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.
