427/2011 Sb.
LAW
of 6 May 1999. November 2011
on the supplementary pension savings
Change: 399/2012 Coll. (part)
Change: 399/2009 Coll., 403/2012 Sb.
Change: 241/Sb.
Parliament has passed the following Act of the United States:
PART THE FIRST
GENERAL PROVISIONS
§ 1
Basic provisions
(1) this Act regulates supplementary pension savings for retirement
the company, the rights and obligations of the supplementary pension savings,
claims arising from supplementary pension savings, the granting State
contribution pension companies, the activity of the performance of activities related to the
the activities of the pension companies, the transformation of the Pension Fund, the performance
oversight and supervision in the field of supplementary pension savings.
(2) Supplementary pension savings is gathering and posting of contributions
the participant's supplementary pension savings (hereinafter referred to as "participant"),
contributions paid by the employer and for the State
contributions to the pension funds managed by the participating
and the payment of benefits from supplementary pension savings, the purpose of which is
to secure additional income in old age or disability.
(3) the rights and obligations arising from the supplementary pension savings
must not be contrary to the principles of equal treatment of ^ 1).
§ 2
Participant
A participant can be only a natural person 18 years or older, which has concluded with the
pension company contract on supplementary pension savings.
§ 3
Definition of terms
For the purposes of this Act, means the
and savings strategies how to layout) means a participant in the
the participating funds,
(b) the period of time the payment of savings) contribution the participant or contribution
paid for by the employer, participant
(c) the participant the participant's contributions) funds, contributions per participant
his employer, the State paid posts and their evaluation and
depreciation,
(d) a participant or beneficiary) means a natural person who is designated in the contract of
the supplementary pension savings in case of death of the participant which arose
entitlement to benefit from the supplementary pension savings,
(e) the number of the insured person) number, under which the beneficiary is public
health insurance is kept in the registry of insured persons maintained by the Headquarters
General health insurance company,
(f) the identification data of the person)
1. in the case of a legal person, the name, trade name or registered address and
the identification number of the person, if any,
2. in the case of a natural person name or name, last name, social security number, or
social security number, if assigned a social security number, the address of the place of stay
in the Czech Republic or reside outside the territory of the Czech Republic,
3. in the case of a natural person is an entrepreneur registered in the commercial
Register business name or address of the place of business, and
the identification number of the person, if any,
g) senior management member of the statutory body, statutory authority, Executive
the Director or a person who otherwise actually manages the activity of pension
the company,
h) indirect proportion through the share held by any other person or
a group of persons acting in concert,
I) qualifying holding direct or indirect share capital
the voting rights or of the person or their sum, which represents
at least 10% or exercise significant influence over its management,
j) close links between the persons relationship
1. where one person has a direct or indirect participation in the
of the capital or voting rights of another person, which is at least
20%,
2. where one person controls another person, or
3. controlled by the same person,
k) by the Member State, the Member State of the European Union or another Contracting State
The agreement on the European economic area,
l) by another Member State the Member State other than the Czech Republic,
m) insurance undertaking carrying on business under the law on
insurance ^ 2)
n) regulated by the Bank
1. the Bank, based in the Czech Republic,
2. Foreign Bank established in another Member State,
3. a foreign bank based in the State, which is not a Member State and
that requires compliance with the prudential rules that the Czech national
the Bank considers equivalent to those of prudence under the law
The European Union,
about) the financial derivative
1. options, futures, swaps, forvardy and other instruments, whose value is
refers to the exchange rate or the value of the securities, currency rates, interest
the interest rate or yield, as well as other derivatives contracts, financial indices
quantitatively expressed indicators or financial, and indicating the
a right to cash settlement and/or the right to delivery of the assets,
to which their value applies,
2. Tools for the transfer of credit risk,
3. the financial differential of the Treaty,
p) investment securities investment securities negotiable on the
capital market, and it
1. shares or similar securities representing the share of the company
or other legal entity,
2. bonds or similar securities representing the right to repayment of the
the amount due,
3. Securities conferring the right to the acquisition or disposal of investment securities
papers referred to in paragraphs 1 and 2,
q) capital-equity the difference between the value of the assets and the value of
obligations, the value of the assets shall be determined as the sum of the fair value of
assets that are related to investment activities, and the value of other assets
established in accordance with the law governing accounting; the value of the obligations shall be
down as the sum of the fair value of liabilities related to
investment activities and the values of the other obligations established by law
governing the accounting.
PART TWO
COMMENCEMENT AND TERMINATION OF THE SUPPLEMENTARY PENSION SAVINGS AND CONTRIBUTIONS
TITLE I OF THE
COMMENCEMENT AND TERMINATION OF THE SUPPLEMENTARY PENSION SAVINGS
§ 4
(1) Supplementary pension savings arises on the basis of supplementary
pension savings between the participant and the date of pension companies
laid down in this agreement. Date of the supplementary pension savings
do not precede the date of conclusion of the contract the supplementary pension savings.
(2) a contract relating to the supplementary pension savings prior to termination of the supplementary
pension savings from other contracts concerning the supplementary pension savings could be
to conclude, if
and the participant commenced payment of) benefits, and it soon as possible on the first day
the calendar month immediately following the date of the initiation of the payment
benefits from all of the resources of the participant, or
(b) the payment of the contribution, interrupted) participant the participant to the supplementary pension
savings (§ 11 par. 3 and 4), provided that before the interruption in paid
supplementary pension savings allowance of not less than 36 calendar months
or at least 12 consecutive calendar months from the last
interruption of the payment of the allowance for the same pension company.
(3) with a single pension companies, a participant may enter into only one
agreement on the supplementary pension savings; This does not apply in the case of a contract
closed in accordance with paragraph 2 (a). and).
§ 5
Agreement on the supplementary pension savings
(1) the Agreement on the supplementary pension savings, pension company
undertakes to collect and manage the resources of the participant in the
participating fund or more participating funds according to this Act, and
the agreed strategy of saving and paying him benefits under the conditions and in the manner
provided by law and this agreement and the participant undertakes to pay
the contribution of the participant under the conditions of and in the manner prescribed by law
and this agreement.
(2) the Treaty concerning the supplementary pension savings must be made in writing.
(3) the contract relating to the supplementary pension savings must not contradict this
the law must not be vague, misleading, incomplete or contrary to the
interest of the participant.
(4) in the contract relating to the supplementary pension savings, a participant may, in case
his death, specify one or more natural persons (hereinafter referred to as "the designated
person "), which occurs when the conditions laid down in this Act
entitled to compensation (para. 24), or surrender value (§ 25). The participant is
in the contract must indicate the designated person's name, or names,
last name, social security number, if assigned, or date of birth, address,
the place of his stay in the Czech Republic or reside outside the territory of the Czech
the Republic, if he is aware of, where the family or other relationship with the
him.
(5) it is stated in the contract more designated people, and were not intended
their shares in a single application, or odbytném, each of them
the right to an equal share.
(6) change of the designated person or his or her share of the one-time settlement
or odbytném is effective against the pension company on the date on which it was
written notification of this change, the participant arrived.
(7) a participant shall determine in the contract relating to the supplementary pension savings strategy
savings. Savings strategy, a participant may change.
§ 6
Termination of the contract on the supplementary pension savings, the participant
(1) a participant may contract on supplementary pension savings to terminate,
If he is not paid to the tax referred to in paragraph 19 (b). and) or (b)) or the batch
referred to in section 19 (a). a), b), (e)), or (f)). The Treaty on the
the supplementary pension savings should not lay down the notice period longer than 1
calendar month. The notice period shall commence on the first day of the calendar
of the month immediately following the date of delivery of the notice.
(2) the pension company is required to the participant not later than 15 days from the
date of receipt of notice of termination in writing to confirm its receipt and indicating the date of
the demise of the supplementary pension savings.
§ 7
Termination of the contract on the supplementary pension savings the pension
companies
(1) the pension company can contract the supplementary pension savings
terminate the participant,
and) for at least 6 consecutive calendar months, in violation of the
agreement on the supplementary pension savings or this Act did not pay
the contribution of the participant, if the participant is at least 30 days before the date of
send notice of termination to the right pension company contract
notified in writing,
(b) the obligation to provide the pension) has violated the company's specified information (section 13
paragraph. 2 and 3),
c) when concluding the contract stated false information having a significant influence
on the entitlement to the granting State contribution or to benefits from the
the supplementary pension savings or that concealed the fact that
are applicable to the conclusion of the contract.
(2) a contract relating to the supplementary pension savings not pension company
terminated in accordance with paragraph 1, if the participant has reached age and length
savings time set by this Act for entitlement to benefits from the
the supplementary pension savings (section 20 (1)), or these terms and conditions
fulfilled by the end of the notice period.
§ 8
The demise of the supplementary pension savings
Supplementary pension savings plan participant shall cease on the date of
and payment of old-age pension) end of the specified period of time or a disability pension
the specified period of time from all the resources of the participant,
(b) the payment of a one-time settlement of) all the resources of the participant,
(c) single premiums) of the remittance for the lifetime pension or
single premiums for the pension on the specific time period with exactly
a fixed amount of income from all resources of the participant,
(d)) on which the participant and agree in writing to the pension company
e) expiry of the notice period,
f) death of the participant.
TITLE II
POSTS
§ 9
The contribution of the participant
(1) a participant is unable to pay the participant's additional contribution at the same time
pension savings for more pension companies. The amount of contribution
the participant shall be the calendar month, and shall not be less than $ 100.
(2) the contribution of the participant is payable up to the end of the calendar month in
that is true; If it was agreed upon the payment of the allowance for a period longer than
one month is thus determined the amount of contribution payable to the end of the first
the calendar month of the period.
(3) the participant is entitled to change the amount of the contribution of the participant. Change the amount of the
the contribution of the participant is not possible retroactively. If agreement on the supplementary
retirement savings plan shall set a deadline for the entry into force of amendments to the above
the contribution of the participant, such period shall not exceed 3 calendar months
from the date of receipt of the notification of the change of the amount of the contribution of the participant.
