that for the registration of other business activities are not

reasons worthy of special attention, the Czech National Bank will assess the

in particular, with regard to whether this additional activity registration

contribute to the improvement of the quality of the services provided, the refusal of registration

would cause considerable harm to the Central Depositary, or, what is the

the scope, complexity and nature of this additional work, the Czech National Bank

registration shall be refused; otherwise, other business activities of the applicant

registers and shall issue to the applicant a certificate of registration.



(4) the decision on registration of the other business activities of the Czech

the National Bank to limit the scope of the registered activities, where appropriate, provide for

the conditions that must be fulfilled before the opening of the central depository of each of

registered activities, where appropriate, which must comply with when it

performance.



(5) the Czech National Bank cancels the registration, if the central depository

in writing of the cancellation of the Czech National Bank.



section 104



The running order of the central depository



(1) the operating regulations of the Central Depositary shall contain, in particular,



and) list of services that provides the central depository, and the terms and

the way they are provided,



(b)) the way the creation and cancellation of property accounts, including the method of establishment

multiple property accounts for the same person,



(c)) method of recording births and deaths of the lien to the Securities and

securities account and a way to pass the commands to make changes to the

securities accounts,



(d) the particulars necessary for management) registration of equity accounts in

the Central Depositary,



(e) the formalities necessary for the leadership) of the registration of the emissions in the Central

the depositary,



(f)) in a central depository rules of participation,



g) data, which provides the Central central depository participant

the depositary for the performance of its duties and the manner of their provision,



h) types of measures that may be applied against its central depository

to the participant, and the procedure for their application,



I) way keeping in account the customers, how to start and

their leadership of this evidence,



(j) the determination of the accounts of the day)



the extracts from the evidence) types of investment instruments, their requirements and

their mode of transmission.



(2) the central depository is obliged of any change to its operating regulations

inform the Czech National Bank. The Czech National Bank may 10

working days from receipt of notice of the change of the operational order of the Central

the depositary initiate the administrative procedure for the approval of his amendment; a participant in the

the administrative procedure, it is only the central depository. If the Czech national

the Bank has not started administrative proceedings within this period, the amendment shall be deemed

approved and it is considered that decision acquired the authority.



(3) the operational order of the central depository in the current wording must be

published on the website of the Central Depositary and shall be

for consultation by the public in the headquarters of the central depository in his official

hours of the morning. If the Central Depository shall establish a place of business must be operating

regulations for consultation by the public in this establishment.



(4) the operational order of the central depository or its change shall become

the effectiveness of the time of publication, unless the Central Depositary of the date

the later. The change of the operational order cannot be adequately before it takes

the decision of the Czech National Bank for its approval pursuant to

of paragraph 2.
(5) the central depository, the central depository participants, issuers

book-entry investment instruments kept in the central register and the

the owners or other persons authorized in relation to investment instruments

registered under section 202a and persons, which shall keep a register, building on the

the central register of dematerialised securities, shall comply with the operational rules of

central depository. In providing information under section 115 is

the running order of the central depository binding also for people that lead

separate registers of investment instruments.



(6) the provisions of this Act governing the management and control system

Merchant securities central depository to apply

mutatis mutandis.



Section 104a



The acquisition, improvement and dispose of qualified participation on the Central

the depositary and its mastery of the



(1) to acquire or increase qualifying holdings in the Central Depositary

or to the control of the central depository is required the consent of the Czech national

the Bank. For the grant of such consent shall apply, mutatis mutandis, to section 10b 10 d; the time limit

for the release decision is 90 working days. Request for consent

must contain the information referred to in section 10 d of paragraph 1. 1 and can be made only on the

the prescribed form, to which the applicant shall be accompanied by documents certifying

compliance with the conditions referred to in section 10 d of paragraph 1. 6. Patterns of the forms and content of

their attachments, lays down implementing legislation.



(2) for the termination or reduction of qualifying holdings in the Central

the depositary shall apply mutatis mutandis to section 10e.



section 104b (1)



The head of the person of the central depository



A condition of the exercise of the functions of the head of the people's central depository

the prior consent of the Czech National Bank. The provisions of sections 10 and 10a, shall apply,

Similarly.



§ 105



Cancellation or change of the subject business central depository



(1) the decision of the General Assembly on the abolition of the central depository

the liquidation shall take effect as soon as possible to the date of the decision

The Czech National Bank on the withdrawal of authorisation for the activities of the Central

the depositary.



(2) when entering the central depository to the liquidation of the Czech National Bank

withdraw the authorization for the activities of the central depository, at his request, if

is the performance of all its activities to other central depository and

completely taking over all of the records and documents that the Central

the depositary shall keep pursuant to section 99a.



(3) the central depository will send an invitation to the general meeting, which

the program is classified negotiations for its liquidation, on the consciousness of the Czech

the National Bank.



(4) the business may only be central depository activities

referred to in section 100.



Section 106



The transformation of the Central Depositary



(1) the merger with the central depository settlement system

or to transfer the assets of another person on the central depository is a must

enabling the Czech National Bank.



(2) an application for permission to merge with the central depository

settlement system or application for authorisation to transfer the assets of another person

the central depository can be made only on the prescribed form, to the

to which they are attached and the documents necessary for the assessment of the consequences of the merger

or transfer of assets. The pattern of the form and the content of its annexes shall set

the implementing legislation.



(3) the central depository will send an invitation to the general meeting, which

the program is organized under the negotiations on the merger of the Central Depositary, note

The Czech National Bank.



(4) the allocation of the Central Depositary, the change of its legal form, transfer

Central Depository on the shareholders equity, mergers of central depository

with a person who is not a central depository or the operator

settlement system, are not permitted.



§ 107



Transfer, suspension or the leasing of a commercial plant central depository



(1) the conclusion of the contract on the transfer of the business of race Central

the depositary or its part, the Treaty on the cessation of commercial plant

Central Depository or its parts, or tenancy contract business

race central depository or its parts, it is necessary to enable the Czech

the National Bank.



(2) the request for authorisation referred to in paragraph 1 may be made only on the prescribed

form, which are accompanied by the documents necessary for the assessment of

consequences of the transfer, the cessation or lease commercial race Central

the depositary or its parts. The pattern of the form and the content of its annexes shall set

the implementing legislation.



(3) the central depository will send an invitation to the general meeting, which

the program is organized under the negotiations on the transfer or lease of commercial plant

Central Depository or its parts, note the Czech National Bank.



section 107a



The decline of the central depository



(1) if the Central Depositary withdrawn authorisation for activities in

as a result of the decision of the bankruptcy, the official receiver is required to ensure

the performance of the activities of the Central Depositary, until the performance of this

the activities of other central State and the depositary or until another

the central depository or the State does not assume all records and documents

maintained by the Central Depositary, pursuant to section 99a. For this activity

It is not necessary to permit the activities of the central depository.



(2) the official receiver shall, without undue delay after withdrawal

authorization to make the activities of the central depository on the closure proposal

the contract of sale of the asset, which serves the business operation of the plant

Central Depository ^ 1i), including the records and documents kept

the Central Depositary, pursuant to section 99a.



(3) Proposal on conclusion of the contract referred to in paragraph 2 shall be made to the person,

that is the activity of the central depository. If there is no such

persons, or in the absence of the conclusion of the contract within 3 months from the date when the

the proposal must be accompanied by a proposal for the conclusion of the contract referred to in paragraph 2

made the State on behalf of which this Ministry.



(4) if the proposal on conclusion of the contract referred to in paragraph 2 of the State

does not include the purchase price. The purchase price shall be determined on the basis of expert opinion.

Unless the insolvency administrator and the State to a person an expert in 15 days

from the date when the State made the proposal on conclusion of the contract referred to in paragraph

2 appraiser on a proposal from one of them to the Court. If they have been submitted

2 proposals for the appointment of a court expert, the two things come together for joint management.



(5) the Court is not bound by the proposal of a person. Violates-if the court appointed

expert seriously its obligations, the Court on the proposal of the State or

the insolvency administrator revokes and appoints the other.



(6) the parties of the appointment or revocation of an expert are State

the insolvency administrator and the expert. The competent court is the District Court in

the circuit court is the General central depository. On the proposal of the

the appointment or revocation of an expert, the Court must decide within 15 days from the date of

the delivery of the proposal. Decisions by the resolution.



(7) the remuneration for the processing of the report shall be borne by the State and its amount shall be determined

the agreement. Unless the State insolvency administrator and an expert on the amount of

the remuneration shall be determined by it, on a proposal from one of them, the court appointed experts.

About the experts reduces the purchase price by the State Central

the depositary will pay.



(8) if the proposal on conclusion of the contract referred to in paragraph 2 made the State is

the State shall be obliged to accept it within 30 days from the date on which the opinion was drawn up

the experts referred to in paragraph 4.



(9) to the conclusion of the contract referred to in paragraph 8, the State does not need

the insolvency administrator or the expression of approval of the creditor committee.



(10) if the contract referred to in paragraph 8 is exercised by the State

the activity of the Central Depositary State, until the performance of this

the activities of other central depository and other central depository

assume all the records and documents kept by the State under section 99a.

For the performance of this business does not need a State permit for the activity of the Central

the depositary.



(11) the State on behalf of which this Ministry, converts the securities registration

securities, which is leading according to paragraph 10, to the person who has the authorization to

the activities of the central depository. The provisions of section, paragraph 202. 2 and 3, the

shall apply mutatis mutandis.



section 108



Information obligations of the central depository



(1) the central depository is sent by the Czech National Bank information and documents

necessary for the exercise of supervision. The deadline for sending information and documents

details about their content, form and manner of the sending of lays down

legal prescription.



(2) the central depository



and the Czech National Bank will send) an invitation to the general meeting, which

the program is classified negotiations



1. on the abolition of the Central Depositary,



2. the reduction or increase of the capital of the Central Depositary,



(b)) shall inform without delay the Czech National Bank



1. on the transfer or gradient central depository shares to another person,



2. the change of the central depository participant or on the suspension of the participation in

the Central Depositary,



3. that against him has opened insolvency proceedings.



section 109



Central Depository participant



(1) the central depository Participant is the person who served the Central

the depositary of the command



and to the establishment of, or cancellation) of the securities account,



(b)) for the implementation of the amendments to the securities account,



(c)) to perform a service.



(2) the participant performs the registration in the register of the central depository

securities only
and the issuer) for the command, which has concluded a contract with the Central

the depositary pursuant to § 111 paragraph. 1, if you is related to the entry in the register

emissions,



(b)) for the command of the person under section 115, paragraph. 1, if authorized to do so by

another piece of legislation.



(3) a participant in the central depository can be



and)



(b)) a securities dealer,



(c)), investment fund administrator



(d)), the organizer of the regulated market,



(e)) with similar foreign person subject of activity as referred to in

(a) to (d))),



f) foreign central depository,



(g)), Czech Republic, acting through the Ministry of



h) Czech consolidation agency,



I), Czech National Bank,



(j)), the Central Bank of another State,



the European Central Bank).



(4) participation in the Central Depositary of the Treaty arise.



(5) the central depository will publish the current list of their participants

their website.



(6) the central depository Participant may not be the person



and that reorganization has been enabled), and for a period of 5 years from the end of the

reorganization,



(b)) on whose property was declared bankrupt, and for a period of 5 years from the

cancellation of bankruptcy after completion of the rozvrhového resolution, or because

property of the debtor is totally inadequate,



(c) the debt relief plan) approved by the Court, for a period of 5 years from the fulfilment of the

debt relief plan,



(d) if the Court) dismissed the proposal, the insolvent debtor's assets if the

It is not sufficient to cover the costs of the insolvency proceedings.



(7) the activities referred to in paragraph 1 shall carry out party central depository

either directly or through the organizer of a regulated market,

settlement system operator or foreign persons with similar

the subjects of the activity.



section 110



Account customers



(1) on the account, the customer may be recorded only investment tools, with

owned by the owner of this account has contracted about the custody

investment instruments. This agreement may be superseded by the Treaty of

the custody of investment instruments concluded with a person referred to in section 92, paragraph. 3.



(2) the central depository will establish a customer account to the person who is entitled to

keep a record, building on the central register of dematerialised securities

led by the central securities depository, and under the conditions laid down

the running order of the central depository. If the person is not

a participant in the Central Depositary, be treated with your account

through a central depository participant.



(3) the owner of the customer account records an investment-led on the account tools

the customer separately from your property.



(4) the owner of the account, the customer shall not, without the consent of the creditor's Lien

convert the stopped paper recorded on this account on the new

the owner.



section 111



The registration of emission of dematerialised securities



(1) the central depository keeps records of emissions of book-entry securities

securities on the basis of a contract with the issuer.



(2) the Central Depository shall transmit to the issuer of the extract from the register of emissions

the issue or cancellation of the bond issue of the paper or at the request of the issuer; listing

from the register contains data on emissions to the owner of the account on which is valuable

the paper made a number of valuable pieces of paper, the information about the administrator ^ 12) or

another person entitled to exercise the rights associated with these securities and

additional information provided for the operating procedure. The Central Depository shall include in the

the statement also received information from the account holder customers by

paragraphs 3 to 5.



(3) for the purposes of the statement of the register of emissions is the owner of the account, the customer shall be obliged to

communicate to the central depository by the participant of the Central

the depositary account owner the owner of the data and other information provided

operational regulations.



(4) the central depository will provide the Czech National Bank's request

extract from the register of issues of shares of the Bank. The central depository on the basis of this

the application prompts you through a central depository of all participants

the owner of the account of customers, to produce information about owning the shares,

that are registered on the customer account, and these data shall include a statement of

the register issue.



(5) the central depository on the basis of the authorized application packaging

the company according to the law governing the management of the packaging for the listing of

registration of participants will prompt emissions through central depository

all owners of the account of customers, to produce the owner information

the shares of this company, registered on these accounts. These data shall include

in the extract from the register of emissions.



the title launched



the title launched



section 112



cancelled



§ 113



cancelled



section 114



cancelled



TITLE III



THE PROVISION OF DATA BY THE PERSON LEADING THE REGISTRATION OF INVESTMENT TOOLS



section 115



(1) the central depository and the person who leads a separate registration

investment instruments, shall provide the data from the register and the documents that

are required to keep under section 99a paragraph. 1



and for the purposes of the Court) court proceedings



(b)) for the purposes of enforcement subject to the management, which is

the owner of the investment facility,



(c)) law enforcement authorities for the purpose of criminal proceedings,



(d)) for the purposes of tax administration tax owner of the investment facility,



(e)) of the Czech National Bank for the purposes of



1. the financial market supervision,



2. banking information system according to the law, which regulates the activity of the

The Czech National Bank,



3. the compilation of the balance of payments of the Czech Republic in accordance with the foreign exchange

the law,



(f) for the purposes of insolvency administrators) of the insolvency proceedings, which

the participant is the owner of the investment facility,



g) safety information services for the purpose of carrying out the tasks referred to in the Act,

which regulates the activity of the security information service,



(h)) to the Ministry in the performance of the notification obligation in accordance with the law on the fight

against the legalization of proceeds of crime and terrorist financing or

the law on the implementation of international sanctions for the purpose of maintaining

international peace and security, the protection of fundamental human rights and

the fight against terrorism,



and the Ministry for the purposes of the compilation of the) government finance statistics and the

fulfilment of the requirements relating to the notification of the government deficit by

directly applicable legal act of the European Union ^ 12a).



(2) a person who keeps records of the building on the central register

book-entry securities, shall provide to the depositary at the request of the Central

data from the register and the documents that is required to keep under section 99a

paragraph. 1.



(3) a person who keeps separate registers of investment instruments, the

provide the information referred to in paragraph 1 by means of the Central

the depositary for the conditions laid down in the contract concluded with the Central

the depositary and operational regulations of the central depository.



(4) a person who keeps records of the building on a separate register

investment tools, the person shall provide the head of separate registers

investment tools to request data from the register and the documents

required to keep under section 99a paragraph. 1.



(5) the central depository and the person who leads a separate register, the

When providing information to the persons referred to in paragraph 1 shall be entitled to these

persons on the reimbursement of costs incurred. The method of determining the amount of the

incurred costs in kind and their mode of remuneration lays down detailed

legal prescription.



PART NINE



CAPITAL MARKET AND INVESTOR PROTECTION



TITLE I OF THE



OBLIGATION OF SECRECY



section 116



An individual who is or was an investment broker,

bound by a representative, a person with management powers, forced by the administrator,

the liquidator, receiver, a companion to the insolvency administrator

or an employee of the person who keeps records of investment tools,

the organizer of the regulated market, a trader with securities, foreign

persons providing investment services in the Czech Republic through the

Branch, an investment broker, bound representative,

settlement system operator or person included in the

consolidated entity subject to supervision on a consolidated basis,

carrying out, the Czech National Bank is required to maintain the confidentiality of any

information that may be relevant for the assessment of the development on the capital

market or may significantly harm the person using the service provided by the

on the capital market, and which have not been published.



section 117



the title launched



(1) unless the law is something else, they are a person referred to in section 116

exempted from the obligation to maintain confidentiality for the purposes of



and) civil proceedings,



(b)) the court proceedings of the administrative,



(c)) the criminal proceedings,



(d) the administration of taxes and fees),



(e)) of financial market supervision,



(f) the provision of information in the Ministry) of obligations under

the law on fight against legalization of proceeds from crime and the financing of

terrorism or the law on the implementation of international sanctions for the purpose of

the maintenance of international peace and security, the protection of fundamental human

rights and the fight against terrorism,



g) banking information system in accordance with the law of the Czech National Bank,

which regulates the activities of the Czech National Bank,



(h)), the balance of payments of the Czech Republic, drawn up by the Czech National Bank,



I) execution proceedings,



(j)) of the insolvency proceedings,



the checks and penalties) the organiser of a regulated market,



l) providing information to the security information service in the performance of
tasks in accordance with the law, which regulates the activity of security information

the service.



(2) the obligation of secrecy endures even after the termination of the activities of the persons referred to in

section 116.



TITLE II



INFORMATION DUTY OF ISSUER OF CERTAIN INVESTMENT SECURITIES AND

OTHER PERSONS



section 117a



For removable IOU, priority or similar valuable bond

the paper issued abroad, after transferring from him or law enforcement

arising to the acquisition of the shares or equivalent securities

that represents the share of a company or other legal person, for

the purpose of this section of the Act applies the legislation for the share or the like

a security that represents a proportion of the issuer [section 118 (1) (a))].



§ 118



Annual report of the issuer



(1) the annual report and the consolidated annual report is not later than 4

months after the end of the accounting period, the issuer shall publish



and shares or the like) of the securities representing the share of the

the issuer of admitted to trading on a regulated European market, which

the seat of the



1. on the territory of the Czech Republic, or



2. on the territory of a State which is not a Member State of the European Union, if the

the securities prospectus approved in the Czech Republic,



(b)) of the bond, like a security representing a right to

the repayment of the amount owed or investment securities, whose value

is determined by the amount owed and the repayment of the nominal value of the



1. the date of the issue is almost equal to or higher than the amount corresponding to 1

000, admitted to trading on a regulated European market, which

It is situated on the territory of the Czech Republic or in the territory of a State which is not

the Member State of the European Union, if the prospectus of the securities

approved in the Czech Republic,



2. the date of the issue is almost equal to or higher than the amount corresponding to 1 000

EUR, admitted to trading on a regulated market, if the

the issuer has chosen under section 123 of the Czech Republic for the Member State of the European

the Union, in which it carries out the obligations laid down in this title and title in this

part of the Act, or



3. the date of the issue is almost equal to or higher than the amount corresponding to 1 000

EUR, admitted to trading on a foreign regulated market that has

registered office on the territory of the Czech Republic and the Czech Republic had chosen under section 123

for a Member State of the European Union, in which it carries out the obligations laid down in

This title and title in this part of the Act, or



(c)) of the investment securities not covered by points (a) and (b)))



1. is admitted to trading on a regulated market and is not admitted to the

trading on a foreign regulated market, which has its registered office in the territory

The Czech Republic or of a State which is not a Member State of the European Union,



2. is admitted to trading on a regulated market, and also on the foreign

a regulated market, if the issuer has chosen under section 123 of the Czech

Republic for a Member State of the European Union, in which satisfies the obligations

laid down in this title and title in this part of the Act,



3. is admitted to trading on a regulated market and is not admitted to the

trading on a foreign regulated market, if the issuer

registered office in a Member State of the European Union, which the Czech Republic is not, and

He chose pursuant to section 123 of the Czech Republic as a Member State of the European Union,

in which it carries out the obligations laid down in this title and title in this section

the law, or



4. is not admitted to trading on a regulated market and at the same time it is admitted to

trading on a foreign regulated market, if the issuer

registered office on the territory of the Czech Republic and appointed pursuant to section 123 of the Czech Republic

for a Member State of the European Union, in which it carries out the obligations laid down in

This title and title in this part of the Act.



(2) the issuer shall ensure that published the annual report and the consolidated

the annual report have been publicly available for at least 5 years.



(3) the annual report must include financial statements certified by the auditor.

The consolidated annual report must include financial statements and

the consolidated financial statements certified by the auditor. The auditor's report shall

be published in full.



(4) the annual report or the consolidated annual report must provide

investors with a true and fair view of the financial situation, business

the activities and results of the management of the issuer and of its consolidated Group

for the past financial year and on the prospects of future development of the financial

the situation, the business activities and the results of the management of the issuer and its

the consolidation unit ^ 12b). The annual report and the consolidated annual

the message must contain the



and) the figures and information about the financial situation, business activities

and the results of the management of the issuer and of its consolidated Group for

the previous accounting period in the range of the figures and information

in the prospectus, indicating the important factors, risks and uncertainties that

influenced the financial situation, business activities or results

the management of the issuer and its consolidated Group, and their impact,



(b)) and policy information and rules of internal control procedures

access to the issuer and its consolidated Group to risks the issuer

and its consolidation unit is or may be exposed to in relation to the process of

financial reporting; This information includes the issuer in the annual

reports or consolidated annual report as part of a separate part, in

which includes the information referred to in subparagraph (j)),



(c) a description of the decision-making and procedures) the composition of the statutory body, the supervisory

the Council or any other Executive or supervisory bodies of the issuer and, if they are

set up their committees; This information includes the issuer to

annual reports or consolidated annual report as part of a separate

the part, which includes the information referred to in subparagraph (j)),



d) description of the rights and obligations associated with the kind of shares or

like the securities representing the share of the issuer, and it

at least by reference to the law governing the legal relations of business

companies and cooperatives, and the issuer's articles of Association, if this is the kind of stock,

or comparable foreign legislation and statutes like

the issuer of the document, if it is a kind of like a security

representing the share of the issuer,



e) description of procedures and the basic scope of the decisions of the General

meeting of the issuer or the like Assembly of the owners of securities

representing the share of the issuer; This information includes the issuer

in the annual report or as part of the consolidated annual report

a separate section, which includes the information referred to in subparagraph (j)),



(f)) the figures and information about all of the cash and in-kind

income for the accounting period adopted persons with management powers from the

the issuer and from entities controlled by the issuer, and collectively for all the members of the

the statutory authority, collectively for all the members of the Supervisory Board and collectively

for all other persons with management powers;



(g)) the figures and information about the number of shares or similar securities

representing the share of the issuer, which are in the ownership of the

persons with management powers of the issuer, the figures and information about the options and

comparable investment instruments whose value is related to the

shares or similar securities representing the share of the issuer

and the said persons are parties, or which are

concluded for the benefit of those persons; the figures and information

indication of the total for all the members of the statutory body, collectively for

all members of the Supervisory Board, collectively, for all other persons with management

powers; the said persons shall notify the issuer necessary figures and

information,



h) remuneration of persons with control of the powers of the issuer, the names and

the surname of the following persons and a description of their activities and related

responsibilities and decision-making powers;



I) Declaration of the beneficiaries of the issuer, that according to their

best serves the annual report and the consolidated annual report

true and fair view of the financial situation, business activities and

the results of the management of the issuer and of its consolidated Group for the past

accounting period and about the prospects of the future development of the financial situation,

business activities and results management,



j) information about the codes of the management and administration of the company, which are for him

binding, or that voluntarily adheres to, and information about, where is the

the code insight; where appropriate, the information about the fact that some

the provisions of such code does not comply with, or that any code

does not comply with, including a justification of why this provision or no code

does not follow; the information included in the annual report by the issuer or

consolidated annual report as a separate part of the of her and



for information about the fees charged) for the financial period audited in the breakdown

for different types of services, especially for the issuer and for the

the consolidated whole.



(5) the annual report and the consolidated annual report, in the case of the issuer

referred to in paragraph 1 (b). and in a separate section), in which

the issuer includes information referred to in paragraph 4 (b). (j)), include

also, the figures and information about the



and the structure of the equity of the issuer), including securities
admitted to trading on a regulated European market and possible

identify the different types of shares or securities of the

the issuer of the shares representing the share capital

each type of shares or similar securities representing the share of the

on the issuer, the



(b) restriction on the transferability of securities),



(c)) significant direct and indirect holdings of voting rights

the issuer, the



(d)) owning securities with special rights, including a description of these

rights,



e) restrictions on voting rights,



(f)) or similar contracts between the shareholders the owners of securities

representing the share of the issuer, which can result in

worsening of the transferability of the shares or securities of the

representing the proportion of the voting rights of the issuer or, if they are

known to the issuer,



(g)) special rules about how the choice and recall of members of the statutory

authority and amendment of the statutes or equivalent document of the issuer,



(h) special scope of statutory authority) or of the Administrative Board in accordance with

the law governing the legal relations of commercial companies and cooperatives,



even major contracts in) where the issuer is a party and which

will become effective, change or cease to exist in the case of a change of control

of the issuer as a result of a takeover bid, and the effects of them

under such contracts, with the exception of whose publication would be

seriously detrimental to the issuer; This is not limited to other duty

disclose such information pursuant to this Act or other legal

regulations,



j) contracts between the issuer and the members of the statutory body or

employees, that the issuer is obliged to carry out, in case the end of the

their office or employment in connection with a take-over bid,



to any programs), on whose basis is the employees and members of the

the statutory body of the company allowed to acquire valuable participating

the company's securities, options to such securities or other rights to them for

favorable conditions, and about the way in which the rights of these

securities are exercised,



l) payments paid by the State for the right to mining, if decisive action

the issuer is in the mining industry ^ 12 c).



(6) the annual report or the consolidated annual report of the issuer in accordance with

paragraph 1, who is not obliged to follow the law governing

accounting ^ 12d), must contain information equivalent to the information that

contains the annual report in accordance with the law governing the accounting.



(7) If the general meeting or similar gathering of owners of securities

representing the share of the issuer's accounts, or

the consolidated financial statements does not approve or if the judicial authority

decide on the invalidity of the general meeting or similar gathering

the owners of the securities representing the share of the issuer,

approve the accounts or the consolidated accounts, the issuer

without undue delay, publish these facts; the information shall indicate

also the way of dealing with the comments of the general meeting or similar gathering

the owners of the securities representing the share of the issuer.



(8) the statutory body of the issuer referred to in paragraph 1 (b). and the proper)

the general meeting or other similar proper Assembly of the owners of securities

shares representing the issuer shall submit to the shareholders or the like

the owners of the securities representing the share of the issuer of the summary

explanatory report on the matters referred to in paragraph 5 (a). and)

to).



section 119



Half-year report of the issuer



(1) the issuer in accordance with § 118 paragraph. 1 (a). and (b)) or) in 2 months after

end of the first 6 months of the financial year the Commission shall publish its half-yearly

the consolidated half-yearly report or, if the message has an obligation to

the consolidated financial statements compiled, and shall ensure that the published

half-yearly report or consolidated half-yearly report has been publicly

accessible for at least 5 years. Half-yearly report or consolidated

half-yearly report must provide investors with a true and fair view of the

the financial situation, business activities and results management

the issuer and its consolidated Group for the past half-year and

prospects of the future development of the financial situation, business activities and

the results of the management of the issuer and its consolidated Group.



(2) the half-yearly report and the consolidated half-yearly report must include



and) figures and information to the extent set out in paragraphs 3 and 4,



(b)) to each of the figures and information referred to in subparagraph (a)) the data for

the corresponding period of the previous year,



(c) the auditor's report or message) about the review in full, if the data

According to subparagraph (a)) validates the auditor; If the auditor does not validate this information,

then the information that the auditor does not validate this information,



(d)), the descriptive part, that to the extent necessary for the accurate and correct

assessment of the development of business activities and the results of the management of the issuer

and its consolidated group contains



1. the information on the business activities and the results of the management of the issuer

and its consolidated Group in the first 6 months, which is a half-yearly

report or consolidated half-year report covers, with an indication of

important factors that affect the business activities and results

the management of the issuer and its consolidated Group, and their impacts, and

further indication of important factors, risks and uncertainties, which may accompany the

business and results of operations of the issuer and its

the consolidation unit in the next 6 months of the financial period,



2. in the case of an issuer referred to in § 118 paragraph. 1 (a). and also an inventory)

related party transactions ^ 2d) that occurred in the period to which

the half-yearly report or consolidated half-yearly report and

that significantly influenced the economic results of the issuer, as well as

any changes in the related party transactions, which were listed

in the previous annual report or the consolidated annual report

the issuer, if these changes can significantly affect the results

the management of the issuer and its consolidated Group in the period covered by the

the half-yearly report,



3. comparison with the corresponding period of the previous year, and



(e) a statement of the issuer authorized persons) that by their

best served half-yearly report or consolidated half-yearly

report of the true and fair view of the financial situation, business activities

and the results of the management of the issuer and of its consolidated Group for

the last half of the year and about the prospects of the future development of the financial situation,

the business activities and the results of the management of the issuer and its

the consolidation unit.



(3) the half-yearly report must contain numeric data and information in a range of

condensed balance sheet, income statement and explanatory summary of the selected

notes that for the abridged balance sheets, reduced income and the selected

explanatory notes resulting from directly applicable regulation

Union, adopting certain international accounting standards ^ 12e).

Abridged balance sheet and abridged income statement always includes item, including the

subtotals, equivalent to the items contained in the annual report of the issuer for

period of the previous year; in the event that the omission of the relevant items in the

the half-yearly report has been eligible for the investors to induce a false idea about

property or other assets, debts or other liabilities, financial

situation or the profit or loss of the issuer, the issuer shall complete a shortened

the balance sheet or the abridged income statement for additional explanation, so that the

invoking fantasies.



(4) Consolidated half-yearly report must contain numeric data, and

the information in the scope of the interim financial statements for interim

financial statements the results of the directly applicable regulation in the European Union,

adopting certain international accounting standards ^ 12e).



section 119a



Report of the statutory authority of the issuer



(1) the issuer referred to in § 118 paragraph. 1 (a). and shall publish a notice, in the period) from the

the beginning of the corresponding half of the accounting period to the time of publication,

While the first half of the financial year means always 6 months report

statutory authority (hereinafter referred to as the "interim report"), which contains the

at least



and an explanation of the important events) and the transactions and their impact on

the financial position or results of operations the issuer and its controlled

persons and



(b) a description of the business activities and) the results of the management of the issuer and its

the controlled persons.



(2) the interim management report, you can publish after the expiry of the first 10 weeks

the appropriate half of the financial year, but not later than 6 weeks before the

the end of the.



(3) the information referred to in the interim management report shall provide investors

true and fair view of the financial situation, business activities and

the results of the management of the issuer referred to in § 118 paragraph. 1 (a). and) and

its controlled persons.



(4) the issuer is not obliged to publish interim report, if in accordance with the

the organizer of the European rules of the regulated market on which it is

investment security as referred to in § 118 paragraph. 1 (a). and) admitted to

trading, or on its own initiative, the Commission is first and

the third quarter of the financial year meeting equivalent requirements
laid down in paragraphs 1 to 3.



section 119b



The disclosure of additional information



(1) the issuer referred to in § 118 paragraph. 1 (a). and) without undue delay,

shall publish a notice of any change in the rights attaching to a specific kind of shares or

similar securities representing a right to share in the issuer.

The same obligation also has changes in the rights attaching to the investment

tool that the issuer has issued and the associated right to receive

It issued shares or similar securities representing right

the issuer of the share admitted to trading on a regulated European

the market.



(2) the issuer referred to in § 118 paragraph. 1 (a). (b)), or (c)), without undue

delay publish any change in the rights attaching to the investment a valuable

the paper referred to in § 118 paragraph. 1 (a). (b)), and (c)), in particular

the Commission shall publish information on the change of issue conditions or similar document

the emission conditions.



(3) the issuer referred to in § 118 paragraph. 1 without undue delay, publish

any information about the new issue of investment securities referred to in section

paragraph 118. 1 (a). and (c))), adopted by the lease or loan or similar

the commitment, as well as about the potential commitment of the issuer or a third party

relating to these investment securities.



§ 119c



Exemptions from the obligation to publish information



(1) the obligations laid down in section 118 to 119a shall not apply to



and the issuer referred to in §) 34, paragraph. 4 (b). and) and



(b)) of the issuer, which publishes exclusively one of investment tools

referred to in § 118 paragraph. 1 (a). (b)), if the nominal value of such

the investment facility is responsible for the issue date at least to the amount corresponding to

the limit laid down in the euro.



(2) the obligations laid down in section 119 does not apply to the issuer that



and) is referred to in section 2a paragraph. 1 (a). and (b)) or) or foreign

a person with similar activities, whose shares are not admitted to trading on a

a regulated market and who publishes exclusively in a continuous or repeated

investment instruments referred to in § 118 paragraph. 1 (a). (b)), if their

the total nominal value does not exceed an amount corresponding to 100 0000 0000

EUR and the issuer of these tools neuveřejnil prospectus in accordance with this

law or comparable law of the Member State of the European

the Union, or



(b)), from 1. in January 2004, and publishes exclusively investment tools

referred to in § 118 paragraph. 1 (a). (b)) unconditionally and irrevocably guaranteed

The Czech Republic or the territorial authorities of the Czech Republic.



(3) the obligation provided for in § 119b paragraph. 3 does not apply to the issuer, the

which is an international treaty-based organizations, the Contracting

the party is at least one Member State of the European Union.



Other obligations of the issuer,



§ 120



(1) the issuer referred to in § 118 paragraph. 1 shall submit to the organizer of the European

of the regulated market on which it is issued by the investment paper accepted

to trading and the Czech National Bank to design each change its articles of Association

or similar document or proposal each decision to reduce or

the increase of basic capital, without undue delay, and in the case of

a draft amendment to its articles of association or equivalent document no later than the day

the publication of the notice of the general meeting or similar gathering

the owners of the securities representing the share of the issuer or

sending invitations to a general meeting or similar gathering of owners

securities representing the share of the issuer, which is supposed to be about

This proposal voted on.



(2) the issuer referred to in § 118 paragraph. 1 (a). or (b)))



and) shall ensure equal treatment for all owners of investment securities

securities issued, which stems from the ownership of such securities

the same position; violation of this obligation is not, if the investment

a valuable piece of paper of the same species is linked to a different number of voting rights,



(b) ensure that the proceeds of payment) of the investment securities or other

financial investment associated with valuable paper, which issued;

the issuer shall pay the proceeds or other financial performance through it

the designated person referred to in section 2a paragraph. 1 (a). and (c))) or a foreign

persons with similar activities.



