About Investment Companies And Investment Funds

Original Language Title: o investičních společnostech a investičních fondech

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=80335&nr=240~2F2013~20Sb.&ft=txt

240/Sb.



LAW



of 3 July 2003. July 2013



about investment companies and investment funds



Change: 336/2014 Sb.



Parliament has passed the following Act of the United States:



PART THE FIRST



INTRODUCTORY PROVISIONS



§ 1



The subject of the edit



This law incorporates the relevant provisions of the European Union ^ 1), at the same time

builds on the directly applicable European Union regulations ^ 2) and modifies the

the conditions for the management and administration of investment funds and

foreign investment funds and offering of investment in these funds.



The scope of the law



§ 2



This Act does not apply to the activities of



and in the collection)



1. cash, whose main purpose is the financing of own

production, trade, research, or the provision of services, other than

financial, and other management of funds collected in this way

or property acquired for these funds, or



2. money, royalties and similar things, whose main purpose is the operation of

own production, business, research or providing custom

services, other than financial, and on the other the Administration follows the collected

money, royalties and similar things or property acquired for the money

valuable things



(b)) in the collection of funds or money, royalties and similar things

for the purpose of their joint investment, and on the next administration as follows

funds or money collected royalties and similar things, or

assets acquired for these funds or money of appreciation

things, if he pursues the activities of the legal person, through its

participation in one or more other persons, contribute to the

long-term development of such persons, and



1. its securities are admitted to trading on the European

a regulated market, or



2. its main purpose is not making a profit by disposing of the participation in

These persons; This condition is fulfilled in particular, where it is clear from the

the annual report of that person or of any other publicly available documents

that this is not its purpose, or



(c)) in the collection of funds or money, royalties and similar things

If it is done in the context of securitisation ^ 3) and to the next administration as follows

funds or money collected royalties and similar things, or

assets acquired for these funds or money of appreciation

things,



unless otherwise provided by this act otherwise (article 98, paragraph 3).



§ 2a



This law also does not apply to the activities of



and the collection of funds) or money, royalties and similar things

from family members for the purpose of their joint investment and other

the Administration thus collected funds or money

royalties and similar things or property acquired in these funds or

money, valuable stuff (the family office vehicle), or



(b)) in the collection of funds or money, royalties and similar things

for the purpose of their joint investment, and on the next administration as follows

funds or money collected royalties and similar things, or

assets acquired for these funds or money of appreciation

things, if the investor is exclusively the person together with who this

the activities carried out, form a group,



unless the person who performs this work, it is entered in the list maintained by the

The Czech National Bank pursuant to § 596 (a). (f)), or the activity to be carried out

as a obhospodařovatel investment fund, as well as if this

the law further otherwise (article 98, paragraph 3).



§ 3



Provisions of this Act shall not apply, unless they are permitted under other legal

prescription, on the activity carried out in the framework of the



and pension insurance) with State contribution, retirement savings,

the supplementary pension savings, occupational pension schemes

or another security for old age with the complicity of the State or other

public corporation,



(b)), to social security and



c) insurance activities.



§ 4



This Act does not apply to the activity pursued



and the maturity of the foreign investment fund), which does not have a registered place of

in the Czech Republic, the word investment fund in the Czech Republic and

It does not offer here it managed foreign investments

Investment Fund,



(b) the administrator of a foreign investment fund), which does not have its seat in

The Czech Republic does not administer investment in the Czech Republic

the Fund and does not offer investment in foreign investment fund, whose

the Administration is carried out.



PART TWO



OBHOSPODAŘOVATEL



TITLE I OF THE



MANAGEMENT AND OBHOSPODAŘOVATEL



Part 1



Basic provisions



§ 5



Management



(1) the management of the investment fund or foreign investment

the Fund is managing the assets of the Fund, including the investment on behalf of the

the Fund and the management of the risks associated with this investment.



(2) managing the investment fund, no person shall, without a permit granted by

The Czech National Bank under this law, unless otherwise provided by this law

or other legislation provides otherwise.



(3) the provisions of § § 1401, 1415 para. 1 and section 1432-1437 of the civil

code for management of an investment fund or foreign

Investment Fund shall apply only in so far as the Statute of the

an investment fund or a comparable document for foreign investment

the Fund does not derogate from those provisions to the extent to which their use or

does not exclude.



§ 6



Obhospodařovatel



(1) who manages an investment fund or a foreign investment fund,

is his maturity; This is without prejudice to § 9 para. 1. each

Investment Fund can only have one translates into higher.



(2) all of the sub-funds of one investment fund must have the same

translates into higher.



(3) management of an investment fund or foreign investment

the Fund also includes the management of its sub-funds or comparable

device. Where this Act uses the term "management

Investment Fund or to a foreign investment fund "means the

and the management of its sub-funds or comparable device. There, where the

the law uses the term "obhospodařovatel investment fund or

foreign investment fund "means the obhospodařovatel and its

sub-funds or comparable device.



(4) the Special Fund's maturity may just be obhospodařovatel

eligible exceed the determined limit (section 16).



§ 7



Investment company



The investment company is a legal person with a registered office in the Czech Republic,

that is on the basis of authorisation granted by the Czech National Bank shall be entitled to

managing the investment fund or foreign investment fund

or administer an investment fund or foreign

Investment Fund or to carry out the activities referred to in article 11 (1) 1 (b).

c) to (f)).



Investment Fund with legal personality



§ 8



(1) Government investment fund is an investment fund with legal

personalities, which is based on the activities of the Government permit

Investment Fund issued by the Czech National Bank is entitled to

use, where appropriate, carry out their administration. Government

Investment Fund is an investment fund with legal personality, that has

individual statutory authority, which is the legal person authorized

to manage this investment fund.



(2) the Maturity government investment fund is the Fund.



(3) investment fund with legal personality may not manage another

Investment Fund or foreign investment fund.



§ 9



(1) investment fund with legal personality that has individual

a statutory body, which is a legal person authorized to manage

This investment fund, is entitled to be managed through the

This person. If a legal person who is the individual statutory

authority authorised to carry out such a Fund, its administration, is

Investment Fund shall be entitled to carry out its administration through also

This person.



(2) the Maturity investment fund referred to in paragraph 1 is

a legal person who is its individual statutory body.



(3) investment fund referred to in paragraph 1 shall not



and before writing to the relevant) list maintained by the Czech National Bank

engage in any activity, unless it is a activity comparable with

the activities of the Fund of qualified investors if it is to become a fund

qualified investors, and



(b)) after the time that is entered in the list referred to in point (a)),

to carry out activities other than its activities as an investment fund.



(4) Obhospodařovatel investment fund referred to in paragraph 1, without

the consent of this investment fund do on their own or a foreign account,

what falls within the scope of the business establishment of the investment fund.



§ 10



A foreign person with the permission of the Czech National Bank



A foreign person with permission under section 481 is a legal person established

in a State which is not a Member State, that is, on the basis of the authorisation

issued by the Czech National Bank pursuant to section 481 shall be entitled to



and managing the investment fund), which is not a standard Fund, or

comparable foreign investment fund, whose home State is

Member State, or



(b)) offer in the Member State of her fund investments


Investment Fund, which is not a standard Fund, or to

the comparable foreign investment fund,



or administer an investment fund that is not

standard, or a comparable foreign fund investment fund

or to carry out the activities referred to in article 11 (1) 1 (b). c) to (f)).



Part 2



Business permission



§ 11



Business investment companies and foreign persons with the authorization of

The Czech National Bank, which is not comparable to that of government investment

Fund



(1) the investment company and a foreign person with permission according to § 481,

that is not comparable to a government investment fund, the

the scope specified in the authorisation in the Czech National Bank



and managing the investment funds) or foreign investment funds,



(b)) to perform the administration of investment funds or foreign

investment funds,



(c) the use of the customer's assets), part of which is an investment

a tool based on free thoughts in the context of the contractual arrangement (portfolio

Management),



(d)) to perform a custody and administration of investment instruments, including related

services, but only in relation to the book-entry securities and precious

securities issued by investment fund or foreign investment

the Fund,



e) receive and transmit instructions concerning investment instruments and



(f)) to provide investment advice relating to investment instruments.



(2) the investment company and a foreign person with permission according to § 481,

that is not comparable to a government investment fund, shall not

perform the activities referred to in paragraph 1 (b). d) to (f)), if it is not entitled to

to carry out activities pursuant to paragraph 1. (c)).



(3) an investment firm authorised to manage the standard funds

or comparable foreign investment funds shall be managed

foreign investment fund, which is comparable with the standard Fund

If at least one of the word standard Fund.



(4) an investment firm authorised to manage the standard funds

or comparable foreign investment funds may engage in activities

referred to in paragraph 1 (b). (e)), and in paragraph 6.



(5) an investment company or a foreign person with permission according to §

481, which is not comparable to a government investment fund, the

as an entrepreneur to perform only the activities directly related to managing

its own assets, or any activity that involves

management or administration of an investment fund or foreign

Investment Fund. For the implementation of the various activities, which include

management or administration of an investment fund or foreign

Investment Fund, investment company, or a foreign person with

the authorisation under section 481, which is not comparable to the Government

Investment Fund, for the one who adheres to the prudential rules which

are comparable to those of prudence under the law of the European Union, and

subject to supervision of the supervisor, the other does not require permission.



(6) an investment firm authorised to exceed the record limit that has

authorisation to provide investment services referred to in paragraph 1 (b). (c)), and

a foreign person with permission according to § 481, which has permission to

the provision of investment services referred to in paragraph 1 (b). (c)), as

the businessman also



and) be the trustee of the Trust Fund, which is not an investment

Fund, or



(b) manage the customer's assets), which is not an investment tool

on the basis of considerations within free of contractual arrangements, including the valuation of

such assets and accounting management of such assets.



§ 12



Business government investment fund and foreign persons with

permission of the Czech National Bank's comparable to government investment

Fund



A government investment fund, and with the permission of a foreign person pursuant to § 481,

that is comparable to the Government Investment Fund, as

entrepreneur to perform only the work which features in the permit

granted the Czech National Bank, and only to the extent provided for in this

the authorization.



section 13 of the



The date of permission management



(1) Permission to the management of an investment fund or foreign

Investment Fund creates a legal person registered in the commercial

Register



and the date of application) of the decision on the grant of the Czech National Bank

authorized to practice



1. an investment company pursuant to § 479,



2. Government investment fund under section 480, or



3. foreign persons according to § 481,



(b)) a later date that is listed in the propositional decision section

referred to in point (a)), or



c) the day on which it is entered in the commercial register, if

the investment fund referred to in § 9 para. 1.



(2) Permission for the purpose of an investment fund or foreign

Investment Fund creates a legal entity that is not registered in the

the commercial register and the Czech National Bank has granted an authorisation under

§ 479, 480 or 481 or signed up to the relevant list in accordance with §

513, the date of its registration in the commercial register.



§ 14



Management of investment fund a foreign person



(1) a foreign person that is not comparable to the Government

Investment Fund and to enable the supervisory authority of another Member

the State granted in accordance with the requirements laid down in articles 6 to 8

Directive of the European Parliament and of the Council governing the coordination of the laws of the

collective investment area ^ 4), can use the standard

Fund



and) through a branch, if the condition set out in section 338

paragraph. 2, or



(b) the location of the branch), without are subject to the conditions provided for in § 339.



(2) a foreign person that is not comparable to the Government

Investment Fund and to enable the supervisory authority of another Member

the State granted in accordance with the requirements laid down in articles 6 to 8

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 5), the use of a special fund or Fund

qualified investors



a) through a branch, are subject to the conditions provided for in § 342,

or



(b) the location of the branch), without are subject to the conditions provided for in § 343.



(3) for a foreign person referred to in paragraph 1 or 2, which

manages an investment fund, § 20, 21 and 23 to 26 do not apply.



Part 3



Asset management comparable to the management of the



§ 15



(1) a person who is authorized to manage investment funds and the Czech

Republic independent trade or similar process manages or

It intends to manage the assets, as follows consisting of collected cash

resources or money or royalties and similar things from investors acquired

for these funds or money, valuable things, in order to

the joint investment based on specified strategies in favour of these

investors must submit an application for entry in the list maintained by the Czech national

by the Bank in accordance with § 596 (a). (f)) and to be in this list. For the management of

the property investment fund, the first sentence shall not apply. A person registered in the

the list maintained by the Czech National Bank pursuant to § 596 (a). (f)) is not

entitled to exceed the record limit.



(2) for the management of the assets referred to in paragraph 1, first sentence, goes to the Czech

Republic, the domicile or seat of the person who it manages or intends to

manage.



(3) upon the motion of the Czech National Bank or of the person who has the

legitimate interest, to cancel the legal entity that is not referred to in paragraph 1

written in the appropriate list, and order its liquidation, or

Decides that the management of the Trust Fund or other device ends,

with respect to the trust, or another administrator who is not referred to in paragraph 1

written in the appropriate list. Before the decision, the Court shall provide legal

a person or a reasonable time limit Manager to rectify the situation.



Part 4



If the applicable limit



section 16 of the



(1) If the applicable limit occurs when the value of the assets of all

investment funds and foreign investment funds and property under section

15 paragraph 1. 1 legally or de facto, managed or managed

one person, exceeds the amount corresponding to



and EUR 100 000 000), or



(b) EUR 500 000 000),



1. If no part of the property acquired with the use of leverage

and



2. for payment or distribution of such property to the person from whom he has

collected funds or money valuable things in this

assets, cannot take place earlier than after the expiry of 5 years from the date of their

the Assembly.



(2) to the value of the assets referred to in paragraph 1 does not count property

standard Fund or a comparable foreign investment fund.



(3) How is determined the applicable limit has been defined by articles 2 to 5 of

directly applicable European Union legislation, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



(4) using the leverage effect for the purposes of this Act, the use of

any procedures leading to an increase in the exposure of an investment fund

or to a foreign investment fund, for example, acceptance of the loan or

lease of funds or investment vehicles or

investing in investment securities or money market instruments


containing the derivative.



(5) the rate of recovery of the leverage effect for the purposes of this Act, the

Figure calculated by dividing the exposure of an investment fund or

foreign investment fund and of the funded capital investment fund

or comparable quantities of foreign investment fund. A capital

capital investment fund for the purposes of this Act, the value of the

the property investment fund, less the value of the debt investment fund.



(6) the method of calculating the exposure of an investment fund and foreign

Investment Fund, as well as the degree of leverage, defined

articles 6 to 11 directly applicable European Union legislation, which

implementing directive governing the European Parliament and of the Council of the administrator

alternative investment funds ^ 6). For the purposes of determining whether there has been

has the applicable limit, for the use of the leverage effect, and shall take into account

exposure to assets managed under § 15 para. 1.



§ 17



If the applicable limit person unauthorized to exceed



(1) if the legal person with a registered office in the Czech Republic, which does not have

authorization by the Czech National Bank pursuant to § 479 or 480 according to which it

exceed the record limit, determined limit, submit an application for the grant of

the relevant permit within 30 days after it becomes aware, or could find out about

If the applicable limit, unless within that period shall ensure that already

continue to record more than limit.



(2) has filed the legal person referred to in paragraph 1 a request for the grant of

the relevant permit before the date when the record has exceeded the limit,

paragraph 1 shall apply only from the date when it is finally completed the procedure for

This request. For the legal person with effect from the date on which exceeded the

a determined limit, paragraph 3 shall apply mutatis mutandis.



(3) If a legal person referred to in paragraph 1 a request for the grant of

the relevant authorisation procedure laid down in paragraph 1, is entitled, until the date of

legal force of the decision of the Czech National Bank about her request

exceed the determined limit. For the legal person, the provisions of

This law and directly applicable European Union legislation, which

implementing directive governing the European Parliament and of the Council of the administrator

alternative investment funds ^ 6), which impose obligations

obhospodařovateli authorized to exceed the limit, the decisive

by analogy.



(4) if the final proceedings on the application for the granting of the permit,

a legal person referred to in paragraph 1, without being granted the appropriate

permit, the person shall ensure that no longer does the record

limit, and no later than 30 days from the date when it is finally completed

the procedure for such a request. If after this procedure has been finally-completed

the same person a new application for the grant of authorisation, paragraph 3 does not apply.



(5) If a legal person referred to in paragraph 1 after the decisive

expiry of the period referred to in paragraph 1 or 4 and unless the case under

paragraph 3, the Court on a proposal from the Czech National Bank or of the person who has the

a legitimate interest of the legal person shall cancel and order its liquidation.

Before the decision, the Court shall grant a reasonable term to legal person

remedy the situation.



TITLE II



RULES OF OPERATION AND MANAGEMENT



section 18



Professional care



Obhospodařovatel investment fund or foreign investment

the Fund is required to manage the Fund with professional care.



§ 19



The orderly and prudent exercise of business



(1) Obhospodařovatel investment fund or foreign investment

the Fund carries out activities properly and prudently.



(2) to ensure the sound and prudent exercise of the activity obhospodařovatel

Investment Fund or to a foreign investment fund shall establish, maintain

and apply the management and control system.



section 20



Management and control system



(1) the management and control system translates into higher

Investment Fund or to a foreign investment fund are always



and the strategic and operational management),



(b)) and the internal rules of the organisation, which govern it,

a clear definition of activities, including the activities of the authorities of this

the committees, which translates into higher and mauled, and with the related competencies

and decision-making powers; in the framework of the organisation at the same time

define functions whose performance is mutually incompatible,



(c)) risk management system, part of which is always



1. Access translates into higher risks, which is or may be

exposed to he or his management of an investment fund or foreign

Investment Fund, including risks arising from internal or external

environment and the risk of insufficient liquidity, and



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

risk reduction, including the adoption of measures leading to the reduction of

or the impact of the occurrence of the risks and



(d)) the internal control system, part of which is always



1. review of child workers and individuals which, by their

the activities carried out under the command of another (hereinafter referred to as "the worker"), their

superiors,



2. follow-up to the compliance with legal obligations laid down, in particular,

This Act, legislation issued on the basis of it, directly

the applicable law of the European Union in the field of management

investment funds ^ 2), internal regulation and statute of the European Investment Fund

or comparable documents of a foreign investment Fund (hereinafter referred to as

"compliance") and



3. internal audit providing independent and objective internal control

This translates into higher performance and presentation of the clear

recommendations to remedy the shortcomings identified as appropriate

management level.



(2) the part of the management and control system translates into higher

Investment Fund or to a foreign investment fund are further



and) a system of internal and external communication,



(b)), monitoring, evaluation and updating of the internal rules,



(c)) to control conflicts of interest in the performance of their activities, including surveys,

preventing and reporting to the shareholders, partners or beneficiaries of this

the Fund,



d) bookkeeping translates into higher,



(e) the control of activities of persons) that are not its employees and using

which he carries on business,



(f) ensuring the smooth execution of the activity) and permanent operation of this

translates into higher on the financial market, in accordance with the subject and his plan

activities,



(g) trust and assurance necessary) knowledge and experience of the persons

that activity,



h) control and safety measures when handling and registration

information,



I) evidence relating to transactions relating to the assets managed by

Investment Fund or to a foreign investment fund and review

the accuracy of the registered information; for the purposes of management of this evidence is this

obhospodařovatel to conduct social security numbers of participants in the shops,



j) system of remuneration of persons whose activities in the exercise of their

employment, profession or functions have a significant effect on the risks to which

may be exposed to he or his management of an investment fund or

foreign investment fund, and their peace, including



1. to determine the policy, and the terms of payment of fixed and variable components of remuneration,



2. procedures for making decisions on pay and



3. performance assessment methods so that the remuneration system to contribute to the

the proper and effective risk management and was with him in line,



k) rules for use of the leverage effect,



l) rules for trading with the tools in the context of the securitisation and



m) ensuring compliance with the rules of conduct.



(3) the management and control system translates into higher investment fund or

foreign investment fund must be effective and coherent, reasonable

the nature, scale and complexity of the activities to be performed by him in his whole

sections.



(4) Obhospodařovatel investment fund or foreign investment

pool validates and regularly evaluate the effectiveness, coherence and adequacy of the

management and control system in its whole and parts, and without this preliminary

undue delay, the appropriate remedy.



(5) the Czech National Bank shall issue a decree on quality requirements

management and control system translates into higher investment fund or

foreign investment fund, to the extent that it does not regulate directly

to use the European Union regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

^ 6) funds.



section 21



Personnel equipment



(1) Personal equipment translates into higher investment fund or

foreign investment fund must be proportionate to the nature, scale and

the complexity of the activities performed by him.



(2) Obhospodařovatel investment fund or foreign investment

the Fund shall ensure that a person that carries on business have been

trusted and that they have sufficient knowledge and experience necessary for the

the proper performance of the tasks assigned to them, in particular, knowledge of procedures and regulations

necessary for the performance of their duties related to the performance of this

activity.



(3) Obhospodařovatel investment fund or foreign investment

the Fund will ensure that the scope and nature of the activities carried out by persons

referred to in paragraph 2 do not prevent the effective exercise of individual activities.




(4) Obhospodařovatel investment fund or foreign investment

the Fund must have at least 2 leading the charge (para. 622) that have sufficient

experience with the management of the asset that is focused investment

strategy (article 93, paragraph 3) it managed an investment fund or

foreign investment fund and with the performance of operations necessary for the

the proper exercise of this function.



(5) if different investment strategies investment fund or

foreign investment fund in the essential elements of the investment

the strategy of most other investment funds or foreign

investment funds managed by the same maturity, is

the condition referred to in paragraph 4 in relation to this Fund is met even if the

If the obhospodařovatel of the Fund at least 2 people that actually

the activities of this translates into higher in relation to this Fund and have

sufficient experience with asset management, which is focused

the investment strategy of the Fund, and with the performance of operations necessary for the

the proper exercise of this function.



section 22



Rules of conduct



(1) Obhospodařovatel investment fund or foreign investment

in the exercise of the activities of the Fund



and does not undermine the stability and functioning of the) market



(b)) this is an educated, honestly and fairly, and



(c)) is in the best interest of shareholders, partners and beneficiaries of this

the Fund.



(2) Obhospodařovatel investment fund or foreign investment

the Fund shall establish, maintain and operate



and procedures to ensure the protection) of internal information,



(b) prevention of) procedures for market manipulation,



(c) economic analysis) procedures for the benefit of trade from reliable and

current information,



(d) the procedures for the closure of the shops) with the investment instrument by a person with

a special relationship to obhospodařovateli, if this person is beyond the scope of

their duties, or if the deal closes



1. on its own account,



2. on behalf of the person it loved ones under the civil code,



3. on the account of the person to which it is closely linked, or



4. on behalf of another person, if the person with a special relationship to

obhospodařovateli direct or indirect material interest in the outcome of the trade,

that is not a fee or remuneration for trade execution,



e) rules for the implementation of the stores under the best conditions,



f) rules for processing trades fairly and without undue

delay,



g) rules for the Association of shops,



h) rules for the adoption, offering or providing incentives and



I) principles for the exercise of voting rights attached to the participating securities

papers in the assets of this Fund.



(3) Obhospodařovatel investment fund or foreign investment

the Fund also



and) does not offer advantages that cannot be reliably guarantee



(b) non-cash payment), if it does not exclude their nature,



(c)) does not perform the extra stores in order to achieve its own profit without

regard to the best interests of shareholders, members or beneficiaries of it

managed investment funds or foreign investment

of the funds,



(d) the method of trade execution) documents and checks the accuracy of

registered information



e) effort that may be required to

obhospodařovanému investment fund or foreign investment

the Fund or the shareholders or unit-holders, beneficiaries of this Fund

avoid unjustified costs,



f) executes trades in the best conditions,



g) does not accept, will not offer or does not provide an incentive, which could lead to

violation of the obligations laid down in paragraph 1 (b). b) or c)



(h)) does not apply, the price increases or fees directly related to the

the issuance or redemption of securities or book-entry securities

papers referred to in the statute or in an equivalent document standard

Fund or a comparable foreign investment fund, are a valuable

papers or book-entry securities issued by the Fund acquired in the

property or disposed of property fund or another standard

the comparable foreign investment fund of Fund

obhospodařovateli, who are members of the same group,



I) governed by conflicts of interest, including that it detects, prevents, and

the unit-holders, partners Announces or beneficiaries of this Fund, and



j) Statute of the Fund it shall observe the investment fund or

comparable document by a foreign investment fund

the Fund.



(4) a person with a special relationship to a legal person shall for the purposes of this

Act, the



and the head of the legal person) of a person



(b)) worker who participates in the activities of the legal person, or



(c)) the person who is directly involved in the activities, the performance of this

legal person authorised another.



(5) provide an incentive for the purposes of this Act, a fee, reward or

pecuniary or non-pecuniary advantage.



(6) the Czech National Bank shall issue a decree on quality requirements

procedures, rules, and principles referred to in paragraph 2 and the obligation referred to in

paragraphs 1 and 3 to the extent that it does not regulate directly applicable provision

The European Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6).



Credentials of another



Article 23 of the



Obhospodařovatel investment fund or foreign investment

the Fund may delegate an individual activity which includes

management of an investment fund or foreign investment

the Fund, the other only if the



and) this was notified in advance the Czech National Bank,



(b)) this does not prevent the performance of the Czech National Bank supervision of the fulfilment of the obligations

This translates into higher laid down by this law, on the basis of this

the law, directly applicable European Union law

management of investment funds ' ^ 2 ') or its obligations under

of the Statute of the investment fund or of the comparable

the document of the foreign investment fund,



(c)), it does not prevent this obhospodařovatel carries out its activities

in relation to this Fund properly and prudently and acted in the best interest of the

shareholders, partners or beneficiaries of this Fund,



(d)) ensures that this obhospodařovatel can control and its

commands affecting the performance of the activities authorised,



(e)) ensures that can cancel with immediate effect when this credential,

If it is in the interest of shareholders, members or beneficiaries of this Fund,



(f)) is able to justify this credential, even in relation to other

performance mandate individual activity which involves the management of

This Fund, and in relation to the mandate of the next some action from this

activities,



g) is able to certify that the one who has to be entrusted with, satisfies the conditions

under section 25, and that this mandate was preceded by a careful selection, and



h) the statute or comparable document that Fund defines this activity

as the operation the power to delegate to another.



section 24



(1) when compliance with the obhospodařovatel investment fund or foreign

investment fund performance another individual activity which includes

management of an investment fund or foreign investment

the Fund shall establish, maintain and apply appropriate measures to control with the

risks and regularly checks the performance of this activity.



(2) the Mandate of another performance of each activity referred to in paragraph 1

remains in relation to third parties unaffected obligation

translates into higher investment fund or foreign investment

Fund to replace the injury breach of its obligations under this

by law, on the basis of this Act, a directly applicable regulation of the European

Union in the field of investment funds management ^ 2) or its

the obligations arising from the Statute of the European Investment Fund or from the

the comparable document of a foreign investment fund.



§ 25



(1) Obhospodařovatel investment fund or foreign investment

the Fund may delegate an individual activity which includes

management of an investment fund or foreign investment

the Fund only



and) who has the necessary substantive, organizational and personnel prerequisites for

exercise that activity,



(b) the senior management) are credible and have the necessary knowledge and

experience to perform this activity,



(c)) who has a business or other authorization to pursue this activity,



(d)) which adheres to the rules of prudence that are comparable to the

the rules of prudence, under the law of the European Union, and is subject to supervision

supervisory authority of the State in which it has its registered office,



e) who is not the depositary of the Fund or the performance by a person authorised

the activities of the depositary and



(f)) who cannot lead to a conflict of interest between him and maturity

or between the latter and the common interests of the investors of the Fund.



(2) Obhospodařovatel investment fund or foreign investment

the Fund may delegate an individual activity which includes

management of an investment fund or foreign investment

the Fund, a person established or resident in a State which is not a Member

State only if it is ensured by the cooperation between the Czech National Bank and

supervisory authority of another Member State in which he has his registered office or residence.



(3) Obhospodařovatel authorized to exceed the record limit may delegate


the performance of each activity, which involves the management of

Investment Fund, which is not a standard Fund, or a comparable

foreign investment fund, even one who does not meet the requirement under

paragraph 1 (b). (f)), if the one who has to be entrusted with the performance of this

activities,



and has put in place the organizational assumptions) to ensure the proper, a separate

and impartial control of the conduct of such business,



(b)) is functionally and hierarchically separate the performance of this activity from their

other activities at risk of conflict of interest, and



(c)) shall establish, maintain and operate the procedures for managing conflicts of interest in accordance with

subparagraph (b)), including their discovery, preventing and reporting

unit-holders, partners or beneficiaries of this Fund.



section 26



Credentials next Commissionaire



(1) who has been entrusted with the Investment Fund's maturity or

foreign investment fund performance of individual activities,

includes the management of an investment fund or foreign

Investment Fund, may delegate any act or some

actions from this activity further, only if the



and agree in advance) with this obhospodařovatel,



(b)) this was notified in advance of the Czech National Bank and the



(c)) are similarly subject to the conditions provided for in § 23 and 25.



(2) who has been entrusted with the Investment Fund's maturity or

foreign investment fund performance of individual activities,

includes the management of an investment fund or foreign

Investment Fund, regularly checks the performance of an act or acts of the

activities, or which it commissioned a further referred to in paragraph 1.



(3) who was entrusted with the performance of any act or certain acts of the

the activities referred to in paragraph 1, it may further delegate the power or

Next, they are similarly subject to the conditions laid down in paragraph 1 (b).

a) and b), paragraph 2 and in paragraph 23 and 25.



section 27 of the



Relationship to European Union law



In other obligations authorized to exceed the record translates into higher

limit defined by articles 13, 16 to 25, 27 to 58, 60 to 64, 66 and 75 to 82

directly applicable European Union legislation, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



section 28



Obhospodařovatel funds for qualified investors and comparable

foreign investment funds exceed the determined limit unauthorized



For unauthorized exceed the record translates into higher limit that

the farmer is the only qualified investors ' funds and comparable

foreign investment funds, articles 7 to 10 of directly applicable

Regulation of the European Union governing the European venture

capital ^ 7) shall apply mutatis mutandis and section 20 (2). 5, § 22 para. 6 and sections 23 to 27

do not apply.



TITLE III



CAPITAL REQUIREMENTS



section 29



Initial capital requirements



(1) the initial capital shall not be less than the amount corresponding to 125 000

EUR, if the initial capital



and investment company) manages the standard Fund or

comparable foreign investment fund



(b)) of the investment company authorized to exceed the record limit that

It is not an investment company under (a)), and



(c)) with the permission of a foreign person pursuant to § 481, which is not comparable to the

Government investment fund.



(2) the initial capital shall not be less than the amount corresponding to 300 000

EUR, if the initial capital



and Government Investment Fund), which is the standard Fund



(b)) Government investment fund authorized to exceed the record

limit, which is not a government investment fund under (a)), and



(c)) with the permission of a foreign person pursuant to § 481, which is comparable to the

Government investment fund.



(3) initial capital investment company not listed in paragraph 1

(a). and) or (b)) and non-government investment fund

paragraph 2 shall be at least the amount equal to EUR 50 000.



(4) the initial capital for the purposes of this Act, the sum of the



and) paid-up capital (of registered capital)



(b)) of the paid-up share premium,



c) mandatory reserve funds



(d)) the other reserve funds created from profit after tax, with

the exception of reserve funds, and purpose-built



(e)) the difference retained earnings from previous periods, referred to in the financial

statements verified by the auditor and approved by the general meeting, which

the distribution of the general meeting has not decided, and unpaid losses

period including losses for previous accounting periods.



section 30



The minimum amount of capital



(1) an investment firm referred to in section 29 para. 1 (b). and) or (b)), and

a foreign person with permission under section 481 referred to in section 29 para. 1 (b).

(c) continually maintains capital) of at least one quarter of the total

administrative costs and one quarter of the depreciation of tangible and

intangible assets recognised in the previous accounting period, with

taking into account the changes in the scope of their activities.



(2) If a person has not referred to in paragraph 1 of its activities throughout the

the previous financial period, shall be used for the calculation referred to in paragraph 1

planned costs of administration and depreciation according to its business plan

activity.



(3) the Capital investment company, a government investment fund, and

foreign persons authorised under section 481 not for its entire

or its duration, fall below the minimum amount of initial capital

provided for in § 29 para. 1, 2, or 3.



(4) the basis for determining the amount of capital for the purposes of determining whether the amount of the

capital corresponds to the requirements referred to in paragraphs 1 and 3 shall be paid-up

capital, to which are added, in particular, the mandatory reserve funds, the emission

Premium and retained earnings from previous periods and from which shall be deducted

in particular, the value of intangible assets, and the loss brought forward from previous

period.



(5) the Czech National Bank shall issue a decree the rules for determining the amount of the

capital referred to in paragraph 4.



section 31



The capital increase



(1) an investment firm referred to in section 29 para. 1 (b). and increased capital)

According to § 30 para. 1 and 3, at least by the amount equal to 0.02% of the

the sum of the values of the assets it managed investment funds and

foreign investment funds in excess of the amount corresponding to 250

000 000 EURO, up to a sum equivalent to 10 000 000 euros.



(2) the amount by which the investment company will increase the capital referred to in paragraph

1, may be up to 50% covered by a guarantee of the Bank, the foreign bank or

insurance companies that have their registered office in a State that requires compliance with

the rules of prudence, under the law of the European Union or the rules that

The Czech National Bank considers as equivalent.



(3) in the calculation referred to in paragraph 1 shall be charged against investment funds and

foreign investment funds, investment company that manages,

regardless of whether the other mandated activities, which includes performance

their management, but not investment funds and foreign

investment funds, which was entrusted with the performance of other activities

that includes management.



(4) investment company referred to in section 29 para. 1 (b). (b)), and

foreign person authorised under section 481 specified in § 29 para. 1 (b).

(c)) in relation to her obhospodařovaným investment funds, which are not

standard, and comparable foreign fund investment funds

paragraphs 1 to 3 shall apply mutatis mutandis.



(5) an investment firm referred to in section 29 para. 1 (b). (b)) and foreign

person authorised under section 481 referred to in section 29 para. 1 (b). (c)) must



and) increase in accordance with articles 12 and 14 of the directly applicable legislation

The European Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6), capital

§ 30 paragraph 2. 1 and 3 and paragraph 1 by an amount corresponding to the risk of injury

in connection with the management of the investment funds that are not

standard, and comparable foreign fund investment funds

or



(b)) to be in accordance with articles 12 and 15 of the regulation directly applicable European

Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6), insured for

case of the obligation to compensate damage incurred in connection with

management of the investment funds that are not the standard Fund, and

comparable foreign investment funds.



(6) for the Government investment fund referred to in section 29 para. 2 (a). (b)), and

for a foreign person with permission under section 481 specified in § 29 para. 2

(a). (c)), if this is about his or her own management,

paragraph 5 shall apply mutatis mutandis.



§ 32



The location of the capital



(1) the Capital investment company authorized to exceed the record limit

and capital of foreign persons with the authorization pursuant to § 481, which is not

comparable to a government investment fund, can only be placed into

liquid assets, whose transformation into cash is

Maybe in the short term, this property value does not contain

the speculative element.



(2) the assets, which was the capital of autonomous investment fund

the authorized capital must not exceed the record level or foreign persons with


the authorisation under section 481, which is comparable to the Government investment

the Fund raised pursuant to § 31 para. 5 (b). and), can only be placed into

liquid assets, whose transformation into cash is

Maybe in the short term, this property value does not contain

the speculative element.



TITLE IV



PROVISION OF INVESTMENT SERVICES



§ 33



(1) if the obhospodařovatel investment fund or foreign

Investment Fund in the Czech Republic the activities referred to in article 11 (1) 1

(a). c) to (f)) for another



and) must exercise these activities comply with the same assumptions as

a securities dealer in the provision of investment services

of the customer assets management according to law

governing business on the capital market, and to the extent reasonably

the complexity and the nature of her activities referred to in section 11 (1) 1

(a). c) to (f)), in particular, will introduce in relation to those activities rules

a prudent provision of investment services, including rules for the performance of

the activities of the brokerage house Commissionaire, and rules for

the protection of property of the customer,



(b) complies with the rules, by analogy) capital adequacy laid down for

brokerage house, which is not a Bank and who is not entitled to

provide investment services investment instruments to trading

its own account and underwriting, or placement of investment instruments with

the commitment of their subscription, and



(c)) shall perform the following activities to another with professional care and in doing so

Similarly, the provisions of the law governing the capital market

concerning the provision of investment services by the same

securities, particularly the provisions governing the



1. the diary of trader in securities



2. the expertise of the people, which exercises securities dealer

activity,



3. conduct brokerage house with customers,



4. shortcut-bound securities traders,



5. the guarantee fund of securities dealers in relation to the activities of the

referred to in § 11 (1) 1 (b). c) or (d)), and



6. information duties of the brokerage house, with the exception of

transaction reporting.



(2) if the obhospodařovatel investment fund or foreign

Investment Fund in the Czech Republic the activity referred to in section 11 (1) 1

(a). (c)) for another, shall not, without the prior express consent of this

the customer with such dealings to invest its assets in units

sheets or securities issued by obhospodařovaným

Investment Fund or foreign investment fund or use

This asset to the customer became otherwise pool,

Companion, a person, which increased the assets of the Fund contract, or

the founder of an investment fund or managed by foreign

Investment Fund.



TITLE V OF THE



OBLIGATIONS RELATED TO THE OVERRUN SOME VOTING SHARES

THE RIGHTS OF CERTAIN LEGAL PERSONS



§ 34



The disclosure of certain information to the shareholders, partners or

beneficiaries of the Fund



(1) Obhospodařovatel authorized to exceed the record limit that in

relation to the proportions of voting rights relating to property it

managed investment funds, that are not the standard funds,

or comparable foreign investment funds exceeded the share in the

the rate of 50% on all voting rights of the legal person, whose

the securities are not admitted to trading on the European

regulated market and



and) which meets at least 2 of the following 3 criteria:



1. total number of employees in an employment relationship are at least equal to the number of

250,



2. the net annual turnover in the last financial statements corresponding to the amount of

at least EUR 50 000 000, or



3. the total amount of assets corresponding to the amount according to the latest financial statements

at least EUR 43 000 000, or



(b)) whose sole activity is the acquisition, disposal or management of

immovable property or rights associated with ownership of real estate,



shall ensure that the shareholders, partners or beneficiaries of this Fund

details of the funding made available to exceed this proportion.



(2) Obhospodařovatel referred to in paragraph 1 shall ensure that the shareholders,

shareholders or beneficiaries of the Fund in the period in which they should be

made available to the annual report of the Fund, disclosed the following information:



and objective examination of the development of business) controlled legal entities

in the accounting period,



(b) a description of all significant events) that relate to the controlled

legal persons and which occurred after the end of the accounting period,



c) data on the expected future development of business controlled

legal persons and



d) details of the acquisition of its shares controlled by legal entities in

the scope of the law governing legal relations of business

companies and cooperatives, if the legal person incorporated

companies, or data on the acquisition of own securities

This person in a comparable range, if this person is a foreign

the person with the joint-stock company.



(3) the obligation referred to in paragraph 2 does not comply with obhospodařovatel, if

According to the § 234 para. 2 (a). d). Obhospodařovatel chooses whether to proceed

pursuant to paragraph 2 or § 234 para. 2 (a). (d)).



(4) for the purposes of calculating the proportion of the voting rights referred to in paragraph 1 shall

the share of voting rights translates into higher count related

the assets managed by investment funds, which are not

the standard Fund, or comparable foreign investment funds,

regardless of whether they are performed, and the voting rights of the participating

securities or shares,



and at the disposal of another person), which is in conformity with the

maturity,



(b)) that has the ability to temporarily carry out obhospodařovatel on the basis of

contracts for pecuniary interest,



(c)) that have been obhospodařovateli or obhospodařovanému by the pool

provided as collateral



(d)) to which it has obhospodařovatel or his management of the Fund

a lifetime usufruct,



(e)) which manages the obhospodařovatel farms, or are

stores, were awarded to him by the owner of the special commands related to

the vote,



(f)) that has the option in its own name on behalf of translates into higher or

the Fund of Fund to carry out the other person,



g) that are exercised by maturity on the basis of power of Attorney,

If this law can exercise at its discretion, and if he were not

the principal granted special instructions regarding voting, or



h) which is entitled to take unilateral manifestation of obhospodařovatel

will.



(5) Controlled legal person for the purposes of this Act, the

legal person on whose voting rights have exceeded the share of

in a way, and in the amount provided for in paragraph 1 or in section 35 para. 3.



§ 35



The disclosure of certain information to the legal person and its controlled

to the shareholders



(1) Obhospodařovatel referred to in § 34 paragraph 1. 1 shall provide, without undue

delay after he learns or learn could share that exceeded

controlled legal entity and its companions, whose identity and

the address is unknown or whose identity and address can learn from

the legal person or from a public index, have been made available

details



and the proportion exceeded)



(b)) of the date on which the share has been exceeded,



(c)) on the final holding of voting rights controlled legal

of the person,



(d)) the data needed to identify interested partners and people

entitled to exercise voting rights on their behalf; If it is possible,

These data will complement the graphical representation of the relationships between persons whose

through the voting rights are exercised, and information about other

the conditions that have led to the breaching of the share



(e)) of the intentions translates into higher in relation to future development activities

controlled legal entities and their impact on her staff,

particular with regard to the prospect of possible major changes in conditions

work of its staff,



f) data necessary to identify translates into higher and possibly other people,

that acting in concert,



g) on the management of conflicts of interest, including their detection and avoidance,

in particular, between the maturity, the Fund concerned and controlled

a legal entity, including information on the specific measures to ensure

that this contract's maturity and controlled legal

a person will not be significantly non-equilibrium, and



(h)) on the procedures governing the internal and external communication, controlled

legal persons, in particular in relation to its employees or their

representatives.



(2) the information referred to in paragraph 1 (b). a) to (d)) shall be made available to the

no later than 10 working days after the obhospodařovatel referred to in

§ 34 paragraph 1. 1 know or learn could share exceeded.



(3) to exceed the record translates into higher authorized limit that

in relation to the shares of the voting rights relating to property

managed by investment funds, which are not standard

Fund, or comparable foreign investment funds, has reached or

exceeded the proportion of 30% on all of the voting rights of a legal


the person to whom issued the securities are admitted to trading

on a regulated European market, in the case of a legal person established in the

The Czech Republic, or the equivalent of the applicable limit

provided for by the law of another Member State for the purposes of the statutory

takeover bids, in the case of a legal person established in that other

Member State, the provisions of paragraph 1, with the exception of point (a). a) to (e)), the

by analogy.



(4) for the calculation of the proportion of voting rights pursuant to paragraph 3 of section 34

paragraph. 4 apply mutatis mutandis.



section 36



The disclosure of certain information to employees of controlled legal

persons or their representatives



(1) Obhospodařovatel referred to in § 34 paragraph 1. 1 when disclosure of information

According to § 35 para. 1 (b). a) to (e)) controlled legal person asks

the statutory body of this person, that this body has made available without undue

delay, employees of that person or their representatives information provided in §

35 para. 1 (b). a) to (e)), and within its capabilities, ensure that the

the statutory body of this obligation is fulfilled.



(2) Obhospodařovatel referred to in § 34 paragraph 1. 1 or § 35 para. 3 when you

disclosure of the information referred to in section 35 para. 1 (b). f) to (h))

controlled legal entity shall request this person's statutory authority to

This authority has made available without undue delay to the employees of that person

or their representatives information provided in § 35 para. 1 (b). f) to (h)), and in

within its capabilities, ensure that the statutory authority of this obligation

fulfilled.



(3) Obhospodařovatel referred to in § 34 paragraph 1. 1 so requested by the governing body

controlled legal entities to this authority within the time limit, which must be

prepared annual report of this person pursuant to the relevant laws,

regulations, has made available to employees of that person or their representatives

This person's annual report containing the information referred to in § 34 paragraph 1. 2, and in

within its capabilities, ensure that the statutory authority of this obligation

fulfilled.



(4) the obligation referred to in paragraph 3, the procedure does not comply with obhospodařovatel-a

According to the § 234 para. 2 (a). (d)); in this case, obhospodařovatel

referred to in § 34 paragraph 1. 1 statutory authority controlled legal requests

Parties to this authority within the time limit, which should be made available to the annual

the message of the shareholders of the Fund, the shareholders or beneficiaries,

This person has made available to employees and/or their representatives with the information referred to

in § 34 paragraph 1. 2, and within its capabilities, ensure that the statutory authority

This obligation is fulfilled.



(5) a representative of employees, for the purposes of this Act, a Trade Union

the Organization, the Board staff representative for the safety and protection of the

health at work or the employees ' representatives under the law of a foreign State.



§ 37



Prevent certain dispositions of assets controlled by legal entities



(1) Obhospodařovatel referred to in § 34 paragraph 1. 1 or § 35 para. 3 prevents

for a period of 24 months from the date on which that reached or exceeded the proportion of

of voting rights pursuant to § 34 paragraph 1. 1 or § 35 para. 3,



and) distribution of profit or other own resources controlled legal

the person between its members,



b) capital reduction controlled legal entities, where appropriate,

reduction in comparable quantities, in the case of a legal person established in the

abroad, and



(c)) the capital of the acquisition of shares, comparable to the indication, in the case of

legal person established abroad, or of the voting rights

controlled legal entity to its assets.



(2) the provisions of paragraph 1 (b). and) shall apply only in the case that



and the value of the assets less the) liabilities controlled legal entities

determined in accordance with the last ordinary financial statements is lower, or in

as a result of this Division was lower than the amount of the share capital,

where appropriate, comparable quantities, in the case of a legal person established in the

abroad,



1. increased on the part of the reserve funds, or about the reserve funds, which

cannot be used for the performance of its partners, and



2. the reduced level of unpaid share capital or a comparable

quantity, in the case of a legal person established abroad, that is not

included in the balance sheet as an asset, or



(b) the amount of a distribution) between the partners exceeds the amount of the result

management of the last reporting period



1. plus any retained earnings from previous periods and the payment of

reserve funds designated for that purpose, and



2. less losses from the previous period and allocations to reserves and

other funds in accordance with the law and the social contract of a controlled

of the legal entity.



(3) the provisions of paragraph 1 (b). (b)) shall apply only in the case that a reduction

the capital or comparable quantities in order to meet losses

or for the purpose of transfer to the Reserve Fund and the payment of future losses and

the amount of such reserve funds exceeds 10% of the reduced basic

capital or less comparable quantities.



(4) the provisions of paragraph 1 (b). (c)) shall be used only in the event that this

the acquisition, including the shares that have the person owns and shares held

others on its behalf, has led to a decline in the value of assets minus liabilities

of the legal person under the amount of its capital, or

comparable quantities, in the case of a legal person established abroad,



and plus those parts) reserve funds or reserve funds, which

cannot be used for the performance of its partners, and



(b)), less outstanding share capital, or a comparable

quantity, in the case of a legal person established abroad, that is not

included in the balance sheet as an asset.



PART THREE



ADMINISTRATOR



TITLE I OF THE



ADMINISTRATION AND ADMINISTRATOR



Part 1



Basic provisions



§ 38



Administration



(1) the administration of the investment fund or foreign investment

the Fund shall in relation to the Fund the following activities:



a) bookkeeping,



(b)) the provision of legal services;



c) compliance and internal audit,



d) handling of complaints and claims of the investors,



e) valuation of its assets and debts,



(f) calculation of the current value) of a security and the book-entry securities

the paper published by this Fund,



g) fulfilment of the obligations relating to taxes, fees or other

a similar cash transactions



h) maintenance of a list of owners of securities and uncertificated securities

securities issued by the Fund, and worked as an administrator

obhospodařovatel this Fund, securities custody and record keeping

book-entry securities issued by the Fund,



and the distribution and payment of the proceeds) of the assets of this Fund,



j) ensuring the issuance, Exchange and sale of securities and

book-entry securities issued by the Fund, and,

manages an administrator as obhospodařovatel this Fund,

the offering of investment in this Fund,



to copy and update) of the annual report and half-yearly reports of the

the Fund,



l) copy and update the communication of key information of the Fund

or a comparable document under the law of a foreign State and the implementation of its

changes,



copies of the promotional m) communication concerning this Fund,



n) disclosure, disclosure and provision of information and documents

unit-holders, beneficiaries or to the shareholders of that Fund and others,



o) data reporting and the provision of documents, in particular the Czech national

the Bank or the supervisory authority of another Member State,



p) the performance of other activities related with the economy with the values in the property

This Fund, for example,



1. the performance of advisory activities regarding capital structure, industrial

strategy and related issues parties to this Fund

shareholding,



2. the provision of services relating to transformation of companies or

transfer of business establishments to persons, which is of the Fund assets

participation, and



3. maintenance of the individual case in the assets of this Fund,



q) the distribution and payment of cash transactions in connection with the abolition of

This Fund,



r) record on the issue and sale of securities and

book-entry securities issued by the Fund and the



with the execution or procurement activities) referred to in paragraph 2.



(2) the administration of the investment fund or foreign investment

the Fund may, where appropriate, be the following:



and) storage of securities and uncertificated securities record-keeping

securities issued by the Fund, or



(b)) to this fund offering of investment.



(3) the activities referred to in paragraph 1 (b). (c)), and p) where the administrator

Investment Fund or to a foreign investment fund in relation to the

This fund only if it is agreed in the contract of administration.



(4) the administration of the investment fund or foreign investment

the Fund includes the administration of its sub-funds or comparable

device. Where this Act uses the term "administration of the investment

the Fund or to a foreign investment fund "means the i

administration of its sub-funds or comparable device. Where this

the law uses the term "administrator of the investment fund or foreign

Investment Fund "means the administrator of its sub-funds or even

comparable devices. All of the sub-funds of one investment fund

must have the same administrator.




(5) to carry out the administration of the investment fund, no person shall without the permission of

granted in accordance with this Act, the Czech National Bank, unless otherwise specified in this

Act or any other legislation provides otherwise.



§ 39



Other business request permissions



(1) each activity that involves the administration of investment fund

or to a foreign investment fund, can be exercised on the basis of another

permissions than the relevant authorisation granted by the Czech National Bank

under this Act; the activities carried out by the administration are not, however, as follows

Investment Fund or to a foreign investment fund.



(2) for the implementation of administration or to a foreign investment fund

Investment Fund by a person with the appropriate permission has been granted by the Czech

National Bank under this law is another permission not required; by

are without prejudice to paragraphs 3 and 4. For the implementation of individual activities,

includes the administration of the investment fund or foreign investment

the Fund, the administrator of an investment fund or foreign

Investment Fund for the one who adheres to the prudential rules which

are comparable to those of prudence under the law of the European Union, and

subject to supervision of the supervisor, the other does not require permissions; by

are without prejudice to paragraphs 3 and 4.



(3) to conduct business in accordance with § 38 paragraph 1(a). 2 (a). and) requires a permit

to the provision of investment services safekeeping and administration of financial instruments

including related services or permit to carry on business in accordance with § 11

paragraph. 1 (b). (d)) for another.



(4) to conduct business in accordance with § 38 paragraph 1(a). 2 (a). (b)) requires a permit

to the provision of investment services for reception and transmission of information on

the Investment Toolbox or the authorisation to pursue the activity in accordance with § 11

paragraph. 1 (b). (e)).



(5) for the performance of any activity which involves the administration of

Investment Fund or to a foreign investment fund,

maturity in relation to obhospodařovaným by investment funds

or foreign investment funds, the authorisation referred to in paragraph 3 or 4

does not require.



(6) a person who is authorized to perform administration of special funds, may

exercise and individual activities which includes administration

standard funds or comparable foreign investment funds.



section 40



Administrator



(1) whoever carries out the administration of the investment fund or foreign

Investment Fund for the account of the Fund, its administrator. Each

Investment Fund can only have one administrator.



(2) the administrator of the standard Fund can only be his

obhospodařovatel.



(3) investment fund with legal personality may not administer

another investment fund or to a foreign investment fund.



§ 41



The main administrator



The main administrator is a legal person with a registered office in the Czech Republic,

that is on the basis of authorisation granted by the Czech National Bank shall be entitled to

to carry out the administration of the investment fund or foreign investment

the Fund, while not authorised to manage investment funds or

foreign investment funds.



Part 2



Business permission



§ 42



The main scope of business administrator



(1) the main administrator can administer investment funds,

that are not standard, or comparable foreign Fund

investment funds or to carry out the various activities, which include

administration of investment fund or to a foreign investment fund,

only to the extent stated in the authorisation in the Czech National Bank.



(2) the Chief Administrator, which is not a bank or securities dealer

papers, may be exercised only as an entrepreneur activity that directly

related to the administration of its own assets.



§ 43



Business permission



(1) Permission to administer investment funds and foreign

investment funds arises a legal person registered in the commercial

Register



and the date of application) of the decision on the grant of the Czech National Bank

authorized to practice



1. an investment company pursuant to § 479,



2. Government investment fund under section 480,



3. foreign persons according to § 481, or



4. the Central administrator, pursuant to section 482,



(b)) a later date that is listed in the propositional decision section

referred to in point (a)), or



c) the day on which it is entered in the commercial register, if

the investment fund referred to in § 9 para. 1.



(2) permission to the administration of the investment fund or foreign

Investment Fund creates a legal entity that is not registered in the

the commercial register and the Czech National Bank has granted an authorisation under

§ 479, 480, 481 or 482 or be registered in the appropriate list

under section 513, the date of its registration in the commercial register.



§ 44



Administration of investment fund a foreign person



(1) a foreign person referred to in section 14 para. 1 can perform administration

standard Fund, which manages.



(2) a foreign person referred to in section 14 para. 2, which has its registered office in a Member

the State may administer a special fund, which

manages, or Fund of qualified investors, which

manages.



(3) for a foreign person referred to in paragraph 1 or 2, if done

the administration of the investment fund, with section 47, 48 and 50 to 53 shall not apply.



TITLE II



RULES OF OPERATION AND MANAGEMENT



§ 45



Professional care



The administrator of an investment fund or a foreign investment fund

is required to administer the Fund, with professional care.



§ 46



The orderly and prudent exercise of business



(1) the administrator of an investment fund or foreign investment

the Fund carries out activities properly and prudently.



(2) to ensure the sound and prudent conduct of the administrator

Investment Fund or to a foreign investment fund shall establish, maintain

and apply the management and control system.



§ 47



Management and control system



(1) the management and control system of the administrator of the investment

the Fund or to a foreign investment fund are always



and the strategic and operational management),



(b)) and the internal rules of the organisation, which govern it,

a clear definition of activities, including the activities of the authorities of the administrator

and the committees which he established, and related competencies and decision-making

powers; in the framework of the organisation at the same time define the functions,

the pursuit of which is mutually incompatible,



(c)) risk management system, part of which is always accessing

administrator to the risks to which it is or may be exposed, including

the risks arising from internal or external environment, and

recognition, evaluation, measurement, monitoring, reporting and control

the risks, including the adoption of measures leading to the reduction of or

the impact of the occurrence of the risks and



(d)) the internal control system, part of which is always



1. review of the subordinates of their superiors,



2. compliance and



3. internal audit providing independent and objective internal control

the performance of the activities of the administrator and the exercise of the activity translates into higher in

relation to the investment fund or to a foreign investment fund, whose

administration of the site, and the submission of clear recommendations to ensure

remedy shortcomings identified as the appropriate level of management.



(2) the part of the management and control system of the administrator of the investment

the Fund or to a foreign investment fund are further



and) a system of internal and external communication,



(b)), monitoring, evaluation and updating of the internal rules,



(c)) to control conflicts of interest in the performance of their activities, including surveys,

preventing and reporting to the shareholders, partners or beneficiaries of this

the Fund,



d) handling of complaints and claims the unit-holders or shareholders of the Fund

collective investment undertakings, whose administration is performed, or persons in

a comparable position, comparable to a foreign investment fund,

the Administration is carried out



e) accounting investment fund or foreign investment

the Fund, which the Administration performs, including accounting for assets

the Fund and the keeping of the accounts of the administrator



(f) checking the activities of persons) that are not its employees and using

which he carries on business,



(g) ensuring the smooth execution of the activity) and permanent operation of this

the administrator on the financial market, in accordance with the subject and his plan

activities,



(h) trust and assurance necessary) knowledge and experience of the persons

that activity,



I) inspection and safety measures when handling and registration

information,



j) evidence of underwriting, the issue and sale of securities and

book-entry securities issued by investment fund or

foreign investment fund, whose administration is being carried out



the procedures for the valuation of assets) and debts of an investment fund or

foreign investment fund, whose administration is being carried out and



l) ensure compliance with the rules of conduct.



(3) the management and control system, the administrator of an investment fund or

foreign investment fund must be effective and coherent and reasonable

the nature, scale and complexity of the activities to be performed by him in his whole

sections.




(4) the administrator of an investment fund or foreign investment

pool validates and regularly evaluate the effectiveness, coherence and adequacy of the

management and control system in its whole and parts, and without this preliminary

undue delay, the appropriate remedy.



(5) the Czech National Bank shall issue a decree on quality requirements

management and control system administrator of an investment fund or

foreign investment fund, to the extent that it does not regulate directly

to use the European Union regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

^ 6) funds.



§ 48



Personnel equipment



(1) Personnel facilities administrator of an investment fund or

foreign investment fund must be proportionate to the nature, scale and

the complexity of the range of activities undertaken by it.



(2) the administrator of an investment fund or foreign investment

the Fund shall ensure that a person that carries on business have been

trusted and that they have sufficient knowledge and experience necessary for the

the proper performance of the tasks assigned to them, in particular, knowledge of procedures and regulations

necessary for the proper performance of their duties related to performance

This activity.



(3) the administrator of an investment fund or foreign investment

the Fund will ensure that the scope and nature of the activities carried out by persons

referred to in paragraph 2 do not prevent the effective exercise of individual activities.



(4) the administrator of an investment fund or foreign investment

the Fund must have at least 2 people that have a sufficient

experience with the performance of operations necessary for the proper performance of this function.



§ 49



Rules of conduct



(1) the administrator of an investment fund or foreign investment

It is in the performance of the activities of the Fund



and, qualified) honestly and fairly and



(b)) in the best interest of the shareholders, members and beneficiaries of the Fund.



(2) the administrator of an investment fund or foreign investment

the Fund shall establish, maintain and operate



and procedures for informing about), carried out an instruction to issue or repurchase

securities, or securities issued by the

the Fund and the



(b)) rules for the adoption, offering or providing incentives.



(3) the administrator of an investment fund or foreign investment

the Fund also



and ensures the issue and properly) sale of securities and uncertificated

securities issued by the Fund and inform the owners of the

These securities or book-entry securities,



(b)) does not offer advantages that cannot be reliably guarantee



(c) non-cash payment), if it does not exclude their nature,



(d)) do not spread false or misleading information,



e) effort, which can require an investment fund

or to a foreign investment fund, whose administration is performed, or

unit-holders, partners or beneficiaries of this Fund to avoid

unjustified costs, in particular, free of charge, shall execute the complaint or

the claim-holder or shareholder of the Fund for collective investment or

the comparable foreign investment fund,



(f)) does not accept, will not offer or does not provide an incentive, which can lead to

violation of the obligations laid down in paragraph 1,



g) not applicable deductions, surcharges or fees directly related to the

the issuance or redemption of securities or book-entry securities

papers referred to in the statute or in an equivalent document standard

Fund or a comparable foreign investment fund, are a valuable

papers or book-entry securities issued by the Fund acquired in the

property or disposed of property fund or another standard

the comparable foreign investment fund of Fund

obhospodařovateli, who are members of the same group,



h) be governed by the conflict of interest, including that it detects, prevents, and

the unit-holders, partners Announces or beneficiaries of this Fund,



I) adheres to the status of an investment fund or a comparable document

foreign investment fund, whose administration is being carried out



j) adheres to section 1843 of the civil code providing for information

obligations in connection with the conclusion of the contract on financial services.



(4) the Czech National Bank shall issue a decree on quality requirements

procedures and rules referred to in paragraph 2 and the obligation referred to in

paragraphs 1 and 3 to the extent that it does not regulate directly applicable provision

The European Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6).



Credentials of another



§ 50



The administrator of an investment fund or a foreign investment fund

may delegate individual activities, which includes administration

Investment Fund or to a foreign investment fund, another only,

If



and) this was notified in advance the Czech National Bank,



(b)) with the consent of obhospodařovatel of this Fund,



(c)) this does not prevent the performance of the Czech National Bank supervision of the fulfilment of the obligations

This Fund and this translates into higher administrator set

This Act, on the basis of this Act, a directly applicable regulation

The European Union in the field of investment funds management ^ 2) or above

the fulfilment of their obligations arising from the Statute of the

an investment fund or a comparable document from

foreign investment fund,



(d)), it does not prevent the obhospodařovatel of this Fund and this

the Administrator pursued their activities in relation to this Fund properly and

carefully and act in the best interest of shareholders, members or

beneficiaries of this Fund,



(e)) ensures that the administrator of the Fund can control and its

commands affecting the performance of the activities authorised,



(f)) ensures that the administrator of the Fund may with immediate

to cancel the effect this mandate, if it is in the interest of shareholders, the shareholders

or beneficiaries of this Fund, and



(g)) the statute or comparable document that Fund defines this activity

as the operation the power to delegate to another.



§ 51



(1) shall assign to an administrator or to a foreign investment fund

investment fund performance another individual activity which includes

administration of investment fund or to a foreign investment fund,

establish, maintain and apply appropriate measures to control with the

risks and regularly checks the performance of this activity.



(2) the Mandate of another performance of each activity referred to in paragraph 1,

remains in relation to third parties unaffected duty administrator

Investment Fund or to a foreign investment fund to replace the injury

resulting from breach of its obligations under this Act, on the basis of

This law or directly applicable European Union law

management of investment funds ' ^ 2 ') or its obligations under

from the Statute of an investment fund or a comparable document from

of the foreign investment fund.



§ 52



The administrator of an investment fund or a foreign investment fund

may delegate individual activities, which includes administration

Investment Fund or to a foreign investment fund, only



and) who has the necessary substantive, organizational and personnel prerequisites for

exercise that activity,



(b) the senior management) are credible and have the necessary knowledge and

experience to perform this activity, and



(c)) who has a business or other permissions to perform this operation.



§ 53



Credentials next Commissionaire



(1) who has been commissioned by the administrator of an investment fund or

foreign investment fund performance of individual activities,

includes the administration of the investment fund or foreign investment

the Fund may delegate any act or some of the operations of this

further, if the activity



and agree in advance) with obhospodařovatel of this Fund,



(b)) this was notified in advance of the Czech National Bank and the



(c)) are similarly subject to the conditions provided for in § 50 and 52.



(2) who has been commissioned by the administrator of an investment fund or

foreign investment fund performance of individual activities,

includes the administration of the investment fund or foreign investment

the Fund regularly monitor the performance of an act or acts of this activity,

or which it commissioned a further referred to in paragraph 1.



(3) which was commissioned by the administrator of an investment fund or

foreign investment fund referred to in paragraph 1, the performance of a

the Act or some of the operations of the business which includes the administration of

This Fund, it may further delegate the power or another,

Similarly, if the conditions laid down in paragraph 1 (b). and) and (b)),

paragraph 2 and in paragraph 50 and 52.



§ 54



Keeping records



(1) the administrator of an investment fund or foreign investment

the Fund will ensure record keeping



and securities accepted for the) custody and book-entry securities

issued by the investment fund or foreign investment fund,

the Administration is carried out and



(b)) on the issue and sale of securities and uncertificated securities

securities issued by investment fund or foreign investment

the Fund, whose administration is carried out.




(2) the administrator of an investment fund or foreign investment

the Fund is for record-keeping purposes referred to in paragraph 1 to conduct social security

the number of participants of trades.



(3) the Evidence referred to in paragraph 1 shall be in an electronic form.



section 55



Relationship to European Union law



Next, the obligations of the administrator of the Special Fund, the Fund

qualified investors or a comparable foreign investment

Fund of Fund's maturity the legitimate exceed

record limit defined by articles 16 to 24, 26, 57 to 62 and 65 to 82 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



§ 56



Administrator of the funds for qualified investors and comparable

foreign investment funds managed maturity

unauthorized exceed the record limit



For the administrator of the funds for qualified investors and comparable

foreign investment funds managed maturity

referred to in section 28, the administration of these funds in the scope of § 47 para. 5, §

paragraph 49. 4 and § 50 to 53 and section 55 shall not apply and articles 7 to 11 directly

of the applicable legislation of the European Union relating to the venture

capital ^ 7) shall apply mutatis mutandis.



TITLE III



CAPITAL REQUIREMENTS



§ 57



Initial capital requirements



The initial capital of the Central administrator shall be at least the amount of the

corresponding to EUR 50 000.



§ 58



The minimum amount of capital



(1) the Capital of the main administrator must not throughout its duration

fall below the minimum amount of initial capital prescribed in § 57.



(2) the basis for determining the amount of capital for the purposes of determining whether the amount of the

capital corresponds to the request referred to in paragraph 1 shall be paid-up

the capital's main administrator, to which are added, in particular,

mandatory reserve funds, the share premium and retained earnings from previous

period and from which shall be deducted, in particular, the value of intangible assets and

accumulated losses from previous years.



(3) the Czech National Bank shall issue a decree the rules for determining the amount of the

capital referred to in paragraph 2.



TITLE IV



CONTRACT FOR ADMINISTRATION



§ 59



(1) a contract for the Administration is the administrator of an investment fund or

Foreign Investment Fund commits to administer this

the Fund and the obhospodařovatel of the Fund undertakes to pay

the administrator for this administration fee.



(2) the contract of Administration must be in writing.



(3) the administrator of an investment fund or foreign investment

the Fund may delegate an individual activity which includes

administration of investment fund or to a foreign investment fund,

but, if this was agreed in the contract of administration.



(4) the provisions of this Act on the performance credentials of another individual

activities, which includes the administration of the investment fund or

foreign investment fund, are not affected by paragraph 3.



(5) the contract of Administration translates into higher investment fund or

foreign investment fund also undertakes to



and the administrator of the Fund) to provide assistance to this

the administrator could fulfil the obligations arising from legislation and the



(b) to communicate to the administrator of the Fund) and the depositary of the Fund,

whose administration the administrator performs, the facts relevant to the

the performance of their activities, of which it becomes aware, and to pass him in this

the context of the necessary documents and keep records.



(6) the administration of the administrator of an investment fund or

foreign investment fund also undertakes to



and obhospodařovateli) to provide assistance to obhospodařovatel

to fulfil the obligations arising from legislation and the



(b) to communicate to the obhospodařovateli and to the depositary) investment fund or

foreign investment fund, whose administration is being carried out

the facts relevant to their activities, of which it becomes aware, and to pass

in this context, the necessary documents, and keep records.



PART FOUR



The DEPOSITARY



TITLE I OF THE



BASIC PROVISIONS



section 60



The depositary



(1) the depositary of an investment fund or a foreign investment fund

is a person who is entitled to contract on the basis of depozitářské



and assets held in custody) have a mutual fund or foreign

Investment Fund,



(b)) establish and maintain cash accounts and record any movement of cash

funds belonging to the assets of an investment fund or foreign

Investment Fund and



(c)), register and check the status of other property investment fund or

foreign investment fund than property referred to in (a)), and

(b)).



(2) the depositary of a foreign investment fund, whose home State

It is not a Member State, and which manages the investment company, or

a foreign person with permission according to § 481, shall be a person referred to in section

327.



§ 61



Incompatibility



The depositary of an investment fund shall not be obhospodařovatel this Fund.



§ 62



Professional care and acting in the best interest of



(1) a depository investment fund activity depositary is obliged to

to perform with professional care and act in the best interest of the performance

an investment fund, of which he is the depositary, and shareholders, members or

beneficiaries of this Fund.



(2) a depositary shall perform the duties arising from this Act or from the

depozitářské of the Treaty in a way that corresponds to the nature, scale and

the complexity of the activities performed by him.



§ 63



Special rule for the provision of financial collateral



Without the prior consent of translates into higher investment fund shall not

the depositary of the Fund to use its assets in custody or

in custody for the purposes of their own or any other person.



§ 64



Conflicts of interest



(1) to ensure the sound and prudent exercise of the activities of the depositary

Investment Fund shall establish, maintain and operate the procedures for managing

conflicts of interest between him, this Fund, this Fund's maturity and

shareholders, partners or beneficiaries of the Fund, including surveys,

preventing and reporting these conflicts of interest.



(2) if there is a conflict of interest in accordance with paragraph 1, it shall notify the depositary

Investment Fund without undue delay obhospodařovateli this

the Fund, as well as to the shareholders, partners or beneficiaries of this Fund.



§ 65



Separation performance of other activities from the performance of the activities of the depositary



(1) the depositary of an investment fund may for this Fund to carry out other

activity than the activity of the depositary of the Fund.



(2) if the performance of this other activity flow to conflict of interest by

§ 64 para. 1, the depositary of the Fund must have in place organizational

prerequisites for ensuring the effective performance of the other activities of the Department of

the activities of the depositary to minimise this conflict of interest.



(3) to appreciate the property and debts of the investment fund, of which he is the depositary, the

or calculate the current value of the share certificate or an investment

investment fund shares are issued by the depositary of such investment may

the Fund only if it is to put in place the organizational assumptions



and for the valuation of assets) and debts of the Fund, or for the calculation of

the current value of investment shares and the share certificate issued by the

the Fund, and



(b) to ensure the effective separation of power) of this activity from the activities

the depositary of the Fund.



§ 66



Procedure for the detection of imperfections



If it finds a depository investment fund in the performance of its activities

the fact obhospodařovatel suggesting that the Fund violated

obligation imposed on him by this Act, on the basis of this Act, directly

the applicable law of the European Union in the field of management

investment funds ^ 2), the Statute of this investment fund or

depozitářskou contract, without undue delay after this finding with it

discuss this fact.



§ 67



Depozitářská contract



(1) a depositary agreement with Depozitářskou Investment Fund commits in

scope of the obligations resulting from this Act to carry on business

the depositary of the Fund and the Fund is committed to obhospodařovatel

to fulfil the obligations arising in connection with the performance of the activity

the depositary of this Act and apply to the depositary of the Fund for its

activity fee.



(2) Depozitářská agreement requires the written form.



TITLE II



THE DEPOSITARY OF THE FUND FOR COLLECTIVE INVESTMENT



§ 68



The obligation to have one of the depositary



Each Fund is a collective investment undertaking must have only one CSD.

If permitted by the articles of Association of the Fund the creation of a depository of this sub-fund,

Fund activity depositary for these sub-funds.



§ 69



Persons who may be the depositary of the



(1) the depositary of a collective investment fund can only be



and the Bank is based in) the Czech Republic,



(b)) a foreign bank that has a branch located in the Czech Republic,



c) a securities dealer that is not a Bank and that



1. is obliged to comply with capital adequacy in accordance with § 9 and 9a of the law

governing the capital market and



2. authorisation to provide investment services safekeeping and administration

investment instruments, including related services, or



(d) a foreign person)



1. enable the supervisory authority of another Member State to provide the


investment services safekeeping and administration of financial instruments, including

related services,



2. provides investment services in the Czech Republic through the

a branch of the business establishment and



3. shall comply with capital adequacy in accordance with § 9 and comparably

9A of the law governing business on the capital market.