§ 10
The contribution paid by the employer for the participant, the participant
(1) the Subscriber may pay all or part of the contribution of the participant
the employer, if the participant agrees with it (hereinafter referred to as "post
employer "). Participant is obliged to this fact in writing in advance
notify the pension company. Contrary to the principle of equal treatment
not provide different amount of employer's contribution, depending on the
risk, the difficulty of achieving the work to be performed or, if it is
agreed in the collective agreement or provided for in the internal rules
of the employer.
(2) the contribution of the employer does not provide a State contribution.
(3) the employer shall not affect employees in choosing pension
the company shall not receive remuneration, reward or advantage in
connection with the provision of employer contribution.
§ 11
The postponement and interruption of the payment of the contribution of the participant
(1) a participant is entitled to defer the payment of the contribution of the participants
the conditions laid down in paragraph 2 and in the agreement on the supplementary pension
savings, which must provide for the maximum possible time delay of payment
the contribution of the participant.
(2) the postponement of the payment of the contribution of the participant, the participant must pension
company report and indicate the length of the grace period, which begins to run
on the date specified in the notice by the participant, but not earlier than the first day of
the calendar month immediately following the date of receipt of such
notification of the pension company. Period of deferment of payment of the contribution
the participant, for which a participant made the contributions of the participant
included in the savings period.
(3) the participant is entitled to payment of the participant's contribution to the supplementary
pension savings.
(4) payment of the participant's contribution to a supplementary pension savings is
interrupts on the date stated in the written notice of participant discontinuation
the payment of the participant's contribution to supplementary pension savings, first
However, the first day of the calendar month immediately following the date on
receipt of such notification the pension company. Break time payment
the contribution of the participant to the supplementary pension savings are not included in the
savings time.
§ 12
The State's contribution
(1) the Ministry of Finance (hereinafter referred to as "the Ministry") provides the
the State budget for the benefit of the participant, it paid contributions
participant in the State's contribution.
(2) the Pension company is obliged to register the national contributions provided by
for the benefit of the participants.
section 13 of the
Entitlement to state post
(1) a claim to the State's contribution has a participant who has permanent residence in the
the territory of the United States or residing in the territory of a Member State and is
and participates in the pension insurance under) the domestic legislation of a ^ 3),
(b)) a pensioner from the pension insurance, or
(c)) involved public health insurance in the Czech Republic ^ 4).
(2) in order to demonstrate compliance with the conditions referred to in paragraph 1 is required to
communicate to the pension company's social security number allocated by the competent authority
The United States was not ^ 5) if his social security number allocated, then the number
insured persons kept in the register of insured persons under the law governing
General health insurance premiums ^ 6).
(3) the participant is obliged to notify in writing without undue delay of pension
the company of any changes in the facts referred to in paragraphs 1 and
2.
§ 14
Entitlement to state post
(1) for each calendar month belongs to the participant who meets the
the conditions set out in § 13 para. 1, and that within the time limit referred to in § 9 para.
2 paid a contribution of at least $ 300, a State contribution. If
a participant in a calendar month during which the supplementary pension
the saving arises or ceases to satisfy at least one of the conditions
set out in § 13 para. 1 for the duration of the supplementary pension
savings and paid within the time limit referred to in § 9 para. 2 contribution of
at least Czk 300, it has the State's contribution.
(2) if the amount of the monthly contribution of the participant
300 to 999) and Eur, the amount of the monthly State allowance amount $ 90 and
20% of the amount exceeding Czk 300,
(b)) 1 000 + CZK monthly State allowance amount of 230
CZK.
(3) If the participant pays a contribution over a longer period than for the calendar
month, the amount of the monthly State allowance according to the average of the above
the contribution per calendar month for which the State provides
post.
(4) for the purposes of determining the amount of the public contribution, the amount of the contribution
the participant shall be rounded down to the nearest Crown down.
§ 15
Information system of supplementary pension savings
(1) the Ministry manages and operates the information system of the supplementary
pension savings as the public administration information system, for the
the purpose of the
and the performance of the State supervision of) compliance with the obligations laid down in this
by law in connection with the provision and change state contribution,
b) processing requests for public contribution and possible repairs
This application,
c) message processing on returning State contribution pension companies
the Ministry,
d) keeping the data on participants.
(2) in the information system of the supplementary pension savings are these
information about the participant:
and) the name or names, first and last name,
(b)), social security number or social security number and date of birth of the participant,
c) postal code of the place of residence of the participant on the territory
The United States,
(d) the name of the Member State) on the territory of the party of residence,
e) the trade name of pension company with which the participant has entered into
agreement on the supplementary pension savings, pension ID number
the company,
(f)) of the supplementary pension insurance contract number, date of its conclusion
and efficiency,
g) date and method of termination of the supplementary pension savings,
(h) the date of death of the participant)
I) end date of residence of the participant,
(j)) kind of residence of the participant, if the stranger,
to the date of termination of participation) on public health insurance in the United
Republic,
l) date of granting old-age pensions,
m) negotiated savings of time and its duration,
n) or interruption of the period of deferment of payment of the contribution of the participant,
about) the information that was provided to the employer's contribution,
p) contribution the participant per calendar month,
q) the amount of the public contribution per calendar month.
(3) the Ministry writes to the information system of the supplementary
pension savings information provided for in paragraph 2, that it receives from
pension companies, the Ministry of the Interior, the police of the Czech Republic,
General health insurance company in the Czech Republic and Czech administration
of social security.
(4) the Ministry provides a pension company at the request of the information referred to
in paragraph 2, held in the information system of supplementary pension
savings on participant, with pension companies has concluded a contract of
the supplementary pension savings, in paper or in electronic form.
Without the application provides the Ministry of pensions company, these data
only in connection with the processing of requests for the State
post or the processing of a message about the return of the State contribution.
Pension company, which has received information from the following information system
the supplementary pension savings is not collected, forwarded to other
parties or use beyond the scope provided for by other legislation
governing the protection of personal data.
(5) at the request of a participant provides the Ministry of information referred to in
paragraph 2-led in the information system of the supplementary pension savings
to his person.
(6) the request referred to in paragraph 5 above and beyond the requirements shall be participant
According to the code of administrative procedure
and social security number) or social security number,
(b) the number of the contract relating to the supplementary) pension savings, the date of its conclusion,
business name of the pension company.
(7) the data held in the information system of the supplementary pension savings
shall be kept for the duration of the supplementary pension savings of the participant and
10 years after its demise, to ensure the tasks pursuant to this Act, for which the
the data are collected and further processed.
section 16 of the
(1) the pension company serves the Ministry of a request for
State contribution collectively for all the participants who qualify
to provide the State contribution electronically remote access.
(2) the request referred to in paragraph 1, the pension company in a calendar
the month immediately following the end of each calendar
quarter and process it using data from the information system
the supplementary pension savings.
(3) the request referred to in paragraph 1 shall include the
and pension company business name), its identification number,
(b)) the calendar year and the quarter for which the application is made,
(c)) list of participants which qualify for the giving of a State
the post that contains the following information about the participant:
1. the name, or names, first and last name,
2. your social security number or social security number and date of birth of the participant,
3. postal code of the place of residence of the participant,
4. the name of the Member State within the territory of the party of residence pursuant to §
13,
5. the number of the contract relating to the supplementary pension savings that may not be
match the number of another contract on the supplementary pension savings or
supplementary pension insurance contract, under any other law, the date of
its conclusion and effect
6. the date and method of termination of the supplementary pension savings,
7. the agreed savings period
8. information on whether the contribution was provided to the employer,
9. the amount of the contribution of the participant per calendar month,
10. the amount of the required state contribution per calendar month,
11. the period for deferment or interruption of the payment of the contribution of the participant,
12. information on the transfer of funds to the participant to another pension company (§
27).
(4) If a submitted application is incomplete or contains incorrect information,
does the pension company its correction. The application performs the repair
pension company also based on challenges of the Ministry. A corrected
the application is made at the same time, the pension company Ministry of applications referred to in
paragraph 1 for any calendar quarter following the finding,
the application submitted is incomplete or contains incorrect information.
§ 17
(1) the Ministry are a way of allowing remote access provided
for the performance of State administration in the area of the State supervision of pension
the companies scan a claim for provision of State contribution
and from the population register) on the bodies of data reference data,
which are the
1. last name,
2. the name or names,
3. the date of death,
(b)) of the agendového information system of population register on State
citizens of the Czech Republic, which are data
1. last name,
2. the name or names,
3. social security number,
4. the date of the beginning of permanent residence and the date of their residence on the
the territory of the Czech Republic,
5. the date of death,
(c)) from the information system of foreigners, which are data
1. last name,
2. the name or names,
3. social security number,
4. the type of stay
5. the date of commencement of the stay and the date of their stay on the territory of the United
Republic,
6. date of death.
(2) data that are kept as reference data in the principal registry
the population recovered from the agendového information system registration
population or from the information system of foreigners only if they are in the shape of
the previous status quo. From the data provided in accordance with paragraph 1
can be used in a particular case only such data which are
necessary for the performance of the task.
(3) the Ministry provides general health insurance company Headquarters the United
the Republic manner allowing remote access for the performance of State administration
in the area of the State supervision of pension companies when screening
the right to the provision of State contribution of insured persons registry maintained by the
under special legislation, the following information:
and) surname,
(b) the name or names),
(c) the social security number),
(d) the date of commencement of participation and) date of the termination of the participation of the insured person on the public
health insurance in the Czech Republic.
(4) the Ministry of the Czech Social Security Administration provides a way
allowing remote access for the performance of State administration in the field of public
supervision of pension companies when examining a claim for
provision of public contribution data on the date of the award of old-age pension
participant and data demonstrating that the participant is a pensioner from
pension insurance.
(5) from the data provided in accordance with paragraphs 1 to 4 may be in a particular
If you use only such data as are necessary to meet the
for the task.
section 18
(1) the Ministry shall be remitted by the State contribution per calendar quarter on
the company's pension account opened with the depositary of the participating funds for
reception and transfer to the participant, payment of benefits in the event that
There is an account of a participating fund and returning the State contribution to the
the end of the 2. the months immediately following the end of the quarter for
that to grant the State contribution is sought. By the time of completion or
repair the application this deadline does not run in relation to the participants involved
fix application refers to.