(3) the issuer referred to in § 118 paragraph. 1 (a). and (b)) or not later than on the day)

the publication of the notice of the general meeting or similar gathering

the owners of the securities representing the share of the issuer or

the meeting of the owners of the bonds or securities owners like Assembly

representing the right to repayment of the amount owed, or on the day of

the sending of invitations to such a gathering of owners of securities

be made available in paper form, to anyone in its seat until the date of the

such a gathering of owners of securities or, in the case of the issuer,

which provides information to electronic means in accordance with

paragraph 5, it shall send the electronic means of a proxy form to the

behalf of the owner of the securities on the Assembly of the owners of securities

securities. At the same time, the issuer shall publish this form on its Internet

pages.



(4) everyone has the right to request the sending of a form of Attorney pursuant to

paragraph 3 at their own expense and on its risks in documentary form or

electronic means. On the disclosure form power of Attorney referred to in

paragraph 3 in paper form in the offices of the issuer, its publication in the

the website of the issuer and the right to ask to have it sent in

paper form or electronic means on their cargo and their

the danger must be the owner of the securities issued by the issuer is notified

in the invitation to the Assembly referred to in paragraph 3 or in the notice of general meeting

the Assembly referred to in paragraph 3. The issuer in accordance with § 118 paragraph. 1 (a).

and ensure that the notification of the grant) the power of attorney to represent the General

meeting or similar gathering of owners of securities, as well as

its principal appeal, electronic means.



(5) if the articles of association or statutes similar to the issuer of the document referred to in section

paragraph 118. 1 (a). and conditions) or a bond or document

similar to the conditions of the bond issuer, emission according to § 118 paragraph. 1 (a).

(b)) do not contain this option, then the general meeting, or similar

Assembly of the owners of the securities representing the share of the

the issuer, if the issuer in accordance with § 118 paragraph. 1 (a). and)

or the meeting of the owners of the bonds or the like Assembly of the owners

securities representing the right to repayment of the amount owed, if

It is an issuer pursuant to § 118 paragraph. 1 (a). (b)), may decide to

provision of information relating to the exercise of the rights of the owner of the valuable

paper issued by that issuer of electronic means, that

enables you to transfer the data after the leadership, by radio, by optical or by other

electromagnetic means, data processing including digital

compression and storage of data, only if the issuer



and does not bind) providing information relating to the exercise of the rights of the owner

Security electronic means at the residence or seat of the

the owner of a security agent authorized to represent it or

the persons referred to in section 122, paragraph. 2 (a). and (h)))



(b) efficient management of data) for the owner of the securities, or about

person authorised to exercise the voting rights for him and provides technical

the conditions for the protection of the processed, stored and transmitted data,



(c)) shall inform the way in which such a gathering convened by the owners

securities, without undue delay, the owner of the securities issued by him

paper or the person authorized for him to exercise the voting rights of the

decision of the Assembly of the owners of securities to provide information

concerning the exercise of the rights of the owner of the security of electronic

means and requests consent within a reasonable time, with

If within this period expresses its objection, his consent

for the and



(d)) provides any information concerning the exercise of the rights of the owner of the valuable

paper, electronic means to each owner by issued by the

securities, and any person referred to in section 122, paragraph. 2 (a). and (e))); It

does not apply to the person who asked about sending in writing to the issuer

information on its cost and danger in documentary form.



(6) the conditions set out in paragraph 5 the issuer referred to in

paragraph 5 shall ensure that for the case where statutes or similar document

statutes or conditions, or a similar document emission conditions

include the capability to provide information relating to the exercise of the rights of the owner

the securities electronic means.



section 120a



(1) in addition to the requirements laid down by the law governing the legal relations

commercial companies and cooperatives or comparable requirements

foreign law contains, in the case of an issuer under section 118

paragraph. 1 (a). and the invitation), general meeting or similar gathering

the owners of the securities representing the share of the issuer or

notice of the general meeting or similar gathering of owners

securities representing the share of the issuer



and on the rights of the owner) warning of the security related to the participation in the

General meeting or similar gathering of owners of securities
shares representing the issuer and an indication of the total number of shares and

securities representing the share of the issuer and of the voting

the rights associated with them,



(b) a clear and specific description) of how to participate, and even on the basis of the full

power of the general meeting or similar gathering of owners of securities

representing the share of the issuer, and how at the general meeting, or

a similar gathering of owners of securities representing the share of the

the issuer of the vote, including information about



1. the right to apply to the draft proposals and counterproposals, whose content is

mentioned in the invitation to the general meeting or similar gathering of owners

securities representing the share of the issuer or in the notice of

the venue of the general meeting or of a similar gathering of owners of securities

representing the share of the issuer,



2. the right to request the inclusion of specified matters on the agenda of the General

meeting or similar gathering of owners of securities

representing the share of the issuer and of the time limits related to the performance

of this law; in the event that this information is provided by the law on the

the website of the issuer, it is sufficient if the invitation or

Notice the information about the time limits associated with the exercise of this right, and

link to the website of the issuer, including data, where can

the relevant information is found,



3. the way in which the issuer receives the electronic means of communication on the

granting power of attorney to represent the owner of the securities on the General

meeting or similar gathering of owners of securities

representing the share of the issuer,



4. the way and how to obtain the vote or vote

electronic means, if the issuer of such a vote,



(c) the details of and) the point of obtaining the documents referred to in section 120b paragraph.

1,



(d)), the link to the website of the issuer, including data, where can

the information referred to in section 120b paragraph. 1 found.



(2) if it is to be on the agenda of the general meeting or the like

Assembly of the owners of the securities representing the share of the

the issuer specified in § 118 paragraph. 1 (a). and the decision on the payment)

the proceeds of the bond or other financial related

a valuable paper, the issuer shall publish, together with the announcement of the holding of the General

meeting or similar gathering of owners of securities

shares representing the issuer or securities owners shall send

securities, together with the invitation to the general meeting or similar gathering

the owners of the securities representing the share of the issuer's proposed

schedule of payment of income or other financial and information about the person

through which revenues or other financial performance. The same

shall inform the issuer of the securities owner or his agent

without undue delay about the results of the general meeting or the like

Assembly of the owners of the securities representing the share of the

to the issuer.



(3) if it is to be on the agenda of the general meeting or the like

Assembly of the owners of the securities representing the share of the

the issuer specified in § 118 paragraph. 1 (a). and the decision on the increase) or

reduction of the share capital of the fracturing of the securities, joining more

securities into one or change the form or type of securities,

shall publish, together with the notice of the general meeting or the like

Assembly of the owners of the securities representing the share of the

the issuer or owner of the security shall be sent together with the invitation to the

General meeting or similar gathering of owners of securities

representing the share of the issuer of the information on the impact of such

the decision on the rights of the owner. In the same way, the issuer shall inform the

the owner of a security, or his representative, without undue delay on the

the result of the deliberations of the general meeting or similar gathering of owners

securities representing the share of the issuer in this point

the negotiations.



(4) if the increase or decrease of the registered capital shall be decided by

statutory authority on the basis of a mandate of the general meeting or the like

Assembly of the owners of the securities representing the share of the

the issuer shall apply, mutatis mutandis, paragraph 3.



section 120b



(1) the issuer in accordance with § 118 paragraph. 1 (a). and) shall not later than the date

the publication of the notice of the general meeting or similar gathering

the owners of the securities representing the share of the issuer, or on the date of

sending invitations to a general meeting or similar gathering of owners

securities representing the share of the issuer to publish



and this notice or this) the invitation,



(b)), any document concerning the agenda of the general meeting, or

like the Assembly of the owners of the securities representing the share of the

the issuer; the document may be published in whole or in part, if

careful business discretion implies that its disclosure could

bring on the issuer of the injury, or, in the case of the information referred to in

the document, an internal information or information which is the subject of

commercial, banking or similar secrets of the issuer or

classified information under other legislation; whether it is a

information, the statutory body of the issuer shall decide,



(c)) form, with which you can execute postal vote or

electronic means of voting,



(d)) the draft resolution of the general meeting or of the like Assembly of the owners

securities representing the share of the issuer, or the opinion of the

the statutory body of the issuer to the convening of the proposed programme

the general meeting or of a similar gathering of owners of securities

representing the share of the issuer,



(e) the text of the proposal in writing) or a counterclaim of the shareholder or

the owner of securities representing the share of the issuer to draft,

whose content is given in the invitation to the general meeting or equivalent

Assembly of the owners of the securities representing the share of the

the issuer, or in the announcement of the holding of the general meeting or the like

Assembly of the owners of the securities representing the share of the

the issuer and



f) total number of shares and securities representing the share of the

the issuer issued on the date of publication of the notification or the sending of invitations,

as well as the total number of votes that are associated with them; issued to

the issuer of the different types of shares and securities representing the share of the

the issuer, provide the following information for each type of shares and securities

of paper representing the share of the issuer.



(2) the issuer in accordance with § 118 paragraph. 1 (a). and shall publish a notice of 15 days) from the date of

When held by the general meeting or similar gathering of owners of securities

representing the share of the issuer, the information about the



and) number of valid votes cast in the vote on each proposal,

the number of shares and securities representing the share of the issuer, with the

which are these voices, and the amount of the share capital or

voting rights of the issuer, which represent such shares and the

securities representing the share of the issuer, and



(b)) the total number of valid votes cast for the proposal, against the design and

the number of votes in respect of which voting absentee voting.



(3) the issuer referred to in § 118 paragraph. 1 (a). and shall make the documents)

referred to in paragraph 1 to shareholders or owners of securities

representing the share of the issuer and shall publish the information referred to in paragraph

2 free of charge on its website. The obligation to publish

notification or invitation to the general meeting pursuant to the law governing the

the legal ratios by commercial companies and cooperatives, is not affected.



§ 120 c



(1) the issuer referred to in § 118 paragraph. 1 (a). (b)) is obliged to publish or

to send a notice of meeting of owners of the bonds or the like

Assembly of the owners of the securities representing the right to repayment of the

amount due; in the same way be published or sent without undue

delay information on the exercise of the right of ownership of such

securities, the payment of the proceeds, the subscription, cancellation or repayment of

such a security. This is without prejudice to the requirements laid down by other

legal regulation on the document, which shall convene a meeting of owners

bonds, or comparable requirements of foreign regulation on

the document, which shall be convened by the Assembly of the owners of securities

representing the right to repayment of the amount owed.



(2) If a meeting of the owners of the bonds or similar Assembly

the owners of the securities representing the right to repayment of debt

amounts to only the owners of the investment securities

referred to in § 118 paragraph. 1 (a). (b)), whose nominal value as of the date

emissions corresponds to at least the amount corresponding to the specified limit in euro,

can such a meeting of the owners or such similar rallies held in

any Member State of the European Union, provided that this

Member State of the European Union are provided with the necessary information and

conditions to this owner could exercise their rights.



§ 121



The issuer referred to in § 118 paragraph. 1 in the performance of their information

the obligations
and the use of false, misleading) or misleading information,



(b)) fail to really important for the decision-making of investors



(c)) offer advantages, whose reliability cannot guarantee



d) indicate incorrect information about their economic situation.



section 121a



If the investment is a valuable paper referred to in § 3 (3). 2 (a). (c))

admitted to trading on a regulated European market fulfils the obligations

provided for in § § 118 paragraph 119b. 2, § 120 paragraph. 1 and 5, and in section 121, the issuer

investment securities, which is a valuable paper referred to in § 3

paragraph. 2 (a). (c)) being replaced by.



section 121b



If the investment securities admitted to trading on the

a regulated market without the issuer's consent, the obligation to disclose information

under this title and title IV of this part of the Act, if the issuer is subject to

information obligations under this Act, or comparable

the information, if the issuer is subject to the reporting obligations in accordance with the legal

the order of another Member State of the European Union, instead of the issuer, a person

that the admission to trading on a regulated market, or

operator of the regulated market, which itself has adopted an investment security

to trading on a regulated market without the issuer's consent. This obligation

It is true, if required, the person shall publish the information referred to in title V of this

part of the Act without undue delay after its publication

by the issuer; If they complied with the requirements of the method and the language of the disclosure,

meet the required person this obligation even just by posting a link to the site,

where the issuer of the published information available.



TITLE III



THE OBLIGATION OF NOTIFICATION OF SHAREHOLDERS AND OTHER PERSONS



§ 122



Notification of the share of voting rights



(1) a person who reaches or exceeds the share of all voting

the rights of the issuer referred to in § 118 paragraph. 1 (a). and 3%), if the

the capital of the issuer is higher than Czk 100 0000 0000 or equivalent

the amount in foreign currency, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50% or

75%, or reduced their share of all the voting rights under these

boundaries, shall notify this fact to the issuer and the Czech National Bank. This

the notification may be made in the English language.



(2) for the purposes of performance of the obligation provided for in paragraph 1 to the

the proportion of the voting rights of the issuer at all and voting shall

the law of securities,



and at the disposal of another person), acting in concert with the person referred to

in paragraph 1,



(b) a person has) that referred to in paragraph 1, the possibility of temporarily to perform the

the basis for the Treaty,



(c)) that were the person referred to in paragraph 1 provided as collateral

If such person shall publish a statement that this will be the voting rights

exercise,



(d)) to which the person referred to in paragraph 1, the lifetime exploitation right,



(e)) that a person referred to in paragraph 1, the farmer manages or for

stored, if it was not the owner of the given special instructions

regarding the voting,



(f)) that has the option in its own name on behalf of a person referred to in paragraph 1

carry out the other person,



(g)) that are exercised by a person referred to in paragraph 1 on the basis of the full

to be able to, if this law can exercise at its discretion, and if it

were not the principal granted any special instructions on how to vote,

or



h) which is authorized to recover the person referred to in paragraph 1, unilateral

the manifestation of the will.

If the proportion of voting rights referred to in paragraph 1 shall take or

cease to be persons acting in concert, their holdings of voting rights

for the purposes of the performance of the notification obligation shall be aggregated; the obligation of the individual

the persons referred to in paragraph 1 is not affected. Notification obligations shall be subject to

even a change in the layout of a holding of voting rights between the parties

acting in conformity to the extent of constituting the obligation of notification.



(3) the person referred to in paragraph 1 shall notify the Governor, overrun or reduction

the share referred to in paragraph 1 to 4 working days after he learns or

could learn about the fact, that bases the creation of notification

in accordance with paragraph 1. , The person referred to in paragraph 1 of this

the fact she knew no later than 2 working days after the date on which this

the fact occurred. Where the obligation under paragraph 1 more

persons, such persons may meet common obligation of notification

the announcement. The notification obligation is fulfilled, if within the specified period

written notice duly dispatched.



(4) If a power of Attorney within the meaning of paragraph 2 (a). (g)) granted only for

the purpose of a general meeting or similar gathering of owners of securities

representing the share of the issuer, may be a notification under

paragraph 1 made the principal and agent in the form of a single

Notice that contains the information about the share of voting rights in

during the general meeting of the Assembly of the owners of securities or the like

representing the share of the issuer, the information about the share of the

voting rights at the moment when the agent cannot

exercise the voting rights at its discretion, and further information, when

this moment occurs.



(5) failure to comply with the notification obligation provided for in paragraph 1 shall not

result in the nullity of legal negotiations, on the basis of which the acquisition has occurred

or to increase the participation of the issuer, but the voting rights associated with the

thus acquired shall not be exercised by participation, and that by the time of fulfilment

the notification requirement.



(6) the Czech National Bank shall publish a notice of the fact that it has been notified to the

referred to in paragraph 1, with the information on the rate of share of voting

the rights shall publish, within at the latest within 3 working days from the date of

service of the notice or the date on which this information finds itself.



(7) the notification obligation referred to in paragraph 1, a person has to increase or

reduce the proportion of voting rights as a result of an increase or decrease

of the capital.



(8) the obligation referred to in paragraph 1 arises, regardless of the person

voting rights for any reason does not. Due to the fact

that person does not exercise the voting rights, there is no change in the share of the

voting rights referred to in paragraph 1 of this person or other persons.



(9) the person referred to in section 2a paragraph. 1 (a). and (c))) or a foreign person with

similar activities to share voting rights referred to in paragraph 1

not voting rights shares, which refer to the

assets that it holds under the implementing legislation, which

regulates the prudential rules on the capital market ^ 13a), if

do not exceed the proportion of 5% of all voting rights of the issuer, and

that does not, or otherwise, does not interfere with the management of the issuer.



(10) the person controlling a person who is authorised to provide investment

the services referred to in section 4, paragraph 4. 2 (a). (d)), or a foreign person who has

the authorization of another Member State of the European Union to provide investment

services like investment services referred to in section 4, paragraph 4. 2 (a). (d)), to

the proportion of the voting rights referred to in paragraph 1 shall not be counted for the shares

voting rights, which relate to the assets that manages

controlled by the person, if the



and) controlled the voting rights exercised only in accordance with written

the customer's order, or



(b)) controlling person does not intervene in any way in the exercise of these

of the voting rights.



(11) a person controlling an investment fund managers or

foreign investment fund into the share of voting rights in accordance with

paragraph 1 not voting rights that are associated with the property

in investment funds or foreign investment funds, which

manages the controlled person, if the controlling person does not interfere

in any way the exercise of such voting rights.



(12) the conditions for the controlling person set out in paragraphs 10 and 11 shall apply

for the controlling person of the person in accordance with the laws of the State

that is not a Member State of the European Union, provides in this State

a service comparable to the investment service as referred to in section 4, paragraph 4. 2 (a).

(d)), if



and the rule of law of such State) the controlling party shall provide to the voting

rights, which relate to securities that are part of the

managed assets, this person carries out only in accordance with written

the customer's order, or to ensure that the procedures to reduce the potential for conflicts of

interest between the persons charged with management of the assets and other

persons,



(b)) controlling person does not intervene in any way in the exercise of the voting

rights, which relate to securities that are part of the

managed assets, and



(c) in the case of controlled person) a conflict of interest between her and the controlling entity is

obliged to favor their own interests before the interests of the controlling person.



(13) the conditions referred to in paragraphs 10 to 12 applies to the controlling person

only if you send without undue delay of the Czech National Bank



and data on the controlled person) pursuant to paragraphs 10 to 12, and those whose

shall be subject to surveillance,



(b)) Declaration of compliance with the conditions laid down in paragraphs 10 to 12;

the Declaration may not be sent if it applies exclusively to the investment

tools that allow you to acquire the securities within the meaning of paragraph 2 (a).

(h)), and



(c) changes in the data or) the Declaration referred to in subparagraph (a)), or (b)).



(14) the controlling person pursuant to paragraphs 10 to 12, at the request of the Czech national

the Bank shall, without undue delay,
and the controlling person and the controlled) a person has the organizational arrangement

the voting rights are exercised in accordance with paragraph

10 (a). (b)) or with paragraph 11,



(b)), when a controlling person is controlled by persons or by the customer

my participation in the assets that are managed in an controlled person from

written documentation shows that their relationship is usually the contact with

other customers.



(15) the issuer referred to in § 118 paragraph. 1 (a). and), or ceased to be

own shares himself or through another person acting on behalf of

the Commission shall publish the information about the issuer, that has reached or exceeded the proportion of the

all voting rights in the amount of 3%, is the capital of the issuer

more than 100 0000 0000 Czk or the equivalent amount in foreign currency 5% or

10%, or decreased their share of voting rights under these

the boundaries. The issuer shall publish this information within 4 working days after

occurs, the fact that bases the creation of this obligation.



(16) the issuer referred to in § 118 paragraph. 1 (a). the Commission shall publish the total number)

of voting rights and share capital in the calendar month, in

where to change them.



(17) the content of the notification referred to in paragraph 1, form and manner of the sending of the

lays down detailed legal prescription.



§ 122a



Exemptions from notification



(1) the obligation of notification under section 122, paragraph. 1 shall not apply to



and, for which the person) has fulfilled the obligation of notification, the person who controls it,



(b) the person shall) or zcizuje investment securities specified in §

paragraph 118. 1 (a). and) for settlement of trades with these investment

instruments, if the time limit for their settlement shall not exceed 3 working

days,



(c)) a person who has, in their able to investment securities as referred to in section 118

paragraph. 1 (a). and) and voting rights associated with these investment

instruments exercised exclusively by written order of the owner, or



(d)) a market maker, who is a trader in securities or a person

which is the supervisory authority of another Member State of the European Union to

the provision of investment services, when it reaches or exceeds the share of

voting rights in the amount of 5%, or reduce its stake below this limit,

provided, that does not affect the management of the issuer and, if within the time limit

referred to in section 122, paragraph. 3 notify the supervisory authority of the issuer, that carries

or intends to carry on the activity of market makers in securities of the issuer;

This person shall also notify the termination of the activities of the market maker.



(2) the obligation of notification under section 122, paragraph. 1 shall not apply to Member

The European system of central banks, if in the performance of tasks of the European

system of central banks will reach or exceed the proportion of the voting

the rights referred to in section 122, paragraph. 1 or if its share of the voting

rights under these boundaries shall be reduced, unless this does not exercise the voting rights and

If you exceed these limits for a short time in accordance with the provisions

governing the activities of the European Central Bank and the central banks.

The obligation of notification in these cases also apply to other

party to this transaction.



section 123



The choice of the Member State of the European Union by the issuer



(1) the issuer referred to in § 118 paragraph. 1 (a). (b) point 2 or 3), or (b).

(c)), paragraph 2, 3 or 4 shall elect one Member State of the European Union, in

which will fulfil the obligations under Title II and title V of this part of the Act

or comparable obligations under the law of another Member

State of the European Union. This State can only be chosen by the Member State

The European Union, which has its registered office or the issuer in which it

issued securities are admitted to trading on a regulated European

the market. This option is for him to be binding for at least 3 years, unless the

investment securities issued by the issuer ceases to be traded

on all regulated European markets.



(2) the issuer referred to in paragraph 1, the Commission shall publish the information about what the Member

State of the European Union.



TITLE IV



PROTECTION AGAINST THE MISUSE OF MARKET



Protection of internal information



section 124



(1) for the internal information, for the purposes of this law shall be considered accurate

information that directly or indirectly concerns the investment tools or

another tool that has been admitted to trading on the European

a regulated market or the admission to trading on the European

a regulated market has been requested (hereinafter referred to as the "financial instrument"), another

the tool, which was not admitted to trading on a regulated European

market and whose value derives from the financial instrument, the issuer

such financial instruments or other facts relevant for the development of

the price of such a course, or other financial instrument or its yield, if

This information is not publicly known, and if then what would become

publicly known, could significantly affect the rate or yield of the

of the financial instrument or other instruments whose value is derived from the

This financial instrument.



(2) For internal information and the information referred to in paragraph 1

communicated by the customer when forwarding the order to provide investment services.



(3) an insightful person is the person who gets the internal information in the

connection with the exercise of his employment, profession or function in the

connection with its share in the capital of the issuer of the financial

tool or the share of the voting rights of the issuer of the financial

Tools, in connection with the discharge of their duties or in connection with the

a criminal offence. An insightful person is also the person who gets the internal

the information in a different way and knows or can know that this is an internal

the information.



(4) the insider



and not on their own account) or on the account of a third party, directly or indirectly

or dispose of financial instruments to which the inside information concerned, or

of its acquisition or disposal,



(b)) shall not directly or indirectly make any other recommendations to the person or to the acquisition of

the transfer of financial instruments to which the inside information concerned,



(c)) shall maintain confidentiality of internal information and avoid the other person

access to this information, if this information is not part of the

its normal activities, duties or employment; obligation of secrecy

After the demise of the position of insiders; the provisions of § 117 paragraph. 1

shall apply mutatis mutandis.



(5) a securities dealer, a foreign person who has authorization

supervisory authority of another Member State of the European Union to provide

investment services and provides investment services in the Czech Republic,

the Bank, a foreign bank that carries on the territory of the Czech Republic of its

activities through a branch, the savings and credit cooperative and

institutional investor who has reasonable grounds to suspect the use of internal

the information in the conclusion of the trade, without undue delay, inform the Czech

the National Bank. These persons are required to maintain the confidentiality of this

the notification.



(6) the provisions of paragraphs 1 to 4 shall not apply to



and operations carried out by the Central Bank) of the Member State of the European

Union, the European Central Bank or other authorised person when

the implementation of monetary policy, or foreign exchange or in the management of public

of the debt,



(b)) in the redemption of the own investment instruments or

price stabilization investment instruments under conditions laid down directly

the applicable law of the European Union, implementing the directive

The European Parliament and of the Council on market abuse ^ 14a), or



(c) the performance of the contract) the debt concluded before getting inside information.



section 125



(1) the issuer of a financial instrument shall publish any internal information,

which it relates; published information must be comprehensible and

not to be biased. The obligation referred to in the first sentence shall not apply to

the issuer of the financial instrument on the adoption of the financial instrument on the

regulated market or with the adoption didn't ask disagreed.



(2) the issuer of a financial instrument may postpone the publication of the internal

the information referred to in paragraph 1 if, for serious reasons, neuveřejněním

the information is not public klamána and if the issuer of the financial instrument

It is able to ensure confidentiality of this information. The postponement of the publication of the

internal information, indicating the reasons for the postponement and the contents of the internal

information shall notify the issuer of the financial instrument without delay to the Czech national

the Bank.



(3) If an issuer shall communicate to the financial instrument or a person acting on its

on behalf of, or from its internal credential information to a third person, the issuer

the financial instruments at the same time this information publicly available. If the issuer

financial tools could not have foreseen, communication of information to be published

the information immediately after its communication. The obligation to disclose information

the issuer of a financial instrument does not, if the third party is bound by the obligations

the confidentiality obligation arising from legislation or contractual arrangements

or, with regard to the issuer of the financial instrument, the financial instrument

to trading on a regulated market, in the manner prescribed in § 56 paragraph.

5 adopted without his consent.



(4) the issuer of a financial instrument will ensure the maintenance of a list of persons who have

access to internal information of the issuer of the financial instrument, and send it to the

without undue delay, the Czech National Bank. The obligation referred to in the first sentence

does not apply to the issuer of the financial instrument on the adoption of
financial instrument on the regulated market or the adoption didn't ask

disagreed.



(5) the person having control of the powers of the issuer of the financial instrument, her husband

or partner ^ 14b), dependent children ^ 14 c) other relatives, who with her

they live in a common household for at least one year, and on the other

the persons that are to the person with the management powers of the issuer of the financial

instruments in the family or a similar ratio, live with her in the common

the home for at least one year, and the injury, which she suffered one

of them, would be the second reason she felt the injury, or as a custom legal

persons, in which these persons are persons with management powers,

they are controlled by such persons or whose economic interests are

to a significant degree consistent with the economic interests of these persons, shall send to the Czech

the National Bank of the notification of the transaction in shares or zatímními leaves

certificated by the issuer or investment instruments whose value

applies to these shares or provisional data sheet, which was made on the

their account, within 5 working days from the date of implementation of the transaction.

The Czech National Bank shall publish this notification.



(6) persons who, in connection with the exercise of their profession or business

make up or extend the investment recommendations, or persons linked to them

must make reasonable care to ensure that the information provided has been

honestly expressed and presented, and at the request of the Czech national

banks demonstrate the rationale for investment recommendations. It must be noted

or publish their own interests or conflicts of interest concerning the financial

instruments which are the subject of the investment recommendation. Investment

the recommendation for the purposes of this Act, means the



and information from the merchant) the securities of the Bank, other persons whose

main business is making investment recommendations, or

a natural person working for them under a contract of employment or

otherwise, that, directly or indirectly, it is recommended that specific

investment decisions relating to a financial instrument or an issuer of

the financial instrument,



(b)) information by persons other than the persons referred to in point (a)), which

directly recommends a particular investment decision concerning the financial

Tools,



including the opinion about the present or future value or price

such financial instruments, if it is intended for the public, or can be

its publication reasonably assume.



(7) the implementing legislation in accordance with the law of the European

Union ^ 15) more detailed rules for the



and deferment of publication) internal information, including the definition of the grounds for

deferment of publication and how to ensure the confidentiality of internal information,



(b) fair expression and presentation) the investment recommendations by

paragraph 6,



c) disclosure of interests and conflicts of interest, including the method of disclosure and

definition of the types of interests and conflicts of interest,



(d)) leadership list of people who have access to inside information, including

details about that person to be kept in this list, and

structure, form and manner of the sending of the Czech National Bank,



e) notification of transactions of the Czech National Bank pursuant to paragraph 5, including

the method of sending the notification of the Czech National Bank and a more detailed definition of the

types of transactions to which the notification obligation applies,



(f)), the quality requirements of internal information,



g) notification of the Czech National Bank on the other suspects from the use

the inside information or market manipulation, including the method of sending

notification by the Czech National Bank.



§ 126



Market manipulation



(1) the manipulation of the market for the purposes of this Act, means the conduct of a person,

that may



and skew the idea) of the participants of the capital market on the value menu

or the demand of financial instruments, or



(b) in any other way) course skew the financial instrument.



(2) market manipulation is not



and the trade or) implementation of trade, if the person making the

instruction or any person effecting a trade show that they have a proper reason to

such a guideline or a trade, and this order or a transaction is in accordance with the

accepted market practices on the regulated market,



(b)), consisting in the dissemination of false or misleading

misleading information, which the person, which it extends, it cannot know that

is false, misleading or deceptive,



(c) dissemination of information to the journalist when) the exercise of journalistic profession, if

the journalist is in accordance with the rules of the journalistic profession and in connection with the

dissemination of the information does not get any benefit, directly or indirectly

beyond the usual remuneration,



(d) the dissemination of information by the person conducting the) survey, which covers the market

investment instruments or issuers, or by the person who recommended

investment strategy, if there is such information or recommendations

distributed publicly accessible means, and if such persons shall act

in these activities fairly and at the same time shall publish its possible

a conflict of interest,



(e)) at the redemption of the own financial instruments, or

price stabilisation of a financial instrument, under the conditions laid down directly

the applicable law of the European Union, implementing the directive

The European Parliament and of the Council on market abuse ^ 14), or



(f)) negotiations, the Czech National Bank, the Central Bank of another Member State

The European Union, the European Central Bank or other authorized person in the

the implementation of monetary policy, or foreign exchange or in the management of public

debt.



(3) notify the Czech National Bank through the Ministry of European

the Commission without undue delay after the entry into force of the implementing the rule

the regulation referred to in paragraph 6 to the dissemination of information and disclosure

conflict of interests of the persons referred to in paragraph 2 (a). (d)).



(4) market manipulation is prohibited.



(5) a securities dealer, a foreign person who has authorization

supervisory authority of another Member State of the European Union to provide

investment services and provides investment services in the Czech Republic,

a person who is registered in a State which is not a Member State of the European

Union, and provides investment services in the Czech Republic, the Bank,

Foreign Bank that carries on its activities in the Czech Republic

through a branch or without establishing branches, savings and credit

cooperative and institutional investor who has reasonable grounds to suspect that

the store may be market manipulation, inform the suspect

without undue delay, the Czech National Bank. These persons are obliged to

maintain secrecy about this announcement.



(6) the implementing legislation in accordance with the law of the European

^ 16) more detailed EU rules for the assessment of market manipulation.



(7) the Czech National Bank acknowledges the market practices referred to in paragraph 2 (a). and)

and issues about the opinion. The Czech National Bank shall, before the issue

your opinion about the recognition of the market practice concerned, consult its opinion

representatives of issuers, investment services providers, investors,

the Ministry, the supervisory authorities and the organisers of regulated markets ^ 17).



(8) the procedure For the recognition of the market referred to in paragraph 7 shall take into account the Czech

the National Bank to the structural characteristics of the relevant market, in particular

whether it is the relevant regulated market or not, what kinds of financial

instruments are traded on that market and what is the nature of the participants

the relevant market, including taking into account the participation of retail investors in the

the relevant market. In recognition of the market procedure in accordance with paragraph 7 of the Czech

the National Bank also takes account, in particular, whether



and market practice under consideration) is sufficiently transparent for the entire market,



(b) the market procedure) is not jeopardized the functioning of market forces,

in particular, that will not be threatened by the forces of supply and demand; Czech national

the Bank analyzes in particular the impact of the market under consideration of the procedure on the main

market parameters, such as the specific market conditions before

the implementation of the market under consideration of the procedure, the weighted average price

the relevant financial instrument within one business day or daily

the final price,



(c) the project will not jeopardize the market practice) with liquidity and efficiency of the relevant

market,



(d)) under consideration market practice respects the commercial mechanisms common to

the relevant market and enables market participants to react properly and in a timely manner to

market situation the market triggered by the procedure,



(e)) will not jeopardize the integrity of the market under consideration procedure all directly or indirectly

the interconnected markets of European Union Member States, which are traded

with the relevant financial instrument, regardless of whether these markets are

regulated,



(f)) was already under consideration market practice assessed by the competent authorities of the other

the Member State of the European Union, and with what result, in particular, whether this

market procedure does not violate the rules or regulations against market abuse or

other rules of conduct, whether on the relevant market or in other markets in the

the Member States of the European Union, which are the relevant market directly or

indirectly linked.



(9) the use of the new market practices cannot be regarded as tampering with

the market just because of these procedures have not been recognised by the market in advance of the Czech

the National Bank.
(10) the Czech National Bank regularly revises the accepted market practices

in particular, when significant changes in the market environment, such as

change business rules or to market infrastructure.



(11) the Czech National Bank publishes opinions concerning the recognition of

market practices, including a description of these market factors

referred to in paragraph 8, which took into account when making its decision. Czech

the National Bank shall forward the opinion concerning the recognition of market practices

without undue delay to the European securities regulators Committee

the papers. ^ 17a)



(12) If a initiated administrative proceedings concerning the market practice,

the Czech National Bank may suspend the consultation procedure referred to in

paragraph 7, concerning this market procedure, until the final

the completion of this procedure.



(13) a market practice which was accepted in accordance with paragraphs 7 to 12, shall not

be changed otherwise than under the procedure referred to in paragraphs 7 to 12.



THE HEAD OF THE



MAKING COMPULSORY THE PUBLISHED INFORMATION



§ 127



Basic provisions



(1) the Compulsory uveřejňovanou of the information for the purposes of this Act, means the

information, which is the issuer or other person who has applied for admission

investment securities to trading on a regulated market without the

the consent of the issuer, or the operator of the regulated market, which itself received

investment securities to trading without the issuer's consent, be required to

publish under titles II to IV of this part of the Act. For the compulsory

uveřejňovanou information and the information referred to in section paragraph 120a. 2 and

paragraph 3, section 120b. 1 (a). and § 120 paragraph). 1. the compulsory uveřejňovanou

the information shall not be considered a proxy form pursuant to § 120 paragraph. 3, as well as

information pursuant to section 120b paragraph. 1 (a). (b)) (a) to (f)). 2 to the extent

which does not match the compulsory information referred to in the first sentence inserted or

the second.



(2) Compulsory information uveřejňovanou the person referred to in paragraph 1

the Commission shall publish without delay so as to ensure easy neupřednostňující and

gratuitous access; at the same time sends this information to the Czech National Bank.