(2) the depositary of the Fund for collective investment must be created

prerequisites to perform the duties of the depositary of the Fund of collective

the investment under this Act, a directly applicable regulation

The European Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6) and directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the coordination of legislation in the field of

collective investment undertakings in relation to the agents the standard funds ^ 8).



section 70



Some elements depozitářské the contract



(1) the depositary of the Fund for collective investment and fund obhospodařovatel

collective investment in the depozitářské 's contract also define the way

mutual communication, including the way in which ensures record-keeping

about this communication, and the way the protection of confidential information and personal

of the data.



(2) in the other elements of the contract defined by article 83 depozitářské directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), and directly applicable provision of the European Union, which

implementing directive governing the European Parliament and of the Council coordinating the

legislation in the field of undertakings for collective investment in relation to agents

standard funds ^ 8).



§ 71



Custody, safekeeping and registration of the Fund's assets



(1) in the framework of the activities of the depositary the depositary of the Fund of collective

investing



and held in custody has fungible) investment tools in the assets of the Fund

collective investment undertakings to register them on the proprietary account that

the depositary of the Fund for collective investment leads to this Fund in

the central register of uncertificated securities, in a separate register

investment tools, registration related or similar

register kept by the law of the foreign State; depozitářská contract

the depositary of the Fund for collective investment entitles to ensure custody

fungible financial instruments and the establishment of ownership account for

This Fund at the Central Depositary of uncertificated securities, or

comparable equipment based or created by the law of the foreign

State, provided that paragraph 3 does not apply in this case,



(b)) has in the custody of investment vehicles and other assets of the Fund

collective investment undertakings, the nature, and it allows you to



(c)) provides evidence of the assets of the collective investment fund, whose

the nature of it.



(2) in the framework of the activities of the depositary the depositary of the Fund of collective

the investment also provides evidence of the collective assets of the Fund

the investment, which holds or is entitled to hold the main proponent (prime

Broker) of this collective investment fund.



(3) That the fungibility of the investment instruments referred to in paragraph 1. a) has

the depositary shall have in custody, as well as the method of carrying out the duties provided for

to in paragraph 1 shall be the depositary of the Fund for collective investment, define the

articles 88 to 90 of the directly applicable European Union legislation, which

implementing directive governing the European Parliament and of the Council of the administrator

alternative investment funds ^ 6), and directly applicable provision

The European Union, implementing the directive of the European Parliament and of the Council

governing the coordination of regulations in the field of collective investment in

relation to the agents the standard funds ^ 8).



(4) paragraph 1 shall not apply to property which holds or is entitled to

stick to the main proponent of the collective investment fund.



§ 72



The obligations of the depositary in respect of the management of funds



(1) in the framework of the activities of the depositary of the Fund for collective investment

the depositary shall be established or leads



and cash accounts in the name of) this Fund,



(b) the name of the accounts) cash translates into higher this fund set up in the

the benefit of this Fund, or



c) cash accounts on his name, established for the benefit of the Fund; in

this case, the depositary special pool ensures that in such

account not kept his money.



(2) the depositary shall be entitled to Cash accounts is set up in the



and the Czech National Bank), or the Central Bank of the other State,



(b)) of the Bank, based in the Czech Republic,



(c)), that the foreign bank has a branch located in the Czech Republic,



(d)) of a foreign bank, which has its registered office in another Member State and which does not

the branch, located in the Czech Republic,



(e)) of the foreign bank or similar person that has its head office in a third country

requiring compliance with the prudential rules that are comparable to the

the rules of prudence, under the law of the European Union,



(f)), savings and credit cooperatives, or



g) who is the main proponent (part five) Fund of collective

investing.



(3) a depositary shall without undue delay to the stores the established by him

cash account in accordance with paragraph 1 or 2, all funds of this

the Fund gained in particular by subscribing or by issuing securities and

book-entry securities issued by the Fund.



(4) in the framework of the activities of the depositary of the Fund for collective investment

depository keeps track of all cash accounts established for the Fund and

controls the movement of the funds of the Fund in such accounts.



(5) the method of fulfilment of the obligations referred to in paragraphs 1 to 4 by the depositary

a collective investment fund, defined by articles 85 and 86 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), and directly applicable provision of the European Union, which

implementing directive governing the European Parliament and of the Council coordinating the

legislation in the field of undertakings for collective investment in relation to agents

standard funds ^ 8).



section 73



The control obligations



(1) in the framework of the activities of the depositary of the Fund for collective investment

the depositary checks in accordance with this law, directly applicable

Regulation of the European Union in the field of investment management

^ 2) funds, collective investment fund rules and conditions

depozitářské contract



and have been issued and) buy mutual fund shares or investment shares,



(b)) was calculated the current value of the share certificate or an investment

shares,



(c)) was appreciated assets and debts of the Fund,



(d)) was paid in consideration of the property of the Fund in

the usual time limits,



(e)) are used by the revenue for this Fund,



(f)) are carried out by statements pointing to the acquisition or translates into higher

disposal of assets in the assets of this Fund, and it will be sufficient

If the depositary checks, as these commands are executed when the

for this reason checking of special consideration worthy; How were

commands are executed, it checks the depositary in addition, with regard to statements on

with



1. trade in value not exceeding an amount of CZK 500 and a summary of the day

0.1% of the value of the corresponding value of the assets of this Fund,



2. trade closed on the market referred to in § 3 (1). 1 (b). and) Regulation

the Government governing investment of investment funds and technology to their

management, or



3. trade in securities or book-entry securities issued by

a collective investment fund or a comparable foreign

Investment Fund.



(2) in the framework of the activities of the depositary of the Fund for collective investment

the depositary performs commands translates into higher this Fund in accordance with the

the Statute of the Fund and in accordance with the Treaty of depozitářskou.



(3) within the framework of the activities of the depositary of the Fund for collective investment

the depositary also checks the State property Fund, which may not be standard

be held in custody pursuant to § 71 para. 1 (b). and) or in custody under section 71

paragraph. 1 (b). (b)).



(4) the method of fulfilment of the obligations referred to in paragraph 1 shall be the depositary of the Fund

collective investment undertakings defined by articles 92 to 97 directly applicable

the European Union regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

^ 6 funds), and directly applicable European Union regulation implementing

Directive of the European Parliament and of the Council governing the coordination of the laws of the

the area of the collective investment undertakings in relation to the standard agents

funds ^ 8).



§ 74



Obligations in relation to leadership translates into higher cash



(1) a collective investment fund is Obhospodařovatel after the previous

notification to the depositary of the Fund shall be entitled to establish for this fund an account with

the persons referred to in § 72 para. 2.



(2) Obhospodařovatel collective investment fund disposes of cash

the resources of this Fund only through a depositary of the Fund

or by a person referred to in § 72 para. 2, which established the

the cash account.



(3) a collective investment fund Obhospodařovatel stores without

undue delay to the appropriate cash account established under paragraph 1


or set up by the depositary of the Fund pursuant to § 72 para. 1 and 2 cash

the resources of this Fund received in particular by subscribing or by issuing securities

papers and book-entry securities issued by the Fund.



(4) the method of fulfilment of the obligations referred to in paragraphs 1 to 3

collective investment maturity defined by article 87

directly applicable European Union legislation, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), and directly applicable provision of the European Union, which

implementing directive governing the European Parliament and of the Council coordinating the

legislation in the field of undertakings for collective investment in relation to agents

standard funds ^ 8).



§ 75



The obligations of the former depositary



(1) If a depositary of the Fund Stopped a collective investment undertaking to exercise

the activities of the depositary of the Fund, he shall without undue delay

properly inform the depositary of the Fund about the rising of your existing

activities and pass him all documents related to its performance

the activities of the depositary of the Fund, and issue him the funds for this

the Fund and the assets of this Fund, which has in its power.



(2) until the passing of all the documents and release of funds and

the assets of the collective investment fund is the one who stopped

to carry out the activities of the depositary, seen as the depositary of the Fund; §

81 for one who has ceased to carry on business for the depositary shall not apply.



§ 76



Translates into higher obligations



Obhospodařovatel collective investment fund without undue delay

After the demise of the depozitářské contract, if this contract

at the same time replaced by a new Treaty, depozitářskou



and suspend the issuance and sale of) investment securities or investment

of shares issued by the Fund and shall suspend the disposal of this

the Fund, which has in its power to a person who has stopped for this Fund

to carry out the activities of the depositary of the Fund, with the exception of payment obligations

incurred prior to termination of the contract and the payment of depozitářské

the necessary operating and salary expenses, up to the time of the acquisition

the effectiveness of the new depozitářské of the Treaty,



(b) shall send the information about the suspension) the treatment of assets of the Fund

According to subparagraph (a)) and on the suspension of the issuance and sale of investment securities

or the investment of shares issued by the Fund, the Czech National Bank and the

publish it on the website of the Fund and



(c) is performing acts towards) the establishment of the new CSD.



Credentials of another



§ 77



(1) a collective investment fund, the depositary may delegate

each of the activities provided for in § 71 para. 1 another, if only



and it allows you to depozitářská agreement),



(b)) is able to certify that the who should be in charge, meets the conditions of §

78, and that this mandate was preceded by a careful selection,



(c)), it does not prevent this depositary carries out its activities in the

relation to this Fund with professional care and acted in the best interest of the

shareholders, partners or beneficiaries of this Fund, and



(d)) ensures that this depositary or obhospodařovatel this Fund

can control and its commands affect the performance of this activity

authorized.



(2) the depositary of a collective investment fund regularly checks

the performance of each of the activities provided for in § 71 para. 1, which commissioned the

another.



(3) the manner of fulfilment of the obligations referred to in paragraph 1 (b). (b))

the depositary of the Fund for collective investment defined by article 98 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), and directly applicable provision of the European Union, which

implementing directive governing the European Parliament and of the Council coordinating the

legislation in the field of undertakings for collective investment in relation to agents

standard funds ^ 8).



§ 78



(1) a collective investment fund, the depositary may delegate

each of the activities provided for in § 71 para. 1 only the guy who



and has the necessary material), organizational and personnel prerequisites for performance

This activity appropriate to the nature, scale and complexity of the activities,



(b) the customer's assets) separates the CSD from their property and from property

the CSD so that at any moment the obvious, that the property

include customers with depository,



(c) applies, mutatis mutandis, in accordance with §) 64 procedures for managing conflicts of interest, including

their discovery, preventing and reporting, and



(d)) has put in place the organizational assumptions by analogy pursuant to § 65 of the

the performance of its other activities, and of execution of the activity, which was commissioned

flow conflict of interest.



(2) a collective investment fund, the depositary may delegate

each of the activities provided for in § 71 para. 1 (b). and a) and b) only him who

and adheres to the rules of prudence), including minimum capital

requirements, and subject to the supervision of a supervisory authority of the State in which it has its registered office,

and (b)) is subject to regular external audit which verifies that they are

the relevant investment tools in his power.



(3) a collective investment fund, the depositary may delegate

each of the activities provided for in § 71 para. 1 (b). a) and b) who

does not meet any of the requirements referred to in paragraph 2, if the



and) has the person who is to be entrusted to the seat in a State which is not a Member

the State,



(b)), the law of referred to in subparagraph (a)) requires that certain investment

the tools were kept by the person to be in charge, in a manner comparable with the SEC.

paragraph 71. 1 (b). and) and (b)),



(c)) were shareholders, associates and absolutely claim identification of the Fund before the investment

the investment instruments, which should have in their power the one who has to be

responsible for properly informed



1. about this credential, including the circumstances justifying these credentials, and



2. that this mandate is necessary because of the limitations imposed by

of the law of the State referred to in subparagraph (a)), and



(d)), this translates into higher this Fund, the depositary of written

consent to the one who has to be entrusted with the performance of this activity, commissioned.



(4) the requirements for separation of assets of the Fund for collective investment pursuant to

paragraph 1 (b). (b)) defined by article 99 directly applicable legislation

The European Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6), and directly

to use the European Union regulation implementing directive of the European

Parliament and of the Council governing the coordination of legislation in the field of collective

investment in relation to the agents the standard funds ^ 8).



§ 79



Credentials next Commissionaire



(1) who has been commissioned by the depositary of the Fund for collective investment performance

each of the activities provided for in § 71 para. 1, may delegate certain

Act or some of the acts from this activity further, if the

in advance and if the depositary agree are similarly met

the conditions set out in sections 77 and 78.



(2) who has been commissioned by the depositary of the Fund for collective investment performance

each of the activities provided for in § 71 para. 1, periodically checks Act

or acts of this activity, which commissioned the next referred to in paragraph 1.



(3) for a waiver of the obligation to compensate the loss of investment tools

by some, who commissioned the Act or some of the acts of the other in accordance with

paragraph 1, section 82 shall apply mutatis mutandis.



Compensation of the injury by the depositary



§ 80



(1) the depositary of a collective investment fund, which obhospodařovateli

This Fund, this Fund, they or the shareholders of the Fund

causes injury to the breach of its obligations or contracted for performance

his activities as a depositary is obliged to replace it.



(2) the obligation to compensation referred to in paragraph 1 shall be the depositary of the Fund

collective investment undertakings, acts only, if he proves that the damage was not his fault or

from negligence.



§ 81



(1) if there is a loss of investment instruments, which is the depositary of the Fund

collective investment held in custody pursuant to § 71 para. 1 (b). a) parts

the sentence before the semicolon or the custody of financial instruments pursuant to section 71

paragraph. 1 (b). (b)), the depositary will replace this Fund without undue delay

injury resulting from it; in doing so, does not decide whether the depositary power

some of the activities of another.



(2) the cases in which the loss of investment instruments referred to in paragraph 1,

defined by article 100 directly applicable legislation of the European Union, which

implementing directive governing the European Parliament and of the Council of the administrator

alternative investment funds ^ 6), and directly applicable provision

The European Union, implementing the directive of the European Parliament and of the Council

governing the coordination of regulations in the field of collective investment in

relation to the agents the standard funds ^ 8).



§ 82



(1) the obligation to pay under section 81 shall be the depositary of the Fund of collective

investing just relieved,



and if he proves) that this loss was caused by the extraordinary

an unpredictable and insurmountable obstacle arising independently of its

will, or



(b)) if previously agreed in writing, who commissioned the exercise activities

referred to in § 71 para. 1 (b). and) or (b)), the fact that responsible for replacing

the loss of the investment instruments instead of him, and if he proves that



1. the credentials of another performance of the activities referred to in § 71 para. 1 (b). and)


or (b)) has satisfied the conditions laid down in § 78 para. 1 and 2, and



2. for the conclusion of such an agreement existed in an objective reason.



(2) the cases in which the obstacle it considers extraordinary unpredictable and

unsurpassed suffered independently of the will of the depositary of the Fund

collective investment undertakings and the conclusion of the agreement referred to in paragraph 1

(a). (b)) there is an objective reason for point 2, defined by articles 101 and 102

directly applicable European Union legislation, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), and directly applicable provision of the European Union, which

implementing directive governing the European Parliament and of the Council coordinating the

legislation in the field of undertakings for collective investment in relation to agents

standard funds ^ 8).



TITLE III



DEPOSITARY OF THE FUND OF QUALIFIED INVESTORS



section 83



(1) the Fund for qualified investors must have at least one of the depositary;

Fund of qualified investors, which manages obhospodařovatel

eligible exceed the record limit, however, can have only one

the depositary. For the depositary of the Fund of qualified investors with § 69 up

82 shall apply mutatis mutandis, with the exception of § 73 para. 1 (b). (f)), and with the exception of

references to the directly applicable European Union regulation implementing

Directive of the European Parliament and of the Council governing the coordination of the laws of the

the area of the collective investment undertakings in relation to the standard agents

funds ^ 8). For the depositary of the Fund of qualified investors, whose

obhospodařovatel is not permitted to exceed a determined limit, directly

to use the European Union regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

funds ^ 6), if the method of fulfilment of obligations pursuant to § 71 para. 3, § 72

paragraph. 5, § 73 para. 4 and section 74 para. 4, shall not apply.



(2) if permitted by the statutes to create a Fund of qualified investors

the Sub-fund, the depositary of the Fund activity depositary for these

sub-funds.



(3) the obligation to replace injury under § 80 para. 1 the Fund by the depositary

qualified investors, even if it causes the obmyšlenému or

another companion than shareholders of the Fund.



§ 84



(1) the depositary of the Fund of qualified investors can also be a notary; the notary

However, it may be the depositary of the Fund of qualified investors only,



and) for which the payment or distribution of assets of the Fund to persons from

which were collected funds or money valuable things

to this asset, it cannot under this Act, other legislation

or the Statute of the Fund occur earlier than after the expiry of 5 years from the date of

collect them from the person concerned, and



(b)) which depending on your status invests



1. no more than 10% of the value of its assets into investment instruments, which

otherwise, the depositary should have a collective investment fund pursuant to § 71 para.

1 (b). and) held in custody or



2. more than 90% of the value of their intellectual property rights,

securities in book-entry securities or shares representing

the business of the company or other legal entity or participation in

companies or other legal persons, so that the share of

voting rights in these commercial companies or

legal entities has been exceeded in the manner and in the amount provided for in § 34

paragraph. 1 or § 35 para. 3.



(2) the notary, who is the depositary of the Fund of qualified investors must

have created preconditions for the fulfilment of the obligations of the depositary of the Fund

qualified investors arising from this Act and directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



(3) for the notary, who is the depositary of the Fund of qualified investors,

with section 69 shall not apply.



PART FIVE



THE MAIN PROPONENT OF



§ 85



The main proponent of



The main proponent of investment fund is a person that is based on

the contract with the maturity of the Fund, or under contract with the

maturity and the depositary of the Fund, authorized to perform these

financial services:



and) provide, or assign the funds or investment

tools in order to support the financing of the Fund, or



(b)) deal trades carried out within a specified investment strategy

This Fund.



§ 86



Persons who can be the main proponent of



The main proponent of can only be



and the Bank is based in) the Czech Republic,



(b)) a foreign bank that has its registered office in a Member State,



c) a securities dealer that is not a Bank and that is required to

comply with capital adequacy in accordance with § 9 and 9a of the law governing

the capital market,



(d)) a foreign person that is authorised by the supervisory authority of another Member

State to provide investment services if



1. provides investment services in the Czech Republic through the

a branch of the business establishment or even without branch and location



2. shall comply with capital adequacy in accordance with § 9 and comparably

9A the law governing the capital market and



e) foreign person that has its registered office in a State which is not a Member

State, if



1. shall comply with the prudential rules under the law of their

Home State and



2. subject to supervision in their home State.



The main activities of the proponent



§ 87



The main proponent of an investment fund or foreign investment

the Fund, which is entitled to the account of the Fund to carry out financial services

referred to in section 85, may with the maturity of the Fund, as appropriate,

with the depositary of the Fund, if the depositary of the party to the contract

referred to in section 85, agree that it is the account of the Fund shall be entitled to



and) do other support services such as



1. to ensure the settlement of trades carried out in the investment instruments

under a specified investment strategy of the Fund,



2. to provide technological support for this Fund, or



3. supply data on closed shops obhospodařovateli this

Fund, or



(b) of the Fund's assets) for the implementation of financial services

referred to in section 85 or other support services referred to in point (a)).



§ 88



(1) the agreement on the basis that the main proponent performs financial services

or any other support services or hold assets of the investment fund,

must be in writing.



(2) the contract referred to in paragraph 1 shall be in accordance with the Statute of

Investment Fund, for which the main proponent performs financial services

or any other support services or whose property holds.



(3) on the creation or termination of the obligation of the contract referred to in paragraph 1

obhospodařovatel inform the depositary, unless the depositary

her party.



§ 89



(1) Obhospodařovatel investment fund, for which the main proponent

performs financial services or other support, or services whose asset

hold, shall ensure that the main proponent provide the competent depositary

the necessary information and documents, which are necessary for the proper performance of the activities of the

the depositary, in particular relating to the assets of the Fund, which holds

the main proponent.



(2) in another obligation under paragraph 1 are defined in article 91 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



§ 90



Special rule for the provision of financial collateral



Without the prior consent of translates into higher investment fund shall not

the main proponent of this Fund as a financial collateral or

comparable to ensure the law of the foreign State or other security

investment tools that have been provided from the assets of the Fund

as financial collateral or as comparable to ensure the law of the

foreign State or other collateral.



§ 91



The performance of the activities of the depositary the main proponent



(1) the main proponent of an investment fund may undertake work

the depositary of this Fund, only if the



a) fulfils the conditions established by this Act for the performance of activities

the depositary of the Fund,



(b)) is functionally and hierarchically separate the performance of the activities of the main proponent

from the performance of the activities of the depositary and



(c)) shall establish, maintain and operate the procedures for managing conflicts of interest

resulting from the exercise of the activity of the main proponent and from the exercise of the activities of the

the CSD, including their discovery, preventing and reporting.



(2) if there is a conflict of interest in accordance with paragraph 1, it shall notify the main proponent

Investment Fund or to a foreign investment fund without undue

obhospodařovateli grace of this Fund, as well as to the shareholders, the shareholders

or beneficiaries of this Fund.



PART SIX



INVESTMENT FUNDS



TITLE I OF THE



BASIC PROVISIONS



Part 1



Investment funds and their breakdown



§ 92



Breakdown of investment funds



(1) investment funds are collective investment funds and funds

qualified investors.



(2) the collective investment funds are standard and special funds

funds.



§ 93



Collective investment funds



(1) a collective investment Fund is



and) a legal person with a registered office in the Czech Republic, which is entitled to

collect funds from the public by issuing shares and


conduct joint investment of funds collected for

the basis of a specified investment strategy based on the principle of risk spreading in the

the benefit of the owners of the shares, and continue to manage the asset, and



(b)) a mutual fund, the purpose of which is to collect funds from the

public issuance of share certificates and joint investing

the collected funds based on a specified investment

strategy based on the principle of risk-spreading for the benefit of the owners of such

investment securities and other management of the asset.



(2) A collective investment fund also means a mutual fund or

joint-stock company with variable capital, or whose

the purpose is to collect the money from at least two funds

for collective investment or comparable foreign investment

funds or sub-funds of the Fund for collective investment or comparable

Foreign device, if such a fund invests, the Sub-fund or device

the investment securities or investment shares issued by this unit trust

Fund or by joint-stock company with variable capital

more than 85% of the value of your property.



(3) investment strategy for the purposes of this Act, a way of

investment investment fund, including in particular



and types of assets), which can be acquired to equity

Investment Fund, and if they can be acquired in its equity securities

or book-entry securities, also the nature of the securities or

book-entry securities, such as stocks or bonds, and

If they can to his fortune be acquired bonds or similar securities

or book-entry securities representing the right to repayment of debt

of the amount, then also a kind of these bonds or similar securities

or book-entry securities representing the right to repayment of the

amounts due according to the issuer, such as bonds issued by the

State or bonds issued by commercial companies,



(b)) investment limits that must be observed in relation to securities

the values referred to in subparagraph (a)),



c) an indication of whether the investment fund intends to copy copies or

the composition of the index of shares or debentures or other index or monitors

or intends to follow a particular index or any other financial quantitatively

expressed as indicator (benchmark); from this data must indicate what the

the index or pointer is and how or to what extent it

Investment Fund tracks or copying or intends to follow or

copy,



(d) an indication of the particular marketing) industry or part of certain

a geographical area or a specific part of the financial market, in which

Investment Fund concentrated or intends to concentrate its investments, or

a certain type of assets, in which the investment fund

concentrated or intends to concentrate its investments,



e) possibilities and limits collateral or guarantees if the return on

investment, its parts, or the proceeds of the investment to be secured

(guaranteed funds) or guaranteed (guaranteed funds), and an indication of the way

How will ensure or guarantee are achieved,



f) options and usage limits adopted by the loan or lease by the account

Investment Fund,



g) options and limits of use of property investment fund to provide

the loan, lease, donation and ensure the commitment of the other person or the payment of the debt,

that is unrelated to its achievement,



h) options and limits relating to the sale of the assets on the account

the investment fund investment fund does not have on your property, and



even) an indication of the investment fund management techniques and options, and

limits their use.



(4) the composition of the index is Copying for the purposes of this Act, the

copying the composition of assets to which this index

including the use of derivatives and other techniques for working

Investment Fund.



§ 94



Standard funds and special funds



(1) the standard fund the Fund is a collective investment undertaking which meets the

the requirements of the directive of the European Parliament and of the Council governing the coordination of

legislation in the field of undertakings for collective investment ^ 4) and as such is a registered

in the corresponding list maintained by the Czech National Bank (section 508).



(2) the Special Fund is a collective investment fund, which does not meet the

the requirements of the directives referred to in paragraph 1 and not as a standard Fund

registered in the corresponding list maintained by the Czech National Bank (section 508).



§ 95



Funds for qualified investors



(1) the Fund for qualified investors is



and) a legal person with a registered office in the Czech Republic, which is entitled to

collect funds or money more valuable things from the

qualified investors by issuing securities or

by qualified investors become partners, and

conduct joint investment of funds collected or

money whilst things based on a specified investment strategy,

based generally on the principle of risk spreading, in favour of these

qualified investors and continue to manage the asset, the



(b)) a mutual fund, the purpose of which is the collection of funds

or money, royalties and similar things from more qualified investors

the issuance of share certificates and co-investment collected

of funds based on a specified investment strategy, based

as a rule, on the principle of risk-spreading, in favor of the owners of such

investment securities and other assets, and to manage this



c) Trust Fund,



1. the statute specifies more qualified investors as beneficiaries,

they are the founder of this Trust Fund, or the one who raised the

the assets of the trust fund agreement, and



2. that is established for the purpose of investing based on a specified investment

strategy, based generally on the principle of risk spreading, in favour of

its beneficiaries.



(2) the condition of multiplicity of qualified investors referred to in paragraph 1 may not

be fulfilled if a partner, shareholder or the beneficiaries of the Fund

qualified investors



and) State, the international financial organization or legal person a child

the central authority of State administration, or



(b) qualified investor investing) funds or money

valuable things in favor of other qualified investors with whom

This is for the purposes of their investments in a contractual relationship.



§ 96



Qualified venture capital fund and qualified social fund

business



The Fund for qualified investors is considered to be also an investment fund,

that is



and risk capital) by a qualified Fund referred to in article 3 (b).

(b)) usable regulation the European Union directly relating to the European

venture capital funds ^ 7) and



(b)) by a qualified social entrepreneurship Fund referred to in article 3 (b).

(b)) usable regulation the European Union directly relating to the European

funds of social entrepreneurship ^ 9).



§ 97



Foreign investment fund



Foreign investment fund is



and) a legal person established in another Member State than the Czech Republic,

comparable to the investment fund, or



(b)) device created by the law of a foreign State are comparable to the

Investment Fund, which is a mutual fund or trust

Fund.



Part 2



Pokoutné investment funds



§ 98



(1) it is prohibited to collect, as well as to try to collect, cash

resources or money valuable things from the public for the purpose of their

common investing or investing in this way acquired cash

resources or money, royalties and similar things, is to be a return on

investment or profit of the investor if only partially dependent on the value or

the proceeds of the property, in which the funds or money

valuable things invested, except under conditions established by, or

permitted by this Act.



(2) the prohibition in paragraph 1 shall not apply to the case where is collected

exclusively from the persons specified in § 2a para. 1 the law governing business

on the capital market.



(3) paragraph 1 (a) is section 2. (b)), and (c)) and § 2a.



§ 99



Prohibited to allow or facilitate any other activity prohibited under section 98

its promotion or ensuring its availability in a different way.



TITLE II



THE ADMISSIBLE LEGAL FORMS



Part 1



Basic provisions



§ 100



Collective investment funds



(1) a collective investment Fund can only be



and) mutual fund, or



(b) joint-stock company).



(2) the standard Fund, collective investment fund investing

as a money market fund or short-term money market fund or

a collective investment fund investing in real estate or participating

in the real estate company, however, can only be open mutual fund

or joint-stock company with variable capital; for the purposes of

This Act, the real estate company means a joint stock company,

limited liability company or comparable legal person according to the

the law of the foreign State whose business is mainly the acquisition of

real estate, property management, and for consideration of the transfer of title to

real estate, for the purpose of making a profit.



§ 101



Funds for qualified investors




(1) the Fund for qualified investors can only be



and) mutual fund



b) Trust Fund,



(c) a limited partnership),



(d)), limited liability company,



e) joint stock company,



(f)) the European company, or



(g)).



(2) the Fund for qualified investors investing as money

market or as a short-term money market fund, however, can only be

Open mutual fund or joint-stock company with basic variables

capital.



Part 2



Mutual fund



Section 1



General provisions



§ 102



(1) mutual fund is made up of equity. Ownership of assets in the

mutual fund belongs to all unit-holders together, in proportion to the

the value of investment securities owned. None of the participants, however,

cannot apply for separate assets in the mutual fund, the allocation of the share

Fund or the cancellation of the mutual fund. The provisions of the Civil Code of

ownership for a mutual fund.



(2) the ownership of the assets in the mutual fund carries out its own

on behalf of and for the account of the mutual fund, its obhospodařovatel.



(3) is not liable for the debts of the Shareholders in the mutual fund.



§ 103



A mutual fund does not have legal personality.



§ 104



(1) a mutual fund must have its own designation. The labelling shall mutual

the Fund should be distinguished from another mutual fund. The marking shall not be misleading.



(2) the designation of a unit trust must not contain the name of a natural person or

name or distinctive element of the name of the legal person, unless it is a name,

name or distinctive element of his name translates into higher, dealer of

securities, banks, savings and credit cooperatives, or foreign

people with similar activities as some of these people, or who has

enabling the Czech National Bank for the purposes of the designation of the mutual fund and

Trust Fund (section 531).



§ 105



If required by law or legal action is needed to

identify the owner, the information about all the podílnících designation

mutual fund and the data required to identify translates into higher

This mutual fund.



Create, commencement and termination of mutual fund



Section 106



(1) the founders created a mutual fund, agree to it, who is to

his State's maturity, on the content of the Statute of the unit trust.



(2) mutual fund creates even a unilateral legal act of the person who

you want to become his maturity, which adopted the Statute of the unit

the Fund.



(3) legal proceedings relating to the creation of a mutual fund requires

be in writing, otherwise it is invalid; the Court shall take into account to the invalidity

without design.



§ 107



(1) a legal person whose name or distinctive element is its name

the agreement contained in the marking of the mutual fund, it has the right to make decisions

about who will be the maturity, the administrator and depositary

This mutual fund, as well as to decide on the change in the person of that

translates into higher, administrator or the depositary. The competent authority of

for this is the statutory body of the legal person; another

body of the legal person, who is otherwise under this Act, or

another law competent to decide in this case

does not act.



(2) the same right to make decisions about the person translates into higher, administrator and

the depositary of the mutual fund is a natural person, the name of its

the agreement provides an indication of the mutual fund and to enable

The Czech National Bank for the purposes of the designation of the mutual fund and trust

Fund (§ 531).



(3) if such persons more, take decisions referred to in paragraphs 1 and 2

by mutual agreement, unless the Statute of the mutual fund that is decided by the just

one person out of them or that decisions shall be taken otherwise.



(4) paragraphs 1 to 3 is without prejudice to the prohibition to issue instructions concerning the

business management in other matters.



section 108



(1) mutual fund created the day of writing to a list of mutual funds

maintained by the Czech National Bank. The mutual fund shall expire on the deletion of the

This list.



(2) an application for registration of the mutual fund to mutual fund list serves

the one who is to become his maturity. The proposal for the deletion of the mutual

the Fund from the list serves the liquidator or any other person who has the

a legitimate interest.



(3) after the formation of a mutual fund, you cannot declare the founding legal

negotiations for the invalid and cannot for that reason, cancel the registration of the share Fund

in the list of mutual funds.



List of unit-holders



section 109



(1) the administrator of the mutual fund keeps a list of its shareholders. If they are

issued uncertificated units, the Statute specify that the list of

unit-holders is replaced with dematerialized investment securities.



(2) the list of unit-holders shall be entered to indicate the type of the share certificate,

name and address or the name and address of the participant, the bank account number

held with the persons authorised to provide banking services in the State, which is

a full member of the Organization for economic cooperation and development,

indications of the participation certificate and change the data being written. In the documentary

the share certificate is recorded in the list of unit-holders and designation of its forms

as a security.



§ 110



(1) it shall be deemed that the pool is the one who is registered in the list

the unit-holders.



(2) an administrator writes a new owner to the list of shareholders without

undue delay after he change who the owner is notified.



§ 111



(1) data entered in the list of shareholders may the administrator use only

for the purposes of the administration of the mutual fund. For any other purpose may be

on the list of unit-holders only with the consent of the unit-holders, which

the data relate.



(2) if the participant pool, an administrator from the list

unit-holders without undue delay.



§ 112



The same treatment



(1) Obhospodařovatel and the administrator of the mutual fund they treat for

the same conditions to all participants as well.



(2) the legal act, whose purpose is the unfounded advantage

any shareholder at the expense of the mutual fund or other shareholders,

shall be disregarded, unless this Act provides otherwise, or it would be detrimental to the

third parties, that such legal proceedings in good faith relied.



§ 113



Assembly of the unit-holders



(1) the Assembly of the unit-holders shall be established, determine if the status of the mutual

the Fund; Assembly of the unit-holders belongs to the scope of the rule on changing

the Statute of this mutual fund in matters relating to the



and) investment strategy, where it is to change the allowable and unless the change

under section 207 (f). and) or (d)),



(b)) changes in the type or form of investment securities,



(c)) of the retention on sale of investment securities,



d) remuneration for management of mutual fund and the implementation of its

Administration,



(e)) and costs related to the management of the administration of the mutual

Fund, or



(f) the method of convening, the way) the participation, the minimum quorum, determining

for most, the material scope of the decision-making Assembly of the unit-holders, the manner of

or its cancellation.



(2) the Statute may scope Assembly of shareholders referred to in paragraph 1 to narrow it down.

The competence of the Assembly of the unit-holders belongs to decide on the change of the Statute

mutual fund as well as on other issues than those referred to in paragraph 1,

where it is clear that the Statute of the unit trust.



(3) the decision of the Assembly of the unit-holders of the change type or form of

investment certificates are required and the consent of at least three-fourths of the majority

votes of shareholders owning these units. In the minutes of the

meeting of the Assembly of the unit-holders shall be namely putting shareholders

who voted for the change in the type or form of investment certificates.



(4) for the Assembly of shareholders shall apply mutatis mutandis the provisions of law

governing the legal relations of the trading companies and cooperatives on the Charter

present shareholders and of the minutes of the general meeting of the joint stock

the company.



(5) the provisions of the Civil Code of the invalidity of the resolution of the Member

society meeting on the decision of the Assembly of the unit-holders shall apply mutatis mutandis.



section 114



Accounting



The assets of the mutual fund, as well as about other

the facts, to keep accounts, to allow the preparation of the financial

statements for each mutual fund.



The units of the



section 115



A participation certificate is a valuable paper or book-entry securities, which

represents the percentage of the mutual fund shareholder and with which they are associated

shareholder rights arising from this Act or the Statute of the unit

the Fund.



§ 116



(1) funds or money valuable things are gathered into

mutual fund issuance of share certificates.



(2) for the valuation of money valuable things referred to in paragraph 1, the provisions of

the law governing legal relations of commercial companies and cooperatives of

valuation of in-kind contribution for the joint stock company shall apply mutatis mutandis.



§ 117



(1) a participation certificate contains at least



and) the designation "participation certificate",



b) data necessary to identify the mutual fund



(c)) the nominal value, including an indication of the currency in which is the nominal value of the

expressed, or an indication that it is a participation certificate without nominal

values,



d) mention of the type of the share certificate, as appropriate, by reference to the Statute,



(e) the forms of participation certificate) mark, unless it was a participation certificate issued as


book-entry securities, and



f) numeric indication of the participation certificate, unless the participation certificate was issued

as book-entry securities.



(2) Documentary a participation certificate can only have the form of securities to rows

or the name. In the endorsement the paper share certificate shall state the

identification of the acquirer.



(3) in the case of dematerialized investment securities it is sufficient that the information referred to in

paragraph 1 are ascertainable from the records of dematerialized

investment securities.



(4) if issued mass participation certificate, contains this bulk

participation certificate also an indication of how much and what type of investment certificates

It replaces.



§ 118



The nominal value of the participation certificates issued by the same mutual fund

can be expressed in different currencies, defines their status as mutual

the pool at the same time, about what the currency is.



§ 119



To the effectiveness of the transfer of documentary share certificate to the administrator

mutual fund change notification is required of the person of the participant

the administrator and the submission of participation certificate to the administrator.



§ 120



(1) the units of which are linked to the same rights, consists of one

kind of.



(2) the probate may be associated, in particular, the right to



and different, hard or) child of a share of the profits or of the liquidation

of the balance,



(b) the payment of an advance on profits),



(c) a fee charged) in the event that the performance of the mutual fund

exceeds a given indicator (benchmark), with which it is compared, performance

or



d) less allowance for repurchase, if mutual sheet right on the

his redemption.



(3) the payment of the advance on the profit shall be decided by mutual obhospodařovatel

the Fund. An advance on the payment of profit sharing may be paid only where it is clear from the

reasonably careful consideration, that the mutual fund has or will have enough

resources on the distribution of profits.



§ 121



(1) the special rights and their contents shall be determined in the Statute of the mutual fund.

In case of doubt as to their content, the Court may, on the request of a

unit-holder



and) decide what specific right is associated with unit trust sheet if

obvious from the circumstances, that such law expresses the will contained in the Statute of the

or is this the will of its content, or



(b)) if it is not possible to proceed in accordance with point (a)), decide that a mutual

the sheet is a participation certificate that is not associated with a special law.



(2) the proceedings referred to in paragraph 1, pursuant to § 83 para. 2 (a). (d))

Code of civil procedure.



(3) the parties are the applicant, obhospodařovatel this

mutual fund and one whose name, distinctive element of the name, or the name of the

contains the designation of this mutual fund.



Changing the type or form of investment securities and the disposal of investment securities of

trading on a regulated European market



§ 122



The administrator shall notify the shareholders of without undue delay in a manner specified by

in the mutual fund day, to which has been written to change the type or

forms of participation certificates to the list of unit-holders.



§ 123



(1) it was decided to change the type or form of share certificates or

disposal of investment securities from trading on the regulated European market,

can be



and to purchase these units), only without the deduction; However, you can bring

the amount corresponding to the costs reasonably incurred costs associated with the buyout

share certificate, and



b) issue new units and determine the period for the submission of mutual

sheets to Exchange only after this change will be included in the list of unit-holders.



(2) for the procedure for the exchange of investment securities in the units of other

type or form of the provisions of the law governing legal relations

commercial companies and cooperatives to reduce the nominal value of the shares

shall apply mutatis mutandis.



§ 124



(1) it was decided to change the type or form of investment securities

issued by mutual fund, or closed on the disposal of investment securities

issued by mutual fund from closed trading on the European

a regulated market, it shall take account of the mutual fund obhospodařovatel

with respect to these investment securities within 30 days from the date of entry of the modification of the species

or forms of investment certificates to the list of unit-holders or of the date of disposal

the share of trading on a regulated European market for public

the draft Treaty on the redemption of investment certificates.



(2) Redemption of investment certificates issued by a mutual fund, closed

It was decided under paragraph 1 otherwise than by way of a public offer

the contract referred to in paragraph 1, shall be prohibited.



(3) paragraphs 1 and 2 shall not apply if the redemption



and) less than 100 persons,



(b)) investment securities with an aggregate nominal value does not exceed 1% of the

of the funded capital of this Fund, or



c) investment securities traded exclusively on regulated European

market, if the decision to change the type or form of investment certificates.



(4) the public proposal of the contract referred to in paragraph 1 cannot be revoked once it has been

made. Change, it is only possible if it is in its conditions

explicitly stated, or if it is more favourable for the lead; such changes

will be reflected in all the treaties already concluded on the basis of this

public draft.



section 125



(1) the public proposal of the contract pursuant to section 124 para. 1 must be intended for persons,

which were on the date of the holding of meetings of holders, owners of the mutual

sheets, concerned by the decision to change the type, form or retiring, and concerns

not yet voted for the adoption of this decision.



(2) However, if the Vote to change the type, form or the disposal of the Assembly

unit-holders, the public proposal of the contract must be addressed to all persons who have been

up to write the changes to the type or form of investment securities or disposal

investment securities from trading on the regulated European market to a list

shareholders of investment certificates owners concerned by the decision to change the

the type, form or disposal refers to.



§ 126



(1) an authorized person referred to in section 125 may waive the right to repurchase

investment securities.



(2) waiver of rights referred to in paragraph 1 shall be in writing with an officially

certified signature and shall have effect as against any subsequent assignee of

investment securities.



§ 127



When you change the type or form of the share certificate with the rights associated with this

species or in the form of a participation certificate effect changes to the Statute of the

mutual fund no matter when it comes to the exchange of investment securities.



Section 2



Open mutual fund



§ 128



(1) with the unit trust unit trust fund, issued the open worksheet is associated

the right-holder on its purchase to the account of the Fund.



(2) the number of share certificates that open mutual fund issues, it is not

limited.



§ 129



Designation of open mutual fund contains the words "open mutual

the Fund ".



§ 130



The issue of investment securities



(1) the administrator of an open mutual fund will secure the release of the mutual

worksheet for an amount that is equal to the current value of the declared to

date specified in the Statute; This amount may be increased by

Premium, the amount of which is set out in the Statute.



(2) the administrator of an open mutual fund may, for a maximum of 3 months from the date

the date on which the Fund has begun issuing obhospodařovatel units

the leaves of this Fund, to ensure their issuance in the amount that is equal to the

their nominal value or, in the amount specified in the Statute, in the case of

units without nominal value; This amount may be increased by

Premium referred to in the Statute.



(3) the participation certificate cannot be issued until it is paid according to the amount

paragraph 1 or 2 on the cash account for this pool has set up its

the depositary.



(4) in the case of an open mutual fund that invests as a money

market or as a short-term money market, mutual

the leaves of each working day.



Sale of investment securities



§ 131



The administrator shall ensure that the redemption of open-end mutual

sheet of the Fund for the amount which is equal to the current value for the

the date on which the request is received in the participant on the acquisition of the share;

This amount may be reduced by the deduction referred to in the Statute. The units of the

the leaves of the buyout.



§ 132



(1) the administrator of an open mutual fund redemption shall ensure

the share of this Fund on behalf of the mutual fund for a maximum

to



a) 3 business days, in the case of open mutual fund that invests

as a money market fund or short-term money market fund,



(b)) 2 weeks, if the standard Fund,



c) 1 month, if the Special Fund that does not invest in real estate

or by participating in a real estate company,



d) 1 year, if the Fund for qualified investors, which does not invest

in real estate or participations in real estate companies, and



e) 2 years, in the case of an investment fund, which invests in real estate or

participations in real estate companies.



(2) an application for the redemption of the participation certificate issued by the open sharing

the Fund can be made at any time. The administrator of an open mutual fund

shall ensure the publication of the next deadline for redemption of investment securities

This Fund on the website of the Fund. In that period,

the administrator shall ensure that an open mutual fund repurchase all

investment certificates of the Fund, whose shareholders have submitted redemption

request in the period since the last deadline for redemption of investment certificates of the

the Fund.




(3) After the period referred to in the Statute of an open mutual fund

investujícího in real estate or participations in real estate

the companies, after which this Fund does not follow the investment limits by

Government regulations governing investment of investment funds, not more than

However, within 3 years from the date on which the mutual fund was created, with the units of the

released by these fund neodkupují.



§ 133



For a period, after which an administrator of an open mutual fund provides

the issue of investment certificates of the Fund for the amount which is equal to their

the nominal value, or in the amount specified in the Statute, in the case of

mutual fund shares without nominal value, ensures the sale of investment securities

the leaves of this Fund for the same amount at which ensures their extradition.



The suspension of the issuance or sale of investment securities



§ 134



(1) Obhospodařovatel may decide to suspend the issuance or

sale of investment securities of open mutual fund only if it is

necessary for the protection of rights or legally protected interests of the unit-holders.



(2) Obhospodařovatel sub fund may decide to suspend

the issuance or sale of investment securities of open mutual fund

also, if the suspended the issuance of or sale of securities or

book-entry securities issued by managing the Fund (para. 245).



(3) draw up a Obhospodařovatel of its decision under paragraphs 1 or

2 write, stating



and) date and time of its decision,



(b) the reasons for the suspension issue or) sale of investment securities,



(c)) the time from which the extradition or surrender of investment certificates

suspended, and



(d)) the period for which the extradition or surrender of investment certificates

suspended.



§ 135



(1) the issuance or sale of investment securities of mutual

the Fund is suspended at the moment referred to in the minutes of the decision

This translates into higher Fund referred to in § 134 para. 3. From this

the time cannot be issued or purchase a participation certificate of this Fund.



(2) the prohibition on the issuance or sale of participation certificates shall also apply to

units, of which the issue or redemption participants asked



and the suspension of issuing or) prior to the sale of investment securities,

If u do not have to be paid in consideration for the redemption or



(b)) during the period for which the extradition or surrender was of investment securities

suspended.



§ 136



(1) the period for which the extradition or surrender of investment certificates

be suspended shall not be longer than 3 months.



(2) the Statute of open-end real estate investujícího

or participation in real estate companies may suspend the time limit for

the issuance or sale of investment certificates to specify by way of derogation; specify this

period longer than 2 years is prohibited.



§ 137



(1) the administrator of an open mutual fund without undue delay after the

drawing up the minutes referred to in § 134 para. 3 shall ensure the publication of this

writing on the website of the Fund.



(2) Obhospodařovatel, which decided to suspend the issuance or

sale of investment securities, it shall forward to the supervisory authorities of other Member

States in which they are the units of this mutual fund publicly

offered without undue delay in writing about this decision. In

the notification shall indicate, in particular, the measures taken and other factors leading to

the removal of the causes of the suspension of the issuance or sale of investment securities

sheets.



§ 138



(1) the administrator of an open mutual fund shall provide, without undue

delay after notification of the decision of the Czech National Bank on the annulment of the decision

on the suspension issue or translates into higher sale of mutual

the leaves of the publication of this decision on the Internet site of the

the Fund.



(2) the administrator of an open mutual fund shall provide, without undue

delay after the announcement of an interim measure, that has an impact on the suspension of the

the issuance or sale of investment securities, the release of this

interim measures on the website of the Fund.



§ 139



From the date of issuance or renewal surrender of investment certificates

the administrator of an open mutual fund will ensure the issue or redemption

investment certificates of the Fund, whose extradition or surrender was

suspended, for the amount which is equal to the current value of the specified to the day

restore the issue or sale of investment securities. This amount may

be increased by a supplement in accordance with § 130 paragraph 1. 1 or reduced by the deduction referred to in

§ 131.



§ 140



(1) a shareholder is not entitled to interest on arrears for the period of suspension of the issuance of

or sale of investment securities of open mutual fund; It

does not apply,



and an administrator) is an open mutual fund on the date of the suspension

already in arrears with the payment of the consideration for the purchase of, or



(b)) abolished the Czech National Bank decision to suspend the issuance of

or sale of investment securities.



(2) Obhospodařovatel and the administrator of an open mutual fund are

obliged to pay interest in accordance with paragraph 1, together and

severally liable.



§ 141



The date of the issue or sale of recovery of investment certificates is



and) day following the date which has expired, for which it was

the issuance or sale of investment securities suspended



(b)) a day with legal force of the decision of the Czech National Bank, which

repealing Decision translates into higher open mutual fund on the

the suspension of the extradition or surrender of investment certificates of the Fund,

or



c) day following the date on which the period for which it was

suspended the issue or sale of securities or book-entry

securities issued by managing the Fund.



Section 3



Closed investment fund



§ 142



With the unit trust Unit Trust Fund issued by a closed worksheet is not connected

the right-holder on its purchase to the account of the Fund.



§ 143



Designation of closed-end mutual fund contains the words "closed unit trust

the Fund ".



§ 144



Unless the obhospodařovatel closed-end mutual fund created

for a limited period to the end of this time, whether this mutual fund will enter

into liquidation or is converted to open mutual fund or stock

company with variable capital, will enter a mutual fund after

This period, into liquidation.



§ 145



The issue of investment securities



(1) For the issuance of share certificates closed unit trust fund, § 130

apply, mutatis mutandis.



(2) a closed mutual fund cannot issue or have issued investment certificates,

that do not have a nominal value.



§ 146



Award redemption of investment certificates in the Statute



(1) the status of closed-end mutual fund may determine that the participant has in

the duration of a closed mutual fund the right to buy back the share

worksheet on account of this mutual fund within the specified time limits, longer than 1

year. Status of closed-end mutual fund that is created for a period of

an indefinite period or for a specified period of longer than 10 years, will enable the shareholders of the

redemption of investment certificates owned by them after 10 years from the date of

Fund and within the period specified by the Statute, is longer than 1 year, at least

However, every 10 years; otherwise, the expiration of 10 years from the date of the Fund is created

they the right to repurchase the investment securities for the account of the mutual

the Fund.



(2) for the purchase of investment securities of closed-end mutual fund, § 131

up to 141 apply mutatis mutandis.



§ 147



(1) if the Court decides in the case of closed-end mutual fund pursuant to § 121

paragraph. 1 (b). (b)), the owner of the share certificate, for which the species was

decided, to require from him on the obhospodařovatel mutual fund

mutual fund account this participation certificate within 1 month of the effective date

the decision of the Court was bought at a reasonable price, unless the

doubt about the content of specific rights associated with unit trust sheet

obvious already at the time when the participation certificate. From Obhospodařovatel

the rightful owner buys a participation certificate within 15 working days from the date of

When he ran out of the proposal to conclude a contract.



(2) to comply with the obhospodařovatel the obligation stipulated in paragraph 1, the

the legitimate owner of the investment certificates to demand the conclusion of the contract of purchase

investment securities in court or claim compensation for injury, and no later than

within a period of 6 months from the date on which he reached on the proposal obhospodařovateli

the conclusion of the agreement referred to in paragraph 1.



Part 3



The Trust Fund



§ 148



(1) investment fund as a trust fund based on the contract;

other legal actions cannot create this trust fund. Create

the Trust Fund by setting aside assets cannot be from a pool of collective

investing. Legal actions relating to the creation of the investment fund

as the Trust Fund must be in writing, otherwise it is invalid; Court

this invalidity shall take account of its own motion.



(2) investment fund that is created as a trust fund, you may have

more founders. If the investment fund created as a trust fund

more of the founders, the decision shall be adopted by mutual agreement, does not specify the

the status of the Trust Fund, that only one of them or that they

decisions shall be taken otherwise.



(3) after the establishment of an investment fund as a trust fund cannot be

the founding legal act declared invalid and cannot be from this


reason to cancel his registration in the list of investment funds with the legal

the form of the Trust Fund.



(4) to indicate the investment fund as a trust fund is section 104

apply, mutatis mutandis. For making decisions about the person translates into higher,

Administrator and depositary of an investment fund as a trust fund

with section 107 shall apply mutatis mutandis.



(5) For an investment fund as a trust fund with the section 114 shall apply mutatis mutandis.



§ 149



The provision of Section 1452 of the Civil Code shall be investment fund as

the Trust Fund shall not apply. Where the civil code uses the term "Statute

the Trust Fund "shall mean in the case of an investment fund as

the Trust Fund Statute of the Fund.



Trustee



§ 150



(1) investment fund as a trust fund has one administrator.



(2) The administrator may just be the one who is under this Act

authorised to manage such investment fund.



(3) the provisions of this Act on the performance credentials of another individual

activities, which includes the management of an investment fund, are not

without prejudice to the provisions of paragraph 1.



(4) the provisions of section 1454 of the civil code, for the investment fund as

the Trust Fund shall not apply.



§ 151



The investment company can be, in terms of this Act,

the trustee and the Trust Fund, which is not an investment fund.



Supervision over the administration of



§ 152



(1) Supervision over the administration of the Trust Fund, which is an investment fund,

obhospodařovatel carries out of this Fund.



(2) the provisions of § 150 of paragraph 1. 3 shall apply mutatis mutandis.



§ 153



The provision of section 1465 of the Civil Code shall be investment fund as

the Trust Fund shall not apply.



Part 4



Joint-stock company with variable capital



Section 1



Basic provisions



§ 154



(1) joint-stock company with variable capital is a stock

the company that issues shares, which carry the right to shareholders on

their purchase of the company's account, and the internal structure of the

is the one-tier and the business name of which includes indications "investment fund with

variable capital ".



(2) joint stock companies with variable capital can only be

Investment Fund.



(3) the statutory directors of joint-stock company with basic variables

capital, which is the investment fund pursuant to § 9 para. 1, for the

business management in its entirety. Only the statutory Manager also

Specifies the base focus of business management.



(4) the powers of the general meeting of a public limited company with variable

share capital belongs to the election and removal of the Director,

as well as the approval of its contracts for the performance of functions, including its changes.



(5) the statutory Director of joint-stock company with basic variables

capital can also be a legal person, if it complies with the authorized agent

or the credentials of the agents and conditions established by this Act and other

legal regulation for the membership of the Board. Authorized agent

at the same time, however, cannot be the Chairman of its Board of Directors.



§ 155



The capital of the



The capital of the joint-stock company with variable capital is

equal to its fondovému capital. In the commercial register as its

the capital of the amount deposited by subscribing the articles writes of shares

(recording capital); the enrollee share capital shall be stated in

the articles instead of capital.



§ 156



The contents of the articles of Association



(1) the statutes of a public limited company with variable capital

They also contain



and) an indication of whether the company can create compartments,



b) determining the remuneration for the management and implementation of its

as investment fund administration,



(c) determining the types of costs) which may arise in connection with its

management and implementation of its administration as an investment

the Fund,



(d) the management of the property of) the principles and rules for the payment of the shares in the

profit,



e) the method of determining the current value of investment shares and the frequency of

such a determination,



(f)) the procedures and conditions for the issuance and sale of investment shares,



(g) determine the highest above) share capital for the purpose of suspension

the issuance of investment shares and



h) way to notify the intention of one of the founders, owners

shares of the stock transfer (section 160 (1)).



(2) permitted by the statutes provide the ability to create compartments, also determines the

the rules for their creation and the rules for payment of the costs

can arise in relation to their management and implementation

their administration.



§ 157



(1) for the joint-stock company with variable capital is

do not apply the provisions of the law governing legal relations of business

companies and cooperatives, relating to the nominal value and the provisions on the

subscription and acquisition of own shares, the financial assistance of the emission

the course and the emission ', and on the issue of warrants.



(2) joint stock company with variable capital, whose General

meeting decided to dispose of the investment shares from trading on

European regulated market, does not have to make public the draft Treaty.



(3) joint-stock company with variable capital need not be

reserve funds.



Section 2



The founding shares and investment shares



§ 158



(1) joint-stock company with variable capital is issued by the unit

shares as shares, which have no nominal value, and does not follow from the

This law something else (§ 167 (1)), represent the same interests

the basic capital of the company.



(2) the founding shares in the public limited-liability companies with variable fundamental

capital shares are subscribed, the founders of joint-stock companies;

the founding shares remain to be even the founding shares, which

underwritten by a person other than the owner of the founding shares, since none of the

these owners did not use its right of pre-emption pursuant to § 160, and

the founding shares, which were acquired by someone other than the owner of the

founding shares, since none of these owners did not use their

pre-emptive rights to subscribe for new shares pursuant to § 161 founders.



(3) other shares of the joint stock company with variable capital

the investment shares.



(4) Founding shares provides an indication that this is a notable

share; investment equities provides an indication that the investment share, and

the figure, from which it follows that the shares with voting rights.



The founders ' shares



§ 159



(1) by means of shares cannot be linked right to redemption

on behalf of the company or any other special law.



(2) the articles of the shares cannot be accepted for trading on the European

regulated market or other public market.



(3) for the joint-stock company with variable capital is

provisions of the Act governing the legal relations of the companies and

cooperatives on changing the amount of the capital stock of the company and

decisions of the General Assembly in relation to the change of the amount of the registered capital

joint-stock company shall only be used in relation to the zapisovanému base

capital and founding shares.



§ 160



(1) if any of the plans to the owners to convert their shares in the articles of

the founding shares, the other founding owners of the shares to the

those shares for a period of 6 months from the date when this fact is announced

an option to purchase, unless the owner of the founding shares the founding

shares of the owner of the other founders transferred shares. If it is not

agreed in the articles, as an option, have the right to

redeem the founding shares in proportion to the size of their stakes.



(2) the right of first refusal to the founding owners of shares, even if

one of the founding owners of the shares transferred the founding

shares free of charge; If the founding owners have the right to shares

the founding shares to redeem for the usual price. This is also true in other

cases, the legal right of pre-emption.



§ 161



Each owner of shares, the Foundation has a preferential right to subscribe to a portion of

the new founding of the shares to the extent of his share. Unless the statutes provide

otherwise, each owner of shares, the Foundation has a preferential right to

Subscribe to the founding shares, which have underwritten in accordance with the law

another shareholder. In the next section 485 to 490 to the law governing the legal

ratios of commercial companies and cooperatives shall apply mutatis mutandis.



Investment shares



§ 162



(1) investment shares carry the right to the redemption at the request

its owner on the account of the company. Investment shares repurchase

cease to exist.



(2) if required by law to vote at the general meeting in accordance with the type of shares, it is

the owner of the investment shares without voting rights shall be entitled to at a General

meeting to vote.



§ 163



(1) investment shares they subscribe on the basis of a public call for their

subscription.



(2) For the issuance and sale of investment shares is up to 130 140. §

shall apply mutatis mutandis.



(3) the date of the issue or sale of investment recovery stocks is



and) day following the date which has expired, for which it was

the issue or sale of investment shares suspended



(b)) a day with legal force of the decision of the Czech National Bank, which

repeals the decision to suspend the issuance or sale of investment

shares, or



c) day following the date on which the period for which it was


suspended the issue or sale of securities or book-entry

securities issued by managing the Fund.



§ 164



To meet the satisfaction of the claim or of a creditor or shareholder's equity

company with variable capital arising in connection with

the acquisition of assets which do not form part of the assets of the

investment activities of this company, you cannot use the funds

obtained by issuing investment shares or assets acquired

through the funds thus obtained.



Section 3



Sub-funds



§ 165



(1) joint-stock company with variable capital can create

compartments, if permitted by its articles of Association. The Sub-fund is calculated correctly and to the property of

a separate part of her fortune.



(2) joint stock company with variable capital is included in the

Sub-fund or sub-funds of assets and debts of its investment activities.

Does not include a joint-stock company with variable capital to

Sub-fund or sub-funds also assets and debts, which are not part of the

property and debts of that company from investing activities, do not form this

the assets and debts of the Sub-fund.



(3) the Sub-fund has its own investment strategy, unless the statutes provide something

another.



(4) to fulfil or satisfaction of the claim of a creditor or shareholder for

the company incurred in connection with the creation of the subfund, performance

the investment strategy or its cancellation can only be used in property

This sub-fund.



(5) in the commercial register at the joint-stock company with variable

share capital recorded also an indication of whether the company can

create compartments.



§ 166



(1) the designation of a sub-fund shall contain the distinctive element of the business of the company

joint-stock company with variable capital and the word "sub-fund",

or otherwise express its property of the subfund.



(2) for the indication of a sub-fund is section 104 shall apply mutatis mutandis.



§ 167



In the case of investment shares of a sub-fund



(1) joint-stock company with variable capital issues to

each sub-Fund's investment shares, that represent the same interests

fondovém capital of the subfund. Capital shares issued by the

The subfund's benchmark is the right relating to profit only from the management

This and the liquidation of a sub-fund only upon termination of this

with the liquidation of a sub-fund. It is not impossible that the joint-stock company has released

different types of investment shares to the same sub-fund under conditions that

the law governing the legal relations of the companies and

cooperatives.



(2) issue to the Sub-Fund's investment shares cannot be as long as data are not required to

identify sub-written in the relevant list maintained by the Czech

National Bank.



(3) investment shares referred to in paragraph 1 shall contain the information necessary to

identification of the Sub-fund to which the rights referred to in paragraph 1 apply,

where appropriate, other specific rights that are associated with it.



(4) the statutes may specify that, on matters concerning only the

Sub-and do not have a significant impact on other sub-funds, only

the owners of the investment shares to be issued to this sub-fund, while not

applicable, whether they are holders of the shares with voting rights. In such a

If the statutes at the same time these matters in more detail.



§ 168



If required by other legislation or legal action is needed to

identify the owner, the details of the joint-stock company with

variable capital data required to identify the Sub-

This investment fund.



§ 169



The Statute and the communication of key information



(1) each sub-fund shall have a statute. The Statute of a sub-fund may be incorporated into the

the Statute of the European Investment Fund as a separate part, with particulars

in this section can be replaced by a reference to other parts of the statute or its

attachments.



(2) refers to this Act or other legislation of the Statute

Investment Fund, meant to cover and the Statute of the Sub-fund, unless this

the law follows from the nature of the Sub-fund or something else.



(3) the communication of key information for collective investment fund, whose

the statutes creating the Sub-admitted, shall be made out for each sub-fund;

where by this Act or other legislation uses the concept of investment

the Fund, the investment fund of the subfund.



Part 5



A limited partnership investment leaves



§ 170



(1) a limited partnership investment leaves is a limited partnership,

in which only one partner is liable for its debts indefinitely (hereinafter referred to as

"General Partner") and at least one partner is not liable for its debts (hereinafter

only a "limited partner"). Shares of general partners of the limited partnership on the

investment leaves are represented by the investment leaves.



(2) business name contains the designation "limited partnership on

investment leaves ", which may be replaced by the abbreviation ' com. spol. on

invest. leaves "or" k. s. i. l. ".



(3) a limited partnership company on investment leaves can only be

Investment Fund.



§ 171



Types of shares



(1) the partnership agreement may allow the emergence of various types of shares.

Investment leaves that represent shares, which carry the same

rights and obligations, make up a single species. Investment list, which

represents the proportion with which are not linked to any specific rights and

obligations, is a basic investment worksheet.



(2) determine if the social contract, a limited partner may hold more

the shares, even of a different kind. If, under the joint venture agreement allowed

the emergence of more shares for one komanditistu, will issue the company investment

sheet for each share, or issue a bulk investment list; social

the contract also includes the designation of the investment worksheet, which is the proportion of

represented by.



(3) different classes of shares, the special rights and obligations and their content is

determined in the memorandum.



(4) the partnership agreement governs the different classes of shares in the commercial

Register for a limited partnership investment leaves also writes

an indication of the kind of market share and a description of the rights and obligations associated with it, and it

at least link to the social contract that is stored in the collection of documents

the commercial register. In the commercial register for a limited partnership

the company's investment recorded data sheets komanditistech.

The Court, which maintains the business register, making public, information on

komanditistech contained in the social contract of a limited partnership

on investment lists based in a collection of documents. Except in cases of

stipulated by special legislation may send a copy of the social contract

including data on komanditistech to receive just one who has a legitimate

interest.



(5) for the case of doubt as to the content of specific rights or content

the specific responsibilities associated with the investment in § 121 and sheet 147 shall apply

by analogy.



Investment list



§ 172



(1) the investment certificate is a valuable paper on the series, which contains at least



and) the designation "investment list",



(b)) the particulars needed to identify the company,



(c)) the data needed to identify a limited partner,



(d)) the amount of deposit per share and paid up part of the deposit to the

the issue date of the investment, and worksheet



(e) designation of an investment worksheet) its number and signature of the general partner.



(2) the investment list cannot be issued as book-entry securities.



(3) upon submission of the worksheet on it investment limited partnership on

indicate the current level of investment leaves paid-up part of the deposit, if different

from the information referred to in paragraph 1 (b). (d)).



§ 173



Investment list cannot be admitted to trading on the European

regulated market or other public market.



§ 174



(1) the social contract of a limited partnership investment leaves can

the transferability of investment leaves to limit, but not eliminate them.



(2) for the transfer of investment worksheet shall apply mutatis mutandis to section 210 of the Act also

governing the legal relations of the trading companies and cooperatives.



§ 175



(1) If a limited partner or other person required to deliver investment

sheet of limited partnership on investment leaves it within the time limit,

specified by the social contract, or else within a time limit to do so in a written

the challenge by establishing the general partner or the liquidator.



(2) international investment worksheets that have been committed within the time limit referred to in paragraph 1,

a general partner or the liquidator declared void. The Declaration

the invalidity of the investment shall be published on the leaf website

the company.



Deposits



§ 176



Before the formation of a limited partnership investment leaves manages its

paid deposits for one who has become general partner.



§ 177



The deposit obligation of a partner of a limited partnership for investment

the leaves are filled in the money.



§ 178



(1) the deposit is equivalent to 2% of the general partner from total volume of deposits

the founding limited partners, unless the partnership agreement specifies that the amount of the

the deposit is the general partner, or that obligation does not have.



(2) before submitting an application for registration of a limited partnership for investment

the leaves in the commercial register shall be paid the entire deposit general partner.



Specific provisions on the decision-making of shareholders



Section 179



The partners are not allowed to reserve the decision of things that otherwise, according

This Act or any other law or the social contract

belongs to the competence of other organs limited partnership for investment

the leaves.



§ 180




A general partner or limited partner cannot exercise the voting rights,

If the shareholders decide to exclude, or in other cases,

If provided for by this Act or other legislation or to determine if the

the social contract. When making a decision of shareholders shall not be considered to

voting rights that you cannot perform.



Special provisions relating to termination of participation of a partner



§ 181



(1) the limited partners of limited partnerships to investment leaves

General Partner be excluded only for reasons that are set out in the social

the contract.



(2) the exclusion of the general partner shall be drawn up in notarial deed of

the decision of the legal person.



(3) excluding general partner must agree to the majority of at least two

thirds of the votes of limited partners, unless the partnership agreement most of the above.

The exclusion of the general partner shall be regarded as a change of the social contract.



(4) the exclusion of the general partner is the effective entry of another general partner to

limited partnership investment leaves. If the change has not

the social contract entering the general partner in a limited partnership

the investment in the time specified in the decision to exclude

General Partner, but at the latest within 3 months from the date of adoption of this

the decision shall enter a limited partnership investment leaves the end of the

such periods into liquidation. To the input of another general partner consent

the excluded general partner is not required.



§ 182



(1) unless something else from the social contract, the reason for

cancellation of a limited partnership investment leaves is not a termination of participation

a limited partner in the company.



(2) death or dissolution of a limited partner in a limited partnership, its market share is transferred

the investment company leaves on the heir or successor in title.

The partnership agreement may prohibit or transition investment worksheet

limit.



(3) a limited partner of a limited partnership cannot investment leaves

to withdraw or cancel its participation notice, unless the partnership agreement

determines otherwise.



(4) the performance of general partner is an effective entry of another general partner to

limited partnership for investment; This is true even for testimony

General partner. The emergence of a general partner and general partner, which set aside the

your participation notice, has brought the same obligations to partners,

What has excluded a general partner.



section 182a



Commit investment worksheet



(1) without delay after the termination of the participation of a limited partner in the company

without legal successor shall surrender the limited partner, the heir or legal

a successor, or the insolvency practitioner company investment worksheet.



(2) the right to payment of a share of the settlement or a share of the liquidation

the balance sheet is formed komanditistovi submitting an investment limited partnership

the investment company leaves, otherwise by posting the statement of his

of invalidity under § 175 paragraph. 2.



(3) Individual investment limited partnership on investment worksheet worksheets

or liquidator shall immediately be destroyed.



Part 6



Special provisions for limited partnerships



§ 183



(1) For a limited partnership investment leaves this part

does not apply.



(2) a limited partnership, which is the investment fund, you may have just

one general partner.



§ 184



For a limited partnership, which is the investment fund, up to 180 § 176

shall apply mutatis mutandis.



Certain provisions on termination of participation of a partner



§ 185



(1) For the exclusion of the general partner of a limited partnership with section 181 applies

by analogy.



(2) the social contract of a limited partnership, which is an investment

the Fund contains for each limited partner achieves an information necessary to

identify another companion, which limited liability partner

called for the purpose of their performances for the keyword (section 186 (2)), or

an indication of the fact that the limited liability partner follows another companion for

the purpose of their performances did not mark.



§ 186



(1) a limited partner cannot guarantee of a limited partnership,

or cancel your participation notice, unless the partnership agreement specifies otherwise.



(2) a limited liability partner may also withdraw from this company,

lapse in shareholder participation, which this companion called

the social contract for purposes of their appearance for the key. Get off

of the limited partnership may be within 10 working days from the date of participation

Companion marked for the purposes of performance in a key lapse; to

later performances shall be disregarded.



(3) the withdrawal of a shareholder referred to in paragraph 1 or 2 shall be deemed a change

the social contract.



(4) for the general partner to section 182 paragraph. 4 apply mutatis mutandis.



TITLE III



SOME OF THE COMMON QUESTIONS



§ 187



Verification of annual accounts



Financial statements of the investment fund shall be verified by an auditor.



§ 188



The adoption of the investment securities or investment shares to trading



(1) without prejudice to the conditions for the admission of a security or

securities to trading on a regulated market

laid down by law governing the capital market, mutual

the leaves or the investment shares of the regulated market may accept

to trading on this market only if



and has given consent to do so) obhospodařovatel investment fund, whose

mutual fund and investment shares to be admitted to trading on a

regulated market and if it is out of his initiative, and



(b)), the application for admission of investment securities or investment shares served

participant of the regulated market to which the securities dealer

or a foreign person with the permission of a foreign supervisory authority to

provision of investment services under the law governing business on

capital market and who is the owner of, or at least a legitimate

hold all investment securities or investment shares

adoption refers to.



(2) where the receipt of multiple kinds of investment certificates issued an open

mutual fund or investment shares to trading on a regulated

the market must be further ensure that for each type of will there be a builder

the market. Market maker ensures that it does not vary significantly in price

from the current values of the participation certificate issued by the open sharing

Fund or the value of the investment shares and, if accepted for trading more

species of these investment securities or investment shares, then with regard

on a single species.



(3) the securities or book-entry securities issued by a foreign

Investment Fund, with which it is associated, or with which is related to the right to

their redemption, paragraphs 1 and 2 shall apply mutatis mutandis.



(4) for the purpose of the adoption of the investment securities or investment shares to

trading on a regulated market, the condition laid down in this Act,

the subject of the request to multiple shareholders or owners of investment

shares a single investment fund, be disregarded.



§ 189



The Statute of the European Investment Fund



Each investment fund must have a statute. The Statute of the European Investment Fund issues

and updates the obhospodařovatel.



Calculate the current value of investment certificates, shares investment and other

shares of investment fund



§ 190



(1) the current value of the share, the share of the funded capital

mutual fund per participation certificate.



(2) the base for the calculation of the current value of the share certificate is fully funded

capital mutual fund on the date of calculation of the current value. In fondovém

capital account of accruals the normal costs, particularly fees

referred to in the Statute, such as remuneration for management, administration,

the performance of the activities of the depositary, the audit and the expected tax liability on the date of

the calculation of the current value.