(2) the amount of the public contribution remitted the pension company
pension company is illegally required to return to the Ministry, and to
end of the calendar month in which they expire 1 month from the date on which the
pension company has found that the State contribution amounts have been
unduly paid, at the latest within 8 days from the date of final
decision of the Ministry about the obligation to return these amounts. The right to enforce
wrongly credited amounts shall lapse upon expiration of 10 years from the date of their
a remittance.
(3) State poukázaný pension contribution in the company's unused
benefit of the participants is to return the company to the Ministry of pensions,
and it
and) by the end of the calendar month in which it shall expire 6 months from the date of
the demise of the supplementary pension savings in the event of a claim on the
surrender (article 25),
(b)) to the end of the calendar month in which it shall expire 6 months from the date of
the demise of the supplementary pension savings in the case when the participant
do not qualify the surrender value (section 25) and asked about converting resources
participant to another pension company (section 27),
no later than 8 days from the date of the decision of the Ministry of
the obligation to return these amounts; right to enforce state aid leaks
According to subparagraph (a)), or (b)) shall lapse upon expiration of 10 years from the date of
the obligation is to return
.
(4) the pension company serves the Ministry before the 10th day of each
calendar month in electronic form a report on the return of the State
contribution. The message is processed for the use of the information system
the supplementary pension savings.
(5) the return of State contribution contains
and pension company business name), its identification number and
sequence number assigned to the company by the Ministry of pensions,
(b)) the calendar year and month, for which the report is made,
(c)) that contains the list of participants
1. the name, or names, first and last name,
2. your social security number or social security number and date of birth of the participant,
3. postal code of the place of residence of the participant,
4. the name of the Member State within the territory of the party of residence pursuant to §
in article 13(3). 1 (b). (b)),
5. the number of the contract relating to the supplementary pension savings that may not be
match the number of another contract on the supplementary pension savings or
supplementary pension insurance contract, under any other law, the date of
its conclusion and effect
6. the date and method of termination of the participant's supplementary pension savings,
7. the agreed savings period
8. information on whether the contribution was provided to the employer,
9. the amount of the contribution of the participant per calendar month,
10. the amount of the returned State contribution per calendar month,
11. information on the transfer of funds to the participant to another pension company (§
27).
(6) the Ministry is required to process the message about the return of the State
contribution and return the converted State support and to pass the result
processing of pension company in electronic form to the twentieth day
the calendar month in which the pension company filed this report.
(7) the Pension company is obliged to return to the Department of State post
and converted in the amount of State aid according to the result of the message processing
returning State contribution and return the converted state aid until the end of
the calendar month in which her Ministry provided the result
processing of the message. Pension company is required to submit a report on the
returning State contribution and return the converted state aid to
She came back and converted the State's contribution to the Department of State aid in the
the time limit referred to in paragraph 2 or 3.
PART THREE
CLAIMS ARISING FROM SUPPLEMENTARY PENSION SAVINGS
TITLE I OF THE
BENEFITS
§ 19
The participant's resources will be applied to the payment of such benefits:
and) old-age pension for specified period of time,
(b) disability pension to a specified) time
c) compensation,
d) surrender,
(e) the payment of the single premiums) to a lifetime pension, or
(f) the payment of the single premiums) for the pension on the specific time period
the amount of the pension of the definite.
section 20
The conditions for entitlement to certain benefits
(1) a condition of entitlement to the benefits referred to in section 19 (a). and), e) and (f))
is
and the age of the participant) that is about 5 years lower than the age required for
entitlement to a retirement pension provided for under section 32 of the law on
pension insurance, and
(b)) duration of time savings of at least 60 calendar months; contract
on the supplementary pension savings plan may provide for a longer savings time that
However, shall not exceed 120 calendar months.
(2) a condition of entitlement to a benefit referred to in section 19 (a). (b))
invalidity pension for disability of the third degree from
pension insurance ^ 2) and duration of the savings period of at least 36
calendar months; agreement on the supplementary pension savings can
allow a longer savings time which cannot exceed 60
calendar months.
(3) a condition of entitlement of a participant to the levy referred to in section 19 (a). (c))
is
and the age required) for entitlement to a retirement pension
provided for under section 32 of the Act on pension insurance and
(b)) duration of time savings of at least 60 calendar months; contract
on the supplementary pension savings plan may provide for a longer savings time that
However, shall not exceed 120 calendar months.
(4) the benefits referred to in section 19 (a). a), b), (e) and (f))) only
the participant.
(5) in determining the age referred to in paragraph 1 (b). and paragraph 3 (b)). and)
§ 22 para. 4 (b). (c)) and § 23 paragraph 1. 6 (a). (c)) in women advancing as well
as in men of the same birth date.
section 21
(1) benefits supplementary pension savings are paid on the basis of
a written request from the Subscriber or designated person or an heir. The participant is
eligible to apply for the payment of the benefits at any time after the establishment of the right to benefit.
(2) the allowance referred to in section 19 (a). a) to (d)) is a pension company to
be paid within the time limits and in the manner agreed with the beneficiary, if the
This law provides otherwise.
(3) if the participant or designated person in writing so requests, shall be paid
pension company participant or designated person benefits abroad.
section 22
The payment of old-age pension for a set period and disability pension to a specified
time
(1) old-age pension for a set period or the disability pension for a set period
shall be paid either in installments in a specified amount, or in the specified number of
payments to the participant's resources are exhausted, and it regularly at least
four times per calendar year if the amount of the instalment amounts to at least $ 500.
Otherwise the pension company reduce the number of payments per year.
(2) in the application for payment of these benefits the participant determines the period of time or the amount of
payments and so that the estimated time of the payout of these benefits has lasted
at least 3 years, or at least 2 years in the case of benefits meeting the conditions
in accordance with paragraph 4. Pension company begins payment of instalments not later than
by the end of the calendar month immediately following the calendar
the month in which the request for payment is presented, if the participant and
pension company agree otherwise. In the application for benefit that meets the
the conditions referred to in paragraph 4, the participant shall indicate the health insurance company, for which
is insured under the law governing the public health insurance.
Participant shall notify without undue delay the pension company change
health insurance, if it occurs during the period of payment of benefits referred to in
of paragraph 4.
Editor's note. ASPI-according to the min. of finance, it was the intention of the issue of the amendment
399/2012 (published in the amount of the 146/2012 Collections), and 403/2009 Sb.
(published in the amount of 149/2012 Collections) in reverse order. In this case,
the resulting text of paragraph 2 was: "(2) in the application for payment of these benefits
the participant shall determine the period of time or the amount of the instalments and to estimated time
payment of these benefits lasted at least 3 years, or at least 2 years in
the event benefits meeting the conditions referred to in paragraph 4. In the application for benefit
which satisfies the conditions referred to in paragraph 4 shall be participant health
the insurance company that is insured under the law governing public
health insurance. Participant shall notify without undue delay the pension
the company's change in health insurance, if it occurs during the period of
of payment of benefits referred to in paragraph 4. Pension company begins payment
payments by the end of the calendar month immediately
following the calendar month in which the request for payment of the
submitted, if participants and pension company agree otherwise. "
(3) the participant is eligible to apply for the suspension of payment of benefits, even
repeatedly; This does not apply in the case of old-age pension to a specified time according to the
of paragraph 4. In the written request for suspension of payment of benefits must be
set the period for which the payment of benefits is suspended, which may not be
less than 3 months. Pension company may request a
the suspension of payment of benefits subject to payment of the fee provided for
This Act (section 61).
(4) the pension company is required to notify the participant, health
the insurance undertaking referred to in paragraph 2 and the Czech social security administration
not later than on the day of payment of the first instalment of the opening day of the payment of
old-age pension for specified period of time, and no later than on the day of payment of the last
installment of the day their payment of old-age pension for a set period, if the
at the time of the commencement of payment of old-age pension for specified period of time
and payment is at least) 30% of the average wage in the national economy
organized by the Ministry of labour and Social Affairs according to law
governing the employment for the calendar year preceding the calendar year
the year in which the payment of old-age pension began at a specified time,
(b) the payment of the instalments has been agreed) in the amount of the monthly, fade free without
payment options to interrupt or suspend and
(c) the payment of the installments) is laid out so that ended the first, reaching
retirement age the recipient required for entitlement to an old-age
pension provided for under section 32 of the Act on pension insurance, less
3 years.
(5) the pension company shall notify the fact referred to in paragraph 4
health insurance company and the Czech social security administration
electronically.
(6) in the event that the resources of the participant during the payment already
are not sufficient to pay the instalment referred to in paragraph 4, the pension company
the remaining funds shall be paid by the Subscriber in the term for the payment of the nearest
the repayments.
Article 23 of the
Payment of the single premiums for a lifetime pension and for the pension on the
specific time period with a fixed amount of income exactly
(1) the pension company is obliged within 7 working days from the
date of receipt of the request for reimbursement of single premiums for life
for the Pension Board and the specific time period with accurately determined the amount of the
the pension to the participant in writing of the value at the date the participant resources
receipt of the request.
(2) when taking out a lifetime pension payment of the pension shall be determined in
regular cash instalments in the amount of fade free, which must be
paid for life at least four times per calendar year.
(3) when taking out the Board on specific time period with accurately determined
the amount of the retirement pension payouts in the period of the agreed fixed
the amount of the last at least 3 years, or at least 2 years in the case of this Board
which satisfies the conditions referred to in paragraph 6.
(4) the company shall pay a single premium Pension on the basis of
the presentation concluded the insurance contract which fulfils the conditions laid down
to in paragraph 2 or 3, on account of the insurance undertaking referred to in the insurance contract, and
by the end of the calendar month immediately following
After the calendar month in which the insurance contract was submitted. In
If the submitted to the insurance contract does not meet the conditions laid down in
paragraph 2 or 3, is the pension company to this fact
notify the participant within 5 working days from the date of its submission.
The balance, if any, State contribution sends a pension company
immediately after his receipt of the Subscriber in a manner set out in the request for
benefit under paragraph 1.
(5) prior to the conclusion of the insurance contract the insurance company interested in the conclusion of the
the insurance contract shall inform the amount of a pension, which in the case of
the insurance contract guarantees the value of the funds referred to in paragraph
1. This notice is for the insurance company be binding for a period of 6 months from the date of
This communication.