This person is also required to keep the relevant information related to the

compulsory uveřejňovanou of information, in particular information about a natural person,

that the person referred to in paragraph 1 has sent compulsorily released

information for publication, details of the sending of the mandatory security

released information for publication, and the date and time when the compulsory

uveřejňovaná information sent for publication.



(3) Implementing legislation lays down the scope of the relevant data by

paragraph 2, the form and manner of disclosure compulsory published

information and structure, form and method of sending Czech national

the Bank.



section 127a



How to make compulsory published information



(1) the Czech National Bank will make available to the public the information sent by her

under section 127, paragraph. 2 in a way that



and) meets the requirements of the security and reliability of the origin of the information,



(b)) contains the time record to insert the obligatory information released



c) meets the requirements for easy availability of compulsory published

information for the end user and



(d)) allows the transmission of information through the electronic resource

between the comparable system of other Member States of the European Union and

The European Committee of regulators of securities markets.



(2) the Czech National Bank immediately in the manner referred to in paragraph 1

available to the public, which will publish notices under section 122, paragraph.

6, § 125, paragraph. 5 and § 126, paragraph. 11, and the information published in the State,

that is not a European Union Member State, under the law of this

the State, which is in connection with the performance of the financial market supervision

know, if disclosure of the information could have for the public in

The importance of the European Union.



section 127b



The Czech National Bank may conclude with the European Committee with the regulators

the securities agreement on compulsory link published information

by means of electronic communications networks and on the administration of the network.



§ 127c



The language of the disclosure



(1) the issuer referred to in § 118 paragraph. 1, whose investment security is

admitted to trading on a regulated market only, publish compulsory

uveřejňovanou information in English or in the language in which you can

to submit documents to the Czech National Bank.



(2) the issuer referred to in § 118 paragraph. 1, whose investment security is

admitted to trading on a regulated market and foreign

regulated market shall publish compulsory information in Czech uveřejňovanou

the language or languages in which you can submit documents to the Czech national

the Bank, and later in the English language or in the language in which you can submit

documents to the competent supervisory authorities of the other Member States

Of the European Union.



(3) the issuer referred to in § 118 paragraph. 1, whose investment security is not

admitted to trading on a regulated market shall publish compulsory

uveřejňovanou information



and the) in the English language or the language in which you can submit documents

supervisory authorities of Member States of the European Union, acting in the exercise of

supervision of the financial market, in which this investment security

admitted to trading on a regulated market and



(b)) in Czech, English or in the language in which you can submit

documents of the Czech National Bank.



(4) the issuer referred to in § 118 paragraph. 1, if it is a valuable investment

the paper, whose nominal value is equivalent to at least the amount corresponding to the

the limit laid down in the euro, or if it is a valuable investment

the paper referred to in § 118 paragraph. 1 (a). (b)) and the nominal value of the

corresponds to at least the amount corresponding to the specified limit in euro on the date of

emissions, provided that such investment is a valuable paper accepted for

trading on one or more regulated European markets,

publish compulsory uveřejňovanou information in English or in a language

in which you can submit documents to the Czech National Bank, and in the language in which the

You can submit the documents to the competent supervisory authorities of the other

the Member States of the European Union, in which these European regulated

markets is situated, or in the English language.



§ 127d



Permit exemptions from the obligations to the issuer, which has its registered office in

the State, which is not a Member State of the European Union



(1) the Czech National Bank allows a derogation from the obligations laid down

in section 118 to paragraph 119a, section 120a. 1 (a). and, § 120 paragraph). 1 or § 122

paragraph. 15 or 16, that the issuer has its registered office in a State which is not

European Union Member State and who under the law of this State

fulfils obligations of comparable, if required, the person of the Czech National Bank

established that the obligation referred to in the legal order of a State which is not a Member

State of the European Union, is comparable with the obligations provided for in § 118 up

119a, section, paragraph 120a. 1 (a). and, § 120 paragraph). 1 or in section 122, paragraph. 15

or 16. When the obligation under the law of that

It is not a Member State of the European Union, comparable with the obligations laid down

in section 118 to paragraph 119a, section 120a. 1 (a). and, § 120 paragraph). 1 or § 122

paragraph. 15 or 16, lays down the following on European Union law implementing

legal prescription.



(2) the conditions are that the accounting policy resulting from the

the law of the State in which the issuer has its registered office, referred to in paragraph 1,

comparable with international accounting standards ^ 12e), as well as cases

in which these principles can be considered comparable with international

accounting standards, defines a directly applicable regulation in the European Union,

implementing directive of the European Parliament and of the Council of the Governing

the prospectus and the directive of the European Parliament and of the Council relating to the requirements

on the transparency concerning information about issuers ^ 17 c).



(3) the issuer to whom the Czech National Bank has authorized, in accordance with paragraph

1 an exception is required for information published in accordance with the

the obligation laid down the legal order of the State in which it is situated, and that is

comparable with the obligations of the Czech National Bank, an exception

allow, proceed similarly as a person publishes a compulsory

uveřejňovanou information under section 127, paragraph. 2 and § 127c, and at the same time

shall without undue delay inform the Czech National Bank for each

a change in the facts, on the basis of the exception was allowed to him.



(4) the permit exemptions referred to in paragraph 1 shall inform the Czech National Bank

The European Securities and markets.



TITLE VI OF THE



THE GUARANTEE FUND OF SECURITIES DEALERS



§ 128



Basic provisions



(1) the guarantee fund is a legal person, which secures the guarantee system,

from which shall be paid compensation to customers merchant securities,

who is unable to meet its debts to its customers.



(2) the guarantee fund



and) accepts contributions from securities dealers,



(b)) shall inform the Czech National Bank on the amount of the contributions that each

traders in securities paid for the guarantee fund for the

the calendar year, and shall publish this information on their website

up to 30 pages. in April of the following year,



(c)) provides authentication of the claims for payment of compensation from the guarantee fund



(d)) provides the payment of compensation from the guarantee fund.



(3) the guarantee fund shall be entered in the commercial register.
(4) the guarantee fund is not a Fund. The guarantee fund shall not apply

legal provisions regulating the insurance industry.



(5) the guarantee fund is managed by a Management Board, which is its

the statutory authority. The President, the Vice-President and the other members of the Board

the Council of the guarantee fund appointed and recalled by the Minister of finance. The members of the

the Board of the guarantee fund shall be appointed for a period of 5 years, and even

repeatedly. At least one Member is appointed from among the staff of the Czech national

the Bank, on a proposal from the Czech National Bank Board. At least 2

the members are appointed from among the members of the statutory body or employees

securities dealers



(6) If a member of the Board of the guarantee fund will end up

membership on the Board before the expiry of his term of Office, is on the

its place appointed new Member of the Board whose term ends

on the same day, which would have ended the term of his predecessor.



(7) The Board shall perform their duties with proper care

the householder.



(8) when the violation of the obligations referred to in paragraph 7, the Administrative Council will replace the

any damage caused by,



and in the case of intention) in full,



(b)) in the case of negligence up to a total amount of 100 USD for the whole period

the performance of its functions.



(9) Every securities dealer shall be obligated to pay the contribution to the

The guarantee fund.



(10) the source of the assets of the guarantee fund are posts from traders with

securities, the fine imposed on traders in securities pursuant to

This law, the fines imposed for breach of investment companies

the provisions relating to the management of customers ' assets and income from

investment of funds. The guarantee fund may accept also credit

subsidies or repayable financial assistance.



(11) the resources of the guarantee fund can be used to



and compensation arising from insolvency) trader in securities to meet the

its obligations consisting in the issue of the assets of the customer, from customer

the reason directly linked to its financial situation,



(b)) loan repayments or returnable financial assistance,



(c) the payment of the costs of the activities) of the guarantee fund.



(12) for the purposes of this title, the customer's property, means monetary

resources and investment tools, which the securities dealer

He took over for the purpose of providing investment services, and cash and

investment tools for those values obtained for the customer. The second sentence of section

2 (2). 1 (a). (h)) shall apply mutatis mutandis.



(13) the cash resources of the guarantee fund may be invested only

in a safe way.



(14) the way of the activities of the assurance of the guarantee fund, a way of investing

the cash resources of the guarantee fund and the payment of the cost of the activity

The guarantee fund shall adjust in detail the status of the guarantee fund, which issues

the Administrative Council after previous consent of the Ministry. The consent of the Ministry of

is required for each change of the Statute also guarantee fund.



§ 129



Payment of the contributions to the guarantee fund



(1) a securities dealer shall apply to the guarantee fund annual

contribution in the amount of 2% of the amount of income from fees and commissions for the

investment services provided for the last calendar year.



(2) the annual contribution of at least 10 000 Czk, and regardless of the number of

months in which the securities dealer has pursued its activities.



(3) the contribution to the guarantee fund is payable each year to 31. March,

and for the previous calendar year. ".



§ 129a



Check the payment of the contributions



(1) without delay after the expiry of the period referred to in section 129, paragraph. 3 inform the guarantee

Fund of the Czech National Bank on the amount of contributions paid by each

the individual trader with securities for the previous period.



(2) the Czech National Bank compares the amount of the actually paid contributions

referred to in paragraph 1 with the volume of revenue from fees and commissions for provided

investment services for the last year identified on the basis of the data verified

the auditor received from merchant securities under section 16(1). 1

multiplied by the applicable percentage under section 129, paragraph. 1. In the case of

finding the difference of the Czech National Bank shall take appropriate measures to remedy the situation.

The Czech National Bank informs about detected differences and adopted

measures to remedy the guarantee fund.



Compensation from the guarantee fund



section 130



(1) the Czech National Bank, without undue delay, notify the guarantee fund,

that



and) a securities dealer because of their financial situation is not

Unable to meet its debts consisting in the issue of assets to customers and is not

likely to be fulfilled within one year, or



(b)), the Court issued a decision on the bankruptcy of a trader in securities or

He issued another decision that has resulted in that the customers of the merchant with the

securities cannot effectively claim the release of his property against

Merchant securities.



(2) the guarantee fund shall, in agreement with the Czech National Bank shall without delay publish

the notification in an appropriate manner, that contains the



and) the fact that a securities dealer is unable to fulfil its

debts,



(b)) instead, the method and time limit for claims for login and start

payment of compensation from the guarantee fund, and



(c) any other fact related) with logging rights.



(3) the time limit for the login of the claims must not be less than 5 months from the date of

the publication of the notice referred to in paragraph 2. The fact that this time limit

has expired, cannot be invoked to deny payment of compensation from the guarantee

the Fund.



(4) The compensation from the guarantee fund shall not be entitled



and the Czech Consolidation Agency),



(b) territorial self-governing unit),



(c)), the person who in the course of 3 years prior to the notification referred to in paragraph

2



1. carry out an audit or participated in the audit of the merchant with the

securities, whose customers are paid compensation from the guarantee fund



2. was the head of the person of the securities dealer, the customer is

the refund shall be paid from the guarantee fund



3. a person with a qualified participating dealer with securities

the papers, which the customer shall be paid compensation from the guarantee fund



4. the person was nearby under the civil code a person referred to in points 1 to

3,



5. a person who belongs to the same group as

a securities dealer, the refund shall be paid from the customer

The guarantee fund



6. the audit carried out or participated in the audit of the person who

belongs to the same group as dealers securities

the papers, which the customer shall be paid compensation from the guarantee fund



7. was the head of the person of the person, which belongs to the same business

the grouping as a securities dealer, the customer shall be paid

compensation from the guarantee fund



(d)), in which the person has or had, at any time during the last 12 months

immediately preceding the date on which the notification was made

referred to in paragraph 1, a securities dealer, whose customers

the refund shall be paid from the guarantee fund, or the person with a qualifying holding

This trader with securities of more than 50% of the basic

capital or of the voting rights,



(e)) a person who, in connection with the legalisation of proceeds from crime

Entrust securities trader, whose customers pays off

compensation from the guarantee fund, the funds received by the offence,



(f)), the person who caused the crime with the inability of the merchant

securities, whose customers are paid compensation from the guarantee fund

meet its obligations to customers.



(5) the guarantee fund shall suspend payment of refunds



and for the customer's assets), which is obvious from the course of criminal proceedings,

that can go to assets referred to in paragraph 4 (b). (e)), or



(b)) a person suspected of having committed an offence that caused the

securities trader's failure to meet its obligations to

customers, and for criminal proceedings instituted against that person.



(6) the guarantee fund shall suspend the payment of the refund in accordance with paragraph 5, without

undue delay then, when given the facts.



(7) Compensation from the guarantee fund is provided for the customer's assets, which

He could not be released for reasons directly related to the financial situation

Merchant securities. For the calculation of the refund to the date on which the

The guarantee fund has received notification by the Czech National Bank referred to in paragraph 1,

added together the value of all the components of the customer's assets, which could not be issued

for reasons directly related to the financial situation of the trader with securities

the papers, including his co-ownership of the property in the

joint ownership with other customers, with the exception of the value of money

funds entrusted to the trader in securities, which is a bank

or a branch of a foreign bank, and held it on the accounts of the insured

According to the law governing the activity of the bank. From the resulting amount is deducted

the value of the liabilities of the customer against the trader in securities payable

the date to which the guarantee fund received a notification by the Czech National Bank

in accordance with paragraph 1.



(8) for the calculation of the refund referred to in paragraph 7 of the fair value of

investment instruments in force on the date on which the guarantee fund received

notification by the Czech National Bank referred to in paragraph 1. In the calculation of compensation may
The guarantee fund to take account of the contractual arrangements between the dealer

Securities and the customer, if the usual, in particular, to actually

assigned to interest or other revenues, on which the customer is entitled

on the date the guarantee fund received notice of the Czech National Bank as

of paragraph 1.



(9) the refund to the customer in the amount of 90% of the amount calculated

in accordance with paragraphs 7 and 8, not exceeding, however, pays the amount in Czech Crowns

corresponding to the 20 000 euros for one customer at one of the merchant with the

securities.



(10) the refund of the guarantee fund must be paid within 3 months from the date of

verification of entitlement and of calculating the amount of logged-in compensation. Czech national

the Bank may, in exceptional cases, at the request of the guarantee fund

extend this time limit by a maximum of 3 months.



(11) a securities dealer shall provide the guarantee fund on its

request within the time limit set by the guarantee fund with the necessary elements for

the calculation of the refund referred to in paragraphs 7 and 8. If the brokerage house

papers introduced the receivership, the receiver has this obligation, if the

the assets of a securities dealer is declared bankrupt, has this

the obligation of the insolvency administrator of the securities dealer. The same

duty, unless the guarantee fund shall invite, and the other person, if the

has these documents for yourself.



(12) the supporting documents referred to in paragraph 11 shall include, in particular, for each customer

the following information:



the currency and amount) of cash and kind, number and unique

identification of investment instruments that make up the assets of the customer, and

that could not be issued according to the procedure under section 132,



(b) the amount of the claims of the customer for) a trader with securities, incurred

on the basis of contractual provisions, in particular actually credited interest or

other earnings, on which the customer be entitled to



(c) the amount of the eligible claims) with dealer securities to

to the customer.



§ 131



(1) at the moment of payment of the compensation from the guarantee fund to the guarantee fund becomes

the lender of a trader in securities, to the extent paid out

the refund. If you have already opted in to the bankruptcy claim on assets

Merchant securities, becoming the guarantee fund in the same moment and

in the same range of bankruptcy lender of securities trader in

the decline instead of the customer. At the request of the guarantee fund shall

the insolvency administrator of this change without undue delay in the list

registered claims ^ 18).



(2) the right of the customer to the payment of compensation from the guarantee fund shall become statute-barred

not later than 5 years from the date of publication of the facts occurred

referred to in section 130, paragraph. 2. If the customer within this period signed their

be entitled to compensation under section 130, paragraph. 2 (a). (b)), this period ends

less than 3 months from the date of receipt of the application the guarantee fund.



(3) in the event that the resources of the guarantee fund is not sufficient for the payment of the

the refunds with accessories or to cover the cost of the activity, the kernel's

The guarantee fund the necessary funds on the financial market. The guarantee

the Fund shall ensure that the conditions under which the guarantee funds

the Fund provided for him were the best. If the guarantee fund

the funds in the financial market neobstará, he may be on his

the request for reasons worthy of special attention granted subsidies or

repayable financial assistance in the amount needed from the State budget.



§ 132



The release of the assets of customers after the release of the bankruptcy decision and Declaration

bankruptcy assets trader in securities



(1) the assets of the customer is not part of the estate of the merchant with the

securities under law governing insolvency and ways

the solution ^ ^), and if the decision on the bankruptcy of a trader with securities

the papers, the official receiver is required to be issued without undue delay

to customers.



(2) if the investment tools of the same species that make up the assets of the

customers and are substitutes, are sufficient to fully meet

all customers who qualify on their release, these

investment tools to customers. The same is true of cash resources,

that make up the assets of customers.



(3) if the investment tools of the same species that make up the assets of the

customers and substitutes are not sufficient to satisfy all

customers who are entitled to their release, customers

the corresponding market share of investment instruments, or its value in money.

If funds are insufficient to satisfy all customers, who

they are entitled to their release, will satisfy the demands of the customers.



(4) the extent to which the right to release the assets of the customer cannot be

satisfied with the procedure laid down in paragraph 2 or 3, it is a claim that is

the official receiver shall apply in insolvency proceedings under the law

governing bankruptcy and ways of its solution ^ 20) application; until the

I know the extent of satisfaction of the claim, the claim can be applied as

tied to the condition ^ 21).



(5) the Insolvency administrator is the responsibility for the activities referred to in paragraphs 1 to 4

replacement of cash expenses and remuneration, which are a claim on the assets

the essence of; in the event that the essence of the payment of the refund

cash expenses and remuneration is not sufficient, shall be paid by the State. The method of determining

reimbursement of cash expenses and the remuneration of the insolvency administrator, their

the maximum amount of the contribution to be paid by the State and the method of payment provides for detailed

legal prescription.



section 132a



(1) an investment company or a foreign person with permission under section 481

the law governing investment companies and investment funds, which

It is not comparable to the Government Investment Fund, which carries out

activity referred to in section 4, paragraph 4. 2 (a). (d)) or section 4 (4). 3 (b). and), it is

required in relation to this activity, to pay the contribution to the guarantee fund

of securities dealers and its customers from this activity are entitled to

on the payment of the refund, and under the similar conditions laid down in this

the law of securities for the merchant and its customers. For the issue of

the assets of the customer in the event of the bankruptcy of such investment company or

foreign persons, the provisions of this law on the issue of asset

customer securities dealer shall apply mutatis mutandis.



(2) For cash and investment tools in property investment

Fund entrusted to the depositary within the activities of the depositary or its

the main proponents within the activities of the main proponent is not

the contribution to the guarantee fund of securities traders.



section 133



The payment of the contribution to the guarantee fund the foreign person



(1) a foreign person who provides investment services in Czech

Republic and is a participant of the guarantee system of persons providing

investment services in the State in which it has its registered office and head office,

may not participate in the guarantee system of the zabezpečovaného guarantee fund.



(2) a foreign person who provides investment services in Czech

Republic and is not a participant of the guarantee system of persons providing

investment services in the State in which it has its registered office and head office,

participate in the guarantee system of the zabezpečovaného guarantee fund under the same

conditions such as a securities dealer. The guarantee fund shall be paid

contribution and pay compensation for the assets entrusted to foreign customers

the person when providing investment services in the Czech Republic.



(3) a foreign person who provides investment services in Czech

Republic and is a participant of the guarantee system of persons providing

investment services in the State in which it has its registered office and head office,

While the compensation awarded from this guarantee system is the lower or

the scope of the guarantee provided by the compensation system is narrower than the

The guarantee fund may be reinsured assets customer Guarantee

the Fund. Připojišťuje is the property of the customer entrusted foreign person in the

the provision of investment services in the Czech Republic, so that the

the total amount of refunds granted to the customer and scope of coverage

match the compensation provided by the guarantee fund.



§ 134



Information obligations and cooperation



(1) a securities dealer shall inform the guarantee fund on its participation in the

a similar international guarantee system.



(2) the Czech National Bank shall inform a foreign guarantee system, which

securities dealer has připojištěn assets of its customers,

that the securities dealer is unable to meet its debts

consisting in the issue of assets to customers because of the directly related with the

his financial situation and it is not likely that it will be able to meet the

up to 1 year.



(3) the guarantee fund cooperates with the international guarantee system,

which the securities dealer has a připojištěn property of their

the customer, in particular in the granting of refunds from both these guarantee

systems.



PART TEN



SUPERVISION AND ADMINISTRATIVE PUNISHING



TITLE I OF THE



SUPERVISION ON AN INDIVIDUAL BASIS



Part 1



Basic provisions



§ 135



Persons subject to supervision



(1) supervision over compliance with the rights and obligations provided for in this Act,

the legislation implementing it, directly applicable law
The European Union's activities in the financial markets ^ 2) terms and conditions

laid down in a decision issued under this Act shall be exercised by the Czech

the National Bank. The Czech National Bank is subject to supervision



and) a securities dealer (section 5),



(b)) a person who was a securities trader responsible for the performance of

significant operational activities, and to the extent that the credentials (Section 12d of the paragraph.

1),



(c) a foreign person with permission) to the provision of investment services,

which provides services in the Czech Republic through a branch, and it

regarding the investment services provided through this branch

on the territory of the Czech Republic (section 24 (2)),



(d)) of the investment intermediary (§ 29 (1)),



(e)) the person that takes instructions from investment intermediary (§

31),



(f) a representative of the represented) bound (section 32a (1)),



(g)) a person who publicly offered investment securities (section 35 (1)),



(h)), the person who in accordance with § 36 odst. 6 was produced by a prospectus,



I) organizer of the regulated market (section 37 (1)),



j) settlement system operator with the finality of settlement (section

90), which has its registered office in the Czech Republic,



to participant settlement system) with the finality of settlement (section 84),

that is not the operator of this system,



l) external participant with the finality of settlement system

the settlement, which has its registered office in the Czech Republic (§ 90e)



m) a person who keeps records of the building on the central register

book-entry securities (article 92 (3)),



n) person who keeps separate registers of investment instruments (§ 93

paragraph. 2)



about) a person who keeps records of the building on a separate register

investment tools (article 93 (3)),



p) Central Depository (article 100 (1)),



q) the issuer referred to in § 118 paragraph. 1 the issuer of the financial instrument or, when

fulfilment of the obligations under this Act,



r) Insider (section 124 (3)),



with) a person who has the obligation to report suspicions to the Czech National Bank

the use of insider information (§ 124 (5)),



t) a person with management powers, which has an obligation to inform

National Bank of their transactions with investment instruments (article 125, paragraph.

5),



for) the person disseminating investment recommendations (section 125 (6)),



the person whose behaviour) can be market manipulation (article 126, paragraph 1),



w) the person who has the obligation to report suspicions to the Czech National Bank

market manipulation (article 126 (5)),



x) fiduciary securities trader, which is not a Bank,

the organizer of the regulated market, settlement system operator or

central depository in the performance of duties under section 139, paragraph. 7,



y) head of the person of the person subject to supervision (§ 10 para 1, § 28, paragraph 4,

section 43 paragraph. 1, section 104b and basic equipment),



from) a person subject to the obligations or prohibitions under the regulation on the

short sale,



for) the person subject to the obligations or prohibitions under regulation

about derivatives, with the exception of the registry of business data.



(2) the supervision of the Czech National Bank is subject to the person who unlawfully

performs or offers of activities under this Act.



(3) Supervision is not subject to the issuing of securities, the Czech National Bank,

registration of securities, the Czech National Bank,

the settlement of the Czech National Bank and the Czech national trading

Bank investment instruments and securities that are not

investment securities.



section 135a



Cooperation with supervisory authorities of other Member States of the European Union



(1) if it is necessary for the exercise of supervision pursuant to this Act, the

The Czech National Bank to ask the supervisory authority of another Member State

The European Union on cooperation in the exercise of supervision or control by the

persons subject to its supervision.



(2) the Czech National Bank may require information and documents from the

foreign participants of the regulated market; about this procedure shall inform the

the surveillance authority of their home Member State.



(3) the Czech National Bank on the request of the supervisory authority of another

the Member State of the European Union on cooperation in the exercise of supervision or

check on the spot, performs the activity itself or provide

synergy in its implementation of this supervisory authority or his authorized

experts and Auditors.



(4) the Czech National Bank may carry out checks on the spot and require the

information on the activities that foreign securities dealer

exercises on the territory of the Czech Republic through a branch, if it

considers it important from the viewpoint of financial stability in the Czech Republic.

The Czech National Bank before inspections inform the authority of the

the supervision of the State concerned for the purpose of the inspection and after its completion will provide

supervisory authority with all information which is relevant for the assessment of

the riskiness of the securities dealer, or for financial stability in the

The Czech Republic.



(5) the Czech National Bank in exercising supervision over the securities dealer

the papers, which provides services in the territory of another Member State of the European

the Union through a branch, taking into account when drawing up the plan

surveillance investigation under section 135d the information obtained by the supervisory authority

that Member State through the control on the spot.



(6) the Czech National Bank, in the exercise of its jurisdiction under this

law and regulation directly applicable European Union legislation

prudential requirements involved in the activities of colleges in

the framework of the European system of financial supervisors ^ 45n).



(7) the Czech National Bank, in the exercise of its jurisdiction under this

law and regulation directly applicable European Union legislation

prudential requirements involved in the activities of the European authority for the

banking.



(8) the Czech National Bank in the exercise of its jurisdiction under this Act, and

According to the regulation directly applicable European Union legislation

prudential requirements shall take into account the convergence of tools and procedures

banking supervision that are used in the Member States of the European Union;

based on the guidelines, recommendations, standards, and other measures

adopted by the European banking authority, unless the reasons for

they do not do so.



(9) the Czech National Bank may require the regular provision of information

necessary for the performance of its responsibilities and for statistical purposes from



and securities trader),



(b)) the financial holding of the person,



(c)) mixed financial holding of the person,



(d) the holding of the person)



e) persons belonging to the persons referred to in points (a) to (d))),



(f)) of the person that was the persons referred to in points (a) to (d))) responsible for

the performance of the activities.



(10) the Czech National Bank may carry out checks on the persons referred to in

paragraph 9, if it is necessary for the exercise of its competence; for this

the purpose of the may



and require the submission of documents)



(b)) to examine the books and records and to make copies of and extracts from them,



(c)) obtain written or oral explanations from the persons referred to in paragraph

7, their representatives and workers,



(d)) to obtain oral explanations from persons other than is set out in paragraph 7 of the

under the terms of that consent.



(11) the Czech National Bank may carry out checks on the spot for people

referred to in paragraph 7 and all persons subject to supervision on a

consolidated basis, if the supervisory authority concerned shall inform in advance.



(12) the Czech National Bank without undue delay shall provide, on request,

^ 22a) supervisory authority of another Member State of the European Union to that authority

all the required information related to the performance of the supervision of

the capital market; The Czech National Bank may make the granting of

information, that the information provided may not be granted without further

its prior consent.



(13) the Czech National Bank is obliged to inform in detail the supervisory authority

another Member State of the European Union and the European authority for the securities

and the markets of any other suspected violations of the obligations

the provision of investment services, the organisation of a regulated market or

protection against abuse of the market in that Member State.



(14) if the Czech National Bank receives from the supervisory authority of another

the Member State of the European Union to reports of suspected violations of the

obligations when providing investment services, the organisation of

of the regulated market or the protection against abuse of the market in the Czech Republic,

continuously inform the notifier and the European Securities and

markets on the measures taken and shall communicate to him the result of their activities.



(15) the Czech National Bank may refuse a request for cooperation

in the exercise of supervision provided for in paragraph 3 or on the provision of the information referred to in

paragraph 12, if



and such a provision could) would adversely affect the sovereignty or

security or public order of the Czech Republic in the Czech Republic,



(b)) was in the Czech Republic initiated court proceedings in the same matter against

the persons to which the application relates, or



(c)) became legally valid judgment concerning the same subject matter and the persons

also applies to the request.



(16) the denial of the request referred to in paragraph 15 of the Czech National Bank

obliged to inform the requesting authority of the supervisory authority and the European

Securities and markets about the reasons for rejection of his application.



(17) in cases where the supervisory authority of another Member State in sufficient
does not work or does not give information to the extent possible, where appropriate, do so in the

reasonable period of time, the Czech National Bank inform the European

authority for the Securities and markets ^ 37) or the European

banking ^ 38).



(18) in the event that foreign regulated market in the Czech Republic and

his work has taken in accordance with the regulation directly applicable in the European Union,

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

financial instruments, significant importance ^ 22b) for the functioning of the markets for

investment instruments and the protection of investors in the Czech Republic, agreed

The Czech National Bank without undue delay, reasonable way to cooperation

with the supervisory authority of the home state of the organizer of the regulated market.



§ 135b



The process of review and evaluation



(1) in the exercise of supervision over the activities of a trader with securities, which

It is not a Bank, the Czech National Bank also examines and evaluates whether

the arrangements, strategies, processes and mechanisms implemented by the dealer

securities for the purpose of compliance with the requirements laid down in section 9a to 9au, §

12 g to 12j, section 14, paragraph. 6 to 10, section 16a, 16d, 16e, paragraph 27, section 135a. 4, 5

and 9, § 135b, 135 c, 135d, § 136 paragraph. 2, 5 and 7, § 136a, 150 to 156,

directly applicable EU regulation governing the prudential

requirements, regulations or decisions of the European Commission, capital and

the liquidity of the securities dealer shall ensure safe and reliable

operation of a securities dealer and the proper management and risk coverage. Czech

the National Bank always evaluates risks to which the securities dealer

the paperwork is or may be exposed to risks that may merchant

the securities constitute for the financial market with a view to identifying and

measuring systemic risk, according to the article. 23 of the regulation of the European Parliament and

The Council (EU) no 1093/2010 or the recommendation of the European Council for system

risks and risk exposed stress tests.



(2) the Czech National Bank carries out a review and evaluation of the frequency and

the intensity of a reasonable size, significance and position of brokerage house

papers on the financial market and the nature, scale and complexity of its

activities at least once a year, and in the scope of the requirements

set by the trader in securities referred to in the first part of the title of the second

Regulation of the European Parliament and of the Council (EU) no 575/2013, regulation or

decision of the European Commission. In the case of the Czech National Bank shall refrain from

requirements on a consolidated basis pursuant to article. 14 regulation of the European

Parliament and of the Council (EU) no 575/2013, shall proceed pursuant to this paragraph in

exercising supervision over the securities dealer on an individual

basis.



(3) the Czech National Bank shall review and evaluate the credit, market and

operational risk; the review and evaluation shall be aimed for at least

on



and the results of stress tests carried out) by the dealer with the securities

According to the article. 177 of the regulation the European Parliament and of the Council (EU) no 575/2013

When using the internal ratings-based approach,



(b) exposure to a concentration of the risk), and his management of the securities dealer

the papers, including the compliance with the requirements referred to in part four of the regulation

The European Parliament and of the Council (EU) no 575/2013, regulation or decision

The European Commission,



(c) the appropriateness, effectiveness and) resilience of the policies and procedures for the management of the residual

the risks associated with the use of the eligible credit reduction techniques

the risks to which means of credit risk mitigation in accordance with article. 4 (4). 1

section 57 of the European Parliament and of the Council (EU) no 575/2013

the accuracy of their application,



(d)) the rate at which capital maintained by a securities dealer to

the assets, which corresponds to the economic sekuritizovala, the essence of the

the transaction, including the degree of risk transfer achieved



e) exposure of a trader of securities liquidity risk measurement and

liquidity risk management, including the development of analyses of alternative

scenarios, management of the risk factors and the effectiveness of the contingency

plans,



(f) the effects of risk-spreading and) how are these effects included

in the risk-measurement system,



(g) the results of the stress tests carried out) by the dealer with the securities

When using an internal model for the calculation of the capital requirement for

market risk as part of the third title of the fourth chapter of the fifth regulation

The European Parliament and of the Council (EU) no 575/2013



h) geographic location of exposures of a trader with securities,



I) business model a trader with securities,



j) assessment of systemic risk.



(4) the Czech National Bank also examines and evaluates the



and) overall liquidity risk management of securities trader; in doing so,

promotes the development of sound internal methodologies and take into account the position of the

a trader with securities on the financial markets and duly into account in the

the decisions taken following the review and evaluation of possible

impact on the stability of the financial system in all other

the Member States of the European Union,



(b)) a securities trader exposure to interest rate risk

investment portfolio, for the purposes of this Act, means the

the portfolio, which includes tools that are not included in the

the business portfolio; If as a result of sudden and unexpected changes

interest rates of more than 2 percentage points, or about the value laid down in

guidelines of the European banking authority decreased

the economic value of the trader in securities by more than 20%

the capital of the Czech National Bank, saves the corresponding corrective measures,



(c)) the trader with securities against the risk of excess leverage,

which, for the purposes of this Act, means the lever according to the article. 4 (4). 1 point

93 European Parliament and Council Regulation (EU) no 575/2013, and which is

identified on the basis of indicators of excessive leverage, including leveraging the

the ratio determined in accordance with article 429 of the European Parliament and of the Council

(EU) no 575/2013, regulation or decision of the European Commission; When

evaluation of the adequacy of the leverage ratio and in the evaluation of

the arrangements, strategies, processes and mechanisms implemented by the dealer with

securities for the management of the risks of excessive leverage, which for the purposes of

This Act means the risk of excessive lever according to the article. 4 (4). 1, point 94

Regulation of the European Parliament and of the Council (EU) no 575/2013, shall take into account the Czech

the National Bank to the merchant's business model in securities,



(d)) the management and control system trader with securities, corporate

culture and competence of the members of the statutory body, the members of the Management Board and the

members of the supervisory authority to carry out their duties; review and

evaluation of the Czech National Bank may require the dealer to

securities, the agenda of the statutory body, the Administrative Council and

the supervisory authority and its committees, including the related underlying

documents and the results of internal and external evaluation of the activities of the

the statutory authority, the Management Board and the supervisory authority.



(5) the Czech National Bank also examines and evaluates,



and) whether the securities dealer has provided implicit support to a securitisation,

that means a securitisation according to article. 4 (4). 1, point 61 of regulation

The European Parliament and of the Council (EU) no 575/2013; If it finds that the trader

securities provided the underlying support of the securitisation in more than

in one case, take the appropriate measures to reflect the risk that

a securities dealer in the future will provide support to their

securitisation



(b) value adjustments) whether the positions or the portfolios in the trading book referred to in

article. 105 European Parliament and Council Regulation (EU) no 575/2013

Regulation or decision of the European Commission will allow a trader with securities

papers sell or short term to ensure their position without a

normal market conditions a significant loss; trading books for

the purposes of this Act, means the trading book referred to in article. 4 (4). 1 point

86 European Parliament and Council Regulation (EU) no 575/2013.



section 135 c



(1) where the Czech National Bank in the performance review and evaluation

According to § 135b, that more securities traders is or could be

exposed to similar risks, or represents a similar risk for financial

the market, shall be authorised to carry out the review and evaluation of the species-groups

the specified securities traders in the same or in a similar manner.

A group of generically designated securities dealers with similar

risk profile can be determined in particular on the basis of the assessment system

risks pursuant to § 135b paragraph. 3 (b). (j)).