(3) in the case of a participation certificate without nominal value or if all

the units of the same nominal value, the current value of the

a participation certificate as the value of the funded capital of the fund divided by the

number of issued investment sheets; otherwise, the current value of the share

the sheet shall be the value of the funded capital of the Fund on the date of calculation

the current values, divided by the sum of all nominal values issued by

units in circulation, multiplied by the nominal value of the

share certificate, rounded to the specified number of decimal places

in its terms of reference.



(4) If a unit trust sheet carry special rights, the current

the value of the share certificate, on the basis of the funded capital for

the different types of investment certificates in proportion to the specified calculation

set out in its Statute.



(5) the current value of the share certificate shall be calculated without the preparation of financial

the shutter.



§ 191



(1) the base for the calculation of the current value of investment shares is funded

capital at the date of calculation of the current value. Article 190 paragraph 1. 2 sentences

the second shall apply mutatis mutandis.



(2) the current value of investment shares shall be determined as the value of the funded

the capital of the fund divided by the number of issued shares.



(3) created by the investment fund, which is a joint-stock company with

variable capital the Sub-fund shall be determined by the current value of the

investment shares of a sub-fund, on the basis of the funded capital.



(4) if the issued investment shares investment fund

carry special rights, the current value of investment shares

the basis of the funded capital of this Fund, or its sub-,


for each type of investment shares in proportion

specified the calculation set out in its Statute.



(5) for the investment share in § 190 paragraph. 5 apply mutatis mutandis.



§ 192



How to determine the current value of the share of the investment fund, which is not

represented by the unit trust or investment shares worksheet shall be determined by the Statute of the

the Fund.



§ 193



(1) the current value of the share certificate, investment shares or other

share of the investment fund is calculated within the time limit referred to in the Statute.



(2) this period may not be longer than



a) 2 weeks, if the standard Fund,



b) 1 month, if the Special Fund that does not invest in real estate

or by participating in a real estate company,



c) 1 year, if the Fund for qualified investors, which invests not in

real estate or participations in real estate companies, and



(d)) for 2 years, in the case of an investment fund, which invests in real estate

or by participating in a real estate company.



(3) investment fund that invests as a money market fund or

short-term money market fund, calculates the current value by

provision of a share certificate or the investment shares each working day.



The valuation of assets and debt investment fund



§ 194



Who appreciates the assets and debts of the investment fund,



and procedures for valuation) uses the property and debts, which include

always a valuation with regard to the investment strategy of the

Investment Fund, and



(b)) shall be impartial and independent, who is valued.



§ 195



Obhospodařovatel investment fund may appreciate the property and debts

This Fund has created an organizational prerequisites for impartiality and

independence under section 194 (a). (b)), the management of conflicts of interest

including their detection and avoidance.



§ 196



(1) the assets and debts of the investment fund of investment activities are valued

the fair value of the modified according to international accounting standards

European Union law ^ 10) that



and fair value) for the determination of a bond or similar securities

or securities representing the right to repayment of the

the amount owed, you can use the average price between the best binding

supply and demand (the middle price) and



(b)) to determine the fair value of shares or similar securities or

securities representing the share of the business

a company or other legal entity, you can use a value that is

published on a regulated European market or the foreign market

similar to the regulated market and to which, at the time not

at the moment, the most recent valuation of the moment

Awards.



(2) the Czech National Bank shall issue a decree procedures for determining fair

value of the asset and debt investment fund to the extent

of paragraph 1.



§ 197



(1) the administrator of an investment fund may valuations of assets and debts

This Fund entrust another only,



and if pověřovaný) is independent of the



1. the administrator,



2. obhospodařovateli investment fund, whose assets and debts has

to appreciate,



3. Investment Fund, whose assets and debts has to appreciate, and



4. another person with close links to the persons referred to in paragraphs 1 to 3 and



(b)) provides sufficient guarantees that the Professional is able to appreciate the

the assets and debts of the investment fund in accordance with the relevant in other

laws and regulations governing the valuation of assets and debts and statute

Investment Fund.



(2) who has been commissioned by the administrator of an investment fund valuation

assets and debts of the Fund may not delegate this activity or

the performance of any act or some of the operations of this business further;

If so, disregard it.



(3) it shall be deemed that the one investment Fund Administrator intends to

Entrust or commissioned the pricing of assets and debts of the Fund, is

the meaning of paragraph 1 (b). and is not independent) if



and the head of the person or worker) of that person, or



(b)) pool, beneficiaries, founder, companion or quiet

a companion investment fund, whose assets and debts has to appreciate, and in

the case of the Trust Fund, who increased the assets of the investment

the Fund, whose assets and debts has to appreciate, in the Treaty.



§ 198



(1) the administrator of an investment fund may entrust the pricing of assets and

the debts of the Fund, the depositary of the Fund only if it is the depositary

created the organizational assumptions



and for the ordinary, a standalone) and independent control of these activities in the

the performance of the activities of the depositary and



b) impartiality and independence pursuant to section 194 (a). (b)), including management

conflicts of interest, including their detection and avoidance.



(2) the provisions of § 197 paragraph 1 without prejudice to § 197, para. 1 (b). a) and

§ 197 paragraph. 3 shall not apply.



§ 199



The administrator of a special fund or a Fund of qualified investors,

the obhospodařovatel is entitled to exceed the determined limit, the

entrust the pricing of assets and debts of the Fund to another only if the

at the same time of the Fund's maturity.



§ 200



(1) in the next valuation of assets and debt of the investment fund, whose

obhospodařovatel is entitled to exceed the determined limit, defining articles

67 to 74 directly applicable European Union legislation, implementing

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



(2) the provisions of § 50 to 52 are not § 197 to 199.



§ 201



(1) investment vehicles owned by the investment fund are valued at

the period referred to in the Statute. The provisions of § 193 para. 2 and 3 shall apply

by analogy.



(2) Valuation of investment instruments referred to in paragraph 1 shall be made on the date on

which calculates the current value of the share certificate, investment shares

or another share of the investment fund.



§ 202



(1) the assets and debts of the investment fund not specified in § 201 of paragraph 1. 1, the

valued in the periods referred to in the Statute; These time limits may not be longer than

1 year.



(2) for the valuation of asset and debt investment fund not listed in § 201

paragraph. 1 in § 201 of paragraph 1. 2 apply mutatis mutandis.



Relationship to some of the legislation



§ 203



(1) For an investment fund shall not apply the provisions of the law governing

legal relations of commercial companies and cooperatives of the preferred stock and

about the forced transition of the securities.



(2) a person who acquires a holding of voting rights investment fund,

There is no obligation to make a takeover bid under the law governing

a takeover bid. In this context, nor do not arise this or other

the person of the obligations that otherwise required by law, when a takeover bid

governing takeover bids.



(3) if provided for in this Act or legislation implementing it something

other than is apparent from the provisions of the Civil Code governing the management

Foreign assets, the provisions of this Act or legislation to

performing.



§ 204



For an investment fund that is a qualified pool of venture capital

referred to in article 3 (b). (b)) usable code directly in the European Union

relating to the European venture capital funds ^ 7) or a qualified

social entrepreneurship Fund referred to in article 3 (b). (b))

of the applicable legislation of the European Union relating to European funds

social entrepreneurship ^ 9), and for a legal entity, which is to become

qualified venture capital fund or a qualified Fund

social entrepreneurship, with the provisions of this Act or other legal

the regulation shall apply in so far as it permits the directly applicable

Regulation of the European Union governing the European venture capital funds ^ 7)

and directly applicable European Union governing European funds

social entrepreneurship ^ 9).



PART SEVEN



COLLECTIVE INVESTMENT FUNDS



TITLE I OF THE



BASIC PROVISIONS



§ 205



(1) otherwise than in the manner referred to in section 93 cannot be added to the pool of collective

the investment of funds collected.



(2) Collect from the public to the Fund for collective investment money

valuable things are prohibited.



§ 206



(1) the Fund for collective investment must not issue warrants. These valuable

Securities and uncertificated securities may be issued or for the account of the Fund

collective investment undertakings.



(2) a collective investment Fund may issue a bond or security

or book-entry securities, which carry the right to repayment of the

the amount owed, only under the conditions, under which the account can be taken of this

Fund a loan. This also applies in the case where such securities or

book-entry securities issued by a collective investment fund account.



(3) a collective investment Fund shall not be a party to the Treaty on the quiet

the company.



Section 207



(1) the investment strategy of the Fund for collective investment in the range of

provided for in section 93 para. 3 (b). a) to i) it is not permitted to change, unless the

This is a change



and) directly from a change of legislation,



(b))-induced obstacle arising independently of the will translates into higher,

If this change does not significantly different to the way the investment of this

the Fund,



(c)) as a result of changes to the Statute of the Fund, collective investment schemes, which

allows you to invest as a child of the Fund, or



(d)) as a result of a final decision on the limitation of the Czech National Bank

the scope of the investment strategy (section 549, paragraphs 1 and 2).




(2) a change made in contravention of paragraph 1 shall be disregarded.



§ 208



The funded capital of the Fund for collective investment



(1) the funded capital of the Fund for collective investment must, within 6 months from the

the date of the investment fund to reach at least the amount corresponding to 1

250 000 euros.



(2) the Court, on a proposal from the Czech National Bank or of the person who has the

legitimate interest, to cancel the collective investment fund, which has a legal

the form of a public limited company, whether its funded capital of at least

the amounts referred to in paragraph 1. Before the decision, the Court shall provide the

a collective investment fund of the reasonable period of time to rectify the situation.



§ 209



Determination of remuneration for management



Remuneration for the management of the Fund for collective investment shall be determined

in particular, the



and a percentage of the average value) of the funded capital investment fund

or part thereof for the accounting period,



(b)), depending on the performance of the investment fund above the specified pointer

(benchmark), with which it is compared, performance



(c)), depending on the annual growth of the value of the funded capital of this

the Fund allocated to the participation certificate, 1 1 of the investment share or other

share of the investment fund,



(d)) contribution from the financial results of an investment fund or part thereof

before taxes, or



(e) a combination of the methods referred to in points) a) to (d)).



§ 210



Costs not included



Collective investment fund costs cannot include



and) fines or other penalties imposed on its property obhospodařovateli,

Administrator, the Chief proponents of the depositary, auditors or other

the person who provides the services for this Fund,



(b) a copy of the promotional costs) communication and the cost of offering

investment in this Fund, or



(c)), the administrative costs and the costs of legal and consulting services

associated with the transformation or other material relating to the disposition of this

the pool (part eleven).



§ 211



The redemption of the participation certificate and investment shares without precipitation



(1) it was decided to increase the remuneration for management or

the output of the charge above the amount referred to in the Statute Fund of collective

investment, the owners or owners of investment certificates

investment shares, concerned by the decision to increase the remuneration or fee

refers to the right to repurchase the Fund issued by a share certificate or

investment shares without deduction; However, you can shrink the amount corresponding to good effect

incurred costs associated with the buyout of the share certificate or

This investment shares.



(2) the time limit for exercising the right to redemption under paragraph 1 shall be

intended to have amounted to at least 30 days from the date of publication of the information about the

the decision to increase the remuneration or fee; expiry of the right to

the purchase referred to in paragraph 1 shall cease to exist. Included in this information is information such as

When the deadline for exercising that right to purchase.



§ 212



To change the scope of the approved financial statements, distribution of profits and payment of

the loss of



Determine if the statutes of the public limited-liability company, which is a Fund of collective

investing, the clearance of accounts of the Fund, as well as the decision of the

allocation of profits or other proceeds from the assets of the Fund and

the decision to offset losses from the management of this Fund belongs to the

statutory or supervisory body this translates into higher

the Fund; other authority of this collective investment fund, which is otherwise

According to the law competent to decide in this case

does not act.



§ 213



The publication of the disapproval of the financial statements



If the competent authority does not approve within a specified period the financial statements of the Fund

collective investment undertakings, or if the Court decides on the invalidity of acts

the competent authority which has approved the financial statements obhospodařovatel

This Fund, including how to resolve your comments

authority or court shall publish on the website of the Fund.



section 214



Coverage of losses



Alternatively, a collective investment fund for the financial year loss,

the competent authority shall decide on the approval of the financial statements of the Fund for the

the accounting period in which the loss arose about its payment from the assets of the

the Fund.



TITLE II



INVESTMENT AND TECHNOLOGY TO MANAGEMENT



section 215



(1) a collective investment fund in Obhospodařovatel management

This Fund will establish within the framework of the Statute of the Fund and maintain and operate



and the rules for the composition of assets) this Fund, consisting of



1. in the definition of assets that can be acquired to equity

This Fund, and the investment limits to be complied with in respect of

These property values, including the investment limits when copying

the composition of the index of shares and securities of the shares representing

the business of the company or other legal person or bond index

and similar securities representing the right to repayment of debt

amounts or for a different index, and



2. in defining the limits of the weighted average and the weighted average maturity

the life of the collective investment of the Fund, which invests as

money market fund or short-term money market fund, in the case of

such collective investment funds, and the rules for their

the calculation,



(b) the rules for the adoption of a loan) or the lease on behalf of the Fund,



(c) the rules for the use of property) of the Fund to provide credit,

lease or donation, to guarantee the debt of another person or for payment of the debt,

that is unrelated to the management of this Fund, including whether you can

the assets of this Fund be used to grant a loan or leases that

is unrelated to its achievement, and whether it can be assets of the Fund

used to provide a donation to another person, or a debt to be paid

debt that is unrelated to its achievement,



(d)) the rules for the conclusion of contracts for the sale of assets on account

This Fund, this Fund is not on your property or on

to buy time, including whether you can on behalf of this Fund to enter into

contract for the sale of assets that the Fund has in its

property or that has the time to buy,



e) techniques to the management of this Fund,



f) rules for the use of techniques to the management of this Fund,

including rules for the arrangement of a repo transaction with the use of assets

the Fund and investment rules in relation to the agreed repurchase

shops,



g) rules for reducing risk from the use of derivatives, and in the case of

a special fund that uses leverage, also limits for peace

the use of leverage,



h) rules for calculating the total exposure of the Fund standard

under the liability method and the method of measurement values at risk, with a resolution of

According to the model of absolute risk values and relative risk values,

Another advanced method, measuring risks, and



I) limits for the total exposure in the case referred to in subparagraph (h)).



(2) the Government regulation for standard Fund for a special fund, with

resolution, that invests in real estate and holdings in real estate

companies and for a collective investment fund, which invests

as a money market fund or short-term money market fund,

qualitative requirements



and) the rules referred to in paragraph 1 (b). a) to (d)) and f) to (h)), including,

whether you can



1. the assets of the collective investment fund used to provide credit

or leases that is unrelated to its achievement,



2. property collective investment fund used to provide donation to

a debt of another person or to pay debt that is unrelated to its

management, and



3. on the account of the Fund for collective investment to enter into contracts for the sale of

assets that the Fund does not have on your property or that has

at the time, provided



(b)) techniques referred to in paragraph 1. (e)), and



c) limits for total exposure referred to in paragraph 1 (b). I).



(3) contrary to this Act, if the obhospodařovatel Fund

collective investment undertakings does not load, does not maintain or apply the rules

techniques or the limits referred to in paragraph 1 as provided for in this Act or the

Government regulations governing investment of investment funds and technology to

their management.



(4) repurchase trade for the purposes of this Act, a sale or other

the transfer of property values at the same time the agreed retroactive purchase or other

roundtrip purchase or other transfer of assets, at the same time

the agreed retroactive back through sale or other transfer.



(5) for the purposes of calculating the investment limits, limits for the total exposure and

other limits arise from the Fund for collective investment

or from government regulations governing investment of investment funds and

techniques to their management, the bond or security

or book-entry securities, which carry the right to repayment of the

the amount owed, issued by a collective investment fund, seen as

the loan received on the account of the Fund. The provisions of § 206 paragraph. 2 the second sentence

shall apply mutatis mutandis.



§ 216



(1) If, independently of the will of the collective Fund translates into higher

the investment of the assets of a song is not complied with the compliance of the Fund

with the rules for the composition of the assets of this Fund, the obhospodařovatel

of the Fund without undue delay, to restore the consistency of the track assets


This Fund, with these rules; Bearing in mind the interests of the unit-holders

or the owners of the investment shares of the Fund.



(2) in connection with a pre-emptive right to subscribe for

investment securities or money market instruments, which has, or

a collective investment fund will have on your property, you may not be

track asset complies with the rules for the composition of

the assets of the Fund; obhospodařovatel of this Fund, however, must restore

without undue delay after the exercise of the pre-emptive right consistency

tracks the assets of this Fund with the following rules.



§ 217



cancelled



§ 218



Obhospodařovatel special fund or a comparable foreign

an investment fund that uses leverage, Czech national

the Bank, on request, the adequacy of the limits set for the utilization rate

leverage, as well as how to ensure compliance.



TITLE III



DISCLOSURE OF INFORMATION



Part 1



The Statute of the



section 219



A collective investment fund rules is a document that contains

investment strategy of the Fund for collective investment, the description of risks

investing this Fund and other information necessary for the

investors to assess investment, consecrated in the form

comprehensible to the ordinary investor.



section 220



(1) Fund rules for collective investment includes



a) data necessary to identify translates into higher, administrator and

the depositary of the Fund for collective investment,



(b)) the particulars needed to identify the Fund for collective investment,



c) investment strategy, including the investment limits,



(d) the Fund's risk profile) collective investment undertakings,



e) data on the historical performance of the Fund for collective investment,



(f) policy for the management of the Fund) collective investment undertakings,



g) details of the payment of profit shares or collective Fund revenues

investing,



h) data relating to investment securities or shares issued by the Fund

collective investment undertakings,



I) information on the fees charged to investors and costs financed by

assets of the Fund for collective investment,



j) information about the credentials of another performance options each activity that you

includes the management or administration of an investment fund or

foreign investment fund, and in the case of the credentials

another, providing data, and



k) for more information necessary for investors to assess a consecrated

investment.



(2) Excludes any information the nature of putting it in the Statute, the

is an indication that the requested data content closely matches.



(3) the Czech National Bank shall issue a decree requirements to the content and

the structure of the Fund for collective investment within the scope of paragraph 1.



§ 221



The information referred to in the Statute of the Fund for collective investment must be

kept up to date.



§ 222



The publication of the Statute and its changes



(1) Fund rules for collective investment and each change is

without undue delay shall publish on the website of the

the Fund.



(2) the publication of the amendment of the Statute of the Fund for collective investment shall be carried out

also by posting its new full text.



§ 223



The current publication of the articles of Association



(1) the Statute of the collective investment fund, which has a legal form

joint-stock company, at the same time shall publish its by-laws.



(2) the statutes may not be disclosed, if the status of the Fund

collective investment information



and) about the fact that the statutes will be provided on request of the investor, or



(b)) of the place where it is possible to inspect the statutes, while this information is

lists for each Member State in which the securities are, or book-entry

securities issued by a collective investment fund offered to the public.



§ 224



The provision of the Statute to the investor upon request



(1) the administrator of a collective investment fund to provide each

to the investor upon request free of charge, the current status of this Fund.



(2) if it is a child of the Fund, the administrator of the Fund shall provide

to the investor upon request free of charge, and the current status or

comparable document its management of the Fund.



§ 225



(1) Fund rules for collective investment shall be provided in paper

form.



(2) under the conditions, which define the directly applicable European Union

governing the communication of key information ^ 11), the status of the standard

pool instead of in paper form



and the investor on a carrier) to provide information that does not have a physical

form, or



(b) to publish only on the Internet) pages of this Fund.



(3) the Government shall determine by regulation the conditions under which the status of a special

pool instead of in paper form



and the investor on a carrier) to provide information that does not have a physical

form, and



(b) to publish only on the Internet) pages of this Fund.



(4) the administrator of a collective investment fund to provide each

the Fund for collective investment the investor always in documentary

the form, if an investor asks.



§ 226



If the investor so requests, shall provide it with the administrator of the Fund

collective investment undertaking beyond the scope of the data referred to in the Statute of the Fund

collective investment data on the



and quantitative restrictions) in the management of the risks associated with

by investing this Fund,



(b) techniques applied to management) this Fund,



(c) the development of major risks) with investing this Fund and



(d) revenues of each species) of property values that can be

acquired the assets of this Fund.



Part 2



The communication of key information



§ 227



The communication of key information is a document that contains a brief

the basic characteristics of a collective investment fund, necessary for the

understanding of the nature and risks associated with investing in this Fund,

in the form of comprehensible to the ordinary investor.



§ 228



The information referred to in the communication of key information must be continuously

updated.



§ 229



General requirements for the communication of key information



(1) the communication of key information



and unclear) cannot contain false, misleading or deceptive

information,



(b)) must be in accordance with the particulars listed in the Statute Fund of collective

investment and



(c)) must be understandable without having to meet with other published

or otherwise provided by the documents that relate to the collective Fund

investing.



(2) the administrator of the Fund, collective investment undertaking will replace the investor

This Fund by the injury, that the information provided in the communication

key information are vague, false, misleading or deceptive

or are not in accordance with the particulars listed in the Statute of the Fund; otherwise,

injury to the investor the other inaccuracies or incompleteness of the data

referred to in the communication of key information is not a substitute. In the communication

key information is contained in this sense the explicit warning.



§ 230



Specific requirements for the communication of key information



(1) the details, structure, form and language requirements for observations

the communication of key information standard Fund as well as the conditions and

the way his continuous updates and the deadline for its publication defines the

directly applicable provision of the European Union governing the communication of key

information ^ 11).



(2) the Government regulation requirements, structure, form and requirements

the language expression of special fund newsletters,

as well as the conditions and the manner of its continuous updates and the time limit for

public disclosure.



§ 231



Provision of communication of key information to the investor upon request



A collective investment fund administrator shall provide each

the investor free of charge and in good time before the

implementation of the investment, the current communication of key information.



§ 232



(1) the administrator shall give communication of key information in the documentary

form.



(2) the communication of key information standard Fund may be subject to the conditions,

to outlining the directly applicable European Union regulation governing the

the communication of key information ^ 11), instead of the documentary form to provide

the investor



and on the information medium) that does not have a physical form, or



(b)) only on the website of the Fund.



(3) the Government shall determine by regulation the conditions under which communication can be the key

the special pool information instead of in paper form to provide

the investor



and on the information medium) that does not have a physical form, and



(b)) only on the website of the Fund.



(4) the administrator of a collective investment fund to provide each

Investor communication of key information is always in a physical form,

If the investor asks.



Part 3



Annual report



§ 233



(1) the administrator of the Fund for collective investment shall publish, not later than

4 months after the end of the accounting period, the Fund's annual report.



(2) the administrator of a collective investment fund to provide each

the shareholders or they last published annual report of the

the Fund, in documentary form, if a shareholder or unit-holder so requests.

As an administrator, if this is the last publication by the

the annual report of the management of the Fund if the Fund is a collective investment undertaking

child Fund.



(3) for the administrator of the Fund for collective investment whose


obhospodařovatel is entitled to exceed the determined limit and for which

publishes an annual report in accordance with the law governing business on

the capital market, paragraphs 1 and 2 shall not apply. In this case, it is sufficient

If you provide each investor, at his request, the data required

otherwise, in accordance with paragraph 2, which are not included in the annual report of the

the Fund published under the law governing business in the capital

the market. This information can be provided separately or as a supplement to the annual

the message.



section 234



Specific elements of the annual report



(1) the annual report of the Fund for collective investment also includes



and certified auditor) the financial statements and the auditor's report in full,



(b) information on the activities of his) translates into higher in relation to the assets of the Fund in

accounting period,



(c) data on the total number of) shares or participation certificates issued by the Fund,

that are in circulation at the end of the accounting period,



d) information about the total number of shares or participation certificates issued by the Fund, and

purchased in the accounting period,



e) details of the fondovém capital to one share of the Fund at the end of

of the accounting period



f) data on the composition of and changes to the composition of the assets of this Fund,



g) data on the development of the assets of the Fund,



h) the comparison of the total of the funded capital and funded capital to one

share or participation certificate for the past 3 financial years, and

the reference values always relate to the end of the accounting period



and the resulting volume of data) the obligations relating to the techniques that

obhospodařovatel used to fund management, at the end of the accounting

period, with a resolution, whether it is a repo or derivatives, and



j) other relevant information, to ensure that the annual report provide

investors with a true and fair view of the financial situation, business

the activities and results of the management of the Fund translates into higher in relation to the

assets of the Fund for the past financial year.



(2) the annual report also contains a special pool



and) information about significant changes in the data referred to in the Statute of the investment

the Fund, which has occurred during the accounting period,



(b)) information on wages, úplatách and similar income of workers and managers

persons who may be considered as remuneration paid

maturity Investment Fund staff or Manager

persons in the accounting period broken down on fixed and variable folder details

the number of staff and the heads of this Fund and translates into higher

details of any remuneration for the capital appreciation that investment

Fund or its obhospodařovatel paid off,



(c)) information on wages, úplatách and similar income of workers or

the heads of people who can be considered as remuneration paid

Investment Fund's maturity to those of its employees or

the heads of people whose activity has a significant impact on the risk profile of the

This Fund, and



(d)) the data referred to in § 34 paragraph 1. 2, meets the obhospodařovatel referred to in section

34 para. 1 the obligations provided for in § 34 paragraph 1. 2 or § 36 odst. 3; These

data obhospodařovatel Special Fund shall include in the annual report it

a special fund of Fund, whose assets are covered by share

of the voting rights.



(3) the annual report of the Special Fund, which invests in real estate

or by participating in a real estate company, it also contains



and real estate data) referred to in § 267 paragraph 1. 2 (a). and) and c) to (g)) in

each property in the Fund's assets,



(b)) the purpose for which the property was acquired to the assets of the Fund, and if the

to change the purpose, the reason for this change, and the impacts of this change to the Fund,



c) data necessary to identify the person who manages the property,



(d)), the date on which it was drawn up an expert or member of the Committee

experts under section 266,



e) data necessary to identify the expert, and a member of the Committee of experts, which

appreciated property under section 266,



(f)) method of valuation of real estate,



g) description of the criteria on the basis of which it was intended, the price of real estate

If the real estate was awarded the way a comparison,



h) data necessary to identify the real estate company that has

Fund participation,



and the number of real estate assets) real estate company, in which the

Fund participation,



j) data necessary to identify the real estate in the property real estate

the company, in which the participation of the Fund, and to the extent the data referred to in

(a) to (e))),



k) basic information about the members of the Committee of experts,



l) information about significant change in the expected development of the cash flow

attaching to the possession of immovable property or with the holdings in real estate

companies,



m) data on the intended sale of the property or the participation in real estate

the company at the time of up to 2 years from the date of acquisition of ownership to

real estate or before the estimated investment



n) information about the intention to change the investment strategy,



a description of the reasons for non-compliance with investment) limits, if they came to him in

the applicable accounting period, and



p) for more relevant information regarding real estate or real estate

the company, which shall ensure that the annual report provided to investors

true and fair view of the financial situation, business activities and on the

the results of the management of the Fund translates into higher in relation to assets

Fund for the past financial year.



(4) the annual report also contains child Fund



and) an indication of which way the investor can obtain an annual report

the management of this Fund, and the Fund



(b)), an indication of what deductions, surcharges or fees will be in the context of

with investing Fund borne by the child of his property and that is

applicable discount or return.



(5) in the other requirements for the content and structure of the annual report of the Special

the Fund, which manages obhospodařovatel, a legitimate exceed

a determined limit, defined by articles 103 to 107 directly applicable legislation

The European Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6).



(6) the Czech National Bank shall issue a decree requirements to the content of the annual

messages in the scope of paragraphs 1 to 4, to the extent that it does not regulate directly

to use the European Union regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

^ 6) funds.



The auditor's report



section 235



In its report, the auditor is required to comment on the consistency of the annual report

a collective investment fund with the financial statements.



section 236



(1) the report of the auditor of the child taking into account the conclusions of the report of the Fund

Auditor of the management of the Fund.



(2) does not match to the accounting period of the Fund with the financial year of the child

the management of the Fund, the auditor shall draw up a supplementary report to the management of the Fund

the date of the financial statements of the child Fund; This additional report will be incorporated

the auditor's report the child Fund.



(3) the part of the auditor's report of the child are also data on Fund

the irregularities of the management of the Fund, to which points out the auditor's report

the management of the Fund, and an explanation of their impact on the child Fund.



Part 4



Half-year report



§ 237



(1) the administrator of the Fund for collective investment shall publish, not later than

2 months after the first 6 months of the financial period, the half-yearly report

This Fund.



(2) the administrator of a collective investment fund to provide each

the shareholders or they last published half-yearly report of this

the Fund, in documentary form, if a shareholder or unit-holder so requests.

As an administrator, if this is the last publication by the

half-yearly report of the management of the Fund if the Fund is a collective investment undertaking

child Fund.



§ 238



Special formalities half-yearly reports



(1) a collective investment fund of the half-yearly report also contains

balance sheet (balance sheet) and the information referred to in § 234 para. 1 (b). (c)), e), (f)), and

(j)).



(2) the half-yearly report of a special fund, which invests in real estate

or by participating in a real estate company, it also contains the information specified in §

234 para. 3 (b). a) to (c)), f), (h)), and p).



(3) the half-yearly report of the child Fund also contains the indication referred to in §

234 para. 4 (b). and).



(4) the Czech National Bank shall issue a decree requirements to the content of half-yearly

News of the Fund for collective investment within the scope of paragraphs 1 to 3.



Part 5



For more details, or otherwise made available in the materials that will be the case of the offering

investment



§ 239



The information released to a pool of collective investment odkupujícímu it

issued securities or book-entry securities and comparable

foreign investment fund



(1) the administrator of the Fund and the administrator of a comparable standard

foreign investment fund, if investment in this Fund

offered to the public in the Czech Republic published



and) at least once every 2 weeks and every time are issued or

buy the book-entry securities or the securities issued by the

the Fund, an indication of the current value of the funded capital of this Fund and the

of the amount for which they are issued, and buy the securities or

book-entry securities issued by the Fund; If this is about the Fund

for collective investment, which invests in real estate or to the participation

in real estate companies and that has the specified deadline for the submission

application for redemption of securities issued by him, or book-entry


securities, this information must be published at least one day before the

at the beginning of this period; This does not affect the obligation to disclose information about

the current value of the even more frequently, if it is in the interest of the unit-holders or

shareholders,



(b)) for each calendar month the number of issued and redeemed

securities or book-entry securities and the amounts for which

were these securities, or securities issued and

repurchased, and



(c)) for each calendar month, an indication of the composition of the assets in this Fund to

the last day of the month.



(2) for the administrator of the Special Fund, which is an open unit trust

Fund or joint-stock company with variable capital, and

the administrator of the comparable foreign investment fund, in the case of

investment in this Fund offered in the Czech Republic, (1)

apply, mutatis mutandis.



(3) if it is stated in the Statute of the Fund, the standard indication referred to in

paragraph 1 (b). and published only once a month).



§ 240



The information released to a pool of collective investment neodkupujícímu it

issued securities or book-entry securities and comparable

foreign investment fund



(1) the administrator of a collective investment fund, which it neodkupuje

issued securities or uncertificated securities, or a comparable

foreign investment fund, if investment in this Fund

offered to the public in the Czech Republic, published without undue delay

After expiry of the relevant period on the website of the Fund

publicly



and) at least once every 2 weeks, an indication of the current value of the funded capital

This Fund, and the current value of the securities issued by it or

book-entry securities and



(b)) for each calendar month, an indication of the composition of the assets of this Fund to

the last day of the month.



(2) the provisions of § 239 para. 3 with respect to the information referred to in paragraph

1 (b). and) apply mutatis mutandis.



§ 241



Informing investors of special fund of Fund

maturity should not exceed the limit of authorized decisive



(1) Investment into a special fund or a comparable foreign

Investment Fund can offer in the Czech Republic if they are investors

before making their investments made available the following information:



and the investment strategy of the Fund), in particular



1. the main types of assets that can be acquired to equity

the Fund,



2. investment limits that must be observed in relation to securities

the values referred to in point 1,



3. information about the techniques to the management of the Fund and the conditions for their

the use,



(b) the terms and conditions for details) the use of leverage, including data on

the types of transactions that can be made with the use of leverage,

the counterparties to these transactions, on the risks associated with the use of

the leverage effect, and any limits for the use of the leverage

the effect,



(c) details of the arrangements) anticipating the granting of investment tools

from the assets of the Fund as a financial collateral or comparable

to ensure the law of the foreign State,



d) details of the home state of his management of the Fund, in the case of a child

Fund, and an indication of the home States of investment funds or foreign

investment funds, to which the issued securities or

book-entry securities investing, invest more than 49% of the

the value of its assets in securities or book-entry securities

securities issued by investment fund or foreign investment

the Fund,



e) data about the conditions under which investment may change

the strategy of this Fund and the manner in which the change is implemented,



f) data on main legal consequences relating to the contract

the commitment of the investor in connection with his investment in the Fund, in particular the

about



1. the Court of jurisdiction for the settlement of the contract,



2. the law applicable to the contractual obligation relationship and



3. the existence or absence of directly applicable European Union legislation

or the international treaties governing the recognition and enforcement of

the decision in the State in which the registered office of the Fund, in the case of foreign

Investment Fund comparable to the Special Fund, the



g) data necessary to identify the translates into higher, administrator,

the depositary, the main proponent and Auditor, as well as a description of the activities of these

people in relation to the Fund and the fundamental rights of the investor



h) data as they are being complied with the requirements set out in section 32,



I) details about what activities, which includes the management of or

administration of investment fund or to a foreign investment fund,

He was charged with another, and a description of such activities of the depositary was under section

78 is delegated to another, including data needed to identify authorized and data

about potential conflicts of interest resulting from the exercise of the activity, which was

commissioned,



j) data on the procedures for the valuation of assets and debts of the Fund and

the manner of its valuation, including the method of valuation difficult amounted

assets,



to) information about the lack of liquidity risk management of the Fund, including the

the description of the sale of securities and dematerialised securities

issued by the Fund under normal and exceptional circumstances and in

cases already submitted redemption requests,



l) details of all deductions, přirážkách and fees and expenses of the Fund,

directly or indirectly, shall be borne by the investor, and an indication of their maximum amount,



m) data about whether, in the event that any of the investors gets special

the benefit or the right to special advantage they have that advantage or the law and

other investors, the description of this special advantages or this right to

the special advantage and putting investors who this benefit or the right to

they will get, including the legal and economic ties these investors

to this Fund or to the administrator of this translates into higher and

the Fund,



n) the latest annual report of the Fund meeting the requirements referred to in article 14(2).

22 directive of the European Parliament and of the Council modifying administrator

alternative investment funds ^ 5),



about) the procedures and conditions for the issue and sale of securities or

book-entry securities issued by the Fund,



p) data on the current value of the funded capital of the Fund, as appropriate,

the current market price, or the current value of the securities or

book-entry securities issued by the Fund,



q) data on the historical performance of the Fund, if such data are available,



r) description of basic services carried out by the main proponent for this

the Fund, a description of the way in which possible conflicts of interest will be addressed

resulting from the services provided by the main proponent of, and information about

possible transfer of obligation to compensate for the injury the main proponent of that

would otherwise take action against the main proponent, to another person,



details of the arrangements) with depozitářské of the Treaty, which allow you to transfer or

Another use of the assets of the Fund by the depositary,



t) details of how and when they are made available the information referred to

in paragraphs 3 and 4, and



u) data on whether they agreed with the depository designated pursuant to § 82 para. 1

(a). (b)) to offset loss of investment instruments, as well as authorized by

an indication of the change and the nature of the modifications to this agreement.



(2) the information referred to in paragraph 1 must be kept up to date.



(3) where an investment in a special pool or within comparable

foreign investment fund, whose obhospodařovatel is entitled to

exceed the determined limit, offered in the Czech Republic, made available to the

investors on the following information:



and the share of assets) shall be subject to special measures as a result of his

low liquidity, the total assets of the Fund, this information is

indicate the percentage,



(b)) the new measures taken for the lack of liquidity risk management of the Fund and



(c)) the risk profile of Fund and risk management system that applies

obhospodařovatel.



(4) where an investment in a special pool or within comparable

foreign investment fund, which invests with the use of leverage

effect, offered in the Czech Republic, made available to investors on

data on the

and the changes in the rate of utilization) of the leverage effect, guarantees



provided in connection with the use of leverage, as well as

any change relating to the permission for further use

the provided financial collateral or a comparable guarantee referred to in

the law of the foreign State, and



(b)), to the extent that leverage Fund.



(5) when and how to make available the information referred to in paragraphs 3 and

4 define the articles 108 and 109 directly applicable European Union legislation,

implementing directive of the European Parliament and of the Council relating

alternative investment Fund Manager ^ 6).



Part 6



Promotional communications regarding collective investment fund and

the comparable foreign investment fund



§ 242



Promotional communications regarding collective investment fund and

the comparable foreign investment fund



and) may not use vague, false, misleading or deceptive

information and of its content and form must be clear that it is a promotional

communication,



(b)) must be clearly identifiable and appropriately separated from the other

the communication, if it is distributed together with other communication,




(c)) shall not include information or decreasing the importance of denying the data

referred to in the Statute, the communication of key information or comparable

a document of that Fund and the



d) must include information about how and in which language can be

get the status of, and communication of key information of this collective pool

investment or comparable documents, with regard to foreign investment

a fund comparable to collective investment fund.



§ 243



(1) the promotional fund for collective investment and the comparable

foreign investment fund, from which it follows the investment strategy

the value of the securities or securities

published by the Fund may indicate a significant high, must

the fact expressly to highlight.



(2) promotional communication from the Fund, collective investment schemes and comparable

foreign investment fund, which invest mostly in

investment securities or money market instruments, or that

copies of the composition of the index of shares or debentures or other index or

watching financial quantitatively expressed as indicator (benchmark)

must contain a reference to an investment strategy referred to in the Statute of the

the Fund.



§ 244



Promotional communication from the child Fund contains an indication of the fact that invests

at least 85% of their assets in securities or book-entry securities

securities issued by its managing the Fund and the name or designation of the

the management of the Fund.



TITLE IV



THE STRUCTURE OF THE MANAGEMENT OF THE FUND AND THE CHILD FUND



Part 1



Basic provisions



§ 245



The Fund management



(1) the managing Fund is a collective investment fund, to which the issued

Securities and dematerialised securities invested in child Fund

at least 85% of the value of your property.



(2) refers to this Act or other legislation in relation to the

the management of the Fund the Fund, its child is understood and comparable

foreign investment fund, does not follow from this Act or any other

the law otherwise.



§ 246



Child Fund



(1) a child of the Fund is a collective investment fund, which invests

at least 85% of the value of its assets in securities and uncertificated

securities issued by one managing the Fund.



(2) refers to this Act or other legislation in relation to the

child fund his management of the Fund, it is understood and comparable

foreign investment fund, does not follow from this Act or any other

the law otherwise.



§ 247



(1) in the case of a collective investment fund, may be managing the Fund,

as well as its child Fund, only the open mutual fund or

joint-stock company with variable capital.



(2) the provisions of this Act governing the structure of the management of the Fund and

child funds in the event that the Fund management or child Fund

creates the sub-funds or, in the case of a foreign investment fund, comparable

the device, apply to the Sub-fund or comparable device of this Fund.



§ 248



The conditions for the possibility of investing as a child of the Fund and the base

obligations related



(1) Obhospodařovatel child Fund may invest up to 100% of the value

the assets of the Fund in securities or book-entry securities

securities issued by its management by the Fund,



and if agreed) with the maturity of the management of the Fund and the administrator

the management of the Fund on the facts according to § 251 to 255,



(b)) is a cooperation between the Fund and the depositary of a child

by the depositary, the management of the Fund with a view to the proper performance of the obligations of both

depositories; It is not required, if they are both of the same CSD



(c)) is a cooperation between the auditor and the child Fund

Auditor, the management of the Fund with a view to the proper performance of the obligations of both

of the Auditors; It is not required, if they are both the same auditor,



(d)) to invest the Fund management as a child of the Fund,



(e)) the Fund management to invest in securities or in the book-entry

securities issued by child funds,



(f)) was changed to the status of a child of the Fund so that it allows him to

invest as a child of the Fund,



g) in the case of the Management Fund, which is a foreign investment fund

comparable Special Fund, if it can be or book-entry securities

securities issued by public offer fund management in the Czech Republic,

and



(h) if the time limit has expired) according to section 250 paragraph. 2.



(2) Obhospodařovatel child Fund checks the performance of the activities of the

translates into higher management of the Fund, to which the securities or

book-entry securities invests the assets of child Fund.



(3) during the inspection referred to in paragraph 2 is based on obhospodařovatel a child

Fund information and documents provided by his maturity,

the management of the Fund by the depositary and the auditor does not have a reasonable doubt as to

their correctness.



§ 249



Notice of initiation of activity as the child Fund



(1) If a collective investment fund rules changed so that this

the Fund allows you to invest as the child or to another fund management

before, the Fund Administrator shall publish a notice of that

contains



and) Declaration of the fact that the status of the Fund was changed as follows,



(b)) the data about where you can find the updated communication key

information of this Fund and updated communication of key information or

an updated equivalent document management of the Fund,



(c)) the data on the date on which assumes the limit concerning the

Securities and dematerialised securities issued by one

Investment Fund or foreign investment fund, which results from the

law governing investment of investment fund and

techniques to its management, and



d) details of the conditions under which, in the context of the publication of this

notification issued by it may buy mutual fund shares or investment shares.



(2) statement and the information referred to in the notice referred to in paragraph 1 at the same time with

their publication of the administrator gives his child Fund

unit-holders and shareholders.



§ 250



Rights of unit-holders or shareholders in connection with the notice of commencement

activities as a child Fund



(1) by posting the notice in accordance with § 249 para. 1 arises to the shareholders and

to the shareholders of the Fund the right to buy back the child issued by him

the share certificate and the issued investment shares without deduction; knock, however,

can the amount corresponding to efficiently incurred costs associated with

the repurchase of the securities or securities.



(2) the expiration of 30 days from the date of publication of a notice in accordance with § 249 para. 1

entitlement to redemption under paragraph 1; obhospodařovatel of the

child Fund may determine a longer period, in this case expires

right to redemption, expiry of that period.



Part 2



Agreement obhospodařovatelů and administrators child Fund and management

Fund



§ 251



(1) Obhospodařovatel and the administrator of the child Fund and

obhospodařovatel and the administrator of the management of the Fund shall agree on the

the rules of conduct between them.



(2) the agreement referred to in paragraph 1 is not required if both funds have the same

translates into higher and the same administrator; in this case, it is sufficient

If the matter which would otherwise have governed the rules of conduct between the

obhospodařovateli and administrators, internal regulations of this

and this translates into higher administrator and obhospodařovatel, as well as

the administrator shall establish and maintain procedures for the management of conflicts of interest between

managing the Fund and a Fund.



(3) the administrator of the child Fund shall furnish on request and free of charge

they and the child a copy of the Fund's shareholders agreement pursuant to paragraph

1. The same obligation in relation to a person in a comparable position

as a shareholder or a shareholder, if it is a child of the Fund, which is

foreign investment fund.



§ 252



If this agreement pursuant to § 251 paragraph. 1, securities or

book-entry securities issued to fund the asset management issue

child Fund shift in property values that has a child Fund

on your property, and redeem securities or book-entry securities

issued by the management of the Fund by the Fund from the shift in property values,

that's the Fund management in its assets.



§ 253



(1) the Financial performance of the acquired in connection with investing in

investment shares or participation certificates of the management of the Fund to the account

a child of the Fund or of the person who acts on behalf of translates into higher

child Fund in connection with the management of this Fund, are

the income of the child Fund.



(2) the administrator of the management of the Fund or Obhospodařovatel not to

child Fund Management Fund to apply any precipitation,

surcharges or fees for the acquisition or disposal of securities or

book-entry securities issued by the Fund.



§ 254



Applicable law



(1) if the home state of the child and of the management of the Fund, the Czech

Republic, governed by the arrangements between the parties to the agreement pursuant to § 251 paragraph. 1 Czech

the law.



(2) unless, in the case referred to in paragraph 1, the parties to the agreement pursuant to § 251 paragraph.

1 in this agreement to determine whether its arrangement governed by the law of the home

State child Fund or the management of the Fund.



Section 255




The elements of the agreement



(1) the agreement under section 251 paragraph. 1 the parties have ujednají at least,



and what kind of securities) or book-entry securities

issued by managing the Fund may invest the Fund, child



(b)) what deductions, surcharges or fees will be in the context of

by investing the Fund borne by the child's assets and whether they will be

applied discount or return,



(c)) the conditions shift according to § 252,



d) the periodicity and deadlines for transmission of information in co-operation in the

the valuation of assets and debts of the management of the Fund and the Fund of a child, the calculation of the

the current value of the securities or book-entry securities

issued by managing the Fund and a child of the Fund and the disclosure of information about

the current value of the,



(e) cooperation in ensuring) the rules on the issue and sale of securities

paper or dematerialized securities issued by managing the Fund,

including security compliance with the standards of this cooperation, if the performance of this

activities delegated to another,



f) measures to ensure the compliance of the current values of the times publication

uncertificated securities, or securities issued by the managing

the Fund and the child of a Fund in order to prevent price arbitrage,



g) determining the transfer of currency in connection with the issue and

odkupováním securities or book-entry securities issued by

the management shall not charge the Fund if the Fund management and Fund in the same currency,



(h) the time limits for issuing and) surrender of uncertificated securities, or

management of securities issued by the Fund; and if applicable, whether or not

the conditions under which it is for the purchase of securities or book-entry

securities issued by the Fund asset management

child pool instead of matching funds in-kind

the performance,



I) rules for the handling of complaints and claims of holders, shareholders and

persons in a comparable position as a shareholder or a shareholder, if it is

about the Fund management or a child of a fund that is a foreign investment

the Fund,



j) the conditions under which the child Fund and obhospodařovatel

the administrator of the child Fund does not apply the special rights attached, or

related to securities or book-entry securities issued by the

managing the Fund or resulting from the Statute of the management of the Fund,

where appropriate,



to ensure cooperation) the way in the development of the audit report of the management

the Fund and the auditor's report the child Fund, matches the accounting period

child Fund with the financial year of the management of the Fund or how it is

collaborate in the development of the audit report of the management of the Fund and

the auditor's report and the additional report child Fund under section 236 paragraph.

2, does not match to the accounting period of the Fund with the financial year of the child

the management of the Fund,



l) time limits for the transmission of the current statute, the social contract and

the communication of key information of the management of the Fund and the Fund, as well as child

documents with them comparable, in the case of a foreign investment fund, and

their mode of transmission,



m) time limits for the transmission of information on the performance credentials of another individual

activities, which includes the management of the management of the Fund or the

includes the administration of the management of the Fund, and the way they are transmitted



n) time limits for the transmission of a copy of their internal legislation, in particular

the rules governing the system of risk management and compliance, and how their

the transmission,



about) time limits for the transmission of information on violations of the law, the Statute of the

or a comparable document, the management of the Fund, of the statute or of the comparable

document child Fund, and this agreement, and the way they are transmitted



p) time limits for the transmission of information on open positions of the management of the Fund of the

financial instruments, which will enable child Fund to calculate its

open position of financial derivatives, and their mode of transmission,



q) time limits for the transmission of information to the effect that extradition or surrender

uncertificated securities, or securities issued by the managing

Fund, or a child of the Fund has been suspended, and that it was

restored, and the way they are transmitted



r) time limits for the transmission of information about the error in the appreciation of assets or debts

the management of the Fund, and the way they are transmitted, as well as the time limits for the transmission of

information about the correct this error and the way they are transmitted



with the time limits for the transmission of information) of the proposed amendment of the Statute, or

the comparable document the management of the Fund, the social contract and its

the communication of key information or comparable document, as well as the

the fact that the proposed amendment became effective, and their mode of transmission;

This agreement is not required if these periods correspond to the periods in which the

This information is made available to the investors,



t) time limits for the transmission of information on planned or proposed the conversion of

the management of the Fund or a child of the Fund and their mode of transmission,



for the time limits for the transmission of information) about the fact that the Fund management or child

the Fund stopped or no longer meets the conditions for the Fund management

or a child of the Fund requires that law or comparable provisions

the law of the foreign State, and the way they are transmitted



in the time limits for the transmission of information) of the proposed changes in the person of



1. the depositary of the management of the Fund or the child Fund



2. the auditor of the management of the Fund or the child Fund



3. translates into higher management of the Fund or the child Fund



4. the administrator of the management of the Fund or the child Fund



5. the one who has been entrusted with the performance of each activity which includes

management the management of the Fund or a child of the Fund, and



6. the one who has been entrusted with the performance of each activity which includes

the administration of the management of the Fund or a child of the Fund, as well as about the fact that

a change in the person referred to in points 1 to 6 of the Act came into effect, and the way they

the transmission and



w) time limits for the transmission of information on proposed amendments to this agreement and

the manner of their passing.



(2) the agreement referred to in section 251 paragraph. 1 obliges translates into higher management

of the Fund without undue delay inform the child translates into higher

the Fund, the administrator of the child Fund, the depositary of the Fund and the child

The Czech National Bank, where appropriate, the competent authority of another

the Member State with the information required by this Act,

legislation implementing it and the statute or social

agreement of the child Fund.



(3) the agreement under section 251 paragraph. 1 shall indicate what right up her

arrangements.



§ 256



Obhospodařovatel child of the Fund without undue delay passes

the depositary of this sub Fund for information about the management of the Fund, which

can be reasonably considered that are necessary for the proper performance of the activities

the depositary.



Part 3



The depositaries of the agreement of the child and of the management of the Fund



§ 257



(1) the depositary the depositary shall subordinate the management of the Fund and the Fund shall agree

on the rules of conduct between them.



(2) the agreement referred to in paragraph 1 is not required if both funds have the same

the depositary; in this case, it is sufficient if the matter that would

otherwise, the rules governing negotiations between the depositary, the internal regulation

This depositary.



(3) the fulfilment of the requirements of the agreement referred to in paragraph 1 is not

broken contractually agreed or imposed by law, the obligation of professional secrecy

the handling of confidential information or personal information.



§ 258



Applicable law



(1) the arrangements of the agreement pursuant to section 257 paragraph. 1 is subject to the law governing the

agreement under section 251 paragraph. 1.



(2) governs the matters that would otherwise have governed the rules of conduct

between obhospodařovateli and administrators, internal regulation according to § 251

paragraph. 2 shall be determined by the parties in the agreement under section 257 paragraph. 1 whether its

agreement governed by the laws of the home state of the child of the Fund or the management

the Fund.



section 259



The elements of the agreement



(1) the agreement under section 257 paragraph. 1 the parties have at least ujednají



and the method of communication) including the manner in which ensures

keep a record of that communication, and protection of confidential information

and personal data, where, in particular, shall define the



1. types of information and personal data and documents that will be

provide each other with, with an indication of which types of information and personal

the particulars and documents shall, on request, and without asking, and



2. the time limits for the mutual transfer of information and personal data, and how

their transfer,



(b)) rules enabling the depositary the performance of supervisory duties

arising from this Act,



(c) the types of breach of duties) translates into higher or administrator

the management of the Fund, which shall inform the depositary of the management of the Fund depository

child Fund, as well as the time limits for the transmission of this information and

their mode of transmission, and



(d)) crisis events that indicate the deadline for the mutual

information relating to crisis events and how they are transmitted.



(2) the agreement referred to in § 257 paragraph. 1 shall indicate what right up her

arrangements.



§ 260



(1) the agreement under section 257 paragraph. 1 committed to the depositary of the management of the Fund without

undue delay inform translates into higher child Fund


CSD child Fund and the Czech National Bank, or

a competent authority of another Member State, that

obhospodařovatel of the management of the Fund, of which he is the depositary, violated

obligations arising from this Act, the legislation it

performing, statute or treaty, or depozitářské about the situation that

could have a negative effect on the management of child Fund.



(2) the management of the Fund by the depositary shall inform the depositary of the child Fund

in particular, in cases where it finds



and) errors in valuation of the assets and debts of the management of the Fund,



(b) errors in the inning) or redemption of investment certificates or investment

shares or errors in applications made a child of the Fund relating to

the redemption or disposal of investment securities or investment shares

issued by managing the Fund,



c) errors in the payment of the share of the proceeds of the property management in the management

the Fund, in the projection of the amount that would otherwise match the paid out

the share of the revenue from the management of the property in the management of the Fund in the current

the value of investment certificates issued by him or of investment shares, or

in the calculation of the withholding tax related



d) breach of the investment strategy of the management of the Fund, or



e) breach of investment limits and limits on recruitment and the provision of

loans and leases.



Part 4



The agreement of the child and of the management of the Fund Auditors



§ 261



(1) the Auditor of a child of the Fund and the management of the Fund, the auditor shall agree on the

the rules of conduct between them.



(2) the agreement referred to in paragraph 1 is not required if both funds have the same

the auditor; in this case, it is sufficient if the matter that would

otherwise, governed the rules of conduct between auditors, internal regulations of this

the auditor.



(3) the fulfilment of the requirements of the agreement referred to in paragraph 1 is not

broken contractually agreed or imposed by law, the obligation of professional secrecy

the handling of confidential information or personal information.



§ 262



Applicable law



(1) the arrangements of the agreement pursuant to § 261 para. 1 is governed by the law of the State in which the

governed by the agreement referred to in section 251 paragraph. 1.



(2) governs the matters that would otherwise have governed the rules of conduct

between obhospodařovateli and administrators, internal regulation according to § 251

paragraph. 2 shall be determined by the parties in the agreement referred to in § 261 para. 1 whether its

agreement governed by the laws of the home state of the child of the Fund or the management

the Fund.



§ 263



The elements of the agreement



(1) the agreement referred to in § 261 para. 1 the parties have at least ujednají



and the kinds of information and documents) that will provide each other with, and

with an indication of which types of information and documents you provide on request

and that without a request,



(b) time limits for the mutual transfer) of information and documents and how they

the transmission,



c) how do we developing the audit report of the management coordination

the Fund and the auditor's report the child Fund, including the time limits for the provision of

the audit report of the management of the Fund and how to provide matches

the financial year of the child with the accounting period of the Fund management of the Fund,

or how is the cooperation in the development of the audit report

the management of the Fund, and the audit report of the child Fund and additional messages

pursuant to section 236 paragraph. 2, including the time limits for the provision of the audit report

additional reports under section 236 paragraph. 2 or the proposal for this additional messages

and how the provision, if not accounting period a child

the Fund with the financial year of the management of the Fund,



d) what findings or types of verification referred to in the audit report can

be considered an anomaly and



(e)) the deadline for requests for cooperation submitted one auditor

the second, including requests for additional information regarding irregularities

referred to in the audit report of the management of the Fund.



(2) the agreement referred to in § 261 para. 1 shall indicate what right up her

arrangements.



Part 5



Specific information obligations to the Czech National Bank

obhospodařovateli child investment fund



§ 264



The Czech National Bank informs the child Fund translates into higher

which is a collective investment fund of any detected violations of the

the duties of the management of the Fund, translates into higher each imposed a fine,

corrective measures or other measures referred to in this or another

the law, which imposed a obhospodařovateli of the management of the Fund,

the depositary of the management of the Fund, stating the reason to save this

measures or penalties and disciplinary measures, every stored which

Auditor of the management of the Fund has awarded the Chamber of Auditors of the Czech Republic.



TITLE V OF THE



REAL ESTATE PRICING



§ 265



Real estate, planning to fund collective obhospodařovatel

investing in the assets of this Fund to acquire or sell out of assets

the Fund shall be valued in accordance with the purpose of its operation or its

selling and taking into account the



and its permanent or long-term) sustainable properties



(b)), available in the proper revenue management,



(c)) of its defects,



d) absolute and relative economic rights relating to it and



e) local real estate market and its expected development.



§ 266



(1) the property referred to in section 265 para. 1 will appreciate the 2 people that are

a member of the Committee of experts of the Fund, or translates into higher

the independent expert in the field of real estate valuation according to the law

relating to the expert. The expert selects obhospodařovatel.



(2) it is considered that the expert is in relation to the collective Fund

the investment, which invests in real estate and holdings in real estate

the company, an independent, if not



and the head of the person or worker) translates into higher of this Fund,



(b) the person or worker), leading real estate company in which

has this Fund participation,



(c) the head of a person or worker) of a person who is a member of the group,

obhospodařovatel is a member of this Fund, or



d) stakeholder or shareholder of the Fund.



§ 267



An expert or member of the Committee of experts



(1) at the date of acquisition or disposal of ownership of immovable property must not

more than 6 months after the date on which the written opinion

expert or member of the Committee of experts referred to in paragraph 2.



(2) an expert or member of the Committee of experts includes



a) particulars needed to identify the property,



(b) the price of the property specified by the expert) or a member of the Committee of experts,



(c) the current use of the property) the method and degree of its cast,



d) brief description of the property,



e) description of the defects of real estate,



f) basic information about the absolute and relative of property rights

related to real estate,



(g)) the technical condition of real estate,



h) last known and estimated future net income from real estate, with the

indication of the future use of the property,



I) description of permanent or long term sustainable properties



j) description of the local conditions of the property market and its expected

the development and



to other relevant information) that may have an impact on the price of the property.



§ 268



The Committee of experts



(1) Obhospodařovatel collective investment fund, which according to their

the Statute is investing in real estate or participations in real estate

the company is setting up a Committee of experts as your authority.



(2) the Committee of experts has at least 3 members, the number of its members is an odd and

its members are appointed by and removed by obhospodařovatel.



(3) the total term of the individual Member of the Committee of experts shall not

be longer than 3 years, while the same person can be added to the Committee of experts of the same

a collective investment fund, created soon after 3 years from the

the date of the end of her previous membership.



(4) a member of the Committee of experts may be the only person who is independent,

trusted and technically competent and experienced in identifying values

real estate. Who does not meet those conditions or in whose hand is the

given the obstacle, a member of the Committee of experts does not happen, even if

about decided to obhospodařovatel. If a member of the Committee of experts, the

conditions to meet, its functions shall cease.



section 269



The scope of the Committee of experts



(1) the Committee of experts



and monitors the status, utilization) and other factors which may affect the

the value of real estate in the Fund's assets and collective investment

real estate owned by the real estate company that has this Fund

participation,



(b) the assessed valuation of the real estate in) the assets of the Fund or

the real estate company that has this Fund participation, before taking

legal proceedings, for which the valuation is carried out



c) specifies at least twice a year for the purpose of determining the current value of the

share certificate or investment real estate in the asset value of the shares

This Fund and real estate owned by the real estate company, in which the

This Fund participation, and



d) secures at least twice a year for the purpose of determining the current value of the

share certificate or the investment shares determine the value of the participation of the

of the Fund in real estate companies.



(2) a member of the Committee of experts shall perform his duties with professional care,

procedures for the exercise of their functions properly and prudently and corresponds to the

obhospodařovateli and shareholders or unit-holders of the Fund

collective investment undertakings for the injuries caused by the breach of their

duties or improper performance of their duties.



section 270



Procedure of the Committee of experts




(1) for monitoring and determining the value of real estate in the Fund's assets

collective investment in assets or real estate company, in which the

has this Fund participation, based on the Committee of experts of the purchase price or

the last expert opinion or a member of the Committee of experts.



(2) the Committee of experts may, in justified cases, recommend

obhospodařovateli collective investment fund, to ensure that the new

real estate valuation by an independent expert.



§ 271



The independence of the members of the Committee of experts



It is considered that a member of the Committee of experts is in relation to the collective Fund

the investment, which invests in real estate and holdings in real estate

the company, an independent, similarly to, the prerequisites pursuant to § 266 paragraph.

2.



PART EIGHT



FUNDS FOR QUALIFIED INVESTORS



TITLE I OF THE



BASIC PROVISIONS



§ 272



Qualified investor



(1) the securities issued by the Fund of qualified investors

or participation in the Fund of qualified investors may have contracted acquired

only, and in the case of the Trust Fund and the founder of the Fund

qualified investors, or the one who increases the assets of the Fund

qualified investors in the Treaty, as well as a quiet companion Fund

qualified investors, can only be,



and) the person referred to in section 2a paragraph 2. 1 the law governing business on

the capital market,



(b)) a person referred to in section 2a paragraph 2. 2 the law governing business on

the capital market,



(c)) obhospodařovatel or comparable foreign person on account

Investment Fund or to a foreign investment fund, which

manages,



(d)) on behalf of a participating company pension fund, the Pension Fund

or transformed the Fund, which manages,



(e)) a person carrying on business pursuant to section 2 (a). (b)),



(f)) legal person subordinated to the central authority of State administration,



g) a person who is under the law governing business in the capital

market or the law of another Member State considered in relation to the

investment in the Fund of qualified investors,

that is a professional customer,



h) a person who is a shareholder, founder or member of another

Investment Fund, which manages the same obhospodařovatel as

This Fund and whose administration is performed by the same administrator as

This Fund, which contributed the deposit or the amount of paid-in investment in

These funds, as well as the assets of the Fund under section 11 (1) 1

(a). (c)), worked to the same obhospodařovatel as this Fund,

on the whole, corresponds to the amount of at least EUR 125 000 and that has made a

a statement that is aware of the risks associated with investing in

This Fund of qualified investors, or



I) person whose deposit amount or paid-in investment in

This Fund corresponds to the amount of at least EUR 125 000 and that has made a

a statement that is aware of the risks associated with investing in

This Fund of qualified investors.



(2) a person referred to in paragraph 1 is a qualified investor. Regardless of

the provisions of paragraph 1 shall be for a qualified investor shall be considered in relation to the

This Fund of qualified investors of its statutory authority, a member of his

statutory authority and the owner of the founding shares issued by this Fund,

that is not the owner of the investment shares issued by the Fund.



(3) if the securities issued by the Fund

qualified investors or participation in the Fund of qualified investors

in contravention of paragraph 1 or if someone became the founder or the Pacific

a partner Fund of qualified investors, or the one who increases the

assets of the Fund of qualified investors agreement, in breach of paragraph

1, to disregard it.



(4) the Declaration referred to in paragraph 1 (b). (h)) and i) must be made in

writing separately, not as part of the terms governing the

contract between the parties.



(5) it shall be prohibited to deposit or investment as a result of the negotiations

a qualified investor has fallen below the minimum rate laid down in the

paragraph 1 (b). h) or (i)). A qualified investor option stop

to be a qualified investor fund of qualified investors by not

without prejudice to the.



(6) upon the motion of the Czech National Bank or of the person who has the

legitimate interest, to cancel the Fund of qualified investors and orders his

disposal, does not satisfy the assumption required under paragraph 1. Before

by decision of the Court shall give adequate Fund of qualified investors

time to rectify the situation.



§ 273



(1) the provisions of section 272 para. 1 and 6 are not applicable for the pool of qualified

investors, who is a qualified pool of risk capital according to

Article 3 (b). (b)) usable code directly in the European Union

relating to the European venture capital funds ^ 7) or a qualified

social entrepreneurship Fund referred to in article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9).



(2) the Court, on a proposal from the Czech National Bank or of the person who has the

legitimate interest, to cancel the Fund of qualified investors, which is

qualified venture capital fund referred to in article 3 (b). (b))

of the applicable legislation of the European Union relating to European funds

^ 7) venture capital and order its liquidation, if it does not meet the

shareholder, founder, partner, or in the case of the silent partner

the Trust Fund also the one who has increased its assets by the Treaty,

prerequisite required in accordance with article 6 of the regulation directly applicable

The European Union governing the European venture capital funds ^ 7). Before

by decision of the Court shall give adequate Fund of qualified investors

time to rectify the situation.



(3) upon the motion of the Czech National Bank or of the person who has the

legitimate interest, to cancel the Fund of qualified investors, which is

qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship, and order its liquidation, if it does not meet the

shareholder, founder, partner, or in the case of the silent partner

the Trust Fund also the one who has increased its assets by the Treaty,

prerequisite required in accordance with article 6 of the regulation directly applicable

The European Union governing European funds social entrepreneurship ^ 9). Before

by decision of the Court shall give adequate Fund of qualified investors

time to rectify the situation.



§ 274



Deposits and investments



(1) the obligation to insert a subject, or the obligation to invest in

the minimum amount or the amount of which is determined by the Statute of the Fund of qualified

investors, cannot be released from no one; If so, disregard

it.



(2) before submitting an application for registration of the Fund of qualified investors

commercial register or without undue delay after the establishment of the Fund

qualified investors, which has the legal form of a trust fund or

the mutual fund shall be paid on each deposit or investment of at least

their minimum amount.



§ 275



The performance of the deposit obligation in instalments



(1) determine if the social contract Fund of qualified investors,

Companion fulfils the obligation in parts.



(2) the deposit obligation provided for in paragraph 1 shall be implemented within the period and to the extent

to be determined by the governing body in a written challenge.



(3) a challenge shall be notified to the partner at least 10 working days before the date on

When the relevant part of the deposit is due.



(4) a partner who is in delay with the performance of the deposit obligations referred to in

paragraph 1 shall, in addition to the effects of that delay companion

the fulfilment of the obligation to deposit combines the law regulating legal relations

commercial companies and cooperatives, unless the partnership agreement specifies the

otherwise, exercise voting rights and has an obligation to compensate the company

all financial transactions which has taken from her.



§ 276



The reward of a statutory authority and compensation for necessary expenses of the Member

statutory authority or partnership



(1) in addition to the right to the reimbursement of expenses under the law governing the legal

ratios of commercial companies and cooperatives, which has statutory authority

or a member or shareholder, in the case of expenditure, incurred when

arranging the Affairs of the Fund and which could reasonably be regarded as necessary,

Member of the Board has a Fund of qualified investors the right to

reward.



(2) the partnership agreement also includes Fund of qualified investors



and) determining the remuneration of a member of the Board of the Fund and

the conditions and extent of cover the remuneration of the Fund's assets, as well as whether you can

Member of the Board of the Fund to pay the advance on his

even the rewards again, and



b) determining the expenditure which the Member of the statutory body or partner

This Fund would have incurred when arranging the Affairs of the Fund and which could

reasonably be regarded as necessary, their maximum amount and

the conditions and extent of liability for such expenditure from the Fund's assets, as well as

that can be a member of the Board or a shareholder of the Fund

pay for these expenses, and even again.



(3) the highest authority of the Fund of qualified investors may

the remuneration of the Member of the Board of the Fund reasonably increase or

reduced. The reason for the reduction in remuneration is, in particular, the fact that this member

statutory authority has violated any of its obligations.



§ 277




Changes to the social contract



(1) unless otherwise agreed by the partners in the Fund of qualified investors

the social contract, or does not follow this law something else,

It is sufficient to change the consent of all the partners, who are members of the

statutory authority or a statutory body translates into higher. If it is to

However, be adversely change the social contract into law interfered with

partner, you need to change the consent of the shareholder, in whose

rights are prejudiced.



(2) the social contract can be unilaterally change the

of the Board translates into higher, if provided for by this Act and,

unless this social contract excludes, if the change directly caused by

by changing the law, fix or printing errors, or

that logically follows from the content of the social contract.



§ 278



The right to refuse the provision of information



(1) the right-holder or shareholder to inspect all documents of the Fund

qualified investors and to check the information contained there can be

refuse, in whole or in part only



and) could be the provision of information to cause injury to the pool of qualified

investors or those in which the Fund invests,



(b)) in the case of internal information or classified information under other

legislation,



(c)) if the information is part of the commercial secrets of the pool of qualified

investors,



(d)) was based should provide information to criminal or administrative

the liability of the depositary, translates into higher, the proponent or

Fund of qualified investors, or



e) if the requested information is publicly available.



(2) in the case of a dispute, shall decide on the proposal for a partnership or shareholder about

whether there is an obligation to give, the Court; If appropriate, the arbitrator or

Permanent Court of arbitration designated in the memorandum. The law was applied

in court, arbitrator or the Permanent Court of arbitration after the expiry of the 1 month

from the date of refusal to provide the information shall be disregarded.



§ 279



Prohibition of competition and other prohibited conduct



(1) the head of a person translates into higher Fund of qualified investors

must not



without the consent of the shareholders) or supervisory body translates into higher

business in the scope of activities of the Fund, nor for any other

people, or intermediary of the Fund to another,



(b) without consent of the members or) supervisory body translates into higher

to acquire or increase a direct or indirect share of the registered capital, or

voting rights of the person who issued the securities or book-entry

securities in which the Fund invests, or the person to whose

the participation of the Fund invests,



(c) make use of the information on) investment opportunities, which evaluates to

suitable for the investment of the Fund, so that on the basis of such

information before the relevant investment fund will take place on your

account or on behalf of another person



1. acquired or reflag asset, investment

opportunity refers to, or acquired or reflag another asset,

whose value is related to the assets, investment

opportunity refers to, or



2. directly or indirectly has made recommendations on the acquisition of another person or the transfer of a

property values, which is an investment opportunity or other

assets whose value is related to the assets, which

the investment opportunity refers to, and



(d) without the consent of the members or) supervisory body translates into higher

take a loan or a lease from this Fund or to provide on behalf of the

Fund a loan or lease to a person with a statutory body

Member of the group or person translates into higher statutory authority

loved ones.



(2) if the person is leading the Fund translates into higher skilled

investors in the manner referred to in paragraph 1 is subject to act the person

they form a group, or a person close, it shall inform without

undue delay or supervisory authority of that

translates into higher.



(3) the social contract can the prohibition of competition referred to in paragraph 1 (b).

a), b) and (d)) to edit differently. To the consent of the referred to in paragraph 1 (b). and) or

a change in the social contract, that the condition laid down in paragraph 1

(a). and differently) modifies the required majority of at least three-quarters of the

the votes of the shareholders.



The funded capital fund of qualified investors



§ 280



The funded capital fund of qualified investors must, within 12 months from the

the date of the investment fund to reach at least the amount corresponding to 1

250 000, unless the case under § 281.



§ 281



The funded capital fund of qualified investors, which according to their

the Statute has invested more than 90% of the value of the assets of the Fund in securities

book-entry securities securities or shares representing the

the business of the company or other legal entity, by participating in business

companies or other legal persons, or of intellectual

ownership, must within the time specified in the Statute, and, if applicable, with

reference to its legal form into account, even in the social contract,

to achieve at least the amounts corresponding to EUR 1 000 000.



§ 282



The Court on a proposal from the Czech National Bank or of the person who has a legitimate

interested, qualified investors and fund cancels the order its liquidation,

below, the funded capital fund of qualified investors at least

the amounts referred to in § 280 or 281. Before the decision, the Court shall provide the Fund

qualified investors a reasonable period to remedy the situation.



§ 283



Right of first refusal in the event of enforcement of a decision and execution



(1) in the case of an enforcement order the sale of a participation certificate

investment worksheet, shares of voucher that is not notable

shares, share of the shareholder of the company with a limited liability company, limited partnership

company or a European company or cooperative share or

the case of the issue of order execution of a sale of securities,

book-entry securities or market share to other shareholders, who

are the owners of the same type share certificate, or associates, who

are the owners of the same kind of investment worksheet, voucher or

the shares, which is not by the same kind of shares or share

right of first refusal to the book-entry securities, securities or

shares which are the subject of enforcement or enforcement

the command.



