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
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§ 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
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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.