(2) to support the process of the review and evaluation referred to in § 135b performs

The Czech National Bank stress tests at least annually with the merchants

securities. The result of the stress tests may, Czech National Bank

publish.



(3) the Czech National Bank regularly at least once every 3 years to review

compliance with the conditions under which a dealer in securities

enabled the use of internal approaches. It focuses in particular on the

the quality and timeliness of the used methods and procedures, changes in activity

Merchant securities and on the use of internal approaches for new

of the products.



(4) the Czech National Bank will take into account in the review of the conditions under which it was
Merchant securities allowed the use of internal approaches

General guidelines the European banking authority.



§ 135d



(1) in accordance with the Czech National Bank supervisory investigation plan,

that is compiled at least once a year, taking into account the results of the

the process of the review and evaluation referred to in § 135b.



(2) the Czech National Bank shall draw up a plan for the surveillance of the investigation referred to in paragraph

1 so that it did not prevent supervisory authority of another Member State of the European Union

in performing the checks on the spot in a branch office of the trader in securities,

which carries out its activity on the territory of that Member State.



(3) the plan surveillance investigation, Czech National Bank includes



and) list of securities traders, who are to be the subject of

increased supervision in the wake of the measures referred to in paragraph 4,



(b)) plan on the spot checks in the business offices of brokerage house

the papers, including its subsidiaries and controlled by persons established in other

the Member States of the European Union,



(c) information on the way) performance of the tasks and the allocation of

resources on their security,



(d)) the list of securities traders, for whom the results of the ballast

the tests referred to in § and § 135b 135 c of paragraph 1. 2 or the result of the review process and

the evaluation pursuant to § 135b suggest important risks for the financial

health or the violation of the requirements provided for in this law, the legal

that it is carried out by decision issued under this Act,

measures of a general nature issued pursuant to this Act, directly applicable

the EU regulation governing the prudential requirements, regulation

or a decision of the European Commission,



(e)) the list of securities dealers, who represent the system

the risk for the financial market



(f)) list of other traders in securities, for which the Czech

National Bank deems it necessary.



(4) the Czech National Bank shall, in following up on the results of the review and

the evaluation pursuant to § 135b, if it is necessary, in particular, the following measures:



and) increase the number of inspections on the spot for the trader with securities,



(b) to ensure a permanent presence of the representative), the Czech National Bank in

Merchant securities,



(c) require the submission of additional) or more frequent information dealer

securities,



(d) additional or more frequent) to perform a review of operational, strategic

or business plans, a trader with securities,



(e)) to carry out checks on the monitoring of selected risks, which would

securities dealer could be exposed.



section 135e



(1) a securities dealer is required to develop and regularly

update the financial recovery plan in the event of a serious deterioration in their financial

the situation. If the Czech National Bank, taking into account the size of

Merchant securities, its business model or connectedness with

other institutions or with the financial market as a whole, provides that

the deterioration of the financial situation of the securities trader will not have

an adverse impact on the financial market, institutions, or other conditions

financing, securities dealer shall establish, with the approval of the Czech

National Bank financial recovery plan in a reasonable range.



(2) the Czech National Bank is obliged to draw up and regularly update

solving plan of a trader with securities, which provides

options for solutions to crisis situation a trader with securities. If

The Czech National Bank, taking into account the size of the brokerage house

the papers, his business model or connectedness with other institutions

or with the financial market as a whole, provides that any bankruptcy

Merchant securities will not have an adverse impact on the financial

the market, other institutions or financing conditions, develop a plan solution

problems of the trader in securities within a reasonable range.



(3) a securities dealer is required to provide the Czech national

the Bank for the purpose of preparing the plan solving brokerage house

the papers referred to in paragraph 2, all necessary information to the extent reasonably

its size, its business model or connectedness with other

institutions or with the financial market as a whole.



(4) the Czech National Bank cooperates with the European authority for the

banking ^ 46) in the preparation of plans for solving the problems of traders with

securities. Inform the European banking authority of the preparation

health plans and plans for solving the problems of securities dealers,

in particular, it shall inform in advance the time and place

the negotiations and the main points discussed. The Czech National Bank will allow

the participation of the representative of the European banking authority at the hearing.



Part 2



Measures to redress and other measures



§ 136



Basic provisions



(1) the Czech National Bank can save a person subject to supervision, which

violated this law, the decision issued under this Act, or directly

the applicable provision of the European Union in the field of activity on financial

markets ^ 2), measures to rectify identified lack of proper nature

violation of and its severity. The Czech National Bank can further



and the extraordinary audit) required,



(b) require a change of Auditor)



(c) to suspend for a maximum) for 5 years an activity subject to

supervision,



(d) to prohibit, subject to the supervision of activities),



e) suspend trading with investment instruments referred to in section 137,



(f)) to introduce compulsory management pursuant to § 138 to 143,



(g)) to change the scope of the authorisation granted in accordance with this Act, pursuant to section 144,



(h)) to withdraw the authorisation or approval, cancel the registration or perform expungement

representatives from a list-bound under section 145,



I) prohibit or suspend for a maximum period of 10 working days, public

the offering of investment securities, investment trading a valuable

paper on a regulated market or MTF or

the adoption of the investment securities to trading on a regulated market

or in the multilateral trading system,



j) prohibit or suspend the promotion or announcement relating to the public

the offer or acceptance of the investment securities to trading on a

a regulated market,



to require the replacement of the head of the person) of the persons subject to supervision under section 135

paragraph. 1 (a). s)



l) requires the disclosure or information compulsory released alone

publish.



(2) the Czech National Bank can trader of securities, which

has failed to fulfil an obligation imposed by this law, it law

carrying out, according to a decision issued by this law, measures of General

nature issued pursuant to this Act, a directly applicable regulation

The European Union governing the prudential requirements, regulation or

decision of the European Commission or in following up on the results of the review and

the evaluation pursuant to § 135b measures to remedy also save



and the capital above the minimum) to maintain the level of capital requirements according to the article.

92 of the European Parliament and of the Council (EU) no 575/2013 and the requirements

the capital reserve pursuant to this Act,



(b)) to improve the arrangements, strategies, processes, and other mechanisms, so that the

restore or strengthen their compliance with this law, the law of the

implementing this law, the decision issued under this Act,

directly applicable EU regulation governing the prudential

the requirements of the regulation or the decision of the European Commission,



(c)) to apply specific policies and procedures for the creation of adjusting entries

assets trader in securities and reserves or for the determination of the

capital requirements,



(d)) to limit the distribution network including a reduction in the number of business locations,



(e)) reduce the risks arising from the activities, products and systems of the trader

with the securities.



(f) limit variable component of remuneration) of the persons referred to in section 12a paragraph. 1 (a).

and if point 4) is not in accordance with keeping the capital under sections 9 and 9a; in

this case a securities dealer shall determine the amount of the variable component

as a percentage of the net profit or from another pointer specified by the Czech

the National Bank,



g) use the profit after tax to replenish the reserve funds as a priority or

to increase the share capital,



(h)) to submit a plan to restore compliance with the requirements of the Czech National Bank

under this Act, and directly applicable European Union regulation

governing the prudential requirements and implement it in a specified

the term,



I) restrict the distribution of profit or distribute profits to shareholders or holders of

additional tier 1 tools; If this ban does not constitute a failure to comply with

the commitments of that person,



j) restrict, terminate, or take some trades, operations, or

the activity, which means excessive risk to the merchant's House

papers,



k) within the prescribed period to the amount of the capital increase, if not maintained

the combined capital reserve under section 9aa of paragraph 1. 1, and the Czech national

the Bank did not approve the plan to restore the capital



l) within the prescribed period to remove the lack of activities and refrain from his

repetition,



m) additional or more frequent reporting, including information about

the capital and liquidity positions,



n) special liquidity requirements, including limiting the maturity mismatch

assets and liabilities, taking into account the specific business model

Merchant securities, to the arrangements, processes and mechanisms

Merchant securities, in particular pursuant to section 12a paragraph. 1 (a). (b)) and to the
systemic liquidity risk that threatens the unity of the financial market

The Czech Republic,



for additional disclosure of information)



p) more stringent restrictions on the distribution of profits than under section 9aa of paragraph 1. 4 If the

The Czech National Bank approved a plan to restore the capital



q) other appropriate measures to remedy the situation.



(3) the person to whom the Czech National Bank imposed a remedy under the

paragraph 1 or 2 shall inform the Czech National Bank on the Elimination

the lack of and the method of redress.



(4) the Czech National Bank will disable the person or persons acting in concert,

which has granted consent to the acquisition of a qualifying holding or to increase

qualified participation by the trader with securities, the Organizer

of the regulated market or the Central Depositary or to become

persons controlling merchant securities, organizer

regulated market or central depository, and that have stopped

meet the conditions for the grant of consent, exercise such voting rights

or otherwise to exercise significant influence on the management of them.



(5) the Czech National Bank may impose the measures referred to in paragraph 2 (a). and)

in particular, if the



and the arrangement of the deficiencies), strategies, procedures, or other

mechanisms of management and control system governed by this law,

It is carrying out the law, non-compliance with requirements under article. 393

Regulation of the European Parliament and of the Council (EU) no 575/2013 or shortcomings

in strategies or practices pursuant to § 9a, paragraph. 1, or in their

application of; it applies under the conditions laid down in section 152b, paragraph. 1 and 2

Similarly, for a foreign trader in securities [section 151 (1)

(a). (b))], which is a member of the Steering Group of the European merchant with the

securities [section 151 (1) (a). q)], a member of the Group of the European

the financial holding of the person [section 151 (1) (a). u)] or a member of a group

the European Bank's controlling shareholder pursuant to the law governing the activity of the bank, over the

the Czech National Bank which shall exercise supervision on a consolidated basis,

in this case, you can request a capital increase over the level of

provided for by foreign legislation,



(b)), to the risks or the risk elements not subject to the capital requirements

modified in this law or directly applicable rules of the European Union

governing the prudential requirements



(c)) the imposition of other measures appear insufficient to redress

within a reasonable time,



(d)), it is likely that the failure to comply with the requirements regarding the use of

the corresponding access will result in lack of capital

requirements,



(e)), it is likely that, as with the requirements provided for in this

law or regulation directly applicable European Union legislation

prudential requirements, risks will be underestimated,



(f)), the Bank shall notify the Czech National Bank according to the article. 377, paragraph. 5 of the regulation

The European Parliament and of the Council (EU) no 575/2013, that the results of the stress

the tests indicate the need for capital, which significantly exceeds its

the capital requirement for covering trading portfolio with correlation.



(6) the Czech National Bank can a person subject to its supervision, which

received approval to use internal access or internal model to calculate the

capital requirements under part III of the regulation of the European Parliament

and of the Council (EU) no 575/2013, but does not meet the requirements for its use,



and save to) demonstrate that non-compliance with the requirements for internal access

or the internal model is irrelevant,



(b)), to submit a plan to save to restore compliance with the requirements of the

internal access or internal model and a deadline for its implementation,



(c)), to carry out the adjustment to save a plan to restore compliance with the requirements of the

internal access or internal model and set a deadline for the implementation of

These adjustments, if unlikely, that according to the original plan will be

achieved full compliance, or the period referred to in the original plan are

inappropriate,



(d) restrict the approval on the field), that meet the requirements, or for

which can be used to achieve compliance within the time limit,



(e) to withdraw consent to the use of) internal access or internal

the model, if it is unlikely that the securities dealer will be

able to restore consistency within the relevant deadline or did not demonstrate that the

the discrepancy is minor, or



(f) revoke the consent to the use of) the internal market risk model or

Save the appropriate measures to ensure his immediate improvement if u

internal model suggests a large number of overrun referred to in the article. 366

Regulation of the European Parliament and of the Council (EU) no 575/2013, that model is not

sufficiently precise,



g) save other appropriate measures.



(7) the Czech National Bank can save to a natural person or a legal person

not subject to its supervision, which fails to comply with an obligation imposed by this

by law, the law implementing the decision issued by it under

This law, directly applicable EU regulation governing the

prudential requirements or regulation, or by a decision of the European

the Commission to refrain from such infringement and its

recurrence; The Czech National Bank can further



and) suspend the voting rights of the shareholders or shareholders

responsible for the infringement,



(b)) to temporarily disable a member of the statutory body, the Administrative Board or supervisory

the Council of the trader in securities or other responsible individual

the performance features in trader in securities or the exercise of a function in the

Foreign trader in securities,



(c) to publish information about it), that person is responsible for the unlawful

the negotiations and what is its nature.



§ 136a



(1) the Czech National Bank may impose corrective measures under section 136

paragraph. 2 (a). 5 to 7 also, if he has reasonable grounds for believing that

the lack of activity in May during the following 12 months.



(2) the Czech National Bank without undue delay shall publish the final

the decision on the imposition of corrective measures in a manner enabling remote

access.



(3) the Czech National Bank shall publish the decision without putting the identification

information about the person that was the corrective measures imposed if the

the publication of the



and vis) was the person on the basis of an assessment of the

considered as manifestly unreasonable,



(b) jeopardise the stability of the financial market),



(c)) would jeopardize ongoing criminal proceedings,



(d) the person concerned) caused disproportionate damage.



(4) the decision referred to in paragraph 2 or 3, shall be published at least once

period of 5 years. Personal data of natural persons concerned shall be published only for the time

necessary in accordance with the law governing the protection of personal

of the data.



§ 137



the title launched



(1) the Czech National Bank will issue measures of a general nature, which suspends the

trading,



and) threatening to large economic losses or if they are seriously at risk

the interests of the investors, or



(b)), where there are big economic loss or have been seriously affected by

the interests of the investors.



(2) the Czech National Bank to measures of a general nature shall suspend the trading



and) with all investment instruments on a regulated market or on

multilateral trading system,



(b)), with all the investment instruments on the part of the regulated market or

the multilateral trading system, or



(c)) with a particular investment instrument on the regulated market or on

multilateral trading system.



(3) the Czech National Bank will issue measures of a general nature, if they are filled with

the conditions laid down in article. 458 of regulation the European Parliament and of the Council (EU)

No 575/2013.



(4) the Czech National Bank will issue measures of a general nature referred to in paragraph 2

(a). (c)), also at the request of a supervisory authority of the Member State of the European Union

or after notification to the supervisory authority of the Member State of the European Union,

received comparable measures, unless this would seriously jeopardise the interests of the

investors or the proper functioning of the market or trading system.



(5) the measures of a general nature shall be issued without the control of the draft measures

of a general nature. Measures of a general nature shall enter into force on the date of publication of the

on the notice board of the Czech National Bank; publication on the official Board of another

the Office is not required. If nepozbylo the effectiveness of earlier measures shall cease to

the general nature of the effectiveness of the expiry of 6 months from the date of acquisition of the

efficiency.



(6) on the issue of measures of a general nature, the Czech National Bank shall inform the

supervisory authorities of other Member States of the European Union and the European

Securities and markets.



(7) the persons whose rights, duties, or legitimate interests may be

measures of a general character issued by the Czech National Bank, are

entitled to bring against the measures by a written reasoned objections within

the time limit within 5 working days from the date of its publication. Lodged objections

do not have suspensory effect. About submitted objections decides the Czech national

the Bank, against such decision cannot be appealed.



(8) the Czech National Bank may, in connection with the release of General measures

of the nature referred to in paragraph 2 (a). (c) Save to the organiser of the regulated)

the market or multilateral trading system, to ensure that in due time

examined whether the conditions for the exclusion of this investment

tools of trading on a regulated market or a multilateral trading
system, and to inform about the results of the Czech National Bank.



Receivership



§ 138



(1) the Czech National Bank may impose compulsory administrative brokerage house

the papers, which is not a bank or settlement system operator with

finality of settlement established in the Czech Republic, and forced

the organizer's management of the regulated market or the Central Depositary,

If



This person repeatedly) or seriously infringed the obligation

This law or directly applicable European Union legislation ^ 2) or

has breached a condition or obligation set out in decision vykonatelném

issued under this Act, or



(b)) are at risk the interests of persons, to whom this person provides services, and

There is a risk of delay.



(2) on the administration of securities trader, which is a Bank,

or operator of the settlement system with the finality of settlement

based in the Czech Republic, which is a Bank, the provisions

the law governing the activity of the bank.



(3) the provisions of this Act governing the introduction of the Administration

Merchant securities, which is not a Bank, do not affect the performance of the

the rights and obligations deriving from the agreement on the financial

collateral under the conditions laid down by law governing the financial

ensure ^ 25) or comparable conditions of foreign legal

Regulation, where the financial collateral has been agreed and established prior to

the introduction of the administration. This is true even in the case that the financial collateral

It was agreed or was on the day of the introduction of the Administration, but until then,

what event occurred, unless the recipient of the financial collateral

such facts he knew or had to know and could. The provisions of this

the law governing the introduction of the forced administration of securities trader,

that is not a Bank, have no effect on the fulfilment of the final settlement also (§

193), if the final settlement was concluded before the introduction of the compulsory

Administration.



section 139



(1) the decision on the introduction of the forced administration contains



and the reason for the introduction of the Administration),



(b) the appointment of a receiver and) data,



(c) the amount of the remuneration of the receiver), or the method of its determination and the term

her maturity,



(d) any restrictions on the activities of the person), which introduces the receivership,



(e) any obligations) receiver with indication of the date of their

meet the.



(2) the procedure for the introduction of the Administration can start by issuing a decision on the

the introduction of the administration.



(3) the decision on the introduction of the compulsory administration is delivered to the company

that forced the Administration introduces, and forced administrators. The decision is

enforceable service forced administrators. Decomposition brought on against this

the decision does not have suspensory effect.



(4) the decision on the introduction of the Administration on the Czech National Bank

their website.



(5) the introduction of the Administration



and suspending the exercise of the functions) of the members of the statutory body of the company;

This does not prejudice the right of the members of the statutory body to bring an action against the

the decision on the introduction of the forced administration according to the law governing the administrative

the judiciary,



(b) the scope of the statutory body) passes to the receiver, with the

the exception of the right to bring an action against the decision on the introduction of the Administration;

It shall submit to the administrator, who is entitled to appeal against the

the introduction of the Administration, at his written request to the extent necessary

copies of the documentation available to the securities dealer that is not

the Bank settlement system operator, organizer of the regulated

market or central depository, and allows you to make copies of it and

listings.



(6) on the receiver is subject to the limitation of the scope of the

the statutory body which lays down the law.



(7) the fiduciary



and shall take measures without delay to) remedy the shortcomings noted

in the activities of the person that is introduced to the receivership,



(b) ensure the protection of the rights of persons), which use the services of a person that is

put in receivership,



(c)) shall convene a general meeting at which the person is deployed, receivership,

that took place in the 6 months since the introduction of the Administration, and



1. the Commission shall submit a proposal to the appeal of the existing and the choice of new persons to the

those bodies which elect the general meeting, and the proposal for measures to remedy the

the identified shortcomings in the activities of the person that introduced compulsory

Administration, or



2. propose the abolition of the company.



(8) the time limit for convening the general meeting referred to in paragraph 7 (b). (c)) can

The Czech National Bank on the proposal of the administrator to extend the compulsory for reasons of

of sight up to 1 year.



(9) the costs associated with the performance of the Administration, the remuneration of receiver and

cash expenses are paid by the receiver of the assets of the company,

that is introduced to the receivership.



(10) if the assets of the company are insufficient for the payment of the remuneration of the compulsory

the administrator and the refund of his cash expenses, shall be paid by the State.



(11) the method of determining compensation and remuneration of the cash expenses of forced

Administrator, their maximum amount of contribution to be paid by the State and the way of payment provides for

the implementing legislation.



§ 140



(1) the performance of the functions of the receiver extinguishes



and with the resignation of levy, Manager)



(b)), citing receiver,



(c)) the termination of the Administration,



(d)) from the list of the main liquidators, administrators and forced or



(e) the death of the receiver).



(2) the trustee shall notify the Czech National Bank resignation

receiver for at least 30 days in advance.



(3) withdraw the Czech National Bank receiver, especially if

seriously or repeatedly breached its obligation to comply with, or no longer

the preconditions for the exercise of this function.



(4) an appeal against a decision on the appeal of receiver

does not have suspensory effect.



(5) If the performance of the receiver shall lapse in accordance with paragraph 1 (b). and)

(b)), d) and (e)), shall be appointed by the Czech National Bank without undue delay of another

receiver.



§ 141



Receivership ends



and) date referred to in decision of the Czech National Bank about their forced

the Administration,



(b) the issuance of a decision on bankruptcy) of the company, which introduced compulsory

Administration, or



(c)) on the day on which the employee is appointed liquidator of the company, which is

put in receivership.



section 142



(1) is entered in the commercial register



and the day of the introduction of the Administration),



(b) the particulars of the compulsory administrators),



(c) restrictions on the activities of the person) that is introduced to the receivership,



(d)) the day their administration.



(2) a proposal to enable writing on the introduction of the Administration, the appointment of the

receiver or restrictions on the activities of the person, which introduces compulsory

the Administration, the business register serves fiduciary without undue

the delay after the introduction of the administration.



(3) a proposal to permit the registration of their administration to the business

the Register serves the receiver immediately after their administration;

If they do so, the receiver shall submit a proposal to permit registration of the statutory

the company body, whose administration ends.



(4) the proposal to allow a deletion of the existing receiver and

registration of a new receiver to the business register serves the newly

appointed trustee shall immediately after the delivery of the decision on its

the appointment.



§ 143



Forced by an administrator can be only a natural person included in the list

liquidators and forced managers led by the Czech National Bank,



and whose interests are not in) is contrary to the interests of the person that introduces

receivership, or people that use its services,



(b)) that does not have the qualified participation in person, which introduces compulsory

management, or is closely linked with this person,



(c)), that in the last 3 years, did not carry out an audit or to be involved in

the audit of the persons which establishes the receivership.



§ 144



Change the scope of the authorisation



(1) the Czech National Bank may withdraw the authorisation for each activity

referred to in the authorisation granted under this Act, if it finds



and serious or repeated breach of) the obligations laid down in this Act

or directly applicable European Union legislation ^ 2) or violation of

conditions or obligations laid down in the vykonatelném judgment

under this Act, or



(b) serious or repeated non-compliance with) the assumptions under which it was

authorisation has been granted.



(2) the Czech National Bank changes the scope of the authorisation referred to in paragraph 1, or

changes the scope of the authorisation on the request by releasing a new decision, which

cancels the current permits and stating a new range of allowed

activities.



§ 145



The withdrawal of authorisation or consent and revocation of registration or implementation

deletion from the list of shortcuts-bound



(1) the Czech National Bank shall withdraw the authorisation granted under this Act,

the person,



and that it was issued) against the decision of the bankruptcy or insolvency was

the proposal is rejected, because the assets of such person will not be sufficient to

cover the costs of the insolvency proceedings, or



(b)) which the Court or administrative authority banned the activity.



(2) the Czech National Bank may withdraw the authorisation granted pursuant to this

the law, if



and the person that was) granted, within 12 months of the grant of the authorization

to exercise the permitted activity,



(b)) a person that has been granted does not longer than 6 months activity

that permit was granted,



(c)) the authorisation was granted on the basis of false or incomplete information, the
(d)) a person that has been granted, has repeatedly or seriously violated the obligation to

laid down in this law or directly applicable provisions of the European

Union ^ 2) or breached a condition or obligation set out in the

vykonatelném decision issued under this Act, or



(e)) to change the facts on the basis of the authorisation

granted, or



(f)) the next administration duration cannot be achieved its purpose.



(3) the date of enforceability of the decision on the withdrawal of authorisation for activities

Merchant securities shall not permit a person, which was withdrawn,

provide investment services and is required to issue customers with customer

assets. If there is no person to whom a permit has been withdrawn, the Bank can only

settle your debts and debts resulting from granted

investment services. The settlement of these claims and debts of the person,

that authorisation was withdrawn, deemed a securities trader.



(4) the one who has withdrawn permission to operate a settlement system with

finality of settlement, without undue delay, notify the

the participants of this settlement system with the finality of settlement.

The completion of the settlement on the basis of the settlement of orders received before the

the date of withdrawal of authorization shall continue to be considered operator of settlement

system with the finality of settlement.



(5) a person who has withdrawn the authorisation granted in accordance with this law, may

apply for a new licence of the same kind as soon as possible after the expiry of 10 years from the date of

the acquisition of the decision, which was the previous authorisation withdrawn.

The provisions of the first sentence shall not apply to the withdrawal of authorisation on your own

the request or because of the withdrawal of the authorisation referred to in paragraph 2 (a). and)

or (b)).



(6) the Czech National Bank, without undue delay, inform the European

the markets for securities and of any withdrawal of permission for the activity of the trader

with the securities.



(7) the Czech National Bank may withdraw the consent given in accordance with this

the law, if there was a serious change in the facts on which the

the basis of the consent was granted.



(8) the Czech National Bank cancels the registration made under this Act,

the person,



and) on which was issued the decision about bankruptcy or court rejected

said, therefore, that its assets will not be sufficient to cover the

the costs of the insolvency proceedings, or



(b)) which the Court or the Administrative Office of the banned activities,



(c)) that learns that she died of another legal permissions

Regulation for the performance of activities which has been registered under section 6a or section

39.



(9) the Czech National Bank may cancel a registration made under this

the law, if



and) a person who was registered, within 12 months from the date of

a registration exercise activity, for which it was registered,



(b)) a person who has been registered, does not longer than 6 months

the activity for which it was registered,



(c)) registration was carried out on the basis of false or incomplete

data,



(d)), the person who has been registered, repeatedly or seriously

violates the obligations laid down in this Act,



(e)) a change has occurred, in fact, on the basis of which has been made

registration.



(10) the Czech National Bank can execute the erasure of the bound of

the list, the entry in the list bound representatives was carried out on the

the basis of false or incomplete information, or there is a serious change

the facts on the basis of which was entered in the list of bound

the representatives. The provisions of section 32 c of paragraph 1. 7, the first sentence shall not be affected thereby.



section 145a



cancelled



Part 3



The supervision of the foreign person who provides investment services in Czech

Republic on the basis of the authorization of a supervisory authority of another Member State

Of the European Union



section 146



(1) the supervision of the foreign person, has its registered office in another Member State

The European Union, is authorised by the supervisory authority of the State to provide the

investment services and provides investment services in the Czech Republic

through a branch or branches without authority shall be exercised by the location of the

supervision of the home State.



(2) in the case of a foreign person that has its registered office in another Member

State of the European Union and enabling the supervisory authority of the State to

the provision of investment services and provides investment services in Czech

the Republic without the location of the branch, does not comply with the obligations imposed by this

the law on the basis of the rights of the European Union, a trader with securities,

The Czech National Bank to notify this fact to the supervisory authority

Home State.



(3) in the case of a foreign person that has its registered office in another Member

State of the European Union and enabling the supervisory authority of the State to

the provision of investment services and which provides investment services in

The Czech Republic through a branch, does not comply with the obligations imposed

This Act on the basis of the rights of the European Union, a trader with securities

papers, other than that it is obliged to respect under section 24, the Czech national

the bank notifies this fact to the supervisory authority of the home State.



(4) in the case of a foreign person pursuant to paragraph 2 or 3, despite the

the measures taken by the supervisory authority of the home State harms or

threatens its interests of investors or the smooth operation of the

the capital market, the Czech National Bank to notify this fact to the

the supervisory authority of the home State and then saves the measures to remedy or

other measures.



(5) in the case of a foreign person who provides investment services in

The Czech Republic on the basis of the authorization of the home State through the

the branch does not comply with the obligations of the securities trader, which must

follow under section 24, the Czech National Bank on this fact it

notify and request redress.



(6) If a person fails to take in accordance with paragraph 5, the Czech national

the Bank save the corrective measures or other measures. About stored

measures to remedy the Czech National Bank shall inform the supervisory authority

Home State.



(7) if the corrective measures taken pursuant to paragraph 6 does not lead to

remedy, the Czech National Bank, after informing the supervisory authority of the home

the State may impose other corrective measures, or other measures, or

the penalty under section 157.



Part 4



The supervision of the securities dealer, which provides services in another

Member State of the European Union



§ 147



(1) a securities Trader, which provides investment services in

the host Member State, the Czech National Bank may impose penalty measures to

remedy or other measures for infringements of the obligations arising from the law

The European Union in the field of the provision of investment services, the implementation of the

is subject to the supervision of the Czech National Bank, on the basis of the notification of a supervisory authority

of the host State, or even without this notice. The sanction measures to

remedy or another measure saves the Czech National Bank on the basis of

notification of the supervisory authority of the host State, without undue delay,

inform the supervisory authority.



(2) the Czech National Bank oversees the activities of the brokerage house

the papers, which provides investment services in the host Member State, the

the territory of the host State in accordance with this Act. As regards the provision of

services through a branch, is not subject to the supervision of the Czech National Bank

the performance of the duties referred to in section 24, paragraph. 5; of the fulfilment of these

duties supervises the supervisory authority of the host State in accordance with the law of that

State.



Part 5



The supervision of the foreign person in the Czech Republic operates as

operator of the regulated market



§ 148



The supervision of the foreign person in the Czech Republic operates as

operator of the regulated market, on the basis of the authorization of a supervisory authority of another

the Member State of the European Union



(1) in the case of a foreign person in the Czech Republic operates as

operator of the regulated market, on the basis of the authorization of a supervisory authority of another

the Member State of the European Union, does not comply with the obligations of the Organizer

regulated market arising from the rights of the European Union, the Czech national

the bank notifies this fact to the supervisory authority of the home State.



(2) in the case of a person referred to in paragraph 1, despite the measures taken by the

supervisory authority of the home State, harms or threatens its behaviour

the interests of investors or the smooth functioning of the capital market, the Czech national

the bank notifies this fact to the supervisory authority of the home State and then

saves the corrective measures or other measures.



Episode 6



cancelled



section 149



cancelled



Episode 7



Supervision of the organizer of a regulated market has been determined by the regulated market

in another Member State of the European Union



section 149a



The organizer of the regulated market, which organizes the regulated market in

another Member State of the European Union, the Czech National Bank can save

penalty, corrective measures or other measures for the violation of obligations

the organizer of a regulated market arising from the law of the European Union, on the

the basis of the notification of the supervisory authority of another Member State of the European

the Union, or even without this notice. The sanction measures to remedy or

Another measure saves the Czech National Bank on the basis of the notification

supervisory authority of another Member State of the European Union, without undue

immediately inform the supervisory authority.



Episode 8
The supervision of the foreign person, which operates in the Czech Republic on

authorized by the supervisory authority of another Member State of the European Union

the multilateral trading system



§ 149b



(1) in the case of a foreign person who operates in the Czech Republic

multilateral trading system based on the Supervisory Authority authorisation of another

the Member State of the European Union, does not comply with the obligations of the operator

the multilateral trading system arising from the rights of the European Union,

The Czech National Bank to notify this fact to the supervisory authority of the

another Member State of the European Union.



(2) in the case of a person referred to in paragraph 1, despite the measures taken by the

supervisory authority of another Member State of the European Union is damaging or

threatens its interests of investors or the smooth operation of the

the capital market, the Czech National Bank to notify this fact to the

This supervisory authority and then saves the corrective measures or other measures.



Episode 9



Supervision of the provider of the multilateral system, operating

the multilateral trading system in another Member State of the European Union



§ 149c



The operators of the multilateral trading system, which operates the

the multilateral trading system in another Member State of the European Union, the

The Czech National Bank to impose penalty measures to remedy or other

measures for violation of the obligations of the operator the multilateral trading

the system arising from the law of the European Union, on the basis of the notification authority

supervision of that other Member State of the European Union, or even without this

the notification. About the penalty, corrective measures, or other measures, that the Czech

National Bank saves on the basis of the notification of a supervisory authority of another Member

State of the European Union, without undue delay, notify the authority of the

supervision.



Episode 10



Informing the European Commission



§ 149d



(1) the Czech National Bank shall inform without delay the European authority

Securities and markets and through the Department of the European Commission

on the measures imposed pursuant to § 146 paragraph. 4 to 7, § 148 paragraph. 2 and § 149b

paragraph. 2.



(2) in the cases referred to in § 146 paragraph. 4 to 7, § 148 paragraph. paragraph 2 and article 149b.

2, the Czech National Bank to further inform the European authority for the valuable

Securities and markets ^ 39).



§ 149e



(1) in the event that the issuer, that calls for the admission of securities to

trading on a regulated market or makes a public offer in the Czech

Republic, or a securities dealer, or a person referred to in section 24, paragraph.

5 or § 28 paragraph. 6 If the securities are sold, or places violates the

the obligations resulting from the law of the European Union concerning the public

the menu and the prospectus, the performance of which is not subject to the supervision of the Czech national

the Bank, the Czech National Bank to notify this fact to the supervisory authority

another Member State of the European Union, which exercises supervision over the fulfilment of the

These obligations, and the European Securities and markets.



(2) if the corrective measures taken by the supervisory authority referred to in paragraph

1 do not lead to the remedy, the Czech National Bank saves the issuer or the person

in accordance with paragraph 1 of the corrective measures, or other measures necessary to

the protection of the interests of investors. Of its intention to impose measures to remedy or

other measures shall inform the supervisory authority of the home State in advance pursuant to

paragraph 1 and the European Securities and markets.



(3) the Czech National Bank shall inform without delay the European authority

Securities and markets and through the Department of the European Commission

of the measures taken pursuant to paragraph 2.



section 149 et seq.



(1) in the event that the issuer of the shares or equivalent securities

that represents the issuer of the share admitted to trading on the

regulated market, bond, like the securities constituting

the right to repayment of the amount owed or investment securities, which

It is the repayment of the amount owed, admitted to trading on the

a regulated market, or in the case when the person reaches, exceeds

or reduce its share of the voting rights of the issuer, all such

in a manner pursuant to section 122, paragraph. 1 and 2, is in breach of the information or notification

the obligations resulting from the law of the European Union, the performance of which is not subject to

supervision of the Czech National Bank, the Czech National Bank on the fact

notify the supervisory authority of another Member State of the European Union, whose

supervision of compliance with these obligations is subject to.



(2) if the corrective measures taken by the supervisory authority referred to in paragraph

1 do not lead to the remedy, the Czech National Bank saves the issuer or the person

in accordance with paragraph 1 of the corrective measures, or other measures necessary to

the protection of the interests of investors. Of its intention to impose measures to remedy or

other measures shall inform the supervisory authority of the home State in advance pursuant to

of paragraph 1.



(3) the Czech National Bank shall inform without delay the European authority

Securities and markets and through the Department of the European Commission

of the measures taken pursuant to paragraph 2.



TITLE II



SUPERVISION ON A CONSOLIDATED BASIS



section 150



Basic provisions



(1) the supervision on a consolidated basis provided for in this Act shall mean the

monitoring and control of risks on the consolidation units, which is

a securities dealer, which is not a Bank, in order to limit the risks,

which is this trader with securities issued on the basis of their

participation in the consolidation.



(2) supervision on a consolidated basis is not the supervision of individual

the persons included in the consolidated Group and does not replace it performance

supervision over the activities of securities dealers on an individual

under this Act, or under the supervision of banks and financial

institutions pursuant to other legislation.