(2) in the case of a writ of the founders ' shares sale

or in the case of the release of order execution for sale founding shares

the founding owners of the shares have right of first refusal under section 160.



(3) paragraphs 1 and 2 shall apply only for the pool of qualified investors,

does not follow from other legislation something else.



section 283a



For the pool of qualified investors with § 212 to 214 shall apply mutatis mutandis.

Where these provisions relied on by the publication on the Internet

the Fund's website, it is also their other disclosure to investors.



TITLE II



INVESTMENT AND TECHNOLOGY TO MANAGEMENT



§ 284



(1) the Obhospodařovatel Fund of qualified investors

the management of this Fund shall establish within the Statute of the Fund and

maintain and operate



and the rules for the composition of assets), relying on the definition of property

values that can be acquired in the assets of this Fund, and investment

limits to be observed in relation to these property values,

including, where applicable, investment limits, when copying the composition

the index,



(b) the rules for the adoption of a loan) or the lease on behalf of the Fund,



(c) the rules for the use of property) of the Fund to provide credit,

lease or donation, to guarantee the debt of another person or for payment of the debt,

that is unrelated to the management of this Fund, including whether you can

the assets of this Fund be used to grant a loan or leases that

is unrelated to its achievement, and whether it can be assets of the Fund

used to provide a donation to another person, or a debt to be paid

debt that is unrelated to its achievement,



(d)) the rules for the conclusion of contracts for the sale of assets on account

This Fund, this Fund is not on your property or on

to buy time, including whether you can on behalf of this Fund to enter into

contract for the sale of assets that the Fund has in its

property or that has the time to buy,



e) techniques to the management of this Fund,



f) rules for the use of techniques to the management of this Fund,

including rules for the arrangement of a repo transaction with the use of assets

the Fund and investment rules in relation to the agreed repurchase

shops,



g) rules for reducing risk from the use of derivatives, and uses a

leverage effect, also the limits for the use of the leverage effect,



h) rules for calculating the total exposure of the Fund standard

under the liability method, the method of measurement values at risk, according to the resolution

the model of absolute risk values and relative risk values,

Another advanced method, measuring risks, and



I) limits for the total exposure in the case referred to in subparagraph (h)).



(2) the Government may by regulation provide for the qualitative requirements for the rules

referred to in paragraph 1 (b). a) to (d)) and f) to (h)), the techniques referred to in paragraph 1

(a). (e)) and the limits on the total exposure referred to in paragraph 1 (b). I).



(3) For investing in real estate in the Fund of qualified investors


section 265 shall apply mutatis mutandis. If the property appreciates, to which the Fund

qualified investors invests, the appraiser, or establish its

obhospodařovatel the Committee of experts shall apply by analogy also to § 266 to 271.



(4) it is contrary to this Act, if the obhospodařovatel Fund

qualified investors does not load, does not maintain or apply

the rules, techniques and limits as laid down in this Act or the

Government regulations governing investment of investment funds and technology to

their management.



§ 285



(1) If, independently of the will of the Fund translates into higher skilled

investors to the fact that the song is not an asset complies with the

the rules for the composition of the assets of this Fund, the obhospodařovatel of this

the Fund recover without undue delay compliance track assets

the pool with these rules; While taking into account the interests of the shareholders,

members or beneficiaries of this Fund.



(2) in connection with a pre-emptive right to subscribe for

investment securities or money market instruments, which has, or

should have a Fund of qualified investors on your property, you may not be

track asset complies with the rules for the composition of

the assets of the Fund; obhospodařovatel of this Fund, however, must restore

without undue delay after the exercise of the pre-emptive right consistency

tracks the assets of this Fund with the following rules.



§ 286



cancelled



§ 287



Obhospodařovatel or a comparable Fund of qualified investors

foreign investment fund eligible exceed the record limit

If the leverage effect, the Czech National Bank's request

the adequacy of the limits set for the degree of leverage, as well as

It ensures compliance with them.



TITLE III



DISCLOSURE OF INFORMATION



Part 1



The Statute of the



§ 288



The Statute Fund of qualified investors is a document that contains

investment strategy Fund of qualified investors, risk characterisation

investing this Fund and other information necessary for the

investors to a consecrated assessment investment.



§ 289



The information referred to in the Statute Fund of qualified investors must be

kept up to date.



Part 2



Annual report



§ 290



(1) the administrator of the Fund of qualified investors, whose

obhospodařovatel is entitled to exceed the determined limit, shall draw up

not later than 4 months after the end of the financial year an annual report

This Fund.



(2) the administrator of the Fund of qualified investors, whose

obhospodařovatel is entitled to exceed the determined limit, provide

each partner or they last executed an annual

the message of this Fund in documentary form, if a partner or

participants so requests.



(3) for the administrator, whose Fund of qualified investors

obhospodařovatel is entitled to exceed the determined limit and for which

publishes an annual report in accordance with the law governing business on

capital market (1) and (2) and § 291. In his case,

It is sufficient if you provide each investor at his request details

required under section 291, that are not included in the annual report of the

the Fund. This information can be provided separately, or as a supplement to the annual

the message.



§ 291



Specific elements of the annual report



(1) for the annual report of the Fund of qualified investors, whose

obhospodařovatel is entitled to exceed the record limit in § 234 para. 1

(a). a), b) and (j)) and article 234 para. 2 and 5 shall apply mutatis mutandis.



(2) the annual report of the Fund of qualified investors, whose

obhospodařovatel is not permitted to exceed a determined limit, article 12

directly applicable European Union legislation governing European funds

venture capital ^ 7) apply mutatis mutandis.



(3) the Czech National Bank shall issue a decree requirements to the content of the annual

messages in the scope of paragraph 1 to the extent that it does not regulate directly

to use the European Union regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

^ 6) funds.



§ 292



The auditor's report



The auditor is required to comment on the consistency of the annual report of the Fund

qualified investors, whose obhospodařovatel is entitled to

exceed the determined limit, with the financial statements.



Part 3



Informing investors of the Fund of qualified investors



§ 293



(1) For the offering of investment in the Fund of qualified investors, or to

the comparable foreign investment fund, whose obhospodařovatel

is entitled to exceed the record limit of section 241 shall apply mutatis mutandis.



(2) For the offering of investment in the Fund of qualified investors, or to

the comparable foreign investment fund, whose obhospodařovatel

is not permitted to exceed a determined limit, article 13 directly

of the applicable legislation of the European Union relating to European funds

venture capital ^ 7) apply mutatis mutandis.



PART NINE



THE OFFERING OF INVESTMENT



TITLE I OF THE



BASIC PROVISIONS



§ 294



The offering of investment



(1) by offering an investment fund or investment in foreign

Investment Fund is



and the offering of investment certificates or) comparable securities or

book-entry securities issued under the law of a foreign State, or

the securities issued by investment fund or

foreign investment fund, or



(b)) other options become a bidding pool, beneficiaries, founder,

Companion or quiet companion of an investment fund or

foreign investment fund or, in the case of the Trust Fund or

comparable equipment also by the person who increases the assets of the Fund

the Treaty.



(2) offering of investments referred to in paragraph 1 shall also include the offering of investment

relating to the Sub-Fund's investment fund or comparable

the device of a foreign investment fund. The provisions governing the

the offering of an investment fund or investment in foreign

Investment Fund for the offering of investments related to its

the Sub-fund or comparable device shall apply mutatis mutandis.



§ 295



The investor's decision on its own initiative



About offering investments in accordance with § 294 paragraph 1. 1 it is not, if the investor

decision to acquire securities or book-entry securities issued

Investment Fund or foreign investment fund or become a

otherwise, the pool, the beneficiaries, the founder, companion or quiet

a partner or to a foreign investment fund investment fund

or in the case of the Trust Fund or a comparable device also

person, which increases the assets of the Fund contract, on his own

initiative.



section 295a



Offering publicly and otherwise than publicly



(1) an investment in an investment fund or to foreign investment

the Fund can offer in the Czech Republic under the conditions laid down

This Act and only if this Fund is registered in the corresponding list

maintained by the Czech National Bank; This is without prejudice to § 305 paragraph. 1.



(2) offering in the Czech Republic the investments into an investment fund or to the

foreign investment fund for those who are not qualified

investors, otherwise than in public (private placement) can only

If such investments in the Czech Republic can offer publicly, or

the number of these people does not exceed 20.



§ 296



The offering of investment funds for qualified investors and the comparable

foreign investment funds



Investment in the Fund of qualified investors or within comparable

foreign investment fund can offer in the Czech Republic,

pool, beneficiaries, founder, companion or quiet

Member of the Fund or in the case of the Trust Fund or

comparable equipment also by the person who increases the assets of the Fund

the Treaty, however, can only be qualified investor; It must be

at the public tender offer is explicitly noted.



section 297



Offering investments in foreign investment funds comparable to

Special Fund



(1) investments in a foreign investment fund comparable to

a special fund in the Czech Republic can offer other than

qualified investors only if it is obhospodařovatel

This Fund shall be entitled to exceed the determined limit, the obligation

provided for in § 306 para. 1, and the Czech National Bank shall issue a decision in accordance with

to paragraph 3. For the fulfilment of the obligations provided for in § 306 para. 1 in this

the case of § 306 para. 2 apply mutatis mutandis.



(2) if the obhospodařovatel of the Fund referred to in paragraph 1 shall be entitled to exceed

a determined limit, or has not decided if the Czech National Bank pursuant to paragraph

3, shall apply to the offering of investments referred to in paragraph 1, Article 296, mutatis mutandis.



(3) that is a foreign investment fund comparable to the Special

the Fund, the Czech National Bank will decide within 20 working days from the date of

submission of the application, which is the prescribed requirements and even do not suffer in other

defects.



(4) the request referred to in paragraph 3 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration.



§ 298



Relationship to European Union law



(1) a qualified offering of investment in venture capital fund


referred to in article 3 (b). (b)) usable code directly in the European Union

relating to the European venture capital funds ^ 7) defines the directly

applicable regulation the European Union governing the European venture

capital ^ 7).



(2) offering of investment in a qualified pool of social entrepreneurship

referred to in article 3 (b). (b)) usable code directly in the European Union

governing European funds social entrepreneurship ^ 9) defines the directly

applicable regulation the European Union governing the European social funds

Business ^ 9).



§ 299



A special fund of qualified investors or comparable

foreign investment fund, whose home State is a Member State,

that worked obhospodařovatel authorized to exceed the record

the limit established in the Member State for the purposes of offering investments in

This Fund is considered a foreign investment fund, whose home

the State is not a Member State, if the depending on your status or

the comparable document



and at least 85%) invests its assets in foreign

Investment Fund, whose home State is not a Member State,



(b)), at least 85% of the value invests its assets in an investment fund

or to a foreign investment fund, which is managed in an

maturity is established in a Member State,



(c)), at least 85% of the value investing their assets in more foreign

investment funds referred to in subparagraphs (a) or (b))) or investment

the funds referred to in point (b)) that have mutually the same investment

strategy, or



(d)) may have exposure of up to 85% of your assets in relation to the

foreign investment fund referred to in (a)), or (b)) or

Investment Fund referred to in subparagraph (b)), or in relation to the more

such funds, which are mutually the same investment strategy.



TITLE II



THE OFFERING OF AN INVESTMENT FUND OR INVESTMENT IN FOREIGN

INVESTMENT FUND, WHOSE HOME STATE IS A MEMBER STATE



Part 1



In the case, which translates into higher home Member State is the Member State



Section 1



Public offering of investments in the Fund or to a comparable standard

foreign investment fund



section 300



Public offering of investment in standard Fund in the Czech Republic



(1) investments in standard Fund can publicly in the Czech Republic

offer, if this Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). a) or (b)).



(2) it shall be prohibited to offer investments in the Czech Republic

standard pool, if it is not maintained by a person with the permission granted

The Czech National Bank the right to manage her funds, standard

or supervisory authority of another Member State the right it

to manage foreign investment funds comparable to the standard

Fund.



Public offering of investment in standard Fund in another Member State



§ 301



(1) investment in the Fund may be standard in another Member State public

provide the date on which obhospodařovatel this Fund receives a communication from the United

National Bank pursuant to § 303 paragraph. 3.



(2) if investments in the standard Fund offered to the public in another

the Member State must be the communication of key information in that Member

the State of uveřejňováno and provided under the same conditions as in the United

Republic. Other changes to the communication of key information, than is a translation,

and/or its appendices, are not allowed. The provisions of § 229 paragraph. 2, the

apply, mutatis mutandis.



section 302



(1) the investments are to be offered to the public in the standard Fund in

another Member State, it shall notify the Fund in advance obhospodařovatel

The Czech National Bank. Notification under the first sentence of the Czech National Bank

be sent in the English language.



(2) Notification Requirements referred to in paragraph 1 are defined in article 1 and annex I

directly applicable European Union legislation governing cooperation in the

supervision in the field of undertakings for collective investment, implementing directive

The European Parliament and of the Council governing the coordination of legislation in the field of

collective investment undertakings ^ 12).



(3) the notification referred to in paragraph 1 of standard obhospodařovatel

the Fund shall be accompanied by a translation of the



and the communication of key information) of the current of this Fund,



(b)) of the current status of this Fund,



(c)) the current annual report of the Fund and



(d)), if applicable, the current semi-annual reports of the Fund, was to be drawn up

After completion of the current annual report referred to in subparagraph (c)).



(4) the communication referred to in paragraph 3 (b). a) shall be accompanied by a translation into the

the language in which documents can be presented as the national supervisory authority of another

of the Member State in which the investments are to be offered to the public.



(5) the Documents referred to in paragraph 3 (b). (b)) to d) can be used, at the discretion of

standard concerned the Fund translates into higher accompanied by a translation into



and) the language in which documents can be presented as the national supervisory authority of another

of the Member State in which the investments are to be offered to the public, or



(b)) of the English language.



(6) at the discretion of the Fund translates into higher standard may

be translation in accordance with paragraphs 4 and 5 of the officially verified. For the correctness and completeness of the

translation in accordance with paragraphs 4 and 5, corresponds to obhospodařovatel of the

standard pool.



§ 303



(1) the Czech National Bank verifies whether the notification and its annex under section

302 prescribed formalities, nor does not suffer from other disabilities.



(2) the Czech National Bank within 10 working days of the date on which he receives

the notification and annex under section 302, which has prescribed formalities, nor

do not suffer from other defects, it sends a supervisory authority of another Member State in

which investments are to be in accordance with § 301 para. 1 offered to the public,



and this notification and its) of the annex, and



(b) in the English language) a confirmation that the standard Fund

meets the requirements of Directive of the European Parliament and of the Council relating

the coordination of legislation in the field of undertakings for collective investment ^ 4); Essentials

This certificate defined in article 2 of and annex II to the directly applicable

Regulation of the European Union relating to cooperation in the supervision in the field of

for collective investment, implementing directive of the European

Parliament and of the Council governing the coordination of legislation in the field of collective

investing ^ 12).



(3) the Czech National Bank shall notify obhospodařovateli of the standard

of the Fund without undue delay that sent the notice, its annexes and

certificate referred to in paragraph 2.



(4) next, delimit the steps the Czech National Bank pursuant to paragraph 2

articles 3 to 5 of the directly applicable European Union legislation governing

cooperation in the supervision in the field of collective investment schemes, which is

implementing directive governing the European Parliament and of the Council coordinating the

legislation in the field of undertakings for collective investment ^ 12).



§ 304



(1) where, in a Member State offered to the public investment in

standard of the Fund must be in that other Member State investors

provided and available current



and the communication of key information) this Fund, as well as its amendments,



(b) the status of the Fund), as well as its amendments,



(c)) the annual report of the Fund, as well as its amendments,



(d) the half-yearly report) standard of the Fund, as well as amendments thereto, and



(e)) the amounts for which they are issued, and buy the units,

and investment shares are issued by this Fund.



(2) documents referred to in paragraph 1 (b). a) to (d)), as well as changes thereto, and

the data referred to in paragraph 1 (b). e) in another Member State in which the

investments in the Fund are the standard offered to the public, investors

provide and presented in the same way, the investors to provide

and they publish a comparable documents and data relating to foreign

Investment Fund comparable to the standard Fund under the law of

of that other Member State.



(3) the communication referred to in paragraph 1 (b). and), as well as its changes, is in another

the Member State in which they are investing in the standard Fund publicly

offered to investors and published a translation into the language in

which documents can be presented as the national supervisory authority of that other Member

State.



(4) the Documents referred to in paragraph 1 (b). b) to (d)), as well as changes thereto, and

the data referred to in paragraph 1 (b). e) in another Member State in which the

investments in the Fund are the standard offered to the public, investors

provide and presented with the translation into



and) the language in which documents can be presented as the national supervisory authority of that

another Member State, or



(b)) of the English language.



(5) the frequency of the publication of the data referred to in paragraph 1 (b). (e)) are governed by Czech

the law.



Public offering of investments in foreign investment fund

comparable with the standard Fund in the Czech Republic



§ 305



(1) investments in a foreign investment fund comparable to

the standard Fund can offer in the Czech Republic from the date of

obhospodařovatel this Fund receives a communication from the authority of another

the Member State which is the home Member State of the Fund, comparable to the

communication of the Czech National Bank pursuant to § 303 paragraph. 3. Czech National Bank

writes a foreign investment fund to the list under section 597 (f). d) without

undue delay after which it received from the supervisory authority of the home State

This fund documents comparable to the documents under section 303 paragraph. 2.



(2) it shall be prohibited to offer investments in the Czech Republic


foreign investment fund comparable to the standard Fund

If it is not maintained by a person with a permit granted by the Czech national

the Bank the right to manage her funds or authority of the standard

supervision of another Member State the right to manage it

foreign investment funds comparable to the standard Fund.



§ 306



(1) where, in the Czech Republic offered to the public investment in

foreign investment fund comparable to the standard Fund

must be by agreement with the Bank, a foreign bank with a branch in the United

Republic, a securities dealer or a person referred to in section 24

paragraph. 5 or § 28 para. 6 the law governing business on

capital market secured way



and) surrender of securities or book-entry securities

issued by this Fund in the Czech Republic,



(b) the allocation and payment of) profit-sharing and other revenue from the assets

This Fund in the Czech Republic,



(c)) the payment of share of the settlement, and the distribution and payment of other

financial performance in the Czech Republic, in case that this Fund

repealed, and



(d) the disclosure of the documents and information) relating to this Fund in the United

Republic.



(2) the obligation provided for in paragraph 1 must be fulfilled even after

the investments referred to in paragraph 1 no longer publicly in the Czech Republic

offered, and it's up to the settlement of liabilities to the owners of securities

or book-entry securities issued by the Fund who have

registered office or residence in the Czech Republic.



§ 307



(1) where, in the Czech Republic offered to the public investment in

foreign investment fund comparable to the standard Fund

investors must be established or domiciled in the Czech Republic

relation to this Fund provided and on the website of the

the Fund published the current



and comparable with the communication) the document key information standard

the Fund, as well as its amendments,



(b) comparable with the Statute) the document standard Fund as well as its

the changes,



(c)) document comparable to the annual report of the Fund, as well as standard

his changes,



d) document comparable to the half-yearly report of the Fund, as well as standard

his changes, and



(e)) the amounts for which they are issued, and buy the Securities and

book-entry securities issued by the Fund.



(2) the obligation provided for in paragraph 1, § 306 para. 2 it

by analogy.



(3) the Documents referred to in paragraph 1 (b). a) to (d)), as well as changes thereto, and

the data referred to in paragraph 1 (b). e) investors in the Czech Republic

provide and presented in the same way, the investors to provide

and they publish a comparable documents and data relating to standard

Fund in accordance with this Act, on the basis of this Act, or by directly

of the applicable legislation of the European Union relating to the key information for the

investors implementing the directive of the European Parliament and of the Council

governing the coordination of regulations in the field of collective investment ^ 11).



(4) the document referred to in paragraph 1 (b). and), as well as its modification, can be used in the United

Republic investors provide or publish with a translation into



and Czech language), or



(b)), the use of language for these purposes, the Czech National Bank sets

by Decree.



(5) documents referred to in paragraph 1 (b). b) to (d)), as well as changes thereto, and

the data referred to in paragraph 1 (b). (e)) can be investors or

with a translation into the



and Czech language),



(b)), the use of language for these purposes, the Czech National Bank sets

the Decree, or



(c)) of the English language.



(6) the frequency of the publication of the data referred to in paragraph 1 (b). e) governed by the law

the home state of the Fund.



§ 308



Public offering of investments in foreign investment fund

comparable with the standard Fund of fund investment

companies in another Member State



Investment in a foreign investment fund comparable to

the standard Fund, can be used in another Member State from the date of offer,

When the investment company belong to this Fund receives the communication

supervisory authority of the home state of the Fund that the supervisory authority of another

of the Member State in which these investments are to be offered to the public,

sent a notice, its annexes and confirmation of comparable with notification,

its annexes and confirmation pursuant to § 303 paragraph. 2.



Section 2



Offering investments in a special pool, the pool of qualified

investors or to comparable foreign investment fund, whose

the home Member State is the Member State



§ 309



In the case of translates into higher, based in the Czech Republic, authorized

exceed the determined limit, in the case of the offering in the Czech Republic



Investment in a special fund, the Fund of qualified investors, or

to the comparable foreign investment fund, whose home

the State is the Member State which manages obhospodařovatel based

in Czech Republic eligible to exceed the limit, can be decisive in the Czech

Republic offer the date on which the Fund is registered in the list maintained by the

The Czech National Bank pursuant to § 597. In the case of a foreign investment fund,

It shall apply to the contents of the request for entry on the list of § 312 paragraph 1. 2 accordingly.



§ 310



In the case of unauthorized exceed the record translates into higher limit,

in the case of a public offering in the Czech Republic



(1) investment in the Fund of qualified investors or to the foreign

an investment fund or a comparable with a special fund with the Fund

qualified investors, whose home State is a Member State,

that worked obhospodařovatel with its registered office in the Czech Republic

unauthorized exceed the record limit, can be publicly in the Czech Republic

provide the date on which the Fund is registered in the list maintained by the Czech

National Bank pursuant to § 597 (f). a), b), c) or (d)).



(2) an investment in a foreign investment fund comparable to

a special fund or Fund of qualified investors, whose

It is the home Member State by another Member State which manages

obhospodařovatel, which does not enable the supervisory authority of another Member

the State authorizing it to exceed the record limit established in another

Member State can offer in the Czech Republic from the date when the

This Fund is registered in a list maintained by the Czech National Bank pursuant to § 597

(a). (d)).



In the case of translates into higher, based in the Czech Republic, authorized

exceed the determined limit, if the bidding in another Member State



§ 311



Investment in a special fund, the Fund of qualified investors, or

to the comparable foreign investment fund, whose home

the State is the Member State which manages obhospodařovatel based

in Czech Republic eligible exceed the determined limit, can be in a different

Member State provide the persons referred to in section 2a paragraph 2. 1 or 2 of the Act

governing the capital market and to persons who are under the

the law governing the capital market or under the law of

another Member State considered in relation to the investment in the

the Fund, which is a professional customer, the date on which the

obhospodařovatel this Fund receives a communication from the Czech National Bank pursuant

§ 313 of paragraph 1. 3.



§ 312



(1) if they are to be offered in another Member State of the investment according to § 311,

They shall notify obhospodařovatel of the investment fund or

foreign investment fund in advance of the Czech National Bank. Notification

in the first sentence and the annex to this notification is the Czech National Bank

be sent in the English language or a translation into the English language.



(2) the notification referred to in paragraph 1 shall include, where appropriate, it must be

accompanied by,



and business plan) in relation to this offering, which includes

the data required to identify the relevant investment fund or

foreign investment fund and the data required to identify the home

the State of this Fund,



(b)) the statute or an equivalent document, where the social contract

of the investment fund or to a foreign investment fund,



(c)) the particulars needed to identify the depositary of investment fund

or to a foreign investment fund,



(d) the relevant) details of the investment fund or foreign investment

the Fund, which are provided to investors, or a description of those data,

in the case of information specified in § or § 293 paragraph 241. 1,



e) in the case of an investment fund or a foreign investment fund that

Depending on your status or a comparable document invests at least 85% of the

the value of its assets into a single investment fund or foreign

Investment Fund, or into multiple investment funds or foreign

investment funds that have mutually the same investment strategy,

or may have exposure of up to 85% of the value of your property against

one investment fund or to a foreign investment fund or

towards more investment funds or foreign investment funds, which

they have mutually the same investment strategy, the home state of

funds in which it invests, in this way or in relation to which has the exposure,



f) data necessary to identify the Member State in which they are to be

offered investments pursuant to section 311, and



g) investments are to be offered only to persons referred to in section 2a paragraph 2. 1


or 2 the law governing the capital market and the persons

that are under the law governing the capital market or

According to the law of another Member State considered in relation to investments in

the Fund, which is a professional customer,

information on measures to ensure compliance with this limitation, and

even in the case that these investments should be in that other Member State

offered through another person, in accordance with the law of that

of another Member State.



section 313



(1) the Czech National Bank verifies whether the notification and its annex under section

312 prescribed formalities, nor does not suffer from other disabilities.



(2) the Czech National Bank, within 20 working days of the date on which he receives

the notification and annex under section 312, which has prescribed formalities, nor

do not suffer from other defects, it sends a supervisory authority of another Member State, in

which investments are to be offered pursuant to § 311,



and this notification and its) of the annex, and



(b) in the English language) a confirmation that the obhospodařovatel of the

Investment Fund or to a foreign investment fund is authorised,

authorises him to exceed the determined limit and manage

investment funds and foreign investment funds with specific investment

strategies.



(3) the Czech National Bank shall notify obhospodařovateli of the investment

the Fund or to a foreign investment fund without undue delay,

sent a notice, its annexes and the certificates referred to in paragraph 2.



Section 314



(1) where, in a Member State offered investments pursuant to section 311,

asks the obhospodařovatel of the investment fund or foreign

the Czech National Bank Investment Fund for granting consent for each

substantial change in the facts referred to in the notice or its

the annexes in accordance with § 312 no later than 1 month before the date when this change

occur. If it is not obhospodařovatel for a barrier that has occurred

independently of his will, the period referred to in the first sentence be followed asks for

the granting of consent to the change without undue delay after the

hurdle has passed.



(2) in the proceedings on the application referred to in paragraph 1, the Czech National Bank

decide that the consent to execute the changes does not grant only if the

would making this change meant that the obhospodařovatel of the

Investment Fund or to a foreign investment fund will cease to fulfil the

the obligations imposed on the authorised obhospodařovateli exceed the record

the limit of this Act, on the basis of this Act or the directly applicable

the EU regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

^ 6) funds.



(3) if the Czech National Bank, that consent to execute changes

does not grant, not obhospodařovatel to make this change, and if it was already

made, must state the fact without undue delay referred to in

notification or its annexes in accordance with § 312 to its original state. To comply with the

obhospodařovatel obligation in the first sentence, it shall be prohibited for more bidding

investments under section 311.



(4) the consent of the Czech National Bank to carry out changes, shall inform the

This change without undue delay, the supervisory authority of another Member State,

in which such investments are according to § 311 offered.



(5) an application for consent in accordance with paragraph 1 shall contain the information and

documents proving that making this change will mean that

obhospodařovatel of the investment fund or foreign

Investment Fund ceases to fulfil the obligations imposed on obhospodařovateli

the creditor must not exceed the record limit of this Act, on the basis of this

law or directly applicable EU regulation laying

implementing directive governing the European Parliament and of the Council of the administrator

alternative investment funds ^ 6).



(6) the request referred to in paragraph 5 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration.



§ 315



In the case of translates into higher situated in another Member State

authorized to exceed the record limit, in the case of the offering in the Czech

Republic



(1) investments in a special fund, the Fund of qualified investors

or to comparable foreign investment fund, whose home

the State is the Member State which manages obhospodařovatel based

authorised in another Member State shall not exceed the limit, can be decisive in the Czech

Republic offer the persons mentioned in § 2a para. 1 or 2 of the Act

governing the capital market and to persons who are under the

the law governing the capital market considered in relation

to invest in the Fund for a customer who is a professional

the customer, the date on which obhospodařovatel this Fund receives the communication

the national supervisory authority of another Member State in which it has its registered office, comparable

with the communication of the Czech National Bank pursuant to § 313 of paragraph 1. 3. Czech national

the Bank writes the foreign investment fund to the list under section 597 (f). (e))

without undue delay after which it received from the supervisory authority of another

Member State documents comparable to the documents pursuant to section 313 of paragraph 1. 2.



(2) the investments referred to in paragraph 1 may be publicly offered in the Czech Republic

the date on which the Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). a), b), c) or (d)).



Part 2



In the case of translates into higher based in a State which is not a Member

by the State



§ 316



(1) investments in a foreign investment fund comparable to

a special fund or Fund of qualified investors, whose

It is the home Member State by another Member State which manages

obhospodařovatel, which exceeds a determined limit, based in the State,

that is not a Member State, can only be in the Czech Republic to offer from

the date on which the Fund is registered in the list maintained by the Czech National Bank

in accordance with paragraph 2.



(2) the Czech National Bank writes the foreign investment fund referred to in

paragraph 1, the list referred to in paragraph (a) 597. d) or (e)) at the request of its

translates into higher within 20 working days, if



and the supervisory authority of another State), which granted the obhospodařovateli of this

permission to fund management of this Fund, and the Czech National Bank

in accordance with the provisions of articles 113 to 115 directly applicable regulation

Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6), agreed on the

the exchange of information necessary for the exercise of supervision pursuant to this Act,



(b)) supervisory authority of another State which has granted the obhospodařovateli of this

permission to fund this Fund, the management and supervisory authority

the home state of the Fund, in accordance with the provisions of articles 113 to 115 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), agreed on the exchange of information necessary for the performance of

supervision according to the law of the home state of the Fund, which shall be carried out

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 5), and



(c)) the State in which the seat of the obhospodařovatel of this Fund, is not listed

on the list of non-cooperating countries and territories drawn up by the Financial

the Action Committee against money laundering Organization for economic cooperation

and development.



(3) when offering the investments referred to in paragraph 1 shall carry out obhospodařovatel

of the foreign investment fund in relation to this Fund,

The Czech National Bank and the investors established or resident in the United

Republic of obligations imposed by the obhospodařovateli the creditor shall not exceed

record limit under section 34 to 37, § 233 to 235, § 241, 290, 291, 293,

463, 464 and 557 mutatis mutandis.



(4) the obligations laid down in paragraph 3 shall be carried out after the

the investments referred to in paragraph 1 have ceased to be offered in the Czech Republic, and

until the settlement of liabilities to persons in a comparable position with

participants, beneficiaries, the founders, partners or silent partners

of the foreign investment fund, who have their headquarters or

residence in the Czech Republic, and in the case of a device with a comparable

Trust Fund and those who have increased the assets of this device as a

of the foreign investment fund contract and have their registered office or

residence in the Czech Republic.



(5) it shall be prohibited to offer in the Czech Republic the investments referred to in paragraph 1 after

the date that determines the scope of the delegated Act, adopted by the European Commission on the

pursuant to article 68 para. 6 directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 5) as the day to

which must stop national regimes provided for in articles 36 and 42

This directive and the passport scheme provided for in articles 35 and 37 to 41 of this

the directive will become the only compulsory regime applicable in all the Member

States.



(6) the request referred to in paragraph 2 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its


the form and method of administration.



§ 317



(1) investments in a special fund, the Fund of qualified investors

or to comparable foreign investment fund, whose home

the State is a Member State, which manages foreign person with

the authorisation under section 481, can offer in the Czech Republic from the date when the

This Fund registered in the list maintained by the Czech National Bank pursuant to § 597.



(2) For the offering of investment in another Member State to a special fund,

the Fund of qualified investors or to comparable foreign

Investment Fund, whose home State is a Member State, that

manages a foreign person with permission according to § 481, the persons referred to

in § 2a para. 1 or 2 of the Act governing the capital market

and persons who are under the law governing business in the capital

market or under the law of another Member State considered in relation to the

investments in the Fund for a customer who is a professional

the customer, § 311 to 314 shall apply mutatis mutandis.



(3) to offer investments in the Czech Republic into a special fund, to

Fund of qualified investors or to comparable foreign

Investment Fund, whose home State is a Member State, that

worked by a person established in the State which is a Member State,

that has a permit granted by the supervisory authority of another Member State

comparable with the authorization pursuant to § 481, § 315 shall apply mutatis mutandis.



(4) investments in a foreign investment fund comparable to

a special fund or Fund of qualified investors, whose

It is the home Member State by another Member State which manages

obhospodařovatel based in the State, which is not the Member State which

does not have the authorization referred to in section 481 or comparable authorization granted by authority of the

supervision of another Member State, can offer in the Czech Republic

the date on which the Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). (d)).



TITLE III



OFFERING INVESTMENTS IN FOREIGN INVESTMENT FUND, WHOSE HOME

THE STATE IS NOT A MEMBER STATE



Part 1



In the case of translates into higher having its registered office in a Member State



§ 318



In the case of investment companies authorised to exceed this limit, the decisive

If the bidding only in the Czech Republic



(1) investments in a foreign investment fund, whose home

the State is not the Member State which manages the investment company

entitled to exceed the limit, you can only record in the Czech Republic

provide the date on which the Fund is registered in the list maintained by the Czech

National Bank pursuant to § 597 (f). d) or (e)).



(2) the Czech National Bank writes the foreign investment fund referred to in

paragraph 1, the list referred to in paragraph (a) 597. d) or (e)) at the request of its

translates into higher within 20 working days, if



and the supervisory authority of the home State) of this Fund and the Czech National Bank

in accordance with the provisions of articles 113 to 115 directly applicable regulation

Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6), agreed on the

the exchange of information necessary for the exercise of supervision pursuant to this Act, and



(b)) home state of this Fund is not listed on the list of non-cooperating

countries and territories drawn up the Financial Action Committee against money

the money the Organization for economic cooperation and development.



(3) when offering the investments referred to in paragraph 1 shall carry out obhospodařovatel

of the foreign investment fund in relation to this Fund

the obligations imposed on the authorised obhospodařovateli exceed the record

limit under this Act, on the basis of this Act, or by directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), with the exception of section 60 to 84; obhospodařovatel

However, the foreign investment fund concerned shall ensure that the activities of the

the depositary pursuant to § 71 to 73 in relation to this Fund, engaged in other

of the person. Obhospodařovatel of a foreign investment fund

the Czech National Bank shall notify the data necessary to identify the persons who

by the depositary of the Fund pursuant to § 71 to 73, as well as

their changes.



(4) the obligations laid down in paragraph 3, § 316 paragraph. 4 it

by analogy.



(5) it shall be prohibited to offer in the Czech Republic the investments referred to in paragraph 1 after

the date that determines the scope of the delegated Act, adopted by the European Commission on the

pursuant to article 68 para. 6 directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 5) as the day to

which must stop national regimes provided for in articles 36 and 42

This directive and the passport scheme provided for in articles 35 and 37 to 41 of this

the directive will become the only compulsory regime applicable in all the Member

States.



(6) the request referred to in paragraph 2 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration. The Czech National Bank shall issue a decree in

extent necessary for the exercise of effective supervision of the capital market

the scope, structure, form and manner of data reporting and the provision of

the documents referred to in paragraph 3 of the Czech National Bank, as well as the time limits for

their notification and provision.



section 319



In the case of translates into higher situated in another Member State

authorized to exceed the record limit, if the bidding only in Czech

Republic



(1) investments in a foreign investment fund, whose home

the State is not the Member State which manages obhospodařovatel

eligible exceed the determined limit established in another Member State,

in the Czech Republic can only provide the date on which the Fund is a registered

in the list maintained by the Czech National Bank pursuant to § 597 (f). d) or (e)).



(2) the Czech National Bank writes the foreign investment fund referred to in

paragraph 1, the list referred to in paragraph (a) 597. d) or (e)) at the request of its

translates into higher within 20 working days, if



and the supervisory authority of the home State) of this Fund and the supervisory authority of another

the Member State in which it is situated obhospodařovatel of this Fund, in

accordance with the provisions of articles 113 to 115 directly applicable European Union legislation,

implementing directive of the European Parliament and of the Council relating

alternative investment Fund Manager ^ 6), agreed on the exchange of

the information necessary to exercise supervision according to the law of that other

Member State implementing the directive of the European Parliament and of the

The Council governing the alternative investment Fund Manager ^ 5), and



(b)) is similarly condition pursuant to § 318 para. 2 (a). (b)).



(3) when offering the investments referred to in paragraph 1 shall carry out obhospodařovatel

of the foreign investment fund in relation to this Fund

the obligations imposed on the authorised obhospodařovateli exceed the record

limit by directly applicable legislation of the European Union, which

implementing directive governing the European Parliament and of the Council of the administrator

alternative investment funds ^ 6), and according to the law of the State in which the

registered office, on the basis of Directive of the European Parliament and of the Council relating

alternative investment Fund Manager ^ 5), with the exception of article 21 of this

Directive; obhospodařovatel of a foreign investment fund

However, it shall ensure that the activities of the depositary referred to in article 21, paragraph 2. 7, 8 and 9

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 5) Fund in relation to this exercise of another person.

Obhospodařovatel of a foreign investment fund shall send to the authority

supervision of another Member State in which it is situated, the data required to

identify the persons pursuing the activity of depositary of the Fund

According to article 21, paragraph 2. 7, 8 and 9 of the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 5), as well as their

changes.



(4) the obligations laid down in paragraph 3, § 316 paragraph. 4 it

by analogy.



(5) it shall be prohibited to offer in the Czech Republic the investments referred to in paragraph 1 after

the date that determines the scope of the delegated Act, adopted by the European Commission on the

pursuant to article 68 para. 6 directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 5) as the day to

which must stop national regimes provided for in articles 36 and 42

This directive and the passport scheme provided for in articles 35 and 37 to 41 of this

the directive will become the only compulsory regime applicable in all the Member

States.



(6) the request referred to in paragraph 2 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration.



§ 320



In the case of investment companies authorised to exceed this limit, the decisive

in the case of the offering in the Czech Republic



(1) investments in a foreign investment fund, whose home

the State is not the Member State which manages the investment company

entitled to exceed the limit, can be decisive in the Czech Republic to offer from


the date on which the Fund is registered in the list maintained by the Czech National Bank

under section 597 (f). d) or (e)).



(2) the Czech National Bank writes the foreign investment fund referred to in

paragraph 1, the list referred to in paragraph (a) 597. d) or (e)) at the request of its

translates into higher within 20 working days, if



and are similarly subject to the conditions) pursuant to § 318 para. 2 (a). and) and (b)),



(b)) home state this Fund has entered into an agreement with the Czech Republic, which

corresponds to the principles referred to in article 26 of the model tax treaty

The Organization for economic cooperation and development on the income and assets and

which ensures the exchange of information in tax matters, and



(c)), the date on which these investments are to be offered, is preceded by day,

that determines the regulation of the European Union issued on the basis of article 67 paragraph 2. 6

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 5) as the date of entry into force of article. 35 and 37 to 41 of this

directive.



(3) the request referred to in paragraph 2 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration.



§ 321



In the case of investment companies authorised to exceed this limit, the decisive

If the bidding in another Member State



(1) For the offering of investment in another Member State to the foreign

Investment Fund, whose home State is not the Member State which

manages the investment company is entitled to exceed the record

limit, the persons mentioned in § 2a para. 1 or 2, the law governing

the capital market and to persons who are under the law

governing business on the capital market, or under the law of another

the Member State considered in relation to the investments in the Fund for the

a customer who is a professional customer, § 311 to 314 apply

by analogy.



(2) the investments referred to in paragraph 1 may be in another Member State to offer only,

If



and are similarly subject to the conditions) pursuant to § 318 para. 2 (a). a) and b) and §

320 paragraph. 2 (a). (b)), and (c)), and



(b)) home state this Fund has concluded with another Member State, in

where these investments are to be offered, an agreement which complies with the principles

referred to in article 26 of the Organization's model tax treaty for the

economic cooperation and development on the income and assets and that provides

the exchange of information in tax matters.



§ 322



In the case of translates into higher situated in another Member State

authorized to exceed the record limit, in the case of the offering in the Czech

Republic



(1) For investments in the Czech Republic offering to foreign

Investment Fund, whose home State is not the Member State which

manages the obhospodařovatel authorized to exceed the record level

established in another Member State, the persons mentioned in § 2a para. 1 or 2

the law governing the capital market and to persons who are

under the law governing the capital market considered in the

relation to the investments in the Fund for a customer who is

professional customer, § 315 paragraph. 1 apply mutatis mutandis.



(2) the investments referred to in paragraph 1 may be offered only in the Czech Republic,

If



and are similarly subject to the conditions) pursuant to § 318 para. 2 (a). (b)), section 319

paragraph. 2 (a). and) and § 320 paragraph. 2 (a). (b)), and (c)), and



(b)) home state this Fund has concluded with another Member State, in

which it is situated obhospodařovatel of this Fund, the agreement, which corresponds to the

the principles referred to in article 26 of the Organization's model tax treaty for the

economic cooperation and development on the income and assets and that provides

the exchange of information in tax matters.



(3) the investments referred to in paragraph 1 may be publicly offered in the Czech Republic

the date on which the Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). d) or (e)).



(4) the Czech National Bank writes the foreign investment fund referred to in

paragraph 1, the list referred to in paragraph (a) 597. d) or (e)) at the request of its

translates into higher within 20 working days, if they are met by analogy

the conditions pursuant to § 318 para. 2 (a). (b)), section 319 para. 2 (a). and, section 320)

paragraph. 2 (a). (b)), and (c)) and paragraph 2 (a). (b)).



(5) the request referred to in paragraph 4 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration.



Section 323



In the case of translates into higher is based in a Member State of the unauthorized

exceed the determined limit, in the case of a public offering in the Czech Republic



Investment in a foreign investment fund, whose home State

It is not the Member State which manages obhospodařovatel, based in

Member State exceed the determined limit unauthorized, you can in the Czech

Republic offer the date on which the Fund is registered in the list of

maintained by the Czech National Bank pursuant to § 597 (f). (d)).



Part 2



In the case, which translates into higher is not established in the Member State



section 324



Only in the Czech Republic



(1) investments in a foreign investment fund, whose home

the State is not the Member State which manages obhospodařovatel

exceeding the record level is based in a State which is not a Member

the State, in the Czech Republic can only provide the date on which the Fund

registered in the list maintained by the Czech National Bank pursuant to § 597 (f). (d))

or (e)).



(2) the Czech National Bank writes the foreign investment fund referred to in

paragraph 1, the list referred to in paragraph (a) 597. d) or (e)) at the request of its

translates into higher within 20 working days, if



and are similarly subject to the conditions) pursuant to § 318 para. 2 (a). and) and (b)),



(b)) supervisory authority of another State which has granted the obhospodařovateli of this

the Fund permit authorizing it to manage this Fund, and the United

the National Bank is in accordance with the provisions of articles 113 to 115 directly applicable

the European Union regulation implementing directive of the European

Parliament and of the Council governing the alternative investment manager

funds ^ 6), agreed on the exchange of information necessary for the exercise of supervision pursuant to

This Act, and



(c)) the State in which the seat of the obhospodařovatel of this Fund, is not listed

on the list of non-cooperating countries and territories drawn up by the Financial

the Action Committee against money laundering Organization for economic cooperation

and development.



(3) For the offering of investments referred to in paragraph 1, § 316 paragraph. 3-5

shall apply mutatis mutandis.



(4) the request referred to in paragraph 2 may only be lodged electronically; the application must

contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration.



section 325



Offering in the Czech Republic



(1) investments in a foreign investment fund, whose home

the State is not the Member State which manages the foreign person with

the authorisation under section 481, can offer in the Czech Republic from the date when the

This Fund registered in the list maintained by the Czech National Bank pursuant to § 597

(a). d) or (e)).



(2) the Czech National Bank writes the foreign investment fund referred to in

paragraph 1, the list referred to in paragraph (a) 597. d) or (e)) at the request of its

translates into higher within 20 working days, if they are met by analogy

the conditions pursuant to § 318 para. 2 (a). a) and b) and § 320 paragraph. 2 (a). (b)), and

(c)).



(3) investments in a foreign investment fund, whose home

the State is not the Member State which manages a person based in the State,

that is not a Member State, which has a permit granted by the supervisory authority

another Member State comparable with the authorization pursuant to § 481, in Czech

Republic offer the persons mentioned in § 2a para. 1 or 2 of the Act

governing the capital market and to persons who are under the

the law governing the capital market or under the law of

another Member State considered in relation to the investment in the

the Fund, which is a professional customer, the date on which the

obhospodařovatel this Fund receives a communication from the authority of another

the Member State which granted the authorisation, comparable to the authorisation under

§ 481, comparable with the communication of the Czech National Bank pursuant to § 313 of paragraph 1. 3.

The provisions of § 315 paragraph. 1 second sentence shall apply mutatis mutandis. Investment by

the first sentence in the Czech Republic can offer only if they are similarly

conditions provided for in § 318 para. 2 (a). (b)) and § 320 paragraph. 2 (a). (b))

and (c)) and the supervisory body) and the home state of the Fund and the oversight body

another Member State which has granted the obhospodařovateli of this Fund

to enable comparable with the authorization pursuant to § 481, in accordance with articles 113

up to 115 directly applicable European Union legislation, implementing

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), agreed on the exchange of information necessary for the performance of

supervision according to the law of that other Member State, which shall be carried out

Directive of the European Parliament and of the Council governing the alternative Manager


investment funds ^ 5), and (b)), the home state of the Fund has entered into with another

the Member State whose supervisory authority has granted obhospodařovateli this

the Fund permits comparable with the authorization pursuant to § 481, an agreement which

corresponds to the principles referred to in article 26 of the model tax treaty

The Organization for economic cooperation and development on the income and assets and

which ensures the exchange of information in tax matters.



(4) the investments referred to in paragraph 3 may be publicly offered in the Czech Republic

the date on which the Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). d) or (e)).



(5) the Czech National Bank writes the foreign investment fund referred to in

the list referred to in paragraph 3 of section 597 (f). (d)) at the request of its

translates into higher within 20 working days, if they are met by analogy

the conditions pursuant to § 318 para. 2 (a). (b)), § 320 paragraph. 2 (a). (b)), and (c)), and

paragraph 3 (b). a) and (b)).



(6) the request under paragraphs 2 and 5 may only be lodged electronically; the request of the

must contain the information and documents demonstrating that the conditions laid down

This Act. The Czech National Bank shall issue a decree Essentials

the application attesting to compliance with the conditions laid down by law, its

the form and method of administration.



section 325a



In the case of translates into higher based in a State which is not a Member

State, exceed the record limit nor the record limit

not exceeding, in the case of a public offering in the Czech Republic



Investment in a foreign investment fund, whose home State

It is not the Member State which manages the obhospodařovatel based in the

a State which is a Member State that does not have the authorization pursuant to section 481 or

comparable Supervisory Authority authorisation issued by another Member State and

that does not exceed the limit, can be decisive in the Czech Republic offer

the date on which the Fund is registered in the list maintained by the Czech national

the Bank under section 597 (f). (d)).



§ 326



Bidding in another Member State



For the offering of investment in another Member State to the foreign

Investment Fund, whose home State is not the Member State which

manages a foreign person with permission according to § 481, the persons referred to

in § 2a para. 1 or 2 of the Act governing the capital market

and the persons who, under the law of that other Member State

considered in relation to the investments in the Fund for a customer who

is a professional customer, § 311 to 314 shall apply mutatis mutandis; These

investment can be in another Member State to offer only if they are similarly

conditions provided for in § 318 para. 2 (a). a) and b), § 320 paragraph. 2 (a).

(b)), and (c)) and § 321 paragraph. 2 (a). (b)).



Part 3



The depositary of a foreign investment fund, whose home State is not

the Member State of



§ 327



(1) the depositary of a foreign investment fund, whose home State

It is not a Member State, and which are offered investments in the Czech Republic,

can only be



a foreign person),



1. which has its registered office or a branch office in his home state of this Fund,



2. which adheres to the rules of prudence, under the law of the State in which the

registered office,



3. which is subject to supervision in the State in which it has its registered office,



4. If the conditions provided for in § likewise 318 para. 2 (a). (b))

and § 320 paragraph. 2 (a). (b)),



5. If the supervisory authority of the State in which it has its registered office and the Czech national

the Bank agreed to the exchange of information necessary for the exercise of supervision pursuant to

This Act, and



6. which is comparable to the depozitářskou in the contract the contract that

to carry out the control activities of the depositary at least as emerges from the

section 73, and be responsible for the injury, at least, as follows from § 80 to 82, or



(b)) a person who has registered office or branch in the Member State in which the

the seat of the obhospodařovatel of this Fund, or who is the reference state

This translates into higher Fund, and which may be available under the law of this

Member State by the depositary.



(2) the depositary of a foreign investment fund referred to in paragraph

1 (b). (b)), whose obhospodařovatel has its registered office or a branch in the United

Republic, or for which translates into higher is Czech Republic

the reference state, the provisions of this Act, which is invoked by the

Depositary the depositary or fund a special pool of qualified

investors shall apply mutatis mutandis.



(3) in the other formalities that the conditions referred to in paragraph 1 (b). and)

points 2 and 3 are defined in article 84 directly applicable regulation

Union, implementing the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6).



PART TEN



CROSS-BORDER MANAGEMENT OF



TITLE I OF THE



AN INVESTMENT COMPANY OR A FOREIGN PERSON WITH THE PERMISSION OF THE CZECH NATIONAL

THE BANK IS GOVERNMENT INVESTMENT FUND BROADER FARMING

FOREIGN INVESTMENT FUND



Part 1



Through a branch



§ 328



The announcement of the investment company



(1) If an investment firm intends to use the standard beneficiary

funds and comparable foreign investment funds or authorized

exceed the determined limit or a foreign person with permission according to §

481, which is not comparable to a government investment fund, in

the host State through a branch to manage foreign

Investment Fund, or intends to obhospodařovatel as a legitimate

exceed the determined limit to carry out any of the activities referred to in section 11

paragraph. 1 (b). c) to (f)) or under section 11 (1) 6 (a). and, it shall notify)

the Czech National Bank in advance.



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



and the host State) which is to be located, with a branch



(b)) a programme of operations, inter alia, the types and scope of services,

that the notifier intends to provide, for example, whether the notifier intends to

to carry out the administration of the foreign investment fund,



(c)) where the notifier intends to in the host State to manage foreign

Investment Fund comparable to the standard Fund



1. Description of the risk management system in relation to this branch,



2. the rules for the handling of complaints, and the complaints of investors such

the Fund,



3. rules to ensure the provision of information to investors and



4. Description of the measures taken to ensure the exercise of the rights of investors

such a Fund in the host State,



(d)) where the notifier intends to in the host State to manage foreign

a fund comparable to the Special Fund or with the pool of qualified

investors, the data required to identify this Fund,



e) organisational arrangements of the branch



(f) the address of the branch on) that may be required information and documents,

and



g) data necessary to identify the head of the branch and its contact information.



Section 329



The procedure for the Czech National Bank



(1) if the Czech National Bank objected to the location of branch offices

in the host Member State, the notifier shall, within 2 months from the date on which the

There has been a notification according to § 328 paragraph 1. 1, the national supervisory authority of the host State

information provided in § 328 paragraph 1. 2.



(2) the Czech National Bank shall inform the supervisory authority of the host State whether or not

on the conditions for the granting of compensation from the guarantee fund traders with valuable

the papers.



(3) the Czech National Bank, the competent authority of the host State

the notifier shall inform about the scope of the authorisation and any limitations,

that is, the notifier shall use or implementation of the

the administration of a foreign investment fund to follow.



(4) the transmission of data referred to in paragraphs 1 to 3 of the supervisory authority of the host

the State shall inform the Czech National Bank without undue delay

the notifier.



(5) If an investment firm intends to use the standard beneficiary

funds managed by foreign investment fund comparable to the

the standard Fund and the Czech National Bank does not consider the location of the branch

the notifier in the host State to be appropriate because of the organizational

the structure or the financial situation of the notifier with respect to the business plan

activities in accordance with § 328 paragraph 1. 2 (a). (b)), the Czech National Bank decides to

2 months from the date on which the notification referred to in § 328 was para. 1, that refuses to

communicate to the supervisory authority of the host State information provided in § 328 paragraph 1.

2.



(6) If an investment firm intends to exceed the authorized limit of lodgment

or a foreign person with permission according to § 481, which is not comparable

with the Government Investment Fund, to manage foreign

an investment fund that is comparable with a special fund or with the

the Fund for qualified investors, or to carry out any of the activities

under section 11 (1) 1 (b). c) to (f)) or under section 11 (1) 6 (a). a), and

the notifier fails to fulfil or with regard to a programme of activities referred to in

§ 328 paragraph 1. 2 (a). (b)) could not be expect to continue to fulfil the obligations

stored obhospodařovateli the creditor shall not exceed the limit of this decisive

by law, on the basis of this Act or a directly applicable regulation

The European Union issued pursuant to the directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 6), decides to Czech

National Bank within 2 months from the date of the notification under section 328 occurred

paragraph. 1, that refuses to disclose supervisory authority of the host State data

referred to in § 328 paragraph 1. 2.



section 330



The emergence of the permissions



(1) an investment firm authorised to manage standard and


comparable foreign investment funds can start by

the branch managed the foreign investment fund comparable to the

the standard Fund and, where appropriate, to perform the other activities referred to in

notification according to § 328 paragraph 1. 2 (a). (b)) in the host State the date when the

her supervisory authority of the host State shall communicate that information obligations

must complete, or after the expiration of 2 months from the date when the Czech national

the Bank pursuant to section 329 paragraph. 4 report on the transmission of data of a supervisory authority

of the host State.



(2) an investment firm authorised to exceed the determined limit and

a foreign person with permission according to § 481, which is not comparable to the

Government Investment Fund, may start through a branch

to manage foreign investment fund comparable to the Special

Fund, or with the Fund of qualified investors, or exercise any

from the activities under section 11 (1) 1 (b). c) to (f)) or under section 11 (1) 6

(a). and), and, where appropriate, to perform the other activities referred to in the notice referred to in

§ 328 paragraph 1. 2 (a). (b)), from the day when the Czech National Bank pursuant to section 329

paragraph. 4 report on the transmission of data of a supervisory authority of the host State.



§ 331



Notification of changes



(1) the notifier shall notify the Czech National Bank and the competent supervisory authority

the host Member State of any change in the facts notified pursuant to §

328 paragraph 1. 2 not later than 1 month before the date of its implementation.



(2) if the notifier for obstacle has occurred regardless of his

will, the time limit referred to in paragraph 1 cannot be met, the change shall be notified without undue

delay, then, when this obstacle.



(3) in the case of a foreign investment fund management

comparable with the standard Fund, the Czech National Bank will decide within 2

months from the date of notification referred to in paragraph 1 took place, that refuses to

communicate to the supervisory authority of the host State, any amendment referred to in paragraph 1,

If this change is not considered as an appropriate due to organizational structure or

the financial situation of the notifier.



(4) in the case of a foreign investment fund management, which is

comparable special fund or with the pool of qualified

investors, the Czech National Bank will decide within 2 months from the date of

There has been a notification under paragraph 1, that it refuses to disclose supervisory authority

change the host State pursuant to paragraph 1, where a notifier fails to fulfil

or with regard to the planned change cannot be expected to continue to fulfil the

the obligations imposed on the authorised obhospodařovateli exceed the record

the limit of this Act, on the basis of this Act or the directly applicable

the EU regulation issued pursuant to the directive of the European

Parliament and of the Council governing the alternative investment manager

^ 6) funds.



(5) the Czech National Bank without undue delay inform the competent

supervisory authority of the host State, also of any change notified under

of paragraph 1.



Part 2



Without location branch



§ 332



Notification



(1) If an investment firm intends to use the standard beneficiary

funds and comparable foreign investment funds or authorized

exceed the determined limit or a foreign person with permission according to §

481, which is not comparable to a government investment fund,

to manage foreign investment fund in the host Member State without

the location of the branch, it shall inform in advance the Czech National Bank.



(2) the notification referred to in paragraph 1 shall contain the indication of the host Member State in

where the notifier intends to use foreign investment fund without

the location of the branch, and the information referred to in § 328 paragraph 1. 2 (a). b) to (d)).



§ 333



The procedure for the Czech National Bank



(1) the Czech National Bank shall, within 1 month from the date on which it was

notification pursuant to section 332 paragraph 1. 1, the national supervisory authority of the host State data

pursuant to section 332 paragraph 1. 2.



(2) the Czech National Bank shall inform the supervisory authority of the host State whether or not

on the conditions for the granting of compensation from the guarantee fund traders with valuable

the papers.



(3) the Czech National Bank, the competent authority of the host State

the notifier shall inform about the scope of the authorisation and any limitations,

that is, the notifier shall use or administration

a foreign investment fund to follow.



(4) the transmission of data referred to in paragraphs 1 to 3 of the supervisory authority of the host

the State shall inform the Czech National Bank without undue delay

the notifier.



§ 334



The emergence of the permissions



(1) an investment firm authorised to manage standard and

comparable foreign investment funds can begin to pursue activities

specified in the notice in accordance with § 328 paragraph 1. 2 (a). (b)) in the host State

from the day when the Czech National Bank pursuant to § 333 para. 4 report on

transfer of data the supervisory authority of the host State, or after

expiry of the period referred to in section 333 para. 1.



(2) an investment firm authorised to exceed the determined limit and

a foreign person with permission according to § 481, which is not comparable to the

Government Investment Fund, may start without a branch location

to manage foreign investment fund comparable to the Special

Fund, or with the Fund of qualified investors, or exercise any

from the activities under section 11 (1) 1 (b). c) to (f)) or under section 11 (1) 6

(a). and), and, where appropriate, to perform the other activities referred to in the notice referred to in

§ 328 paragraph 1. 2 (a). (b)), from the day when the Czech National Bank pursuant to § 333

paragraph. 4 report on the transmission of data of a supervisory authority of the host State.



§ 335



Notification of changes



(1) the notifier shall notify the Czech National Bank and the supervisory authority

the host Member State of any change in the facts notified pursuant to §

332 paragraph 1. 2 not later than 1 month before the date of its implementation.



(2) if the notifier for obstacle has occurred regardless of his

will, the time limit referred to in paragraph 1 cannot be met, the change shall be notified without undue

delay, then, when this obstacle.



(3) the Czech National Bank, without undue delay, inform the supervisory authority

also the host State of any change notified under paragraph 1.



§ 336



Provision of information to the Czech National Bank supervisory authority

of the host State



The Czech National Bank will provide the information necessary for the supervision of

the notifier, if so requested by them, the supervisory authority of the host State,

in particular, the



and every head of) the data on the person of the notifier or the details of the head

a branch of the notifier located in the host State,



(b)) the data on each person who has an interest in the capital or

voting rights of the notifier, and



(c)) the data on bound representatives, the notifier intends to use in this

the host Member State to carry out the activity.



TITLE II



MANAGEMENT OF FOREIGN INVESTMENT FUND, WHOSE HOME STATE

IT IS NOT A MEMBER STATE



§ 337



The investment company is entitled to exceed the record limit can

to manage foreign investment fund, whose home State is not

Member State, if they are not investing in this Fund are offered in the Member

State, if



and when management) of this foreign investment fund

the obligations imposed on the authorised obhospodařovateli exceed the record

the limit of this Act, on the basis of this Act or the directly applicable

the EU regulation issued pursuant to the directive of the European

Parliament and of the Council governing the alternative investment manager

funds ^ 6), with the exception of the obligations provided for in § 60 to 91, § 233 to 236

and § 290 to 292, and



(b) the supervisory authority of the home State) of this foreign investment

the Fund and the Czech National Bank in accordance with the provisions of articles 113 to 115 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), agreed on the exchange of information necessary for the performance of

supervision according to this law.



TITLE III



A FOREIGN PERSON BELONG TO A STANDARD POOL



§ 338



(1) a foreign person referred to in section 14 para. 1 which wishes to

through a branch located in the Czech Republic to manage

the standard Fund, the Czech National Bank shall notify within 2 months from the date of

ran out of data comparable with the data according to § 328 paragraph 1. 2 that the obligations

established by this Act, on the basis of this Act and the law governing the

the capital market, is this a foreign person in the provision of

These services must comply with.



(2) a foreign person referred to in paragraph 1 may commence through the

branch offices are located in the Czech Republic to manage the Fund from the standard

the date of the Czech National Bank said that the obligations laid down

This Act, on the basis of this Act and the law governing business

on the capital market, the foreign person in providing these

services shall comply with, or after the expiry of the time limits referred to in

paragraph 1.



§ 339



Foreign person referred to in section 14 para. 1 can start without branches located

in the Czech Republic to manage the standard Fund



and) from the date when eats from the supervisory authority of another Member State, that this

foreign person has granted permission to the activities, the information that this

the oversight body of the Czech National Bank gave indications concerning the

management of standard Fund this foreign person, or




(b)) after the expiry of one month from the date on which the data relating to the management of

standard Fund this foreign person run out of another supervisory authority

the Member State which granted the authorisation of this foreign person to

activity.



§ 340



Obligations of foreign persons in the management of standard Fund



(1) a foreign person referred to in section 14 para. 1, which manages

the standard Fund,



and publishes and provides) in the Czech Republic, the documents and information

published and subject to the provisions adopted

the basis of the directive of the European Parliament and of the Council governing the coordination of

legislation in the field of undertakings for collective investment ^ 4) in the Member State in

which has its registered office,



b) announces the Czech National Bank at least 1 month in advance of any change in

the data contained in the notification which is comparable with the notification according to § 328

paragraph. 2 and



(c)) dealing with management adheres to the rules of the standard pool

provided for in this law and on the basis of this Act.



(2) If a foreign person referred to in paragraph 1, the period referred to in

paragraph 1 (b). (b)) for an obstacle arising independently of its

will notify the change to the Czech National Bank without undue delay after the

This obstacle is lifted.



(3) a foreign person referred to in section 14 para. 1 used in the management of

standard Fund in the Czech Republic the same tag, which is used in

State in which it has its registered office. In case of insufficient differentiation of

indication from other Czech National Bank may impose an obligation to supplement

the distinguished element.



(4) the date on which the supervisory authority of another Member State withdrawn foreign

the person referred to in § 14 para. 1 the permit authorizing it to manage

foreign investment funds comparable to the standard Fund, not

the person authorized to manage the standard Fund; to that person,

until the settlement of liabilities to the owners of securities or

book-entry securities issued by the Fund who have their head office

or residence in the Czech Republic, seen as a foreign person

referred to in § 14 para. 1, which manages the Fund, and this standard

person who carries out the obligations laid down in paragraphs 1 to 3.



§ 341



The procedure for the Czech National Bank



The Czech National Bank informs the foreign person referred to in section 14 para. 1,

which manages the standard Fund, of any change in its

information obligations.



TITLE IV



A FOREIGN PERSON BELONG TO A SPECIAL FUND OR FUND

QUALIFIED INVESTORS



§ 342



Foreign person referred to in section 14 para. 2 can start managing

a special fund or a Fund of qualified investors through

branch offices are located in the Czech Republic from the date when eats from the supervisory authority

another Member State, that this foreign person has granted the authorisation

According to which it must not exceed the record limit, there is information that the

the oversight body of the Czech National Bank gave indications concerning the

management of the Special Fund or a Fund of qualified investors

This foreign person.



§ 343



Foreign person referred to in section 14 para. 2 can start managing

a special fund or a Fund of qualified investors without branches located

in the Czech Republic from the date when eats from the supervisory authority of another Member

State that this foreign person has granted permission to the activity, the

the information that this authority has transmitted the Czech national bank details

relating to the management of the Special Fund or Fund

qualified investors by a foreign person.



§ 344



Obligations of foreign persons in the provision of services management

a special fund or a Fund of qualified investors



(1) a foreign person referred to in section 14 para. 2, which manages

a special fund or a Fund of qualified investors, or performing

one of the activities referred to in section 11 (1) 1 (b). c) to (f)) or under section 11

paragraph. 6 (a). and)



and) publishes and makes available in the Czech Republic, the documents and information

that publishes and makes available under the legislation adopted on the

the basis of the directive of the European Parliament and of the Council modifying administrator

alternative investment funds ^ 5) in the Member State in which the

registered office or whose supervisory authority authorisation granted comparable with her

the authorisation under section 481, does not have a registered office in a Member State,



b) announces the Czech National Bank at least 1 month in advance of any change in

the data contained in the notification which is comparable with the notification according to § 328

paragraph. 2 and



c) adheres to the rules of the negotiations and the requirements of the proper and prudent exercise of

activities in the scope of the activities carried out through a branch located

in the Czech Republic.



(2) If a foreign person referred to in section 14 para. 2, which provides

services in the Czech Republic, the period referred to in paragraph 1 (b). (b))

for obstacle arising independently of the will, shall notify the change without

undue delay after this setback.



(3) a foreign person referred to in section 14 para. 2 used in the management of

a special fund or a Fund of qualified investors, or in the performance of

some of the activities referred to in section 11 (1) 1 (b). c) to (f)) or under section 11

paragraph. 6 (a). and), in the Czech Republic the same tag, which is used in

State in which it has its registered office. In case of insufficient differentiation of

indication from other Czech National Bank may impose an obligation to supplement

the distinguished element.



(4) the date on which the supervisory authority of another Member State withdrawn foreign

the person referred to in § 14 para. 2 permit authorizing it to exceed

a determined limit, is not the person entitled to use the special pool

or a Fund of qualified investors; to that person, until the settlement of the

liabilities to persons in a comparable position, with participants, beneficiaries,

the founders, partners or silent companions of the foreign

Investment Fund, who have their headquarters or domicile in the Czech Republic, and

in the case of a device with a comparable Trust Fund and those who

increased the assets for this device as of the foreign

Investment Fund contract and have their registered office or residence in the United

Republic, seen as a foreign person referred to in section 14 para. 2,

which manages the Special Fund or a Fund of qualified investors,

and this person fulfils the obligations laid down in paragraphs 1 to 3.



PART ELEVEN



CANCELLATION, CONVERSION AND OTHER PROPERTY DISPOSITION



TITLE I OF THE



CANCELLATION AND CONVERSION OF INVESTMENT COMPANIES AND OTHER PROPERTY DISPOSITION

CONCERNING THE INVESTMENT COMPANY



Part 1



The cancellation of the investment company with liquidation



Section 1



The procedure in some cases, cancellation of the investment company with liquidation



§ 345



The Court's decision



If the Court decides on the abolition of the investment company with liquidation, appoints the

its liquidator on a proposal from the Czech National Bank.



§ 346



The decision of the investment company



(1) if the competent authority of the investment company to be wound up

with liquidation, also decides to request the appointment of its

the liquidator.



(2) the investment company shall submit an application for the appointment of the liquidator without

undue delay, then, when the competent authority decides, on her

liquidation.



§ 347



The expiry of the



The investment company, which was established for a fixed period, it shall

no later than 2 months before the expiry of this period, the request for the appointment of its

the liquidator. Request the competent authority of the investment

the company.



Section 2



The liquidator



§ 348



Professional care



The liquidator of the investment company shall perform his duties with

professional care.



§ 349



The prerequisites for the exercise of functions



(1) the liquidator of the investment company may be the only one who is

in the list of persons who may be appointed as the liquidator

investment companies collective investment fund with legal

personalities and the main administrator, led by the Czech National Bank.



(2) the liquidator of the investment company cannot be the one



and) whose interests are contrary to the interests of the shareholders, unit-holders or

beneficiaries of investment fund or to a foreign investment fund,

that investment company manages, or with those of the other

the investment company's customers,



(b)) who is the staff or property linked to investment companies

or



(c)) who is in the last 3 years he participated in the audit of the investment

the company.



§ 350



Appointment and dismissal



(1) a liquidator appointed and recalled by the investment company Czech national

the Bank unless the investment company has been cancelled by a court decision.



(2) when appointing a liquidator at the request of the capital investment company is not

The Czech National Bank is bound by a person of a liquidator referred to in the request.



(3) the decomposition of the Czech National Bank against the decision on the appointment of or

the appeal of the liquidator of the investment company does not have suspensory effect.



(4) an application for registration as a liquidator of an investment company in the commercial

the register and the proposal for the deletion of the liquidator from the commercial register

serves the Czech National Bank.



Section 351



The demise of the function



(1) the liquidator of the investment company appointed by the Czech National Bank

may resign by giving written notice of the Czech National Bank.


The functions of the liquidator shall lapse on the date specified in the notice, but no earlier than 30

days from the date when the notification occurs, the Czech National Bank.



(2) the liquidator shall withdraw the Czech National Bank investment companies,

He has appointed, if the liquidator



and) does not qualify for the performance of the functions of the liquidator set out in §

349,



(b)) seriously or repeatedly violates his obligation to, or



(c)) shall not exercise their function.



(3) If a liquidator withdraws the investment company appointed by the Czech

National Bank of the function, if it is revoked or otherwise ceases to exist if its

functions, shall be appointed by the Czech National Bank without undue delay of the new

the liquidator.



§ 352



Reimbursement of cash expenses and remuneration



(1) the refund of cash expenses and the remuneration of the liquidator of the investment company

appointed by the Czech National Bank shall be paid from the assets of the investment

the company. Was named to the Czech National Bank, charged that the liquidator is

This also by, who called him.



(2) it is not sufficient if property investment company for the payment of compensation

cash expenses and the remuneration of the liquidator, shall be paid by the State.



(3) after the withdrawal of the authorisation to the activity of investment companies in

determination of the compensation cash expenses and the remuneration of the liquidator shall proceed

According to the rules for determining the reimbursement of cash expenses and the remuneration of the liquidator

the liquidator of the investment company.



(4) the Czech National Bank shall issue a decree the rules for determining the amount of the

the remuneration of the liquidator and the conditions for the refund of cash expenses and remuneration

the liquidator by the State.



section 353



The obligation of cooperation



Everyone is obliged to provide the liquidator of an investment company

designated by the Czech National Bank assistance in so far as it is

obliged to provide it under the law governing the insolvency practitioner

decline and ways of its solution.



Part 2



Conversion of investment companies



§ 354



Conversion prohibited



Shall be prohibited



and transfer of assets of the investment company) to its shareholders, and



(b)) change of the legal form of an investment company.



§ 355



Enabling the Czech National Bank



(1) the merger or Division to an investment company that manages

a collective investment fund, or to the transfer of assets to the partnership, which

is an investment company that manages a pool of collective

investing, you need to enable the Czech National Bank.



(2) the Czech National Bank will not allow a merger or Division of investment

company or the transfer of assets to the partnership, which is the investment

the company, which manages the Fund, collective investment schemes, unless

protect the interests of shareholders and shareholders ' funds

investment investment company manages.



section 356



The procedure for applications for authorisation of the merger, Division or transfer of assets



(1) the application for authorisation of the merger or Division to an investment company that

manages collective investment fund, or the authorization of the transfer

the assets of the partnership, which is an investment company that manages

a collective investment fund, the investment company that

the merger, Division or transfer of assets involved.