(6) an insurance undertaking is required to notify the participant, health insurance company
pursuant to paragraph 8 and the Czech social security administration no later than the day
payment of the first instalment of the opening day of the payment of the deferred pension or
pension on the specific time period with accurately determined the amount of the pension, and
not later than on the day of payment of the last instalment of the day their payment
pension on the specific time period with a fixed amount of income, exactly
If the lifetime pension or pensions to the specific time period with
the amount of the pension is paid for
and) so that the first payment is at least 30% of the average wage in the national
organized by the Ministry of economy, labour and Social Affairs in accordance with
the law governing employment during the calendar year preceding the
the calendar year in which the payment of the deferred pension began or Board
the specific time period with a fixed amount of income, exactly
(b)) in the amount of monthly, fade free without the possibility of the payment of the stay or
pause and
(c)), so that the payment of instalments in respect of pension on the specific
time with accurately determined the amount of the pension, she first achievement
retirement age the recipient required for entitlement to an old-age
pension provided for under section 32 of the Act on pension insurance, less
3 years.
(7) the undertaking shall notify the fact referred to in paragraph 6 of the health
the insurance company and the Czech social security administration electronically.
(8) if the Board meeting the conditions referred to in paragraph 6, it shall inform the participant
When the insurance contract the insurance company health insurance, for which
is insured under the law governing the public health insurance.
Participant shall notify without undue delay the change of health insurance
undertaking, if it occurs during the period of payment of benefits referred to in paragraph 6.
(9) the Pension company is obliged to, together with the payment of a one-time
the insurance referred to in paragraph 4 to pass the insurance information on the summary of
contributions and State contribution.
section 24
A one-time settlement
(1) the compensation
and the participant under the terms) belong under section 20 (2). 3, and if he
the specified parts of the devices has not begun payment of benefits referred to in section 19
(a). a), b), (e)), or (f)); a participant may choose a combination of payment
a one-time settlement and one of the benefits referred to in section 19 (a). and), (b)),
e) or (f)),
(b) the designated person) belong, if the participant died after the date on which he
qualify for the levy referred to in section 19 (a). a) to (c)), e) or (f)) and before
the payment, or if the participant died, and old-age or invalidity
Board on the amount of time he has already been paid; in such a case, the
the designated person is entitled to compensation in the amount of the corresponding so far
undisbursed funds the participant,
(c)) becomes the subject of inheritance, unless the participant for the cases referred
in subparagraph (b)) a specified person.
(2) in the event of a claim for compensation and after delivery
a written request from the participant of his payment, pension company pays
a one-time settlement to the end of the calendar quarter immediately
the following month, on which was the last contribution of the participant
has been paid.
(3) in the event of a claim for compensation to a designated person or
the heirs shall pay the pension company compensation within one
months from the date of receipt of the written request, if it is proven the death
of the participant.
(4) the party to which the entitlement to compensation and that
before the request for payment of the payment of contributions to his interrupted
the participant pursuant to section 11, shall pay the pension company compensation
within one month from the date of receipt of the written request for his paycheck.
§ 25
Surrender value
(1) Surrender shall belong to
and in the case of the demise of the participant) of the supplementary pension savings pursuant to §
8 (a). d) or (e)), if the savings period lasted at least 24 calendar
months and there has been no transfer of funds to the participant to other pension
the company,
(b)) to the participant in case of cancellation of a participating Fund (para. 110), if there were no
the transfer of funds to the participant to another participant of the Fund,
(c)) the designated person, if the participant died, and he had not become entitled to
under section 19 (a). a) to (c)), e) or (f)); If a party has not designated a specified
the person becomes the subject of the surrender value heritage.
(2) the amount of the surrender value represents the value of the resources of the participant on the date
the extinction of the obligations of the contract of the supplementary pension savings identified in
the agreement of the participant and pension company, or on the date of delivery of the notice,
after deduction of public contributions.
(3) the Surrender referred to in paragraph 1, the pension company pays into one
months from the date of receipt of the request of an authorized person about his paycheck.
section 26
If the pension company, that the participant died, shall inform the
not later than 2 months specified by the person specified in the contract on the supplementary
pension savings on its claim of the supplementary pension savings,
If a participant said her place of residence in the Czech Republic, or
residence outside the territory of the Czech Republic. In this information shall indicate whether the
the designated person is entitled to compensation under section 24, or surrender value
According to § 25.
TITLE II
THE TRANSFER OF FUNDS TO ANOTHER PENSION COMPANY PARTICIPANT
section 27 of the
(1) a participant is entitled to a transfer of funds to another pension participant
the company in the event that supplementary pension savings has been terminated under section 8
(a). d) or (e)); This does not apply in the case referred to in paragraph 2.
(2) a claim referred to in paragraph 1 does not have a Subscriber prior to termination
the supplementary pension savings for entitlement to a benefit under section 19 (a).
(c)).
(3) the pension company converts the participant's resources on the basis of its
the application no later than one month from the date of termination of the supplementary pension
the savings referred to in paragraph 1. Pension company may request a
the transfer of funds dependent upon the fee provided for in this
the law (§ 61). The request for the transfer of funds of the participant is a participant
required to prove the consent of the pension company with which they are to be
attendee resources transferred.
(4) the transfer of funds to the participant pursuant to paragraph 1, the participant
savings time counts.
(5) the State's contribution, which was not remitted to the pension company for a period of
before the date of transfer of funds the participant points out the request,
submitted by the Ministry of pensions, on behalf of the pension
company for adoption and the return of contributions, the contributions
employer, State contributions and funds transferred from the participant's
another participating fund or the Fund with a transformed
depository participant Fund to which funds have been a participant
converted.
TITLE III
LIMITATION PERIODS
section 28
(1) the entitlement of a participant on the transfer of funds to another pension company
case do not qualify him to surrender, and about the transfer of funds under section
27 para. 3 requested, shall lapse on the expiry of 3 years from the date of termination of
the supplementary pension savings.
(2) entitlement to payment of instalments payable benefits under section 22 shall be barred
the expiry of 5 years from the date of its maturity.
(3) in the event that the eligible participant become statute-barred in accordance with paragraph 1 or 2,
fall of these resources for the benefit of the assets in the participant directory
the Fund.
PART FOUR
PENSION COMPANY
TITLE I OF THE
BASIC PROVISIONS
section 29
(1) the pension company is a joint stock company with a registered office in the territory of the United
Republic, whose business is
and the collection of contributions,) the employer's contribution and
State contributions under this Act for the purpose of their introduction into
the participating funds, asset management in the participating funds and
payment of supplementary pension savings,
(b)) in the case of the conditions laid down by the law on retirement savings
the collection and management of funds in savings participants
pension funds and payment of benefits pursuant to the Act on pension
savings.
(2) the activity referred to in paragraph 1 may engage only legal entity that
the Czech National Bank has been granted a residence permit to the activities of the pension
the company under this Act, and in the case of activities referred to in paragraph 1
(a). (b) the authorization to create) pension funds under the law on
retirement savings.
(3) in addition to the business referred to in paragraph 1, the pension company
perform other activities pursuant to section 35, if you have registered, and
activities referred to in section 74.
section 30
(1) the business name of the pension company has the designation "pension
the company ".
(2) a person who does not have authorisation to the activities of the pension company in
the context of its activities with the designation "pension company"
or other with this label interchangeable designation.
TITLE II
AUTHORISED PENSION COMPANY
section 31
(1) the Czech National Bank has granted permission to the activities of the pension company
at the request of the founder of a public limited company, and prior to the date of its
entry in the commercial register, if
and) showing that issues the paper shares on name or uncertificated shares,
(b) its registered office and Head Office) public limited liability companies will be on the territory of the United
Republic,
(c) submits proof of a transparent and safe) the origin of their capital,
(d)) shall submit to the
1. business plan based on realistic economic calculations,
2. Design your organizational arrangements and the management and control
the system,
3. the draft rules of the prudent exercise of the activities of the pension company and
the performance of activities related to the activities of the pension company
meet the requirements established by this Act,
4. the draft rules of conduct pension companies are interested in the conclusion of the
agreement on the supplementary pension savings (hereinafter referred to as "those interested in additional
pension savings ") and with the parties, which meet the requirements laid down
This law,
5. the statutes,
6. by a contract or by a Charter,
(e) benefits in kind shall be documented, personnel) and organizational prerequisites for performance
the activities of the pension company and the performance of the activities related to the activities of the
pension companies,
(f)) is paid up capital, the
g) showing that has at least 2 persons and these persons meet the managers
the conditions pursuant to § 39 para. 2,
h) a qualifying holding will have the only person from the point of view of the ordinary
and prudent management of the pension company
I) close links with another person do not prevent the effective exercise of supervision
pension companies, and if you close links with a person who has
registered office or head office in a State which is not a Member State, does not prevent the
the rule of law of such State and the method of its application including
law enforcement the effective supervision of pension companies and
j) showing that there are proposals or the basic principles of business contracts
through another person, to be such an agreement after the grant
enable closed.
(2) the Czech National Bank shall inform the Ministry about the submission of the application
referred to in paragraph 1.
§ 32
Business plan pursuant to § 31 para. 1 (b). d) point 1 for the first 3
financial year always contains
a) the estimated number of participants in each of the participating funds,
(b) the estimated cost of meeting) material, personnel and
organizational assumptions and how to cover these costs,
(c)) an estimate of the revenues and costs broken down on the costs associated with the introduction of
activities and on recurrent expenditure, in particular, administrative costs and the cost of
the remuneration of the persons referred to in section 74, and in particular
1. a detailed estimate of the revenue and expenditure of the operation,
2. estimate the extent of the balance sheet and estimate in the range of
profit and loss account,
3. the estimated calculation of the required capital in relation to the obhospodařovaným
participating funds and
4. the estimated amount of operating costs.
§ 33
(1) the pension company cannot base a public offer of shares.
(2) the authorised pension companies shall be issued for a period of
an indefinite period.
(3) an application for authorization under section 31 may be made only on the prescribed
the form to which the applicant shall be accompanied by documents certifying the fulfilment of the
conditions referred to in § 31 para. 1 and section 32. The pattern of the form and the content of its annexes
down detailed legislation.
§ 34
On the application for authorization to the activities of the pension company decides to Czech
National Bank within 6 months from the date of its delivery.