(3) for the purposes of supervision on a consolidated basis, the dealer

securities means the only securities dealer pursuant to section 8a of the paragraph.

1 to 3.



§ 151



Definition of terms



(1) for the purposes of this Act, means the



and the consolidation of the Steering Group) total brokerage house

the papers of the Steering Group of the foreign merchant in securities,

a group of foreign banks, the group controlling the financial holding of the person

or group of persons, the joint holding consolidation all

at least two persons,



(b)) foreign securities trader a person based in the

abroad, which is in the country of its location shall be entitled to provide investment

services and is not a foreign bank,



(c)) controlling the securities dealer securities dealer,

that is not a Bank, which is controlled by a person or an associated merchant

with securities, foreign securities dealer, Bank,

the Credit Union, a financial institution or ancillary services undertaking



(d)) financial holding the person the person referred to in article. 4 (4). 1, point 20

Regulation of the European Parliament and of the Council (EU) no 575/2013



(e)) mixed-activity holding the person the person referred to in article. 4 (4). 1, point 22

Regulation of the European Parliament and of the Council (EU) no 575/2013



(f)) mixed financial holding the person the person referred to in article. 4 (4). 1 point

21 of the European Parliament and Council Regulation (EU) no 575/2013



(g)) the group leader merchant securities group formed by

controlling the trader with securities, controlled by it and the associated

persons, institutions, financial institutions or undertaking

ancillary services,



h) Group of financial holding group formed by persons of the financial

holding a person and she controlled and associated persons that are

institutions, financial institutions or ancillary services,



I) a group of mixed-activity holding persons group formed by the joint

holding a person and she controlled and associated persons that are

institutions, financial institutions or ancillary services,



j) associated with the person the person referred to in article. 4 (4). 1, point 35 of the regulation

The European Parliament and of the Council (EU) no 575/2013



k) financial institution a financial institution referred to in article. 4 (4). 1, point 26

Regulation of the European Parliament and of the Council (EU) no 575/2013



l) foreign controlling the trader with securities of foreign

a securities dealer, which controls at least one trader with

securities, which is not a Bank,



m) of the Steering Group of the foreign trader in securities

the group formed by a foreign securities dealer controlling and

It controlled entities and associated persons, institutions,

financial institutions or ancillary services,



n) foreign controlling Bank foreign bank with head offices in other than

Member State of the European Union, which controls at least one trader with

securities, which is not a Bank,



a group of foreign banks) of the controlling group formed by foreign

controlling the Bank, and she controlled and associated persons,



p) domestic securities dealer controlling the controlling

a securities dealer that is not controlled by another

a dealer in securities, a Bank, a financial holding the person or

mixed financial holding person with a registered office in the Czech Republic,



q) European securities dealer controlling the controlling

a securities dealer or a foreign controlling merchant

the securities, which have been granted permissions to perform activities in the
Member State of the European Union, and that is not controlled by another dealer

securities, a bank or a foreign securities dealer,

that has been granted permissions to perform activities in any Member

State of the European Union, nor is it controlled by a financial holding the person or

mixed financial holding person, who is registered in any

Member State of the European Union,



r) domestic financial holding the person the person referred to in article. 4 (4). 1 point

30 of the European Parliament and Council Regulation (EU) no 575/2013



with) domestic mixed financial holding the person the person referred to in article. 4

paragraph. 1, point 32 regulation of the European Parliament and of the Council (EU) no 575/2013



t) European mixed financial holding the person the person referred to in article. 4

paragraph. 1, point 33 regulation of the European Parliament and of the Council (EU) no 575/2013



European financial holding on) a person the person referred to in article. 4 (4). 1 point

31 of the European Parliament and Council Regulation (EU) no 575/2013



in the responsible dealer) securities in the group financial

holding persons as a securities dealer, which is not a Bank,

controlled by a financial holding person, which does not control any bank or

the Credit Union, which has been granted permissions to perform activities in the

any Member State of the European Union, which has its registered office



1. in the Czech Republic,



2. in another Member State of the European Union, if this financial holding

the person at the same time control the foreign trader in securities,

which has been granted permissions to perform activities in that Member State

The European Union, or a foreign securities dealer with the greater

the balance sheet total, which was granted permissions to perform activities in the

another Member State of the European Union, or



3. other than the Member State of the European Union, if the Czech National Bank

being under section 153, paragraph. 6 from the exercise of supervision on a consolidated

the basis of the financial holding group of the person;



If in such a consolidation of multiple securities traders,

who are not banks, securities trader responsible in

the financial holding group of the person means the securities dealer

with the largest balance sheet total,



w) responsible trader with securities in the Group of foreign

leader merchant securities trader with securities,

that is not controlled by the foreign bank, controlling the trader

securities if



1. the trader shall protect areas with this foreign securities was

granted permission to conduct business in a non-Member State of the European

of the Union,



2. controlling the foreign securities dealer does not control

any Bank, Credit Union, or foreign bank, which has been

granted permission to conduct business in any Member State

The European Union, and



3. being the Czech National Bank pursuant to § 153 paragraph. 6 from exercising supervision

on a consolidated basis over a group of foreign leader

a trader with securities; If in such a consolidation total more

securities dealers who are not banks, responsible

a trader with securities in a foreign group leader

Merchant securities means securities dealer with

the largest balance sheet total,



x) responsible trader with securities in a foreign group

controlling the Bank, securities dealer, which is not a Bank,

controlled by the foreign bank that controls if the Czech National Bank

being under section 153, paragraph. 6 from the exercise of supervision on a consolidated

the basis of the above the group controlling the Bank; If it is in

This consolidation of multiple securities traders who

There are banks, the responsible trader with securities in Group

foreign controlling banks means the securities dealer with

the largest balance sheet total,



s) responsible trader in securities operated a mixed financial

person holding securities dealer controlled mixed

financial holding person based



1. in the Czech Republic,



2. in another Member State of the European Union, if this a mixed financial

at the same time holding the person control over foreign financial institution, which

It was granted permission to conduct business in that Member State, or

foreign financial institution with a larger balance sheet total, which was

granted permission to conduct business in another Member State of the European

the Union, or



3. in a State which is not a Member State of the European Union, if the Czech

National Bank being under section 153, paragraph. 6 from the performance of the Bank

supervision on a consolidated basis;



If the consolidation referred to in points 1 to 3 more traders with valuable

the papers operated mixed financial holding person, who is not

banks, securities trader responsible controlled mixed

financial holding person means a securities dealer with

the largest balance sheet total,



the basis of the consolidated consolidated basis) according to the article. 4 (4). 1

section 48 of the European Parliament and of the Council (EU) no 575/2013



for the institution for the purposes of) of this Act shall mean a credit institution according to the

article. 4 (4). 1, point 1, and the investment firm in accordance with article. 4 (4). 1 point 2

Regulation of the European Parliament and of the Council (EU) no 575/2013.



(2) If a binding within the consolidated Group are such

character, it is not possible to conclusively determine the controlling person or the

the type of the Czech National Bank may determine in agreement with the competent foreign

supervisory authority of the controlling person of the consolidated group or its type.

This procedure of the Czech National Bank is not administrative procedures.



The exercise of supervision on a consolidated basis



§ 152



(1) supervision on a consolidated basis shall be exercised by the Czech National Bank,

If this law or other legal regulation provides otherwise.



(2) in the exercise of supervision on a consolidated basis of the Czech National Bank

cooperates with foreign authorities in the supervision of banks, persons with

authorised to provide investment services or financial institutions

and exchanges information with these authorities; The Czech National Bank

provides on-demand supervisory authorities of other Member States of the European

Union information necessary for the performance of their supervisory and on its own initiative

provides vital information to those authorities that have a significant impact on the

assessment of the financial situation of a foreign securities dealer

or financial institution in the Member State concerned, and in particular

for information about the



and related relations between members) of the consolidated Group, the structure of the

Administration and management including the organizational structure of the consolidated Group,

being included are all regulated and unregulated entities,

the unregulated subsidiary, branch and the controlling person and the

authorities in the supervision of the regulated entities in the consolidation,



(b)) collection of information from securities dealers in

consolidation and verification of such information,



(c)) developments in the securities dealer or other person in the

consolidation, which can seriously jeopardize the financial situation

Merchant securities in the consolidation,



(d)) serious sanctions and measures to remedy the extraordinary importance of the

stored trader in securities under this Act, in particular

at the request of the capital increase referred to in § 136 paragraph. 2 (a). ) and not giving

consent to the use of special approaches to calculating capital

the request, or not giving consent to change of used special

approaches,



(e)) financial holding persons and mixed financial holding

the persons referred to in article. 11 of European Parliament and Council Regulation (EU) No.

575/2013.



(3) the information necessary for the exercise of supervision on a consolidated basis

The Czech National Bank will ask the supervisory authority of another Member State

The European Union enforcing supervision of a person who is a member of the

the consolidation unit. Also requests the authority supervising the

consolidated basis over European controlling merchant securities

papers for information on approaches and methods used in the implementation of the

prudential rules.



(4) the Czech National Bank is authorized for the purposes of supervision on a

consolidated basis



and) require information and documents from the persons included in the consolidated

a whole,



(b)) to check for persons included in the consolidation as a whole;

a foreign person subject to supervision of the initiation, the purpose and results of the

on-the-spot checks shall inform the competent foreign supervisory authority,



(c)) to ask for any checks on the persons included in the consolidated

a whole, the competent foreign supervisory authority, stating the reason of the request,



(d)) to perform at the request of the competent foreign supervisory authority for

the persons included in the consolidated Group; to initiate and control results

shall inform the competent foreign supervisory authority.



(5) the Czech National Bank may inform the European

banking ^ 40) or the European Securities and markets ^ 37), if

supervisory authority of another Member State of the European Union rejects the request of the Czech

National Bank about collaboration, in particular on the provision of information, or
does not provide the crucial information within a reasonable time, or if the

supervisory authority of another Member State of the European Union does not provide the information

on its own initiative.



section 152a



(1) if the Czech National Bank supervision on a consolidated basis

the Steering Group of the European trader in securities,

a group of European financial holding the person or dealer responsible

with securities-controlled European mixed financial holding

person, in addition to the tasks set out in this law, other legal

law or directly applicable EU regulation governing the

the prudential requirements of the following tasks:



and) coordinates in relation to other supervisory authorities of other Member

States of the European Union to collect and provide important or

the necessary information,



(b)), in cooperation with the competent authorities of supervision plans and coordinates

the procedure of these organs in the course of supervision during normal and emergency

situations; This activity includes the coordination and planning supervision

over the activities of securities dealers adjusted in § 9a § 12a

paragraph. 1 (a). (b)), section 16, of the eighth section of the regulation of the European Parliament and

The Council (EU) no 575/2013 and in section 16b, the exercise of supervision pursuant to section

135b and saving measures according to § 136 paragraph. 2 and section 156, paragraph. 1, including

the coordination of the supervision in the sense of similar provisions of

legislation of another Member State,



(c)), in cooperation with the competent authorities and, where appropriate, with

the central banks of the European system of central banks, which

means the Central Bank of the European system of central banks under article. 4

paragraph. 1, point 45 of the European Parliament and of the Council (EU) no 575/2013

plans and coordinates the procedure of these bodies in the preparation of the negative

the development in the securities trader and on emergency situations, and how to

those authorities in the course of adverse developments in the securities trader

papers for emergency situations; further plans and coordinates the preparation of the

common assessments, implementation of plans for emergency situations, information

the public and saving measures to remedy the extraordinary importance within the meaning of

§ 152 paragraph. 2 (a). (d)) and the similar provisions of foreign law

regulations,



(d)) on request provides the supervisory authorities of other Member States

Supervising the European Union over a person who is a member of such

the consolidated Group, the information necessary for the performance of supervision over this

person, in particular taking into account the importance of this person for financial market

of that State.



(2) If the competent supervisory authority of another Member State with the Czech

the National Bank in the performance of its task referred to in paragraph 1 in

sufficient extent does not cooperate, the Czech National Bank

inform the European banking authority.



(3) the Czech National Bank may inform the European

banking, if the supervisory authority of another Member State in the exercise of

supervision on a consolidated basis over the European Steering Group

Merchant Securities Group of European financial holding

the responsible person or the securities dealer controlled by the European

mixed financial holding person, whose member is subject to the supervision of the Czech

the National Bank does not fulfil his obligations, the corresponding obligations under

of paragraph 1.



(4) if the Czech National Bank supervision of the Group of the European

leader merchant securities, European financial group

holding persons responsible or securities dealer controlled by the

European mixed financial holding person, and if the emergency

situation, including adverse developments in financial markets, which may

threaten the market liquidity and the stability of the financial system in a Member State,

in which the registered office of the Member of the group or which carries on business

through the relevant branches, major branch under the Act

relating to the bank or the relevant branches according to the law

relating to savings and credit cooperatives, the Czech national

the Bank shall without undue delay notify the



and central banks) the European system of central banks in Member

States concerned by this situation, if the information is relevant for the performance of

its tasks laid down by the law, including the implementation of monetary

policy and related liquidity provision, supervision of

payment and settlement systems and securities settlement systems

the papers and the protection of the stability of the financial system, and



(b)) the European banking authority, the European Council for system

risk and the public authorities in the Member States concerned by this

the situation, responsible for the preparation of legislation concerning supervision

over banks, securities dealers and financial institutions,

as well as the persons responsible for these authorities to exercise control activities,

the information, if they are relevant to them.



(5) where the Czech National Bank is an extraordinary situation, including

adverse developments in financial markets, which may undermine the liquidity of the

market and the stability of the financial system in a Member State, it shall inform without

undue delay, the supervising institution on a consolidated basis

the Steering Group of the European trader in securities or

the financial holding group of the European people, which is based in

the Member State concerned, or in the Member State of activity

through the relevant branches, major branch under the Act

relating to the bank or the relevant branches according to the law

relating to savings and credit cooperatives.



(6) where the Czech National Bank in exercising supervision over the dealer

securities, that there was an emergency situation, which would

could endanger the liquidity of the market and the stability of the financial system in

The Czech Republic, it shall inform without delay



and the European system of central banks) of central banks in Member

States concerned by this situation, if this information is relevant for the

the performance of its tasks laid down by the law, including the implementation of the

monetary policy and the related provision of liquidity, supervision

over the payment and settlement systems and settlement systems

Securities and the protection of the stability of the financial system, and



(b)), the public authorities in the Member States concerned by this situation,

responsible for the preparation of the legislation on the supervision of

banks, securities dealers and financial institutions, as well as

persons responsible for these authorities to exercise control activities if they are to

them this information significant.



(7) if the Czech National Bank information necessary for the performance of

supervision on a consolidated basis, which knows that it has already been a member of the

the consolidated Group given to another supervisory authority, preferably

such information is requested by that authority.



(8) the performance of the supervision carried out by the Czech National Bank over a member of the Group

the European leader of the trader in securities or of a member of the

the financial holding group of the European people, it is based on written

arrangements for coordination and cooperation with the authority supervising the

consolidated basis over this group. Such supervisory authority can

These arrangements entrust tasks relating to the coordination and

cooperation.



(9) if the Czech National Bank supervision on a consolidated basis

the Steering Group of the European trader in securities or

over a group of European financial holding person, must have written

arrangements for coordination and cooperation with the authorities exercising supervision over the

members of this group. The Czech National Bank to entrust these arrangements can be

tasks relating to the coordination and cooperation.



(10) instead of the Czech National Bank is the supervisory authority of another Member

State exercising supervision on a consolidated basis over the Group of

the European leader in securities trader or group

European financial holding of the person competent to exercise supervision in accordance

with the law of the European Union of 29) above ^ ^ a member of this group, based in the Czech

Republic, and to the extent and under the conditions laid down by the international

the Treaty, which is part of the legal order. This international treaty

always lays down the conditions under which the Czech Republic has the right to regression

payment towards the supervisory authority of another Member State or to the Member

State in whose territory the registered office of the authority, if any damage

or non-material damage which this caused in the exercise of supervision authority

unlawful decision or incorrect official procedure. Of this contract

the Czech National Bank shall inform the European banking authority. When

supervision supervisory authority of another Member State shall apply the laws, regulations

the order of the Czech Republic. The responsibility for the damage caused by the supervisory authority

another Member State its decision or incorrect official

the procedure for exercising supervision shall be assessed according to the law governing the

liability for damages caused in the exercise of public power ^ 30).



(11) instead of the supervisory authority of another Member State is a national

the Bank, carrying out supervision on a consolidated basis over the Group of
the European leader in securities trader or group

European financial holding of the person responsible for the performance of supervision in the

accordance with the law of the European Union ^ 29) over a member of this group, based in

another Member State, to the extent and under the conditions laid down

the international treaty, which is part of the legal order. Of this contract

the Czech National Bank shall inform the European banking authority.



(12) paragraphs 8 to 11 shall apply mutatis mutandis to the supervision of the

consolidated basis over the responsible trader in securities

controlled by a European mixed financial holding person.



section 152b



(1) if the Czech National Bank supervision on a consolidated basis

the Steering Group of the European trader in securities,

a group of European financial holding the person or dealer responsible

with securities-controlled European mixed financial holding

the person is responsible, in consultation with other bodies carrying out

the supervision of the members of such groups, save the Member of this group



and) corrective measures pursuant to § 136 paragraph. 2 (a). and) and n), if the

a securities dealer or a foreign brokerage house

securities [section 151 (1) (b))],



b) corrective measures of increase of capital above the minimum

level according to the law governing the activity of the bank, if the Bank or

a foreign bank, or



c) corrective measures of increase of capital above the minimum

level according to the law governing the activities of credit unions

cooperatives, if the savings and credit cooperative.



(2) the Czech National Bank in advance to inform the other authorities of the executing

supervision over members of the group concerned of the intention to impose measures to remedy the

in accordance with paragraph 1, they shall submit a report on the assessment of the risks

capital and liquidity risk of the group. The Czech National Bank develops

efforts to ensure that the agreement was reached in accordance with paragraph 1 within a time limit to 4

months from the day when the Czech National Bank has presented to the other institutions

executing the supervision of members of the groups concerned to report on the assessment of the protection

risk capital, and within 1 month from the date on which the present report

on the assessment of liquidity risk.



(3) If no agreement is reached under paragraph 1 within the time limits referred to in

paragraph 2, as appropriate, the Czech National Bank to impose measures to remedy the

referred to in paragraph 1, the members of the group concerned, over which it exercises control,

even without an agreement with the other institutions engaged in the supervision of the members concerned

the Group of. Meanwhile, the Czech National Bank will take into account the risk assessment, the members of the

This group expressed in the opinion of the other institutions exercising

the supervision of the members of this group, and those authorities shall send a copy of the note

a written copy of the decision.



(4) If no agreement is reached under paragraph 1, the Czech national

the Bank in the last 7 days before the expiry of the period referred to in paragraph 2

request the European banking authority about the settlement of the dispute by direct

the applicable regulation in the European Union relating to the supervision of the financial

market in the area of banking ^ 41). If the Czech National Bank or authorities

supervise the members concerned of the group referred to in paragraph 1

request the European banking authority for the settlement of the dispute, the Czech

the National Bank shall suspend the imposition of corrective measures pursuant to the

paragraph 1 of the decision to issue the European banking authority.



(5) a Securities Dealer that is a member of the Group of the European

leader merchant securities, a member of the Group of the European

the financial holding of the person or a member of the Group of the European controlling Bank

According to the law governing the activity of the bank or dealer is responsible

securities-controlled European mixed financial holding

person, the Czech National Bank is appropriate to impose measures to remedy the

According to § 136 paragraph. 2 (a). and) and n) separately, if not achieved

the agreement between the authority exercising supervision on a consolidated basis over the

the Group and other bodies carrying out the supervision of members of the

This group within 4 months from the date on which the authority supervising the

consolidated basis over the Group presented the Czech national

a Bank report on the assessment of the risk coverage capital of this group, or to 1

months from the date on which the authority exercising supervision on a consolidated basis

above the group tabled by the Czech National Bank report on the assessment of the

liquidity risk the group. Meanwhile, the Czech National Bank will take into account the

the opinion of the authority executing supervision on a consolidated basis over the

the Group of.



(6) If no agreement is reached under paragraph 5, the Czech national

the Bank in the last 7 days before the date of expiry of the time limits referred to in paragraph 5 of the request

The European banking authority about the settlement of the dispute by direct

the applicable regulation in the European Union relating to the supervision of the financial

market in the area of banking ^ 41). If the Czech National Bank or authorities

supervising the members of the group concerned or the authorities of the executing

supervision on a consolidated basis over the group request

The European banking authority for the settlement of the dispute, the Czech national

the Bank shall suspend the imposition of corrective measures referred to in paragraph 5 to the

the release of the decision of the European banking authority.



(7) before taking a decision under paragraph 3, the Czech National Bank

may request the opinion of the European banking authority. Czech

the National Bank's opinion requests always, if requested by

one of the other authorities exercising supervision over the members concerned

the Group of. If it was before the release of the decision referred to in paragraph 3 or 4

requested the opinion of the European banking authority, the Czech national

the Bank of it, unless the reasons for the decision shall state the reasons for

that deviates from this opinion.



(8) the Czech National Bank is reviewing the decision under paragraph 1, 3, or

5 at least once a year, the procedure referred to in paragraphs 1, 2, 3, 5, 7.

The Czech National Bank may review the decision on the reasoned

a written proposal from the authority executing the supervision of a member of the group concerned.

In this case, the decision referred to in paragraph 1, 3, or 4 review

also just in the scope of this proposal.



(9) a securities dealer is required to keep capital on

an individual or consolidated basis above the minimum level, if

the obligation imposed on him by decision issued in agreement with the Czech national

the Bank authority of another Member State, supervising the

consolidated basis.



§ 152c



(1) if the Czech National Bank supervision on a consolidated basis

the Steering Group of the European trader in securities,

a group of European financial holding responsible persons or above

securities dealer controlled European mixed financial

holding a person, established for the performance of the tasks referred to in section 152a, paragraph. 1

up to 4 College. The establishment and activities of the College are based on written

arrangements under section 152a, paragraph. 7, Czech National Bank

after consultation with the relevant supervisory authorities. If appropriate, the Czech

the National Bank, in compliance with the obligations of confidentiality and other requirements

laid down by the law of the European Union, coordinates the cooperation with supervisory authorities

other than the Member States. The establishment and activities of the colleges are not affected

the powers and responsibilities of the supervisory authorities of the European Union laid down the law.



(2) the College lays the groundwork for the cooperation of the Czech National Bank and

the other supervisory authorities concerned in



and) exchange of information,



(b) the application of the arrangements and international) treaties under section 152a, paragraph. 6 to

9, if appropriate,



(c) the establishment of checks based on plans) of the assessment of the risks concerned

the group under section 135, paragraph. 3,



(d) increasing the efficiency of supervision by limiting) duplicate the requirements in

the exercise of supervision, including the requirement to provide information under section 152a

paragraph. 5, § 152 paragraph. 3 the second sentence, and according to similar provisions

foreign law



(e) the application of the rules of prudent) single business within the concerned

the group, without prejudice to the powers of supervision provided for by the law of

The European Union,



f) planning and coordination of activities referred to in section 152a, paragraph. 1 (a). (c))

and in similar provisions of foreign law, with

taking into account the activities of other bodies, if they are set up for these purposes.



(3) the Members of the College are



and the Czech National Bank),



(b)) the authorities supervising the members of the group concerned,



(c) the supervisory authorities of the host State), in which the groups concerned

activity through the relevant branches, the relevant branches

According to the law governing the activity of the bank or the relevant branches according to the

the law relating to savings and credit cooperatives,



(d)) of the Central Bank the European system of central banks, if it is

appropriate,



e) supervisory authorities, other than the Member States, where appropriate and

If, in the opinion of the supervisory authorities concerned, protects information

at least in the range of what is required by European Union law.



(4) the Czech National Bank governs the conduct of the College and determines who the members
participating in a meeting or other activity of the College. In doing so, takes into account the importance of

These activities for the performance of their duties referred to in section 24b, paragraph. 2 and

3, as well as their importance for members of the College. On the basis of available

information, in particular, take into account the potential impact on the stability of the financial

system in the Member States concerned, in particular in emergency

situations.



(5) the Czech National Bank is making an effort to ensure that the members of the College closely

cooperated. The Czech National Bank shall inform in advance the

members of the College about the College, meeting agenda and planned

activities and without undue delay, inform the conclusions adopted

at the hearing, or on other agreed activities.



(6) the Czech National Bank shall inform the European banking authority of

the activities of the College, and even in the event that occurs when an emergency occurs, and

give it all the information which are relevant for the approximation of the

tools and supervisory practices. The provisions of section 117 shall not be affected thereby.



§ 153



(1) the Czech National Bank shall exercise supervision on a consolidated basis over the

the Steering Group of the securities dealer. The Czech National Bank

further exercises supervision on a consolidated basis over a group of

foreign leader merchant securities, which is a member of

responsible securities dealer in the Group of foreign

leader merchant securities, and over a group of foreign

the controlling of the Bank, which is responsible to the securities dealer

foreign banks in the group controlling. The Steering Group of the trader

securities held by domestic securities dealer controlling

papers or domestic financial holding a person subject to supervision on a

consolidated basis, only if it is a member of this group of foreign

a trader with securities, foreign bank or financial institution,

based in a non-Member State of the European Union.



(2) the Czech National Bank shall exercise supervision on a consolidated basis over the

the financial holding group of the person, which is responsible

a securities dealer in the group financial holding persons and over

responsible trader in securities operated a mixed financial

holding a person. A person controlled by a financial holding group

controlling the domestic securities dealer or local

financial holding a person subject to supervision on a consolidated basis,

only if it is a member of this group, a foreign securities dealer,

foreign bank or financial institution established in a non-

Member State of the European Union.



(3) the Czech National Bank may



and) supervise financial holding group of the person who

does not meet the conditions referred to in paragraph 2, first sentence,



(b)) to refrain from exercising supervision over the financial holding group of the person,

which satisfies the conditions referred to in paragraph 2, first sentence,



If it is agreed with the competent supervisory authority of the Member State

The European Union and if they determine a responsible merchant with the

securities in the financial holding group of the person according to the criteria

laid down by this Act [section 151 (1) (a). with)],

in particular, with regard to the importance of securities dealers who are not

the Bank, or a foreign securities dealers who are members of the

This consolidation unit for the financial market in the Member

States of the European Union. In this case, however, the Czech National Bank

or the competent authority in advance to request the opinion of the supervision of the responsible

a trader with securities in the financial holding group, person or

European financial holding persons who are members of the

the consolidation unit. If the Czech National Bank shall proceed in accordance with point (a)

and shall be determined by the merchant) in securities, which is not a Bank and that will be

to fulfil the obligations of the responsible trader with securities in Group

the financial holding of the person. The Czech National Bank shall inform the European

the Commission and the European banking authority of the agreements referred to in the first sentence.



(4) paragraph 3 shall apply mutatis mutandis to the exercise of supervision on a consolidated

the basis of the above securities trader responsible controlled mixed

financial holding person.



(5) the Czech National Bank shall exercise supervision on a consolidated basis over the

the Group mixed holding person.



(6) the Czech National Bank may refrain from the exercise of supervision on a

consolidated basis of consolidation in total, has a controlling person

registered office in a State which is not a Member State of the European Union, if it is above

This consolidation total exercised supervision on a comparable

consolidated basis according to the directly applicable European Union regulation

governing the prudential requirements. Prior to this decision, the Czech

the National Bank shall request the opinion of the authority the supervision of the foreign

securities dealer established in another Member State of the European

the Union, which is a member of the same consolidated Group and the European Commission.

If it is not exercised in comparable supervision on a consolidated basis over the

This consolidation total, Czech National Bank may, after a member of the

the consolidated Group require the establishment of a financial holding the person or

mixed financial holding persons on the territory of the Czech Republic or other

Member State of the European Union. This procedure, the Czech National Bank shall notify

supervisory authority over a foreign securities dealer based in

another Member State of the European Union, which is a member of the same

the consolidated Group, and the European Banking Committee.



Obligations of persons subject to supervision on a consolidated basis



§ 154



(1) a securities dealer, who is a person referred to in section 9a, paragraph. 4

and that is a member of the consolidated entity subject to supervision of the Czech

the National Bank under this law, is obliged to comply with the

consolidated basis



and) the requirements for the management and control system [§ 12 (1) (a).)]



(b)) policies and procedures for the evaluation and internal changes

capital (section 9a)



(c)) the requirements for operation in the framework of the consolidated Group (section 155 (3)).



(2) a person to be included in the consolidated Group shall, at request of the Czech

the National Bank directly or through the controlling person or

Merchant securities, which is part of the consolidation

a whole, and is determined by the Czech National Bank, any information necessary for the

the implementation of the supervision on a consolidated basis.



(3) persons included in the consolidated Group are obliged to allow

perform the checks referred to in section 152, and to provide the Czech National Bank

the necessary synergies.



§ 155



(1) the persons included in the consolidated group creates the corresponding

control mechanisms to ensure the accuracy of the information provided for

the purposes of supervision on a consolidated basis.



(2) the controlling Domestic securities dealer, responsible trader

securities in the financial holding group of the person responsible

securities dealer controlled by the mixed financial holding

the person responsible to the securities dealer in the Group of foreign

leader merchant securities and responsible trader

securities in the Group of foreign bank shall notify in advance the controlling

The Czech National Bank Auditors who will perform an audit of the persons

included in the consolidation under the supervision of the Czech national

the Bank pursuant to this Act. The Czech National Bank is entitled to require

audit information from these individuals that pass for the purposes of supervision on a

consolidated basis pursuant to this Act.



(3) a securities dealer, which is not a Bank, is obliged to properly

keep track of your operations with members of the same consolidated Group, control

risks associated with them and to undergo the appropriate internal mechanisms

checks.



§ the basic equipment



(1) the head of the person of the financial holding of the person, of a mixed financial

holding the person or a natural person, which controls the sole or

mostly traders in securities, foreign securities dealers

securities, banks, credit unions and financial institutions, or controls

at least one securities trader, which is not a Bank, and is not

mixed-activity holding a person must have to perform its function, the previous

the agreement of the Czech National Bank. The Czech National Bank has granted the consent of the person

that meets the conditions, mutatis mutandis, in accordance with § 10. In the event that the head of a person

the financial holding of the person or entity is a mixed financial holding

a legal person, the consent must be a natural person who is the head of the

the person of the legal person. The consent of the person concerned must apply to the

2 months from the date on which the person becomes a financial holding, mixed

financial holding the controlling person or a natural person. The provisions of the

section 10a, shall apply mutatis mutandis.



(2) the request for approval referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by the documents necessary for the assessment of

the facts referred to in paragraph 1. The pattern of the form and the content of its annexes

lays down detailed legal prescription.



section 155b



(1) the Czech National Bank may, in the exercise of supervision on a consolidated

the basis of the above mixed financial holding person, after consultation with the

the competent authorities may provide that in exercising this supervision
only apply the relevant provisions of the Act relating to the supplementary supervision

financial conglomerates, and under the condition that this mixed

financial holding person subject to comparable requirements of this law

and the law relating to the supplementary supervision of financial conglomerates,

in particular, as regards the risk-oriented supervision.



(2) if the Czech National Bank supervision on a consolidated basis

over the responsible trader in securities operated a mixed financial

holding a person, may, after consultation with the competent supervisory authorities

provide that, in the performance of this surveillance applies only the appropriate

the provisions of the Act relating to the supplementary supervision of financial

conglomerates, and under the condition that the European mixed

financial holding person subject to comparable requirements of this law

and the law relating to the supplementary supervision of financial conglomerates,

in particular, as regards the risk-oriented supervision.



(3) the Czech National Bank is responsible for consultation on the use of only

foreign legislation governing supplementary supervision of

financial conglomerates, is the supervising authority over

securities dealer controlled European mixed financial

holding a person and if this consultation invited authority

executing the supplementary supervision over a financial conglomerate.



(4) the Czech National Bank may, in the exercise of supervision on a consolidated

establish, that in the exercise of supervision over a mixed financial

holding a person uses only the provisions which apply to the

the most important sector in accordance with the law relating to the supplementary supervision of

financial conglomerates, and under the condition that this mixed

financial holding person equivalent to the requirements of this Act

and the law governing the activity of insurance companies, in particular as regards risk

oversight-oriented.



(5) if the Czech National Bank supervision on a consolidated basis

over the responsible trader in securities operated a mixed financial

holding a person may, in agreement with the competent supervisory authorities

provide that, in the exercise of supervision shall apply only those provisions which

refer to the most important sector in accordance with the law governing the

supplementary supervision of financial conglomerates, and under conditions that will

on this European mixed financial holding person

equivalent to the requirements of this Act and the Act relating to the

insurance companies, in particular as regards the risk-oriented supervision.



(6) the Czech National Bank is responsible for the agreement on the use of only

foreign legislation relating to the most important sector

According to the rules governing the supplementary supervision of financial

conglomerates, is the supervising authority over dealer

securities-controlled European person mixed financial holding

and if to this agreement called upon the authority executing the supplementary supervision

over a financial conglomerate.



§ 155c



(1) the Czech National Bank shall inform the European banking authority of



and procedures adopted pursuant to §) 155b, paragraph. 1, 2, 4 and 5,



(b)), where uses the section 135 c of paragraph 1. 1,



(c)) the functioning of the review process and evaluation pursuant to § 135b,



(d)), the methodology used as the basis for a decision pursuant to § 135b paragraph. 3 to

5, section 135 c of paragraph 1. 2, 3 and 4 and section 136 of the review and evaluation process

According to § 135b,



(e) the names of the authorities or persons), which may receive information pursuant to

section 135a,



(f)) financial holding persons and mixed financial holding

the persons referred to in article. 11 of European Parliament and Council Regulation (EU) No.

575/2013



(g) the results of the review and evaluation) according to § 135b, if the results of

suggest an impending systemic risk according to the article. 23 of the regulation of the European

Parliament and of the Council (EU) no 1093/2010 of the brokerage house

the papers; This information will provide the Czech National Bank, without undue

delay,



h) data collected for the purpose of comparison of trends and practices

remuneration,



I) measures taken under section 12 (a). (g)),



(j) additional function) to hold a non-member under section 14(2). 8

the last sentence,



k) data collected under section 12 (a). (h)),



l) data obtained from the trader in securities of a decision

shareholders or shareholders relating to the remuneration,



m) measures to remedy imposed pursuant to § 136 paragraph. 2 (a). l), section 136

paragraph. 7 and the penalties imposed for administrative offences pursuant to § 157 paragraph. 8

(a). (d)), g), (j)) to q), s), and t), section 164, paragraph. 1 (a). and (d))), section 166

paragraph. 1 (a). and (c))) to (e)), including data on the appeal against the decision,

which those penalties imposed,



n) composition of the combined capital reserves and the date on which the traders

securities are subject to the obligations of the combined capital reserve

in this composition, maintain,



about) recognition of shortening the transitional period for a countercyclical capital

a provision introduced by another Member State of the European Union.



(2) on the request of the Czech National Bank shall inform the European

banking on all the facts necessary for the performance of its tasks

laid down by the relevant legislation of the European Union ^ 47).