(2) participants in the proceedings on the application for authorisation of the merger or Division

an investment company that manages a pool of collective

investments, or to enable the transfer of the assets of the partnership, which is

an investment company that manages a pool of collective

investment, are investment companies that the merger, Division or

transfer of assets involved.



Part 3



The transfer, leasing, and stop business establishment investment companies or

its part



§ 357



The transfer, lease or cessation of business establishment investment company

or parts of it, which would have meant a significant change in the existing

plant structure or a substantial change in the investment activities

the company is prohibited.



TITLE II



CANCELLATION AND THE CONVERSION OF THE MAIN ADMINISTRATOR AND OTHER PROPERTY DISPOSITION

REGARDING THE MAIN ADMINISTRATOR



§ 358



A similar application of the provisions of the investment company



For cancellation and the conversion of the main administrator and for other property

the disposition of the main Administrator's relating to the provisions of this

law on the abolition and conversion of the investment company and other

property dispositions related to the capital investment company shall apply the

Similarly, unless otherwise provided by this Act. If you rely on this

the provisions of the management of investment funds or foreign

investment funds, this means providing the administration of these

funds.



§ 359



Change in legal form the main administrator



(1) a change of the legal form of the main administrator who performs the

the administration of the Fund, collective investment schemes, you need to enable the Czech

the National Bank.



(2) the Czech National Bank will not allow a change of the legal form of the main

the administrator, if not ensured protection of the interests of the shareholders and unit-holders

investment funds, whose administration is carried out.



§ 360



The proceedings on the application for the change of legal form the main administrator



(1) an application for authorisation of the change in legal form the main administrator serves

the main administrator.



(2) the party to the proceedings on the application for the change of legal form the main

the administrator is the Chief Administrator, whose legal form is changing.



TITLE III



CANCELLATION AND TRANSFORMATION INVESTMENT FUND WITH LEGAL PERSONALITY AND OTHER

PROPERTY DISPOSITION ABOUT THIS FUND



Part 1



The cancellation of investment fund with legal personality with the liquidation



§ 361



the title launched



(1) for the abolition of an investment fund with legal personality, the provisions

This Act on the repeal of the investment company shall apply mutatis mutandis,

unless otherwise provided by this Act.



(2) investment fund referred to in § 9 para. 1 shall be repealed with the liquidation and its

a liquidator shall be appointed by the Czech National Bank, if its

obhospodařovatel cancelled with the liquidation, or he ceases permissions

to manage this Fund, and



and the Czech National Bank decided) within 3 months from the date on which the competent

the Authority decided on its translates into higher liquidation, on the transfer of

management of the Fund to another translates into higher and



(b)), this Fund is a joint stock company with variable capital,

or a limited partnership investment company on the leaves.



§ 362



Substitute fulfilment of the share of the liquidation



The conditions are met for a replacement meeting under the civil

code, will share in the proceeds of liquidation of investment fund

legal personality to judicial custody. The proportion of the proceeds of liquidation are to

judicial custody falls over and passed on to the State if the court fee

proceedings on the custody exceeds the amount that you want to

judicial custody.



Part 2



Conversion of investment fund with legal personality



Section 1



Basic provisions



§ 363



The conversion of an investment fund with legal personality for the purposes of this

Act means the conversion under the law governing the conversion of business

companies and cooperatives and conversion into a mutual fund that has a legal

the form of a public limited liability company, joint-stock company with basic variables

capital.



§ 364



Conversion prohibited



Shall be prohibited



and the transfer of assets of the investment fund) with legal personality on his

partnership and



(b)) change the legal form of a collective investment fund with legal

celebrities.



§ 365



Enabling the Czech National Bank



(1) the merger or Division of a collective investment fund with legal

personalities or to the transfer of assets to the partnership, which is to fund collective

investing with a legal personality, it is necessary to enable the Czech National Bank.



(2) the Czech National Bank will not allow a merger or Division of the Fund of collective

investing with a legal personality or a transfer of assets to the partnership, which is

a collective investment fund with legal personality, unless

protection of the interests of the shareholders of the Fund.



(3) paragraphs 1 and 2 shall not apply to the merger Fund, collective investment

with a legal personality, which invests in real estate or participating in

real estate company and real estate company.



§ 366



The procedure for applications for authorisation of the merger, Division or transfer of assets



(1) an application for authorisation of the merger or Division of Fund of collective

investing with a legal personality or to enable the transfer of assets to

partnership which is a collective investment fund with legal personality,

given the administrator of this Fund.



(2) participants in the proceedings on the application for authorisation of the merger or Division of the Fund

collective investment undertakings with legal personality or the authorization of the transfer

the assets of the partnership, which is a collective investment fund with legal

personalities, are collective investment funds, with legal personality,

that the merger, Division or transfer of assets involved, and their

obhospodařovatelé, administrators and to the depositary.



Section 2



The conversion of an investment fund that has the legal form of a public limited company,

joint-stock company with variable capital



§ 367



The admissibility of the conversion



(1) investment fund that has the legal form of a public limited company, may

converted into a public limited company with variable capital.



(2) the conversion of an investment fund that has the legal form of a public limited liability

the company, a public limited company with variable capital


occurs by přeměňovaný investment fund will change its statutes,

in order to comply with the requirements on the content of the statutes of a public limited company with

variable capital laid down in § 156, and changes the type of shares,

which it has issued.



§ 368



Change the type of shares



(1) the decision of the General Assembly of the change of the přeměňovaného investment fund

type of shares shall be determined by the shares, which will become the founding after the conversion

shares in the amount of the share of capital, which corresponds to the

zapisovanému future capital joint-stock company with

variable capital; the rest of the shares after the conversion will become

investment shares. If the joint-stock company with variable capital

create compartments, shall be determined in the decision, to which the Sub-or

podfondům investment shares will be issued.



(2) the decision of the General Assembly to change the type of shares is in addition to the terms and conditions

laid down by law governing the legal relations of the companies and

cooperatives also requires the consent of all shareholders whose shares are, after

the conversion to become the founding shares.



(3) as the shares, which will become the founding shares after the conversion,

can be specified only shares with an issue price has been fully paid up.



§ 369



Enabling the Czech National Bank



(1) the conversion of collective investment fund, which has a legal form

joint-stock company, joint-stock company with basic variables

capital is necessary to enable the Czech National Bank.



(2) the Czech National Bank will not allow conversion if it is not protected

the interests of shareholders přeměňovaného collective investment fund.



§ 370



The procedure for applications for authorisation of conversion



(1) an application for a permit for the conversion of the Fund Administrator, served přeměňovaného

collective investment undertakings.



(2) participants in the proceedings on the application for a permit for the conversion are přeměňovaný Fund

a collective investment undertaking and its obhospodařovatel, the administrator, and

the depositary.



Section 3



A similar application of certain provisions of the merger and consolidation of the mutual

Fund



§ 371



Merging and the merge investment fund with legal personality, that is

the standard Fund



(1) For merging and the merge investment fund with legal personality,

that is the standard Fund, the provisions of this Act on the amalgamation, and

Merge standard Fund, which has the legal form of a unit trust,

shall apply mutatis mutandis. Rely on the provisions of the shareholders, it is understood

the owners of the investment shares; rely on the investment securities,

This means the investment shares.



(2) For merging and the merge investment fund with legal personality,

that is the standard Fund, the provisions of this part and the law

governing the conversion of commercial companies and cooperatives, shall be used only

If the provisions of this Act on the merger or amalgamation of standard

the Fund, which has the legal form of mutual fund, provides otherwise.



section 372



Merging joint stock companies with variable capital and

Open mutual fund



(1) it is accepted



and the Special Fund, merge) that has the legal form of a public limited liability

company with variable capital, and a special fund, which

has the legal form of an open mutual fund, and



(b)) merging the Fund of qualified investors, which has the legal form of the

joint-stock company with variable capital, and Fund

qualified investors, which has the legal form of the mutual

the Fund.



(2) for consolidation referred to in paragraph 1 (b). and the provisions of this)

the law on the Special Fund consolidation, which has the legal form of the mutual

the Fund shall apply mutatis mutandis. For consolidation referred to in paragraph 1 (b). (b))

the provisions of this Act to merge the Fund of qualified investors,

that has the legal form of mutual fund, shall apply mutatis mutandis. Rely on the

the provisions of the shareholders, this means, in the case of the joint stock

company with variable capital investment owners

the shares; rely on the investment securities shall mean in the case of

joint-stock company with variable capital investment shares.



(3) for consolidation referred to in paragraph 1, the provisions of this part

apply only if the provisions of this Act to merge the Special

the Fund, which has the legal form of a unit trust, or provision of this

the Act on the merger Fund of qualified investors, which has a legal

a form of mutual fund, provides otherwise.



§ 373



Conversion of the Sub-Fund's investment fund with legal personality



For the conversion of the Sub-fund investment fund with legal personality, that is

the standard Fund, the provisions of this law on the conversion of the share

the Fund, which is the standard Fund shall apply mutatis mutandis. Rely on the

These provisions of the shareholders, this means the owners of the investment shares

relating to the Sub-fund; rely on the investment securities, means

the investment shares relating to the Sub-fund.



Part 3



The transfer, leasing, and stop business establishment investment fund with legal

personalities or part



§ 374



The transfer, leasing, and stop business establishment investment fund with legal

personalities or part thereof, that would mean a substantial change in

the existing plant structure or a substantial change in the activity of

Investment Fund with legal personality shall be prohibited.



TITLE IV



CANCELLATION AND THE CONVERSION OF MUTUAL FUND



Part 1



Cancellation of a mutual fund with the liquidation



§ 375



The reasons for the cancellation of a mutual fund with the liquidation



The mutual fund shall be deleted with the liquidation, if



and) about his obhospodařovatel,



(b)), its obhospodařovatel was canceled with the liquidation, unless the Czech

National Bank within 3 months from the date on which the competent authority

translates into higher decided to cancel the liquidation, translates into higher

the transfer of the management of the Fund to another translates into higher,



c) ceases permissions translates into higher mutual fund this Fund

to manage, unless otherwise decided by the Czech National Bank on the transfer

management of the Fund to another translates into higher,



d) decided by the Czech National Bank or the Court, or



(e)) the period for which it was created, if this is not a closed

a mutual fund that is after this time transformed into an open

Investment Fund or joint-stock company with basic variables

capital.



§ 376



Disposal of the mutual fund



(1) the Obhospodařovatel mutual fund cashing in assets in that Fund and

meet the debts in this pool within 6 months from the date of cancellation of this Fund.



(2) the administrator of the mutual fund unit-holders shall pay their shares of the

liquidation within 3 months from the date of liquidation of assets in this

the Fund and meet the debt in this pool.



§ 377



Substitute fulfilment of the share of the liquidation



The conditions are met for a replacement meeting under the civil

code, will share in the proceeds of liquidation into judicial custody.

The proportion of the proceeds of liquidation into judicial custody fails and falls

State, if the fee for the petition for custody

exceeds the amount that is to be made into judicial custody.



§ 378



Backup to share in the proceeds of liquidation



(1) until they are satisfied justice all known creditors claims

the corresponding debt in the mutual fund, you cannot pay a share of the

liquidation or in the form of advances, or otherwise use. If

the claim is disputed or if it is not yet due, the remaining assets can be

use only if the creditor has been given sufficient security.



(2) If a share of the proceeds of liquidation shall be paid in the form of advances,

obhospodařovatel is not required to monetize assets in the mutual fund in

the time limit referred to in § 376 paragraph. 1 and the administrator is not required to pay

to the shareholders of their shares in the proceeds of liquidation within the time limit referred to in §

paragraph 376. 2. the obligation to meet the debt translates into higher mutual fund

within the time limit referred to in § 376 paragraph. 1 is not affected.



section 379



Special provisions for insolvency translates into higher



(1) if the decision on bankruptcy translates into higher share

Fund shall ensure that the transfer of the management of the mutual fund or to meet

obligations pursuant to § 376 the insolvency practitioner or the person who under the law of

foreign State performs tasks commensurate with the tasks of the insolvency administrator,

While § 377 and 378 shall apply mutatis mutandis.



(2) an insolvency practitioner or a person who, under the law of a foreign State

performs tasks commensurate with the tasks of the insolvency administrator, responsibility for

activity referred to in paragraph 1, the refund of cash expenses and remuneration.

A claim for reimbursement is a claim on the estate

translates into higher mutual fund.



(3) if the estate is not sufficient translates into higher share

Fund for payment of refunds of cash expenses and remuneration of insolvency

the administrator or the person who under the law of a foreign State performing the tasks

comparable with the tasks of the insolvency administrator, shall be paid by the State.



(4) the Czech National Bank shall issue a decree the rules for determining the amount of the

rewards and cash expenses and conditions of refund rewards and cash expenses

the insolvency administrator or the person who under the law of a foreign State shall exercise

comparable with the tasks the tasks of the insolvency administrator, for the fulfilment of the obligations

laid down in paragraph 1 and their maximum amount of contribution to be paid by the State.



§ 380




Duties of child Fund at the revocation of his management of the Fund with the

the liquidation



(1) Deleted If the liquidation of the Fund management or comparable

liquidation under the law of a foreign State, obhospodařovatel child Fund

requests the administrator of the Fund through a prior consent of the

The Czech National Bank that intends to



and) invest assets in that Fund as a obhospodařovatel child

of the Fund in securities or book-entry securities issued by

other Management Fund, or



(b)) continue to invest assets in that Fund as obhospodařovatel

standard pool that is not a child of the Fund.



(2) unless the child obhospodařovatel Fund by prior consent of the

The Czech National Bank pursuant to paragraph 1 within two months from the date on which it received the

Notice that the Fund management is repealed (section 435, paragraph 2), or

notification under the law of a foreign comparable State, this Fund is hereby repealed

the mere lapse of this period with the liquidation. Reject-the Czech National Bank

a request for prior consent in accordance with paragraph 1, shall be deleted, the child Fund

with liquidation day legal force of the decision.



(3) The expiry of the period referred to in paragraph 2 or to a prior

the consent referred to in paragraph 1 may obhospodařovatel child Fund

invest assets in this Fund only to maintain its

asset.



Part 2



The conversion of a mutual fund



Section 1



Basic provisions



§ 381



The conversion of a mutual fund for the purposes of this Act, the



and the amalgamation of mutual funds)



b) merging mutual funds



(c)) the conversion of the mutual fund to a corporation,



(d)) the conversion of a closed mutual fund to open mutual fund and



(e) the Special Fund) the conversion of the standard Fund.



Section 2



Amalgamation of mutual funds



section 382



Permissible ways of communion



(1) the merger



a) special funds, which have a legal form of mutual funds, in one

a new Special Fund, which has the legal form of a unit trust,



(b)) of a special fund, which has the legal form of a unit trust, and

standard pool that has the legal form of a unit trust, in one

the new standard Fund, which has the legal form of a unit trust,



c) standard funds, which have a legal form of mutual funds, in

a new standard Fund, which has the legal form of a unit trust,

or in a new foreign investment fund comparable to the standard

the Fund,



d) standard Fund, which has the legal form of a unit trust, and

foreign investment fund comparable to the standard Fund in

a new standard Fund, which has the legal form of a unit trust,

or in a new foreign investment fund comparable to the standard

the Fund and the



e) funds for qualified investors, which have a legal form of investment

funds in a new Fund of qualified investors, which has a legal

the form of a mutual fund.



(2) mutual funds, or even a comparable foreign investment fund

with the standard Fund, which is involved in the merger, are hereby repealed, without

liquidation and the assets in them becomes capital of the mutual fund, where appropriate, the

in a foreign investment fund comparable to the standard Fund

that the merger has occurred.



(3) the amalgamation of obhospodařovatel is decided by the mutual funds, where appropriate, the

foreign investment funds comparable to the standard Fund

to be a merger of canceled. Decide if the fusion of multiple people,

their agreement is required.



§ 383



Project Fusion



(1) the Merger is carried out according to the approved project fusion.



(2) the project fusion shall draw up mutual fund administrators,

where appropriate, as well as foreign investment funds comparable to

the standard Fund to be merger canceled.



(3) the project of the merger must be approved in the same terms by all who

work out.



section 384



The elements project fusion



(1) the project includes having regard to the merging way of merging at least



and about that) to determine how the merger referred to in section paragraph 382. 1 it is,



b) indication of the mutual fund, as appropriate, of foreign investment

a comparable standard pool fund, which is supposed to be fusion

cancelled, and the designation of the mutual fund, or even a foreign

Investment Fund comparable to the standard Fund, which has

the merger of the arise,



(c)) the reasons for merging,



(d) the effects of the merger on the likely) the interests of the owners of securities or

book-entry securities issued by a mutual fund, where appropriate, the

foreign investment fund comparable to the standard Fund

that has got to be the merger of the canceled



(e) the criteria for the valuation of assets) and debts in a mutual fund, where appropriate, the

in a foreign investment fund comparable to the standard Fund

that has got to be the merger of the canceled



(f) the procedure for calculating the Exchange) market share (§ 394),



(g)) the record date,



h) rules for the takeover of assets in the mutual fund, as appropriate, in

foreign investment fund comparable to the standard Fund, which

the merger is to be cancelled, and the exchange of securities or book-entry

securities issued by the Fund for securities or book-entry

securities issued by the Fund, or unit trust and foreign

Investment Fund comparable to the standard Fund, which has

the merger of the arise and



I) draft statute of the mutual fund or to a foreign investment fund

comparable with the standard Fund, which has a merger.



(2) the project of the merger must be in writing.



section 385



Enabling the Czech National Bank



(1) A merger that occurs any of the operations referred to in section 382

paragraph. 1 (b). a) to (d)), you must enable the Czech National Bank.



(2) the Czech National Bank will not allow a merger



and) open-end and closed-end mutual fund,



b) mutual funds or foreign investment funds comparable

with the standard Fund with a significantly different way of investing,



c) mutual funds or foreign investment funds comparable

with the standard Fund, if not ensured protection of the interests of owners of

securities or book-entry securities issued by such

funds,



d) mutual funds or foreign investment funds comparable

with the standard Fund, which have been the owners of securities or

book-entry securities issued by such funds provided

sufficient information, and



e) mutual funds or foreign investment funds comparable

with the standard Fund, if it is a merger, in which the

handles communication on the amalgamation, and the standard Fund or foreign

Investment Fund comparable to the standard Fund, which has a merger

arise, you will be entitled to offer it publicly issued securities

or book-entry securities in the same Member State in which the

the public was entitled to offer each of the standard funds that have

be merger canceled.



(3) the date of application of the decision of the Czech National Bank or

any competent supervisory authority of the home state of a foreign

Investment Fund comparable to the standard Fund, which

Fusion does not allow fusion project is cancelled. The legal effects of

Project Fusion have ceased to exist on the date when such a decision is final

cancelled by a court decision.



§ 386



Proceedings on the application for authorisation of the merger



(1) an application for authorisation of the merger that occurs



and in the manner specified in §) 382 paragraph. 1 (b). and serves one) who will be

provide the Administration empowered, that is a merger of arise,

or



(b)) any of the operations provided for in paragraph 382 of paragraph 1. 1 (b). b) to (d)), serves

Administrator standard Fund, which is to be a merger of canceled.



(2) the application for authorisation of a fusion that occurs in the manner specified in §

paragraph 382. 1 (b). c) or (d)), and its attachments must also be in the official

the language of the home country of the foreign investment fund of the comparable

with the standard Fund, which is to be cancelled, and the ones in the official

the language of the home country of the foreign investment fund of the comparable

with the standard Fund, which has a merger occur, or in the language in

which documents can be presented to the supervisory authorities of these States.



(3) participants in the proceedings on the application for authorisation of the merger are

obhospodařovatelé, administrators and the depositary of investment funds,

where appropriate, as well as foreign investment funds comparable to

the standard Fund to be merger canceled.



§ 387



The deadline for making the decision



(1) the Czech National Bank will issue a decision on the application for authorisation of the merger

no later than 20 working days from the date of submission of the application, which has

the prescribed requirements and do not suffer from other disabilities.



(2) if the application for a permit, which handles the communication

on amalgamation, the prescribed particulars or suffer if other prompts

The Czech National Bank the applicant not later than 10 working days from the date of

submission of the application or from the date of Supplement to these defects within a reasonable

the time limit removed.



§ 388



Notice of merger



(1) the administrator of the standard pool, which is to be cancelled, the merger of the


processes, publish and provide the unit-holders or the shareholders of the Fund

notice of amalgamation, merger to cancel



and the Fund and arise) standard standard Fund, or even foreign

Investment Fund comparable to the standard Fund, or



(b)) the standard Fund, whose investment securities are offered to the public in another

Member State.



(2) the standard funds Administrators to be fusion

cancelled, can handle the joint communication about merger. The joint communication

the fusion process always, to cancel the merger only standard

funds and incur only a standard Fund.



(3) the administrator of the standard pool, which is to be cancelled, the merger of the

publish a communication on the merger until after the date of acquisition of the decision

The Czech National Bank or the supervisory authority of the home state of a foreign

Investment Fund comparable to the standard Fund, which

coalescence permits the last applicant for authorization.



section 389



Elements of the communication on amalgamation



(1) notice of amalgamation contains such information about merging to

owners of securities or book-entry securities issued by

mutual funds, where appropriate, as well as foreign investment funds

comparable with the standard funds, to be cancelled, the merger of the

to assess the effects of the merger on their interests; notice of merger

contains at least



and) the reasons for merging,



(b) the effects of the merger on interests) of the owners of securities or book-entry

securities issued by mutual funds, or even foreign

standard funds, to be cancelled, the merger of the



(c)) the record date fusion and



d) information as to whether the owners of securities or book-entry

securities issued by mutual funds, or even foreign

standard funds, to be cancelled, the merger of the right to

redemption or the right to replacement under section 390 para. 1, and an explanation of the

the nature of this right, including the time limit for exercising it.



(2) notice of amalgamation will be processed and also publishes in the official language of the

other Member States in which they are offered investments in

standard pool, or even to a foreign investment fund

comparable with the standard Fund, which is to be cancelled, the merger of the

or in the language in which documents can be presented to the supervisory authorities of those

States.



(3) the Czech National Bank shall issue a decree requirements to the contents of a communication on the

amalgamation in the scope of paragraph 1.



§ 390



The consequences of the publication of the notice of merger



(1) by posting the notice on the owner of a security the meld is formed

or securities issued by a mutual fund, or

and foreign investment fund comparable to the standard Fund

that merger, shall be deleted;



and the) right to repurchase the securities or book-entry securities

the paper without deduction; However, you can shrink the amount corresponding to good effect

incurred costs associated with the purchase of the securities or

securities, or



(b)) the right to substitution of securities or securities

a valuable paper or book-entry securities issued by other

the standard Fund or other foreign investment fund

comparable with the standard Fund, which manages the same

obhospodařovatel or obhospodařovatel, which is part of the same

the group as a obhospodařovatel standard of the Fund or to a foreign

Investment Fund comparable to the standard Fund that issues

securities or book-entry securities, which should be valuable

paper or dematerialized securities replaced.



(2) the right referred to in paragraph 1 shall be extinguished if not exercised within the time specified

in the communication on amalgamation. The time limit for the exercise of the right referred to in paragraph 1 shall

be specified so that it was at least 30 days from the date of publication of the communication on the

amalgamation and ended no later than 5 working days prior to the reference date

Fusion.



(3) upon purchase of up to 141 § 131 shall apply mutatis mutandis.



§ 391



Procedure without publication of a notice of merger



(1) except where the amalgamation, which handles the communication on

Fusion, administrator of the mutual fund, which is to be a merger of

cancelled, shall publish on the website of the Fund of the decision

The Czech National Bank for authorisation of the merger and the Statute of the unit trust,

that merger has been incurred, within 1 month from the date of acquisition of legal power

This decision. At the same time on the website of the mutual fund

that has got to be the merger of the cancelled, shall publish a notice of the right to

the redemption of the share certificate.



(2) by posting the notice referred to in paragraph 1 arises the shareholders of mutual

the funds, to be cancelled, the merger of the right of redemption of the share

a worksheet without deduction; However, you can shrink the amount corresponding to good effect

incurred costs associated with the buyout of the share certificate. This right

shall be extinguished if not exercised within 2 months from the date of publication of the notice.



(3) upon the redemption of the share certificate shall be treated in accordance with § 131-141.



Section 392



Temporary exemption from the investment limits



Obhospodařovatel collective investment fund, which fusion

arose, not for up to 6 months from the effective date to comply with merger

for this fund investment limits, that Government regulations issued under section

215 paragraph. 2 provides for investment securities, instruments of the money

market securities issued by investment fund or foreign

Investment Fund, claims to payment of the derivatives or cash

funds from an account in Czech or foreign currency, if the terms of

the consequences of the fusion of reason.



§ 393



Additional rules



(1) Obhospodařovatel of the mutual fund or foreign standard

the fund equivalent to the unit trust fund, which was founded as the merger, notify the

the depositary of the Fund that the transfer of assets in that Fund was terminated; on

the website of the Fund also publishes information on how

It was the decisive day of the interweaving.



(2) the depositary of a unit trust or foreign investment fund

comparable with the standard Fund, which was the merger of the canceled

checks whether the property and debts in this pool have been valued in accordance with the

the criteria contained in the merger project and whether the Exchange share was

calculated in accordance with this Act and the project of the merger. On the outcome of

control processes the message, which will provide free of charge upon request

owners of securities or book-entry securities issued by

the standard Fund or foreign investment fund comparable to

the standard Fund, which is to be cancelled, as well as the merger of the United

the National Bank and the supervisory authority of the home state of a foreign

Investment Fund comparable to the standard Fund.



(3) a depositary of the mutual fund or to a foreign investment fund

comparable with the standard Fund, which was the merger of the cancelled or

that merger was created, checks the consistency of the data contained in the communication

the merger with the requirements of this Act and the statutes of these funds.



§ 394



The decisive day of the interweaving



(1) a mutual fund, or even a comparable foreign investment fund

with the standard Fund, which is participating in the communion, is repealed and the

owners of securities or book-entry securities issued by

This Fund will become the owners of securities or book-entry

securities issued by the Fund, or unit trust and foreign

Investment Fund comparable to the standard Fund, which has

the merger of the expiration of the specified period, the decisive day of communion.



(2) the record date Fusion is also the date from which the assets in the mutual

the Fund, as appropriate, in a foreign investment fund comparable to

the standard Fund, which is to be cancelled shall be deemed as the merger of accounting

point of view for a fortune in a mutual fund, or even a foreign

Investment Fund comparable to the standard Fund, which has

the merger of the arise.



(3) the record date shall not precede the date of the merger, in which the decision to

to enable merging issued by the Czech National Bank or the supervisory authority

the home state of a foreign investment fund comparable to

the standard fund the judicial power.



(4) Deleted If the merger of the standard and to fund a merger

foreign investment fund comparable to the standard Fund,

holders of the standard Fund, which is to be cancelled, the merger of the

owners of securities or book-entry securities issued by

foreign investment fund comparable to the standard Fund

that is, at the date of the merger, which results from the law of the home

the State of the Fund.



(5) when taking part in merging the Fund management, the decisive day of the interweaving

occur no earlier than 60 days from the date of publication of a notice to the effect that the management

the Fund shall be repealed (section 435 (1)).



(6) after the closing date fusion fusion project cannot be changed or

cancelled or cannot be a merger or a decision on it has been declared

invalid.



section 395



The exchange of securities or book-entry securities



(1) the administrator of the mutual fund, which was created to ensure that the merger of the

3 months from the effective date of the Securities Exchange or communion

securities issued by a mutual fund, where appropriate, the


foreign investment fund comparable to the standard Fund

that merger was cancelled, mutual fund participation certificate, which

the merger came into being, in proportions according to the amount of the funded capital

mutual fund for security or a book-entry security

paper issued by a mutual fund, or even foreign investment

Fund comparable to the standard Fund, which was the merger of the canceled

the decisive day of the interweaving.



(2) Repealed the merger of unit trust and creates a fusion

foreign investment fund comparable to the standard Fund, will replace the

a participation certificate for book-entry securities or securities issued by the

foreign investment fund comparable to the standard Fund in

the time limit and in the proportions laid down by the date resulting from the law of the home

the State of a foreign investment fund comparable to the standard

Fund.



§ 396



Cash call for the inadequacy of the share Exchange



(1) if not for the application of the law on the Exchange under section 395 exchange ratio

referred to in the project Fusion will provide reasonable, obhospodařovatel

mutual fund or foreign investment fund

comparable with the standard merger Fund, which was created,

through the administrator of the fund securities owners

or book-entry securities issued by a mutual fund, or

foreign investment fund comparable to the standard Fund

that merger was canceled, calling in cash, and up to 10%

the current value of the securities or book-entry securities

issued by the unit trust fund or foreign investment fund

comparable with the standard Fund, which was the merger of the canceled.



(2) a day, which for the purposes of call specifies the current value of the security

paper or book-entry securities must be identical with the applicable

the date of amalgamation.



§ 397



Cooperation of the Czech National Bank and the supervisory authority of a foreign

Investment Fund in proceedings on the application for authorisation of the merger



(1) when the request for authorisation of merger that occurs in a way

referred to in section 382 paragraph. 1 (b). c) or (d)), meets the requirements laid down,

The Czech National Bank shall send without delay a copy thereof and a copy of the

documents that are attached to it, the supervisory authority of the home State

foreign investment fund comparable to the standard Fund

that the merger has occurred.



(2) the Czech National Bank shall inform the supervisory authority without undue delay

the home state of a foreign investment fund comparable to

the standard Fund to cancel the merger or that has

the merger, a decision on the authorisation of communion, to which the

occurs in the manner referred to in section paragraph 382. 1 (b). c) or (d)), as well as the

the fact that the decisive day of the amalgamation occurred.



Section 3



Merging mutual funds



§ 398



Acceptable ways to merge



(1) the merge



a) special funds, which have a legal form of mutual funds,



(b)) of a special fund, which has the legal form of a unit trust, and

standard pool that has the legal form of a unit trust, is to be

receiving unit trust fund, the Fund, standard



c) standard funds, which have a legal form of mutual funds,



d) standard Fund, which has the legal form of a unit trust, and

foreign investment fund comparable to the standard Fund, and



e) funds for qualified investors, which have a legal form of investment

the funds.



(2) mutual fund that the merger expires, it is deleted without liquidation and

a fortune in it becomes part of the assets of the mutual fund, in implementing the

as appropriate, in implementing foreign investment fund comparable

with the standard Fund.



(3) the merger is decided by the obhospodařovatel mutual funds, where appropriate, the

foreign investment funds comparable to the standard Fund

that are involved in the merge. If a merge is decided by more than one person requires

with their agreement.



§ 399



Project merge



(1) a merge is performed according to the approved project merge.



(2) the project to merge shall draw up mutual fund administrators,

where appropriate, as well as foreign investment funds comparable to

the standard Fund, which is involved in the merge.



(3) the project merges must be approved in the same terms by all who

work out.



section 400



The elements project merge



(1) the project contains merged with regard to how to merge at least



and about that) to determine how to merge the paragraph referred to in § 398. 1 it is,



b) indication of the mutual funds, or even the foreign investment

a comparable standard pool fund, which is participating in the consolidation,



(c)) the reasons for merging,



(d) the effects of the merger on the likely) the interests of the owners of securities or

book-entry securities issued by a mutual fund, where appropriate, the

foreign investment fund comparable to the standard Fund

that is repealed, and the interests of owners of securities or

book-entry securities issued by the receiving unit trust fund,

where appropriate, the receiving foreign investment fund comparable to

the standard Fund



(e) the criteria for the valuation of assets) and debts in a mutual fund, where appropriate, the

in a foreign investment fund comparable to the standard Fund

that become part of the property and debts in transposing the mutual

the Fund, as appropriate, in implementing foreign investment fund

comparable with the standard Fund



(f) the procedure for calculating the Exchange) market share (§ 417),



(g) the merge) the record date,



h) rules for the takeover of assets in the mutual fund, as appropriate, in

foreign investment fund comparable to the standard Fund, which

the merger is to be cancelled, and the exchange of securities or book-entry

securities issued by the Fund for securities or book-entry

securities issued by the receiving unit trust fund, as appropriate,

receiving foreign investment fund comparable to the standard

the Fund, and



I) proposal for a new or updated status of the successor of the mutual

Fund or receiving foreign investment fund of the comparable

with the standard Fund.



(2) the project to merge must be in writing.



§ 401



Enabling the Czech National Bank



(1) to merge that occurs through one of the methods provided for in § 398

paragraph. 1 (b). a) to (d)), you must enable the Czech National Bank, unless the

This is a merger that occurs in the manner specified in § 398 paragraph. 1

(a). (d)), and merging should not be cancelled, the standard Fund.



(2) the Czech National Bank will not allow merge



and) open-end and closed-end mutual fund,



b) mutual funds or foreign investment funds comparable

with the standard Fund with a significantly different way of investing,



c) mutual funds or foreign investment funds comparable

with the standard Fund, if not ensured protection of the interests of owners of

securities or book-entry securities issued by such

funds,



d) mutual funds or foreign investment funds comparable

with the standard Fund, which have been the owners of securities or

book-entry securities issued by such funds provided

sufficient information



e) mutual funds or foreign investment funds comparable

with the standard Fund, if it's a merge, in which

handles communication on the merge, and accepting the standard Fund or

receiving foreign investment fund comparable to the standard

the Fund will not be entitled to offer it publicly issued securities or

uncertificated securities in the same Member State, in which it was

entitled to publicly offer to each of the standard funds, which

Merge involved, and the



f) mutual funds or foreign investment funds comparable

with the standard Fund, if it's a merge, in which

handles communication on the merge, and the supervisory authority of the home State

the successor of the foreign investment fund comparable to

the standard Fund until the release of the decision of the Czech National Bank, which

merging allows, the Czech National Bank announced that its reservations,

It said the merger is no longer applicable.



(3) the date of application of the decision of the Czech National Bank or

any competent supervisory authority of the home state of a foreign

Investment Fund comparable to the standard Fund, which

Merge does not allow merge project is cancelled. The legal effects of

project merge no longer exist on the date when such a decision is final

cancelled by a court decision.



§ 402



Proceedings on the application for authorisation of the merger



(1) an application for permission to merge that occurs



and in the manner specified in §) 398 paragraph. 1 (b). and), serves an administrator

the successor of the mutual fund, or



(b)) any of the operations referred to in § 398 paragraph. 1 (b). b) to (d)), serves

the administrator of the mutual fund, which is to be cancelled by the merger.



(2) an application for permission to merge that occurs in the manner specified in §


398 paragraph. 1 (b). (d)), and its attachments must also be in the official language of the

the home state of a foreign investment fund comparable to

the standard Fund, which is to be abolished, by the merger and in the official language of the

Home State receiving foreign investment fund

comparable with the standard Fund, or in the language in which you can

to submit documents to the supervisory authorities of these States.



(3) participants in the proceedings on the application for authorisation of the merger are

obhospodařovatelé, administrators and the depositary of investment funds,

where appropriate, as well as foreign investment funds comparable to

the standard Fund, which is involved in the merge.



section 403



The deadline for making the decision



(1) the Czech National Bank will issue a decision on the application for authorisation of the merger

no later than 20 working days from the date of submission of the application, which has

the prescribed requirements and do not suffer from other disabilities.



(2) if the application for permission to merge, which handles the communication

to merge, the prescribed particulars or suffer if other prompts

The Czech National Bank the applicant not later than 10 working days from the date of

submission of the application or from the date of Supplement to these defects within a reasonable

the time limit removed.



Section 404



Notice of merger



(1) the administrator of the Fund, which is a standard merge involved,

processes, publish and provide the unit-holders or the shareholders of the Fund

communication on the merger,



a) is to be cancelled by the merger of the standard Fund and equity in it to become

part of the Fund's assets in a standard, or even in a foreign

Investment Fund comparable to the standard Fund, or



(b)) when taking part in merging the standard Fund, whose units are

offered to the public in another Member State.



(2) the administrators of funds that are the standard merge involved, can

joint communication of the merger process. Joint communication of the merger

process always have to merge to cancel only the default funds and

If the equity in them to become part of the assets of the Fund, only the standard.



(3) the administrator of the Fund, which is a standard merge involved,

publish a communication on the merge up to the date of acquisition of the decision

The Czech National Bank or the supervisory authority of the home state of a foreign

Investment Fund comparable to the standard Fund, which

merge allows the last applicant for authorization to merge.



section 405



Elements of the communication on the merge



(1) the notice on the merge includes such information on merging to

owners of securities or book-entry securities issued by

mutual funds, where appropriate, as well as foreign investment funds

comparable with the standard funds merge, could participate in the

assess the impact of consolidation on their interests; communication on the merge includes

at least



and) the reasons for merging,



(b) the interests of the) impacts of owners of securities or book-entry

securities issued by mutual funds, or even foreign

investment funds comparable to the standard funds

participating in the merger,



(c)) the record date of the merge and



d) information as to whether the owners of securities or book-entry

securities issued by mutual funds, or even foreign

funds comparable to the standard funds, which are involved in the merge

the right to repurchase or the right to replacement under section 406 para. 1,

and an explanation of the nature of this right, including the time limit for exercising it.



(2) the communication of the consolidation processes and also publishes in the official language of the

other Member States in which they are offered investments in

standard pool, or even to a foreign investment fund

comparable with the standard Fund, which is involved in the merge, or in

the language in which documents can be presented to the supervisory authorities of these States.



(3) the Czech National Bank shall issue a decree requirements to the contents of a communication on the

Merge in the scope of paragraph 1.



section 406



The consequences of the publication of the communication on the merge



(1) by posting the notice on is incurred, they merge standard

the Fund, which is involved in a merger, or a special fund, which is to be

merging canceled



and the) right to the redemption of the participation certificate without deduction; However, you can bring

the amount corresponding to the costs reasonably incurred costs associated with the buyout

share certificate, or



(b)) the right to replacement share certificate or book-entry securities

securities issued by other standard Fund or other

foreign investment fund comparable to the standard Fund

who manages the same obhospodařovatel or obhospodařovatel,

that is part of the same group as obhospodařovatel standard

the Fund or to a foreign investment fund comparable to the standard

the Fund, which issues securities or book-entry securities for which

to be valuable papers or book-entry securities replaced.



(2) the right referred to in paragraph 1 shall be extinguished if not exercised within the time specified

in the communication on the merge. The time limit for the exercise of the right referred to in paragraph 1 shall

be specified so that it was at least 30 days from the date of publication of the communication on the

Merge and ended no later than 5 working days prior to the reference date

the merge.



(3) when the redemption procedure according to § 131-141.



section 407



Procedure without publication of a notice of merger



(1) If this is not about a merger, which handles the communication on

merge, administrator of the mutual fund to be merging

cancelled, shall publish on the website of the Fund of the decision

The Czech National Bank for authorisation of the merger and the status of the successor

mutual fund within 1 month from the date of acquisition of legal power of this

decision. At the same time on the website of the mutual fund, which

the merger is to be cancelled, shall publish notice of the establishment of the right to repurchase

participation certificate.



(2) by posting the notice referred to in paragraph 1 arises the shareholders of mutual

the Fund, which is to be abolished, by the merger of the right of redemption of the share

a worksheet without deduction; However, you can shrink the amount corresponding to good effect

incurred costs associated with the buyout of the share certificate. This right

shall be extinguished if not exercised within 2 months from the date of publication of the notice.



(3) upon purchase of up to 141 § 131 shall apply mutatis mutandis.



§ 408



Temporary exemption from the investment limits



Obhospodařovatel receiving investment fund may not for up to 6

months from the effective date of the merge to follow for this fund investment

the limits that government regulation issued pursuant to section 215 of paragraph 1. 2 lays down the

investment securities, money market instruments, securities

issued by the investment fund or foreign investment fund,

derivatives or debts on the payment of funds from the account in the Czech

or a foreign currency, for it in terms of the effects of merging the reason.



section 409



Additional rules



(1) Obhospodařovatel the successor standard Fund or

the successor of the foreign investment fund comparable to

the standard Fund shall notify the depositary of the Fund that the transfer of assets in the

This pool has been shut down; on the website of the Fund

It also publishes information about the fact that it was the record date of the merge.



(2) the depositary of a mutual fund that has been cancelled, the merger

checks whether the property and debts in this pool have been valued in accordance with the

the criteria contained in the merger project and whether the Exchange share was

calculated in accordance with this Act and the project merge. On the outcome of

control processes the message, which will provide free of charge upon request

owners of securities or book-entry securities issued by

standard funds or foreign funds, which is the standard

merge, and also take part in the Czech National Bank and the supervisory authority

the home state of a foreign investment fund comparable to

the standard Fund.



(3) a depositary of the mutual fund or to a foreign investment fund

comparable with the standard Fund, which is participating in the consolidation,

checks the consistency of the data contained in the communication on the merge with the requirements

This law and the Statute of these funds.



section 410



The record date of the merge



(1) a mutual fund, or even a comparable foreign investment fund

with the standard Fund, which is to be abolished, by the merger of repeals and

owners of securities or book-entry securities issued by

This fund become shareholders of the successor of the mutual fund

the expiration of the specified period the decisive day of the merge.



(2) the record date of the merge is also the date from which the assets in the mutual

the Fund, as appropriate, in a foreign investment fund comparable to

the standard Fund, which is to be abolished, by the merger of the financial

point of view for a fortune in transposing the mutual fund.



(3) the record date shall not precede the date of consolidation, in which the decision to

to enable merging issued by the Czech National Bank and the supervisory authority

the home state of a foreign investment fund comparable to

the standard fund the judicial power.



(4) Repealed by the merger of the standard pool, and if the receiving Fund

foreign investment fund comparable to the standard Fund,


holders of the standard Fund, which is to be abolished, by the merger of

owners of securities or book-entry securities issued by

receiving foreign investment fund comparable to the standard

the Fund on the date on which results from the law of the home Member State of the Fund.



(5) when taking part in merging the Fund management, the record date may merge

occur no earlier than 60 days from the date of publication of a notice to the effect that the management

the Fund shall be repealed (section 435 (1)).



(6) after the closing date of the merger project merge cannot be changed or

cancelled nor can it be merged or decision about him declared

invalid.



section 411



The exchange of securities or book-entry securities



(1) the administrator of the successor of the mutual fund shall ensure that within 3 months of

effective date of merging the Securities Exchange or book-entry

securities issued by a mutual fund, or even a foreign

Investment Fund comparable to the standard Fund that was

Merge per participation certificate is cancelled, the successor of the mutual fund in

the ratio specified by the amount of the funded capital mutual fund

for security or book-entry securities issued

unit trust fund or foreign investment fund comparable to

the standard was the merger Fund, which dropped the decisive day

the merge.



(2) Repealed by the merger of the mutual fund, and if the receiving Fund

foreign investment fund comparable to the standard Fund, will replace the

a participation certificate for book-entry securities or securities issued by the

foreign investment fund comparable to the standard Fund in

the time limit and in the proportions laid down by the date resulting from the law of the home

the State of a foreign investment fund comparable to the standard

Fund.



§ 412



Cash match for the inadequacy of the share exchange ratio



(1) if not for the application of the law on the Exchange under section 411 exchange ratio

referred to in the project, will provide a reasonable merge obhospodařovatel

the successor of the mutual fund or the successor of foreign

Investment Fund comparable to the standard by the Fund through

the administrator of the Fund to the owners of securities or

book-entry securities issued by a mutual fund, or

foreign investment fund comparable to the standard Fund

that merger was canceled, calling in cash, and up to 10%

the current value of the securities or book-entry securities

issued by the unit trust fund or foreign investment fund

comparable with the standard by the merger Fund, which was canceled.



(2) a day, which for the purposes of call specifies the current value of the security

paper or book-entry securities must be identical with the applicable

the date of the merger.



§ 413



Cooperation of the Czech National Bank and the supervisory authority of a foreign

Investment Fund in proceedings on the application for authorisation of the merger



(1) when the application for permission to merge that occurs way

referred to in § 398 paragraph. 1 (b). (d)), meets the specified requirements, Czech

the National Bank shall send without delay a copy thereof and a copy of the documents,

that are attached to it, the supervisory authority of the home State

the successor of the foreign investment fund comparable to

the standard Fund and requests comments, whether reservations to the statement

the merger in terms of information therein in relation to the owners of the

uncertificated securities, or securities issued by the

receiving foreign investment fund comparable to the standard

Fund.



(2) if in connection with the decision on the application for authorisation

merge that occurs in the manner specified in § 398 paragraph. 1 (b). (d)),

the Czech National Bank receives from the supervisory authority of the home State

foreign investment fund comparable to the standard Fund

participating in the merger, a copy of the communication on the merger, which has its

assessment of reservations in terms of protection of the interests of unit-holders of the standard

the Fund, which is participating in the merger, get acquainted with the nature of the reservation authority

surveillance, which a copy of the communication sent to merge; at the same time can these

tell the reservations within 15 working days from the date on which the copy of the notice of

merge, obhospodařovateli this standard Fund and challenge

the content of the communication to merge on the basis of the reservations of the Czech National Bank

edited by.



(3) the Czech National Bank shall notify the supervisory authority referred to in paragraph 2,

that her reservations, if that edit the contents of a communication on the

merge, carried out on the basis of maturity challenges of the Czech national

the Bank referred to in paragraph 2 is not sufficient. Notice that its reservations

last, it will send the Czech National Bank supervisory authority within 20 working days

from the day when she realized the filing of or modify the content of the communication translates into higher

to merge on the basis of the reservations the Czech National Bank.



(4) the Czech National Bank, without undue delay, inform the supervisory authority

the home state of a foreign investment fund comparable to

the standard Fund, which is participating in the merger, a decision on the

enable the merge that occurs in the manner specified in § 398 paragraph. 1

(a). (d)), as well as about the fact that it was the record date of the merge.



Section 4



The conversion of a mutual fund on the joint-stock company



section 414



The admissibility of the conversion



(1) a mutual fund can be converted into a public limited company with variable

share capital.



(2) a closed mutual fund can also transform into a joint-stock company,

that is not a joint stock company with variable capital.



(3) on the conversion of a mutual fund to a corporation shall be decided by

obhospodařovatel mutual fund.



§ 415



Project conversion



(1) the conversion of a mutual fund to a public limited company shall be carried out according to the

the approved project conversion.



(2) the administrator shall draw up draft terms of conversion of the mutual fund.



Section 416



The elements of the project of conversion of



(1) the draft terms of conversion shall contain at least



and přeměňovaného) indication of the mutual fund and a proposed business name

joint-stock company, in which the mutual fund to transform,



b) data necessary to identify the translates into higher, that has

managing the joint-stock company, in which the mutual fund

converting,



(c)) the reasons for conversion,



(d) the effects of conversion on the likely) the interests of the unit-holders of the mutual fund



(e) the criteria for the valuation of assets) and debts in a mutual fund,



(f) the procedure for calculating the Exchange), the proportion between the units and shares

companies limited by shares or investment shares of a public limited company with

variable capital (section 421),



(g)) the record date for the conversion,



h) rules for the takeover of assets in joint-stock companies and mutual fund

Exchange of share certificates for shares of the public limited-liability company or for investment

the shares of the joint stock company with variable capital and



I) proposal of the social contract and the Statute of the joint-stock company

the mutual fund has to transform.



(2) the draft terms of conversion must be in writing.



§ 417



Enabling the Czech National Bank



(1) the conversion of collective investment fund, which has a legal form

mutual fund, a limited company you need to enable the Czech

the National Bank.



(2) the Czech National Bank will not allow the conversion, if



and the protection of the interests is not enforced) the unit-holders of the share přeměňovaného

Fund, or



(b)) the only person who has to subscribe to the founding shares stock

company with variable capital, the mutual fund

obhospodařovatel is not přeměňovaného turns into a mutual fund.



(3) the date of application of the decision of the Czech National Bank, which

the conversion does not allow conversion project is cancelled. The legal effects of

project conversion to exist on the date when such a decision is final

cancelled by a court decision.



§ 418



The procedure for applications for authorisation of conversion



(1) an application for a permit for the conversion given the administrator přeměňovaného

mutual fund.



(2) participants in the proceedings on the application for a permit for the conversion are

obhospodařovatel, the administrator and the depositary přeměňovaného/unit

the Fund.



Section 419



The subscription of shares in the articles of



Has to be a mutual fund converted into a joint-stock company with variable

share capital, is part of the decision translates into higher

Mutual Fund on the conversion of part of the project of conversion and commitment

translates into higher mutual fund to underwrite the founding shares in the future

joint-stock company with variable capital, and in the amount of

the share of capital, which will correspond to the zapisovanému

capital of that company.



Section 420



Information to shareholders and the right to purchase a participation certificate



(1) the administrator shall publish a notice on the přeměňovaného mutual fund

website of the Czech National Bank decision about

to enable conversion to 1 month from the date of acquisition of legal power of this

decision. If the converted open mutual fund, will publish its

an administrator at the same time in the same place and the draft terms of conversion,

the social contract and the Statute of the joint-stock company with basic variables

capital, which has a mutual fund to transform.




(2) the administrator shall publish a notice of the mutual fund přeměňovaného at the same time with

the documents referred to in paragraph 1 on the website of the

the Fund notice of establishment of the right to purchase a participation certificate.

The publication of this notice to the shareholders of přeměňovaného mutual arises

the Fund the right to buy back the share certificate without deduction; However, you can bring

the amount corresponding to the costs reasonably incurred costs associated with the buyout

participation certificate. This right shall be extinguished if not exercised within 2 months from the date

the date of publication of the notice.



(3) when the redemption procedure according to § 131-141.



§ 421



The effective date of the conversion



(1) a mutual fund that is converted into a joint-stock company

be deleted and its shareholders become shareholders of the newly established joint-stock

the company or the owners of the investment shares of the newly formed joint-stock

company with variable capital on the date of registration of the newly arising

joint-stock company in the commercial register.



(2) the newly formed joint-stock company cannot write to the business

Register before the date of application of the decision of the Czech National Bank

about how to enable the conversion if its authorisation needs to be. The new joint-stock

company with variable capital could not write to the business

the register, even if it has not been completely repaid the issue price of founding

shares.



(3) after the effective date of the draft terms of conversion the conversion cannot be changed or

nor can they be cancelled or the decision about her conversion declared as

invalid.



Section 422



Exchange of share certificates for shares



The administrator of the joint stock company was a mutual fund

converted, and within 3 months from the effective date of conversion of the Exchange

the share certificate issued by a mutual fund to cancellations of a share of newly

arising out of the joint stock company or an investment share of the newly established

joint-stock company with variable capital in the proportion specified by the

According to the amount of the funded capital mutual fund for

participation certificate annulled mutual fund the effective date of the conversion.



§ 423



Cash call for the inadequacy of the share Exchange



(1) if not for the application of the law on the Exchange under section 422 exchange ratio

referred to in the project of the conversion of an obhospodařovatel stock

the company, which transformed it into a mutual fund, will provide

through the administrator of the owners of securities or

book-entry securities issued by a mutual fund cancelled

call in money, up to a maximum of 10% of the current value of

issued by the broken unit trust fund.



(2) a day, which for the purposes of call will determine the current value of the

share certificate must be the same as the effective date of the conversion.



section 424



Similar to the use of other parts of this law



In the next, for the formation of public limited-liability company to be converted

a mutual fund, and this has to be a joint stock company Government

Investment Fund, the provisions of this law on the granting of an authorisation to

the activities of the Government investment fund shall apply mutatis mutandis.



Section 5



Transformation of closed-end mutual fund to open mutual fund



section 425



The admissibility of the conversion



(1) a closed mutual fund may turn to open mutual fund,

only if this is the case referred to in § 144.



(2) on the conversion of closed-end mutual fund to open mutual fund

obhospodařovatel přeměňovaného is decided by the mutual fund.



§ 426



Enabling the Czech National Bank



(1) the conversion of collective investment fund, which has a legal form

closed-end mutual fund, collective investment fund, which has

the legal form of an open mutual fund, you must enable the Czech

the National Bank.



(2) the Czech National Bank will not allow conversion if it is not protected

the interests of the unit-holders of the Fund for collective investment přeměňovaného.



section 427



The procedure for applications for authorisation of conversion



(1) an application for a permit for the conversion given the administrator přeměňovaného

mutual fund.



(2) participants in the proceedings on the application for a permit for the conversion are

obhospodařovatel, the administrator and the depositary přeměňovaného/unit

the Fund.



§ 428



Additional rules



(1) If you cannot reasonably assume that the ratios of the mutual fund will be to

the effective date of conversion in accordance with the rules, techniques, or limits,

to be in accordance with section 215 or 284 to open mutual fund

established, maintained and applied, in the Statute of the transitional

the provisions containing the length of the transitional period) and (b)) exceptions to the

the rules, techniques and limits that are necessary in the transition period

to carry out the conversion in the best interest of all shareholders.



(2) in the decision authorising the conversion, the Czech National Bank

obhospodařovateli or the administrator of the mutual fund store with

regard to conversion except pursuant to paragraph 1. (b)) other conditions

that need for a transitional period or obhospodařovatel

administrator to adhere to, or in connection with the transformation to meet.



(3) from the date of submission of the application for a permit for the conversion of the share administrator

the Fund shall publish on the website of the Fund information

the proposed conversion and its implications for stakeholders.



Section 6



The conversion of the Special Fund for the standard Fund



§ 429



The admissibility of the conversion



(1) the conversion of the Special Fund for the standard Fund.



(2) on the conversion of the Special Fund, the Fund shall be decided on a standard

obhospodařovatel přeměňovaného a special pool.



Section 430



Enabling the Czech National Bank



(1) the conversion of a special pool to standard Fund is subject to authorization

The Czech National Bank.



(2) the Czech National Bank will not allow conversion if it is not protected

the interests of the unit-holders přeměňovaného special pool.



§ 431



The procedure for applications for authorisation of conversion



(1) an application for a permit for the conversion given the administrator přeměňovaného

Special pool.



(2) participants in the proceedings on the application for a permit for the conversion are

obhospodařovatel, the administrator and the depositary přeměňovaného special

the Fund.



section 432



Additional rules



(1) If you cannot reasonably assume that the ratios of the mutual fund will be to

the effective date of conversion in accordance with the rules, techniques, or limits,

to be in accordance with section 215 for the standard Fund established, maintained and

applied, the transitional provisions in the statute that contains



and the length of the transitional period and)



b) derogations from the rules, techniques, or that are in transition

the period necessary to carry out the conversion in the best interest of all

the unit-holders.



(2) in the decision authorising the conversion, the Czech National Bank

obhospodařovateli or the administrator of the mutual fund store in

connection with the exception of referred to in paragraph 1 (b). (b)) other conditions that

After the transitional period obhospodařovatel or administrator

to adhere to or in connection with the transformation to meet.



(3) from the date of submission of the application for authorisation of the Administrator conversion

Investment Fund shall publish on the website of the Fund

information about the proposed conversion and its implications for stakeholders.



Section 7



Specific provisions for the control and subordinate funds



§ 433



The obligations of the Fund when you cancel child translates into higher its

the management of the Fund



(1) when taking part in the Fund management merger or if the

other alterations, as admitted by the law of the foreign State, or if it is deleted

According to the law of a foreign country without liquidation or when taking part in a merger or a

other comparable conversion, as admitted by the law of the foreign State,

obhospodařovatel child Fund Management Fund requests

through the administrator of the Fund about the previous consent of the Czech

the National Bank that intends to



and) invest assets in that Fund as a obhospodařovatel child

of the Fund in securities or book-entry securities issued by

the existing management or other controlling Fund Fund, or



(b)) continue to invest assets in that Fund as obhospodařovatel

standard pool that is not a child of the Fund.



(2) unless the child obhospodařovatel Fund by prior consent of the

The Czech National Bank pursuant to paragraph 1 within 1 month of the date on which it received the

Notice that the Fund management is repealed (section 435 (2)) or

notification under the law of a foreign comparable State, this Fund is hereby repealed

the mere lapse of this period with the liquidation. Reject-the Czech National Bank

a request for prior consent in accordance with paragraph 1, shall be deleted, the child Fund

with liquidation day legal force of the decision.



(3) The expiry of the period referred to in paragraph 2 or to a prior

the consent referred to in paragraph 1 may obhospodařovatel child Fund

invest assets in this Fund only to maintain its

asset.



Part 3



Common provisions



§ 434



The obligation to prepare the financial statements of the



The date of cancellation of the mutual fund shall establish its special administrator

the financial statements of the Fund under the law governing accounting.



Section 435



Specific provisions for the control and the child Fund



(1) the Fund management can be canceled soon after 3 months from the date on which the

publication of the notice of the fact that this Fund be deleted.




(2) the notification referred to in paragraph 1, the administrator shall send to the management of the Fund

at the same time with its publication of all of its subordinate funds and by the competent

supervisory authorities of their home States.



TITLE V OF THE



TO CHANGE THE HOME STATE OF THE INVESTMENT FUND OR FOREIGN

INVESTMENT FUND



Part 1



The conversion of a foreign investment fund with the legal personalities of the

Investment Fund with legal personality



§ 436



The admissibility of the conversion



(1) the conversion of a foreign investment fund with legal

figures on investment fund with legal personality.



(2) the conversion of a foreign investment fund with the legal personalities of the

Investment Fund with legal personality occurs by přeměňovaný

foreign investment fund moves its headquarters to the United States.



§ 437



Special provisions for the granting of permits for the activities of the Government

Investment Fund



(1) foreign investment fund with legal personality to transform

the Government Investment Fund, the Czech National Bank will ask for permission

the business of government investment fund prior to registration transfer

Headquarters in the commercial register.



(2) the Czech National Bank to a foreign investment fund with legal

personality be granted residence permits activities government investment fund,

While this Fund does not have a registered office in the Czech Republic, the other are met

the conditions for granting the authorisation. The effects of the decision on grant of authorisation

However, there are not any earlier than the date on which you are experiencing effects of relocation

the headquarters of the foreign investment fund with legal personality to the United

of the Republic.



§ 438



Similar to the application of other provisions of this Act



In the next, for the conversion of a foreign investment fund with legal

figures on government investment fund provisions of this Act concerning the

to grant permission to the activities of the Government investment fund shall be used

by analogy.



Part 2



Conversion of investment fund with legal personality on the foreign investment

a fund with legal personality



§ 439



The admissibility of the conversion



(1) the conversion of an investment fund with the legal personalities of the

foreign investment fund with legal personality.



(2) the conversion of an investment fund with legal personality to international

Investment Fund with legal personality occurs by přeměňovaný

investment fund transfer their registered office abroad.



§ 440



Enabling the Czech National Bank



(1) the conversion of collective investment fund with the legal personalities of the

foreign investment fund with legal personality are subject to authorisation of the Czech

the National Bank.



(2) the Czech National Bank will not allow



and the conversion of the standard Fund) foreign investment fund without legal

personality, or



(b)), if the protection of the interests of shareholders přeměňovaného

a collective investment fund.



§ 441



The procedure for applications for authorisation of conversion



(1) an application for a permit for the conversion of the Fund Administrator, served přeměňovaného

collective investment undertakings.



(2) participants in the proceedings on the application for a permit for the conversion are přeměňovaný Fund

a collective investment undertaking and its obhospodařovatel, the administrator, and

the depositary.



Part 3



The conversion of a foreign investment fund without legal personality on

Investment Fund without legal personality



§ 442



The admissibility of the conversion



(1) the conversion of a foreign investment fund without legal

personality on the investment fund without legal personality, if permitted

at the same time the right of the State, the home state of the přeměňovaného

foreign investment fund.



(2) on the conversion of obhospodařovatel is decided by the foreign přeměňovaného

Investment Fund; Decides also about the legal form of the permissible

According to Czech law will have transformed into an investment fund.



§ 443



The effective date of the conversion



(1) foreign investment fund without legal personality becomes

Investment Fund without legal personality on the date of entry in the list

mutual funds held by the Czech National Bank, where the Fund

the legal form of a unit trust, or to a list of investment funds

having the legal status of the Trust Fund maintained by the Czech National Bank,

If this Fund has the legal form of the Trust Fund.



(2) the provisions of the law of the home state of the external přeměňovaného

Investment Fund, which aims to protect investors in this Fund in

the case of conversion, shall also apply after the effective date of the conversion, if on

the law of the home country of the foreign investment fund and přeměňovaného

If this is not contrary to public policy under Czech law.



(3) after the effective date of the conversion cannot be the conversion or decision on

declared null and void.



§ 444



Similar to the application of other provisions of this Act



The other is for the conversion of a foreign investment fund without legal

personality on the investment fund without legal personality of the provisions of this

the law on the formation of investment fund without legal personality in the appropriate

legal form shall apply mutatis mutandis.



Part 4



Conversion of investment fund without legal personality to international

Investment Fund without legal personality



section 445



The admissibility of the conversion



(1) the conversion of investment fund without legal personality on

foreign investment fund without legal personality, if permitted

at the same time the right of the State, which will be the home state of the securitised

foreign investment fund.



(2) on the conversion of obhospodařovatel is decided by the přeměňovaného investment

the Fund; i will decide what legal form will be transmuted

foreign investment fund.



section 446



Project conversion



(1) the conversion of investment fund without legal personality to international

Investment Fund without legal personality shall be carried out according to the approved

project conversion.



(2) the administrator shall draw up draft terms of conversion přeměňovaného investment

the Fund.



§ 447



The elements of the project of conversion of



(1) the draft terms of conversion shall contain at least



přeměňovaného) investment fund,



(b) an indication of the State), that will be the home state of the securitised foreign

Investment Fund,



(c) the indication of the legal form), you will have a foreign investment

the Fund,



(d)) the reasons for conversion,



(e) the effects of conversion on the likely) the interests of the unit-holders or beneficiaries of

přeměňovaného investment fund



(f) the criteria for the valuation of assets) and debts of přeměňovaného investment

the Fund,



g) the procedure for calculating share exchange ratio between the units, if the

přeměňovaný investment fund legal form of mutual fund, and other

securities or book-entry securities for these valuable

paper or dematerialized securities represent the proportion of investors

the assets securitised foreign investment fund, as well as the rules

for their replacement,



h) the record date for the conversion and



I) proposal of the Statute of the securitised investment fund or other

the comparable document, if applicable.



(2) the draft terms of conversion must be in writing.



§ 448



Enabling the Czech National Bank



(1) the conversion of collective investment fund without legal personality on

foreign investment fund without legal personality are subject to authorisation of the Czech

the National Bank.



(2) the Czech National Bank will not allow



and the conversion of the standard Fund) foreign investment fund without legal

personality, or



(b)) conversion, if not ensured protection of the interests of unit-holders přeměňovaného

a collective investment fund.



(3) the date of application of the decision of the Czech National Bank, which

the conversion does not allow conversion project is cancelled. The legal effects of

project conversion to exist on the date when the decision of the Czech national

the Bank finally cleared by a court decision.



§ 449



The procedure for applications for authorisation of conversion



(1) an application for a permit for the conversion of the Fund Administrator, served přeměňovaného

collective investment undertakings.



(2) the proceedings for the authorization of conversion are obhospodařovatel,

the administrator and the depositary přeměňovaného collective investment fund.



section 450



Inform investors and the right to purchase a participation certificate



(1) the administrator shall publish the přeměňovaného collective investment fund

on the website of the draft terms of conversion and a decision

The Czech National Bank for authorisation of the conversion within 1 month of the effective date

legal force of this decision.



(2) the administrator of the přeměňovaného Fund of qualified investors

publish on the website of the project of conversion into 1

months from the date of its approval.



(3) If a přeměňovaný investment fund legal form of a unit trust,

the administrator shall publish a přeměňovaného investment fund at the same time with

the documents referred to in paragraph 1 or 2 on the website of the

This Fund notice of establishment of the right to purchase a participation certificate.



(4) the publication of the notice referred to in paragraph 3 shall be incurred to unit-holders

přeměňovaného mutual fund the right to buy back the share certificate without

precipitation; However, you can knock the amount corresponding to the costs reasonably incurred costs

Administrator's relating to the purchase of the share certificate.



(5) the right to repurchase in accordance with paragraph 4 shall be extinguished if not exercised within 2

months from the date of publication of a notice referred to in paragraph 3.



(6) upon the redemption of the share certificate shall be treated in accordance with § 131-141.



§ 451




The effective date of the conversion



(1) investment fund without legal personality becomes a foreign

Investment Fund without legal personality on the date on which the law

the home state of a foreign investment fund without legal personality,

otherwise, the date of deletion of the investment fund without legal personality from the list

mutual funds held by the Czech National Bank, where the Fund

the legal form of mutual fund, or from a list of investment funds

having the legal status of the Trust Fund maintained by the Czech National Bank,

If this Fund has the legal form of the Trust Fund.



(2) the provisions of Czech law, which aim to protect the shareholders or

are investment fund without legal personality in the event of conversion,

apply after the effective date of the conversion.



(3) if it is to transform the need to enable the Czech National Bank, not day

the efficiency of conversion of precede the date of acquisition of the decision of the Czech

the National Bank for authorisation of the conversion.



(4) after the effective date of the draft terms of conversion the conversion cannot be changed or

nor can they be cancelled or the decision about her conversion declared as

invalid.



section 452



Transfer and exchange of securities or book-entry securities



(1) If a share of investors ' assets to be securitised foreign

Investment Fund without legal personality represented by securities

or book-entry securities, shall provide the person who for this Fund

pursues an activity comparable with the activities of the administrator, within 3 months of

effective date of the conversion or transfer of such securities book-entry

investors of the securitised foreign investment fund.



(2) if he had přeměňovaný investment fund without legal personality of legal

a form of mutual fund, securities shall be transmitted or book-entry securities

the papers referred to in paragraph 1 in Exchange for profit participation certificates issued by this

Fund in proportion specified by the amount of the funded capital mutual fund

for a participation certificate to the date of conversion.



§ 453



Cash call for the inadequacy of the share Exchange



(1) if not for the application of the law on the Exchange pursuant to section 452 paragraph 2. 2 interchangeable

ratio referred to in the project of the conversion of an adequate, one who performs for

Home-turned-investment fund without legal personality activity comparable with

activity translates into higher, will provide through who for

the Fund pursues an activity comparable with the activities of the administrator,

owners of investment securities of a cash call up to a maximum of 10%

the current values of these participation certificates.



(2) a day, which for the purposes of call will determine the current value of the

share certificate must be the same as the effective date of the conversion.



TITLE VI OF THE



COMMON PROVISIONS



section 454



(1) an application for the appointment of the liquidator pursuant to § 346 paragraph 1. 2 can only be given

electronically; the application shall contain an indication and evidence demonstrating compliance with

prerequisites for the appointment of whose appointment is requested by the liquidator

the investment company. The Czech National Bank shall issue a decree

requirements for an application attesting to the prerequisites laid down in this

by law, its form and method of administration.



(2) an application for an authorization under section 356 para. 1, § 360 paragraph. 1, § 366

paragraph. 1, § 370 para. 1, § 386 paragraph. 1, § 402 paragraph 2. 1, § 418 paragraph. 1, §

427 paragraph 1. 1, § 431 paragraph. 1, § 441 paragraph. 1 and § 449 paragraph. 1 can be filed

only electronically; the request must contain the information and documents proving the

prerequisites for granting the authorisation provided for by this law.

The Czech National Bank shall issue a decree attesting to the requirements for an application

meet the prerequisites laid down by this law, its form and the way

Administration.



PART TWELVE



THE NOTIFICATION REQUIREMENT OF



§ 455



Annual and half-yearly reports



(1) Obhospodařovatel investment fund or foreign investment

the Fund will provide the Czech National Bank to its annual report, semi-annual

message or the consolidated annual report are prepared.



(2) the administrator of an investment fund or foreign investment

the Czech National Bank will provide the fund its annual report and half-yearly

report and the annual report and the half-yearly report of the investment fund or

foreign investment fund, whose administration is performed, if

prepared.



(3) the administrator of the child Fund, whose fund management is a foreign

Investment Fund, the Czech National Bank will provide an annual report and

half-yearly report of the management of the Fund, if drafted.



section 456



Failure to approve the accounts of the



The administrator of an investment fund or a foreign investment fund

the Czech National Bank shall notify the competent authority within the time limit

approve the financial statements of the investment fund, whose administration

performed, or the Court rule on the invalidity of the negotiations of the competent authority,

who approved the financial statements of the investment fund.



Section 457



The Statute and the communication of key information



(1) the administrator of an investment fund or foreign investment

the Czech National Bank will provide the Fund Statute of the Fund and shall notify it

any amendment thereof.



(2) the administrator of an investment fund or foreign investment

the Fund will provide the Czech National Bank's communication of key information for this

of the Fund and shall notify it of any amendments.



§ 458



The suspension of the extradition or surrender of investment certificates or investment

shares



Obhospodařovatel investment fund or foreign investment

the Fund, the Czech National Bank shall notify its decision to suspend the issuance of

or sale of investment securities or investment shares and shall forward to it

write about this decision.



§ 459



Credentials of another performance of individual activities



(1) Obhospodařovatel investment fund or foreign investment

the Fund shall notify the Czech National Bank that intends to entrust another performance

individual activities, which includes the management of investment fund

or to a foreign investment fund.



(2) the administrator of an investment fund or foreign investment

the Fund shall notify the Czech National Bank that intends to entrust another performance

individual activities, which includes the administration of investment fund

or to a foreign investment fund.



§ 460



Credentials next Commissionaire



(1) Obhospodařovatel investment fund or foreign investment

the Fund shall notify the Czech National Bank, that he who was entrusted with the exercise of

individual activities, which includes the management of investment fund

or to a foreign investment fund intends to delegate any

the Act or some of the acts from this activity further.



(2) the administrator of an investment fund or foreign investment

the Fund shall notify the Czech National Bank, that he who was entrusted with the exercise of

individual activities, which includes the administration of investment fund

or to a foreign investment fund intends to authorize another person performance

any act or certain operations from this activity further.



§ 461



Public offering of investments in the Czech Republic



(1) the administrator of the foreign investment fund comparable to

the standard Fund in which investments are offered to the public in the Czech

Republic, the Czech National Bank shall notify the change to the document of the Fund

comparable to a social contract, statute, the annual report,

the half-yearly report and the communication of key information and at the same time it shall inform,

where can I find these documents in electronic form.



(2) the administrator of the foreign investment fund comparable to

the standard Fund in which investments are offered to the public in the Czech

Republic, the Czech National Bank shall notify the change to the agreements referred to in § 306 and

any change in the types of investments in this Fund.



(3) Obhospodařovatel investment fund or foreign investment

the Czech National Bank shall notify the Fund's investment in this Fund are in

The Czech Republic offered to the public.



(4) Obhospodařovatel investment fund or foreign investment

the Fund, the Czech National Bank shall notify any change in the particulars referred to in

the notification referred to in paragraph 3, as well as the fact that investment in this Fund

have ceased to be offered to the public in the Czech Republic.