§ 35
Other activities of the pension company
(1) the Czech National Bank will register at the request of the pension company
carrying out other activities, that is only in the provision of services to
the financial market, and it
and the conclusion of mediation) insurance policy in case of death,
survival of a certain age or the date set out in the insurance contract as a
the end of the insurance coverage, in case of an accident, illness or other facts
related to health, if it satisfies the requirements of the pension company
required for obtaining a permit under another law ^ 7),
(b)) in training activities in the field of supplementary pension savings,
(c)) in the organisation of the examination aimed at demonstrating proficiency in
the field of supplementary pensions and retirement savings, or
(d)) in activities relating to the provision for the operation of pension company
or other pension companies or other financial institutions.
(2) the application for registration shall be accompanied by other activities of the pension company
documents certifying that the next activity will not impede the proper performance of the
the activities of the pension company and the performance of activities related to the
the activities of the pension company.
(3) in the event that the performance of other activities, prevent the effective exercise of the activity
pension company or the proper performance of the activities related to the
the activities of the pension company or the effective supervision of these
the activities of the pension company, Czech National Bank may
and a request for the execution of other) activities to reject, or
(b)) other business activities range limit, or may provide
the conditions that must be met before the start of pension company each of
These activities, or which must comply with in the exercise.
(4) the Czech National Bank will narrow the scope of the registration to conduct business
pension company about the performance of other activities referred to in paragraph 1, if the
about pension company Czech National Bank in writing.
(5) an application for the registration of other business activities can be made only on the
the prescribed form, to which the applicant shall be accompanied by documents proving the
the matters referred to in paragraph 2. Forms and contents of its annexes
down detailed legislation.
(6) an application for the registration of other activities referred to in paragraph 1 (b). and)
or (c)) pension company
and shall be accompanied by an application for registration) under another law ^ 7) or
application for accreditation pursuant to § 86 para. 1, or
b) showing that the registration was made by another legal
prescription ^ 7) or accredited in accordance with § 86 para. 2.
(7) the Czech National Bank will decide on the request referred to in paragraph 1 before the
the release of the decision to allow the activities of the pension company first
together with the decision on authorisation for the activities of the pension company. When
the assessment of the conditions for the registration of other activities is based on the documents
for the authorization decision to the activities of the pension company.
TITLE III
SOME OF THE CONDITIONS THE EXERCISE OF THE ACTIVITIES OF THE PENSION COMPANY
Part 1
Some of the conditions for the exercise of the activities of the
section 36
(1) the pension company may not control another legal person or hold
the participation of the other person in excess of the proportion of 3% of the voting rights, or
in the capital of that person, unless they are participating in the
account of a participating fund, which manages the pension company.
(2) the pension company creates within 1 year from the date of grant
authorised pension company required conservative Fund (§
paragraph 94. 1). This does not apply for the pension company, the subject of
activity is the only activity in accordance with § 29 para. 1 (b). (b)).
(3) number of participants in pension companies have over 24 months
from the date of the granting of a permit to create a mandatory conservative Fund
at least 10 000.
(4) the value of the assets in the Pension Fund participant obhospodařovaném
companies must wait 24 months from the date of the granting of an authorisation to
create a local fund to achieve at least 50 0000 0000 CZK; It
does not apply to mandatory conservative Fund.
Part 2
Capital requirements
§ 37
(1) the initial capital of the company amounts to at least 50 0000 0000 pension.
Initial capital shall mean the sum of the paid-up capital and
paid-up share premium.
(2) share capital and share premium account, you can pay only in cash.
§ 38
(1) the pension company continuously maintains its own capital in the amount of
adequate resources the participants that worked.
(2) the shareholders ' equity of the company that does not operate a retirement pension
savings under the law on pension savings, is at least equal to the sum of the
and $ 50 0000 0000), the values increased by 0.05% of the value of assets in the
the participating funds and managed in the transformed pool
more than 5 0000 0000 0000 CZK; This sum does not increase, if
500 0000 0000 CZK
(b)) 25% of the sum of the costs of depreciation of tangible and intangible assets and
the administrative costs of the pension company for the immediately preceding
accounting period; If the pension company carries on the activity of pension
the society for less than one year, used to calculate 25% of
the cost value depreciation of tangible and intangible assets and administrative
the costs referred to in the business plan and
c) supplementary capital pension company holding a
cover of funds on the account to receive and transfer funds
the participant, payment of benefits in the event that the account is not local
the Fund, returning the State contribution.
(3) in the calculation referred to in paragraph 2 (a). and includes the entire value) of the asset
in all of the participating funds and in the transformed pool
managed pension companies.
Part 3
Senior management pension company
§ 39
(1) the performance of the senior management pension company
the prior consent of the Czech National Bank.
(2) the Czech National Bank will grant a consent referred to in paragraph 1 the person
and that has these assumptions) to perform its functions:
1. have reached the age of 18 years,
2. it enjoys the
3. it was not caused by the fact, which is an obstacle to trade
under the law governing business
4. is a trusted and
5. competence and
(b)) which is an appropriate person in terms of sound and prudent exercise of
the activities of the pension company and the performance of activities related to the
the activities of the pension company, which perform the function of Manager of the person has;
The Czech National Bank in particular assess whether the proper performance of the functions
does not prevent her trade, business or other similar activity, especially
the activities of a person with a similar line of business,
(c)) that he has sufficient experience of investing in the asset that
is focused investment policy of the participating funds, pension funds and
transformed the Fund or with the performance of the functions in relation to the
the activities of the pension company.
(3) in the assessment of the facts referred to in paragraph 2 shall take the Czech
the National Bank in particular account of the extent of the powers associated with the performance of
features of the organisation of the pension company and the total
personnel facilities.
(4) the request for approval referred to in paragraph 1 may be made only on the prescribed
the form to which the applicant shall be accompanied by documents certifying the fulfilment of the
the conditions laid down in paragraph 2. The pattern of the form and the content of its annexes
down detailed legislation.
section 40
(1) the head of a person who has obtained prior consent to the performance of their duties,
shall be obliged to notify without undue delay the Czech National Bank each
change of the conditions specified in § 39 para. 2 and the end of the performance of their duties.
(2) If a person starts to head of pension company to perform his
within 6 months from the date on which it was granted prior consent, or
If the person does not exercise a pension company for any reason
his duties for more than 6 months, the previous agreement shall cease.
Part 4
The acquisition, improvement and loss of qualifying holding on pension
the company and the domination of the pension company
§ 41
(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) of the pension company
(b)) to increase the qualifying holding of the pension company so that
reach or exceed 20%, 30% or 50% or so
(c)) to have become the persons controlling pension company,
even in the case that these persons voting rights attaching to the shares, as follows
participation in the pension company or do not exercise significant influence on the
their control do not apply; nevykonáváním voting rights does not
change in the share of the voting rights of those or other people,
neuplatňováním effect there is no change in the capabilities of these or any other
people in the management of a pension company.
(2) for the purposes of calculating the participation referred to in paragraph 1 shall be construed as voting
rights arising out of participation in the pension company voting rights referred to
in § 122 para. 2 the law governing the capital market; §
paragraph 122. 7 to 14 of the law governing the capital market
shall apply mutatis mutandis.
§ 42
Consent to the acquisition or increase of qualifying holding or controlling and
their notification
(1) consent pursuant to § 41 para. 1 is subject to the person or persons acting in
conformity to obtain before the acquisition or increase of qualifying holding on
pension company or its dominating.
(2) a person who without the prior consent of the Czech National Bank will take
or increase a qualifying holding in a pension company or
dominate, is obliged to inform about this fact immediately to the Czech
National Bank and without undue delay, request the consent under section 41
paragraph. 1.
(3) the acquisition or increase of a qualifying holding in a pension company
or her domination without the prior consent of the Czech National Bank has no
annulment of the legal act, on the basis of which these
changes in the holdings of the pension company, however, voting rights
associated with such participation shall not be exercised by the acquired, until
the grant of the consent of the Czech National Bank.
§ 43
Assessment of qualifying holding
(1) the Czech National Bank not later than 2 business days from the date of receipt of the
requests for consent pursuant to § 41 para. 1 shall issue the applicant a written confirmation of
its adoption and shall inform it of the date on the end of the period
for the examination of the application provided for in paragraph 2. The request contains
identification of the person or people intending to acquire or increase
qualified participation in the pension company or the pension company
dominate the pension company's identification data, which has to be
such a participation is acquired, increased or that has to be mastered, the total
the amount of the applicant's share of the pension company acquisition or
increase the qualifying holding or controlling gets, and
identification data of the person who the applicant's share of converts. To the application
the applicant shall be accompanied by the documents necessary for the assessment of the application in terms of
compliance with the conditions referred to in section 44 para. 3.
(2) the Czech National Bank will issue a decision on the application within 60
working days from the date of dispatch of the written acknowledgement of receipt of the application
referred to in paragraph 1. If the Czech National Bank decision within this period
unless otherwise instructed, the approval was granted. This does not apply in the case of a request for
consent filed pursuant to § 42 para. 2.
(3) If a submitted application is incomplete or still suffer if other
The Czech National Bank, without undue delay, but not later than the fiftieth
the day of the time limit laid down in paragraph 2, shall in writing ask the applicant to the
remedy the deficiencies of the application, where appropriate, to submit further information
necessary for the examination of the application, with the understanding that the adoption of on-demand
the Czech National Bank information shall confirm in writing to the applicant within the time limit referred to
to in paragraph 1. The date of dispatch of the call, the time limit laid down in
paragraph 2 interrupts, for a maximum period of 20 working days. The time limit
provided for in paragraph 2 shall be suspended for a maximum period of 30 working days
If the applicant
a) has a domicile or place of business in a State which is not
Member State, or
(b)) is not subject authority of the Member State executing the supervision of
banks, electronic money institutions, insurance undertakings, reinsurance undertakings,
investment services providers or foreign obhospodařovateli
investment funds.
§ 44
(1) an application for consent under section 43 para. 1 may be made only on the
the prescribed form, to which the applicant shall be accompanied by documents certifying
compliance with the conditions referred to in paragraph 3. Patterns of the form and content of his
Annexes laying down detailed legislation.
(2) the Czech National Bank in assessing the application examines only the fulfilment of the
the conditions referred to in paragraph 3 and disregard for economic
the needs of the market.