(3) the Czech National Bank shall inform the European Commission of the



and) financial holding entities and mixed financial holding

the persons referred to in article. 11 of European Parliament and Council Regulation (EU) No.

575/2013



(b) the composition of the combined capital reserve) and the date on which the traders

securities are subject to the obligations of the combined capital reserve

in this composition, maintain,



(c) shortening the transitional period) recognition for counter-cyclical capital

a provision introduced by another Member State of the European Union.



(4) the Czech National Bank shall inform the European Council for system risks



and the composition of the combined capital reserve) and the date on which the traders

securities are subject to the obligations of the combined capital reserve

in this composition, maintain,



(b)) the recognition of the shortening of the transition period for a countercyclical capital

a provision introduced by another Member State of the European Union,



c) counter-cyclical capital reserve rate according to § 9ac paragraph. 3 and data

referred to in section paragraph 9ac. 7.



(5) the Czech National Bank shall inform the European insurance and

occupational pensions ^ 48) on the procedures adopted pursuant to section 155b

paragraph. 1, 2, 4 and 5.



(6) the Czech National Bank will provide to the European banking authority

synergies in all cases where the European banking authority of the

own initiative contributes to the solution of disputes between the competent authorities.



(7) the Czech National Bank uses data from the database of administrative penalties

The European banking authority for the assessment of the credibility of the members of the

Merchant securities authorities.



(8) the Czech National Bank shall inform the appropriate College of supervisors of



and the composition of the combined capital reserve) and the date on which the traders

securities are subject to the obligations of the combined capital reserve

in this composition, maintain,



(b)) the recognition of the shortening of the transition period for a countercyclical capital

a provision introduced by another Member State of the European Union.



§ 156



Measures to remedy the



(1) in the case of violation of this Act or the decision issued by the

This Act by a person included in the consolidated Group, which may

negatively affect the financial situation of the trader of securities, which

It is part of the consolidated Group, the Czech National Bank shall protect areas

Merchant securities, financial holding the person responsible

a trader with securities in the financial holding group of the person,

responsible trader with securities in the Group of foreign

leader merchant securities trader responsible with

securities in foreign banks, or controlling the Group mixed

holding a person according to the nature of the infringement found



and) to rectify within the time limit,



(b) ensure the extraordinary audit) required for persons, which is part of the

the consolidated Group, at the expense of the controlling entity,



(c)) prohibit or restrict the sealing of shops with investment instruments with

persons who are part of the same consolidation unit.



(2) a person to be included in the consolidated Group, which is not a dealer

securities, concluded with investment instruments in a way that

does not harm the interests of the customers, the securities trader, which is

part of the same consolidation unit, and does not affect its financial

stability or impair the transparency of the financial market.



(3) in section 151 to 155, the Bank means a foreign bank.



TITLE III



ADMINISTRATIVE DELICTS AND DELICTS



§ 157



Administrative offences, persons who provide investment services



(1) a securities dealer or a foreign person providing

investment services in the Czech Republic through a branch commits

the administrative tort by



and does not the trader's journal) with securities, pursuant to section 13,



(b) breach of the obligation to inform) the Czech National Bank in accordance with § 15 paragraph.

1,



(c)) neuveřejní data under section 16b or 16 c §,



d) notifies the start or end of a systematic internalisation by §

olive growers. 2,



(e) systematic internalisation of neuveřejní) when the binding quotation under section

17B,
(f) systematic internalisation does not) when instructed under section 17 c



(g)) in systematic internalisation restricts access to quotes in violation of

section 17 d,



h) as auctioneer organizes public auction securities securities

in contrary to section 33, or



I pay the contribution to the guarantee) Fund under section 129.



(2) a securities dealer, a foreign person providing investment

services in the Czech Republic through a branch or an investment

the provider commits misconduct by



and) to provide investment services with professional care under section 11a or section 32

paragraph. 1,



(b)) breaks when dealing with customers, the obligation under section 15(2). 1 or §

paragraph 32. 3,



(c)) does not retain the documents or records referred to in section 17 or section 32, paragraph. 6, or



(d) the breach of the obligation to provide to the consumer) before the conclusion of the Treaty on

financial services concluded at a distance information under a special

the law ^ 23).



(3) a securities dealer or a foreign person that has its head office in

State which is not a Member State of the European Union, and which provides

investment services in the Czech Republic through a branch, the

the administrative tort by breach of an obligation of a prudent provision

investment services referred to in section 12, 12 c, 12d or 12e.



(4) a securities dealer, a foreign person that has its head office in

State which is not a Member State of the European Union, and which provides

investment services in the Czech Republic through a branch, or

investment broker has committed misconduct by

performs its operation by a person who does not meet the conditions referred to in section 14.



(5) investment broker has committed misconduct by



and) performs its operation by a person who does not meet the conditions under section

30 paragraph. 1 or 2,



(b)) does not ensure prudent provision of investment services pursuant to § 32 paragraph.

4,



(c)) does not register the received or transmitted by the guidelines referred to in section 32, paragraph. 5,

or



(d) the breach of the obligation of information) according to § 32 paragraph. 7.



(6) the represented person has committed misconduct by breaks in the

carrying out their activities, the representatives of the obligation under section-bound 32 c of paragraph 1.

6 or § 32d of the paragraph. 1.



(7) a securities dealer is guilty of misconduct by



and) consent pursuant to section 2b, paragraph. 1 assess the fulfilment of the conditions without

pursuant to section 2b, paragraph. 3,



(b)) does not submit the Czech National Bank or neuveřejní on their

website of the annual report under section 16. 1,



(c) breach of the obligation of information) pursuant to section 16. 2,



(d) the guarantee fund does not provide supporting documentation) pursuant to section 130, paragraph. 11,



e) breach of an obligation to keep a record of data relating to the insured

Receivables from customers ' deposits under the law governing the activity of the bank,

or



f) breach of an obligation to pass the data concerning the insured receivables from

deposits to the Bank, the spořitelnímu and the úvěrnímu team or foreign bank

According to the law governing the activity of the bank.



(8) a securities dealer, which is not a bank or a merchant with the

securities, which is referred to in section 9a, paragraph. 4, commits

misconduct by an individual or consolidated basis



and apply or change internal) approach for the calculation of capital

the request without the prior consent of the Czech National Bank or the

the approach used in violation of the mandatory conditions laid down in this

the consent referred to in article. 143 regulation of the European Parliament and of the Council (EU) No.

575/2013, regulation or a decision of the European Commission,



(b) the credit rating for) calculation of capital requirements in

contrary to the directly applicable EU regulation governing the

prudential requirements



(c)) does not accept or does not apply the strategies or practices pursuant to § 9a,



(d)) shall be issued for the exposure in excess of the limits laid down in the article. 395 regulation

The European Parliament and of the Council (EU) no 575/2013 and implementing the legal

Regulation issued under section 199,



(e) breach of the obligation of information) pursuant to section 16. 3 and 4,



(f) the information referred to in section neuveřejní) of the eighth regulation of the European Parliament and of the

The Council (EU) no 575/2013



g) breach of an obligation under section 155, paragraph. 3,



(h)) does not provide a legal person or a natural person operating without a

undue delay a written explanation of its credit rating by

article. paragraph 431. 4 regulation of the European Parliament and of the Council (EU) no 575/2013



I) fails to comply with the rules for determining the capital, specifying individual

capital requirements or the conditions for the use of approaches for the calculation of the

capital requirements under the second and third parts of the regulation of the European

Parliament and of the Council (EU) no 575/2013



(j)) do not communicate the Czech National Bank data or incomplete or incorrect

the information referred to in article. paragraph 99. 1 regulation of the European Parliament and of the Council (EU)

No 575/2013, regulation or a decision of the European Commission,



the Czech National Bank) do not communicate the information, or incomplete or incorrect

information on the capital requirements laid down in the article. 101 of regulation

The European Parliament and of the Council (EU) no 575/2013, regulation or decision

The European Commission,



l) are exposed to credit risk of the securitised positions,



m) contrary to the directly applicable EU regulation governing the

the prudential requirements of the Czech National Bank will not share information or communicate

incorrect or incomplete data on the



1. large exposures



2. pákovém,



3. liquidity,



n) does not maintain a repeatedly or for extended periods under article liquid funds.

412 European Parliament and Council Regulation (EU) no 575/2013



information about not in scale) and in the manner laid down in article 4(1). paragraph 431.

1 to 3, or article. paragraph 1(a) 451. 1 regulation of the European Parliament and of the Council (EU)

No 575/2013, regulation, or decision by the European Commission or the

make available information with incomplete or incorrect information,



p) splits the part of the profit after tax in contravention of this Act,



q) shall provide the implementation of the holders of investment instruments included in the

capital securities trader in breach of article 28, or 51 63

Regulation of the European Parliament and of the Council (EU) no 575/2013, or



r) allows the person which does not satisfy the requirements of this Act on a member of the

the statutory authority of the management board or Supervisory Board of the merchant with the

securities, to become or remain a member of this body.



(9) a securities dealer, which is not a Bank, is guilty of an administrative

tort by



and entrepreneurial activity) in contravention of section 6b of the paragraph. 1,



(b)) violates the obligation of notification under § 21. 1, § 21. 6, section 22

paragraph. 1 or § 22 paragraph 1(b). 5, or



(c)) places its branch in a host State, despite the decision of the Czech

National Bank pursuant to § 21. 5.



(10) a securities dealer, which is not a bank or a foreign

a person who provides investment services in the Czech Republic

through the branch commits misconduct by

does the applicant without undue delay of the loan or lease

explanation about his credit rating according to the article. 431 regulation of the European

Parliament and of the Council (EU) no 575/2013.



(11) a securities dealer, who is a person referred to in section 9a, paragraph.

4, committed misconduct by an individual or

consolidated basis does not load, or does not maintain command and control

system in accordance with section 12(2). 1 (a). and).



(12) a person providing services to Foreign investment in the Czech Republic

through the branch commits misconduct that violates

information duty according to § 16. 2 (a). and), b), c) or (d)) or section

16. 3 (b). and).



(13) a foreign person who is registered in a State which is not a Member

State of the European Union, and which provides investment services in Czech

the Republic through a branch, has committed misconduct by

fails to notify without undue delay the Czech National Bank, a change in the

the facts on the basis of her permit was granted in breach

section 28 paragraph. 6.



(14) for the administrative offence is imposed in the



1 0000 0000 Czk), with respect to the administrative offence under paragraph 7 (b). and)



(b)) 10 0000 0000 CZK in the case of an administrative offence referred to in paragraph 1 (b). g), (h))

or i), paragraph 2 (a). (d)), paragraph 5, paragraph 6, paragraph 7 (b).

d), (e)), or (f)), paragraph 9 (a). (b)), or (c)) or paragraph 13,



c) 20 0000 0000 CZK in the case of an administrative offence referred to in paragraph 1 (b). and)

b), c), (d)), e) or (f), paragraph 2 (b)). and (b))), or (c)), paragraph 3,

paragraph 4, paragraph 7 (b). (b)), or (c)), paragraph 8, paragraph 9 (a).

and), paragraph 10, paragraph 11 or paragraph 12,



(d) the amount of the advantage) twice, if possible, the amount of

advantage to find out if an administrative offence under paragraph

8 (a). I) to t) and committed him to a legal person; If it is not possible for the amount of

unauthorized benefit to find out, a fine in the amount of 10% of the net

the annual turnover of securities trader for the immediate

the previous accounting period, which includes the items listed in the article. 316

Regulation of the European Parliament and of the Council (EU) no 575/2013, if the

the administrative tort pursuant to paragraph 8 (a). I) to t)



(e) the amount of the advantage) twice, if the administrative tort

pursuant to paragraph 8 (a). I) to t) and committed him to the controlled person;

If it is not possible to determine the amount of the advantage, saves a penalty to
the amount of 10% of the net annual turnover resulting from the consolidated

accounts of the controlling entity for the immediately preceding financial year.



section 158



Administrative offences, the organizer of the regulated market



(1) the operator of the regulated market has committed misconduct by



and entrepreneurial activity) contrary to section 40 paragraph. 1,



(b)) to provide the service in violation of the rules, the rules for trading

the admission of investment instruments to trading or the rules of access,



(c) the service does not support) the care referred to in section 41, paragraph. 1 and 2,



(d) fails to comply with the notification obligation under) § 49 paragraph. 1 or information

the obligation under section 50, paragraph. 1 to 6,



e) violate the organisational requirements under section 48, or any of them,



(f) fails to comply with information requirements under) § 50,



(g)) will not allow the participants of the regulated market to choose the different settlement system

According to § 51 paragraph. 1,



h) violates any restrictions or prohibitions on the Czech National Bank pursuant to section 52, or



I) fails to comply with any of the requirements under section 67 or 68.



(2) for the administrative offence referred to in paragraph 1 shall be imposed to the 20 0000 0000

CZK.



§ 159



Administrative delicts of the operator of the multilateral trading system



(1) the operator of a multilateral trading system is guilty of administrative

tort by



and) fails to comply with the transparency rules referred to in § § 67 or 68,



(b)) establishes or breaks the rules under section 69, paragraph. 2, 3 or 4,



(c)) does not make the settlement of trades or does not inform the participants of the

the multilateral trading system under section 70, paragraph. 1,



(d)) violates any restrictions or prohibitions on the Czech National Bank under section 70, paragraph. 2,



e) breach of an obligation systematically monitor and evaluate deals according to §

paragraph 71. 2,



(f) breach of the obligation of notification) pursuant to § 71 paragraph. 3, or



(g) violates any of the information requirements under) § 71 paragraph. 4.



(2) for the administrative offence referred to in paragraph 1 shall be imposed to the 20 0000 0000

CZK.



section 160



The administrative tort of the operator and the Subscriber's settlement system with

finality of settlement



(1) the operator of a settlement system with the finality of settlement

committed misconduct by



and) contrary to section 87, paragraph. 1 publish the amendment to the rules of the system without

the consent of the Czech National Bank,



(b) notifies the according data change) § 90b paragraph. 4, or



(c) fails to comply with information requirements under) § 90c paragraph. 1.



(2) the operator of a settlement system with the finality of settlement

based in the Czech Republic has committed misconduct by



and settlement system) operates with the finality of settlement in breach of

with section 90 of the paragraph. 3,



(b) fails to comply with information requirements under) § 90c paragraph. 3, or



(c) fails to comply with the notification requirements) section 145, paragraph. 4.



(3) the participant of the settlement system with the finality of settlement

committed misconduct that does not comply with the information obligation under section

90c paragraph. 2 or § 90 d.



(4) in the administrative offence is imposed in the



10 0000 0000 Czk), with respect to the administrative offence referred to in paragraph 1 (b). (c)),

paragraph 2 or 3,



(b)) 20 0000 0000 CZK in the case of an administrative offence referred to in paragraph 1 (b). and)

or (b)).



§ 161



Administrative offences of the person who keeps records of investment tools



(1) a person who keeps records of investment instruments, the

the administrative tort that violates the obligation to keep a record or

the documents referred to in section 99a.



(2) the central depository has committed misconduct by



and entrepreneurial activity) in contravention of section 103, paragraph. 6,



(b) breach of the obligation of notification) pursuant to section 103, paragraph. 7,



(c) breach of the obligation of information) according to § 104 paragraph. 2, § 108 or section 115

paragraph. 1, or

.



(d) does not provide its services) with professional care under section 103, paragraph. 8.



(3) a person who keeps separate registers of investment instruments, or

a person who keeps records of the building on a separate register

investment instruments, is guilty of misconduct that does not

separate registers of investment instruments, or recording the follow-up to

separate registers of investment instruments in the manner laid down by the

implementing the law on the basis of § 93 paragraph. 4.



(4) a person who keeps separate registers of investment instruments, the

committed misconduct by the Czech National Bank does not send the information

or documents under section 93, paragraph. 6.



(5) the central depository, the central depository participant or the person

that keeps records of the building on the central register of dematerialised

securities, is guilty of misconduct that violates operational

the order of the Central Depositary, pursuant to section 104.



(6) for the administrative offence is imposed in the



10 0000 0000 Czk), with respect to the administrative offence referred to in paragraph 1, paragraph 2

(a). b), c) or (d)), paragraph 3, paragraph 4 or paragraph 5,



(b)) 20 0000 0000 CZK in the case of an administrative offence referred to in paragraph 2 (a). and).



§ 162



Administrative delicts issuer of certain investment securities and

other persons fulfilling the obligations of the issuer,



(1) an issuer or other legal or natural person-entrepreneur

asked about the admission of investment securities to trading on a

a regulated market without the issuer's consent, or the operator of the regulated

the market, which received investment security to trading without

the issuer's consent, is guilty of misconduct, contrary to section

paragraph 127. 2



and neuveřejní compulsory information) uveřejňovanou,



(b)) has not sent the Czech National Bank obligatory uveřejňovanou information or



(c)) will not keep material information related to the compulsory uveřejňovanou

the information.



(2) the issuer referred to in § 118 paragraph. 1 legal person or business

a natural person who is the issuer referred to in section 121a, commits

the administrative tort by



do not submit to the organizer of the European) the regulated market on which the

It is issued by the investment securities admitted to trading, or Czech

the National Bank of the proposal referred to in § 120 paragraph. 1, or



(b)) in the performance of duties of information violates the prohibition in § 121.



(3) the issuer referred to in § 118 paragraph. 1 (a). and (b))) or commits

the administrative tort by



and does not ensure equal treatment) according to § 120 paragraph. 2 (a). and)



(b) does not make the payment of the proceeds through) by the designated person under section

paragraph 120. 2 (a). (b)), or



(c)), neuveřejní, or fail to make available a proxy form pursuant to § 120

paragraph. 3 or 4.



(4) the issuer of a financial instrument is guilty of misconduct in

contrary to § 125, paragraph. 4



and maintenance of a list of persons) does not ensure that they have access to the internal

information of the issuer, or



(b)) the list of persons that have access to the inside information of the issuer,

does the Czech National Bank.



(5) the issuer referred to in § 118 paragraph. 1 (a). and) or (b)), decided to

provision of information relating to the exercise of the rights of the owner of it issued by the

Security electronic means, is guilty of misconduct

by



and) contrary to § 120 paragraph. 5 (a). and binds the provision referred to)

electronic means of information on the residence or seat of the owner

a security agent authorized to represent it or the person referred to

in the section, paragraph 122. 2 (a). and (h)))



b) contrary to § 120 paragraph. 5 (a). (b)) is going to the effective administration of data

or does not provide the technical conditions for data protection,



c) contrary to § 120 paragraph. 5 (a). (c) the manner of notifying the laid down)

its decision to provide information, electronic means, or



d) contrary to § 120 paragraph. 5 (a). (d)) does not provide information related to the

exercise of the rights of the owner of the securities electronic means each

the owner of the securities issued by him or any person referred to in section

paragraph 122. 2 (a). and (e)).)



(6) the issuer referred to in § 118 paragraph. 1 (a). and) committed by the administrative

tort by



and does not provide notification of the grant of the option), and the revocation of power of Attorney

electronic means pursuant to § 120 paragraph. 4,



(b)) does not ensure that the invitation to the general meeting or similar gathering

the owners of the securities representing the share of the issuer or

notice of the holding of such a gathering of owners of securities

It also contained the requirements referred to in section paragraph 120a. 1,



(c)) in contravention of section, paragraph 120a. 2 neuveřejní or send payment schedule

income or other financial, information on the financial institution or

information on the outcome of the negotiations at this point in the negotiations,



(d)) neuveřejní or send information about the impact of the decision under section 120a

paragraph. 3 on the rights of the owner of a security, or information about the outcome of the

the negotiations at this point in the negotiations, contrary to § 120a paragraph. 3 or 4,



e) contrary to section 120b paragraph. 1 neuveřejní the documents referred to in section 120b

paragraph. 1 (a). and (f))),



f) contrary to section 120b paragraph. 2 neuveřejní information referred to in section 120b paragraph. 2

(a). and (b))), or



g) contrary to section 120b paragraph. 3 neuveřejní on their Web

the pages of the documents referred to in section 120b paragraph. 1 or the information referred to in section

120b paragraph. 2.



(7) the issuer referred to in § 118 paragraph. 1 (a). (b)) commits of the administrative

tort that does not ensure that the notice of meeting of owners

bonds or securities owners like Assembly

representing the right to repayment of the amount owed if the requirements contained

According to § 120 paragraph. 1.



(8) the issuer referred to in section 127d paragraph. 1 is guilty of misconduct,

that



and neuveřejní information) as laid down in section 127d paragraph. 3, or



(b)) in contravention of section 127d paragraph. 3 does not inform the Czech National Bank for each
a change in the facts, on the basis of the exception was allowed to him.



(9) for the administrative offence is imposed in the



1 0000 0000 Czk), with respect to the administrative offence referred to in paragraph 3 (b). (c)),

paragraph 5, paragraph 6, paragraph 7 or paragraph 8 (b). (b)),



(b)) 10 0000 0000 CZK in the case of an administrative offence referred to in paragraph 1, paragraph 2,

paragraph 3 (b). and (b)) or), paragraph 4 or paragraph 8 (b). and).



§ 163



Administrative offences, individuals included in the consolidated Group



(1) a person to be included in the consolidated Group is guilty of misconduct

by



and breach of the obligation of information) under section 154, paragraph. 2,



(b) the breach of an obligation) to create adequate control mechanisms in accordance with §

155, paragraph. 1,



(c) breach of its obligation to notify) the auditor or the obligation to provide

audit of the information referred to in section 155, paragraph. 2, or



(d)) does not perform within the period prescribed corrective measures under section 156.



(2) for the administrative offence referred to in paragraph 1 shall be imposed to the 10 0000 0000

CZK.



§ 163a



cancelled



Other administrative delicts



§ 164



the title launched



(1) Legal or natural person established by the administrative

tort by



and improperly performs or offers) activities under this Act,



(b) incorrect information) or conceal any fact in the context of

applications under this Act,



(c)) does not have the prior consent of the Czech National Bank under section 10b of the paragraph. 1, § 47

paragraph. 1 or Section 104a of the paragraph. 1,



(d) the breach of the obligation of notification according to) § 10e paragraph. 1, § 47 odst. 2, §

paragraph 104A. 2 or § 122,



(e)) as the person referred to in § 17 paragraph. 1 the final part of the provision violates the

the obligation to retain documents and records in accordance with section 17 paragraph. 1,



f) publicly offered investment securities without the publication of a prospectus

under section 35,



(g) to publish the prospectus) in contravention of section 36 h or publish the prospectus that

does not meet the requirements provided for in § 36, § § 36a, 36b or § 36 g, or

neuveřejní prospectus supplement pursuant to section 36j, paragraph. 1,



h) breach of an obligation laid down for promotional or other communication referred to in section

36 k,



I) wrongly uses the designation of "regulated market", "Stock Exchange

"or a similar designation in violation of § 53 or the designation" Central

securities depository "in violation of § 101 paragraph. 2,



(j) breach of the ban) market manipulation in contravention of section, paragraph 126. 4,



to fulfil an obligation or violates) the prohibition on the sale, according to the regulation on the

shortly,



l) fails to comply with an obligation or breach the prohibition provided for in the regulation on derivatives.



(2) the Legal or natural person, operating under the supervision of the Czech

the National Bank has committed misconduct that does not in

time limit laid down measures to remedy under section 136.



(3) for the administrative offence is imposed in the



10 0000 0000 Czk), with respect to the administrative offence referred to in paragraph 1 (b). (b)),

(c)), d), (e)), f), (g)), h), (i)) k) or (l)),



(b)) 20 0000 0000 CZK in the case of an administrative offence referred to in paragraph 1 (b). and)

or (j)) or paragraph 2.



(4) in the administrative offence referred to in paragraph 1 (b). (b)) can be saved also ban

activities for up to 5 years. By the time the prohibition of activities counts time

which the offender on the basis of the measures made by the administrative authority in the

connection with the present administrative deliktem was already in this activity

to exercise.



§ 165



the title launched



(1) a person referred to in section 29. 1 (a). (b)), which takes guidance from the

the investment provider, committed misconduct by



and does not inform the investment according to the provider) section 31 (a). and) or

(c)), or



(b) does not provide the investment provider synergies), pursuant to section 31 of the

(a). (b)).



(2) a securities dealer, a foreign person who has authorization

supervisory authority of another Member State of the European Union to provide

investment services and provides investment services in the Czech Republic,

the Bank, a foreign bank that carries on the territory of the Czech Republic of its

activities through a branch, savings or credit cooperative or

institutional investor, committed misconduct by



and) does not inform the Czech National Bank on the use of internal

information pursuant to section 124, paragraph. 5,



(b) the breach of an obligation of confidentiality), pursuant to section 124, paragraph. 5 or § 126, paragraph.

5, or



(c)) does not inform the Czech National Bank on suspicion of market manipulation

According to § 126, paragraph. 5.



(3) a legal entity or a natural person-entrepreneur referred to in § 125, paragraph. 5,

the administrative tort committed by that breach of the obligation of notification according to §

paragraph 125. 5.



(4) the Insider has committed misconduct by



and) takes or alienates financial instrument in contravention of section 124, paragraph. 4 (b).

and) or will try,



(b) any other person) shall the recommendation of the acquisition or disposal of financial

instruments under section 124, paragraph. 4 (b). (b)), or



(c) breach of the obligation of secrecy) internal information or obligation

avoid the other person access to that information under section 124, paragraph. 4 (b).

(c)).



(5) the Legal or natural person, established in the context of the

the exercise of his profession or business or expanding investment

recommendations, or person linked with it, is guilty of misconduct

the fact that breach of an obligation in the creation or dissemination of investment recommendations

According to § 125, paragraph. 6.



(6) the Legal or natural person-entrepreneur whose registration has been

canceled, or the legal successor of a person whose registration has been cancelled,

that is a legal or natural person-entrepreneur, is guilty of

the administrative tort that preserves the document or record in contravention of section 32

paragraph. 6.



(7) for the administrative offence is imposed in the



10 0000 0000 Czk), with respect to the administrative offence referred to in paragraph 1, paragraph 2

(a). and (b)),), or paragraph 3, paragraph 4, paragraph 5 or paragraph 6,



(b)) 20 0000 0000 CZK in the case of an administrative offence referred to in paragraph 2 (a). (c)).



Misdemeanors



§ 166



the title launched



(1) a natural person has committed the offence by



and improperly performs or offers) activities under this Act,



(b)) performs the function of the head of the person of the head of the branch or the controlling

the persons referred to in section paragraph basic equipment. 1, without the prior consent of the Czech national

the Bank in accordance with § 10 (1). 1, § 28 paragraph. 4, section 43, paragraph. 1, section 104b or section

the basic equipment of paragraph 1. 1,



(c)) shall indicate the forged or conceal any fact in the context of

applications under this Act,



(d)) does not have the prior consent of the Czech National Bank under section 10b of the paragraph. 1, § 47

paragraph. 1 or Section 104a of the paragraph. 1,



(e) breach of the obligation of notification) pursuant to section 10e, paragraph. 1, § 47 odst. 2, §

paragraph 104A. 2 or § 122,



f) publicly offered investment securities without the publication of a prospectus

under section 35,



(g) to publish the prospectus) in contravention of section 36 h or publish the prospectus that

does not meet the requirements provided for in § 36, 36a or 36b, 36 g, or neuveřejní

the appendix to the prospectus under section 36j, paragraph. 1,



h) breach of an obligation laid down for promotional or other communication referred to in section

36 k,



I) violate the prohibition of market manipulation in contravention of section, paragraph 126. 4,



(j) breach of the obligation to or fails to) the prohibition on the sale, according to the regulation on the

shortly.



(2) a natural person under the supervision of the Czech National Bank commits

an offence that does not perform within the period prescribed corrective measures in accordance with

section 136.



(3) can impose a fine for the offense to



10 0000 0000 Czk), if the offence referred to in paragraph 1 (b). b), c), (d)),

(e)), f), (g)), h), or (j)),



(b)) 20 0000 0000 CZK in the case of the offence referred to in paragraph 1 (b). and) or i)

or paragraph 2.



(4) the offence referred to in paragraph 1 (b). (b)), or (c)), you can save the ban

activities for up to 5 years.



section 167



the title launched



(1) the head of a person or a controlling person referred to in section paragraph basic equipment. 1,

commits an offence by the Czech National Bank has not notified the change

the facts under section 10a of the paragraph. 1, § 28 paragraph. 4, section 43, paragraph. 6, section 104b (1)

§ the basic equipment or paragraph. 1.



(2) is guilty of an offence-bound agent by breach of an obligation

immediately terminate the contractual obligation according to § 32d of the paragraph. 2.



(3) a natural person referred to in section 116 commits an offence that violates

the obligation of confidentiality under section 116 and 117.



(4) a natural person referred to in section 125, paragraph. 5 is guilty of an offence by

breach of the obligation of notification according to § 125, paragraph. 5.



(5) the fiduciary securities trader, organizer

the operator of a regulated market, the settlement system or central

the depositary shall commit an offence by



and the guarantee fund does not provide supporting documentation) pursuant to section 130, paragraph. 11,



(b)) violates according to § 139 paragraph. 6,



c) takes measures pursuant to § 139 paragraph. 7 (b). and)



(d) does not ensure the protection of the rights of persons) pursuant to § 139 paragraph. 7 (b). (b)),



e) breach of an obligation under section 139, paragraph. 7 (b). (c)), or



f) requests to its decision the previous consent of the Czech national

the Bank pursuant to § 139 paragraph. 8.



(6) a natural person who has requested the admission of investment securities

to trading on a regulated market without the issuer's consent, is guilty of

offence, contrary to section 127, paragraph. 2



and neuveřejní compulsory information) uveřejňovanou,



(b)) has not sent the Czech National Bank obligatory uveřejňovanou information or



(c)) will not keep material information related to the compulsory uveřejňovanou

the information.



(7) a person is guilty of an offence and dedicated by



and) takes or alienates financial instrument in contravention of section 124, paragraph. 4 (b).

and) or will try,



(b) any other person) shall the recommendation of the acquisition or disposal of financial

instruments under section 124, paragraph. 4 (b). (b)), or



(c) breach of the obligation of secrecy) internal information or obligation
avoid the other person access to that information under section 124, paragraph. 4 (b).

(c)).



(8) the natural person who, in connection with the exercise of their profession or

business forms or extends the investment recommendations, or the person with her

linked, is guilty of an offence by that breach of an obligation in the formation

or dissemination of investment recommendations pursuant to § 125, paragraph. 6.



(9) the natural person who is the issuer referred to in section 121a commits

offence by



do not submit to the organizer of the European) the regulated market on which the

It is issued by the investment securities admitted to trading, or Czech

the National Bank of the proposal referred to in § 120 paragraph. 1, or



(b)) in the performance of duties of information violates the prohibition in § 121.



(10) the natural person whose registration has been cancelled, or a natural person,

that is the legal successor of a person whose registration has been cancelled,

commits an offence that preserves the document or record in contravention of section 32

paragraph. 6.



(11) for the offense of physical persons can impose a fine in



and 500 000 CZK), if the offence referred to in paragraph 2 or of paragraph 3,



b) 5 0000 0000 CZK in the case of the offence referred to in paragraph 1, paragraph 4,

paragraph 5 or paragraph 10,



(c)) 10 0000 0000 Czk in the case of the offence referred to in paragraph 6, paragraph 7,

paragraph 8 or paragraph 9.



(12) for the offence referred to in paragraph 1 may be imposed a ban for up to 5

years.



section 168



cancelled



§ 169



cancelled



§ 170



cancelled



§ 171



cancelled



the title launched



§ 172



cancelled



§ 173



cancelled



§ articles



cancelled



§ 173b



cancelled



§ 174



cancelled



§ 175



cancelled



§ 176



cancelled



the title launched



§ 177



cancelled



Section 178



cancelled



the title launched



Section 179



cancelled



§ 180



cancelled



the title launched



§ 181



cancelled



§ 182



cancelled



the title launched



§ 183



cancelled



section 184



cancelled



the title launched



§ 185



cancelled



§ 186



cancelled



§ 186a



cancelled



the title launched



§ 187



cancelled



the title launched



section 188



cancelled



section 189



cancelled



section 190



cancelled



§ 191



cancelled



§ 192



Common provisions



(1) the legal person responsible for the administrative offence, if he proves that

made every effort that was required to prevent

breach of legal obligations.



(2) in determining the acreage of the fine legal person shall take into account the seriousness of the

the administrative tort, in particular to the way a criminal offence and its consequences, and

the circumstances under which it was committed, or whether or not to



and the duration of the infringement) a legal obligation,



(b)) the financial situation of the legal person,



(c)) the importance of the advantage of a legal person, if it can be

lay down,



(d) loss caused by third parties) identified a violation of legal obligations,



(e) the legal person) cooperation in the management of the administrative tort,



f) prior administrative deliktům of the legal person.



(3) the criteria for determining the amount of the fines referred to in paragraph 2 shall be

(I) in determining the amount of the fine imposed for the offence of physical

to the person.



(4) liability of legal persons for the administrative tort and delict

natural persons cannot be discussed, if the Czech National Bank on it

to initiate proceedings within 1 year from the date on which it became aware, no later than

However, within 5 years from the day when it was committed.



(5) administrative offences under this law in the first instance hearing

The Czech National Bank.



(6) The responsibility for the administrative offence, which occurred in the business

a natural person or in direct connection with the applicable provisions of the

the law on liability of legal persons and sanctions.



(7) income from fines imposed on dealers in securities referred to in this

the Act is the receipt of the guarantee fund; on such income for the purposes of the administration of

their payment as the means of public budget ^ 7). Income from

the other fines under this Act is the income of the State budget.



(8) the Czech National Bank without undue delay shall publish the final

the decision on a fine issued in a manner enabling remote access.



(9) the Czech National Bank shall publish the decision without putting the identification

information about the pokutované person, if the publication of the



and vis) was the person on the basis of an assessment of the

considered as manifestly unreasonable,



(b) jeopardise the stability of the financial market),



(c)) would jeopardize ongoing criminal proceedings,



(d) the person concerned) caused disproportionate damage.



(10) the decision referred to in paragraph 8 or 9 must be published for at least

period of 5 years. Personal data of natural persons concerned shall be published only for the time

necessary in accordance with the law governing the protection of personal

of the data.



PART ELEVEN



SPECIAL PROVISIONS RELATING TO THE REGULATION OF THE SALE AND TO THE REGULATION OF

DERIVATIVES



section 192a



(1) the competent authority in accordance with the regulation on the sale on the short is in the Czech

the Republic of Czech National Bank.



(2) in relation to the State bonds issued by the Czech Republic and swaps

credit default on these bonds is to exercise the powers of the Czech

the National Bank according to the article. 13 (3). 3, article. 14 paragraph. 2 and article. 20 to 24

Regulation on sale of short requires the prior consent of the Ministry.



§ 192b



Authorization for the activities of the central counterparty



(1) the competent authority for authorising the central counterparties in accordance with

Regulation on derivatives in the Czech Republic is the Czech National Bank.