§ 462



Basic information on the composition of assets



Obhospodařovatel investment fund or foreign investment

the Fund shall notify details of the Czech National Bank



the composition of the Fund's assets) with a resolution by types of assets,

to which the Fund may invest according to the Statute,



(b) the number of investors with Fund) Division to investors situated or

resident in the Czech Republic and investors located or resident in

abroad and



(c) the value of the assets of the Fund) for investors domiciled or

resident in the Czech Republic and about the value of the property for

investors domiciled or resident abroad.



§ 463



The data concerning the management of an investment fund and foreign

Investment Fund



(1) Obhospodařovatel investment fund or foreign investment

the Fund shall notify details of the Czech National Bank



and the proportion of the Fund's assets), which are subject to special measures as a result of

its low liquidity, the total assets of the Fund expressed in

the preparation,



(b)) the measures taken to control the risk of insufficient liquidity fund




(c) the risk profile of the Fund) and the measures taken for risk management,

which the Fund may be depending on the choice of investment strategy

exposed, and



(d) the results of the stress tests), which he has made.



(2) Obhospodařovatel investment fund or foreign investment

the Fund shall notify details of the Czech National Bank



and the most important and the most important)



1. markets, on which it trades on behalf of all it managed

investment funds and foreign investment funds,



2. investment instruments with which it trades on behalf of his

managed investment funds and foreign investment funds,

and



3. exposures for each of them managed investment fund and foreign

Investment Fund and the



(b)) investment funds and foreign investment funds, which

manages.



(3) in the other obligations referred to in paragraphs 1 and 2 are defined in article 110 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



section 464



Leverage usage data



(1) where a obhospodařovatel investment fund or foreign

Investment Fund leverage, so that is a measure of leverage

in relation to the investment of the Fund or to a foreign investment fund

high, the Czech National Bank shall notify the details of the



and the degree of exposure with) a resolution accepting the loan or incurred exposures

lease of funds or investment vehicles or

investing in securities or investment instruments of the money

market containing the derivative,



(b)), to the extent the use of the leverage effect, in relation to each such Fund,



(c) the extent of use of assets) of the Fund when the use of leverage and



(d)) with a resolution of five most important exposures referred to in point (a)).



(2) When is a measure of leverage is high, defined in article 111

directly applicable European Union legislation, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



§ 465



Failure of the funded capital investment fund



Failure to achieve a fully-funded capital investment fund within the time limits

at least the amount prescribed by law, it shall notify the administrator of the United

the National Bank.



§ 466



For more details



(1) Obhospodařovatel investment fund or foreign investment

the Fund shall notify details of the Czech National Bank



and the financial situation of the Fund),



(b) the results of the management of this Fund) and



(c)), the number and volume of issued and purchased securities or

book-entry securities and another Assembly, redemption or

the distribution of the assets of the Fund or its parts.



(2) Obhospodařovatel investment fund or foreign investment

the Fund and the investment fund administrator or foreign investment

the Fund shall notify details of the Czech National Bank



and) its financial situation,



(b)) the results of its management and



(c) the statutory conditions for) performance of their activities.



(3) Obhospodařovatel investment fund or foreign investment

the Fund shall notify the Czech National Bank,



and a legal person) was founded as a single founder,



(b)) has established a branch of his business establishment,



(c)) a qualifying holding on to a legal person, or



(d))



1. to cancel a legal person of which he is the sole member,



2. to cancel your business establishment branch, or



3. the loss of qualifying holding on to a legal person.



(4) Obhospodařovatel investment fund or foreign investment

the Fund and the investment fund administrator or foreign investment

the Fund, the Czech National Bank shall notify the list of people who should be on it in the

last year, a qualifying holding or to which it is closely

linked.



§ 467



Notification of changes



(1) who is authorised by the Czech National Bank to activities under section 479, 480,

481 or 482, § the Czech National Bank shall notify of any change in

the facts on the basis of which he was granted such permission to

activities, it cannot be determined from the registry under the law governing

Basic registers. A foreign person with permission under section 481 shall notify the

The Czech National Bank, without undue delay, that it is

comparable Supervisory Authority authorisation of another Member State.



(2) Obhospodařovatel investment fund or foreign investment

the Fund shall notify any change of the Czech National Bank, which can significantly

worsen its economic situation or the economic situation

Investment Fund or to a foreign investment fund, which

manages. The same obligation also has mutual fund administrator

or to a foreign investment fund, if it is a change that can

significantly worsen its economic situation.



(3) the administrator of an investment fund or foreign investment

the Fund shall notify any change of the Czech National Bank, which can significantly

affect the value of the share certificate, investment shares or other shares

on the investment of the Fund or foreign investment fund, whose

the current value is calculated.



(4) if the registered the fact, shall notify the registered person or one who

It stores a piece of legislation, the change of the Czech National Bank and that this change to

lists referred to in § 596 and 597 writes, if it cannot be determined from the registry as

the law governing the basic registers.



(5) Obhospodařovatel investment fund or foreign investment

the Czech National Bank shall notify the Fund a change in the person of the administrator.



section 468



Data on derivatives



Obhospodařovatel investment fund or foreign investment

the Fund shall notify details of the Czech National Bank



and) kinds of derivatives that negotiates on behalf of the Fund,



(b)) the risks associated with derivatives referred to in subparagraph (a)), and

measures for the management of claims and



c) investment limits in relation to the derivatives referred to in subparagraph (a)),

that adheres to.



§ 469



The Committee of experts and data about real estate and holdings in real estate

companies



The administrator of an investment fund or a foreign investment fund

the Czech National Bank shall notify the details of the



and) the Committee of experts and



b) an interest in a real estate and real estate companies to which

This Fund invests.



section 470



The child and the Fund management



(1) the administrator of the child Fund, whose management fund is a foreign

Investment Fund comparable to collective investment fund, will provide

The Czech National Bank document comparable to the status of the management

of the Fund and shall notify it of any amendments.



(2) the administrator of the child Fund, whose management fund is a foreign

Investment Fund comparable to collective investment fund, will provide

The Czech National Bank the communication of key information of the Fund and shall notify the

any amendments to it.



(3) the administrator of the management of the Fund shall notify the Czech National Bank information necessary

to identify each of its child Fund that began investing

to book-entry securities or the securities issued by the

managing the Fund, and shall notify it of any change in these particulars.



Notification of voting rights shares



§ 471



(1) in the case of the voting rights of the shares relating to property

It managed an investment fund or foreign investment

the Fund announces his obhospodařovatel legitimate exceed the record limit

The Czech National Bank share on all of the voting rights of a legal person

referred to in § 34 paragraph 1. 1, reaches or exceeds this percentage to 10%,

20%, 30%, 50% or 75%, or reduced to under these limits.



(2) Obhospodařovatel referred to in § 34 paragraph 1. 1 notify the Czech National Bank

the information specified in § 34 paragraph 1. 1 and section 35 para. 1 (b). a) to (e)).



(3) Obhospodařovatel referred to in § 34 paragraph 1. 1 or § 35 para. 3 notify the

The Czech National Bank information provided in § 35 para. 1 (b). f) to (h)).



(4) for the calculation of the proportion of voting rights in accordance with paragraph 1, section 34

paragraph. 4 apply mutatis mutandis.



§ 472



(1) notification pursuant to § 471 paragraph. 1 is subject to a change in the

the layout of a holding of voting rights among persons acting in

conformity to the extent of constituting the obligation of notification.



(2) if there is an obligation according to § 471 paragraph. 1 more persons, these may

people meet common obligation of notification to the notification.



(3) the notification obligation is satisfied if the written notice duly

sent.



Data relating to the breach of a legal obligation or its possible

violations of the



Section 473



Obhospodařovatel investment fund or foreign investment

the Fund and the investment fund administrator or foreign investment

the Czech National Bank shall notify the Fund he finally imposed measures to

remedy or penalty supervisory authority of another State, stating the reason

the imposition of corrective action or fines.



§ 474



(1) If a depositary of investment fund based on a hearing under section

66, or without this consideration, is of the opinion that the obhospodařovatel of this

the Fund has violated this Act, legislation implementing it, directly

the applicable provision of the European Union in the field of investment management

funds ^ 2), the status of an investment fund or depozitářskou agreement, shall notify the


This fact to the Czech National Bank, if there is a risk of default.



(2) the depositary shall notify the investment fund of the Czech National Bank each

the fact that you found in the performance of its activities, which may significantly

affect the value of the securities or book-entry securities

issued by the Fund or the fund shares or which may result

a substantial deterioration in the management of this Fund.



§ 475



(1) Obhospodařovatel investment fund or foreign investment

the Fund shall notify the Czech National Bank, he fulfilled the obligation of obstacle

arising from the status of an investment fund or a comparable document

foreign investment fund or provided for him by this Act, the

the basis of this Act or the directly applicable European Union law

management of investment funds ' ^ 2 ').



(2) the administrator of an investment fund or foreign investment

the Fund shall notify the Czech National Bank, he fulfilled the obligation of obstacle

arising from the status of an investment fund or a comparable document

foreign investment fund or provided for him by this Act, the

the basis of this Act or the directly applicable European Union law

management of investment funds ' ^ 2 ').



§ 476



The notification obligation on a person with the prior consent of the Czech National Bank

the performance of the



The person referred to in section 515, which has obtained the prior consent of the Czech national

Bank for the performance of its functions under this Act, it shall notify the Czech national

the Bank of any change to the conditions referred to in section 516 or the end of the performance of their

function.



§ 477



Extended the scope of the



(1) the provisions of § 462, § 463 paragraph. 2 (a). a) points 2 and 3 and § 475 for

person referred to in article 15, paragraph 2. 1 shall apply mutatis mutandis.



(2) the information referred to in paragraph 458, 462, § 463 paragraph. 1, § 464 paragraph. 1, § 466

paragraph. 1, § 467 paragraph. 2 and 3 and section 468 shall be notified to the Czech National Bank in

relation to each sub-fund.



§ 478



Powers of execution



The Czech National Bank shall issue a decree the scope, structure, form, method

and time limits for data reporting and the provision of documents pursuant to § 455-477

and § 545 paragraph. 3, to the extent necessary for the exercise of supervision over the

the capital market and to the extent that it does not regulate directly applicable

the European Union regulation implementing directive of the European Parliament

and of the Council governing the alternative investment Fund Manager ^ 6).



PART THIRTEEN



PROCESSING OF REQUESTS



TITLE I OF THE



PERMISSION TO THE MANAGEMENT AND ADMINISTRATION OF THE



Part 1



The conditions for the grant of authorisation



§ 479



Investment company



(1) the Czech National Bank shall grant authorisation to investment activities

the company at the request of the joint stock company or at the request of the founder

or the founders of joint-stock company before the date of its registration

the commercial register, if



and registered office and Head Office) or to be in the Czech Republic,



(b)), the company is a trusted,



(c)) are not reasonable grounds for concern that the company will not be in the extent to which

asking for permission for the activity, the date of commencement of activities of substantive, organizational

and personnel prerequisites for the exercise of such activity, enabling the fulfillment of

business plan, and, above all, it is obvious how the

provided by operational management, complied with the investment strategy, ensured by

compliance and internal audit, controlled risks, implemented financial control

and managed the cash flows, adjusted the remuneration system of people and checked

the activities of the people, that intends to delegate some of the tasks

includes management,



d) her plan of business



1. define and covers a range of activities planned,



2. it is based on real economic calculations and



3. it defines the activities which he intends to delegate to another,



e) orderly and prudent exercise of the company's activities will be governed by at least 2

persons who meet the prerequisites for the approval of the heads of persons set out in the

section 516 paragraph. 1,



(f) the share capital is paid off), initial capital, including the basic

the capital has a transparent and safe origins or reasonable grounds for concern that the

the company will not have a transparent and safe the origin of capital in

the amount, which allows for the proper management of investment funds or

foreign investment funds, it intends to manage, and that

will be located in accordance with the rules for the location of the capital (§ 32),



g) close links with another person shall not preclude the exercise of supervision over the

companies; When the close links with the party, which has its registered office, or the actual

registered office in a State which is not a Member State, the law of that State and shall not

the method of its implementation, including its enforceability, hinder the performance of the

supervision of investment companies



h) for funds or corporations, which manages or intends to

to manage, do not arise reasonable grounds for concern that it will not be made available

investors information referred to in section 241 para. 1 or § 293,



I) a qualifying holding in the company will have only persons meeting the

conditions laid down in § 522 paragraph. 2,



(j)), certify the prerequisites under section 507 of paragraph 1. 1 if the company intends to carry on

one of the activities referred to in section 11 (1) 1 (b). c) to (f)),



k) meets the requirements laid down in article 14, paragraph 1. 2 directly applicable

Regulation of the European Union governing the European venture

capital ^ 7), if the use of qualified plans to venture

capital referred to in article 3 (b). (b)) of this code or comparable

foreign investment funds, and



l) complies with the requirements laid down in article 15, paragraph 2. 2 directly applicable

the European Union's regulation governing the European social funds

Business ^ 9), intends to use the funds to qualified social

business under article 3 (b). (b)) of this code or comparable

foreign investment funds.



(2) the Czech National Bank shall grant authorisation to investment activities

the company intends to only qualified to manage funds

risk capital in accordance with article 3 (b). (b)) usable code directly

The European Union governing the European venture capital funds ^ 7),

qualified social entrepreneurship funds referred to in article 3 (b). (b))

of the applicable legislation of the European Union relating to European funds

social entrepreneurship ^ 9) or a comparable foreign investment funds,

also at the request of the joint stock company, or at the request of the founder or

the founders of joint-stock company before the day of its registration in the commercial

the register if its registered office and head office or to be in the Czech

Republic, and



and) if preconditions are met in accordance with article 14, paragraph 1. 2 directly

of the applicable legislation of the European Union relating to European funds

venture capital ^ 7), intends to use the funds to qualified

risk capital in accordance with article 3 (b). (b)) of this code, or

comparable foreign investment funds, or



(b)) are met, the requirements laid down in article 15, paragraph 2. 2 directly

of the applicable legislation of the European Union relating to European funds

social entrepreneurship ^ 9), intends to use the funds to qualified

social entrepreneurship in accordance with article 3 (b). (b)) of this code, or

comparable foreign investment funds.



§ 480



Government investment fund



(1) the Czech National Bank has granted permission to the activities of the Government

Investment Fund at the request of the founder or founders of a legal

person before the date of its registration in the commercial register or on request

Investment Fund specified in § 9 para. 1, or at the request of the legal

person entered in the list maintained by the Czech National Bank pursuant to § 596 (a).

(f)), if



and) shall certify that the legal person has been established and has a legal form,

as admitted by this law,



(b)) are fulfilled as set out in § 479 para. 1,



(c)) shall submit a draft of the contract of Administration if it is to carry out administration

another,



(d)), the person who will be the depositary, endorse the creation of the prerequisites for

the depositary obligations arising from this Act, and



(e)) shall submit to the status of an investment fund that has all the prescribed

requirements arising from this Act.



(2) the Czech National Bank has granted permission to the activities of the Government

Investment Fund, is to be the standard by the Fund, at the request of the founder

or the founders of the legal entity before the date of its registration in the commercial

register or at the request of an investment fund specified in § 9 para. 1,

If



and assumptions are true) set out in § 479 para. 1 (b). a) to (g)), and

I),



(b)) shall submit a draft of the contract of Administration if it is to carry out administration

another administrator,



(c)) the person who shall be the depositary of the Fund, confirmed the creation of a standard

prerequisites to perform the duties of the depositary resulting from this

the law,



(d)) shall submit the Statute of mutual fund that allows the offering of investment

to this Fund in the Czech Republic and who has all the prescribed

requirements arising from this Act, and



e) certify the prerequisites specified in § 248 paragraph. 1, in the case of

a child of the investment fund.



(3) the Czech National Bank has granted permission to the activities of the Government

Investment Fund, if it is to be a qualified pool of venture capital

in accordance with article 3 (b). (b)) usable code directly in the European Union


relating to the European venture capital funds ^ 7) or a qualified

social entrepreneurship Fund referred to in article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9), also at the request of the founder or founders of a legal

person before the date of its registration in the commercial register or on request

Investment Fund specified in § 9 para. 1, or at the request of the legal

person entered in the list maintained by the Czech National Bank pursuant to § 596 (a).

(f)), if the legal person shall be the presumption provided for in § 479

paragraph. 1 (b). a) and



and) if preconditions are met in accordance with article 14, paragraph 1. 2 directly

of the applicable legislation of the European Union relating to European funds

venture capital ^ 7), or



(b)) are met, the requirements laid down in article 15, paragraph 2. 2 directly

of the applicable legislation of the European Union relating to European funds

social entrepreneurship ^ 9).



section 481



A foreign person as obhospodařovatel



(1) the Czech National Bank has granted permission to the activities of the foreign person is

located in a State which is a Member State that intends to manage

Special funds, comparable foreign investment funds, funds

qualified investors, or comparable foreign investment funds,

or offer investment in these funds, where appropriate, to carry out the administration of the

These funds, at her request, if



and the Czech Republic) is the reference state



(b)) meets the prerequisites set out in § 479 para. 1 (b). (b) to (h)))

with registered capital of means comparable quantity depending

to its legal form,



(c)) have a qualifying holding, only persons who are trusted

and capable of ensuring the proper and prudent exercise of the activities of the foreign person,



(d)) has a permit of a supervisory authority of the home State for the purpose of

foreign investment fund with investment fund,

It intends to manage,



e) activities pursuant to § 38 paragraph 1(a). 1 (b). (d)), n) and o) is to carry out a person

Headquarters, domicile or branch in the territory of the Czech Republic,



(f)), Czech National Bank, the supervisory authority of the home State to foreign persons

and, where appropriate, the supervisory authority of the Member State which is

the home state of a foreign investment fund, which intends to this

a foreign person to manage, in accordance with the provisions of articles 113 to 115 directly

of the applicable legislation of the European Union, implementing directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6), agreed on the exchange of information necessary for the performance of

supervision under this Act,



(g)) the State in which it has a foreign person registered office or head office, it is not

on the list of non-cooperating countries and territories drawn up

The financial action task force on money laundering Committee of the Organisation for economic

cooperation and development,



h) State in which the foreign person has its registered office and head office, closed

with the Czech Republic an agreement which is in accordance with the principles set out in

Article 26 of the model tax treaty the Organisation for economic

cooperation and development of income and assets and ensures the exchange of

information in tax matters,



I) law of the State in which it has a foreign person registered office or head office,

including any restrictions on the powers of the supervisory authorities, foreign persons in the

This does not prevent the effective exercise of State supervision of the foreign

a person under this Act,



(j)), certify the prerequisites under section 507 of paragraph 1. 2 If the company intends to carry on

one of the activities referred to in section 11 (1) 1 (b). c) to (f)),



k) if it comes into consideration, the Czech National Bank has authorized an exception to her

fulfilment of the obligations under section 492 paragraph. 1, and



l) shall provide justification as to why the Czech Republic reference state and

bidding strategy for investments in investment funds, and foreign

investment funds, which, if this strategy

part of the plan under section 479 para. 1 (b). (d)).



(2) it is considered that the requirements laid down in paragraph 1. (b)), and (c)) are

true, if the applicant has submitted a confirmation of the supervisory authority of its home

the State of their performance, and if the reasonable grounds for the Czech National Bank

doubt that this confirmation of the fulfilment of the preconditions referred to in

paragraph 1 (b). (b)), and (c)) attests.



§ 482



The main administrator



The Czech National Bank grants permission to the activity of the main administrator

at the request of the business of the company or at the request of the founder or

the founders of the company before its registration in the commercial

Register, if



and registered office and Head Office) or to be in the Czech Republic,



(b)), the company is a trusted,



(c)) are not reasonable grounds for concern that the master administrator will not have, to the extent

They requested permission to the activity, the date of commencement of activities g/l,

organizational and personnel prerequisites for the exercise of activities to enable

implement business activities and, above all, it is obvious how the

will be ensured by operational management, provided by compliance and internal

Audit and control activities of persons that intends to delegate some

activities, which includes the administration of the investment fund or

foreign investment fund,



d) her plan of business



1. define and covers a range of activities planned,



2. it is based on real economic calculations,



3. it defines the activities which he intends to delegate to another,



e) orderly and prudent exercise of the company's activities will be governed by at least 2

persons who meet the prerequisites for the approval of the heads of persons set out in the

section 516 paragraph. 1,



(f) the share capital is paid off), initial capital, including the basic

the capital has a transparent and safe origins or reasonable grounds for concern that the

the company will have its own capital, which enables proper

the administration of foreign investment funds or investment funds,



g) by a qualified participation in companies will be the only persons meeting the

conditions laid down in § 522 paragraph. 2,



h) has permissions to the provision of the relevant investment services pursuant to §

paragraph 39. 3 or 4, intends to do any of the activities referred to in section

38 para. 2 (a). a) or (b)), and



as well as her other business activity) does not prevent or hinder the proper

the implementation of the administration.



Part 2



Control



Section 1



Basic provisions



§ 483



The deadline for the decision



(1) the Czech National Bank decides on the application for a permit pursuant to § 479, 480

or section 481 within 3 months from the date of submission of the application, which has a prescribed

and neither does not suffer from other disabilities; If it is from the perspective of the proper

examination of the application is necessary, this period is extended by 3 months.



(2) If an application for a permit under section 479 of the qualifying investment

the company managing the funds or comparable foreign standard

investment funds or of the application for a permit pursuant to section 480, is to be

a government investment fund, the Fund shall decide the standard Czech national

Bank on this application within 6 months from the date of submission of the application, which has

the prescribed formalities and neither does not suffer from other disabilities.



(3) the Czech National Bank may not decide on the request referred to in section 484

earlier than after the expiry of one month from the date on which the applicant demonstrates compliance with

assumptions according to § 479 para. 1 (b). (c)) and i), or from the date on which the

opinion of the European supervisory authority referred to in paragraph 489 occurred the United

the National Bank.



(4) unless the Czech National Bank decision on the application for authorization in the

the time limit referred to in paragraphs 1 to 3, you can seek a court order to her

the obligation to take a decision on the merits, even if there were to no avail

exhausted the resources that the administrative code provides for protection against

inactivity of the administrative authority.



§ 484



The complete application



(1) it is considered that a request for authorisation of a qualifying investment company

or local government investment fund exceed the determined limit has

prescribed requirements or do not suffer from other disabilities if it contains data for

proof of prerequisites pursuant to § 479 para. 1 (b). c) to (e)) and (i));

If it is not, however, in the course of the proceedings on the request for evidence that all assumptions

According to § 479 para. 1 (b). a), b) and (j)), the Czech National Bank's request

will be rejected.



(2) it is considered that a request for authorisation to the activities of the foreign person under the

§ 481 has prescribed requirements or do not suffer from other defects, if the

data to demonstrate the prerequisites pursuant to § 479 para. 1 (b). (c)) to

(h)) and under section 481 paragraph. 1 (b). (d)), even), and k).



Operative part of the decision



§ 485



(1) in the operative part of the decision on grant of authorisation under section 481 or 479 Czech

the National Bank shall state that the obhospodařovatel shall be entitled to



and exceed the record limit)



(b)) to manage



1. standard funds,



2. foreign investment funds comparable to the standard Fund



3. special funds



4. foreign investment funds comparable to the Special Fund, the



5. the funds for qualified investors, with the exception of qualified funds

risk capital in accordance with article 3 (b). (b)) usable code directly

The European Union governing the European venture capital funds ^ 7) and

qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9),




6. foreign investment funds comparable with the pool of qualified

investors, with the exception of foreign investment funds comparable to the

qualified venture capital fund referred to in article 3 (b). (b))

of the applicable legislation of the European Union relating to European funds

^ 7) venture capital and foreign investment funds comparable

with a qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9),



7. qualified venture capital funds referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

venture capital ^ 7),



8. foreign investment funds comparable to the qualified Fund

risk capital in accordance with article 3 (b). (b)) usable code directly

The European Union governing the European venture capital funds ^ 7),



9. qualified social entrepreneurship funds referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9), or



10. foreign investment funds comparable to the qualified Fund

social entrepreneurship in accordance with article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9),



c) administer



1. the standard funds,



2. foreign investment funds comparable to the standard Fund



3. special funds,



4. foreign investment funds comparable special fund



5. the funds for qualified investors, with the exception of qualified funds

risk capital in accordance with article 3 (b). (b)) usable code directly

The European Union governing the European venture capital funds ^ 7) and

qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9), with a resolution, whether it is their obhospodařovatel

entitled to exceed the determined limit,



6. foreign investment funds comparable to the Fund

qualified investors, with the exception of foreign investment funds

comparable with qualified venture capital fund, in accordance with article

3 (b). (b)) usable directly in the European Union regulation governing the

the European venture capital funds ^ 7) and foreign investment funds

comparable with a qualified social entrepreneurship Fund referred to in article

3 (b). (b)) usable directly in the European Union regulation governing the

European funds of social entrepreneurship ^ 9), with a resolution, whether it is their

obhospodařovatel entitled to exceed the determined limit,



7. qualified venture capital funds referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

venture capital ^ 7),



8. foreign investment funds comparable to the qualified

venture capital fund referred to in article 3 (b). (b)) usable

Regulation of the European Union governing the European venture

capital ^ 7),



9. qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9), or



10. foreign investment funds comparable to the qualified

social entrepreneurship Fund referred to in article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9),



(d)) to pursue the activities referred to in § 38 paragraph 1(a). 2 (a). a) or b) for

another in relation to the



1. the standard funds,



2. foreign investment funds comparable to the standard Fund



3. special funds



4. foreign investment funds comparable special fund



5. the funds for qualified investors, with the exception of qualified funds

risk capital in accordance with article 3 (b). (b)) usable code directly

The European Union governing the European venture capital funds ^ 7) and

qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9), with a resolution, whether it is their obhospodařovatel

entitled to exceed the determined limit,



6. foreign investment funds comparable with the pool of qualified

investors, with the exception of foreign investment funds comparable to the

qualified venture capital fund referred to in article 3 (b). (b))

of the applicable legislation of the European Union relating to European funds

^ 7) venture capital and foreign investment funds comparable

with a qualified social entrepreneurship Fund referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9), with a resolution, whether it is their obhospodařovatel

entitled to exceed the determined limit,



7. qualified to venture capital funds in accordance with article 3 (b). (b))

directly applicable European Union legislation governing European funds

venture capital ^ 7),



8. foreign investment funds comparable to qualified Fund

risk capital in accordance with article 3 (b). (b)) usable code directly

The European Union governing the European venture capital funds ^ 7),



9. qualified social entrepreneurship funds referred to in article 3 (b). (b))

directly applicable European Union legislation governing European funds

social entrepreneurship ^ 9), or



10. foreign investment funds comparable to qualified Fund

social entrepreneurship in accordance with article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9) and



e) to pursue the activities referred to in section 11 (1) 1 (b). c) to (f)), asking about the

authorization to their performance.



(2) the Czech National Bank may, in the operative part of the decision on grant of authorisation

According to § 479 481 or restrict the range of povolované activities, particularly with regard to

the scope of the investment strategy of investment funds or foreign

investment funds, it intends to investment company pursuant to § 479 or

a foreign person with permission under section 481 managed.



section 486



(1) in the operative part of the decision on grant of authorisation under section 480 Czech national

the Bank will indicate whether there is a government investment fund



and shall be entitled to exceed the record limit),



(b)) is the standard Fund, a special fund, a Fund of qualified

investors venture capital fund, in accordance with article 3

(a). (b)) usable directly in the European Union regulation governing the

the European venture capital funds ^ 7) or qualified Fund

social entrepreneurship in accordance with article 3 (b). (b)) usable

the European Union's regulation governing the European social funds

Business ^ 9) and



c) authorized to perform its own administration.



(2) the Czech National Bank at the same time with the decision to grant an authorisation under

section 480 shall decide on the approval of the depositary and of the Statute, is to be self-governing

Investment Fund standard Fund.



§ 487



In the operative part of the decision on grant of authorisation under section 482, Czech National Bank

indicate whether the main administrator is entitled to



and administer)



1. special funds,



2. foreign investment funds comparable special fund



3. funds for qualified investors with a resolution, whether it is their

obhospodařovatel entitled to exceed the determined limit, or



4. foreign investment funds comparable to the Fund

qualified investors with a resolution, whether it is their obhospodařovatel

entitled to exceed the record level, and, where appropriate,



(b)) to pursue the activities referred to in § 38 paragraph 1(a). 2 (a). and) or (b)) in respect of

to



1. special funds



2. foreign investment funds comparable special fund



3. funds for qualified investors, or



4. foreign investment funds comparable with the pool of qualified

the investors.



§ 488



(1) the Czech National Bank at the same time with the decision granting

authorised investment companies, government investment

the Fund and the Central administrator shall decide on the



and) consent to act as the head of the person or persons referred to in paragraph 21 of the

paragraph. 5, the prerequisites are met as set out in section 516 paragraph. 1, and



(b) consent to the acquisition of) a qualifying holding or to dominate this

persons with a qualified participation, prerequisites are met as set out in

§ 522 paragraph. 2.



(2) the Czech National Bank at the same time with the decision granting

foreign persons authorised under section 481, shall decide on the grant of

consent to act as the head of the person or the heads of people when they are

fulfilled assumptions set out in section 516 paragraph. 1.



§ 489



Consultation foreign supervisory authority



The Czech National Bank asks for the opinion of the supervisory authority of another Member

State prior to the granting of an authorisation pursuant to § 479, 480 or § 481, if the petitioner is

about how to enable controlled



and maturity based) in another Member State, to enable

granted by the supervisory authority of another Member State,



(b)) a foreign person, has a permit to provide investment services

granted by the supervisory authority of another Member State,



(c)) the foreign bank, has a permit granted by the supervisory authority of another

Member State, or




(d) a foreign insurance company or foreign) a reinsurance undertaking has a permit

granted by the supervisory authority of another Member State, or



(e)) the same person that controls the person referred to in points (a) to (d)).)



Section 2



Specific provisions on the assessment of the application in the case of a foreign person



§ 490



Another interrupting the time limit for a decision in a case



The period provided for in section 483 paragraph. 1 also is not running from the day when the Czech national

the Bank has submitted to the European supervisory authority a notice stating that (a))

the reference state of a foreign person who has applied for the grant of authorisation

According to § 481, until the day when a European supervisory authority to the opinion on this

request the Czech National Bank, or (b) a foreign person) intends to

which requested the granting of an authorisation pursuant to § 481, grant exemptions from

compliance with the obligation because of incompatibility under section 492 the day when

opinion of the European supervisory authority to this request of the Czech national

the Bank.



§ 491



If the Czech National Bank on the granting of authorisations

a foreign person pursuant to section 481 is contrary to the opinion of the European

supervision, this discrepancy in the decision and shall inform the European

supervisor and the supervisory authority of another Member State in which that person

It intends to manage foreign investment fund that is not comparable

with the standard Fund or in which it intends to offer investments in

investment funds that are not the standard Fund or comparable

foreign investment fund.



§ 492



Permit exceptions to the obligations for foreign person



(1) the Czech National Bank will allow an exception to the fulfilment of the obligations

arising from this Act, foreign to the person applying for a permit

According to § 481, if a foreign person of the Czech National Bank showing that

and) this Act or legislation implementing it under an obligation to

incompatible with the obligation by the law of a foreign country and her b) according to the

law of the State in which it has its registered office or the home State

foreign investment fund, which offers investment in the Member

the State shall respect the obligation, for which purpose the performance and level of protection,

you will fulfill investors getting match the purpose of the implementation and

level of protection, which is getting investors to abide by the obligations of the

whose performance has to be enabled.



(2) the Czech National Bank shall inform without delay the European

supervision that a foreign person has made an application for a permit exemption under

of paragraph 1.



(3) the information referred to in paragraph 2, the data that the Czech national

the Bank has received in connection with applications for authorisation of the exception by

of paragraph 1.



(4) if the Czech National Bank for authorisation of the exceptions referred to in paragraph 1

contrary to the opinion of the European supervisory authority, this discrepancy in

decision and shall inform the European supervisory authority and

further supervisory authority of another Member State in which the foreign person

intends to offer mutual fund investments, that is not a standard

the Fund, or to the equivalent of a foreign investment fund.



Section 3



Determine the reference state



section 493



Czech Republic as a reference state



(1) the Czech Republic is the reference state of the foreign persons resident in

State which is not a Member State, if exploited or intends to

manages an investment fund that is not a standard Fund, or

comparable foreign investment fund, or intends to sell or

If the investment in the Fund in a Member State.



(2) the Czech Republic is the reference state of the foreign person referred to in

paragraph 1, if the



She managed a) number of investment funds that are not

the standard Fund exceeds the number of comparable foreign

investment funds, it intends to manage, or worked in

another Member State and at the same time does not intend to offer or not offer investments

in these funds in another Member State,



(b) the sum of the values of the assets it) managed investment funds, which

they are not the standard Fund exceeds the sum of the values of assets

comparable foreign investment funds, it intends to

managed or worked in another Member State and at the same time

does not intend to offer or not offer investments in these funds in another

Member State,



(c) the person intends to offer) or offers an investment in an investment fund,

that is not a standard Fund, or a comparable foreign

Investment Fund, only in the Czech Republic,



(d) the person intends to offer) or in the Member States offers investment

only one mutual fund that is not a standard Fund, and

If it does not intend to offer or not offer investments in the Member States

foreign investment funds



e) this person intends to offer or offers in the Member States of the investment

only one foreign investment fund that is not

comparable with the standard Fund, and these investments in the Czech

Republic,



f) this person intends to offer or offers in the Member States only

investment in investment funds that are not the standard Fund, and

If it does not intend to offer or not offer investments in the Member States

foreign investment funds



(g)), the number of investment funds that are not the standard Fund, and

comparable foreign investment funds to which they are to be or

investments are offered in the Czech Republic, exceeds the number of such

funds to which they are to be or are the investments offered in another Member

State,



h) in the case referred to in § 494 this person has asked the Czech National Bank

for granting an authorisation pursuant to § 481, did not request a comparable authority

supervision of another Member State referred to in paragraph 494 paragraph. 1, and



1. The Czech National Bank or supervisory authority of another Member State

decided on its application pursuant to § 494 paragraph. 1 or comparable applications

with the request pursuant to section 494 paragraph. 1 within 1 month from the date on which the request was

delivered the last of the supervisory authorities, or



2. The Czech National Bank or supervisory authority of another Member State, it

they have informed you of its decision about its application pursuant to § 494 paragraph. 1 or

applications comparable to the applications pursuant to § 494 paragraph. 1 to 7 days of its

acceptance, or



I) within 2 years from the date of grant of the authorization under section 481 or earlier

authorisation in accordance with the law of another Member State, such a change has occurred in the

bidding strategy for investment in investment funds or foreign

investment funds, that would lead to the determination of a Member State as

the reference state.



§ 494



Variety of reference States



(1) where it is clear from the law of another Member State, that State is

the reference state, foreign persons, the reference state is the

Czech Republic, it shall request this person to the Czech National Bank to determine whether

the Czech Republic is the sole reference state.



(2) the application referred to in paragraph 1 shall decide in accordance with the Czech National Bank

the agreement with the relevant authorities of other Member States in accordance with paragraph

1 not later than one month from the date on which the application was comparable to that of

requests pursuant to paragraph 1 delivered the last of the institutions concerned

supervision.



(3) if the Czech Republic under the agreement with the relevant supervisory authorities

other Member States the reference state of the foreign person shall notify the

the fact the Czech National Bank foreign a person without undue delay.



(4) the procedure for determining the reference state, where it is clear from the law of another

the Member State that the reference state of the foreign person is more

the Member States are defined in article 1 of the regulation directly applicable European

Union governing the procedure for establishing the reference state of the mimounijního

alternative investment fund manager ^ 13).



§ 495



Decisions of the Czech National Bank



(1) the Czech National Bank shall inform without delay the European

surveillance that can reasonably be expected that the Czech Republic is to be

the reference state of the foreign person who asked it to grant

an authorisation pursuant to § 481, and requests it to do so for an opinion.



(2) the information referred to in paragraph 1 is a justification as to why it is reasonable to

assume that the Czech Republic is to be the reference state, foreign

person, and the details of the strategy for offering investments in investment funds

or foreign investment funds, Czech National Bank

received as part of the application for the authorization under section 481.



§ 496



Change in determining the reference state



(1) If, within 2 years from the date of the granting of the permit foreign person with

the authorisation under section 481 occurs, such a change in strategy for bidding

investment in investment funds and foreign investment funds, which

farms, which should impact on determining the reference state, shall determine

a foreign person your reference state and notify the Czech National Bank and the

at the same time apply supervisory authority of another Member State, that

identified for your reference.



(2) in the notice referred to in paragraph 1 shall specify the foreign person with permission

under section 481



and justifying a change of reference) of the State,



(b)) a Member State which, under the law of that State will be its reference

State, and



c) data necessary to identify the person who performs the function of the administrator in the


that Member State.



(3) the notification referred to in paragraph 1 with the permission of a foreign person pursuant to §

481 shall be accompanied by a description of the strategies for offering investments in investment funds

and foreign investment funds, which manages.



section 497



(1) when a change in determining the reference state of the Czech National Bank will assess the

on the basis of the notification referred to in § 496 paragraph. 1 the determination of the Member State which

to be the reference state, and its conclusion shall, without undue delay,

the European supervisory authority and a request for an opinion.



(2) the notification referred to in paragraph 1, the information that the Czech

the National Bank received pursuant to § 496 paragraph. 2 and 3.



(3) as soon as the Czech National Bank will receive the opinion of the authority

surveillance, which has requested in accordance with paragraph 1, it shall decide whether the change

the reference state justified. About this informed the Czech

National Bank foreign a person authorised under section 481, principal

the administrator and the European supervisory authority.



(4) to the Czech National Bank pursuant to paragraph 3, in violation of the

opinion of the European supervisory authority, this discrepancy in the decision

reasoned and shall inform the European supervisor and the supervisory authority

new reference state.



(5) to the Czech National Bank, that the change in the reference state is

justified, it shall inform the supervisory authority of the new State and without reference

undue delay forwarding a copy of the documents relating to the granting of an

permit foreign person under section 481 and with the power of supervision of the

person.



section 498



A new determination of the reference state



If, within 2 years from the date of the granting of the permit foreign person with permission

under section 481 of the actual development of its activities suggests that the Czech

Africa should not be a reference state, decides the Czech National Bank,

to this foreign person within a specified period, the reference state again

has determined that the Czech National Bank announced at the same time asked permission

supervisory authority of another Member State which has designated for your reference

State; at the same time it shall inform him of the possibility of withdrawal of an authorisation pursuant to § 551 paragraph.

4. If in the first sentence of § 496 and 497 shall apply mutatis mutandis.



section 499



The voluntary new determining the reference state



If after 2 years from the date of the granting of the permit foreign person with

the authorisation under section 481 occurs, such a change in strategy for bidding

investment in investment funds or foreign investment funds,

that would have an effect on determining the reference state, foreign

person authorised under section 481 announce the Czech National Bank and at the same time

request permission to supervisory authority of another Member State, which will be

According to the law of this state the reference state. For the case under

first sentence of § 496 and 497 shall apply mutatis mutandis.



TITLE II



AMENDMENT OF AN AUTHORISATION



§ 500



(1) if so requested by the holder of any of the permits under section 479 to 482 for change

authorisation, the Czech National Bank will issue a new licence and permit

cancels. The provisions of § 485 to 488 shall apply mutatis mutandis.



(2) the procedure referred to in paragraph 1 shall also apply for additional authorization pursuant to §

507.



TITLE III



CHANGE IN THE ESSENTIAL FACTS RELEVANT FOR THE GRANTING OF AUTHORISATION



§ 501



(1) the Czech National Bank will launch proceedings on the amendment under section 467 paragraph. 1 or

a change in the facts decisive for the granting of an authorisation, which

from the registry under the law governing the basic registry, if it is about

investment company pursuant to § 479 entitled exceed the record limit

Government investment fund under section 480 of the qualifying exceed the record

limit or foreign person with permission according to § 481, if

you make a change in the reported form do not match.



(2) if the Czech National Bank management of the change referred to in paragraph 1,

a decision thereon within one month from the date on which the notification referred to in paragraph 1

has occurred; If it is from the perspective of a proper assessment of the things necessary,

This period is extended by 1 month.



(3) the Czech National Bank decides to change so that the proposed amendment

Disables or shall determine the conditions under which the proposed amendment can be made.

Unless the Czech National Bank decision within the time limit referred to in paragraph 2,

, the change can be made.



§ 502



Change the facts on the basis of the authorised investment

the company pursuant to § 479 eligible exceed the record limit

samosprávnému investment fund under section 480 of the qualifying exceed

record limit and foreign person with permission according to § 481, can also be

This, if it does not take up the Czech National Bank Management pursuant to § 501 para. 1 to

1 month from the date of notification of the change.



TITLE IV



WRITE TO THE LISTS WITHOUT REVIEW



§ 503



(1) the Czech National Bank to make the entry to the list under § 596 or 597

within 5 working days from the date on which the application for registration has to the list,

unless otherwise provided by this Act.



(2) the request for entry on the list referred to in § 597 may submit only

obhospodařovatel, which has a permit entitling him to manage,

Investment Fund or foreign investment fund, whose entry in the

This list is requested.



(3) the request referred to in paragraph 1 does not read from the perspective of the Czech National Bank

truth or accuracy of the information contained therein and does not examine the

or write to the prerequisites of this list.



Section 504



On the Czech National Bank grants authorization or consent to the

under this Act, the Czech National Bank writes in the lists pursuant to § 596

or at the date of acquisition of the 597 of the decision, which permits

activity or consent granted under this Act; the application for registration

the list is in this case.



§ 505



The provisions of § 503 paragraph. 1 and 3 shall not apply to proceedings on the application under section

479, 480, 481, 482, 510, 511 and 519.



TITLE V OF THE



DELETION OF THE LISTS



§ 506



(1) the Czech National Bank will decide on the deletion from the list maintained by

This Act, in the case of



and the investment company if) she was withdrawn authorisation for activities

investment companies,



b) translates into higher located in a foreign State, if he ceases

permissions to manage investment fund,



(c)) of the main administrator, when he was withdrawn authorisation for activities

the main administrator



d) administrator based in the foreign State, if he ceases

permission to perform the administration of the investment fund,



e) depositary of an investment fund, if



1. the Depositary activity of an investment fund does not longer than 24 months,



2. If it has created the preconditions for the fulfilment of the obligations of the depositary

Investment Fund, or



3. the request and at the time of submission of the request does not carry out the activities of the depositary

Investment Fund,



f) persons referred to in article 15 paragraph 1. 1 where it has ceased to be under §

15 paragraph 1. 1, which is required to be included in the list,



(g)) of the person who may be appointed as the liquidator of an investment company,

a collective investment fund with legal personality and the main

administrator or an administrator of an investment company and forced Fund

collective investment undertakings with legal personality, if



1. without serious reasons, resigned from the functions of the liquidator or of forced

Administrator,



2. seriously or repeatedly breached its obligations arising from the function

a liquidator or a receiver,



3. does not meet the statutory conditions for registration in the appropriate

the list, or



4. requested and at the time of submission of the application does not perform the function of liquidator

or receiver.



(2) the deletion referred to in paragraph 1 shall decide, Czech National Bank



and at the date of acquisition) of the decision on the withdrawal of authorisations

This person,



(b)) at a later date referred to in the decision on the withdrawal of authorisation for activities

This person, or



(c)) to another day, for example, on the date on which the person who proposes the deletion of the

asked.



§ 506a



(1) the Czech National Bank also decides to exclude from the list maintained by the

under this Act, in the case of an investment fund or foreign

Investment Fund, if



and) asked obhospodařovatel this Fund or the one who has

a legitimate interest and are subject to the conditions that in the context of

the termination of its activities in the Czech Republic under this law,



(b)) does not on its activities for more than 6 months,



(c)) has not, within 90 days from the date when it was entered in this list, filed

application for registration in the commercial register, or if it was not this

the proposal has been accepted,



(d)), it became clear that the entry on the list was made on the basis of the

false or incomplete information, the



e) fulfil the conditions arising from this Act,



(f)) he was withdrawn to enable the business of government investment fund,

and this Fund does not have a State investment fund referred to in section 9,



(g)) the conversion of government investment fund under section 363,



(h)), it became clear that the investment fund referred to in section 9



1. the individual does not have the statutory authority and



2. its obhospodařovatel not more than 6 months of the authorisation to

management of the investment fund,



I) has lapsed,



(j)) is not more than 3 months, or



k) from other reasons arising from this Act.



(2) the deletion referred to in paragraph 1 shall decide, Czech National Bank



on the date of demise) investment fund with legal personality, the relocation

registered office abroad or on the date of the changes to business investment

the Fund, with legal personality,




(b)) to the date of termination of the unit trust or the conversion of foreign investment

the Fund at the date of distribution or liquidation value,



(c) at the date of the end of the Administration) of the Trust Fund, the Trust Fund

the foreign investment fund or to the date on which the trustee

asked about the end of the administration of the Trust Fund,



(d)) at the date of change of legal form of investment fund, as a result of which the

at the same time being written to another list under section 597 (f). a) to (c)), or



e) to another day, for example, on the date on which the person who proposes the deletion of the

asked.



section 506b



(1) the Czech National Bank will decide on the deletion of a list maintained by

This Bill, if it were established fact, that the implementation of the cancellation

so warrant.



(2) in cases under section 506 the deletion of paragraph 1. 1 (b). a) to (d)), and (f)) and § 506a

paragraph. 1 (b). and), (c)), f), (g)) and i) with decision in writing is not made out.



TITLE VI OF THE



ADDITIONAL AUTHORIZATION TO PURSUE THE ACTIVITY OF A CORRESPONDING INVESTMENT SERVICES



§ 507



(1) the Czech National Bank shall grant authorisation to an investment company performance

the activities referred to in article 11 (1) 1 (b). c) to (f)), shall certify the fulfilment of

the same assumptions as a securities dealer in the provision of

investment services customer assets management, and in relation to the

the nature, scale and complexity of these activities.



(2) the Czech National Bank will grant a foreign person with permission according to § 481,

that is not comparable to a government investment fund,

the performance of the activities referred to in article 11 (1) 1 (b). c) to (f)), shall certify the

meet the prerequisites under section 28 law governing business on

the capital market in the provision of investment management services

the assets of the customer, and in relation to the nature, scale and complexity of the

These activities.



TITLE VII



CONSENT TO THE EXERCISE OF ENTREPRENEURIAL ACTIVITY



Section 508



(1) Permission to do business under other legislation can be the investment

the company, the Chief Administrator and the foreign person with permission

According to § 481, which is not comparable to a government investment fund,

granted only with the approval of the Czech National Bank.



(2) the Czech National Bank will grant a consent referred to in paragraph 1, if the



and) business under other legislation will not prevent



1. an investment company, the Chief Administrator, or a foreign

person authorised under section 481, which is not comparable to the Government

Investment Fund, in a sound and prudent exercise of the activity in accordance with this

the Act and the



2. the effective exercise of supervision over the investment firm, the main

by an administrator, or with the authorization of a foreign person pursuant to § 481, which

It is not comparable to a government investment fund, and



(b)), the activity whose performance of the investment company, the main

the administrator, or a foreign person with permission according to § 481, which

It is not comparable to a government investment fund, does not prohibit the

Act or other legislation.



(3) paragraphs 1 and 2 shall not apply in the case of business under other

the legislation, which grants permission to the Czech National Bank.



TITLE VIII



QUALIFIED PARTICIPATION BY THE CAPITAL INVESTMENT COMPANY TO ANOTHER LEGAL ENTITY



§ 509



(1) an investment firm authorised to manage the Fund for collective

must have investment to acquire or increase qualifying holdings in other

legal person, the consent of the Czech National Bank.



(2) the Czech National Bank consent referred to in paragraph 1 shall be, if



and the investment the company has) become unlimited liability partner

companies or other legal persons, or



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

participation in other legal person formed reasonable grounds for concern that this

the acquisition or increase was inconsistent with the requirement of the sound and prudent

exercise of the activity.



(3) paragraphs 1 and 2 shall not apply to the participating on behalf of the investment

the Fund, which manages the investment company, or participation in

Investment Fund with legal personality held within a maximum of 1 year from the date of

to grant permission to the activities of the investment fund or the registration

This investment fund to the list.



TITLE IX OF THE



REGISTRATION DEPOSITORY INVESTMENT FUND



§ 510



(1) the Czech National Bank entered in a list the depositaries of investment fund

at the request of the person, if he has created preconditions for the fulfilment of the obligations

depository investment Fund arising from this Act, and of the right

of the applicable legislation of the European Union, implementing the directive

The European Parliament and of the Council governing the coordination of legislation in the field of

collective investment undertakings in relation to the agents the standard funds ^ 8)

or directly to the applicable legislation of the European Union, implementing the

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



(2) the depositary of an investment fund shall be entered in the list of repositories

Investment Fund.



TITLE X



WRITE STANDARD POOL, AND DATA ON SUB-STANDARD POOL



§ 511



(1) the Czech National Bank entered in a list of investment funds under section

(a) 597. a) or b) collective investment fund as a standard Fund

at the request of its translates into higher, if



and registered office and Head Office) of the Fund is in the Czech Republic, if it

the investment fund with legal personality, or is created according to the Czech

the law, if this is about investment fund without legal personality,



(b)) obhospodařovatel investment fund has a permit for the purpose of

standard funds or comparable foreign investment funds,



(c)), the person who will be the depositary of an investment fund, confirmed

the creation of a depository prerequisites for fulfilment of the obligations arising from the

This law,



(d) the Statute of the proposed investment fund) allows the offering of investment in

This Fund in the Czech Republic and has all the prescribed requirements

arising from this Act and the legislation implementing it and



e) obhospodařovatel investment fund shall certify the fulfilment of prerequisites

referred to in § 248 paragraph. 1, if this is for registration of a standard pool,

to be a child of the Fund.



(2) the Czech National Bank entered in a list of investment funds under section

(a) 597. and sub-standard) details of the Fund at the request of its

translates into higher, if



obhospodařovatel investment fund), whose statutes create

sub-funds admitted, has



1. the paid-up capital, its initial capital including the basic

the capital has a transparent and safe origins or reasonable grounds for concern that the

obhospodařovatel does not have its own capital, which enables proper

management of the Sub-fund,



2. a factual, organizational and personnel prerequisites for the creation of subfunds and



3. at least 2 people who will drive the orderly and prudent exercise of

activity translates into higher and at the same time these persons meet the prerequisites

the approval of the heads of section 516 paragraph. 1,



b) depository investment fund, whose statutes creating the sub-funds

admitted, carries on the activity for this sub-Fund and confirmed the creation of a

prerequisites to perform the duties of the depositary resulting from this

the law and the fact that the investment fund can create compartments,



(c) the proposed Statute of the Sub-or) the Statute of the European Investment Fund, whose

the statutes create sub-funds admitted, if the Statute sub-incorporated

the Statute of this investment fund, enables the offering of investment

shares in this sub-fund in the Czech Republic and has all the prescribed

requirements arising from this Act and legislation to

the performing,



(d)) obhospodařovatel investment fund, whose statutes create

sub-funds admitted, certify the prerequisites specified in § 248

paragraph. 1, if it is for the registration of data on sub-fund, which is supposed to be a child of the

the standard Fund, and



(e)) for the registration of foreign person sought pursuant to § 14 para. 1.



§ 512



(1) at the Czech National Bank for the registration of collective Fund

investing as a standard Fund to the list referred to in paragraph (a) 597. and)

or (b)) shall decide on the approval of the depositary and the Statute of the Fund.



(2) the Czech National Bank collective investment fund shall be entered

as the standard of the Fund to the list of investment funds under section 597 (f).

a) or (b)) and writing data on the sub-standard pool within 2 months from the date

the date of submission of the application for registration of the design, which has the prescribed particulars

and neither does not suffer from other disabilities.



TITLE XI



REGISTRATION OF AN INVESTMENT FUND, WHICH IS NOT A GOVERNMENT INVESTMENT FUND



section 513



(1) the Czech National Bank entered in a list of investment funds under section

(a) 597. and) a legal person registered in the commercial register on her

the request, if the



and its property) at the time of application manages the entity included in the list

maintained by the Czech National Bank pursuant to § 596 (a). (f)),



(b)) should not be government investment fund,



(c)) shall submit the status of investment fund



(d)) did not carry out this request prior to activities other than the activity of the

comparable with the activities of the Fund for qualified investors, and



e) demonstrate that the individual has the statutory authority which is or is to be

legal person authorized to manage this investment fund.




(2) if the Czech National Bank to a legal person entered in the list

maintained by the Czech National Bank pursuant to § 596 (a). f) authorisations

investment company pursuant to § 479 or authorised foreign

the person pursuant to § 481, writes Czech National Bank at the same time with the decision to

granting an authorisation of a legal person which are comparable with the investment

the Fund and whose property the person working the trade or

in a similar way, the list is managed by investment funds pursuant to § 597

(a). and), and the trust funds, or a similar device, the Czech

the law, which are comparable to the investment fund, in which independent

the trade, or in a similar manner, to the list of assets managed by

investment funds under section 597 (f). (b)), or (c)).



(3) if the Czech National Bank in a credible way that legal

a person domiciled in a State which is not a Member State of UNESCO

in the list maintained by the Czech National Bank pursuant to § 596 (a). (f)), has granted

supervisory authority of another Member State to enable comparable with the permission

According to § 481, writes within 5 working days of legal persons that are

comparable to the investment fund and the assets of the person employed

the trade, or similar process manages, to the list of investment

funds under section 597 (f). and), and the trust funds, or a similar device,

governed by the Czech law, that are comparable to the investment fund,

in which the self-employed trade or similar process manages the

property to the list of investment funds under section 597 (f). (b)), or (c)).



§ 514



The Czech National Bank writes legal entity prior to its entry in the

commercial register, on request, to the list of investment funds

§ 597 (f). and) if meets the prerequisites set out in section 513 para. 1

(a). b), c) and (e)).



TITLE XII



THE GRANTING OF CONSENT TO THE PERFORMANCE OF THE SENIOR MANAGEMENT



section 515



The head of the person of the investment company, government investment fund,

foreign persons authorised under section 481 and the main administrator and

a person acting pursuant to § 21 para. 5, as well as a natural person,

authorised legal person, which is an individual statutory

authority of the investment fund, in the statutory authority of that

Investment Fund, if it is not a statutory

the head of the institution or any other person of the legal person and does not have previous

consent of the Czech National Bank pursuant to this title, you must have to perform their

function of the prior consent of the Czech National Bank.



section 516



(1) the Czech National Bank has granted consent pursuant to section 515 man



and) who has attained the age of 18 years,



(b)) that does not have limited legal capacity,



(c)) for which was not caused by the fact, which is an obstacle to trade

under the law governing business



(d)) that is trusted,



(e)) that is competent, and has sufficient knowledge and

experience for the proper performance of this function,



(f)) that is suitable in terms of sound and prudent exercise of activities

the investment company, investment fund, foreign persons with

the authorisation under section 481 or the administrator may

perform the functions of Manager of the person



g) which in the proper performance of the duties does not prevent his professional, business

or other similar activities, such as activities for persons with a similar

the subject of the business, and



(h)) to perform the functions of senior management translates into higher investment

the Fund or to a foreign investment fund, or function of the person pursuant to § 21

paragraph. 5, that he has sufficient experience with the management of the asset that is

focused investment strategy of Fund Investment Fund or

foreign investment fund.



(2) investment company, a government investment fund, foreign

person authorised under section 481 and main administrator must have at least 2

the head of the person who satisfies the requirements referred to in paragraph 1.



§ 517



(1) when assessing the facts referred to in section 516 paragraph. 1 (b). e) to (h))

the Czech National Bank will take into account in particular the extent of the powers associated with the

the performance of senior management functions, organizational arrangements and the overall

personnel equipment investment companies, government investment

the Fund, a foreign person with permission under section 481 or main

the administrator.



(2) the fact that the person concerned acts as an employee or elected

the body of another person within the group, in assessing the facts

referred to in section 516 paragraph. 1 (b). (g)).



§ 518



Will not start if the person referred to in section 515 to exercise their function within 6 months from the

the date on which it was granted prior consent, or if he does not pursue its

function continuously for longer than 6 months, the prior consent of the

ceases to exist.



TITLE XIII



WRITE A LIQUIDATOR AND RECEIVER



section 519



(1) the list of persons who may be the liquidator of the investment

the company, a collective investment fund with legal personality and

the main administrator and to the list of people who may be forced

the investment manager of the company that manages the Fund for collective

investment or comparable foreign investment fund, and the Fund

collective investment undertakings with legal personality, the Czech National Bank writes

on request of a person,



and) who has attained the age of 18 years,



(b)) that does not have limited legal capacity,



(c)) for which was not caused by the fact, which is an obstacle to trade

under the law governing business



(d)) that is trusted,



(e)) which is technically competent and



(f)) that has not been in the last 5 years from this or a similar list

cleared; This does not apply in the case of deletion at his own request.



(2) the Czech National Bank writes the foreign person to the lists referred to in

paragraph 1 provided that only has permission of the competent authority

another Member State to act as liquidator or receiver.



TITLE XIV



QUALIFIED PARTICIPATION OF ANOTHER ON INVESTMENT COMPANIES, GOVERNMENT

INVESTMENT FUND AND THE CENTRAL ADMINISTRATOR



section 520



(1) the person or persons acting in concert, must have the permission of the United

the National Bank of



and the acquisition of a qualifying participation) to investment companies

Government Investment Fund, or the administrator, or



(b)) to increase a qualifying holding in an investment company,

Government Investment Fund, or the main administrator so that

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



(c)) to have become the persons controlling the investment company,

Government Investment Fund, or a central administrator.



(2) the consent of the Czech National Bank must have the person referred to in paragraph 1 and in

If the voting rights attaching to the shares of participations referred to in paragraph 1

the Government investment company, investment fund or the main

the administrator shall not exercise or significant impact on management

do not apply; nevykonáváním voting rights, there is no change in the share

the voting rights of those or other people, neuplatňováním the influence

There is no change in the capabilities of these or other people on it management

apply.



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

rights arising from participation in the investment companies, Government

the investment of the Fund or the main voting rights administrator

referred to in § 34 paragraph 1. 4 (b). a) to (h)) of this Act; § 122 para. 10 to

15 the law governing the capital market shall apply

by analogy.



§ 521



Consent to the acquisition or increase of qualifying holding or

Mastering



(1) the consent under section 520 paragraph. 1 is subject to the person or persons acting in

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

investment companies, government investment fund, or the main

the administrator or their dominating.



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

or increase a qualifying holding in the investment companies, Government

Investment Fund or the administrator, or dominate,

without undue delay, notify this fact to the Czech National Bank and without

undue delay, it asks for the consent under section 520 paragraph. 1.



(3) the acquisition or increase of a qualifying holding in an investment company,

Government Investment Fund, or the main administrator or

domination without the prior consent of the Czech National Bank does not

results in an invalid legal act, on the basis of which these changes

There was, however, in the holdings of voting rights attaching to holdings acquired in this way

shall not be exercised or gained influence on the management thereof shall not be

applied, up to the time of grant of this consent.



§ 522



Examination of the application



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

the assumptions referred to in paragraph 2 and shall be disregarded for the economic

the needs of the market.



(2) the Czech National Bank application has been approved, where they are in terms of the possible

influence on the performance of the activity of investment companies, Government

Investment Fund, or the main administrator of the following

prerequisites:



and) persons asking to grant consent, are trusted,



(b)) of the person, which are designed for the senior management of investment

the company, a government investment fund, or the main


the Administrator without any apparent doubt fulfil the conditions laid down

This law,



c) sufficient volume, transparency of origin and lack of financial resources

of the applicant in relation to the activities carried out or planned investment

the company, a government investment fund, or the main

the administrator,



d) investment company, a government investment fund, or the main

the administrator will continue to be able to fulfil the rules of a prudent and

the proper management and administration of investment funds and

foreign investment funds



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

the company, a government investment fund, or principal administrator

included,



1. do not prevent the effective supervision of investment companies, Government

Investment Fund, or the main administrator,



2. does not prevent the efficient exchange of information between the Czech National Bank and the authority

supervision of another Member State, or



3. neznesnadňuje performance of individual institutions, supervision of the

consolidation and total over those included in this consolidation

the whole,



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

participation in the investment companies, government investment fund, or

the main administrator or their controlling do not arise reasonable grounds for

fears that could lead to a violation of the law governing measures against

the legalization of proceeds from crime and financing of terrorism

or that such infringement has occurred, and



g) it is a case worthy of special consideration, in the case of a request pursuant to §

paragraph 521. 2.



(3) the decision on the request to grant consent under section 520 paragraph. 1 may

The Czech National Bank may specify a time for the acquisition of a participation in the investment

the company, a government investment fund, or the main

to the administrator under section 520 paragraph. 1.



(4) the decision on the request to grant consent under section 520 paragraph. 1 Czech

the National Bank shall indicate the conclusions arising out of the advice, which received

procedure laid down in section 489.



§ 523



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

the request to grant consent under section 520 paragraph. 1 the applicant shall confirm in writing

its 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.



(2) the Czech National Bank will decide on the request to grant consent under section

520 paragraph. 1 not later than 60 working days from the date of dispatch of the written

confirmation of receipt of the request referred to in paragraph 1.



(3) unless the Czech National Bank decision within the time limit laid down in

paragraph 2, applies, that the consent has been granted; This does not apply in the case of an application

consent filed pursuant to § 521 of paragraph 1. 2.



(4) If a submitted application is incomplete, or if you suffer from other disabilities, Czech

the National Bank shall without undue delay, but not later than 50. the day of the run time

the time limits laid down in paragraph 2, shall in writing ask the applicant to delete

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 United

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

Date of despatch of the call, the time limit laid down in paragraph 2 shall interrupt,

for a maximum period of 20 working days.



(5) the time limit laid down in paragraph 2, the procedure laid down in paragraph 4

be interrupted for up to 30 working days,



and if the petitioner has) residence, head office or place of business in a State

not a Member State, or



(b) if the applicant is not subject to) the supervisory authority of another Member State.



(6) the Czech National Bank after receipt of the request referred to in paragraph 1 shall proceed

Similarly, under section 489, is asking to grant consent if the person who has

enable the supervisory authority of another Member State to act as a

financial services provider, or controlling person of such

of the person.



§ 524



Notification of the loss or reduction of qualifying holdings



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

The Czech National Bank,



and reduce their qualifying holding) to investment companies

Government Investment Fund, or the main administrator so that

drops below 50%, 30% or 20%, or completely cease, or



(b) reduce their qualifying holding) to investment companies

Government Investment Fund, or the main administrator so that

you cease to operate.



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



a) data necessary to identify the person or persons that reduce or

pozbývajících its a qualifying holding in an investment company,

Government Investment Fund, or the main administrator or

data necessary to identify the person or persons přestávajících is to control,



(b)) the data needed to identify the investment companies, Government

Investment Fund, or a central administrator, on which this

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



c) an indication of the total amount of the share of the investment companies, Government

the investment of the Fund or the main administrator after her decrease or

an indication of the extent of the impact on the management of investment companies, Government

Investment Fund, or the main administrator after its reduction and



d) data necessary to identify the person or persons who share the

investment companies, government investment fund, or the main

the administrator shall take or increase, or the data necessary to identify the

the person or persons that are gaining influence over the management of the investment company,

Government Investment Fund, or a central administrator.



TITLE XV



THE CHANGE TRANSLATES INTO HIGHER STANDARD FUND



section 525



To change translates into higher standard Fund shall require prior

consent of the Czech National Bank.



§ 526



The Czech National Bank has granted consent to change translates into higher pursuant to §

525, if a person who has become a maturity standard

the Fund, created preconditions for the fulfilment of obligations translates into higher

standard of the Fund arising from this Act.



TITLE XVI



CHANGING DEPOSITORY STANDARD FUND



section 527



To change the CSD standard requires the prior approval of the Fund,

The Czech National Bank.



section 528



The Czech National Bank has granted consent to change the depositary pursuant to § 527,

If confirmed, the person who is to become the depositary of this standard

the Fund, the creation of prerequisites for fulfilment of the obligations of the depositary

standard of the Fund arising from this Act. With the depositary

standard pool, it is considered that it is poised to carry out the duties

the depositary of the Fund resulting from this standard of the law.



TITLE XVII



TO CHANGE THE STATUS OF A STANDARD POOL



§ 529



(1) to change the status of standard Fund requires the prior consent of the

The Czech National Bank, otherwise it is ineffective.



(2) the Czech National Bank will grant a consent referred to in paragraph 1, if the

the proposed amendment of the Statute, in accordance with this Act and the legislation of the

transposing it.



(3) the amendment of the Statute of the Fund, standard offer investments in

This Fund in the Czech Republic, will not be admitted.



(4) the consent of the Czech National Bank to change the status of standard Fund

does not require, in the case of a change



and) data directly resulting from the changes concerning translates into higher,

the administrator of the Fund or of the depositary



b) directly from a change of legislation,



c) performance information or actual or anticipated

the results of the management of the Fund, which requires regular updating,

or



(d) non-status) or the interests of the unit-holders or shareholders of the Fund.



§ 530



(1) the Czech National Bank will decide on the request in accordance with section 529 of paragraph 1. 1 to 15

working days from the date of submission of the application, which is the prescribed particulars

and neither does not suffer from other disabilities. Unless the decision of the Czech National Bank in

This time, the amendment of the Statute.



(2) approval of the amendment of the Statute of the standard Fund, unless the case under

second sentence of paragraph 1, shall be carried out by approving its new full text.



TITLE XVIII



AUTHORISATION FOR THE PURPOSES OF THE DESIGNATION OF THE MUTUAL FUND AND TRUST FUND



§ 531



The Czech National Bank has granted permission for the purposes of § 104 paragraph. 2 and § 148

paragraph. 4 the person who so requests, if the applicant meets the following prerequisites:



and) is a trusted,



(b)) is suitable in terms of the potential impact on the performance of the activities of the

translates into higher, administrator and depositary of the investment

the Fund,



(c)) has a transparent and safe sources of funding and its sources

the financing correspond to at least 635 000 EUR,



(d)) the structure of the consolidated Group, to which the applicant is included,



1. do not prevent the effective supervision of the investment fund, which creates,



2. does not prevent the efficient exchange of information between the Czech National Bank and the authority

another Member State supervision over that person, or



3. neznesnadňuje performance of individual institutions, supervision of the

consolidation and total over those included in this consolidation

the whole,



(e)) in connection with the granting of an authorisation do not arise reasonable grounds for concern that the

There may be a violation of the law governing the measures against the legalization of

the proceeds of crime and the financing of terrorism, or that such

infringement has been committed, and



f) if the person has attained the age of 18 years, has limited legal capacity and


in fact, it occurred that is an obstacle to trade

under the law governing business.



TITLE XIX



COMMON PROVISIONS



§ 532



The request for



and the granting of an authorisation) according to § 479, 480, 481, 482 and 507, b) grant

consent under section 508, 509, 515, 520, 525, 527 and 529,



(c)) to indicate, pursuant to section 531,



(d)) the withdrawal of authorisation pursuant to § 551 paragraph. 1 (b). (d)) and § 646 para. 1,



e) amendment of an authorisation under section 647 and



f) entry on the list referred to in paragraph 596 and 597, as well as the amendment of the particulars of registered

in these lists may be submitted only by electronic means; the application must include

the indications and evidence demonstrating compliance with the preconditions laid down in this

by law. The Czech National Bank shall issue a decree requirements for an application

certifying the fulfilment of the preconditions laid down in this law, its form and

the method of administration.



§ 533



(1) Certify the fulfilment of assumptions set out in this Act for

decision on the application under this Act can also be referring to exactly

identified by a document which the applicant previously tabled by the Czech national

the Bank or that has the Czech National Bank is otherwise available, if

the current.



(2) the certificate provided for in this law, prerequisites for

decision on the application for a permit shall not exceed the limit, the decisive qualifying

where such authorisation is a legal person pursuant to § 15, defined in article 1

directly applicable European Union legislation provides for the selection of

the regulatory regime to the alternative investment fund managers

scope of Directive ^ 14).



PART OF THE FOURTEENTH



SUPERVISION OF THE CZECH NATIONAL BANK



TITLE I OF THE



SCOPE OF SUPERVISION



section 534



The personal scope of supervision



The Czech National Bank supervision under this Act shall be subject to



and) investment company,



(b)) Government Investment Fund,



(c)) with the permission of a foreign person pursuant to section 481 in the scope of activities

carried out on the basis of authorisation granted by the Czech National Bank,



(d)) the main administrator,



(e) a foreign person with permission) supervisory authority of another Member State,

that in the Czech Republic manages an investment fund, to the extent referred to in

§ 340 or 344,



f) foreign investment fund with the authorization of the supervisory authority of another

granted by a Member State in accordance with the requirements of the directive of the European

Parliament and of the Council governing the coordination of legislation in the field of collective

investing ^ 4), to the extent that they are investing in this Fund

offered to the public in the Czech Republic and in what is not subject to the supervisory authority

supervision by the home Member State,



g) investment fund, the depositary



(h)) the main proponent of the investment fund,



even) the liquidator of the investment company, a government investment fund,

which is a collective investment fund, or a central administrator,



j) fiduciary investment company that manages

Investment Fund or foreign investment fund, or fiduciary

Government Investment Fund, which is a Fund of collective

investing,



to) the one who in the Czech Republic offers investments in investment funds

or to foreign investment funds in the scope of such activities, and



l) legal person referred to in § 17 paragraph 2. 1 or 2 second sentence, which

lodged an application for the granting of the relevant authorisation, until the day when it finally

completed proceedings on this request.



§ 535



Scope of supervision



The Czech National Bank exercises supervision over compliance with



and) the obligations laid down



1. in this Act,



2. on the basis of this Act, and



3. a directly applicable provision of the European Union in the field of management

investment funds ^ 2) and



(b) the conditions imposed in the decision) on the basis of this Act.



§ 536



The Czech National Bank shall exercise supervision according to this law targets

primarily to protect the interests of investors and investment funds

the possible sources of systemic risk for the proper functioning of the financial market

in the Czech Republic.



§ 537



The Czech National Bank shall, in the exercise of supervision pursuant to this

the law has progressed in accordance with the instructions and recommendations of the European authority

supervision.



TITLE II



SURVEILLANCE MEASURES



Part 1



Basic provisions



§ 538



(1) the Czech National Bank may impose corrective measures identified

the lack of corresponding to the nature of the breach and its severity to the person

subject to its supervision, that the Commission infringed the obligation or condition

According to § 535.



(2) the person to whom the Czech National Bank has imposed measures to remedy, shall notify the

without undue delay, the Czech National Bank how to remedy deficiencies

and redress.