(3) the Czech National Bank request if, in terms of the potential impact
on the performance of the activities of the pension companies are subject to the following conditions:
and) persons asking to grant consent, are trusted,
(b)) of the person, which are designed for the senior management, pension companies,
meet the conditions laid down in § 39 para. 2,
(c) the applicant has sufficient volume of) the financial resources of the transparent
and friendly origin in relation to the activities carried out or planned
for pension companies,
d) pension company will continue to be able to carry out the prudent rules
the performance of the activities of the pension company (§ 49 to 52),
(e) the structure of the consolidated Group), to which the pension is to be
the company included,
1. do not prevent the effective supervision of the pension company and
2. 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 pension company or its 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 the financing of terrorism, or that
been such a violation has occurred,
g) it is a case worthy of special consideration, in respect of a request under
§ 42 para. 2.
(4) the decision on the application by the Czech National Bank may specify a time for
the acquisition of the participation of the pension company pursuant to § 41 para. 1.
§ 45
The Czech National Bank may claim that the Court had pronounced the nullity of
the general meeting of the company to which the pension has been acquired or
increased participation of qualified or was invaded by the person or persons
acting in concert without the prior consent of the Czech National Bank.
Does not apply if the Czech National Bank that right in court within a period of 3
months from the date of the general meeting or, if the general meeting has not been properly
convened within three months from the date of the Czech National Bank could
Learn, that was to be convened, at the latest within a period of 1 year from the date of
the venue of the general meeting or the date on which the Czech National Bank could
learn that the General Assembly should be convened, this right shall cease to exist.
Provisions of the law on commercial corporations of annulment
the general meeting shall apply mutatis mutandis.
§ 46
The loss or reduction of qualifying holdings
The person or persons acting in concert without undue delay, notify the United
the National Bank, the
and lower their qualifying holdings) to the pension company so that
drops below 50%, 30% or 20%, or completely cease, or
(b)) lower their qualified participation in the pension company so that
It ceases to operate.
§ 47
The notification contains information about a person or persons that reduce or
pozbývajících your qualified participation in the pension company or
the person or persons přestávajících to control it, details of the pension
the company, which is this participation reduced or pozbyta or
ceases to be operated, an indication of the total amount of the share of the pension
the company after her decrease or an indication of the extent of the impact on the management of the
This pension company after its reduction and details of the person or persons,
that share of the pension company acquire or increase or
persons who are gaining influence on the management of the pension company.
TITLE IV
THE RULES OF THE ACTIVITIES AND MANAGEMENT OF THE PENSION COMPANY
Part 1
Professional care
§ 48
Pension company carries on business with professional care.
Part 2
A prudent exercise of business pension company
§ 49
In order to ensure the sound and prudent exercise of the activities of the pension company
and enforcement activities related to the activities of the pension company
the company should establish and maintain retirement
and the management and control system),
(b)) the procedures for detection and management of conflict of interests between
1. the pensions companies, its senior management and its staff
and the participating fund and the pension fund under the law on pension
savings and between the funds themselves, participants or those interested in
supplementary pension savings,
2. a person who controls the pension company, or controlled entity
the same person as the pension company and their senior management, and
the participating fund, pension fund under the law on pension
savings, participants or those interested in supplementary pension savings,
3. those interested in supplementary pension savings and other participants,
c) measures for the protection of internal information and
d) measures to prevent market manipulation.
§ 50
(1) the management and control system includes the
and organizational prerequisites and assumptions) the proper management and control of
the company, always
1. the principles and procedures
2. organisational arrangements with sound, transparent and comprehensive definition of
activities and related competencies and decision-making powers, within the
which at the same time define functions whose performance is inconsistent,
3. sound administrative and accounting procedures,
4. the rules for the efficient handling of complaints and claims of
supplementary pension savings and participants and
5. the system of internal communications,
(b)) risk management system, which always includes the
1. access rules pension society to the risks to which it is or
may be exposed, including risks arising from the external environment and
liquidity risks, and the risks to which they are or might be exposed
participating funds and retirement funds under the law on pension savings
managed by pension companies,
2. the procedures of recognition, evaluation, measurement, monitoring and reporting
risks and
3. the procedures for the adoption of measures to limit the risks,
c) internal control, which is always
1. internal audit
2. follow-up to the compliance with the obligations pension company
arising from this Act, other legislation and the internal
regulations of the pension company
3. inspection and safety measures when handling and registration
information, and taking account of their nature and
4. the rules for checking the activities of the persons referred to in section 51, which
pension company carries out some activities.
(2) the management and control system must be comprehensive and proportionate to the nature,
the scale and complexity of the activities of the pension company and must ensure
the orderly and smooth performance of the activities of the pension company.
(3) the pension company continually audited and regularly evaluate the
adequacy and effectiveness of the management and control system.
§ 51
The activities carried out by other persons
(1) if the pension company entrusts another person exercise significant
operating activities, it shall take measures to avoid the creation of undue
operational risk.
(2) a significant operational activities, whose performance was responsible for another person,
cannot be exercised in a manner that would substantially impair the quality of the
management and control system or the possibility of the Czech National Bank
exercise supervision over the compliance with the obligations pension company.
Pension company shall also ensure that the person responsible for the performance of a significant
operations meets the requirements for personnel facilities according to § 53 and
54 and has adequate organizational and substantive prerequisites for the proper performance of this
activity. Pension company must not delegate significant operational
the activities of the person whose interests may be in conflict with the interests of the pension
the company or the participants. Performance, relevant operational activities may be
delegate to the only person that has its registered office in a Member State.
(3) the operating activities of the pension company is considered to be an important,
If the lack of performance in its seriously disrupted the orderly and smooth performance
the activities of the pension activities of pension obligations or performance of the company,
threaten its financial stability or the financial stability of the participating
funds or pension funds, or represented a change in assumptions
basis of which the pension has been granted permission to the company's activities
pension company.
(4) a significant operational activities of the pension company is not considered
and) legal or other advice, training its personnel, activities
associated with the billing of services provided, her protection of its premises and
employees,
(b)) removing the standardized services, including market information and
prices.
(5) by entrusting another person's activity shall not affect the liability of the
the company's pension under this Act and other legal
regulations.
(6) pension company may authorize another person making decisions about
the commercial management of the company and the pension checks of compliance with the way
investment and pension funds participating.
§ 52
The implementing legislation provides for
and compliance with individual rules) how the prudent exercise of the activity
pension company pursuant to § 49 and 50 and
b) credential requirements for the performance of the activities of the pension company other
person and the requirements for the performance of the activities of the pension company by another person
under section 51.
Part 3
Personnel equipment
§ 53
(1) the pension company has facilities for the performance of the activities of the personnel
pension company and the performance of the activities related to the activities of the pension
the company, appropriate to the nature, complexity and scale of her
executing activities.
(2) in the case of employees, officers and other persons, that
the company carries out its activities, pension pension company
shall ensure that this was the person trusted to have the knowledge and
experience necessary for the performance of their assigned activities. Credibility,
knowledge and experience, these persons are obliged to the pension company
demonstrate the relevant papers.
(3) the pension company shall ensure that the persons referred to in paragraph 2 should
knowledge of the procedures and regulations necessary for the performance of its duties
related to the activities of the pension company.
(4) the pension company shall ensure that the scope and nature of the activities
carried out by the persons referred to in paragraph 2 do not prevent the effective exercise of
the various activities of these people.
Part 4
Rules of conduct in the performance of the activities of the pension company
§ 54
(1) Pension in pursuing its activities, the company is qualified,
honestly, fairly and in the best interests of the participants, in particular, undertake the following
duties:
and) properly and without undue delay places the contributions of the participants, their
employers and Government contributions to the participating funds,
(b) non-cash payment), if this does not preclude the nature of things,
(c)) will crash with the market,
(d)) does not abuse information and prevents internal access to internal
information,
(e)) do not spread false or misleading information,
(f) does not undermine the integrity of the market),
g) does not offer advantages, whose reliability cannot be guaranteed,
h) executes trades in the best conditions,
I) handles trades fairly and without undue delay,
j) documents the way trade execution, checks the objectivity
registered data and avoids the risk of financial losses,
the analysis of the economic advantage) performs the shops from the publicly available
information,
l) does not perform the extra stores, regardless of the best interests of the participants,
m) compares the quotations or prices of individual purchases and sales of each other
between themselves and with the development of rates and prices published on regulated markets.
(2) the implementing legislation sets out how implementation of the rules of conduct
pension company referred to in paragraph 1.
Part 5
Retention of documents and records
section 55
(1) the pension company stores
and documents concerning the supplementary) pension savings, including
the supplementary pension savings and record evidence pursuant to § 120,
(b) communication with the candidate records) on the supplementary pension savings or
participant concerning the supplementary pension savings,
c) documents and the records referred to in points (a) and (b))), if on behalf of the
a representative of the pension-bound society acted.
(2) the pension company holds the documents referred to in paragraph 1 for the entire
the duration of the obligation relationship and for at least 10 years in the case of
documents referred to in paragraph 1 (b). and) and 3 years in the case of records
communication referred to in paragraph 1 (b). (b)), from the time of termination of obligations
based on the supplementary pension savings agreement or from the time of
the last communication with the candidate about the supplementary pension savings; This is true
and for the person whose authorisation to the activities of the pension company was
withdrawn, as well as its legal successor.
Part 6
Separate accounting of the assets of the pension company and local fund
§ 56
(1) the pension company charges about the status and movement of property and other assets,
accounts payable and other liabilities, costs and revenues, and about the outcome of
management of assets of the Fund in a directory separate from the subject
accounting and other participating funds.
(2) the pension company ensures, in accordance with the accounting methods in accordance with
the law governing accounting posting about the subject of accounting in the
the books separately for each participant-led funds,
the farmer, whose property so that it allowed the preparation of the financial
statements for each Fund.
Part 7
The annual and half-yearly report
§ 57
The annual report
(1) the pension company not later than 4 months after the end of the financial
the period of the Czech National Bank shall send its annual report in accordance with the law
governing the accounting and the annual report for each of the management
the participation Fund and publish them on its website. Sent by
the annual report of the company's pension and annual reports for each
management of the participation Fund must be verified by an auditor.