(2) a request for authorisation to operate central counterparties can be made only

on the prescribed form, to which the applicant shall be accompanied by documents

certifying that the conditions for the granting of permits for the activities of the Central

the counterparty. The pattern of the form and the content of its annex lays down detailed

legal prescription.



PART OF THE TWELFTH



FINAL SETTLEMENT



§ 193



(1) the final settlement agreement is negotiated by the Czech or

foreign law,



and that can be evidenced in writing), or record, which allows you to

reproduction in an unchanged form,



(b)) that apply to the claims of the parties, including the

accessories of such claims, which can ensure the financial

provision under the Act governing financial reinsurance ^ 26), and on the

claims, including accessories, these receivables from financial

collateral or the like of the legal relationship under foreign legal

editing and



(c)) according to which, in the event that the agreed fact occurs, the

demise and replacement of debt, which correspond to the claims referred to in

(a) (b)), or to the set-off of nesplatných, where appropriate, have not yet payable,

the claims referred to in subparagraph (b)), so that the result will be the only claim

one Contracting Party and its corresponding debt of the other party

to pay the final amount.



(2) the method of valuation of the claims referred to in paragraph 1 (b). (b)), to

which must be performed, and the method of valuation and time of performance

the resulting single claim must be the content of the final settlement and

It must not be contrary to the practice in the relevant financial market.



(3) the decision or other Act court or administrative authority, which is

affects the rights of third parties and was accepted for the purpose of maintaining or

a recovery in the financial situation of one of the Contracting Parties, where appropriate, the prohibition

or limit the implementation of certain trades or transfer of

the resources of one of the Contracting Parties ^ 27), does not affect the final

the settlement, if the final settlement was concluded before the adoption of

decision or taking other action.



(4) paragraph 3 shall not apply to the effects of the operations related to the start of

insolvency proceedings, the entry to the liquidation or the introduction of a compulsory

the Administration; the exclusion of these effects governed by other laws.



PART THIRTEEN



THE PROVISIONS OF THE COMMON, TRANSITIONAL AND FINAL



section 194



cancelled



section 195



(1) If this Act speaks of a Member State of the European Union,

they and other States that make up the European economic area.



(2) If this Act or legislation implementing it something

other than is apparent from the provisions of the Civil Code governing the Administration

Foreign assets, the provisions of this law or legal regulation it

conducting.



(3) the provisions of § § 1401, 1415, paragraph. 1 and section 1432 until 1437 of the civil

code for individual activities, which includes the investment service,

not apply, unless the parties ujednaly to something else.



§ 195a



The provisions of section 119c paragraph. 1 (a). (b)), § 120 paragraph. 2 and section 127c paragraph. 4

also apply to the issuer of the investment securities whose nominal

the value corresponds to the date of the issue to the amount of at least EUR 50 000, if this is

the securities, which are admitted to trading on the European

regulated market no later than 31 December 2006. December 2010. If it is a valuable

the papers, which have been admitted to trading on a regulated European market

after 31 December 2006. December 2010, but no later than 14. July 2011,

to their issuer, these provisions only up to 30. June 2012.



§ 196



(1) where this Act requires disclosure of the information in the Czech

Republic, the information published in the Czech language, unless

This act otherwise. The Czech National Bank may, after an assessment of the specific

the circumstances allow, to have certain information published in English

the language, if it is in the interest of the investors. The language in which you can submit for

the purpose of section 127c of the Czech National Bank documents, establishes the Czech National Bank
in the form of official communication in the journal of the Czech National Bank.



(2) When disclosure of the information on the website must be

the information thus disclosed at least for 3 years, if this law

provides otherwise.



(3) If this does not jeopardise proper verification of the fulfilment of the preconditions for

the decision of the Czech National Bank may, in proceedings on an application under this

law



and to allow the submission of the annex) to replace the formal declaration, or



(b) require submission of the annex); the Declaration of such a case may

the administrative authority shall make on their notice board for an indefinite number of proceedings in

the future.



(4) the documents drawn up in a foreign language, Czech National Bank

presented in the original texts and at the same time in an officially certified translation

in the Czech language. The Czech National Bank may allow the submission of the

the document, drawn up in a foreign language only in the original version.

Declaration on the use of the option referred to in the previous sentence the Czech national

the Bank made on its notice board for an indefinite number of persons or control

in the future.



§ 197



(1) the Czech National Bank shall inform the European securities supervision authority

Securities and markets of measures to remedy, other measures and sanctions,

imposed as a result of violation of the obligations imposed by this Act on the

the basis of the rights of the European Union in a calendar year.



(2) the Czech National Bank shall inform the European securities supervision authority

Securities and the markets about the cases when in accordance with the law governing supervision

in the area of capital market published a decision on the imposition of measures

or penalties referred to in paragraph 1.



§ 198



The list of compulsory administrators



(1) the Czech National Bank leads the list of persons who may be appointed

forced by the administrator of the securities dealer, which is not a Bank,

the organizer of the regulated market, settlement system operator or

central depository.



(2) to the list of persons referred to in paragraph 1, the Czech National Bank writes

the person who requests it, is fully svéprávná, competence and

trusted and has not been in the last 5 years removed from this list.

Foreign person writes only provided that it has the permission of another

the Member State of the European Union to act as the person referred to in paragraph 1.



(3) the request for entry on the list of the persons referred to in paragraph 1 may be made

only on the prescribed form, to which the applicant shall be accompanied by documents

necessary for the assessment of compliance with the conditions referred to in paragraph 2. Pattern

the form and content of the annexes thereto lay down the detailed legal prescription.

Permission for the performance of the activities referred to in paragraph 1 arises whether or not a waste

the expiry of the time limits and in the manner referred to in section 28 to 30 of the law on the free movement of

services.



(4) the Czech National Bank is removed from the list of persons referred to in paragraph 1

the person who



and without serious reasons) gave the feature receiver to which

the Czech National Bank has been appointed,



(b) materially or repeatedly violated) the obligations arising from the function

receiver to which she was appointed by the Czech National Bank,



(c) no longer fulfils the conditions for) inclusion to this list,



(d)) has requested deletion from the list, or



e) died.



(5) to be entered on the list or removed from the list shall be issued by the administrative

decision.



§ 198a



Information released the Czech National Bank



(1) the Czech National Bank publishes on its website



and the updated text of the legislation), which modify the rules

Prudential securities traders on an individual and

consolidated basis, and the official communication from the Czech National Bank to them;

without prejudice to the provisions of the law governing the way advertising

the legislation,



(b) information on how to use), options or the discretion of the

the Member States of the European Union and their supervisory authorities of the European law

Union in the legislation referred to in subparagraph (a)),



(c)) for information about accessing and methods of the Czech National Bank in the performance of

supervision under section 135b,



d) summary statistics on the implementation of rules, prudential

traders in securities in the Czech Republic including the number and nature of

measures to remedy or the fines received in accordance with this Act,



(e)) of the agreement on the change of the competent authority, supervision on a consolidated basis

Group financial holding of the person pursuant to § 153 paragraph. 3 and the information

on the change of the competent supervisory authority over a member of the Group of the European

the steering of the trader in securities or of a member of the Group

European financial holding of the person under section 152a, paragraph. 8 and 9.



(2) the information referred to in paragraph 1, the Czech National Bank publishes on

their website so that you can compare with the

information of the same kind which are listed by the supervisory authorities of the capital

the market in other Member States of the European Union, and regularly is

updates.



§ 198b



(1) the authorisation to operate a regulated market Organizer in relation to

investment instruments referred to in section 3, paragraph 3. 1 (a). g) to (i)) has granted Czech

National Bank and commodity exchange, which otherwise meets the conditions for

the granting of the authorization; commodity exchange may organise a regulated market or

operate multilateral trading system only in relation to these

investment tools. For the basic capital for such purposes shall be considered by the

commodity exchange deposits and other funds provided by the commodity exchange

its founders or members, a rule for the Supervisory Board Organizer

of the regulated market, which is a company with limited liability, shall apply

Similarly.



(2) rules for trading, for the adoption of rules, access rules, and

additional rules relating to regulated markets and multilateral

the business system is not the content of the Statute of commodity exchange.



(3) the activities of the commodity exchange registers the Czech National Bank pursuant to § 38

no design on the date of the entry into force of the decision on authorisation for activities

the organizer of the regulated market. Other business commodity

the stock market can be registered only under the conditions laid down in other legal

the prescription.



(4) the Czech National Bank and the supervision of the competent authority of the commodity

exchanges, cooperate in licensing activities and exercising supervision over

the commodity exchange, which carries on or intends to carry on business

the organizer of the regulated market. The authorization shall be issued by mutual agreement.



section 199



Empowerment



(1) the Ministry shall issue a decree under section 115, paragraph. 5.



(2) the Czech National Bank will issue a decree under section 7 (2). 2, section 9aa of paragraph 1. 6,

§ 9aj paragraph. 6, § 9ar paragraph. 5, section 10, paragraph 1. 4, section 10 d of paragraph 1. 4, section 12f, section 12

(g) of paragraph 1. 3, § paragraph 12i. 3, section 13 (3). 3, § 14 paragraph. 3, § 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, § 15 paragraph. 3, section 16

paragraph. paragraph 5, section 16a. paragraph 10, section 16b. 2, § 17 paragraph. 4, § 19 paragraph. 2, §

20 (2). 2, § 28 paragraph. 3, § 30 paragraph. 6, § 32 paragraph. 8, § 32 c of paragraph 1. 8, §

paragraph 38. 2, § 39, paragraph. 5, section 43, paragraph. 4, section 45, paragraph. 2, § 46 paragraph. 2, §

paragraph 47. 1, § 47 odst. 4, § 49 paragraph. 2, § 50 paragraph. 7, § 63 paragraph. 5, §

paragraph 67. 3, section 68, paragraph. 5, § 71 paragraph. 5, § 90a paragraph. paragraph 3, section 90c. 4, §

paragraph 93. 4, section, paragraph 93. 6, section 103, paragraph. 3, Section 104a of the paragraph. 1, § 106, paragraph. 2,

section 107, paragraph. 2, § 108 paragraph. 1, § 122 paragraph. 17, section 125, paragraph. 7, § 126

paragraph. 6, § 127, paragraph. paragraph 3, section 127d. 1, § 132 paragraph. 5, § 139 paragraph. 11,

§ the basic equipment, paragraph. 2, § paragraph 192b. 2 and section 198 paragraph. 3.



(3) if the Czech National Bank by decree referred to in paragraph 2 to provide for time limits

or periodicity, such period or frequency range

necessary for the exercise of effective supervision according to this law; This does not apply

for the period or for the periodicity, which is their length or frequency

established European Union law.



(4) the Government Regulation sets limits in the euro for the purposes of § 35 paragraph. 2

(a). (c)), and (d)), § 36 odst. 2, § 36 g of paragraph 1. paragraph 5, section 119c. 1 (a). b), §

paragraph 120. 2 and section 127c paragraph. 4 according to the legal act of the Council and the European

Parliament or the European Commission.



(5) the Czech National Bank may issue the measures of a general nature on the basis of, and

within the limits of the regulation directly applicable European Union legislation

prudential requirements, where this is a directly applicable provision

allows the competent authority to grant an exemption or edit the use

the rules laid down to traders in securities or a group of species

the specified securities traders.



(6) the proposal of measures of a general nature will be published only on the official notice board

The Czech National Bank. Held a public hearing to the proposal of measures

the general nature of the Czech National Bank shall notify the time and place of the holding of the

the notice board of the Czech National Bank.



(7) the measures of a general nature shall enter into force on the day of its publication in the official

the Czech National Bank Board.



(8) Against the measures of a general nature issued may submit written

reasoned objections only traders in securities, within the

10 working days from the date of its publication. Lodged objection shall execute the Czech

National Bank of communication. Lodged objection may take advantage of the Czech National Bank

as a basis for the amendment or cancellation of the issued the measures of a general nature.



Transitional and final provisions



section 200



(1) the authorisation to pursue the activity of a trader in securities under the Act

No 591/1992 Coll. on securities, as amended by law No. 89/1993 Coll.
Act No. 331/1993 Coll., Act No. 259/1994 Coll., Act No. 61/1996 Coll.,

Act No. 152/1996 Coll., Act No. 15/1998 Coll., Act No. 70/2000 Coll.

Act No. 308/2000 Coll., Act No. 367/2000 Coll., Act No. 239/2001 Coll.

Act No. 257/2001 Coll., Act No. 501/2001 Coll. and Act No. 308/2002

Coll., the finding of the Constitutional Court published under no. 476/2002 Coll. and act

No 88/2003 Coll. (hereinafter referred to as "the former Act") shall be deemed to permit

the activities of the trader in securities under this Act, to the extent

investment services referred to in the authorization.



(2) the guarantee fund of securities dealers under the existing law

the guarantee fund under this Act; claims for payment of the refund of

Guarantee fund in accordance with the existing law will remain intact. The average

the value of the assets of customers pursuant to section 129 shall commence from 1.

in July 2004.



(3) the authorisation to establish a branch office of a foreign brokerage house

the papers according to the existing law is authorised to provide investment

services through the organizational folder under this Act.



(4) the authorisation to operate according to the existing law, the broker is authorised to

the performance of the activities of the broker under this Act, in the range of vocational

specialization broker specified in the authorization.



(5) the authorisation to organise the OTC market under the existing

the Act is enabling to organize the OTC market under this

the law, to the extent specified in the authorization.



(6) the authorisation for the creation of the stock exchange in accordance with the existing law is authorised to

the activities of the Stock Exchange under this Act, to the extent specified in the authorization.



(7) the permit for settlement with investment instruments referred to in

the existing law is authorised to operate a settlement system

under this Act, to the extent specified in the authorization.



(8) the Registration under section 45a of the earlier Act's registration

the investment provider pursuant to this Act.



(9) the authorisation to print paper securities in accordance with the existing law

is the permission to print the documentary securities under this Act.



(10) on the day following the day on which the Central Depositary

Register of dematerialised securities, led by the Centre of securities

under the existing law, permits the management of records

The Centre of securities, as well as the performance of other activities in accordance with its

the existing law.



(11) the Consent with the choice or the appointment of a member of the merchant with the

under the existing securities law is the agreement with the performance of the functions

the head of the person of the trader in securities under this Act.



(12) the head of the person that this law newly establishes the obligation to have

the performance features of the prior consent of the Commission, will ask the Commission for permission to 6

months from the entry into force of this Act; If the consent of this

the time limit does not request, or if the Commission does not grant consent, permission for the performance of

the function ceases to exist.



(13) the Consent to the acquisition of the participation of the trader of securities pursuant to

the existing law is the consent to the acquisition of the participation to the merchant with the

securities under this Act.



(14) the approval of the auction order merchant securities pursuant to

the existing law is the approval of auction regulations under this Act.



(15) the listing particulars approved by the existing law is

the securities prospectus approved in accordance with this Act.



(16) the closer the listing particulars approved by the existing law is

the securities prospectus approved in accordance with this Act.



(17) the Administration established pursuant to the existing law, which has not been to

the entry into force of this law, the Administration is terminated by

of this law.



(18) the authorisation to publish only accounts or only

the consolidated financial statements in accordance with the existing law is authorised to

the publication only accounts or the consolidated accounts only

in accordance with this Act.



(19) the registered securities under the existing law are quoted

securities under this Act.



§ 201



(1) a securities dealer is required to bring its position into the

accordance with this Act until 31 December 2006. December 2004.



(2) a Change is required to specify its position in accordance with this Act to

December 31, 2004.



(3) the organizer of the OTC market is obliged to bring its position into the

accordance with this law to 30. June 2005.



(4) the operator of a settlement system is obliged to bring its position into the

accordance with this Act until 31 December 2006. December 2004.



(5) a person who is required to comply with capital adequacy to

consolidated basis, is required to bring its capital adequacy

in accordance with this Act, not later than 31 December 2006. in December 2006.



(6) the information referred to in section 16a, paragraph. 5 (a). and (c))) up to publish trader

securities for the first time by 1 March 2005. September 2014 for the immediate

the previous accounting period, and under the conditions and in the manner specified in section

16A.



section 202



(1) until the Central Depositary of book-entry register and

dematerialized securities led the Centre of securities,



and) shall not apply the provisions of this law governing the activity of the Central

the depositary,



(b)), the Centre of book-entry securities keeps records and

dematerialized securities, records of decision of the Commission and shall perform the

information obligations under the existing law,



(c) the identification by international) numbering system for

the identification of the Securities Commission in accordance with the existing law shall be allocated,



(d)), the Centre of securities is subject to the supervision of the Czech National Bank.



(2) Czech Republic, acting through the Ministry of converts

registration of the securities Centre on the central depository for consideration.

The amount of the remuneration shall be determined on the basis of the award of one expert in the field of

economy, industry prices and estimates with the appropriate specialization, on the basis of the

the agreement between the Ministry and the central depository.



(3) the Czech Republic, acting through the Ministry of converts

registration of the securities Centre, with the exception of the registration decision

issued by the Commission and the registration of reporting obligations, the Central

the depositary shall, without undue delay after the conclusion of the agreement between the Czech

Republic of acting through the Ministry and the Central

the depositary of the transfer of registration. Contract for the transfer of registration must

be closed no later than within 2 months from the day when the central depository

receives authorization for its activities.



(4) on the day when the Central Depositary of book-entry register and

dematerialized securities led the Centre of securities and

begins to carry out its activities under this Act, the Centre

the securities carry out their activities in accordance with the existing laws,

regulations. The communication of this day announce the Ministry in the collection of laws.



(5) On the central depository are rights, obligations or debts

The securities Centre.



(6) an error in the book-entry register and immobilized securities,

the Central Depositary of securities Centre, repairs

the central depository under this Act. The liability of the State for the resulting

the damage that does not affect.



(7) the issuer of the book-entry securities, which are kept in the register

The Centre of securities to the date on which this recording takes the Central

the depositary is obliged to conclude a contract with the Central Depositary, pursuant to section

paragraph 94. 9 for each issue of book-entry securities. This contract

the issuer is obliged to conclude no later than within 1 month from the date on which the

the central depository to exercise its activities under this Act. In

the event that the issuer does not close the contract within this period, there is no central

the depositary shall be liable to the issuer to issue a statement of registration of the issue or execute

at his command the registration in the register of emissions. The central depository in the same

the time of each issue shall be assigned ISIN investment instruments, which took into

their records and that has not yet been assigned ISIN.



(8) the central depository to open negotiations on the conclusion of the contract in accordance with

paragraph 7, at the latest within 1 month from the date of the entry into force of the authorisation

its activities. In the case that the Central Depositary within that period, the negotiations on the

the contract will extend the period within which the issuer is

pursuant to paragraph 7 shall be obliged to conclude this contract, for 6 months. In this

the case is the central depository is obliged to start negotiations on the conclusion of

the contract pursuant to § 94 paragraph. 9 without undue delay after the start

to carry out its activities under this Act.



(9) the issuer of the book-entry of investment securities of open mutual fund

registered in the register of the securities Centre held on the basis of the

to enable other legal person, the Commission may, with the consent of the

legal person, notify the Centre of securities and the Commission, that these

the units will continue to be recorded in a separate register

investment instruments, which lead a person, which has led

the relevant part of the registration of the securities Centre. The date of receipt

notification of the issuer's investment securities book-entry securities Centre

or a later date specified in the notification, the relevant part of the

registration of the securities Centre changed to a separate registration

investment vehicles led by a person who has not yet led to the relevant part of the

registration of the securities Centre. The issuer may make the notification referred to in
This provision, by the transfer of the registration of the securities Centre

the securities central depository.



(10) the issuer of the investment certificates of the open book-entry share

the Fund, which are recorded directly to the Centre of securities, the

The center of the Securities and Commission announce that these units will be

continue to be recorded in a separate register of investment instruments, which

lead person designated by the issuer of the investment, which is referred to in

This law authorized to conduct a separate registration. Center for securities

person designated by the issuer of securities shall forward the statement similarly according to § 113 paragraph. 2.

From the copy of the statement shall not perform securities Centre in your

the registration of any writing relating to investment securities referred to in this

the listing. On the date of receipt of the statement shall cancel the securities Centre

registration of the securities in their register and registration of investment certificates

becomes a separate register under this Act. On the day following

After taking issue with the listing of securities on securities accounts shall be entered and

registration of a separate emissions register. The issuer may make the notification

under this provision, no later than the date of registration of the transfer Centre

securities central depository.



(11) if the Center of the securities referred to in paragraph 1 (b). (b)),

does not apply to the provisions of Act No. 591/1992 Coll., on the securities in the

the texts of the effective until 30 June. April 2004, suspension of registration rights

to the securities of the issuer on the command.



§ 202a



(1) for owners of investment instruments, whose accounts held in the register

The Centre of the central securities depositary, pursuant to section 202 and

who do not have a contract with the central depository participant,

Central Depository services shall ensure the following:



and the keeping of registers of investment instruments) on the securities account to the extent

established by this law,



(b) the registration statement) edition of investment instruments at the request of the owner of the

account,



(c)) securities account change, with respect to the transfer or gradient

investment instruments on securities account held by the participant of the Central

the depositary.



(2) the central depository in relation to the accounts referred to in paragraph 1

ensure the following services:



and write in the register changes) emissions on the basis of the request of the issuer,



(b) the registration of the creation or dissolution) a lien that establishes otherwise

than only on the basis of the Treaty,



(c) the registration of the creation or dissolution) the suspension of the exercise of the right of the owner to dispose

with the investment instrument, when suspension gives the person referred to in section 97

paragraph. 1 (a). and (d)).)



(3) the services referred to in paragraphs 1 and 2 shall provide the central depository for consideration

and in accordance with the other conditions laid down in the operating regulations. Central

the depositary has to ensure its debts incurred in the

the context of the security of these services, the lien to investment

the relevant instruments registered in the securities account.



§ 202b



(1) the securities Centre has committed misconduct by

the management of book-entry registration and immobilized securities,

keeping the Commission decision and the Czech National Bank or in the performance of

information obligations [§ 202, paragraph 1 (b))] violates the obligations of the

set the current law.



(2) for the administrative offence referred to in paragraph 1 shall be imposed to the 20 0000 0000

CZK.



(3) The administrative offence referred to in paragraph 1 shall apply to § 192 paragraph. 1 to 4 and

6 similarly.



section 203



(1) the procedure for the imposition of corrective measures or sanctions, that was

initiated before the date of entry into force of this law shall be completed in accordance with

the existing law. Corrective measures or sanctions shall be imposed according to

the existing law.



(2) breach of the existing law or decision of the Commission issued under the

the existing law shall be assessed in accordance with the existing law.



(3) the procedure for granting the authorization, registration or management of

approval of the initiated before the date of entry into force of this law shall be completed

pursuant to this Act; period, which started under the existing

the Act, running from the date of entry into force of this Act again.



(4) the procedure for the granting of the concession agreement to the evaluation of the quality of the investment

instrument and capital market participant (rating), initiated before the date of

the entry into force of this Act on the date of entry into force will stop

of this law.



section 204



The Commission shall notify to the European Commission on the date of entry into force of this Act

the list of regulated markets, which are authorized by the Commission. The annex to the notification

make up the internal rules of the recognized regulated markets.



section 204a



The information referred to in section 16a, paragraph. 5 (a). d) to (f)) to provide internationally

the specified global systemically important institutions for the first time by 1 March 2005. September 2014

for the immediately preceding financial year of the European Commission, and in

the scheme to confidential information and subject to the conditions and in the manner referred to in section 16a.



section 204b



(1) for the purposes of section, paragraph 9ag. 3 and 4 to 31. December 2014 instead of rates 5

% rate of 3% will apply.



(2) for the purposes of § 9ar makes capital for global system

a major institution for the year



2016 25%) of the capital reserve provided for by § 9ar,



(b)) the capital reserve of the 2017 50% determined in accordance with § 9ar,



c) 2018 75% of capital reserve provided for by § 9ar.



§ 204c



(1) the Czech National Bank may provide for measures of a general nature, the conditions

the criteria, requirements or procedures referred to in article 12(2). paragraph 124. 4 (b). and) article.

paragraph 150. 3, article. paragraph 153. 9, article. paragraph 181. 3 (b). and) article. paragraph 182. 4

(a). and) article. paragraph 197. 8 article. 221, paragraph. 9, article. paragraph 312. 4 (b). (b)) and

(c)). paragraph 316. 3, article. paragraph 318. 3, article. 363 paragraph. 4 (b). and (c))),

article. paragraph 382. 4 (b). and) article. 426, article. paragraph 440. 2 and article. 443 regulation

The European Parliament and of the Council (EU) no 575/2013.



(2) a draft of the measures of a general nature will be published only on the official notice board

The Czech National Bank. Held a public hearing to the proposal of measures

the general nature of the Czech National Bank shall notify the time and place of the holding of the

the notice board of the Czech National Bank.



(3) Measures of a general nature shall enter into force on the day of its publication in the official

the Czech National Bank Board.



(4) measures of a general nature Against issued may submit written

reasoned objections only traders in securities, within the

10 working days from the date of its publication. Lodged objection shall execute the Czech

National Bank of communication. Lodged objection may take advantage of the Czech National Bank

as a basis for the amendment or cancellation of the issued the measures of a general nature.



section 205



Shall be repealed:



1. Act No. 214/1992 Coll., on the stock exchange,



2. Law No. 251/2000 Coll., amending Act No. 214/1992 Coll., on the stock exchange

securities, as amended,



3. Decree No. 88/1993 Coll., on details of the technical implementation of

publicly traded securities, documentary



4. Decree No. 82/2001 Coll., laying down minimum requirements

the listing particulars and the narrower the listing particulars,



5. Decree No. 105/2001 Coll., on the reporting of transactions in investment

instruments outside the public market,



6. Decree No 305/2001 Coll., on the brokerage test,



7. Decree No 375/2001 Coll., amending Decree No. 88/1993 Coll., on the

the details of the technical implementation of publicly traded documentary

securities,



8. Decree No. 17/2002 Coll., laying down the form of the time limit and method

disclosure of rates of capital market instruments,



9. Decree No. 178/2002 Coll., on detailed rules for the implementation of the

the obligation to notify the proportion of voting rights,



10. Decree No. 466/2002 Coll., laying down more detailed rules

Organization of the internal operation of a securities trader and a more detailed

rules of conduct of a trader with securities in relation to customers,



11. Decree No. 467/2002 Coll., on the scope of professional trade activities

Merchant securities carried out by brokers and species

professional specialisation of brokers,



12. Decree No. 468/2002 Coll., amending Decree No 305/2001 Coll.

the brokerage test,



13. Decree No. 64/2003 Coll., on the capital adequacy of the merchant with the

securities, which is not a bank or a branch of a foreign bank,

an individual basis,



14. Decree No. 73/2003 Coll. on capital adequacy reporting

Merchant securities, which is not a bank or a branch of a foreign

the Bank.



section 206



The effectiveness of the



This Act shall take effect on the date of the entry of the Treaty of accession of the Czech

Republic to the European Union.



Zaorálek in r.



Klaus r.



Spidla in r.



Selected provisions of the novel



Article II law 56/2006 Sb.



Transitional provisions



1. The date of commencement of the activities of the central depository Center

securities covered by the provisions of section 115, paragraph. 5 of Act No. 256/2004

Coll., on business on the capital market, as the effective date of the acquisition

the effectiveness of this Act.



2. Listing particulars and the closer the listing particulars approved by the

before the date of entry into force of this law, shall be deemed a prospectus

securities approved by Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

the law, and on the amendment of the provisions of Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition
the effectiveness of this Act.



3. the prospectus of the bond program, approved before the date of entry into

the effectiveness of this law, shall be considered the base prospectus approved by the

According to Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



4. Listing particulars and the closer the listing particulars, published

before the date of entry into force of this law, shall be deemed a prospectus

Security published according to Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

the law.



5. Listing particulars and the closer the listing particulars approved by the

before the date of entry into force of this law, and not neuveřejněný,

the Commission shall publish pursuant to Act No. 256/2004 Coll., on business, on the capital market

in the version effective as from the date of entry into force of this law.



6. the procedure for the approval of the listing particulars, the narrower the prospectus

the securities or their appendix, initiated prior to the date

the effectiveness of this law shall be completed in accordance with Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act.



7. the contributions to the guarantee fund traders in securities (hereinafter referred to as

"Guarantee fund") for the year 2006 shall be calculated pursuant to § 129, paragraph. 1 of the law

No. 256/2004 Coll., on business on the capital market, in the version effective as from

date of entry into force of this Act; the contributions to the guarantee fund for the

the year 2005 will be calculated in accordance with the existing legislation.



8. time limits for the payment of compensation from the guarantee fund for claims that are logged on

before the effect of this law shall be governed by the existing law.



9. Adjustment of the provision of a basis for the calculation of the compensation from the guarantee fund in the

the texts of the effective date of the entry into force of this law shall also apply to

claims that are logged on before the effect of this Act, for which there was no

payment of full compensation.



10. the Securities and Exchange Commission may propose to the suspended administrator

bankruptcy and the bankruptcy of securities dealers

initiated before the date of entry into force of this Act.



11. If the limitation period for the right of the customer to the payment of the refund of

The guarantee fund began to run before the date of entry into force of this

the law, the beginning and the running of this period established by law.



12. If the customer before the effect of this law has logged its

claim for securities trader into bankruptcy proceedings on

the assets of the securities dealer, the guarantee fund on the date of

the effectiveness of this law the creditor instead of the customer's insolvency

Merchant securities in the decline in the extent to which this

has paid compensation to the customer. At the request of the guarantee fund shall

the insolvency administrator this change without undue delay in the list

registered claims.



Article. XXIX law 56/2006 Sb.



Transitional provisions



1. the Decrees issued by the Commission on the basis of Act No. 256/2004 Coll., on

business on the capital market, as effective until the date of entry into force of

of this law, shall be construed as the decree issued by the Czech National Bank on the

pursuant to Act No. 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this law. There, where these

the Decree talks about the Commission, by the Czech National Bank and, where

the Decree talks about the supervision or the supervision of the State, this means

supervision.



2. the certificate of registration issued by the Commission prior to the effectiveness of this law

According to the existing legislation shall be considered as certificates issued by the Czech

National Bank and the rights and obligations arising from them are not

without prejudice to the.



3. Member of the Board of the guarantee fund of securities dealers

appointed by the Commission on a proposal from the Executive Board pursuant to Act No. 256/2004 Coll., on

business on the capital market, as effective until the date of entry into force of

This Act shall be deemed appointed on the proposal of the Bank Board of the Czech

the National Bank under section 128 paragraph. 5 of Act No. 256/2004 Coll., on business

on the capital market, as effective from the date of entry into force of this

the law.



4. Czech National Bank may propose a suspended administrator

bankruptcy and the bankruptcy of securities dealers

initiated before the date of entry into force of this Act.



Article. (VI) Law 120/2007 Sb.



Transitional provisions



1. Until 31 December 2006. December 2007 at Merchant securities not covered by section

9A of the Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this law, if after this period of time

securities dealer uses to calculate capital requirements

basic approach the current rules of the corresponding capital

adequacy, which lays down the conditions for the use of the Czech National Bank

the decree under section 9 (2). 8 of Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

the law. After a period of use of this basic approach for the calculation of the

capital requirements does not do this, Czech National Bank

Merchant Securities Review and evaluation under section 135, paragraph.

5 of Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



2. the head of the person of the person, a financial holding that § the basic equipment of law No.

256/2004 Coll., on business on the capital market, as the effective date of

the entry into force of this Act imposes an obligation to have the performance of a function

the prior consent of the Czech National Bank, the Czech National Bank will ask about

agreement within 6 months from the date of entry into force of this Act.



Article. (II) the Act of 29/2008 Sb.



Transitional provisions



1. The exclusion of claim for compensation from the guarantee fund traders with valuable

Securities (hereinafter referred to as the "guarantee fund") shall be assessed according to the existing

the legislation, if the notification referred to in section 130, paragraph. 2 of law No.

256/2004 Coll., on business on the capital market, as amended by Act No.

57/2006 Coll., was made before the date of entry into force of this Act.



2. the contributions to the guarantee fund for the calendar year 2007 shall be calculated

According to Act No. 256/2004 Coll., as amended effective from the effective date of this

the law. A fee or Commission received by a trader of securities in the

calendar year 2007, but already posted to income in the calendar year

2006, for the purposes of determining the contribution to the guarantee fund are considered

yield of securities trader for the calendar year 2007. The fee or

commissions received by a trader of securities in the calendar year 2006,

but posted to revenues up in calendar year 2007, for the purposes of

the determination of the contribution to the guarantee fund be considered to yield trader

securities for the year 2006.



Article. (II) the law 230/2008 Sb.



Transitional provisions



1. the authorised trader with securities, issued

trader of securities according to the existing legislation, the

It considers the authorisation granted under Act No. 256/2004 Coll., on business

on the capital market, as effective from the date of entry into force of this

the law.



2. Permission to provide the main investment services referred to in section 4, paragraph 4.

2 (a). (b)) Law No 256/2004 Coll., on business on the capital market, in

the text before the date of entry into force of this law, shall be deemed to

permission to provide the main investment services referred to in section 4, paragraph 4. 2 (a).

(b)) Law No 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



3. Permission to provide the main investment services referred to in section 4, paragraph 4.

2 (a). d) of Act No. 256/2004 Coll., on business on the capital market, in

the text before the date of entry into force of this law, shall be deemed to

permission to provide the main investment services referred to in section 4, paragraph 4. 2 (a).

d) of Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



4. the authorisation for the provision of the main investment services referred to in section 4, paragraph 4.

2 (a). e) of Act No. 256/2004 Coll., on business on the capital market, in

the text before the date of entry into force of this law, shall be deemed to

permission to provide the main investment services referred to in section 4, paragraph 4. 2

(a). g) and (h)) of Act No. 256/2004 Coll., on business, on the capital market

in the version effective as from the date of entry into force of this law.



5. the authorisation for the provision of ancillary investment services referred to in section 4 of the

paragraph. 3 (b). and Act No. 256)/2004 Coll., on business in the capital

the market, in the version prior to the date of entry into force of this law, shall be deemed to

for permission to provide ancillary investment services referred to in section 4, paragraph 4. 3

(a). and Act No. 256)/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this law.



6. Permission to provide additional investment services referred to in section 4 of the

paragraph. 3 (b). (b)) Law No 256/2004 Coll., on business in the capital

the market, in the version prior to the date of entry into force of this law, shall be deemed to

for permission to provide ancillary investment services referred to in section 4, paragraph 4. 3

(a). and Act No. 256)/2004 Coll., on business on the capital market, in
the texts of the effective date of the entry into force of this law.



7. Authorisation for the provision of ancillary investment services referred to in section 4 of the

paragraph. 3 (b). c) of Act No. 256/2004 Coll., on business in the capital

the market, in the version prior to the date of entry into force of this law, shall be deemed to

for permission to provide ancillary investment services referred to in section 4, paragraph 4. 3

(a). (b)) Law No 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this law.



8. the authorisation for the provision of ancillary investment services referred to in section 4 of the

paragraph. 3 (b). d) of Act No. 256/2004 Coll., on business in the capital

the market, in the version prior to the date of entry into force of this law, shall be deemed to

for permission to provide ancillary investment services referred to in section 4, paragraph 4. 3

(a). c) of Act No. 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this law.