(3) the Czech National Bank is entitled to require the provision of even his native

numbers as necessary information to identify individuals.



section 539



The Czech National Bank may also



and change translates into higher) required an investment fund or foreign

Investment Fund,



(b) change the administrator) requires an investment fund or foreign

Investment Fund,



(c) change the CSD) requires an investment fund or foreign

Investment Fund,



(d) order the change of Auditor)



an extraordinary audit) required financial statements,



(f)) require verification of the valuation of assets and debts of another investment fund

person,



g) to suspend for a maximum period of 5 years an activity subject to its

supervision,



h) limit the scope of the permit or to determine the conditions for the exercise of the individual

activities,



I) determine the conditions for the use of the leverage effect, or other conditions,



(j)) to limit the scope of the investment strategy investment fund, prohibit

the offering of investment in an investment fund or an investment fund from the clear

the list,



to) decide to close an investment fund or to propose the cancellation of

Investment Fund,



l) withdraw an authorisation or consent,



m) prohibit the person or group of persons acting in concert, which has awarded

consent under section 520 and which no longer, fulfil the conditions for the

such consent, exercise the voting rights at an investment company,

Government investment fund or the main administrator or otherwise

exercise significant influence on the management thereof,



n) annul the decision translates into higher investment fund that is

Open mutual fund or joint-stock company with variable

share capital on the suspension of the issuance or sale of investment securities

sheets or investment of shares issued by the Fund,



to take measures for a more efficient) monitoring possible sources of the system

risks, or



p) to introduce compulsory administration.



§ 540



(1) to comply with corrective measures imposed pursuant to section 538 paragraph 1. 1 or

Another measure under section 539 enforced by the Czech National Bank law enforcement

a fine which may be imposed in the amount of up to 5 000 000 CZK.



(2) the Coercive fine referred to in paragraph 1 for the same breach of the obligation can be

Save and reuse. The sum of the fines imposed for the same violation of the obligations of the

shall not exceed 20 000 000 CZK.



(3) income from enforcement of fines is the State budget revenue.



Part 2



The change translates into higher investment fund or foreign

Investment Fund



§ 541



(1) the Czech National Bank may order change translates into higher

Investment Fund or to a foreign investment fund by

shall decide on the transfer of the management of an investment fund or foreign

Investment Fund of fund investment companies, foreign

a person referred to in section 14 or a foreign person with permission under section 481

to another investment company, the foreign person referred to in section 14 or

foreign person with permission according to § 481, if



and withdrew the previous obhospodařovateli) authorised investment

company or foreign person authorised under section 481 or

He learns that the authorisation granted by the supervisory authority of another Member State

referred to in section 14 was created in obhospodařovateli withdrawn



(b)) material changes in the facts decisive for the granting of

authorisations existing translates into higher,



(c)) the current obhospodařovatel seriously or repeatedly breaches the obligation to

fixed



1. in this Act,



2. on the basis of this Act,



3. the law of the foreign State in the management of investment funds and

foreign investment funds, in the case of a foreign investment fund

or foreign person, or



4. a directly applicable provision of the European Union in the field of management

investment funds ^ 2)



(d)), the existing obhospodařovatel is repealed with the liquidation or comparable

way according to the law of a foreign country,



(e)), it was decided about the decline of the earlier translates into higher or

released a comparable decision in law of a foreign country,



(f)) was a Czech rejected for lack of assets of the earlier

translates into higher or comparable decision has been issued under the law

of a foreign State, or



g) was introduced in the receivership of the earlier translates into higher.



(2) to transfer the management of an investment fund or foreign

Investment Fund referred to in paragraph 1 is subject to prior consent of the

the person to whom the management of this Fund is to be transferred.

Taking account of the agreement between the current maturity and

the person to whom the management of this Fund is to be transferred.



Part 3



Change the administrator of an investment fund or foreign investment

Fund



§ 542




(1) the Czech National Bank may order a obhospodařovateli investment

the Fund or to a foreign investment fund administrator to change this

the Fund, if the admin seriously or repeatedly violated the obligation to

or a condition pursuant to § 535.



(2) the Czech National Bank may order a obhospodařovateli investment

the Fund or to a foreign investment fund administrator to change this

the Fund,



and if u) is this the Administrator introduced the receivership, or



(b)) are threatened interests of the investors of the Fund.



(3) the obligation of the contract of administration shall cease on the expiry of one month after the date of

legal force of the decision on changes to the regulation of the administrator.



(4) Obhospodařovatel closed within the time limit referred to in paragraph 3, the contract with the

another administrator, unless the administration of this Fund will perform

alone.



(5) the Obhospodařovatel shall ensure that the administration of the investment fund

or to a foreign investment fund without undue delay after the

the time limit referred to in paragraph 3.



Part 4



Changing depository investment fund or foreign investment

Fund



section 543



(1) the Czech National Bank may order a obhospodařovateli investment

the Fund or to a foreign investment fund depositary of this change

the Fund, if the depositary has seriously or repeatedly violated the obligation or

the condition pursuant to § 535.



(2) the Czech National Bank may order a obhospodařovateli investment

the Fund or to a foreign investment fund depositary of this change

the Fund,



and if u) is this the CSD introduced the receivership, or



(b)) are threatened interests of the investors of the Fund.



(3) the obligation of the depozitářské contract expires one month after the date of

legal force of the decision on regulation amendments to the depositary.



(4) Obhospodařovatel closed within the time limit referred to in paragraph 3 depozitářskou

a contract with the other depositary.



Part 5



Change of Auditor



§ 544



(1) the Czech National Bank may order a change in auditor authenticating financial

accounts or the consolidated accounts of the investment fund or

foreign investment fund translates into higher costs or

This translates into higher,



and) if serious or repeated shortcomings in the audit of the financial statements

or consolidated financial statements of the Fund or of the

translates into higher, or



(b) If an auditor fails to) their notification obligations under the Act

relating to the Auditors.



(2) the Obhospodařovatel change the auditor and notify the Czech national

to the Bank within 1 month from the date of the decision on the regulation changes

Auditor auditor data.



Part 6



Special audit of the financial statements



§ 545



(1) the Czech National Bank may order implementation obhospodařovateli

special audit of the accounts of the investment fund,



and) if serious or repeated shortcomings in the audit of the financial statements

Investment Fund, or



(b) If an auditor fails to) their notification obligations under the Act

relating to the Auditors.



(2) having regard to the facts established Czech National Bank shall determine the conditions

audit of the financial statements of extraordinary design, in particular, the scope and

exceptional audit.



(3) the Obhospodařovatel shall ensure the implementation of the extraordinary audit and shall notify the

The Czech National Bank within 1 month of the effective date of the decision of the

the implementation of the extraordinary details of the audit to the Auditor that an extraordinary audit

and to the extent provided for in the implementing legislation. This

the auditor must be a person other than the Auditor, who carried out the verification

of the financial statements.



(4) the Czech National Bank may, within 1 month from the date of notification of the data according to the

paragraph 3 to reject the Auditor, who has been notified of the maturity,

and designate another auditor who performs the special audit.



(5) the Obhospodařovatel shall ensure the implementation of the audit without undue delay after the

expiry of the period referred to in paragraph 4.



(6) the cost of the audit shall be borne by the extraordinary obhospodařovatel. If they are not on

by extraordinary audit confirmed serious or repeated shortcomings

in the audit of the accounts of the investment fund or when it is shown that the

It does not breach notification obligations of the auditor referred to in paragraph 1

(a). (b)), shall be reimbursed by the Czech National Bank obhospodařovateli it efficiently

the costs incurred for the implementation of the extraordinary audit.



Part 7



Verification of the valuation of assets and debt investment fund by another person



§ 546



(1) if done obhospodařovatel the administration of the investment fund, which

is not a standard Fund, or a comparable foreign investment

the Fund, which manages the Czech National Bank may, if it finds a serious

or repeated breach of the obligation or non-compliance with the conditions referred to in section

535, requires authentication



and the valuation of assets and debt) of the Fund by another,



(b) the procedures for valuation) property and debt investment fund

another, or



c) impartiality and independence who appreciates the other.



(2) the Czech National Bank may order investment fund, which

investing in real estate or participations in real estate companies to

ensure new property valuation by an independent expert or a member of the

the Committee of experts if it serious or repeated breach of the obligation

or non-compliance with the conditions referred to in § 535.



(3) the costs of verification of the valuation in accordance with paragraphs 1 and 2 shall be borne by

obhospodařovatel. If they are not based on the verification of the valuation in accordance with paragraphs

1 and 2 confirmed serious shortcomings, will pay the Czech National Bank

obhospodařovateli the costs reasonably incurred by him in connection with this

the pricing.



Part 8



Restriction of the scope of the authorisation or the determination of the conditions for the exercise of the individual

the activities of the



§ 547



The Czech National Bank may limit the scope of the authorisation to investment activities

the company, a foreign person pursuant to § 481, government investment

Fund or the Central administrator or specify the conditions for the exercise of

the various activities of this person, if it finds a serious or

repeated infringement of the obligation or non-compliance with the conditions referred to in § 535.



Part 9



Conditions for the use of leverage or other conditions



section 548



(1) if it considers it necessary for the proper functioning of the financial market in the

The Czech Republic, the Czech National Bank investment company

authorized to exceed this limit, the decisive foreign person with permission by

section 481 or samosprávnému investment fund to the creditor shall not exceed

record limit to determine the



and conditions for the use) of the leverage effect in the management of

foreign investment funds or investment funds, or



(b)) other conditions which it is obliged to comply with obhospodařovatel for

use of the leverage effect in the management of investment funds or

foreign investment funds.



(2) in the next procedure, the Czech National Bank pursuant to paragraph 1 shall define

Article 112 directly applicable European Union legislation, implementing

Directive of the European Parliament and of the Council governing the alternative Manager

investment funds ^ 6).



Episode 10



Restriction of the scope of the investment strategy, the prohibition of offering investments or

the deletion from the list of



§ 549



(1) if the Czech National Bank, shortcomings in the activities of the investment

company or foreign persons with the authorization pursuant to § 481, may



and limit the scope of the investment strategy) of another investment fund than

standard Fund or a comparable foreign investment fund,

that this person worked, or



(b)) prohibit the offer of investment in such a Fund.



(2) if the Czech National Bank, shortcomings in the activities of the Government

Investment Fund, the



and limit the scope of the investment strategy) this Fund, or



(b)) prohibit the offer of investment in this Fund.



(3) the person referred to in paragraphs 1 and 2 shall ensure that the placing of the Statute

investment fund other than the standard Fund or a comparable

foreign investment fund that manages, in accordance with the

by the Czech National Bank on the restriction of the investment strategy of the

the Fund within 30 days of the effective date of the decision on the limitation of

the investment strategy of the Fund.



(4) the Czech National Bank may prohibit the offer of investment in foreign

an investment fund or a comparable with a special fund with the Fund

qualified investors, whose home State is not a Member State,

or that the farmer is the person established in the State, which is not a Member

the State, in the Czech Republic, if the Fund fails to obhospodařovatel

one of the obligations imposed on him on the basis of the directive of the European

Parliament and of the Council governing the alternative investment manager

^ 5 funds).



Part 11



The cancellation of investment fund



§ 550



(1) the Czech National Bank may decide to close the Fund of collective

the investment, which has the legal form of a unit trust, with the liquidation,

If



and the average amount of the funded capital) of the Fund for the last 6 months

does not reach the amount equal to at least EUR 1 250 000



(b) the amount of the funded capital) of the Fund within six months from the date of its creation

it reaches the amount of at least EUR 1 250 000, or



(c)), to withdraw its authorisation for the activities of the investment obhospodařovateli

company or foreign person authorised under section 481 or

He learns that enable the supervisory authority of another Member State referred to in §


14 was his obhospodařovateli revoked and has not decided about the change at the same time

pursuant to section 541 translates into higher.



(2) the Czech National Bank may decide to close the pool of qualified

investors, that has the legal form of a unit trust, with the liquidation of, or

the fact that the management of the Trust Fund, which is a pool of qualified

investors, end if



a) in the case of the Fund for qualified investors, which is not referred to in § 281,



1. the average amount of the funded capital of the Fund for the last 6 months

does not reach the amount equal to at least EUR 1 250 000, or



2. the amount of the funded capital of the Fund within 12 months from the date of its

creation, it reaches the amount of at least EUR 1 250 000



(b)) in the case of the Fund for qualified investors referred to in § 281,



1. the average amount of the funded capital of the Fund for the last 6 months

does not reach the amount equal to at least EUR 1 000 000, or



2. the funded capital of this Fund reaches within the time specified in the Statute and,

comes into consideration, at least in the social contract the amount corresponding to

EUR 1 000 000, or



(c)), to withdraw its authorisation for the activities of the investment obhospodařovateli

company or foreign persons authorised under section 481 or

He learns that enable the supervisory authority of another Member State referred to in §

14 was his obhospodařovateli revoked and has not decided about the change at the same time

pursuant to section 541 translates into higher.



Part 12



The withdrawal of authorisation



§ 551



Mandatory withdrawal



(1) authorisation shall be withdrawn by the Czech National Bank to investment activities

the company, the activities of the Government Investment Fund,

foreign persons authorised under section 481 or authorization to

the main activities of the administrator,



and) it was decided about the bankruptcy of the investment companies, Government

Investment Fund or the administrator, or if it has been released

a comparable decision according to the law of a foreign State relating to foreign

person authorised under section 481,



(b)) if the insolvency petition is rejected for lack of assets investment

the company, a government investment fund or the main

the administrator, or has been granted a comparable decision in law

a foreign State relating to foreign persons with the authorization pursuant to § 481,



(c)) is not within a period of 90 days from the date on which the decision to grant this

has power, permit an application for entry in the commercial

register or not this proposal is granted, if the authorisation is granted

legal entity prior to its registration in the commercial register, or



(d)) if the withdrawal of authorizations requested investment

the company, a government investment fund, a foreign person with permission

under section 481 or principal administrator, if this person does not carry on

activities to which the permit is required under this Act.



(2) the authorization shall be withdrawn by the Czech National Bank to the activities of the Government

Investment Fund, if not for a period longer than 3 months the depositary.



(3) the authorisation shall be withdrawn by the Czech National Bank to investment activities

the company managing the standard according to which it funds or

comparable foreign investment funds, if, within 12 months from the date of

the grant of such authorisation, or more than 6 months of the word at least

a standard pool.



(4) the Czech National Bank shall withdraw the foreign person authorised under section 481

This authorization if



and) within the prescribed period shall take place in accordance with the decision of the Czech National Bank

under section 498, or



(b)), she was awarded a comparable Supervisory Authority authorisation of another

of a Member State.



§ 552



Optional withdrawal



(1) the Czech National Bank may withdraw the authorisation to investment activities

the company, the activities of the Government Investment Fund,

authorisations granted to a foreign person pursuant to section 481 or permit

the main activities of the administrator, if the



and) corrective measures did not result in corrective action,



(b)) it is necessary to protect the interests of investors, who are not

qualified investors,



(c)) this authorisation was granted on the basis of false or incomplete

data,



(d)) material changes in the facts decisive for the granting of

This authorization, or



e) investment company, a foreign person with permission according to § 481,

Government investment fund or principal administrator



1. does not comply with the provisions on capital adequacy,



2. does not start collecting funds or money amounted

things within 12 months from the date of the grant of the authorisation,



3. does not exercise its activities for more than 6 months, or



4. seriously or repeatedly breaches the obligation laid down in this law, the

the basis of this Act or the directly applicable European Union law

management of investment funds ' ^ 2 ').



(2) the Czech National Bank may withdraw the authorisation to investment activities

company or authorised government investment fund,

If further administration of the investment company, or

Government Investment Fund, which is a Fund of collective

investment cannot be achieved its purpose.



(3) the Czech National Bank may withdraw the authorisation to the activities of the Government

Investment Fund, if



a) in the case of a collective investment fund,



1. the average amount of the funded capital of the Fund for the last 6 months

does not reach the amount equal to at least EUR 1 250 000, or



2. the amount of the funded capital of the Fund within six months from the date of its creation

it reaches the amount of at least EUR 1 250 000



(b)) in the case of the Fund for qualified investors,



1. the average amount of the funded capital of the Fund for the last 6 months

does not reach the amount equal to at least EUR 1 250 000, or



2. the amount of the funded capital of the Fund within 12 months from the date of its

the emergence of it reaches the amount corresponding to at least € 1 250 000, or



c) in the case of the Fund for qualified investors referred to in § 281,



1. the average amount of the funded capital of the Fund for the last 6 months

does not reach the amount equal to at least EUR 1 000 000, or



2. the funded capital of this Fund reaches within the time specified in the Statute and,

comes into consideration, at least in the social contract the amount corresponding to

EUR 1 000 000.



§ 553



The withdrawal of authorisation for the purposes of the designation of the mutual fund and trust fund



(1) the Czech National Bank may withdraw the authorisation granted for the purposes of section 104

paragraph. 2 and § 148 paragraph. 4 If there is a serious change in the

the facts decisive for the grant of such authorisation, which

the authorisation was granted, or it came out that authorisation has been

granted on the basis of false or incomplete information.



(2) to the Czech National Bank on the withdrawal of the authorisation granted for that

the purpose of § 104 paragraph. 2 and § 148 paragraph. 4, specifies the time limit for the change at the same time

designation of the unit trust or the Trust Fund so that it did not have the

name or business name or distinctive element of this person's name.



(3) the enforceability of the decision on the withdrawal of authorisation pursuant to paragraph 1

shall cease to be a person that has this permission is withdrawn, the right to make decisions about how

who will be the maturity, the administrator and depositary of the mutual

Fund or the Trust Fund, whose description contains the name or name of the

or distinctive element of the name of this person, as well as the right to make decisions about

change in the person of that translates into higher, the administrator or the depositary.

The enforceability of this decision at the same time restores the scope of authority

otherwise authorized under this Act or any other law in

these cases to decide.



section 554



Common provisions for the purposes of withdrawal of authorization



(1) to the one who has been withdrawn authorisation for investment activities

company or authorised foreign persons granted pursuant to §

481, are viewed as translates into higher investment fund or

foreign investment fund up to



and payment of the shares of the unit-holders,) shareholders or beneficiaries of cancelled

investment funds and foreign investment funds,



(b) the management of transfer available) investment funds and

foreign investment funds to another translates into higher and



(c)), has pursued if this person one of the activities referred to in section 11 (1) 1

(a). c) to (f)), until the settlement of its liabilities from these activities.



(2) a person to whom a permit has been withdrawn to the activities of the Government

Investment Fund and who is a joint stock company with variable capital

or a limited partnership company on investment or Fund

collective investment undertaking is deleted with the liquidation and its liquidator

shall be appointed by the Czech National Bank; the provisions of this law on the disposal of

Investment Fund with legal personality shall apply mutatis mutandis. On this person

is the date of the withdrawal of that authorization until its deletion from the commercial

the index seen as a government investment fund.



(3) To whom authorization has been withdrawn Government

Investment Fund, seen as a government investment fund up to

the date of entry of the change of the subject of his business (operations) in the commercial

Register, if it was prior to the date of the withdrawal of the authorisation of the Fund

qualified investors, and unless the case referred to in paragraph 2.



(4) If a person to whom a permit has been withdrawn to the activities of the Government


Investment Fund, a State investment fund specified in § 9 para. 1,

paragraphs 2 and 3 shall not apply.



(5) to the Czech National Bank to initiate the procedure for the withdrawal

the business of investment companies, enabling the business of Government

Investment Fund, to enable the activities of the foreign person granted pursuant to

section 481 or authorised the main administrator shall publish the United

National Bank of this fact on their website.



Part 13



Withdrawal of consent



§ 555



The Czech National Bank may withdraw the consent given under this Act,

If



and) corrective measures did not result in corrective action,



(b)), it became clear that the approval was granted on the basis of false or

incomplete data, or



(c)) the serious change in the facts, on the basis of which it was

approval is granted.



Episode 14



Annulment of the decision on the suspension of issuing or translates into higher

sale of investment securities or investment shares



§ 556



(1) the Czech National Bank will cancel the decision translates into higher investment

the Fund, which is an open mutual fund or joint-stock companies with

variable capital to suspend the issuance or sale of

investment securities or the investment of shares issued by the Fund,

a threat to suspend the issue or sale of investment securities

sheets or investment shares the interests of owners of these investment securities

or investment shares.



(2) if the Czech National Bank in administrative proceedings referred to in paragraph 1

the interim measures, which has an impact on the suspension issue or

sale of investment securities or investment shares, shall publish, Czech

National Bank of this fact on their website.



(3) the first action in the administrative proceedings referred to in paragraph 1 is

decision. An appeal against this decision does not have suspensory

effect.



Episode 15



Measures to a more efficient monitoring of the possible sources of systemic risk



§ 557



(1) the Czech National Bank will issue measures of a general nature referred to in paragraph 2,

If this is appropriate to a more efficient monitoring of the possible sources of the system

risks to the proper functioning of the financial market in the Czech Republic.



(2) the Czech National Bank to measures of a general nature obhospodařovatelům

investment funds, investment funds, a group of generically

designated obhospodařovatelů of investment funds or group of species

designated administrators of investment funds by way of derogation from this Act

or legislation issued on the basis of the determined period and

the periodicity for the fulfilment of the reporting obligations or designate additional

the notification requirement translates into higher or the administrator.



(3) when issuing the measures referred to in paragraph 2, § 172 of the administrative code

does not apply. Measures of a general nature shall enter into force on the date of publication of the

the notice board of the Czech National Bank. If expired, shall cease to have effect before

measures of a general nature effect at the end of 6 months from the date of its

efficiency.



Episode 16



Receivership



The establishment and termination of receivership



§ 558



(1) the Czech National Bank may impose compulsory investment management

company or Government Investment Fund, which is a fund

collective investment undertakings, if the previous measures to remedy the

the identified shortcomings or the imposition of fines does not lead to correct and this

an investment company or a government investment fund, which is a fund

collective investment undertakings, repeatedly or seriously violated the obligation or

the condition pursuant to § 535.



(2) the Czech National Bank may also introduce a compulsory investment management

company or Government Investment Fund, which is a fund

collective investment undertaking are threatened interests of the investors of the Fund

or the interests of other customers of this investment company.



§ 559



(1) the decision on the introduction of the forced administration contains



a) data necessary to identify a receiver,



(b) the amount of the remuneration of a receiver) or the method of determining the time limit its

maturity and



(c) any restrictions on the handling of) capital investment companies or

Investment Fund or restrict other activities of this investment

the company or the Fund.



(2) the procedure for the introduction of the Administration can be initiated by issuing the decision on

the introduction of the receivership.



(3) the decision on the introduction of the administration shall be served on the business

the company, for which the Administration introduces, and designated by the forced

Administrators.



Section 560



The decision on the introduction of the receivership is enforceable upon delivery of forced

Administrators. The breakdown brought against this decision does not have suspensory effect.



section 561



(1) the introduction of the forced administration suspending the exercise of the functions of members

the statutory body of the investment company or investment fund and

the scope of the statutory authority of the investment company or investment

the Fund is transferred to the receiver.



(2) the effects of the introduction of the forced administration referred to in paragraph 1 shall not affect the right of

members of the statutory body of the investment company or investment

the Fund brought against decisions of the Administration claim under the

the law governing administrative courts.



Section 562



(1) the receivership ends



and) final date referred to in the decision of the Czech National Bank or

final judgment of the Court of their administration,



(b)) the Declaration of bankruptcy of the investment company, or

Investment Fund, for which the Administration is introduced,



(c)) the release of the decision to allow the reorganization of an investment company

or an investment fund, for which the Administration is established, or



(d)) of the date on which the employee is appointed, the liquidator of the investment company, or

Investment Fund, in which the receivership is introduced.



(2) to cancel an investment company or investment fund in forced

manage disposal of issue shall be decided by the competent authority of the investment

the company or the Fund is subject to prior consent of the Czech

the National Bank.



Fiduciary



section 563



(1) the fiduciary investment company or investment fund

shall perform his duties with professional care.



(2) Forced by the administrator of the investment company or investment fund

may be the only one who is entered in the list of persons who may be

forced by the administrator of the investment company, which manages the Fund

for collective investment or comparable foreign investment fund, and

a collective investment fund with legal personalities led by the Czech

National Bank.



(3) Forced by the administrator of the investment company cannot be the one



and) whose interests are contrary to the interests of the shareholders, members and

beneficiaries of investment fund or to a foreign investment fund,

that this investment company manages, or with those of the other

customers of this investment company



(b)) who is the staff or property linked to this investment

companies, or



(c)) who is in the last 5 years was involved in the statutory audit of

the investment company.



(4) Compulsory administrator of the investment fund cannot be the one



and) whose interests are contrary to the interests of the owners of investment certificates or

the investment of shares issued by the Fund,



(b)) who is the staff or property linked to this Fund, or



(c)) who is in the last 5 years was involved in the statutory audit of

the Fund.



§ 564



(1) the fiduciary



and without undue delay) shall adopt measures to remedy the

the shortcomings identified in the activity of investment companies or

Investment Fund,



(b) ensure the protection of the rights of unit-holders), partners and beneficiaries

Investment Fund, which manages the investment company, which is

receivership imposed, or shareholders of the investment fund, which is

receivership imposed, and



(c)) within 6 months from the date of the introduction of the forced administration will convene a meeting of the Supreme

authority of the investment company or investment fund, for which the

receivership imposed, and



1. submitting a proposal for revocation of the existing and the choice of new people into those

bodies which elect the highest authority, and a proposal for measures to remedy the

the shortcomings identified in the activity of investment companies or

Investment Fund, or



2. propose the cancellation of the investment company or investment fund.



(2) the deadline for the convening of a meeting of the supreme body referred to in paragraph 1 (b).

(c)) may on a proposal from the Czech National Bank receiver extended up to

1 year, if the reasons worthy of special consideration.



§ 565



(1) the trustee may, with the prior consent of the Czech National Bank



and suspend the issuance and sale) of securities and uncertificated

securities issued by investment fund or foreign

Investment Fund, which is managed in an investment company

the Administration introduced, or suspend the issuance and sale of

Securities and dematerialised securities issued by an investment

the Fund, which was introduced, receivership or



(b) submit an insolvency petition on) the assets of the investment company, or

Investment Fund, for which the Administration was introduced, if it finds that the

Here are the reasons for the submission of such a proposal.



(2) the Reimbursement of cash expenses forced the investment company Manager


or investment fund and the remuneration of such receiver shall be paid from the

the assets of the investment company or investment fund, for which the

receivership introduced; It is not sufficient if property investment company

or investment fund for payment of the compensation cash expenses of forced

Administrator and receiver this rewards the investment company, or

This Fund, shall be paid by the State.



(3) the Czech National Bank shall issue a decree the rules for determining the amount of the

the remuneration of a receiver, and cases in which reimbursement of cash expenses and remuneration

a receiver shall be borne by the State.



section 566



(1) the performance of functions of a receiver ceases to exist and the forced resignation)

the Administrator referred to in paragraph 2 (b)), citing a receiver pursuant to paragraph

3, c) terminating the receivership under section 562, or d) death of forced

administrator.



(2) the trustee shall notify the Czech National Bank of his resignation

a receiver for at least 1 month in advance.



(3) the Czech National Bank revoking a receiver, if seriously or

repeatedly violated its obligation to comply with this Act or has stopped

set out the preconditions for the exercise of that function.



(4) shall cease if the performance of the receiver referred to in paragraph 1 (b). and)

(b)), or (d)), the Czech National Bank decides on the appointment of another forced

Administrator without undue delay.



(5) the decision on the appointment of another receiver shall be served on the business

the company, which is the Administration introduced, and forced administrators

designated in accordance with paragraph 4.



§ 567



The information entered in the commercial register



(1) is entered in the commercial register



and) an indication of the date of introduction, administration



(b)) the data needed to identify a receiver,



(c)) the particulars needed to identify the new receiver, if one has been appointed

new fiduciary,



(d) restrictions on disposal of equity) investment fund or foreign

Investment Fund, which manages the investment company, which

the receivership was introduced, or with equity investment fund, in which the

the receivership was introduced, or restrictions on other activities of the investment

company or investment fund and



e) indication of the date of termination of receivership.



(2) the application for registration of the data referred to in paragraph 1 (b). a), b) and (d)) to

the business register serves fiduciary without undue delay after the

What was the decision on the introduction of the receivership.



(3) the application for registration of the information referred to in paragraph 1 (b). c) serves the newly

appointed by the trustee without undue delay after he realized

decision appointing him, forced by the administrator.



(4) the application for registration of the information referred to in paragraph 1 (b). (e)) in the commercial

the Register serves an investment company or investment fund, which is

receivership imposed, without undue delay after their forced

Administration.



(5) the application for cancellation of the registration particulars referred to in paragraph 1 (b). (b))

the newly-appointed fiduciary simultaneously with the application for registration pursuant to

to paragraph 3.



section 568



Financial collateral and netting



(1) the provisions of this Act governing the Administration do not have

influence on the exercise of the rights and obligations deriving from the agreement on the

financial collateral arrangement under the conditions laid down by law governing the

financial collateral or under comparable conditions according to the law of the foreign

State where the financial collateral has been agreed and established prior to

the introduction of the receivership.



(2) paragraph 1 shall apply even in the event that the financial collateral has been

agreed or was on the day of administration, but only after

This event occurred, unless the recipient of the financial collateral for such

the fact he knew, or ought to and could.



(3) the provisions of this Act governing the Administration do not have

the influence on the achievement of the final settlement under the law governing

the capital market was closed to final settlement

before the introduction of the administration.



TITLE III



THE CZECH NATIONAL BANK SUPERVISION IN CASES WITH ELEMENTS OF THE LAW OF A FOREIGN STATE



§ 569



(1) it fails to a foreign person pursuant to § 14 para. 1, in Czech

Republic through a branch or branches without location

manages the standard Fund, one of the obligations laid down in section

340, whose implementation is subject to supervision of the Czech National Bank, it notifies the

The Czech National Bank on this fact and ask it about redress and

at the same time inform the supervisory authority of another Member State, that

This person has granted authorisation.



(2) meets the foreign person who is authorised by the supervisory authority of another

Member State granted in accordance with the requirements of the directive of the European

Parliament and of the Council governing the coordination of legislation in the field of collective

investing ^ 4), when offering her investment of Fund

foreign investment fund comparable to the standard Fund in

The Czech Republic one of the obligations according to § 305 to 307, of which the performance of the

the Czech National Bank is subject to supervision, it notifies it to the Czech National Bank

This fact and requesting it to remedy the situation, and at the same time about

inform the supervisory authority of another Member State, which this person has granted

the authorization.



(3) does not lead to measures taken in relation to the foreign person under the

paragraph 1 or 2, the supervisory authority of another Member State, that this

the person granted the authorization, to remedy or has not been received within a reasonable

the time limit, the Czech National Bank



and), after informing the supervisory authority of another Member State which has granted the

the permit to that person, save foreign person referred to in paragraph 1 or 2

corrective measures or other measures or penalties under this Act with the

the fact that the provisions of section 538 paragraph 1. 2 shall apply mutatis mutandis, or



(b) the European supervisory authority) to inform about their doubts that the authority

supervision of another Member State which has granted the permit to that person,

He acted on the basis of the information referred to in paragraph 1 or 2 of the corresponding

way.



(4) if there is a risk of default, the Czech National Bank to ensure

protection of investors or customers in the Czech Republic foreign persons

referred to in § 14 para. 1 save this person measures to remedy or other

measure taken or penalty under this Act without notice

the national supervisory authority of another Member State, which this person has granted

the authorisation; section 538 paragraph 1. 2 shall apply mutatis mutandis. If the European Commission decides

after consultation with the competent supervisory authorities of other Member States, that

imposed corrective measures or other measures should be amended, or

is the Czech National Bank is bound by this decision.



Section 570



(1) it fails to a foreign person pursuant to § 14 para. 2, in Czech

Republic through a branch or branches without location

manages special fund or a Fund of qualified investors,

one of the obligations laid down in paragraph 344, whose implementation is subject to supervision

The Czech National Bank, the Czech National Bank will notify her of this fact

and requesting it to remedy the situation, and at the same time inform the supervisory authority

another Member State which has granted a permit to that person.



(2) meets the foreign person who is authorised by the supervisory authority of another

Member State granted in accordance with the requirements of the directive of the European

Parliament and of the Council governing the alternative investment manager

^ 5), funds in offering her a foreign fund investments

an investment fund or a comparable with a special fund with the Fund

qualified investors in the Czech Republic one of the obligations,

the implementation is subject to supervision of the Czech National Bank, it notifies the United

National Bank of this and requesting it to remedy the situation and

at the same time inform the supervisory authority of another Member State, that

This person has granted authorisation.



(3) does not lead to measures taken in relation to the foreign person under the

paragraph 1 or 2, the supervisory authority of another Member State, that this

the person granted the authorization, to remedy or has not been received within a reasonable

the time limit, the Czech National Bank may, after informing the supervisory authority of another

the Member State which granted the permit to that person, save measures to

remedy or other measure taken or penalty under this Act. The provisions of the

section 538 paragraph 1. 2 shall apply mutatis mutandis.



§ 571



Violations of the law of a foreign State



If the supervisory authority of another Member State, that the obhospodařovatel

under the supervision of the Czech National Bank does not comply with the notification requirement

the supervisory authority or violates the obligation arising from law

The European Union in the field of management of investment funds ' ^ 1 ') ^ 2)

which is subject to supervision of the notifying Authority supervision, stores

The Czech National Bank obhospodařovateli measures to remedy this by

This Act or any other measure under section 539 (c). h). If this

foreign person's maturity with the authorization pursuant to § 481,

The Czech National Bank the necessary information from the supervisory authority of another Member State in

which has its registered office. The provision of section 538 paragraph 1. 2 shall apply

by analogy.



section 572



Supervision of the maturity of the foreign investment fund

comparable with the standard Fund



(1) if the Czech National Bank, the foreign investment fund

comparable with the standard to which the Fund investments are offered in


The Czech Republic does not comply with the requirements of European Union law

in the area of management of investment funds ' ^ 1 ') ^ 2), which

is not subject to supervision by the Czech National Bank, the Czech National Bank will notify the

This fact to the supervisory authority of the home state of the Fund.



(2) does not lead to measures taken in relation to foreign investment

the Fund referred to in paragraph 1, the supervisory authority of the home state of the Fund to the

remedy or has not been received within a reasonable period, the Czech national

Bank



and), after informing the supervisory authority of the home state of the Save pool

measures to remedy under this Act or any other measure under section 539

(a). (h)) to protect the interests of investors in the Czech Republic with the fact that § 538

paragraph. 2 shall apply mutatis mutandis, or



(b)), in this case contact the European supervisory authority.



section 573



The supervision of the foreign investment fund's maturity in other

cases



(1) if the Czech National Bank, the foreign obhospodařovatel

an investment fund or a comparable with a special fund with the Fund

qualified investors, in which investments are offered in Czech

Republic, does not meet the requirements of the law of the European Union in

management of investment funds ' ^ 1 ') ^ 2), the performance of

is not subject to supervision by the Czech National Bank, the Czech National Bank will notify the

This fact to the supervisory authority of another Member State, that this

obhospodařovateli granted the authorisation.



(2) does not lead to measures taken in relation to the obhospodařovateli according to the

paragraph 1, the supervisory authority of another Member State, that this

obhospodařovateli granted the authorisation to the remedy or if the adopted in

reasonable period of time, the Czech National Bank may, after informing the authority

supervision of another Member State to impose measures to remedy under this

law or other measure under section 539 (c). (h)) to protect the interests of

investors in the Czech Republic, or to ensure the proper functioning of the

the financial market in the Czech Republic. The provision of section 538 paragraph 1. 2 shall apply

by analogy.



section 574



Suspicion of unlawfully granted the authorisation



(1) where the Czech National Bank has reason to suspect that the supervisory authority

another Member State has granted the foreign person is based in the State,

that is not a Member State, authorised under Directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 5) contrary to the requirements of European Union law,

notifies this fact to the supervisory authority of another Member State.

(2) does not lead to measures taken in relation to the foreign person under the

paragraph 1, the supervisory authority of another Member State, which this person

granted the authorization, to remedy or has not been received within a reasonable time,

the Czech National Bank may, after informing the supervisory authority of another

Member State measures to remedy under this Act or any other

measures under section 539 (c). (h)) to protect the interests of investors in the Czech

Republic or to ensure the proper functioning of the financial market in the Czech

Republic. The provision of section 538 paragraph 1. 2 shall apply mutatis mutandis.



TITLE IV



COOPERATION OF THE SUPERVISORY AUTHORITIES OF THE MEMBER STATES, THE EUROPEAN SUPERVISORY AUTHORITY AND

THE EUROPEAN SYSTEMIC RISK BOARD AND A SOLUTION TO THE DISPUTE BETWEEN SUPERVISORY AUTHORITIES



section 575



Provision of information to the Czech National Bank at the request of or on the basis of

notification



Inform the supervisory authority of another Member State the Czech national

a bank that has reasonable grounds to suspect that the obhospodařovatel investment fund

or to a foreign investment fund, which is subject to supervision of the Czech

the National Bank has violated its obligation under the law of the European Union

in the area of management of investment funds ' ^ 1 ') ^ 2), the Czech national

the Bank shall inform the supervisory authority and the European supervisory authority of the result of

of the measures taken.



section 576



Cooperation in the exercise of supervision, or check on the spot on the basis of

request of a supervisory authority of another Member State



(1) the Czech National Bank performs on the request of the supervisory authority

another Member State to cooperate in exercising supervision, including control

on the site of the activity itself or provide assistance when it is

implementation of the requesting authority or his authorized experts or

Auditors.



(2) if the activities of the Czech National Bank itself, will allow

the participation of authorised persons of the requesting authority.



(3) if the activity of the requesting authority alone, Czech

the National Bank may require that this activity to participate in her

authorized person.



(4) next, delimit the Czech National Bank according to the procedure of paragraphs 1 to 3

articles 6 to 13 of the directly applicable European Union legislation governing

cooperation in the supervision in the field of collective investment schemes, which is

implementing directive governing the European Parliament and of the Council coordinating the

legislation in the field of undertakings for collective investment ^ 12).



section 577



Denial of the request



(1) the Czech National Bank may refuse a request for information

or a request for cooperation in the exercise of supervision, or check on the spot

in the field of the management and administration of investment funds and

foreign investment funds



and) could be such a grant adversely affect the sovereignty or

the security of the United States or public order in the Czech Republic,



(b)) in the Czech Republic initiated legal proceedings in the same case against

the persons to which it relates, or



(c)) if the legal judgment concerning the same things and people, which

the application relates to.



(2) the Czech National Bank shall inform the applicant authority of the grounds for

denial of the request referred to in paragraph 1, if he refuses his request.



§ 578



The decision to withdraw an authorization or refusal of registration

standard pool to a list



(1) prior to the decision, which the Czech National Bank permission to odejímá

the activity of investment companies belong to foreign investment

comparable to a standard pool fund, the Czech National Bank's requests

opinion of the supervisory authority of the home state of the Fund.



(2) before deciding that the Czech National Bank refuses to write

standard pool to the appropriate list to the person pursuant to § 14 para. 1,

The Czech National Bank will seek the opinion of the supervisory authority of the home State

This person.



(3) the Czech National Bank responds to the request of a supervisory authority of another

Member State, in substance, comparable to the request for an opinion in accordance with

paragraph 2 within 10 working days from the date of this request.



section 579



The dispute between the supervisory authorities of the European supervisory authority



The Czech National Bank, you may contact the European supervisory authority is

requests for resolution of the dispute between it and the supervisory authority of another Member State

on the basis of article 19 of the regulation governing the European Parliament and of the Council

the establishment of a European supervisory authority ^ 15), if



and that authority) within a reasonable time has not complied with its requests for cooperation

in the exercise of supervision, or check on the spot,



(b)) this authority within a reasonable time has not complied with its requests for

information,



(c)) this authority within a reasonable time it cooperated in the exercise

supervision, or check on the spot,



(d)) shall within a reasonable time with her to agree to the exchange of information

According to § 316 paragraph. 2 (a). (b)) or section 481 paragraph. 1 (b). (f)),



(e)) does not agree to this authority has assessed the compliance with conditions comparable

with the conditions laid down in § 318 para. 2 (a). (b)) or § 327 paragraph 3(a). 1

(a). and) point 5 or 6 by the depositary, that is a foreign person pursuant to §

327 paragraph 3(a). 1 (b). and)



(f)) does not agree to this authority has assessed the compliance with conditions comparable

with the conditions laid down in § 318 para. 2 (a). a) and b) maturity

eligible exceed the determined limit established in another Member State

or a foreign person with the permission of comparable with the authorization pursuant to §

481, with respect to the offering of fund investment by investment

the Fund, whose home State is not a Member State,



g) does not agree to this authority has determined or changed the reference person

referred to in § 481,



(h)) does not agree with the fact that this authority has granted the permit foreign person

comparable with the authorization pursuant to § 481,



I disagree, as this) Authority has assessed that the foreign person

applying for the grant of authorisation of the comparable with the authorization pursuant to § 481, meets the

the condition referred to in article 37 paragraph 2. 7 (b). a) to (e)), or (g)) directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 5),



(j)) does not agree to this authority has authorised a derogation from the implementation of, or did not

the duties, which is comparable with the exception of the fulfilment of obligations pursuant to §

paragraph 492. 1,



k) how this authority does not agree to take measures on the basis of notifications

The Czech National Bank pursuant to § 569 para. 2, § 570 paragraph. 1 and 2, § paragraph 573.

1 or § 574 of paragraph 1. 1,



l) does not agree to this authority took measures against the obhospodařovateli

Investment Fund or to a foreign investment fund, which is

entitled to exceed the determined limit, with the authorization of the activity under section 479,

480 or 481, or



m) this body of her otherwise made the exercise of supervision pursuant to this Act.



TITLE V OF THE



INFORMATION OBLIGATIONS OF THE CZECH NATIONAL BANK



Part 1




Information obligations of the Czech National Bank in relation to the European Commission



§ 580



(1) the Czech National Bank through the Ministry of finance

European Commission information on



and the number and types of cases), in which, pursuant to section 329 paragraph. 5 refused to

communicate to the supervisory authority of another Member State the information referred to in § 328

paragraph. 2,



(b) the number and types of cases), in which it refused to allow that investment

company or a foreign person with permission under section 481 transferred

a mutual fund that manages, in the management of foreign persons

referred to in § 14 para. 1, and



c) remedies or other measures or sanctions under the

This Act, which imposed a foreign person referred to in section 14 para. 1

According to § 569 para. 3 or 4.



(2) the Czech National Bank through the Ministry of finance

European Commission information on factual and legal problems encountered by the

usually meet in States which are not Member States,



and standard or obhospodařovatelé) of comparable foreign

investment funds in offering investment in these funds, or



(b)) of the investment company in the management of foreign investment

the funds, when offering them investments managed investment

funds and foreign investment funds or in the provision of

investment services.



(3) the Czech National Bank through the Ministry of finance

European Commission information on the types of bonds and other comparable securities

or book-entry securities representing the right to repayment of the

the amount owed, you can invest up to 25% of the value of the asset

standard pool, and basic characteristics of any warranties

for these securities, or securities.



(4) the Czech National Bank through the Ministry of finance informs

The European Commission on the changes in the information provided pursuant to section 663.



(5) the Czech National Bank through the Ministry of finance

The European Commission once a year, information about each obhospodařovateli

foreign investment funds or investment funds, which is

entitled to exceed the determined limit, which are not comparable to

the standard Fund, these funds data and data on foreign

investment funds, which are offered by investment in the Czech

Republic; to the extent of the information referred to in article 69 paragraph. 2 (a).

a) to (f)) directive of the European Parliament and of the Council modifying administrator

alternative investment funds ^ 5).



Part 2



Information obligations of the Czech National Bank in relation to the European authority

supervision



§ 581



Information on permits



(1) the Czech National Bank will provide the European supervisory authority on a quarterly basis

information on authorisations granted or withdrawn investment activity permits

company authorized to exceed a determined limit, or manage

standard funds, to the activities of a foreign person pursuant to section 481 and activities

Government Investment Fund, which is entitled to exceed the record

limit or which is standard on the Fund.



(2) the Czech National Bank will provide the European supervisory authority statement

that granted or granted, changed or withdraw authorisations

a foreign person pursuant to section 481. Has not granted a permit, Czech National Bank

the activities of a foreign person pursuant to § 481, will provide to the European authority

surveillance data necessary to identify the applicant and the reasons for its

not giving.



section 582



Information on cross-border management and implementation of administration



The Czech National Bank will provide the European supervisory authority data showing that

a foreign person with permission under section 481 may, in another Member State

start exercising the activity which involves the management of or

the administration of the foreign investment fund comparable to

a special fund or Fund of qualified investors.



§ 583



Information about cross-border offering of investment



(1) the Czech National Bank will provide the European supervisory authority data showing

the investment company is entitled to exceed the record limit or

a foreign person with permission under section 481



and) may, in accordance with § 320 paragraph. 1, § 321 paragraph. 1, § paragraph 325. 1 or §

326 start in the Czech Republic or in a Member State offering

investment in a foreign investment fund, whose home State

It is not a Member State,



(b)) intends to start in the Czech Republic or in a Member State offering

investment in further foreign investment fund, whose home

the State is not a Member State, or



(c)) in the Czech Republic intends to terminate or in another Member State offering

investment in a foreign investment fund, whose home State

It is not a Member State.



(2) the Czech National Bank will provide the European supervisory authority data showing

that a foreign person with permission under section 481



and) may, in accordance with § 317 of paragraph 1. 1 start in the Czech Republic or in another

Member State to offer special investment fund, the

qualified investors, or to a comparable foreign

Investment Fund,



(b)) intends to start offering in the Czech Republic or in a Member State

investment in a special fund, the Fund of qualified investors, or to

the comparable foreign investment fund, and



(c)) in the Czech Republic intends to terminate or in another Member State offering

investment in a special fund, the Fund of qualified investors, or to

the comparable foreign investment fund.



section 584



Information about the foreign person is based in a State which is not a Member

by the State



The Czech National Bank will provide the European supervisory authority data showing that

a foreign person with permission under section 481 breached an obligation imposed

the provisions of this Act or legislation issued on his

the basis, which incorporates Directive of the European Parliament and of the Council

regulating alternative investment Fund Manager ^ 5), as well as

the provisions directly applicable European Union legislation, which

implementing directive governing the European Parliament and of the Council of the administrator

alternative investment funds ^ 6), taking this justification for such a violation.



section 585



Informing the European supervisory authority in case of reasonable suspicion



If the Czech National Bank has reason to suspect that the obhospodařovatel

Investment Fund or to a foreign investment fund, which is

entitled to exceed the record level, and subject to supervision of the authority

supervision of another Member State has breached its obligation under the

rights of the European Union in the field of alternative fund managers, ^ 5) ^ 6)

It shall inform the European supervisory authority, and this suspicion

shall be provided.



§ 586



The information provided in relation to the European Commission



The Czech National Bank will provide the European supervisory authority details

facts pursuant to section 580 of paragraph 1. 1 to 4.



587. §



Setting the conditions for the use of the leverage effect



(1) the Czech National Bank shall inform the European supervisor that

plans to save the investment company authorized to exceed the record

limit, the foreign person authorised under section 481 or samosprávnému

Investment Fund shall not exceed the limit of the authorized determined the conditions for the

the use of leverage or restrictions that are required to comply with the

leverage under section 548, usually 10 working days before the

before this restriction is to be effective. In this information, the Czech national

at the same time, the Bank shall



and details of the proposed measures) under section 548,



(b)) the reasons why it has to be accepted, and



(c)) when you want this measure to be effective.



(2) the Czech National Bank informs the European supervisory authority, if

Save the investment company authorized to exceed this limit, the decisive

foreign person authorised under section 481 or samosprávnému

Investment Fund shall not exceed the limit of the authorized determined the conditions for the

the use of leverage or restrictions that are required to comply with the

the use of the leverage effect under section 548, which is contrary to the opinion of the

a European supervisory authority, and justify the adoption of such measures.



§ 588



Measures of a general nature



The Czech National Bank shall inform the European supervisor regarding the nature of the measures

of a general nature adopted under § 557.



section 589



Guidelines and recommendations



The Czech National Bank shall communicate to the European supervisory authority within 2 months from the

the release of his order or recommendation, whether this or

the recommendation will be governed; If it is not going to the Czech National Bank control,

shall inform the European supervisor, why it does not intend to control.



Part 3



Information obligations of the Czech National Bank in relation to the European Council on

systemic risks



Section 590



The Czech National Bank shall provide the information referred to in paragraph 587. §. 1 and European

systemic risk Board.



Part 4



Information obligations of the Czech National Bank in relation to the

supervisory authorities of other Member States



section 591



Inform the supervisory authority of another Member State in the case of reasonable

suspect



If the Czech National Bank has reason to suspect that the obhospodařovatel

foreign investment fund, which is subject to supervision by the supervisory

another Member State has breached its obligation under the law

The European Union in the field of management of investment funds ' ^ 1 ') ^ 2)


It shall inform that authority of supervision and supervisory authority of the Member State,

which this reasonable grounds for infringement relates; This suspect

duly justified.



section 592



Obligation to inform about measures to remedy the



The Czech National Bank shall inform the supervisory authority of another Member State,

which granted the permit foreign person referred to in section 14, without undue

delay of the nature of corrective measures or any other measures or sanctions

imposed pursuant to § 569 para. 3 570 paragraph or section. 3.



section 593



Information in the case of investment funds, which are not standard

Fund



(1) the Czech National Bank shall inform the supervisory authority of another Member State,

in which they are offered an investment in an investment fund that is not

the standard Fund, or a comparable foreign investment

the Fund, whose investment company's maturity is justified

exceed the determined limit or a foreign person with permission according to §

481, that investment in this Fund may not be in the Member States

offered.



(2) the Czech National Bank will provide the supervisory authority of the home State

foreign investment fund, which is not comparable with the standard

the Fund, details of that investment company authorized to exceed

a determined limit, or a foreign person with permission under section 481 can start

offer investment in this Fund in the Czech Republic or in another

Member State.



section 594



Specify the conditions for the use of the leverage effect



The Czech National Bank shall provide the information referred to in paragraph 587. §. 1 authority

supervision of the Member State of a foreign investment fund.



Information in the event of the standard funds



section 595



(1) When the Czech National Bank shall inform the supervisory authority of another Member

State investment in standard bidding, funds and activities

obhospodařovatelů standard funds, defined by articles 12 and 13 of the directly

of the applicable legislation of the European Union relating to cooperation in the surveillance

in the field of undertakings for collective investment, implementing directive

The European Parliament and of the Council governing the coordination of legislation in the field of

collective investment undertakings ^ 12).



(2) the Czech National Bank will provide the supervisory authority of the home State

child Fund, which is comparable to a foreign investment fund

with the standard Fund, details of any decision or measure

relating to the management of the Fund or the Fund's child

translates into higher, administrator, depositary or auditor of

the management of the Fund, of which it becomes aware of its activities or which it shall take

or stores, and of any facts on which she learned from

translates into higher, administrator, depositary or auditor of

the management of the Fund.



TITLE VI OF THE



LISTS



§ 596



The Czech National Bank leads lists



and) investment companies,



(b)) obhospodařovatelů established in a foreign State who are entitled to

managing the investment fund,



(c)) the main administrators,



(d)) of administrators located in a foreign State who are entitled to

administer investment fund that managed the,



(e)), the depositaries of the investment fund,



f) persons referred to in article 15, paragraph 2. 1, which are required to be entered in the

the list,



(g)) of persons who may be appointed as the liquidator of an investment company,

a collective investment fund with legal personality and the main

the administrator, and



(h)) of persons who may be appointed as a forced investment manager

the company, which manages the Fund for collective investment or

comparable foreign investment fund, and the Fund for collective

investing with a legal personality.



§ 597



The Czech National Bank leads on lists



and investment funds with legal) personalities,



b) mutual funds



c) investment funds with the legal form of the Trust Fund,



(d)) of foreign investment funds in which investment can be

offered to the public in the Czech Republic, unless it is a case referred to in subparagraph (e)),

and



e) foreign investment funds comparable special fund

or with the Fund of qualified investors, whose obhospodařovatel is

entitled to exceed the determined limit and in which investments in

The Czech Republic under the plan only offered otherwise than in public.



section 598



Keeping of lists



(1) the lists referred to in § 596 and 597 are kept in electronic form, in the

information system of public administration. The administrator of this system is the United

the National Bank, which also determines the range and structure of these lists,

as well as the details of the lists shall be published.



(2) the Written details of the intended strategy that are included in the list

conducted pursuant to section (a) 596. (f)), are defined in article 5 (3). 2 directly

of the applicable legislation of the European Union, implementing the directive

The European Parliament and of the Council governing the alternative Manager

investment funds ^ 6). Part of the list maintained under section 597 (f). and)

There are also data necessary to identify the Sub-fund, if such

Investment Fund sub-funds.



(3) the Czech National Bank publishes on its website information

from the lists pursuant to § 596 and 597 in the Czech and English language, so that the

accessible to the public.



(4) the lists referred to in § 596 and 597, which leads the Czech National Bank as

This law, are not public registers or public lists.



PART FIFTEEN



ADMINISTRATIVE OFFENCES



TITLE I OF THE



ADMINISTRATIVE OFFENCES OF LEGAL ENTITIES AND NATURAL PERSONS-ENTREPRENEURS



Part 1



Administrative offenses translates into higher



§ 599



(1) Obhospodařovatel investment fund or foreign investment

the Fund has committed the administrative offence by



and) fail to fulfil one of the obligations laid down by the directly applicable

Regulation of the European Union in the field of investment funds management ^ 2)

in relation to the exercise of the activity, which involves the management of

Investment Fund or to a foreign investment fund,



b) contrary to section 18 of the word this Fund with professional care,



c) contrary to section 7 para. 1 does not function properly or prudently,



d) contrary to section 7 para. 2 does not apply to boot does not maintain or control

and control system,



(e)) does not ensure that its management and control system must meet the requirements

arising from section 20 (2). 1, 2 or 3,



f) except pursuant to section 20 (2). 4,



g) does not ensure that its personnel the equipment conforms to the requirements arising

from section 21,



h) violating any of the rules of conduct arising from § 22,



I authorise another individual performance) activity which includes

the management of this Fund, in breach of any of the conditions referred to

in sections 23 to 25,



(j)) in the performance of any of the activities referred to in section 11 (1) 1 (b). (c)) to

(f) fails to comply with any of the requirements) arising from § 33 para. 1 or breach

the prohibition in § 33 para. 2,



to) handle funds this Fund contrary to section 74 para. 2

or 3,



l) after the demise of the depozitářské of the contract fails to comply with any of the

the obligations referred to in § 76 or 673,



m) contrary to section 88 para. 3 does not inform the competent depositary of

or termination of the obligation of the contract referred to in § 88 para. 1,



n) fails to provide the Czech National Bank one of the documents referred to in § 455 para.

1, or



o) notifies the United National Bank of any of the data or any of the

facts pursuant to § § 459, paragraph 458. 1, § 460 paragraph. 1, § 461 para. 3

or 4, § 462, 463, 464 paragraph §. 1, §, § 467 paragraph 466. 2 first sentence, section

467 paragraph. 5, § § 471 468, para. 1, § or § 473 475 paragraph. 1.



(2) unauthorized Obhospodařovatel exceed the record limit that

the farmer is the only qualified investors ' funds and comparable

foreign investment funds, committing an administrative offense to the fact that

contrary to section 28, § 291 para. 2 or § 293 paragraph. 2 fails to comply with any of the

the obligations laid down in articles 7 to 10, or directly to articles 12 and 13

of the applicable legislation of the European Union relating to European funds

venture capital ^ 7).



(3) Obhospodařovatel referred to in § 34 paragraph 1. 1 committed by the administrative

tort by



and will not provide disclosure of one of) the data referred to in § 34 paragraph 1. 1 and

2 and § 35 para. 1 (b). a) to (e)),



(b)) has requested the statutory authority controlled legal person under § 36

paragraph. 1, 3 or 4,



(c) does not guarantee the inclusion of data) specified in § 34 paragraph 1. 2 in the annual report

It managed investment fund, if under section 234

paragraph. 2 (a). (d)), or



(d) notify the Czech National Bank) one of the data according to § 471 paragraph. 2.



(4) the Obhospodařovatel referred to in § 34 paragraph 1. 1 or § 35 para. 3, the

committing an administrative offense, by



and will not provide disclosure of one of) the data referred to in section 35 para. 1

(a). f) to (h)),



(b)) has requested the statutory authority controlled legal person under § 36

paragraph. 2,



(c)) does not prevent an act or fact pursuant to § 37 para. 1, or



(d) notify the Czech National Bank) one of the data according to § 471 paragraph. 3.



(5) Obhospodařovatel Investment Fund commits an administrative offense

by



and) contrary to section 61 to become the depositary of the Fund,



b) contrary to section 189 or does not update the status of this Fund,



c) appreciates the assets or debts of the Fund has created

organizational assumptions under section 195,



d) contrary to section 634 of paragraph 1. 5 does the name of this Fund, the word

"the Fund", or



(e)) does not ensure that its name or the name of the Fund meet

requirements referred to in section 635.




(6) an administrative offense shall be fined in the



and $ 10 000 000), in the case of an administrative offence referred to in paragraph 1 (b). (j)) to

about), paragraphs 3, 4 or 5, or



(b) 20 000 000 Czk), in the case of an administrative offence referred to in paragraph 1 (b). a) to

I) or paragraph 2.



Section 600



(1) Obhospodařovatel collective investment Fund commits

the administrative offense by



and this investment strategy) changes the Fund in violation of § 207,



(b)) does the fact pursuant to section 213,



(c)) does not apply to boot does not maintain or any of the rules, techniques

or limits under section 215 paragraph. 1, or



(d)) does not ensure that the Statute of the Fund include the information provided for in § 219 or

220.



(2) a collective investment fund, Obhospodařovatel, and obhospodařovatel

Fund of qualified investors eligible to exceed the record level

committed an administrative offence, contrary to section 68 or § 83 para. 1

does not provide for this pool just one depositary.



(3) the Obhospodařovatel Fund of qualified investors an unauthorized

exceed the record level of the administrative offense committed by the

contrary to § 83 para. 1 does not provide for this pool of at least one

the depositary.



(4) Obhospodařovatel investment fund, for which the main proponent

performs a service, or whose assets are held, is guilty of an administrative offense

the fact that contrary to section 89 does not ensure the provision of the necessary data, or

the main proponent of the relevant documents to the depositary.



(5) Obhospodařovatel mutual fund commits an administrative offense by

that



and does not ensure that the labelling) Mutual Fund complies with the requirements of §

104, 129, 143 or



(b)) when you change the type or form of investment securities or disposal of investment

the leaves of the trading on a regulated European market this is contrary to section

123 to 125,



(c)) in violation of § 134 para. 3 has failed to write about its decision to

the suspension of the issuance or sale of investment securities,



(d) the property or fails to comply with nezpeněží) debt under § 376 paragraph. 1, or



(e)) does not in the Statute details according to § 428 paragraph. 1 or § 432 para. 1.



(6) an administrative offense shall be fined in the



and $ 10 000 000), in the case of an administrative offence referred to in paragraph 1 (b). (b))

or (d)), paragraphs 2, 3, 4, or 5, or



(b) 20 000 000 Czk), in the case of an administrative offence referred to in paragraph 1 (b). and)

or (c)).



§ 601



(1) Obhospodařovatel investment fund as a trust fund, the

committing an administrative offense that does not ensure that the labelling of this Fund

meet the requirements under section 104 and obhospodařovatel mutual fund

that is a joint stock company with variable capital,

committing an administrative offense, that does indicate its

sub-funds meet the requirements pursuant to § 166 paragraph. 1 or section 104.



(2) Obhospodařovatel of a special fund or a comparable foreign

an investment fund that uses leverage, is guilty of an administrative

tort by resuscitating the Czech National Bank at its request, any

from the facts under section 218.



(3) Obhospodařovatel child Fund committed by administrative tort

by



a) invests in violation of § 248 paragraph. 1,



(b) the performance of duties) does not check translates into higher management of the Fund pursuant to §

paragraph 248. 2, or



(c)) does not pass the depositary of the Fund information under section 256.



(4) the Obhospodařovatel of the management of the Fund has committed misconduct by

that contrary to section 255 para. 2 does not inform the child translates into higher

the Fund, the administrator of the child Fund, the depositary of the child Fund

The Czech National Bank or a competent authority of another Member

State.



(5) Obhospodařovatel collective investment fund, which according to their

the Statute is investing in real estate or participations in real estate

the company is guilty of an administrative offense by Committee name

experts under section 268.



(6) an administrative offense shall be fined in the



and $ 10 000 000), in the case of an administrative offence under paragraphs 1, 2, paragraph

3 (b). (b)), or (c)), paragraphs 4 or 5, or



(b) 20 000 000 Czk), in the case of an administrative offence under paragraph 3 (b). and).



§ 602



(1) Obhospodařovatel by a Fund of qualified investors

the administrative offense that does not load, does not maintain or apply some

from the rules, techniques, or the limits of § 284 paragraph 1. 1.



(2) Obhospodařovatel or a comparable Fund of qualified investors

foreign investment fund eligible exceed the record limit

that uses leverage, is guilty of an administrative offense, by

the Czech National Bank of resuscitating the fact pursuant to section 287.



(3) Obhospodařovatel of the mutual fund or foreign standard

the fund equivalent to the unit trust fund, which was created with the merger of the

committing an administrative offense that has notified the depositary of the Fund

the fact pursuant to § 393 paragraph 1. 1.



(4) the Obhospodařovatel mutual fund or foreign

Investment Fund comparable to the standard Fund merger

was guilty of an administrative offense that does not provide the call in

money § 396 of paragraph 1. 1.



(5) Obhospodařovatel the successor standard Fund or

the successor of the foreign investment fund comparable to

the standard Fund commits an administrative offense that fails to notify

the depositary of this fact Fund pursuant to § 409 of paragraph 1. 1.



(6) an administrative offense shall be fined in the



and $ 10 000 000), in the case of an administrative offence under paragraphs 2, 3, 4 or

5, or



(b) 20 000 000 Czk), in the case of an administrative offence referred to in paragraph 1.



Section 603



(1) the successor Obhospodařovatel mutual fund or the successor

foreign investment fund of a comparable standard to fund

committing an administrative offense that does not provide a cash call by

§ 412 paragraph. 1.



(2) joint stock company Obhospodařovatel, which is a mutual fund

transformed, is guilty of an administrative offense that does not provide the call in

money § 423 paragraph 1. 1.



(3) Obhospodařovatel child Fund committed by administrative tort

by means of this Fund invests in violation of § 433 para. 3.



(4) a person who performs for the investment fund without a legal

personality activity comparable with activity translates into higher, is guilty of an

the administrative offense that does not provide a match in cash pursuant to § 453

paragraph. 1.



(5) Obhospodařovatel standard pool, which will proceed in accordance with § 666 to

675 committing an administrative offense that fails to meet any of the requirements

pursuant to section 671 para. 1.



(6) an administrative offense shall be fined in the



and $ 10 000 000), in the case of an administrative offence under paragraphs 1, 2, 4 or

5, or



(b) 20 000 000 Czk), in the case of an administrative offence under paragraph 3.



Part 2



Administrative offenses administrator



section 604



(1) the administrator of an investment fund or foreign investment

the Fund has committed the administrative offence by



and) fail to fulfil one of the obligations laid down by the directly applicable

Regulation of the European Union in the field of investment funds management ^ 2)

in relation to the exercise of the activity, which includes the administration of the investment

the Fund or to a foreign investment fund,



b) contrary to section 45 does not administer this Fund with professional

care,



(c)) in violation of § 46 para. 1 not engaged properly and with caution,



(d)) in violation of § 46 para. 2 does not apply to boot does not maintain or control

and control system,



(e)) does not ensure that its management and control system must meet the requirements

arising from § 47 para. 1, 2 or 3,



f) except pursuant to § 47 para. 4,



g) does not ensure that its personnel the equipment conforms to the requirements arising

of § 48,



h) violating any of the rules of conduct arising from § 49,



I authorise another individual performance) activity which includes

the administration of this Fund, in breach of any of the conditions referred to in

sections 50 to 52,



j) does not ensure the keeping of registers under section 54,



the Czech National Bank does not provide) any of the documents referred to in § 455 para.

2 or section 457,



l) fails to notify the United National Bank of any of the data or any of the

the fact pursuant to section 456, 457, section 459 of paragraph 1. 2, § 460 paragraph. 2, § 467 paragraph.

2 the second sentence of § 467, para. 3, § or § 475 paragraph 469. 2, or



m) communicated to the consumer before conclusion of the contract or before

the consumer shall make a binding offer, in fact according to the text format

section 1843 of the civil code.



(2) the administrator of the Fund of qualified investors or a comparable

foreign investment fund of Fund's maturity

referred to in section 28 is guilty of an administrative offense by that, to the extent

the administration of this Fund in violation of § 56, § 291 para. 2 or § 293

paragraph. 2 fail to fulfil one of the obligations laid down in articles 7 to 13

directly applicable European Union legislation governing venture

capital ^ 7).



(3) the administrator of the mutual fund is committing an administrative offense, by



and does not list the holders ') pursuant to § 109, § 110 paragraph 2. 2 or § 111,



b) keep accounts in violation of § 114,



(c) does not guarantee the publication of any of) documents or information pursuant to §

paragraph 137. 1 or § 138,



(d) not be paid to the shareholders of their shares) the liquidation under section

paragraph 376. 2,



(e) does not publish the information pursuant to §) 428 paragraph. 3, or



(f)) does not build an extraordinary financial statements in accordance with § 434.



(4) the administrator of the Investment Fund commits an administrative offense by

that



and another asset valuation entrust) or debts of the Fund in violation of


§ 197 paragraph. 1, section 198 paragraph 1. 1 or § 199,



(b) does not publish the information pursuant to §) 432 para. 3,



(c)), the fact the Czech National Bank has not notified under section 465, or



(d)) does not ensure that its name complies with the requirements of § 635.



(5) the administrator of a collective investment Fund commits an administrative

tort by



and does any of) documents or data under section 222, paragraph 233 para. 1

or § 237 para. 1,



(b) does not provide any of the investor) documents or data under section 224

paragraph. 1, § 225, 226, 231, 232, or § 233 para. 3,



(c)) has failed to notice key information under § 227 to 230, the annual

detail of the Fund under section 234 or half-yearly report of the Fund

According to § 238,



d) contrary to section 228 does not update any of the information contained in the communication from the

key information, or



(e)), they fail to provide the shareholders of that Fund or one of the

documents pursuant to § 233 para. 2 or § 237 para. 2.



(6) an administrative offense shall be fined in the



and $ 10 000 000), in the case of an administrative offence under paragraphs 1 (a). k) up to

m), paragraphs 2, 3, 4, or 5, or



(b) 20 000 000 Czk), in the case of an administrative offence referred to in paragraph 1 (b). a) to

(j)).



§ 605



(1) the administrator of a collective investment fund, which has a legal form

joint-stock company, is guilty of an administrative offense by that, contrary to section

223 does not publish the statutes of this Fund.



(2) the administrator of the Fund, the Special Fund for the standard, which is

Open mutual fund or joint-stock company with variable

share capital, or a comparable foreign investment

the Fund, if they are investing in this Fund offered in the Czech Republic, the

committing an administrative offense that does any of the information in accordance with §

239.



(3) the administrator of a collective investment fund, which it neodkupuje

issued securities or uncertificated securities, or a comparable

foreign investment fund, if investment in this Fund

offered in the Czech Republic, is guilty of an administrative offense, by

does any of the information referred to in section 240.



(4) the administrator of the Special Fund, the Fund of qualified investors

or a comparable foreign investment fund, whose

obhospodařovatel is entitled to exceed the determined limit, commits

the administrative offense by



and not one of the investor) data pursuant to section 241 para. 1, 3, or

4, or



b) contrary to section 241 para. 2 does not update any of the data.



(5) the administrator of the Fund for collective investment or comparable

Foreign Investment Fund commits an administrative offense, by

draw up a promotional communication from this Fund in violation of § 242 or 243.



(6) for the administrative offence under paragraphs 1 to 5 shall be fined up to 10 000

000.



§ 606



(1) the administrator of the child Fund commits an administrative offense by

that



and the investor does not provide document) pursuant to § 224 of paragraph 1. 2,



(b)) in the marketing communication does not fund any of this data in accordance with §

244,



(c) does the notification according to §) 249 para. 1,



(d)) shall not provide, they or shareholders of that Fund or statement

one of the data referred to in section 249 para. 2,



(e)) collides amount in violation of § 250 paragraph. 1, or



(f)) does not provide, they or shareholders of the Fund or to the person in

a comparable position document in accordance with § 251 paragraph. 3.



(2) the administrator of the Fund of qualified investors, whose

obhospodařovatel is entitled to exceed the determined limit, commits

the administrative offense by



and this annual report is not produced) of the Fund in accordance with § 290 paragraph 1. 1 or §

291,



(b)) does not provide a companion or the annual report of the Fund, they

in violation of § 290 paragraph 1. 2, or



(c)) at its request, the investor does not provide the information in accordance with § 290 paragraph 1. 3.



(3) the administrator of the foreign investment fund comparable to

the standard Fund if they are investing in this Fund offered in the Czech

Republic, is guilty of an administrative offense, by



and does any of) documents or data under section 307, or



(b) fails to notify the Czech National Bank) any of the data or any of the

the facts under section 461 para. 1 or 2.



(4) the administrator of the standard pool, which is to be a merger or

merging canceled, committing an administrative offense that does not process,

does or does not give notice under section 388 or 404.



(5) the administrator of the mutual fund, which is to be a merger or

merging canceled, committing an administrative offense that does not

any of the documents or notification referred to in § 391 of paragraph 1. 1 or § 407 paragraph 2.

1.



(6) for the administrative offence under paragraphs 1 to 5 shall be fined up to 10 000

000.



§ 607



(1) the administrator of the mutual fund, which was created by a merger of the

the administrative offense that does not ensure exchange under section 395.



(2) the administrator of the successor of the mutual fund is committed by the administrative

offense that does not ensure exchange under section 411.



(3) the administrator of the přeměňovaného mutual fund is committed by the administrative

offense that does any of the documents referred to in section paragraph 420. 1 or

notice pursuant to § 420 paragraph. 2 the first sentence.



(4) the administrator of the joint stock company was a mutual fund

converted, committing an administrative offense that does not ensure exchange pursuant to section

422.



(5) the administrator of the management of the Fund has committed misconduct by



does not send the notice) pursuant to § 435 paragraph. 2, or



(b) fails to notify the Czech National Bank) any of the data or any of the

facts pursuant to § 470 paragraph. 3.



(6) for the administrative offence under paragraphs 1 to 5 shall be fined up to 10 000

000.



Section 608



(1) the administrator of the přeměňovaného collective investment fund is

committing an administrative offense that does any of the documents referred to in

section 450 paragraph. 1.



(2) the administrator of the přeměňovaného Fund of qualified investors,

committing an administrative offense that does not publish the draft terms of conversion pursuant to section

450 paragraph. 2.