(2) if the general meeting approves the pension companies within the time limit referred to in
paragraph 1 of the annual financial statements, it will send the United pension company
the National Bank, together with the reasons for which it has not been approved, and the way
the solution of the comments of the general meeting; at the same time shall publish this information on their
website.
(3) if the Court decides that the invalidity of the resolution of the general meeting, which
the general meeting approved the financial statements of the pension company will send
pension company without undue delay of the Czech National Bank
final judgment in the matter and at the same time it shall publish on its
website.
(4) the annual reports referred to in paragraph 1 for the last 3 financial years shall
be accessible to the public at the registered office of the company pension. Pension company
participant shall provide on request without delay to the annual
reports for the last 3 financial years, free of charge electronically or in
paper for reasonably incurred costs.
§ 58
Half-yearly report
(1) the pension company within 2 months after the first 6 months
the accounting period shall draw up, publish on its website and
the Czech National Bank shall be sent in electronic form their half-yearly report and
half-yearly report for each of the management of the participation Fund.
(2) the half-yearly report referred to in paragraph 1 for the last 3 financial years shall
be accessible to the public at the registered office of the company pension. Pension company
participant shall provide on request without undue delay, the half-yearly
reports for the last 3 financial years, free of charge electronically or in
paper for reasonably incurred costs.
§ 59
The implementing legislation provides for
and) information that contains the annual report of the company's pension and
participation of the Fund beyond the law governing accounting,
(b)) information it contains mid-year report pension companies and
Participation Fund
(c)) way to provide annual reports and semi-annual reports of the twisted
the Fund and the Pension Fund participants.
TITLE V OF THE
REMUNERATION, PENSION COMPANIES, FEES AND REMUNERATION FOR MEDIATION
section 60
Remuneration of the pension company
(1) the pension company is entitled to remuneration paid out of the assets in the
participant of the Fund, the amount of which shall be laid down in the Statute of
Local Fund; This remuneration is made up of
and) in payment for property management in the participating funds and
(b) payment for the appreciation of assets) in the participating funds.
(2) the remuneration shall be paid all the costs that are paid by the pension company
in connection with his business activities in the supplementary pension savings to third
Parties, in particular
and remuneration for the performance of activities) the depositary of a participating fund and the auditor's report,
(b) the fees paid by the Bank)
(c)) the remuneration to persons other than the pension company offering and
facilitating supplemental pension savings (para. 74), and carrying out
administration of contracts relating to the supplementary pension savings and related activities,
(d)) fees paid to the person conducting the settlement investment
Tools, transfer locations, securities traders and
(e)) the costs of promotion and advertising.
(3) the amount of remuneration referred to in paragraph 1 (b). and in the case of compulsory) shall not
Conservative Fund shall not exceed 0.4% and in the case of other
the participating funds 0.8% of the average annual value of the funded its own
Capital Fund in a directory. Remuneration thus determined shall be reduced by the cost of
on purchase, sale and holding of securities issued by investment fund
or foreign investment fund. The average annual value of the funded
the equity in each participating fund shall be determined to the last
day of the relevant period as a simple arithmetic mean of the values of the funded
equity participation Fund for each day of the period concerned.
(4) the amount of remuneration referred to in paragraph 1 (b). (b)) is not more than 10% of the difference
the average value of pension units in the relevant period and the highest
the average annual value of the pension unit in the years preceding
the relevant period from the formation of local fund multiplied by the average
the number of pension units in the relevant period.
(5) the pension company is not entitled to remuneration referred to in paragraph 1 (b). (b))
in the case that the average annual value of the pension unit of a participating
the Fund in the relevant period was equal to or lower than the highest average
the annual value of the pension unit in the years preceding the
the period since the inception of local fund.
(6) the average value of the Pension Fund participation units shall be set to
the last day of the relevant period as a simple arithmetic mean of the values
Pension Fund participation units for each day of the period concerned.
(7) for the purposes of the determination of the remuneration referred to in paragraph 3, the cost of holding
securities issued by a collective investment fund means
in particular, the share of the total amount of the costs paid out of the Fund's assets
collective investment undertakings, that corresponds to the investment in this Fund
collective investment undertakings.
§ 61
Fees
(1) the pension company has in addition to remuneration under section 60 are entitled only to the
one-time fees from participants
and savings under the strategy change) § 5 para. 7,
(b) the transfer of funds to another) pension companies under section 27,
(c) suspension of benefits under the) § 22 para. 3,
(d) the submission of the statement of supplementary) pension savings more than once
per year,
(e)) another way of payment of benefits than the National Bank transfer,
(f)) the provision of information in any other way than that provided by law.
(2) the amount of the fee referred to in paragraph 1 (b). and) must reflect efficiently
the costs incurred for the implementation of the changes and shall not exceed $ 500.
(3) the amount of the fee referred to in paragraph 1 (b). (b)) shall not exceed $ 800.
(4) the fee for the transfer of funds referred to in paragraph 1 (b). (b)) pay
participant in the submission of the request for conversion. This fee is not paid from the
resources of the participant registered on the personal pension account. Set-off
This charge against the transferred resources the Subscriber is not permitted.
(5) the amount of the fee for the actions referred to in paragraph 1 (b). c) to (f)) must
reflect efficiently incurred costs of their implementation. Reasonably
spent a load for the Act referred to in paragraph 1 (b). (e)) shall be the difference
in cost between a different way of determining the payment before
National Bank transfer.
§ 62
Exemptions from the payment of fees for the transfer of funds of the participant
(1) the transfer of funds to another local fund
Pension Fund once the company or the transfer of all of its
resources to another pension company is free of charge in the case that
the participant had part or all of its resources are located
and in a directory) Fund, in which the statute there are changes on the way
investing, investment objectives or increased remuneration,
(b)) in the zrušovaném directory of the Fund (para. 110),
(c)) in merged the participating funds (§ 113),
(d)) in a directory of the Fund, whose management was transferred to a different
pension company (§ 109),
(e)) in a directory of the Fund, which decided to transfer nařízeném United
National Bank (§ 150), or
(f)) in a directory of the Fund the pension company that merges with another
pension companies (section 64).
(2) the pension company may charge for change in the strategy of saving or
the transfer of funds to another pension company participant, in the case that
the participant shall request these changes after the expiration of 6 months from the date of acquisition of legal
the decision on the
and approval of the amendment of the Statute) of a participating fund
(b) the cancellation of a participating Fund)
(c) enable the merging of the participating funds),
(d) the authorisation to transfer management) of all participating funds
(e) the transfer of the management of local regulation) of the Fund, or
(f) the approval of the merger of pension companies).
(3) If a party requests a transfer after more than 60 months duration
saving time in the same pension companies, pension company fee
According to § 61 para. 1 (b). (b)) does not charge.
(4) if the change of the strategy of saving is performed only once per calendar
the year is free of charge.
§ 63
Consideration for bidding and procurement of the supplementary pension savings
(1) the amount of remuneration under section 60(1). 2 (a). (c)) must not exceed 3.5%
the average wage in the national economy presented by the Ministry of labour and
Social Affairs for first to third quarter of the previous
the calendar year according to the Employment Act for the closure of one
agreement on the supplementary pension savings. A decisive moment for the calculation of the
the reward is the day of conclusion of the contract the supplementary pension savings.
(2) the provisions of paragraph 1 shall apply mutatis mutandis to the amendment.
TITLE VI OF THE
CONVERSION AND CANCELLATION OF THE PENSION COMPANY
Part 1
The merger of pension companies
§ 64
The transformation of the pension of the company shall be only national merger
the merger of pension companies (hereinafter referred to as "the merger of pension
company ") and is to be the prior authorisation of the Czech National Bank.
§ 65
(1) an application for authorization of a merger can be made only on the prescribed form, to the
which the applicant shall be accompanied by the documents necessary for the assessment of reason merger
pension companies and documents showing that the conditions referred to in
of paragraph 4. The pattern of the form and the content of its annexes laying down detailed legal
prescription.
(2) the application for authorisation of the merger of pension companies, the applicant shall provide
the project of the merger of pension companies, which, in addition to the requirements referred to in
the law governing the conversion of commercial companies and cooperatives ^ 8),
contains
and anticipated changes in the Organization) to the arrangement and the management and control
the system of acquiring pension companies,
(b) the pension companies participating) consent to the merger with the intention of
Merge required conservative funds and the basic principles of the implementation of this
intent,
(c)) for the first 3 accounting period after the merger
1. an estimate of the revenues and costs broken down on the costs associated with the introduction of
activities and on recurrent expenditure, in particular, administrative costs and the cost of
the remuneration of the investment intermediaries
2. the detailed estimate of the revenue and expenditure of the operation,
3. the estimated balance sheet and profit and loss accounts and
4. the estimated calculation of the required capital in relation to the obhospodařovaným
participating funds and pension funds, in the event that there are.
(3) the Expert report for a merger of pension companies also contains
the opinion of the expert to the project concerning the merger of pension companies
in accordance with paragraph 2.
(4) the Czech National Bank merger of pension companies not be authorised if
and would compromise the claims of the participant) or its agents or would
his claims or undue risk resources
(b)), the successor pension company did not meet the requirements of a prudent
the performance of the activities of the pension company or performance related activities
with the activities of the pension company, or
(c) the person interested in) is the merger of a person who has not been granted permission to
the activities of the pension company.
(5) the pension company shall send to the Czech National Bank note of the invitation to
the general meeting, at which the program is meeting its merger.
§ 66
The participant shall for the purposes of the merger of pension companies not considered
the lender.
§ 67
The successor pension company shall inform without undue delay after the
pension company merger in the commercial register the participants about the
the implementation of the merger.
§ 68
The successor pension company merges the obligatory conservative funds (§
113) in accordance with the purpose set out in the merger of pension
by no later than 1 year after the registration of the merger of pension companies
in the commercial register, so that cooperatives cultivated one required
Conservative Fund.
Part 2
Cancellation of the pension company
§ 69
The decision to cancel the pension company
(1) if the general meeting shall decide on cancellation of the pension company with
liquidation, decides at the same time on the proposal on the appointment of the liquidator pension
the company. The decision to cancel pension company with liquidation,
the proposal for the appointment of a liquidator and a request for the withdrawal of authorisations
pension company must be delivered without undue delay of the United
the National Bank. The decision of the General Assembly on the abolition of pension company
with the liquidation shall take effect on the date of appointment of the liquidator pension
Society of the Czech National Bank.