9. the authorisation for the provision of ancillary investment services referred to in section 4, paragraph 4. 3

(a). f) of Act No. 256/2004 Coll., on business on the capital market, in

the text before the date of entry into force of this law, shall be deemed to

permission to provide ancillary investment services referred to in section 4, paragraph 4. 3

(a). e) of Act No. 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this law.



10. Permission to provide additional investment services referred to in section 4 of the

paragraph. 3 (b). (g)) of Act No. 256/2004 Coll., on business in the capital

the market, in the version prior to the date of entry into force of this law, shall be deemed to

for permission to provide ancillary investment services referred to in section 4, paragraph 4. 3

(a). f) of Act No. 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this law.



11. Authorisation for the provision of ancillary investment services referred to in section 4 of the

paragraph. 3 (b). e) of Act No. 256/2004 Coll., on business in the capital

the market, in the version prior to the date of entry into force of this law, shall be deemed to

for permission to provide the main investment services referred to in section 4, paragraph 4. 2

(a). (e)) and supplementary investment services referred to in section 4, paragraph 4. 3 (b). (d))

Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



12. Permission to provide additional investment services referred to in section 4 of the

paragraph. 3 (b). h) Act No. 256/2004 Coll., on business in the capital

the market, in the version prior to the date of entry into force of this law, shall be deemed to

for other business activities in accordance with § 6a of paragraph 1. 2 (a). (b)) Law No.

256/2004 Coll., on business on the capital market, as the effective date of

the entry into force of this Act, the Czech National Bank.



13. the authorization granted to a trader in securities prior to the date

the effectiveness of this law in relation to investment securities are

It considers the authorization pursuant to Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

the Act, in relation to investment securities.



14. the authorization granted to a trader in securities prior to the date

the effectiveness of this law in relation to derivatives is considered authorization

According to Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act, in relation to the investment

instruments under section 3 (3). 1 (a). (d)) to).



15. A securities dealer shall indicate their ratios in accordance with the law

No. 256/2004 Coll., on business on the capital market, in the version effective as from

date of entry into force of this Act, not later than 5 months after the date of

the entry into force of this law. In the meantime, abides by the activities and

management provided for in Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

act reasonably.



16. A foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services and which provides

investment services in the Czech Republic through the organizational folder

their ratios in accordance with Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

law, not later than 5 months after the date of entry into force of this Act.

In the meantime, activities and management complies with the rules laid down in the Act

No. 256/2004 Coll., on business on the capital market, in the version effective as from

date of entry into force of this Act apply mutatis mutandis.



17. The foreign person established in another Member State of the European Union,

that is, on the basis of a single licence according to a special legal

the regulation, which governs the activities of the bank, shall be entitled to deliver in the Czech

Republic investment services, their ratios in accordance with Act No.

256/2004 Coll., on business on the capital market, as the effective date of

the entry into force of this Act, not later than 5 months after the date of entry into

the effectiveness of this Act. In the meantime, abides by the activities and

management provided for in Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

act reasonably.



18. The foreign person, who is registered in a State which is not a Member

State of the European Union, and the Czech National Bank to permit the provision of

investment services through its business ratios

in accordance with Act No. 256/2004 Coll., on business, on the capital market

in the version effective as from the date of entry into force of this Act, not later than

5 months from the date of entry into force of this Act. In the meantime, adheres to the

rules and management activities provided for in Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act apply mutatis mutandis.



19. the securities dealer is not required for contractual obligations, which

insist on the date of effectiveness of this law, to ensure compliance with the requirement

provided for in section 15 d of paragraph 1. 3 of Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

the law. This applies, mutatis mutandis, in respect of investment services

provided on the territory of the Czech Republic, even for a foreign person referred to

in paragraphs 16 to 18 and the investment provider.



20. Securities dealer, which was granted a permit to

activities under the existing legislation, is obliged within 5

months from the date of entry into force of this Act for each of its

the customer who is the customer on the date of entry into force of this law, in

accordance with section 2a to 2d Act No. 256/2004 Coll., on business in the capital

the market, in the version effective as from the date of entry into force of this Act



and whether) to establish a professional customer, the customer who is not

professional customer, or professional customer, to which

securities dealer is not obligated to provide some

the main investment services to comply with the obligations laid down in section 15 to

15r Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act,



(b) inform each customer) about this classification and



(c) learn about the right to it) to request a change in their classification and the limitations of the

protection, which related, in the manner prescribed in section 15e of the law

No. 256/2004 Coll., on business on the capital market, in the version effective as from

date of entry into force of this Act. A similar obligation to respect

investment services provided in the territory of the Czech Republic,

foreign person referred to in paragraphs 16 to 18.



21. The organizer of the regulated market shall indicate their ratios in accordance with the

Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act, not later than 5 months

from the date of entry into force of this Act. In the meantime, complies with the rules

and management activities provided for in Act No. 256/2004 Coll., on business

on the capital market, as effective from the date of entry into force of this

act reasonably.



22. the activities of the stock permits and authorisation to organise the OTC

the market granted in accordance with the existing law shall be construed as

authorization of the organizer of a regulated market granted in accordance with the law

No. 256/2004 Coll., on business on the capital market, in the version effective as from

date of entry into force of this law, which also includes the permissions

operate the multilateral trading system. Statutory body

the organizer of the regulated market to which a permit was granted to the

the activities of the stock exchange in accordance with the existing legislation, the Stock Exchange Chamber.

The Stock Exchange Chamber fulfils the function of the Board of Directors.



23. the provider shall give its Investment ratios in accordance with the law

No. 256/2004 Coll., on business on the capital market, in the version effective as from

date of entry into force of this Act, not later than 5 months after the date of

the entry into force of this law. In the meantime, abides by the activities and

management provided for in Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

act reasonably.



24. a person who has passed the examination in accordance with the existing laws, brokerage

the regulations, for a period of 21 months from the date of entry into force of this Act
considered to be a person with the knowledge and experience necessary for the fulfilment of her

assigned tasks according to § 14 paragraph. 2 Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this law, to the extent of the composite category of the brokerage test,

If



and) pursues a professional business activities in accordance with the existing laws,

regulations on the date of entry into force of this Act,



(b) carries out professional business activity) in accordance with the existing laws,

provisions in the summary length of at least 12 months in the last 5 years prior to the

date of entry into force of this Act,



(c) has passed the exam, according to the broker's) existing legislation during the

18 months prior to the date of entry into force of this Act, or



(d) has not been withdrawn) her authorised agent in accordance with the existing

the legislation referred to in section paragraph 145. 1 or § 145, paragraph.

2 (a). (c) to (e))) of Act No. 256/2004 Coll., on business in the capital

the market, in the version effective before the date of entry into force of this Act.



25. A person that has been granted authorisation for the activities of the broker in accordance with

existing legislation, such authorization shall cease. Czech national

the Bank exercises supervision over it, if it pursues a professional business

When providing investment services in accordance with the existing legislation.



26. A person who, on the effective date of this Act shall exercise the activity, to

that is the need for authorisation pursuant to Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

of the Act, and subject to the exceptions referred to in her section 4b of the Act No. 256/2004

Coll., on business on the capital market, as the effective date of the acquisition

the effectiveness of this law, may continue for a maximum

a period of 9 months from the date of entry into force of this Act.



27. Investment broker who, on the date of effectiveness of this law

carries out the activity in accordance with section 29. 1 of Act No. 256/2004 Coll., on business

on the capital market, in the version effective before the date of entry into force of

This law, for other investment intermediaries, can in this

activities continue for a period of not more than 9 months from the date of entry into force of

of this law.



28. The registration of the investment intermediary in accordance with existing

the legislation is considered as a registration under the Act No. 256/2004

Coll., on business on the capital market, as the effective date of the acquisition

the effectiveness of this Act.



29. the investment provider, operating under the conditions

laid down in the present law, may be subject to the conditions

laid down by Act No. 256/2004 Coll., on business, on the capital market

in the version effective as from the date of entry into force of this Act, is registered as a

bound to the list of shortcut bound representatives, if the application for registration of the

the list is submitted within the time limit of 9 months from the date of acquisition of the effectiveness of this

the law. Writing to the lapse of registration granted to this

the investment intermediary in accordance with the existing legislation.



30. the procedure for the imposition of corrective measures or sanctions, that was

initiated before the date of entry into force of this law shall be completed in accordance with

the existing legislation. Corrective measures or sanctions is stored

According to the existing legislation.



31. the Meeting, which occurred up to the date of entry into force of this law, the

under Act No. 256/2004 Coll., on business, on the capital market

in the version effective before the date of entry into force of this Act. Measures to

remedy or sanction for violation of Act No. 256/2004 Coll., on business

capital market, in the version effective before the date of entry into force of this

the Act, pursuant to Act No. 256/2004 Coll., on business

capital market, in the version effective before the date of entry into force of this

the law.



32. the procedure for granting the authorization, registration or management of

consent, initiated before the date of entry into force of this Act

completed pursuant to Act No. 256/2004 Coll., on business, on the capital market

in the version effective as from the date of entry into force of this Act; the time limit, the

the run started by Act No. 256/2004 Coll., on business in the capital

the market, as the effective date of the entry into force of this Act, running from

date of entry into force of this Act again. The procedure for granting authorisation to

the activities of the broker initiated before the date of entry into force of this Act

stop on the date of entry into force of this Act.



33. The issuer of the book-entry securities for collective investment,

that are recorded directly to the Centre of the securities, the Centre

Securities and the Czech National Bank to announce that these securities

will continue to be recorded in a separate register of investment tools,

by the person designated by the issuer of these securities, which is

According to Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this law, authorized to conduct

a separate registration. Securities Centre shall transmit to the person designated

issuer of listing pursuant to § 113 paragraph apply mutatis mutandis. 2 Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act. From the copy of the statement shall not Exchange

securities perform in its registration no registration of securities

referred to in this statement. On the date of receipt of the statement of securities Centre

cancels the registration of the securities securities in its records and registration

securities, collective investment becomes a separate records

According to Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act. On the day following the

the takeover of listing emissions of securities registered in the securities accounts and to

registration of a separate emissions register. The issuer may make the notification

under this provision, no later than the date of registration of the transfer Centre

securities central depository.



34. For requests received before 1 January the Czech National Bank. January 2009

the time limit under section 32 c of paragraph 1. 3 of Act No. 256/2004 Coll., on business

the capital market, as effective from the date of entry into force of this

the law does not apply.



35. The prior approval of the Czech National Bank to exercise the function of the head of a person

given in accordance with the existing legislation is considered to be the previous

the agreement of the Czech National Bank to exercise the function of the head of the person granted pursuant to

Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



Article. LIV Act No 223/2009 Sb.



The transitional provisions of the



The proceedings initiated before the date of entry into force of this law, and to this

the unfinished March completes and the rights and obligations related to

be assessed in accordance with the existing legislation.



Article. (II) Law No 230/2009 Sb.



Transitional provisions



1. consent to the acquisition, reaching or exceeding the qualified participation

the trader with securities or with its controlling granted pursuant to

Act No. 256/2004 Coll., on business on the capital market, as amended by

the effective to date of the entry into force of this law, shall be deemed to consent to the

the acquisition or increase of qualifying holding on to a dealer with securities

papers or its controlling pursuant to Act No. 256/2004 Coll., on business

on the capital market, as effective from the date of entry into force of this

the law.



2. Write a bound representative conducted pursuant to Act No. 256/2004 Coll., on

business on the capital market, as effective until the date of entry into force of

This Act shall be deemed registration under Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act.



3. The operator of a settlement system, which on the date of entry into force of

This Act shall perform the activities that are subject to authorisation under section 83

paragraph. 15 of Act No. 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this law, may, in this

activities continue without a permit for a maximum period of 6 months from the date of

the entry into force of this law.



4. Permission to publish only the accounts or the consolidated only

the financial statements in accordance with § 118 paragraph. 6 of Act No. 256/2004 Coll., on business

on the capital market, as the effective to date of the entry into force of this

law, cease to exist on the date of entry into force of this Act.



5. the provisions of Act No. 256/2004 Coll., on business, on the capital market

in the version effective as from the date of entry into force of this Act, the Governing

the annual report, consolidated annual report, half-year report

the consolidated half-yearly report and the interim management report shall apply for the first time in

accounting period closest to the following accounting period, in which this

the law takes effect.



6. After the period of one year from the date of entry into force of this law may not

The Czech National Bank to proceed under section 127a of Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act. The way in which the Czech National Bank will make available

compulsorily inserted information sent to it pursuant to § 127, paragraph. 2 of law No.

256/2004 Coll., on business on the capital market, as the effective date of
the entry into force of this Act, may, up to 30. September 2011 permit

through the electronic transfer of information resource under section 127a

paragraph. 1 (a). d) of Act No. 256/2004 Coll., on business in the capital

the market, in the version effective as from the date of entry into force of this law.



7. the procedure for the imposition of corrective measures or sanctions that was launched

to the date of entry into force of this law shall be completed in accordance with existing

the legislation. Corrective measures or sanctions shall be imposed according to

the existing legislation.



8. the Meeting, which occurred up to the date of entry into force of this law, the

under Act No. 256/2004 Coll., on business, on the capital market

in the texts of the effective to date of the entry into force of this law. Measures to

remedy or sanction for violation of Act No. 256/2004 Coll., on business

the capital market, as the effective to date of the entry into force of this

the law, according to the existing legislation.



9. the procedure for granting consent to the acquisition, reaching or exceeding the

qualified participation by the trader in securities or with his

controlling initiated the day of entry into force of this law shall be completed

According to Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act; period, which

started by Act No. 256/2004 Coll., on business, on the capital market

in the texts of the effective to date of the entry into force of this Act, running from the date of

the entry into force of this Act again.



Article. (III) Act No. 420/2009 Sb.



The transitional provisions of the



The provisions of Act No. 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this Act, the Governing

the annual report and the consolidated annual report shall apply for the first time in

accounting period closest to the following accounting period, in which this

the law takes effect.



Article. (II) Act No. 160/2010 Sb.



The transitional provisions of the



A securities dealer and the foreign person that has its registered office in the State,

that is not a Member State of the European Union, and has the permission of the Czech national

the Bank for the provision of investment services by organization

folder, ensure compliance with the obligations laid down in section 9 (2). 8 of Act No.

256/2004 Coll., on business on the capital market, as the effective date of

the entry into force of this Act, not later than 7. December 2010. In the

the period for calculation of capital requirements may use credit ratings

the debtor, drawn up by a person who meets the requirements of Act No.

21/1992 Coll., on banks, in the texts of the effective to date of the entry into force of this

the law, which was the date of the entry into force of this Act, is registered to the

list of agencies for credit assessment led by the Czech National Bank

pursuant to Act No. 21/1992 Coll., on banks, as effective until the date of entry into

the effectiveness of this Act.



Article. XI of Act No. 409/2010 Sb.



The transitional provisions of the



The Central Depository shall state the operating procedure in accordance with § 104 paragraph. 1

Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act, not later than 31 December 2006.

March 2011.



Article. (VI) Law No 41/2011 Sb.



Transitional provisions



1. If the period provided for in section 152b, paragraph. 3 of Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this law, to run until 31 December 2006. December 2012, the 6

months.



2. A securities dealer shall ensure that the remuneration paid to persons

referred to in article in point 5 from the date of entry into force of this law were

in accordance with the provisions of this Act governing the remuneration system.



Article. In Act No. 139/2011 Sb.



Transitional provisions



1. the authorisation to operate a settlement system granted under

existing legislation, with the date of effectiveness of this law

considered a permit to operate a settlement system with

finality of settlement pursuant to section 90a of the Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act. The operator of a settlement system on the basis of

authorisation granted in accordance with the existing legislation, on the date of acquisition

the effectiveness of this Act be deemed settlement system operator

with the finality of settlement pursuant to section 90 of the Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act.



2. The operator of a settlement system on the basis of authorisation granted by the

According to the existing legislation shall indicate their ratios in accordance with part

the seventh Act No. 256/2004 Coll., on business on the capital market, in

the texts of the effective date of the entry into force of this Act, not later than 3

months from the date of entry into force of this Act.



3. Settlement system operated on the basis of an authorisation granted in accordance with

existing legislation, with the date of effectiveness of this law

deemed settlement system with the finality of settlement pursuant to § 82

Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



4. the application for a permit to operate a settlement system brought before the

date of entry into force of this law, which was not decided until the day

the entry into force of this Act, shall on the date of entry into force of this Act

considered a request for authorisation to operate a settlement system with

finality of settlement pursuant to section 90a of the Act No. 256/2004 Coll., on

business on the capital market, as the effective date of the acquisition

the effectiveness of this Act.



5. The provisions of the existing legislation governing legal relations

incurred before the date of entry into force of this Act; the emergence of these

legal relations, as well as claims arising from them prior to the date

the effectiveness of this law, shall, however, be assessed in accordance with Act No. 256/2004 Coll.,

about the business on the stock market, in the version effective prior to the date

the effectiveness of this Act.



Article. (IV) Act No. 188/2011 Sb.



Transitional provisions



1. Listing particulars approved or published prior to the date

the effectiveness of this law shall be considered as listing particulars

approved under section 36 c of Act No. 256/2004 Coll., as amended, effective from the date of

the entry into force of this law.



2. the procedure for application for the approval of the prospectus or supplement a prospectus

initiated before the date of entry into force of this Act and before that date

been completed by the executor of the existing legislation. In

proceedings of the appendix to the prospectus being approved before the date of entry into force of

This Act shall proceed according to the existing legislation.



3. To 30. June 2021, § 118 paragraph. paragraph 1, § 119c. 1 (a). (b)), section 120 c

paragraph. 2 and section 127c paragraph. 4 Act No. 256/2004 Coll., as amended effective from

date of entry into force of this Act, apply to the issuer

investment securities whose nominal value corresponds to the date

emissions amount to at least EUR 50 000, in the case of securities which

they were issued before the date of entry into force of this Act.



Article. VI of Act No. 37/2011 Sb.



Transitional provisions



1. Settlement System with the finality of settlement in accordance with the existing

legislation on the date of entry into force of this Act, be deemed to

settlement system with the finality of settlement pursuant to section 82, paragraph. 1

Act No. 256/2004 Coll., on business on the capital market, as amended by

effective from the date of entry into force of this Act.



2. Foreign settlement system with the finality of settlement by

the existing legislation on the date of entry into force of this Act

considered foreign settlement system with the finality of settlement

in accordance with section 82, paragraph. 2 Act No. 256/2004 Coll., on business in the capital

the market, in the version effective as from the date of entry into force of this law.



3. the procedure for applications for authorisation of credit rating agencies, which has its registered office at

the territory of the Czech Republic, if the request was for 7. September 2010,

completes the existing legislation.



Article. VIII of Act No. 135/2014 Sb.



Transitional provisions



(1) a securities dealer, which means the securities trader

the papers, which is an investment firm referred to in article. 4 (4). 1 point 2

Regulation of the European Parliament and of the Council (EU) no 575/2013, is obliged to

to ensure compliance with the requirements provided for in § 14 paragraph. 8 (a). (c)) and § 14

paragraph. 10 of Act No. 256/2004 Coll., as amended, effective from the date of acquisition

the effectiveness of this law, to 1. July 2014.



(2) the procedure for the imposition of corrective measures or proceedings for the imposition of penalties

initiated by the date of entry into force of this law, and to this day

been completed by the executor of the existing legislation.

Corrective measures or sanctions shall be imposed according to the existing legal

regulations.



1) European Parliament and Council Directive 97/9/EC of 3 June 2003. March 1997

on investor-compensation schemes.



European Parliament and Council Directive 98/26/EC of 19 July 1999. May 1998 on

settlement finality in payment systems and in systems

settlement of trades in securities, as amended by the directive of the European

Parliament and Council directive 2009/44/EC.



European Parliament and Council Directive 2001/34/EC of 28 June 1999. May 2001
on the admission of securities to listing on the stock exchange and the

the information to be disclosed to them, as amended by directives

The European Parliament and of the Council 2003/6/EC, 2003/71/EC, 2004/109/EC and

2005/1/EC.



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).



Directive of the European Parliament and of the Council 2003/71/EC of 4 April 2003. November

2003 on the prospectus to be published when offered to the public or

the admission of securities to trading, and amending Directive 2001/34/EC, in

the texts of European Parliament and Council directive 2010/73/EU.



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

on markets in financial instruments, as amended by the directives of the European Parliament and of the

Council 2006/31/EC and 2007/44/EC.



Commission Directive 2004/72/EC of 29 April 2004. April 2004 implementing

Directive of the European Parliament and of the Council 2003/6/EC as regards accepted

market practices, the definition of inside information in relation to derivatives

on commodities, the establishment of lists of insiders, the notification of transactions

responsible for the management of people and the reporting of suspicious transactions.



European Parliament and Council Directive 2004/109/EC of 15 December 1997. December

2004 on the harmonisation of transparency requirements in relation to information about

issuers whose securities are admitted to trading on a

a regulated market and amending Directive 2001/34/EC, as amended by directives

2008/22/EC and 73/2010/EU.



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.



Commission Directive 2007/14/EC of 8 June 2004. in March 2007, which establishes the

the detailed rules for implementing certain provisions of Directive 2004/109/EC on the

harmonisation of transparency requirements in relation to information about

issuers whose securities are admitted to trading on a

a regulated market.



European Parliament and Council Directive 2007/44/EC of 5 July 2004. September 2007,

amending Council Directive 92/49/EEC and directives 2002/83/EC,

2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and

the evaluation criteria for the prudential assessment of acquisitions and increase of

participation in the financial sector.



European Parliament and Council directive 2009/111/EC of 16 December 2002. September 2009,

amending Directive 2006/48/EC, 2006/49/EC and 2007/64/EC

banks affiliated to central institutions, certain own funds items,

large exposures, supervisory arrangements, and crisis management.



Directive of the European Parliament and of the Council 2010/76/EU of 24 October. November

2010 amending Directive 2006/48/EC and 2006/49/EC as regards the

capital requirements for the trading book and for re-securitisations, and the supervisory

over the principles of remuneration.



European Parliament and Council directive 2009/44/EC of 6 May 2003. in May 2009,

amending Directive 98/26/EC on settlement finality in

payment and settlement systems, securities

and Directive 2002/47/EC on financial collateral arrangements as regards

linked systems and credit claims.



Directive of the European Parliament and of the Council of 13/36/EC of 26 April 1999. June 2013

for access to the activity of credit institutions and on the prudential supervision of

credit institutions and investment firms amending Directive

2002/87/EC and repealing directives 2006/48/EC and 2006/49//ES.



1I) § 27a of the Act No. 328/1991 Coll., on bankruptcy and settlement, in the text of the

Act No. 74/1994 Coll., Act No. 94/1996 Coll. and Act No 105/2000 Sb.



2) of Commission Regulation (EC) No 1126/2008 of 3 June. November 2008

adopting certain international accounting standards in accordance with regulation

The European Parliament and of the Council (EC) No 1606/2002, as amended.



Commission Regulation (EC) no 2273/2003 of 22 July 2003. December 2003

performed by European Parliament and Council Directive 2003/6/EC as regards the

exemptions for buy-back programmes and stabilisation of financial instruments.



Commission Regulation (EC) no 809/2004 of 29 April 2004. April 2004

performed by European Parliament and Council Directive 2003/71/EC as regards the

the information contained in the prospectuses, prospectuses, placing the data in a form

for reference, the publication of prospectuses and dissemination of advertisements, as amended by regulation

Commission Regulation (EC) no 1787/2006 and no 211/2007.



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.



Directive of the European Parliament and of the Council 2010/78/EU of 24 October. November

2010, amending Directive 98/26/EC, 2002/87ES, 2003/6/EC,

2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC,

2006/48/EC, 2006/49/EC, and 2009/65/EC with regard to the competence of the European

supervisory authority (European banking authority), the authority

supervisory authority (European insurance and occupational pensions

insurance) and the European supervisory authority (European securities authority

Securities and markets).



Regulation of the European Parliament and of the Council (EU) No 648/2012 from 4 April.

July 2012 on OTC derivatives, central counterparties and trade repositories registers

business data.



Regulation of the European Parliament and of the Council (EU) no 575/13 of 26 February.

June 2013 on prudential requirements for credit institutions and

investment firms and amending Regulation (EC) No 648/2012.



2B) Article. 2 (2). 1 Commission Regulation (EC) no 1287/2006.



2 c) Article. 2 (2). 6 of Commission Regulation (EC) no 1287/2006.



2D) point 3 of the international accounting standard IAS 24-Publication

related parties, which are annexed to Commission Regulation (EC) No.

1725/2003.



2E) Article. 38 and 39 of Commission Regulation (EC) no 1287/2006.



2 g) directive of the European Parliament and of the Council 2002/92/EC of 9 December 1999. December

2002 on insurance mediation.



2 h) of section 27. 2 and 3 of Act No. 38/2004 Coll., on insurance

providers and separate insurance events and likvidátorech

on the change of the Trade Licensing Act, as amended by Act No. 57/2006 Sb.



3) section 14 of Act No. 15/1998 Coll., on surveillance in the capital market and

amending and supplementing other acts, in the wording of Act No. 308/2002 Sb.

Act No. 257/2004 Coll. and Act No. 57/2006 Sb.



3A) Article. 7 and 8 of Commission Regulation (EC) No 1278/2006.



3B) Article. 31 and 32 of Commission Regulation (EC) no 1287/2006.



3 c) Article. 12 and 13 of Commission Regulation (EC) no 1287/2006.



3D) Article. 13 (3). 3 and 4 of Commission Regulation (EC) no 1287/2006.



3E) Article. 9 to 11 and 14 of Commission Regulation (EC) no 1287/2006.



6) Law No. 93/2009 Coll. on Auditors, in wording of later regulations.



6a) Article. 21 of Commission Regulation (EC) no 1287/2006.



6B) Article. 24 of Commission Regulation (EC) no 1287/2006.



6 c) Article. 29 to 31 of Commission Regulation (EC) no 1287/2006.



6 d) Article. 21. 2 Commission Regulation (EC) no 1287/2006.



6E) Article. 22 paragraph 1(b). 1 Commission Regulation (EC) no 1287/2006.



6F) Article. 9 and 10 of Commission Regulation (EC) no 1287/2006.



6 g) Article. 9 to 11, 22, 23, 33 and table 3 of annex II to Commission Regulation (EC) No.

1287/2006.



6 h) Article. 22 paragraph 1(b). 3 of Commission Regulation (EC) no 1287/2006.



6i) Article. 25 paragraph. 1 Commission Regulation (EC) no 1287/2006.



Article 6j). 25 paragraph. 2 and 3 of Commission Regulation (EC) no 1287/2006.



7) § 2 (2). 2 Act No 280/2009 Coll., the tax procedure code.



8) Commission Regulation (EC) no 809/2004.



9) directive of the European Parliament and of the Council 2003/71/EC of 4 April 2003. November

2003 on the prospectus to be published when offered to the public or

admission of transferable securities to trading, and amending Directive

2001/34/EC.



Article 10). paragraph 35. 4, article. 36 and article. paragraph 37. 1 Commission Regulation (EC) No.

1287/2006.



10A) Article. paragraph 35. 1 to 3 of Commission Regulation (EC) no 1287/2006.



Article 10b). 37 Commission Regulation (EC) no 1287/2006.



10 c) directive of the European Parliament and of the Council 2003/71/EC.



10 d) European Parliament and Council Directive 2001/34/EC.



Council Directive 80/390/EEC of 17 December 1992. March 1980 coordinating the requirements of the

at the Assembly, control and distribution of the prospectus of the securities which have

be disclosed during the admission of securities to listing on the stock exchange

securities.



10E) Article. 17, 29, 30, 32 to 34 of Commission Regulation (EC) no 1287/2006.



Article 10F). 18 and 20 of Commission Regulation (EC) no 1287/2006.



10 g) Article. 27, 29, 30, 32 to 34 of Commission Regulation (EC) no 1287/2006.



10 h) Article. 28 of Commission Regulation (EC) no 1287/2006.



12) section 36 of the Act No 591/1992 Coll. on securities, as amended by

amended.



12A) Council Regulation (EC) No 3605/93 of 22 July 1993. November 1993 on the application of

The Protocol on the excessive deficit procedure annexed to the Treaty on the

establishing the European Community.



12B) European Parliament and Council Directive 2006/46/EC of 14 July 1999. June

2006 amending Council Directives 78/660/EEC on the annual accounts of

accounts of certain types of companies, 83/349/EEC on consolidated

accounts, 86/635/EEC on the annual accounts and

consolidated accounts of banks and other financial

institutions and 91/674/EEC on the annual accounts and consolidated

accounts of insurance undertakings.



12 c), for example, section 32a of the Act No. 44/1988 Coll., on the protection and use of
mineral wealth (the top Act), as amended.



12d) § 21. 1. 2 (a). and), b) and d) (a). 4 of law No.

563/1991 Coll., on accounting, as amended.



12E) international accounting standard IAS 34-Interim financial reporting

annexed to Commission Regulation (EC) No 1126/2008.



13A) Decree No. 123/2007 Coll., on rules of prudent business bank,

savings and credit unions, and securities dealers.



14) Commission Regulation (EC) no 2273/2003 of 22 July 2003. December 2003

implementing European Parliament and Council Directive 2003/6/EC as regards the

exemptions for buy-back programmes and stabilisation of financial instruments.



14A) Commission Regulation (EC) no 2273/2003.



14B) Law No 115/2006 Coll., on registered partnerships as

amended.



14 c) Act No. 117/1995 Coll., on State aid, as amended

regulations.



Article 15). 6 (1). 10 and article. 16 of the directive of the European Parliament and of the Council

2003/6/EC.



16) of article 1 and article. 16. 5 of the directive of the European Parliament and of the Council

2003/6/EC.



17) Article. 2 and 3 of Commission Directive 2004/72/EC of 29 April 2004. in April 2004, which

implementing European Parliament and Council Directive 2003/6/EC as regards the

accepted market practices, the definition of inside information in relation to the

derivatives on commodities, the drawing up of lists of insiders, the notification of

Management transactions and reporting of suspicious transactions.



17A) Commission decision (EC) 2001/527/EC of 6 May 2003. June 2001 establishing

The European Committee of regulators of securities markets.



17 c) of Commission Regulation (EC) no 1569/2007 of 21 December. December 2007

establishes a mechanism for the determination of equivalence of accounting standards

used by issuers of securities from third countries in accordance with the

European Parliament and Council directives 2003/71/EC and 2004/109/EC.



18) § 189 of insolvency law.



19) section 205 Insolvency Act.



20) the insolvency law.



section 173, paragraph 21). 3 the Insolvency Act.



Article 22a). 15 Commission Regulation (EC) no 1287/2006.



22B) Article. 16 of Commission Regulation (EC) no 1287/2006.



23) section 1843 of the civil code.



Article 24). 23 directive of the European Parliament and Council Directive 2001/24/EC of 4 April 2003.

April 2001 on the reorganisation and winding up of credit institutions.



Article. 7 and 8 of the European Parliament and Council Directive 2002/47/EC of 6 May 2003.

June 2002 on financial collateral agreements.



25) Law No 408/2010 Coll., on financial collateral arrangements.



26) § 2 (b). ) and § 6, paragraph. 1 of law No 408/2010 Coll., on financial

ensure.



for example, section 27, paragraph 28). 1 (a). and (c)) of the Act) No 87/1995 Coll., on

savings and credit cooperatives and some of the measures with the

related and the Czech National Council Act No. 586/1992 Coll., on the

income taxes, as amended by later regulations, as amended by Act No.

100/2000 Coll., Act No. 280/2004 Coll., Act No. 57/2006 Coll. and Act No.

120/2007 Coll., section 43, paragraph. 1 of Act No. 42/1994 Coll., on pension

insurance with State contribution and on changes of some acts

related to its introduction, as amended by law No 170/1999 Coll., Act

No 36/2004 Coll. and Act No. 57/2006 Sb.



29) Article. 115 directive of the European Parliament and the Council 13/36/EU.



30) Article. 10 European Parliament and Council Directive 98/26/EC.



31) Article. 2 of European Parliament and Council Directive 2006/48/EC, as amended by

Commission directives 2007/18/EC and 2010/16/EU.



32) European Parliament and Council Regulation (EU) No 1095/2010 of 24 March.

November 2010 establishing a European supervisory authority (European institution

Securities and markets).



Article 34). 112 directive of the European Parliament and the Council 13/36/EU.



36) European Parliament and Council Regulation (EU) no 1092/2010 of 24 March.

November 2010 on Community macro prudential oversight of the financial system

the level of the European Union and establishing a European systemic risk Council.



Article 37). 16. 2 and 4 of the directive of the European Parliament and of the Council 2003/6/EC

of 28 June. January 2003 on insider dealing and market manipulation

(market abuse), as amended by Directive 78/2010/EU.



Article. 22 paragraph 1(b). 2 of European Parliament and Council Directive 2003/71/EC of the European

4 November 2003 on the prospectus to be published when a public

menu or the admission of securities to trading, as amended by Directive

2010/78/EU. Article. 58A directive of the European Parliament and the Council 2004/39ES of

21 June. April 2004 on markets in financial instruments, as amended by Directive

2010/78/EU.



Article. 25 directive of the European Parliament and of the Council 2004/109ES of 15 July.

December 2004 on the harmonisation of transparency requirements relating to

information about issuers whose securities are admitted to trading

on a regulated market, as amended by Directive 78/2010/EU.



Article 38). 50 and 117 directive of the European Parliament and of the Council of 13/36/EU.



Article 39). 62 European Parliament and Council Directive 2004/39/EC of 21 June 1999.

April 2004 on markets in financial instruments, as amended by Directive 78/2010/EU.



40) Article. 117 directive of the European Parliament and the Council 13/36/EU.



Article 41). 113 directive of the European Parliament and the Council 13/36/EU.



42) European Parliament and Council Regulation (EU) no 236/2012 from 14 June.

March 2012 by selling short and certain aspects of swaps

failure.



43) European Parliament and Council Regulation (EU) No 648/2012 from 4 April.

July 2012 on OTC derivatives, central counterparties and trade repositories registers

business data.



Article 44). 4 (4). 1 point 40 and article. paragraph 458. 1 regulation of the European

Parliament and of the Council (EU) no 575/2013.



Article 45). 6 of the directive of the European Parliament and of the Council no 2013/36/EU.



Article 46). 25 European Parliament and Council Regulation (EU) no 1093/2010 from

24 September. November 2010 establishing a European supervisory authority (European

banking authority), amending Decision No 716/2009/EC and repealing

Commission decision 2009/78/EC.



47) Regulation of the European Parliament and of the Council (EU) no 575/2013. Directive

The European Parliament and of the Council of 13/36/EU. Regulation of the European Parliament

and of the Council (EU) no 1093/2010 of 24 March. November 2010 on the establishment of the European

supervisory authority (European banking authority), amending decision

No 716/2009/EC and repealing Commission decision 2009/78/EC.



48) European Parliament and Council Regulation (EU) no 1094/2010 of 24 March.

November 2010 establishing a European supervisory authority (European institution

for the insurance and occupational pensions), to change the

decision No 716/2009/EC and repealing Commission decision 2009/79/EC.