(3) the administrator of the přeměňovaného mutual fund is committed by the administrative

offense that does notifications under section 450 paragraph. 3.



(4) the administrator of the child Fund, whose management fund is a foreign

Investment Fund, committing an administrative offense, by



and the Czech National Bank does not provide) any of the documents referred to in § 455 para.

3 or § 470 paragraph. 1 or 2, or



(b) fails to notify the Czech National Bank) any of the data or any of the

facts pursuant to § 470 paragraph. 1 or 2.



(5) an administrative offence under paragraphs 1 to 4 shall be fined up to 10 000

000.



Part 3



Administrative offenses translates into higher and the administrator



§ 609



(1) the Obhospodařovatel of the management of the Fund and the administrator of the management of the Fund,

committing an administrative offense by that, contrary to § 253 para. 2 apply

reduction, premium or fee.



(2) the Obhospodařovatel mutual fund and unit trust administrator

committing an administrative offense that fails to meet any of the conditions

the Czech National Bank imposed pursuant to § 428 paragraph. 2 or under section 432

paragraph. 2.



(3) for the administrative offence under paragraphs 1 and 2 shall be fined up to 10 000

000.



Part 4



Administrative offenses investment fund with legal personality, the investment

the company, a government investment fund, foreign persons with

by enabling the Czech National Bank and the Central administrator



§ 610



(1) investment fund with legal personality of committing an administrative offense

by



and) contrary to section 8 (2). 3 manages another investment fund or

foreign investment fund, or



b) contrary to section 40 para. 3 carries out the administration of other investment

the Fund or to a foreign investment fund.



(2) an investment firm referred to in section 29 para. 1 (b). and) or (b)), and

a foreign person with permission under section 481 referred to in section 29 para. 1 (b).

(c)) is guilty of an administrative offense, by



and) not hold capital pursuant to § 30 para. 1, or



(b)) does not increase the capital pursuant to § 31 para. 1.



(3) investment company, a government investment fund, and foreign

person authorised under section 481 committing an administrative offense to the fact that

contrary to § 30 para. 3 does not ensure that her or his capital has not fallen

below the minimum amount of initial capital.



(4) an investment firm referred to in section 29 para. 1 (b). (b)), the Government

Investment Fund referred to in section 29 para. 2 (a). (b)) and a foreign person with

the authorisation under section 481 referred to in section 29 para. 1 (b). (c)) or in § 29 para.

2 (a). (c)) is guilty of an administrative offense that fails to comply with an obligation under the

§ 31 para. 5.



(5) an administrative offence under paragraphs 1 to 4 shall be fined up to 10 000

000.



§ 611



(1) an investment firm authorised to exceed the determined limit and

a foreign person with permission according to § 481, which is not comparable to the

Government Investment Fund, committing an administrative offense, by

places the capital in violation of § 32 para. 1.



(2) Government investment fund eligible exceed the record limit and

a foreign person with permission according to § 481, which is comparable to the

Government Investment Fund, committing an administrative offense, by

places the property, which was the capital raised in violation of § 32 para. 2.



(3) the main administrator of the administrative offense committed by

does not ensure that its capital has not fallen below the minimum amount of initial

capital provided for in § 57.



(4) an investment firm authorised to manage standard and


comparable foreign investment funds or the beneficiary shall not exceed

record limit and with the permission of a foreign person pursuant to § 481, which is not

comparable to a government investment fund, is committed by the administrative

tort by the Czech National Bank has not notified the fact pursuant to section 331

paragraph. 1 or 2 or § 335 paragraph. 1 or 2.



(5) an administrative offence under paragraphs 1 to 4 shall be fined up to 10 000

000.



Part 5



Administrative offenses of the depositary and the main proponent



§ 612



(1) a depository investment Fund commits an administrative offense, by



and in the performance of the activities of the depositary) not according to § 62,



b) provide investment vehicle contrary to section 63,



(c)) does not apply to boot does not maintain or practices pursuant to § 64 para. 1,



(d) fails to notify the fact) pursuant to § 64 para. 2,



e) carries on the activity, from whose performance may translate into a conflict of interest, without

introduced organizational prerequisites under section 65 paragraph 1. 2,



f) commends the assets and debts of an investment fund or performs a calculation

the current value of the share certificate or the investment shares are issued

Investment Fund without the organizational assumptions has introduced pursuant to section 65

paragraph. 3,



the same is with maturity of g) this fund fact pursuant to § 66,



h) has created the prerequisites pursuant to § 69 para. 2,



I) does not have custody of the assets of the investment tools in the fungibility of this

the Fund pursuant to § 71 para. 1 (b). and)



(j) in the custody of assets) does not have this Fund, whose nature it allows, under

§ 71 para. 1 (b). (b)),



the inventory does not provide this) Fund pursuant to § 71 para. 1 (b). (c)),



l) has not established, does not or did not have the cash accounts, does not impose a monetary

means or does not control the movement of funds under section 72,



m) does not control pursuant to § 73 para. 1 or 3,



n) does not make the statement under § 73 para. 2,



the rising of the depositary fails to inform about) this Fund, it does not pass

all papers or issued the funds or assets of the

the Fund under section 75 para. 1,



p) entrusts the performance of certain activities of another, which include

the activities referred to in § 71 para. 1, contrary to some of the assumptions

referred to in section 77 or 78,



q) contrary to section 510 paragraph. 2 not recorded in the list of repositories

Investment Fund, or



r) notifies the fact the Czech National Bank pursuant to § 474.



(2) the depositary of a standard Fund, which shall proceed pursuant to section 666-675,

committing an administrative offense, by



and held in custody) doesn't have a fungible asset investment instruments in this

the Fund under section 669 (b). and)



(b) in the custody of assets) does not have this Fund, whose nature it allows, under

section 669 (b). (b)),



(c)) does not ensure inventory of this Fund, whose nature it allows

under section 669 (b). (c)),



(d)) have established or does not lead to this Fund cash accounts under section 669 (b).

(d)),



e) recorded no movement of funds of the Fund under section 669 (b).

(e)),



(f)) does not ensure settlement of assets of the Fund under section standard

669 (b). (f)),



g) does not control under section 670 of paragraph 1. 1 or 3,



(h)) does not make the statement under section 670 of paragraph 1. 2,



and the rising of the depositary does not inform us of this) Fund, does not pass him

all papers or issued the funds or assets of the

Fund in accordance with section 672 of paragraph 1. 1, or



j) authorise another performance of certain activities referred to in section 669

(a). a) to (c)), in contradiction with any of the assumptions referred to in § 77

paragraph. 1 or 2.



(3) the management of the Fund by the depositary is guilty of an administrative offense, by



and translates into higher child fails to inform the Fund), the depositary

child Fund, the Czech National Bank or the competent supervisory authority

another Member State pursuant to § 260 paragraph. 1, or



(b) the child fails to inform the depositary of the Fund) in accordance with § 260 paragraph. 2.



(4) the depositary of a unit trust or foreign investment fund

comparable with the standard Fund, which was cancelled, with the merger of the

committing an administrative offense, by



and will not be one of the facts) according to § 393 paragraph 1. 2 sentences

the first, or



(b)) does not process a message or does not provide it according to § 393 paragraph 1. 2 the second sentence.



(5) the depositary of a unit trust or foreign investment fund

comparable with the standard Fund, which was the merger of the cancelled or

that merger was created, committing an administrative offense, by

does not check the consistency of the data according to § 393 paragraph 1. 3.



(6) for the administrative offence under paragraphs 1 to 5 shall be fined up to 10 000

000.



§ 613



(1) the depositary of a mutual fund that has been deleted, merge commits

the administrative offense by



and will not be one of the facts) according to § 409 of paragraph 1. 2 sentences

the first, or



(b)) does not process a message or it will not provide under section 409 paragraph. 2 the second sentence.



(2) the depositary of a unit trust or foreign investment fund

comparable with the standard Fund, which is participating in the consolidation, with

committing an administrative offense that fails to examine the consistency of the data according to §

409 paragraph. 3.



(3) the main proponent of investment Fund commits an administrative offense

by



and the investment facility) to provide contrary to section 90,



(b)) carries out activities of the depositary of the Fund, without prejudice to the fulfilment of

the prerequisites under section 91 paragraph 2. 1, or



(c)), pursuant to section 91 does not notify the fact to the paragraph. 2.



(4) for the administrative offence under paragraphs 1 to 3 shall be fined up to 10 000

000.



Part 6



Administrative offenses of other persons



§ 614



(1) a legal entity or individual entrepreneur is committed by the administrative

tort by



and unlawfully carries out or offer) activity under this Act, to

that it is necessary to enable the Czech National Bank, write to the list maintained by the

The Czech National Bank, the Czech National Bank's consent or the communication authority

supervision by the Member State,



(b) incorrect information) or conceal any fact in the context of

to inquire about the decision, designation, authorisation, consent,

enable to marking, entry on the list, change the data entered in the

lists or withdrawal of an authorisation under this Act,



c) collects or attempts to collect funds or

money, valuable things contrary to section 98 or 205,



d) contrary to section 99 will enable or facilitate another prohibited activity



(e)) will offer an investment into a special fund, to a pool of qualified

investors or to comparable foreign investment fund before,

before any of the facts referred to in section 309, 311, § 315 paragraph. 1, §

paragraph 316. 1, § 317 paragraph. 1, 2, or 3, § 318 para. 1, § 319 para. 1, §

320 paragraph. 1, § 320 paragraph. 2 (a). (c)), § 324 paragraph. 1 or § paragraph 325. 1

or 3, in breach of the prohibition under section 314 para. 3 the second sentence of § 316

paragraph. 5 or § 319 para. 5 or make available or updates data

According to § 241,



(f) offers an investment in public) investment fund or to the foreign

Investment Fund before any of the facts referred to in section

300 para. 1, § 301 para. 1, § 305 paragraph. 1, § 308, 310, § 315 paragraph. 2, §

317 paragraph. 4, § 322 paragraph. 3, § 323, § paragraph 325. 4 or § 325a, or in

contrary to the prohibition under section 300 para. 2 or § 305 paragraph. 2,



g) contrary to section 353 does not provide the synergy of the liquidator,



h) performs the function of the head of the person in violation of § 515,



I) notifies the United National Bank of any of the facts referred to in section 524

paragraph. 1,



j) contrary to section 634 of paragraph 1. 1 to be used in its name the words "investment

the company ",



k) contrary to section 634 of paragraph 1. 2 to be used in its name the words "main

the administrator ",



l) contrary to section 634 of paragraph 1. 3 used in its name the words "investment

the Fund ",



m) contrary to section 634 of paragraph 1. 4 to be used in its name the words "mutual fund"

or



n) contrary to section 636 para. 1 or 3, shall be used in its business designation

"mutual fund", "standard", Fund "Special Fund", the "Fund

collective investment undertakings "," money market fund "," short term Fund

money market "ETF", "EuVECA", "EuSEF" or "pool of qualified

investors "or shape derived from one of these markings, as well as

Mark likely to cause a risk of confusion with one of these

the designation.



(2) a legal entity or individual entrepreneur as a person who has been

responsible for the performance of individual activities, or as a person who has been

responsible for the performance of any act or certain operations from this activity,

committing an administrative offense, by



a) entrusts the execution of any act or certain operations further in

breach of any of the conditions specified in § 26 para. 1 or § 53 para.

1, or



(b) the performance of an act or will not be) acts or whose performance

further mandated, pursuant to section 26 paragraph 1. 2 or § 53 para. 2.



(3) a legal entity or individual entrepreneur as a foreign person

referred to in § 14 para. 1 committing an administrative offense, by



and) contrary to section 44 para. 1 carries out the administration of the Fund, standard

that Word,



(b) manages the Fund, standard) without any of the conditions is met

pursuant to section 338 of paragraph 1. 2 or § 339, or



(c) fails to comply with any of the requirements) referred to in section 340.



(4) a legal entity or individual entrepreneur as a foreign person

referred to in § 14 para. 2 the administrative offense committed by



and) contrary to section 44 para. 2 carries out the administration of the Special Fund or

Fund of qualified investors, that Word,



(b) the Special Fund or manages) Fund of qualified investors,


without the condition pursuant to § 342 or 343, or



(c) fails to comply with any of the requirements) referred to in § 344.



(5) a legal entity or individual entrepreneur as a person who is not

listed in section 69 or section 666, committing an administrative offense that is in the

contrary to section 69 or section 666 becomes the depository investment fund.



(6) for the administrative offence under paragraphs 1 to 5 shall be fined up to 10 000

000. For the administrative offence referred to in paragraph 1 (b). (b)) or h) can be

separately or together with a fine save a ban, up to a period of

5 years. For a ban on the activities of the section 14 of the Act on Offences Act apply mutatis mutandis.



§ 615



(1) a legal entity or individual entrepreneur as a person who is not

listed in § 86, committing an administrative offense by being contrary to section 86

becomes the main proponent.



(2) a legal entity or individual entrepreneur as a person who

valued asset and debt investment fund, committing an administrative offense

by



and does not use the procedures under §) 194 (a). a), or



b) contrary to section 194 (a). (b)) will appreciate the property and debts of the investment fund,

without being impartial or independent of who is valued.



(3) the individual entrepreneur is committed as a member of the Committee of experts

the administrative offense by progresses in the exercise of his functions in breach of section

269 paragraph. 2.



(4) the individual entrepreneur as the liquidator of the investment company

committed an administrative offence, contrary to section 348 does not exercise its

function with professional care.



(5) the individual entrepreneur as a person referred to in section 515 commits

the administrative tort by the Czech National Bank has not notified the fact according to the

§ 476.



(6) for the administrative offence under paragraphs 1 to 5 shall be fined up to 10 000

000.



§ 616



(1) a legal entity or individual entrepreneur as a person without

the prior consent of the Czech National Bank acquires or increases

a qualifying holding in the investment companies, Government

Investment Fund or the administrator, or dominate,

committing an administrative offense by that, contrary to § 521 of paragraph 1. 2 fails to notify

This fact to the Czech National Bank or ask you to consent.



(2) a legal entity or individual entrepreneur as a person that has been

saved corrective measures, the administrative offense committed by the violation of the

with section 538 paragraph 1. 2 notify the Czech National Bank how to delete

deficiencies or redress.



(3) a legal entity or individual entrepreneur as fiduciary

an investment company or investment Fund commits an administrative

tort by



and) contrary to section 563 of paragraph 1. 1 does not exercise his functions with professional care,

or



(b) any of the acts) will make the referred to in § 565 paragraph. 1 without the prior

the consent of the Czech National Bank.



(4) a legal entity or individual entrepreneur as a person referred to in section

15 paragraph 1. 1 committing an administrative offense, by



and) contrary to section 15(1). 1 third sentence exceeds a determined limit, without

meet any of the requirements set out in § 17 paragraph 2. 1 to 4,



(b) fails to notify the Czech National Bank) any of the data or any of the

facts pursuant to § § 462, 463 paragraph. 2 (a). (b)) or § 475,



(c)) is in breach of the prohibition under section 637 of paragraph 1. 1, or



d) fails to comply with the obligation laid down in paragraph 637 of paragraph 1. 2.



(5) an administrative offense shall be fined in the



and $ 10 000 000), in the case of an administrative offence referred to in paragraph 1, 2, 3, or

paragraph 4 (b). a) or (b)), or



(b) 20 000 000 Czk), in the case of an administrative offence referred to in paragraph 4 (b). (c))

or (d)).



§ 617



(1) the individual entrepreneur as a person referred to in section 639 commits

the administrative offense by that, contrary to section 639 does not preserve the secrecy.



(2) for the administrative offence referred to in paragraph 1 shall be fined up to 10 000 000

CZK.



TITLE II



MISDEMEANORS



§ 618



(1) a natural person has committed the offence by



and unlawfully carries out or offer) activity under this Act, to

that it is necessary to enable the Czech National Bank, write to the list maintained by the

The Czech National Bank, the Czech National Bank's consent or the communication authority

supervision by the Member State,



(b) incorrect information) or conceal any fact in the context of

to inquire about the decision, designation, authorisation, consent,

enable to marking, entry on the list, change the data entered in the

lists, or the withdrawal of a permit under this Act;



c) collects or attempts to collect funds or

money, valuable things contrary to section 98 or 205,



d) contrary to section 99 will enable or facilitate another prohibited activity



(e)) will offer an investment into a special fund, to a pool of qualified

investors or to comparable foreign investment fund before,

before any of the facts referred to in section 309, 311, § 315 paragraph. 1, §

paragraph 316. 1, § 317 paragraph. 1, 2, or 3, § 318 para. 1, § 319 para. 1, §

320 paragraph. 1, § 320 paragraph. 2 (a). (c)), § 324 paragraph. 1 or § paragraph 325. 1

or 3, in breach of the prohibition under section 314 para. 3 the second sentence of § 316

paragraph. 5 or § 319 para. 5 or make available or updates data

According to § 241,



(f) offers an investment in public) investment fund or foreign

Investment Fund before any of the facts referred to in section

300 para. 1, § 301 para. 1, § 305 paragraph. 1, § 308, 310, § 315 paragraph. 2, §

317 paragraph. 4, § 322 paragraph. 3, § 323, § paragraph 325. 4 or § 325a, or in

contrary to the prohibition under section 300 para. 2 or § 305 paragraph. 2,



g) contrary to section 353 does not provide the synergy of the liquidator,



h) performs the function of the head of the person in violation of § 515,



I) notifies the United National Bank of any of the facts referred to in section 524

paragraph. 1,



j) contrary to section 634 of paragraph 1. 1 to be used in its name the words "investment

the company ",



k) contrary to section 634 of paragraph 1. 2 to be used in its name the words "main

the administrator ",



l) contrary to section 634 of paragraph 1. 3 used in its name the words "investment

the Fund ",



m) contrary to section 634 of paragraph 1. 4 to be used in its name the words "mutual fund"

or



n) contrary to section 636 para. 1 or 3, shall be used in its business designation

"mutual fund", "standard", Fund "Special Fund", the "Fund

collective investment undertakings "," money market fund "," short term Fund

money market ETF "," "," EuVECA "," EuSEF "or" pool of qualified

investors "or shape derived from one of these markings, as well as

Mark likely to cause a risk of confusion with one of these

the designation.



(2) a natural person as a person who has been entrusted with the performance of individual

activities, or as a person who has been entrusted with the performance of any act

or some of the acts from this activity, commits an offence, by



a) entrusts the execution of any act or certain operations further in

breach of any of the conditions specified in § 26 para. 1 or § 53 para.

1, or



(b) the performance of an act or will not be) acts or whose performance

further mandated, pursuant to section 26 paragraph 1. 2 or § 53 para. 2.



(3) a natural person as a foreign person referred to in section 14 para. 1

commits the offence by



and) contrary to section 44 para. 1 carries out the administration of the Fund, standard

that Word,



(b) manages the Fund, standard) without any of the conditions is met

pursuant to section 338 of paragraph 1. 2 or § 339, or



(c) fails to comply with any of the requirements) referred to in section 340.



(4) a natural person as a foreign person referred to in section 14 para. 2

commits the offence by



and) contrary to section 44 para. 2 carries out the administration of the Special Fund or

Fund of qualified investors, that Word,



(b) the Special Fund or manages) Fund of qualified investors,

without the condition pursuant to § 342 or 343, or



(c) fails to comply with any of the requirements) referred to in § 344.



(5) a natural person as a person who is not listed in § 69, or 666,

commits an offence that is contrary to section 69 or 666 becomes the

the depositary of an investment fund.



(6) for the offence referred to in paragraphs 1 to 5, you can impose a fine of up to 5 000 000

CZK. For the offense referred to in paragraph 1 (b). (b)) or h) can be separately or

together with a fine save a ban, up to a period of 5 years.



§ 619



(1) a natural person as a person who is not listed in § 86, commits

offence by in violation of § 86 becomes the main proponent.



(2) a natural person as a person who values the assets and debts

Investment Fund commits an offence by



and does not use the procedures under §) 194 (a). a), or



b) contrary to section 194 (a). (b)) will appreciate the property and debts of the investment fund,

without being impartial or independent of who is valued.



(3) a natural person as a member of the Committee of experts of the offence committed by

that in the exercise of his functions shall act contrary to section 269 paragraph. 2.



(4) a natural person as liquidator of investment companies

the offense by that, contrary to section 348 does not exercise his functions with professional

care.



(5) a natural person as a person referred to in section 515 of the offence committed by

the Czech National Bank has not notified the fact pursuant to § 476.



(6) for the offence referred to in paragraphs 1 to 5, you can impose a fine of up to 5 000 000

CZK.



§ 620



(1) a natural person as a person who without the prior consent of the Czech

the National Bank takes or increase a qualifying holding in the investment

the company, a government investment fund or the main

the administrator, or is guilty of an offence, it would dominate that conflict


with § 521 of paragraph 1. 2 to notify this fact to the Czech National Bank or

requests for consent.



(2) a natural person as a person that was imposed corrective measures,

commits an offence, contrary to section 538 paragraph 1. 2 notify the United

the National Bank how to fix the deficiencies or redress.



(3) a natural person as a trustee or an investment company

Investment Fund commits an offence by



and) contrary to section 563 of paragraph 1. 1 does not exercise his functions with professional care,

or



(b) any of the acts) will make the referred to in § 565 paragraph. 1 without the prior

the consent of the Czech National Bank.



(4) a natural person as a person referred to in section 15 para. 1 commit

violation by



and) contrary to section 15(1). 1 third sentence exceeds a determined limit,



(b) fails to notify the Czech National Bank) any of the data or any of the

facts pursuant to § § 462, 463 paragraph. 2 (a). (b)) or § 475,



(c)) is in breach of the prohibition under section 637 of paragraph 1. 1, or



d) fails to comply with the obligation laid down in paragraph 637 of paragraph 1. 2.



(5) a fine may be imposed for the offense to



and 5 000 000 Czk), if the offence referred to in paragraphs 1, 2, 3, or

paragraph 4 (b). a) or (b)), or



(b)) 10 000 000 CZK in the case of a misdemeanour provided for in paragraph 4 (b). c) or (d)).



§ 621



(1) a natural person as a person referred to in section 639 commits an offence by

that contrary to section 639 para. 1 does not preserve the secrecy.



(2) for the offence referred to in paragraph 1 may be to impose a fine up to 5 000 000 CZK.



TITLE III



COMMON PROVISIONS



§ 622



(1) a legal person held liable for an administrative offence, if it proves that

made every effort may be required to prevent

breach of legal obligations. Legal person referred to in § 17 paragraph 2. 2 sentence

the second, or in section 17(2). 3 is responsible for the administrative offence under this

law as a legitimate investment fund shall not exceed obhospodařovatel

record limit.



(2) in determining the amount of the fine on a legal person shall take account of the nature and

the severity of the administrative offense, to the wealth of the legal person,

in particular to its annual turnover, and possibly also to administrative offences,

for which the legal person was previously Czech national

a bank or other supervisory authority sanctioned; Additionally, shall take into account

whether the legal person Act contributed to the clarification of the facts

important for the identification of the administrative offense. The nature and severity of the administrative

tort are determined, in particular, the importance of the protected interest, which was

the administrative tort, in the manner of committing an administrative offense and its

the consequences, the length of its duration, the circumstances under which it was committed, and the amount of

advantage obtained his committing.



(3) the responsibility for the administrative offence shall cease, if the Czech national

the Bank did not initiate proceedings within 1 year from the date on which it became aware

not later than 5 years from the day when it was committed.



(4) administrative offences under this law in the first instance hearing

The Czech National Bank.



(5) The liability for the acts, which took place in the business

person or in direct connection with him, subject to the provisions of

liability and sanctions legal persons.



(6) income from fines imposed in the exercise of the activities of the obhospodařovateli

referred to in section 11 (1) 1 (b). c) to (f)) is the income of the guarantee fund

securities dealers; These receipts are for the purposes of administering their

considered payment of public budget. Income from other

fines imposed under this Act shall constitute revenue of the State budget.



PART OF THE SIXTEENTH



COMMON, TRANSITIONAL AND FINAL PROVISIONS



TITLE I OF THE



COMMON PROVISIONS



§ 623



Member State, the home State, the host State and supervisory authority



If this law concept



a) "Member State" means the Member State of the European Union or other

Contracting State to the agreement on the European economic area,



(b)) "Member State" means the Member State other than the United

Republic,



(c)) "home state of a foreign investment fund" means the State,

under whose law the foreign investment fund was created, or based on,

or the State in which it has a foreign investment fund is established



(d)) "host State translates into higher", means the other Member

State in which the obhospodařovatel manages the foreign investment

the Fund,



e) "supervisory authority" means the authority that supervises the

financial market,



f) "supervisory authority of another State" means the authority in another State,

than the Member State which, in that State exercises supervision over the financial

market, and



g) "European supervisory authority" means the European supervisory authority

(The European Securities and markets authority) established by directly applicable

the EU regulation governing the setting up of a European supervisory authority

(European Securities and markets authority) ^ 3).



§ 624



The head of the person, the qualified participation, close links and indirect interest



(1) the lead Party for the purposes of this Act, a statutory authority,

Member of the Board, Director of the legal person, or a person who

Another way to effectively direct the business of the legal entity. If the statutory

authority or a statutory body, the head of the legal person by a person

means a natural person who is a legal person empowered to

She represented the statutory body.



(2) qualifying holding shall for the purposes of this Act, a direct or

indirect share of the capital or of the voting rights of a legal

the person or their sum, which represents at least 10% or

exercise significant influence over its management.



(3) the close links, for the purposes of this Act, the



and) relationship between two or more parties, in which one of the people on the

second person direct or indirect share of the capital, whose

the sum represents at least 20%,



(b)) the relationship between two or more persons, in which one of the people on the

second person direct or indirect proportion of voting rights

the sum represents at least 20%,



(c)) the relationship between two or more persons, in which one of the people the other

a person or other persons, or



(d)) the relationship of two or more persons, which controls the same person.



(4) Indirect proportion for the purposes of this Act, the share of the

capital or voting rights of a legal person held

through another person or persons acting in concert.



§ 625



Relationship to the terminology of directly applicable European Union legislation in the field of

management of investment funds



(1) uses a directly applicable provision of the European Union in the field of

management of investment funds ' ^ 2 ') in relation to the performance of the activities,

in accordance with § 5 para. 1 includes the management of investment fund

or to a foreign investment fund, the terms "Administrator", "management

the company "or" investment company ", shall mean the circumstances

obhospodařovatel investment fund or foreign investment

the Fund.



(2) uses a directly applicable provision of the European Union in the field of

management of investment funds ' ^ 2 ') in relation to the performance of the activities,

which according to § 38 paragraph 1(a). 1, 2 and 3 includes the administration of the investment

the Fund or to a foreign investment fund, the terms "Administrator",

"management company" or "investment company" shall mean

under the circumstances, the administrator of the investment fund or the administrator

foreign investment fund.



§ 626



Comparability with the law of a foreign State



(1) refers to the Act of comparability in the legal position of the

a particular person or a particular legal Institute prepared the comparability

the law of the foreign State with the status of a person or the legal Institute

revised by this Act or other legislation, the position of the

such persons or the legal institutions of comparable, if in the

the essential elements are the same. Different legal form itself

does not mean that the legal position of persons or legal institutions are not

comparable.



(2) refers to this law for a foreign investment fund its

comparability with the regular Fund, a foreign investment fund

comparable with the standard Fund, if his home State is

another Member State and in respect of his achievement has been granted

permissions based on the fulfilment of the requirements of the relevant requirements of

referred to in article 5 of the directive of the European Parliament and of the Council relating

the coordination of legislation in the field of undertakings for collective investment ^ 4).



(3) foreign investment fund that is not comparable with the standard

Fund and for which the Czech National Bank decided that it is comparable to the

a special fund shall be regarded as comparable with the pool of qualified

the investors.



§ 627



Derivative, derivative, and the position of the



(1) the Derivative for the purposes of this Act, the investment facility

referred to in § 3 (1). 1 (b). (d)) to) the law governing business on

the capital market.



(2) the financial derivative for the purposes of this Act, a tool

referred to in § 3 (1). 1 (b). d) to (f)), the law governing business on

the capital market.



(3) the open position for the purposes of this Act, a summary of commitments


posted on the off balance sheet accounts arising from transactions in

derivatives that are not negotiated, acquired and held for the purpose of

reduce the risks.



section 628



Real estate



When used in this Act, the term "real estate" means immovable thing

including its accessories.



Section 629



The social contract



If this law is the concept of a "social contract", means and

Memorandum and articles of association or other document of a similar nature in the

Depending on the legal form of a legal person, and even by the law of

foreign State.



§ 630



Partner and participant



(1) If this Act Uses the term "Companion", and means the shareholder

and team member or other person in a similar position as a partner in the

Depending on the legal form of a legal person, and even by the law of

foreign State.



(2) If this Act in relation to a foreign investment fund

the term "holder" means the person in a comparable position as

participants.



§ 631



Participation securities



(1) Participating securities for the purposes of this Act, the



and) a security or book-entry securities, with which it is linked to the proportion of

in the capital or comparable indication of a legal person or on a

voting rights in that legal person, and



(b)) a security or book-entry securities issued by a legal person,

which is the right to security or book-entry securities

referred to in point (a)) to get.



(2) the participation securities for the purposes of this Act, shall not be considered

founding stock.



section 632



The injury



This Act imposes an obligation to compensate the damage does not affect the pest

the obligation to replace the non-material damage.



§ 633



The assets and debts of the investment of the Fund in relation to the empowered

svěřenskému Fund and subfund



(1) If this Act Uses the term "property investment fund" means the

in relation to the empowered in this mutual fund's assets, in

relation to the svěřenskému of the Fund assets in the Trust Fund and in the

relation to the Sub-Fund's assets in that sub-fund.



(2) If this Act Uses the term "debt investment fund" means the

It empowered in relation to debts in this mutual fund, in

relation to the svěřenskému Fund debts in this Trust Fund and in relation

the Sub-Fund's debts in this sub-fund.



§ 634



Mark



(1) who is not an investment company must not, in the name of taking words

"investment company".



(2) who is not the primary administrator must not, in the name of taking words

"the main administrator".



(3) who is not an investment fund with legal personality must not, in the name of

to use the words "investment fund".



(4) the words "mutual fund" may be, if it is a name, used only in the

designation of the unit trust.



(5) the name of the investment fund contains the word "Fund".



(6) if section 634-636 the notion of "name", this means other

a designation used in the business, including the amendment to the name.



§ 635



The credibility of the capital market and the prohibition of klamavosti



the name translates into higher investment fund, the administrator of the investment

Fund or an investment fund shall not reduce the credibility of the capital

market and supervision in this area and must not be deceptive or misleading,

especially with regard to the investment strategy of the Fund or the risk of

associated with investing in the investment fund concerned.



section 636



Special protection for certain



(1) who is not an administrator of the maturity or

Investment Fund, not in its business, such as advertising

or other communications, the designation "mutual fund", the "standard

the Fund ", the" Special Fund "," collective investment fund ", the" Fund

money market "," short-term money market fund ", the" ETF "," EuVECA ",

"EuSEF" or "the Fund for qualified investors".



(2) who offers an investment in an investment fund or foreign

Investment Fund, may in connection with the offering of these investments,

for example, in advertising or other communications, use signs that

used this pool.



(3) the prohibition provided for in paragraph 1 also applies to Word Forms derived from the designation,

as well as the designation of eligible cause confusion with the markings

referred to in paragraph 1.



§ 637



The use of surveillance data on the Czech National Bank



(1) the person referred to in article 15, paragraph 2. 1 it is prohibited to them during their operations,

for example, in advertising or other communications, an indication that the

the Czech National Bank is subject to supervision, or that the performance of its activities shall be subject to

supervision of the Czech National Bank, or the alleged other indication, albeit itself

true, if it can given the circumstances and context in which it was

made, lead to the conclusion that the Czech National Bank over it or over performance

its activities carries out supervision.



(2) a person entered in the list maintained by the Czech National Bank pursuant to § 596

(a). (f)) is required on all orders, business letters,

invoices, contracts, and on its website, the indication of the

implies that a is not subject to supervision by the Czech National Bank.



(3) where the Czech National Bank supervision of a person referred to in section 15

paragraph. 1 or over the performance of its activities under other legislation,

the provisions of paragraphs 1 and 2 only if it is about putting data on the surveillance of the Czech

National Bank pursuant to this Act.



(4) when offering investment in an investment fund or foreign

Investment Fund in the United Kingdom, paragraphs 1 and 2 shall not apply.



section 638



The language of the



(1) if required by the law, provision or disclosure of

disclosure of documents and other information be published, provide

or made available in any language, unless this

the law provides otherwise.



(2) if required or permitted by this Act, the provision of publication

or disclosure of documents and other information on the Internet

pages must be of such documents or other information on these

the website available, provided or made available to the

at least for a period of 3 years from the date of this document or other information

ceases to be current, unless this Act provides otherwise. To determine the

whether the data can be notifications, and under section 249 para. 1, notice of merger

and the communication on a merge instead of in paper form, they provide

or shareholders on the information medium that does not have a physical form, and

publish only on the Internet site of the investment

the Fund shall apply mutatis mutandis the provisions of other legislation

governing the conditions under which you can provide in this manner, and

publish newsletters special pool.



(3) the Czech National Bank may issue a decree to provide for the



and the communication of key information), status, annual report, semi-annual

report of an investment fund or a comparable document for foreign

Investment Fund and



(b)) the indication of the amounts for which they are issued and odkupují units or

investment shares issued by investment fund or a comparable figure,

with respect to the issue and sale of securities or book-entry

securities issued by a foreign investment fund,



in the Czech Republic have been published in a language other than English, if it is in

the interest of investors located or resident in the Czech Republic.



(4) If, in relation to the standard of a fund or comparable

Foreign Investment Fund published a translation of a document referred to

in paragraph 3 (b). and replace this administrator), EFF injury

from its improper or incomplete translation; It does not apply to the publication of the

under section 598 paragraph. 3.



Confidentiality



section 639



(1) the obligation to maintain secrecy about matters that affect the interests of the

translates into higher, the administrator, the depositary or the main proponent

or investors, an investment fund or foreign investment

the Fund is the one who is or has been the head of the person or person performing

function pursuant to § 21 para. 5, the liquidator, forced by an administrator or

the insolvency administrator



and) investment company or investment fund with legal personality,



(b)) the main administrator



c) depositary of an investment fund, or



(d)) of the main proponent.



(2) the same obligation of professional secrecy referred to in paragraph 1 has the

who otherwise performs or performed his employment, profession or function

for a person referred to in paragraph 1 (b). a) to (d)).



section 640



A breach of confidentiality obligations, will provide to the person

referred to in paragraph 639 information in cases under section 639 for the purposes



and the code of civil procedure),



(b)), the administrative judicial proceedings,



(c)) the criminal proceedings,



(d)) tax administration,



e) of financial market supervision,



(f) provision of information to the Ministry of Finance) in the performance of duties

under the law governing the fight against the legalization of proceeds of crime

activities or the law governing the implementation of international sanctions for the

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 the Czech National Bank according to the law

governing the activities of the Czech National Bank,



(h) the balance of payments of the United Kingdom), drawn up by the Czech National Bank,



I) enforcement proceedings,



(j)) of the insolvency proceedings,




provision of information Security to) information services in the performance of

obligations under the law governing the activity of security information

services, or



l) checks and penalties by the organizer of the European regulated

the market.



section 641



The jurisdiction of Czech courts and authorities in the event of a dispute between investors and

investment company



In cases of disputes from contracts between investors special pool,

the comparable foreign investment fund, a pool of qualified

investors or a comparable foreign investment fund and

investment companies authorised to exceed the record limit that

This Fund manages, or with the authorization of a foreign person pursuant to §

481, which manages the Fund, is determined by the jurisdiction of Czech courts

or, if provided for by other legislation, and Czech authorities.



TITLE II



TRANSITIONAL PROVISIONS



Part 1



Basic provisions



§ 642



Authorised investment companies



(1) the authorisations granted pursuant to investment company

the existing legislation of the investment company, which at the date of

entry into force of this Act, the farmer is the standard Fund or

comparable foreign investment fund, with effect from the effective date of

This Act shall be deemed to permit the activities of investment companies

granted under this Act, a qualifying investment company



and managing the funds and the standard) comparable foreign investment

funds and



(b)) to perform administration



1. to the extent the activities pursuant to § 38 paragraph 1(a). 1 and



2. If the authorisation referred to in paragraph 644 of paragraph 1. 3, also in the range of activities specified in §

38 para. 2 (a). and) or (b)), in relation to standard funds and

comparable foreign investment funds.



(2) the authorisations granted pursuant to investment company

the existing legislation of the investment company, which at the date of

entry into force of this Act, manages a special fund that is not

the Fund for qualified investors, or comparable foreign

Investment Fund, with effect from the effective date of this Act, be deemed to

authorised investment company granted pursuant to this Act

qualifying investment company



and exceed the record limit)



(b)) to manage special funds and comparable foreign investment

funds and



c) administer



1. to the extent the activities pursuant to § 38 paragraph 1(a). 1 and



2. If the appropriate authorization under section 644, also in the range of activities under

§ 38 paragraph 1(a). 2 (a). a) or (b)), in relation to special funds and

comparable foreign investment funds.



(3) the authorisations granted pursuant to investment company

the existing legislation of the investment company, which at the date of

entry into force of this Act, manages Fund of qualified

investors or comparable foreign investment fund, with effect from the date of

entry into force of this Act, be deemed to enable investment

the business of the company granted pursuant to this Act, a qualifying

investment company



and exceed the record limit)



(b) managing the funds for qualified investors) or comparable

foreign investment funds and



c) administer



1. to the extent the activities pursuant to § 38 paragraph 1(a). 1 and



2. If the appropriate authorization under section 644, also in the range of activities under

§ 38 paragraph 1(a). 2 (a). and) or (b)), in relation to a pool of qualified

investors or a foreign comparable with the Fund Investment Fund

qualified investors.



section 643



Authorised investment fund



(1) the authorisation to the activities of the investment fund, whose assets will not

maintained on the basis of the Treaty, granted under the existing legal

regulations of the investment fund, which is not on the date of entry into force of this

the law Fund of qualified investors, from the date of entry into force of

This Act shall be deemed to permit the activities of Government

the investment fund is a special fund, granted pursuant to this

the law authorizing a government investment fund



and exceed the limit and decisive)



b) carry out their administration.



(2) the authorisation to the activities of the investment fund, whose assets will not

maintained on the basis of the Treaty, granted under the existing legal

regulations of the investment fund, which is on the date of entry into force of this

the law Fund of qualified investors, from the date of entry into force of

This Act shall be deemed to permit the activities of Government

Investment Fund, which is a Fund of qualified investors, granted by the

under this Act, a qualifying local government investment fund



and exceed the limit and decisive)



b) carry out their administration.



section 644



Authorisation to an investment company to provide investment services



(1) authorisation to an investment company for asset management

the customer, if its part of the investment based on free

considerations in the context of the contractual arrangement (portfolio management) granted under

the existing legislation, with effect from the effective date of this

the law considers the authorisation to conduct business in accordance with § 11 para. 1 (b).

(c)) granted under this Act.



(2) the authorisation to an investment company for the provision of investment

advice relating to investment instruments issued under the existing

legislation from the date of entry into force of this Act, be deemed to

authorisation to operate in accordance with § 11 para. 1 (b). f) granted under

of this Act.



(3) the authorisation to an investment company for the custody and administration of investment

Tools, including related services, in relation to the investment in the Fund

collective investment undertakings according to the existing legislation, with effect from

the effective date of this Act shall be deemed to be an authorization to perform

activities pursuant to section 11 (1) 1 (b). (d)) granted under this Act.



§ 645



Listing of authorised



(1) the Czech National Bank shall be drawn up at the request of the capital investment company,

the authorisation granted in accordance with the existing legislation, according to the SEC.

642 considered authorised investment company granted

under this Act, a statement with details of the extent of its authorised

under this Act.



(2) the Czech National Bank shall be drawn up at the request of the investment fund, whose

the authorisation granted under the existing legislation, under section 643

considered to be authorized to practice government investment fund

granted under this Act, a statement with details of the extent of its authorisation to

activities under this Act.



section 646



Record limit in relation to the withdrawal of authorisation for activities



(1) if so requested by the investment company referred to in section 642, which

the farmer is the only special fund which is a Fund of qualified

investors, or comparable foreign investment fund, the Czech national

the Bank of the withdrawal of the authorisation to practise and provide proof that does not exceed the record

limit, it shall be withdrawn by the Czech National Bank authorised. If so requested by

Investment Fund referred to in section paragraph 643. 2 the Czech National Bank to withdraw

of authorizations and provide proof that does not exceed a determined limit, withdraw

the Czech National Bank to enable him to work.



(2) the decision on the withdrawal of authorisation pursuant to paragraph 1 shall come into legal force

First, the date on which the Czech National Bank will begin to keep a list of investment

companies under section (a) 596. a). On the date of acquisition of legal power of this

the decision of the Czech National Bank writes investment company, or

an investment fund which enable to withdraw, to a list maintained by

This law, as the person in accordance with § 15 para. 1.



Section 647



Record limit in relation to the amendment of the authorisation for activities



(1) if so requested by the investment company referred to in section 642, which

the farmer is the only special fund which is a Fund of qualified

investors, or comparable foreign investment fund, the Czech national

the Bank about change of authorizations and provide proof that does not exceed the record

limit, according to the Czech National Bank will issue new permits and

permit cancelled. If so requested by the investment fund referred to in section paragraph 643. 2

The Czech National Bank for change of authorizations and provide proof of that

does not exceed the determined limit, according to the Czech National Bank will issue new

authorization and permission.



(2) the decision on the amendment of the authorisation referred to in paragraph 1 shall come into legal force

First, the date on which the Czech National Bank will begin to keep a list of investment

companies under section (a) 596. and).



648. §



Record limit in the case of funds for qualified investors

harvested before the day 22. July 2013



Obhospodařovatel unauthorized exceed the determined limit, which has

the Czech National Bank permit entitling it to manage funds

qualified investors, may manage funds of qualified

investors, in which assets exceeds a determined limit,



and managed in) which were before the day 22. July 2013, after

This day are not included in their property collected funds

even valuable things from investors, and unless the assets in these

After that date, funds used for further investment, or



(b)) for which the closing date for subscription of securities issued by them, or

book-entry securities has elapsed before the date of 22. July 2013,

If there are other securities issued by them or book-entry securities

papers by day 22. July 2013, are called upon to subscribe to these funds


qualified investors based on the time that will elapse at the latest on

July 22, 2016, and where in relation to these funds, their

obhospodařovatel obligations under sections 34 to 37, 236-238, § and § 290 up to

292.



§ 649



The amount of deposits and investments into the Fund of qualified investors according to

the existing legislation



Who is on the date of entry into force of this Act, the shareholder or

the shareholder of the Fund of qualified investors according to the existing legal

regulations and does not meet yet none of the assumptions set out in section 272 para.

1, the presumption provided for in section 272 para. 1 (b). I) considered

have been fulfilled. However, this applies only for the time it takes his relationship as shareholder

or shareholder to the Fund of qualified investors, which is the date of

entry into force of this Act, a shareholder or stakeholder.



§ 650



Mutual fund



(1) prohibited to change the status of a mutual fund, which was created on

for a specified period and who has been granted a residence permit before the day 15. July

2011, so that the period for which it was founded, has been longer than 10 years from the

the date of the grant of the authorisation; If so, disregard

it.



(2) the date on which the Czech National Bank will begin to keep a list of mutual funds

under section 597 (f). (b)), enabling to create a mutual fund

granted in accordance with the existing legislation.



(3) the legal relationship of documentary share certificates to bearer issued

to the date of entry into force of this law shall be assessed in accordance with the existing

legislation.



(4) the administrator of the mutual fund issuing paper shares

the leaves, which take the form of securities to bearer, has no obligation to

keep a list of holders of this mutual fund.



§ 651



Authorised investment fund with a concluded contract on

management



(1) the rights and obligations arising from a contract for the management of investment fund

continuing on the date of entry into force of this Act, this Act does not

without prejudice to the. To the date of entry into force of Act No. 513/91 Coll., the emergence of, changing

and termination of the contract for the management of controls according to law No. 189/2004 Coll., on

the version in force until the date of entry into force of this Act.



(2) rely on the provisions of this Act, an investment fund with

legal personality, which is not a Government Fund meant to cover, to

the time of the extinction of the obligation from the Treaty on its management, as well as

investment fund that has on the date of entry into force of this Act

concluded contract for management, according to the existing legal

regulations.



(3) to 22 March. July 2014 must internal ratios of investment fund

that is the date of entry into force of this Act, investment fund,

who has concluded a contract on management according to law No. 189/2004

Coll., in the version in force at the date of entry into force of this Act correspond to the

the requirements set out in § 9 para. 1, otherwise the Court on a proposal from the Czech national

the Bank or the person who has a legitimate interest in this investment fund

Cancel and order its liquidation. Prior to the decision the Court shall give

investment fund a reasonable period to remedy the situation.



(4) the date on which the Czech National Bank will begin to keep a list of investment funds

with legal personality under section 597 (f). and), authorized to practice

Investment Fund, which has concluded a contract for the management,

granted in accordance with the existing legislation and this Fund is considered to be

an investment fund registered in the list under section 597 (f). and).



§ 652



Conditions in the investment company and investment fund



(1) the investment company that has been granted authorisation for activities

investment companies under the existing legislation, it shall state its

ratios and proportions of the investment funds, which, in accordance with the

the requirements arising from this Act and legislation to

performing, not later than 22 December 2004. July 2014. In the meantime, adheres to the

rules and management activities arising from this Act and of the

law enforcing it appropriately.



(2) investment fund, to which the permit was granted to activities

the investment fund under the existing legislation, it shall state its

ratios into line with the requirements arising from this Act, and of the legal

Regulation implementing it, not later than 22 December 2004. July 2014. Until that

time activities and management adheres to the rules arising from this

the law and the law of the enforcing it appropriately.



§ 653



(1) the investment company that has been granted authorisation for activities

investment companies under the existing legislation, the

the Statute and the communication of key information she managed investment

Fund in accordance with the requirements arising from this Act, and of the legal

Regulation implementing it, not later than 22 December 2004. July 2014.



(2) investment fund, to which the permit was granted to activities

the investment fund under the existing legislation, it shall communicate its

the Statute and its communication of key information in accordance with the requirements

arising from this Act and legislation implementing it,

not later than 22 December 2004. July 2014.



§ 654



Other business activities



Register for more business investment companies

According to the existing legislation shall be considered as prior consent

The Czech National Bank pursuant to section 508.



Section 655



Annual and consolidated report



(1) the provisions of this Act and the legislation implementing it

governing the annual report which sets out the requirements that did not arise from the

the existing legislation, shall apply for the first time in the accounting period

the closest following the financial year in which this Act comes into

efficiency.



(2) for the financial year in which this Act enters into force, shall draw up

the investment company of the consolidated annual report referred to in the previous

legislation.



(3) the annual report and the consolidated annual report of the investment

the company, an investment fund and a mutual fund, which shall be drawn up

for the financial year in which this Act takes effect, contain

the conditions laid down by Decree No 193/2007 Coll., in the version in force on the

the effective date of this Act.



section 656



The offering of an investment fund or investment in foreign

Investment Fund



(1) for investments in mutual funds or in foreign

investment funds, whose home State is a Member State, that

in the Czech Republic are offered on the basis of a valid prospectus

the Czech National Bank approved ^ 16) or supervisory authority of another

Member State, which was published before the date of 22. July 2013

the provisions of this Act of offering investments in the Czech Republic

do not apply.



(2) investments in a special fund, the Fund of qualified investors

or a comparable foreign investment fund offered in the Czech

Republic on the date of entry into force of this Act can be in the Czech Republic

offer according to the existing legislation no later than 22 December 2004.

July 2014. This does not prevent the offering of these investments under this Act.



§ 657



Foreign depository of the Special Fund



(1) To 22 March. July 2017 may be the depositary of the Special Fund

also, a foreign bank with its registered office in a Member State that does not have

located in the Czech Republic, if it meets the requirements

for the depositary of a special fund under this Act and the investment

shares or units issued by this Fund are not in the Czech

Republic offered to the public.



(2) on 22 December 2004. July 2017 may be the depositary of the Fund of qualified

investors also a foreign bank established in another Member State, that

has placed a branch office in the Czech Republic, if it meets the requirements,

for depository Fund of qualified investors under this

the law.



section 658



Contract for the performance of activities of the depositary



(1) a contract for the performance of the activity of depositary closed investment

under the existing legislation as of the date of acquisition

the effectiveness of this Act be deemed to depozitářskou contract.



(2) the notice period for performance of the activities of the depositary contract of a closed

According to the existing regulations is 6 months, unless otherwise agreed by the parties

otherwise.



§ 659



The consent given in accordance with the existing legislation



Prior consent to the performance of the senior management, an investment company,

consent to the acquisition of a qualifying holding in an investment company, or

Investment Fund, agreeing to achieve or exceed the participation of 20%, 33%

or 50% of the capital investment company or an investment fund, and consent to the

to the person or persons acting in concert to become persons

controlling an investment company or investment fund, granted by

Act No. 186/2004 Coll., in the version in force until the date of entry into force of this

of the Act, from the date of entry into force of this Act, be considered as previous

consent to the performance of the Manager of the person consenting to the acquisition of a qualifying

participation in the investment company or Government Investment Fund,

approval to reach or exceed 20%, 33 participation% or 50% of the

an investment company or a government investment fund, and consent to the

to the person or persons acting in concert to become persons

controlling an investment company or a government investment fund,


granted under this Act.



section 660



Legal proceedings instituted in accordance with the existing legislation



(1) the procedure for the imposition of corrective measures or proceedings for the imposition of penalties

initiated into the effective date of this Act, and to this day

Finally completes the executor according to the existing legislation.

Corrective measures or sanctions are saved according to the existing legal

regulations.



(2) the procedure for granting consent to the acquisition of qualifying holding on

an investment company or investment fund, agreement to achieve or

exceeded participation 20%, 33% or 50% or the investment company's

Investment Fund, consent to a person or persons acting

in concert became the persons controlling the investment company, or

Investment Fund, and the prior consent for the performance of functions of senior management

an investment company or investment fund, launched to date

the effectiveness of this law, and to this day finally is unterminated

completed under this Act; the deadline, which in these procedures

started before the date of entry into force of this Act, running from the date of acquisition

the effectiveness of this Act again.



(3) the procedure for authorisations and the authorisation to an investment company

the activities of the investment fund, whose assets will be maintained on the

under the Treaty, initiated by the management to the effective date of

This law, and to this day finally completes the executor according to the

of this Act; the deadline, which in these proceedings commenced by the date

entry into force of this law, and to this day, running from the date of

entry into force of this Act again. The Czech National Bank shall notify

to the applicant within 15 working days from the date of entry into force of this Act,

According to which the provisions of this Act in the proceedings of its intention to request

go ahead and invite him to submit the objections to such a procedure, and to bring

the request to comply with the requirements of this Act.



(4) when making a decision on objections submitted under paragraph 3 shall proceed

under this Act.



§ 661



Permit foreign person



(1) until the date to be determined by regulation of the European Union issued on the basis of article

67 para. 6 directive of the European Parliament and of the Council modifying administrator

alternative investment funds ^ 5) as the date from which it shall apply

articles 35 and 37 to 41 of this directive, in so far as it

invoke, do not apply the provisions of this law, which is invoked by the



and the reference state)



(b) foreign investment fund management), whose home

the State is a Member State, with the permission of a foreign person pursuant to § 481,



(c) the offering of investment), investment fund or foreign

Investment Fund in another Member State a foreign person with permission

According to § 481, and



d) supervisory authority of another Member State with

the authorisation under section 481.



(2) a foreign person that has been granted an authorisation pursuant to § 481 before the

the date referred to in paragraph 1, shall be documented within 3 months from that date, the United

the National Bank that satisfies a condition under section 481 paragraph. 1 (b). and).

They can demonstrate this, or does not comply with this condition, the Czech National Bank it

This authorisation shall be withdrawn.



section 662



Lists



(1) the Czech National Bank lists shall be conducted in accordance with § 13 para. 1 (b).

d) to (f)), j) to (l)) and with) Act No. 15/1998 Coll., in the version in force until the date of

entry into force of this Act, in accordance with the requirements of this Act to the

keeping of lists of the Czech National Bank pursuant to § 596 and 597 to 30. September

2013; in the meantime, leads lists according to § 13 para. 1 (b). d), (e)), f), (j))

to l) and s) Act No. 15/1998 Coll., in the version in force before the date of application

the effectiveness of this Act.



(2) mutual fund registered in the list of mutual funds pursuant to § 13 para. 1

(a). (d)) of the law No. 15/1998 Coll., in the version in force before the date of application

of this Act, is deemed to be a mutual fund registered in the list of

under section 597 (f). (b)).



(3) a person to whom article 15, paragraph 2. 1 imposes an obligation to be entered in the appropriate

the list maintained by the Czech National Bank, is required to submit an application for the registration of

to this no later than 22 December 2004. July 2014. In the meantime, her

the obligation to be registered in this list does not apply.



§ 663



Provision of data to the European Commission



To 22 October 1999. July 2014, the Czech National Bank will provide to the European authority

supervision and through the Ministry of finance, the European Commission

details on the types of investment funds and foreign investment funds,

the investment may be offered to the public, and details about the requirements for

public offering of investment in these funds, which the law requires,

in the case of requirements, which do not result from the directive of the European Parliament

and of the Council governing the alternative investment Fund Manager ^ 5).



§ 664



The new provisions relating to private law



(1) until the date of entry into force of Act No. 513/91 Coll., the provisions of this

the law, which will rely on the Trust Fund, the trustee or

beneficiary or from which follows that the statutory body of the legal entity

a person or a member of another legal person may be, to the extent

to the extent that it relies on, do not apply.



(2) until the date of entry into force of Act No. 90/2012 Coll., the provisions of this

the law, which rely on different types of shares in companies with

limited liability company or limited partnership voucher, on

investment worksheets, or a worksheet or investment joint-stock company with

variable capital, the founding shares or investment

the shares, to the extent that they rely on it, do not apply.



(3) until the date of entry into force of Act No. 513/91 Coll., for the purposes of this

Act, the



and) worth of assets and liabilities,



(b) a business enterprise, plant)



c) branch of the business establishment, business



d) leasing business establishment rent business,



(e) the legal personality of eligibility) have rights and obligations,



(f) the legal act or Act),



g) legal capacity the capacity to perform legal acts,



h) injury and damage



I) assigns a loan.



section 665



(1) the Ministry of finance will announce in the collection of laws of the indication of the date of communication,

When a directive amending the directive of the European Parliament and of the Council

governing the coordination of regulations in the field of collective investment in

relation to the activities of the depositary of the Fund, standard remuneration system for

translates into higher standard Fund and sanctions ^ 17), takes effect.



(2) to the first day of the twelfth month following the date on

referred to in the communication referred to in paragraph 1 shall be the depositary for the standard

Fund § and § 63 68 to 82 shall not apply. In the meantime, it shall proceed in accordance with § 666

up to 675; However, this does not prevent the Act from the date indicated in the communication

referred to in paragraph 1 in relation to the depositary of the Fund pursuant to § 63 standard and

section 68 to 82, where it is stated in the Statute of the Fund.



(3) to the first day of the twelfth month following the date on

referred to in the communication referred to in paragraph 1



and obhospodařovatel) provide a standard Fund or a comparable

foreign investment fund their ratios, and ratios of this Fund to

accordance with the requirements referred to in § and § 63 68 to 82 and



(b)) may not be included in the management and control system translates into higher

standard Fund or a comparable foreign investment fund

the system of remuneration of persons under section 20 (2). 2 (a). (j)).



(4) Decree issued under section 670 of paragraph 1. 4, the date of expiry of the last day

the eleventh day of the calendar month following the date referred to in

the communication referred to in paragraph 1 shall be deleted.



Part 2



Transitional provisions relating to the depositary of the standard pool



§ 666



The Fund shall be the depositary of the standard may be the only bank based in the United

Republic or a foreign bank that has a branch located in the United

Republic.



section 667



The applicable law on the exercise of the activities of the depositary



Arrangements between the parties depozitářské the Treaty on the exercise of the activities of the depositary

in the range, under paragraph 668 of paragraph 1. 1 and 2 shall be governed by Czech law.



section 668



Contents of the depozitářské contract



(1) the depositary of a standard pool and obhospodařovatel standard pool

at least in the depozitářské agreement shall specify the method of communication

including the way in which ensures the keeping of records on this communication, and

the way the protection of confidential information and personal data.



(2) depozitářské agreement referred to in paragraph 1, the parties further ujednají



and) its duration and the conditions under which the contract can be changed

or you can withdraw from it



(b)) a list of standard funds, to which the contract relates, if

the depozitářská agreement on the more standard managed funds

the same maturity,



(c) the conduct of business) rules, including rules for the depositary, custody,

custody and registration of the assets of the Fund, standard



(d) the procedures for amendment of the Statute) the standard and the definition of such fund

his changes, which should be informed by the depositary, or on which the

obhospodařovatel of the Fund by the depositary must be agreed in advance,



(e)) rules enabling the depositary the performance of supervisory duties

laid down in section 669 to 673,



f) rules enabling the obhospodařovateli standard pool check

the activities of the depositary with regard to its contractual obligations and rules

allowing obhospodařovateli standard to carry out its obligations and Fund



g) rules required to facilitate changes to the depositary and the procedure in the


event of a change of the depositary shall provide relevant information to another

to the depositary.



section 669



The basic obligations and the right to ensure the establishment of the custody account



In the framework of the activities of the depositary the depositary shall standard Fund



and has held in custody) fungible asset investment tools in

standard pool their can record on a proprietary account that

the depositary of the Fund leads for standard this Fund in the central register

book-entry securities, in a separate register of investment

Tools, registration related or similar register kept by

According to the law of the foreign State; depozitářská the Treaty Depositary standard

the Fund entitles to ensure custody of fungible investment

tools and the establishment of ownership account for this Fund at the Central

book-entry securities depository or comparable equipment

founded under the law of a foreign State,



(b)) has in the custody of investment vehicles and other property of the standard

the Fund, whose nature it allows



(c)) provides records of assets, the nature of the standard Fund it

allows you to,



(d)) shall establish or leads to a standard Monetary Fund accounts



e) keeps track of all cash flow standard Fund and



f) ensures the settlement of trades with the property standard Fund in the usual

the time limit.



section 670



The control obligations



(1) in the framework of the activities of the depositary the depositary shall standard Fund

checks in accordance with this law, the Statute of the standard pool

and conditions of the contract depozitářské



and were issued to closure) and buy the mutual fund or investment

shares,



(b)) was calculated the current value of the share certificate or an investment

shares,



(c)) was appreciated assets and debts of the Fund,



(d)) was paid in consideration of the property of the Fund in

the usual time limits,



(e)) are used by the revenue for this Fund,



(f)) are carried out by statements pointing to the acquisition or translates into higher

disposal of assets in the assets of this Fund, and it will be sufficient

If the depositary checks, as these commands are executed when the

for this reason checking of special consideration worthy; How were

commands are executed, it checks the depositary in addition, with regard to statements on

with



1. trade in value not exceeding an amount of CZK 500 and a summary of the day

0.1% of the value of the corresponding value of the assets of this Fund,



2. trade closed on the market referred to in § 3 (1). 1 (b). and) Regulation

the Government governing investment of investment funds and technology to their

management, or



3. trade in securities or book-entry securities issued by

a collective investment fund or a comparable foreign

Investment Fund.



(2) in the framework of the activities of the depositary the depositary shall standard Fund performs

This translates into higher orders of the Fund in accordance with the Statute of the

Fund and in accordance with the Treaty of depozitářskou.



(3) within the framework of the activities of the depositary the depositary shall standard Fund on

checks the status of the assets of the Fund, which may not be standard have

custody under section 669 (b). and) or in custody under section 669 (b). (b)).



(4) the Czech National Bank shall issue a decree on quality requirements

the performance of the obligations of the depositary of the Fund in the range of standard paragraphs 1 and

3.



§ 671



The basic obligations and the right to set up an account



(1) in connection with the performance of the activities of the depositary obhospodařovatel

standard pool



and) handling funds standard Fund through

account set up or held by the depositary of the Fund or account

established in accordance with paragraph 2,



(b)) shall inform the depositary of the Fund contract, the standard to which the

negotiates the acquisition of values to the assets of this Fund, with the exception of acquisition

investment instruments, without undue delay after its closure, and

If the contract is in writing, it shall submit its original or

a copy of the,



(c) be submitted to the depositary of the Fund) of the standard award of movable property with

the exception of the investment instruments or real estate assets of this Fund,

and without undue delay after their awards,



(d)) ensures that the depositary of the Fund had available standard current

the status of this Fund, and (e)) shall inform the depositary of the Fund standard

each of the upcoming change of the Statute of the Fund, as well as the fact that the change

the Statute was approved by the Czech National Bank, where appropriate, the supervisory authority

of another Member State.



(2) in connection with the performance of the activities of the depositary is a obhospodařovatel

standard, with the consent of the depositary of the Fund shall be entitled to the Fund set up

cash account with a Bank, a foreign bank, or savings and credit

cooperatives that have registered offices in the State whose law requires compliance with

the rules of prudence, under the law of the European Union or the rules that

The Czech National Bank considers it comparable.



section 672



The obligations of the former depositary



(1) If a depositary Stopped standard Fund to carry on business

the depositary of the Fund, he shall without undue delay duly

inform the depositary of the Fund about the rising of your existing

activities and pass him all documents related to its performance

the activities of the depositary of the Fund, and issue him the funds for this

the Fund and the assets of this Fund, which has in its power; his responsibility for the

the performance of the activities of the depositary of the Fund shall not cease.



(2) until the passing of all the documents and release of funds and

the assets of the Fund at this standard, who ceased to carry on business

the depositary, seen as the depositary of the Fund; § 675 for it,

who has ceased to carry on business for the depositary shall not apply.



section 673



Translates into higher obligations



Obhospodařovatel standard of the Fund without undue delay after termination of the Agency

the depozitářské contract



and suspend the issuance and sale of) investment securities or investment

of shares issued by the Fund and shall suspend the disposal of this

the Fund, which has in its power to a person who has stopped for this Fund

to carry out the activities of the depositary of the Fund, with the exception of payment obligations

incurred prior to termination of the contract and the payment of depozitářské

the necessary operating and salary expenses, up to the time of the acquisition

the effectiveness of the new depozitářské of the Treaty,



(b) shall send the information about the suspension) the treatment of assets of the Fund

According to subparagraph (a)) and on the suspension of the issuance and sale of investment securities

or the investment of shares issued by the Fund, the Czech National Bank and the

publish it on the website of the Fund and



(c) is performing acts towards) the establishment of the new CSD.



§ 674



For the performance credentials of another individual activities under section 669 (b). a) to

(c)), § 77 para. 1 and 2 shall apply mutatis mutandis with the understanding that the reference to section 78 para.

1 (b). (b)) shall be disregarded; depozitářská the Treaty also contains a statement

that the liability of the depositary does not affect the fact, that commissioned

nursing care, custody, or records of the assets of the Fund or standard

his section of another.



§ 675



(1) the depositary of a standard Fund that obhospodařovateli of this Fund,

This Fund, this fund they or shareholders of the Fund

causes in the performance of its activities as a depositary of the injury is bound to it

replace the regardless of their fault.



(2) the damages caused by the breach of duty translates into higher

standard asset management fund in the Fund may be

claim notwithstanding paragraph 1.



TITLE III



FINAL PROVISIONS



§ 676



Regulation (EEC)



Shall be deleted:



1. Act No. 189/2004 Coll., on collective investment.



2. Decree No. 358/2010 Coll., on the submission of reports and additional information

investment company and the Fund for collective investment of the Czech national

the Bank.



3. Decree No 193/2007 Coll., on the minimum elements of the Fund

collective investment undertakings and conditions for the use of the sign a short-term

money market fund and a money market fund.



4. Decree No. 194/2007 Coll., on the more detailed regulation of certain rules in the

collective investment.



5. Decree No. 195/2007 Coll., on the activities of the depositary of the Fund of collective

investing and depozitářské standard contract arrangements of the Fund.



§ 677



The effectiveness of the



This Act shall take effect on the date of its publication.



Němcová in r.



Zeman in r.



Samantha r in r.



Selected provisions of the novel



Article. (II) Act No. 336/2014 Sb.



Transitional provisions



1. scope of authorised investment companies, Government

an investment fund or the main administrator issued before the date of

entry into force of this Act corresponds to the date of entry into force of this

law comparable extent of such authorisations in accordance with Act No 240/2013

Coll., in the version in force from the date of entry into force of this Act. Czech

the National Bank shall be drawn up at the request of the capital investment company, the unitary

Investment Fund or the administrator with the details of the scope of listing

their authorisations pursuant to Act No. 240/2013 Coll., as amended by

effective from the date of entry into force of this Act.



2. the procedure for applications for permits for activities of investment companies

Government investment fund or the main Administrator initiated

before the date of entry into force of this law, and to this day has been finally

the executor shall be completed in accordance with Act No 240/2013 Coll., in the version in force


from the date of entry into force of this Act. The deadline, which in these

proceedings commenced before the date of entry into force of this law, and to this

the day did not end, running from the date of entry into force of this Act again. Czech

the National Bank shall notify the applicant within 15 working days from the date of acquisition

the effectiveness of this law, how it intends to in its application, having regard to the

entry into force of this law to do and invite him to the placing

the request to comply with the requirements of this Act.



3. an investment company, a government investment fund and the main

the administrator shall give its proportions and ratios of investment funds, which

manages, in line with the requirements arising from Act No. 240/2013

Coll., in the version in force from the date of entry into force of this Act, the date of

March 31, 2015.



4. Depozitářská contract shall be recorded in accordance with § 73 para. 1 (b). (f)) and §

670 para. 1 (b). f) of Act No. 240/2013 Coll., in the version in force from the date of

entry into force of this Act, until 31 December 2006. March 2015.



1) Commission Directive 2007/16/EC of 19 June 2000. March 2007 implementing

Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions

relating to undertakings for collective investment in transferable

Securities (UCITS) as regards the clarification of certain definitions.



European Parliament and Council directive 2009/65/EC of 13 April 2004. July

2009 on the coordination of laws, regulations and administrative provisions relating to the subjects

for collective investment in transferable securities (UCITS), in

the texts of directives of the European Parliament and of the Council of the EU/78/2010 and 2013/14/EU.



Commission directive 2010/43/EU from day 1. July 2010 implementing

European Parliament and Council directive 2009/65/EC, as regards the

organisational requirements, conflicts of interest, rules of conduct, risk management and

the contents of the Treaty between the depositary and management company.



Commission directive 2010/45/EU of 1. July 2010 implementing

European Parliament and Council directive 2009/65/EC in respect of certain

the provisions relating to the merger of the funds, the structures of the "master-feeder" and procedure

for the notification.



Directive of the European Parliament and of the Council of 2011/60/EU of 8 March. June 2011

on alternative investment fund managers and amending directives

2003/41/EC, and 2009/65/EC and Regulation (EC) No 1060/2009 and (EU) No.

1095/2010, as amended by the directive of the European Parliament and of the Council of the 2013/14/EU.



Article. 1 (1). 2 of the directive of the European Parliament and of the Council of 2012/30/EU of

October 25, 2012 on the coordination of protective measures, which are to protect the

the interests of members and third parties required by Member States of

companies within the meaning of article 87(1). 54 the second subparagraph of the Treaty on the functioning of

The European Union in the establishment of limited liability companies and the maintenance and

change of their capital, in order to achieve equivalence

These measures (recast).



2) of Commission Regulation (EU) no 583/2010 of 1 July. July 2010, establishing

performed by European Parliament and Council directive 2009/65/EC, as regards the

key information for investors and the conditions that must be met when

the provision of key information for investors or the prospectus on another

durable medium than paper, or through the Internet

pages.



Commission Regulation (EU) No 584/2010 of 1 July. July 2010, establishing

performed by European Parliament and Council directive 2009/65/EC, as regards the

the form and content of the standard notification and certificate of UCITS, the use of

electronic communication between competent authorities for the purposes of notification and

procedures for on-spot verifications and investigations and the exchange of information between the

by the competent authorities.



The Commission delegated Regulation (EU) no 231/2013 of 19 May.

December 2012, supplementing the directive of the European Parliament and of the Council

2011/61/EU as regards exceptions, the General conditions of the exercise of activities,

the depositary, leverage, transparency and monitoring.



European Parliament and Council Regulation (EU) no 346/2013 of 17 May. April

2013 of the European venture capital funds.



European Parliament and Council Regulation (EU) no 346/2013 of 17 May. April

2013 of the European social entrepreneurship funds.



The Commission implementing Regulation (EU) No 447/2013 of the 15. may 2013,

laying down the procedure for the alternative investment fund manager,

who decide that they will be covered by the directive of the European

Parliament and Council 2011/60/EU.



The Commission implementing Regulation (EU) no 448/2013 of the 15. may 2013,

laying down the procedure for the determination of the reference Member State

mimounijního alternative investment fund manager directive

The European Parliament and of the Council of 2011/60/EU.



Commission Regulation (EU) implementing directive of the European Parliament

and 2009/65/EC, with regard to the depositary of the UCITS.



3) European Central Bank Regulation (EC) No 24/2009 of 19 January.

December 2008 concerning statistics on the assets and liabilities, special purpose financial

companies involved in securitisation transactions.



4) European Parliament and Council Directive 2009/65/EC.



5) directive of the European Parliament and of the Council of 2011/60/EU.



6) Commission delegated Regulation (EU) no 231/2013.



7) European Parliament and Council Regulation (EU) no 346/2013.



8) Commission Regulation (EU) implementing directive of the European

Parliament and Council directive 2009/65/EC, with regard to the depositary of the UCITS.



9) European Parliament and Council Regulation (EU) no 346/2013.



10) Commission Regulation (EC) No 1126/2008 of 3 June. November 2008 laying

adopting certain international accounting standards in accordance with regulation

The European Parliament and of the Council (EC) No 1606/2002.



11) Commission Regulation (EC) no 583/2010.



12) Commission Regulation (EC) No 584/2010.



13) Commission Regulation (EU) implementing directive of the European

Parliament and of the Council of 2011/61/EU, as regards the procedure for the determination of

the reference state of the mimounijního alternative investment manager

the funds.



14) Commission Regulation (EU) implementing directive of the European

Parliament and of the Council of 2011/61/EU, as regards the choice of the regulatory regime

alternative investment fund managers directive

2011/60/EU.



15) European Parliament and Council Regulation (EU) No 1095/2010 of 24.

November 2010 on the establishment of a European supervisory authority (European

Securities and markets), amending Decision No 716/2009/EC and repealing

Commission decision 2009/77/EC.



16) section 36 c of Act No. 256/2004 Coll., on the capital market, in

as amended.



17) directive of the European Parliament and of the Council amending Directive

2009/65/EC, as regards the activity of the depositary, the rules for the remuneration of

the penalties.