(2) if the company decides on the cancellation of the pension with the liquidation of the Court, is
pension company shall without delay deliver the United
the National Bank's request for the withdrawal to the activities of the pension company.
(3) the authorisation shall be withdrawn by the Czech National Bank to the activities of the pension
company if the pension company of the Word no
the participation Fund, transformed the Fund or retirement funds and has
liabilities towards participants settled.
(4) an application for the withdrawal of authorisation for the activities of the pension company can be filed
only on the prescribed form. The pattern of the form and the content of its annexes
down detailed legislation.
(5) the proposal for the appointment of the liquidator contains identifying information
the liquidator and his attachment to form a copy of the notarial act on a resolution
the General Assembly, by which the pension company with liquidation and shall be deleted;
It is proposed to the liquidator.
section 70
The liquidator of the pension company
(1) the liquidator pension company appoints and dismisses the Czech national
the Bank; This does not apply if the cancellation of the pension company with liquidation
the Court shall decide. The Court shall appoint a liquidator, on a proposal from the Czech National Bank.
(2) the Czech National Bank without undue delay after receipt of the draft on
appointment of the liquidator pursuant to § 69 para. 1 and 5
and) appoints a liquidator, or
(b)) the proposal be refused if it finds the proposed liquidator fact
referred to in paragraphs 4 and 5, or if the proposed liquidator
reasonable grounds for reservations, and at the same time appoint another liquidator; against the refusal
the proposal on the appointment of the liquidator is not subject to appeal.
(3) the liquidator may waive the written notice of withdrawal to the function of the
features that must be delivered to the Czech National Bank. Effects of withdrawal
of the functions of the liquidator are experiencing on the date specified in the notification of withdrawal of the
functions, but no earlier than 30 days from the date of receipt of the notification of the Czech national
the Bank.
(4) a liquidator shall withdraw the Czech National Bank pension company,
repeatedly or seriously violated the law in connection with the
performance of the pension company's liquidator, or no longer meets the
the prerequisites established by this Act for the performance of the functions of the liquidator.
(5) If a liquidator of a company gives up pension functions, is
revoked, withdrawn from the list of surveyors or other reasons, this
the function does not or is unable to act, the Czech National Bank shall appoint a
without undue delay, a new liquidator.
(6) the appeal brought against the decision of the Czech National Bank on the
the appointment of a liquidator or an appeal does not have suspensory effect.
(7) the application for authorisation of the liquidator's registration in the commercial register and
the proposal for the deletion of the liquidator of the business register serves the liquidator
appointed by the Czech National Bank.
(8) the Reimbursement of cash expenses and the remuneration of the liquidator's pension society
the liquidator are paid from the assets of the pension company; in the case that
the assets of this company is not sufficient for the payment of compensation of the finished
the liquidator's expenses and the remuneration of the liquidator, shall be paid by the State. Way
cash expenses and fixing of the remuneration of the liquidator, their
the maximum amount of the benefit paid by the State and the way of payment laid down detailed
legal prescription.
(9) the liquidator appointed by the Czech National Bank are the third person
required to provide synergy to the extent in which they are obliged to it
provide an insolvency practitioner under other legislation.
§ 71
Common provisions
(1) the pension company in bankruptcy or the pension company
gone into liquidation shall continue to be governed by this Act.
(2) the pension company in bankruptcy or the pension company
gone into liquidation may not conclude a new contract on the supplementary
pension savings plan under section 5.
Part 3
Specific provisions on the subject of entrepreneurship and Enterprise pension company
§ 72
Changing the subject business pension company is not permitted.
section 73
Enterprise pension company cannot convert, used to ensure commitment
or to leave in the rent, and that's not even part of it.
PART FIVE
DISTRIBUTION OF THE SUPPLEMENTARY PENSION SAVINGS
TITLE I OF THE
GENERAL PROVISIONS
§ 74
Person authorized to offer and to provide supplementary pension savings
(1) Develop activities to those interested in supplementary pension
savings or participant had the opportunity to close the pension company
agreement on the supplementary pension savings, and to conclude, on behalf of and for the account of
pension company contract on supplementary pension saving is entitled to
only
and) a securities dealer, which has under other legislation
the authorisation to provide investment services reception and transmission of orders
relating to investment instruments and investment advice
the investment instruments (hereinafter referred to as "securities dealer"),
(b)) investment broker
(c) a representative of the investment intermediary-bound),
d) bound securities dealer's representative and
(e) a representative of the company's retirement-bound).
(2) the activities referred to in paragraph 1, the Czech National Bank to the merchant with the
securities register or permit granted in the license, if you
securities dealer fulfills the condition of professional competence.
(3) the activities referred to in paragraph 1 shall register the Czech National Bank
the investment intermediary, if it satisfies the condition of professional
eligibility.
(4) the activities referred to in paragraph 1 writes-Czech National Bank
representatives of the referring broker or brokerage
papers to list the bound representatives represented by investment
provider or the securities dealer has the following activities
registered or permitted in the license granted pursuant to paragraph 2 or 3.
(5) Start an activity referred to in paragraph 1 may be up to the fulfilment of the conditions
referred to in paragraphs 2 to 4.
(6) the rules for the activities of the representative of the incompatibility of the bound pension
the company referred to in § 78 para. 4 the bound investment representative
provider and bound the representative securities dealer
shall apply mutatis mutandis.
(7) investment broker who is a natural person, may
to carry out an activity referred to in paragraph 1 only in person, by
employees or by the bound representative. Stock trader
Securities and investment broker who is a legal person, may
to carry out an activity referred to in paragraph 1 only if the statutory body,
the Chief Clerk, by employees or by the bound representative.
The person referred to in paragraph 1 shall not grant power of attorney to another person to place
It pursued an activity referred to in paragraph 1; the provisions of another legal
Regulation on the right of an agent to grant additional power of attorney shall not apply.
§ 75
Professional care
(1) the person referred to in section 74 para. 1 is required to perform the activities under section
paragraph 74. 1, with the professional care.
(2) a person referred to in section 74 para. 1, in the performance of the activities referred to in
section 74 para. 1 shall apply mutatis mutandis to section 126 to 140 governing obligations in
negotiations with the participants.
(3) investment broker its own system to ensure a prudent
provision of investment services, established and maintained under the Act
regulating the capital market ^ 11), covers also the activities
under section 74 para. 1. This obligation shall also apply mutatis mutandis to the trader
the investment firm, when it carries out activities referred to in section 74 para. 1.
(4) the investment intermediary and securities dealer shall keep a
the performance of the activities referred to in section 74 para. 1 a register that contains the
in particular, the contracts of the supplementary pension savings.
(5) in the context of the records referred to in paragraph 4, the person there mentioned further
and) uses and operates facilities for communication in connection with the performance of
the activities referred to in section 74 para. 1 in the case that to communicate with the
participant of, or lead to supplementary pension savings occurs
means of communication at a distance, through a specifically designed
communication devices including specifically designated telephone lines and
address for electronic communications,
(b)) in connection with the performance of the activities referred to in section 74 para. 1 captures
in writing or in any other way of establishing at least the date and time of the communication,
the identification of the parties to the communication, if it is available, and the contents of the communication,
(c)) provides device management for communication under (a)) only
designated by the administrator,
(d) nezměnitelnost record) for communication referred to in subparagraph (b)).
(6) the person referred to in paragraph 4 shall keep the documents relating to the activities of the
referred to in section 74 para. 1 including records in the register for a period of 10 years from the
the time of the conduct of such business, and for 3 years in the case of records
communication with the participant or a candidate for a supplemental pension savings;
This obligation also applies to the retention of documents and records, if
on behalf of the Act bound the shortcut. As well, the person proceeds by
the first sentence, the right to pursue the activities referred to in section 74 para. 1
has been terminated, or its legal successor.
(7) the person referred to in paragraph 4 and the pension company are responsible for the
damage caused during the operation of the activities referred to in section 74 para. 1. For damage
caused by a person referred to in paragraph 4 in the pursuit of the activities referred to in
section 74 para. 1 correspond to this person and pension company together and
severally liable. For damage caused during the operation of the activities pursuant to § 74
paragraph. 1 bound representatives corresponds to the represented person. This responsibility is
represented by the release. If the principal shall reimburse the damage caused by
bound representative, has the right of recourse against him.
(8) the pension company shall ensure that the persons referred to in section 74 para. 1 when
pursuit of the activities referred to in section 74 para. 1 comply with the rules for
the pursuit of these activities under this Act.
§ 76
Control and security measures for handling and registration information
The person referred to in section 74 para. 1 to establish and maintain a means of control and
security measures for the processing and record the information pursuant to § 75
paragraph. 5 (b). (d)) in the performance of activities referred to in section 74
and) lays down the conditions of access of workers to its information system
for the processing and record information and data recorded in it, the range of
access rights and the process of their establishment, including the method of decision making
about the extent of the rights of individual workers and the
their changes
(b)) sets out the conditions under which they will be in the information system for the
processing and record information stored data, and carried out their
vacation changes the conditions of treatment of the data and ensure easy
quantification of their original content and changes,
(c)) provides the protection of the information system for the processing and registration
information access and interference by unauthorized persons and against
damage,
d) is able to reconstruct data if that data corruption
or an information system to process and record information, and
e) shall ensure disclosure of information and records, the Czech National Bank,
including the advances referred to in subparagraph (d)), so that one could easily
to reconstruct all of the key stages of each of the activities referred to in
section 74 para. 1 and find out their original content before repairs or changes.
TITLE II
A REPRESENTATIVE OF THE COMPANY'S RETIREMENT-BOUND
§ 77
(1) a representative of the pension company is bound to the natural or legal
a person who is entitled to on the basis of a written contract with pension
by its own name and on its behalf to carry out the activities referred to in section
paragraph 74. 1 and is written to the data-bound list of representatives pension
the company.
(2) a representative of the pension company may-bound on the financial market
only activities under section 74 para. 1 and can act on behalf of
only one pension account of the company. In its activity is bound to the
the representative of the pension company is bound by the guidelines, represented by the pension
the company. For the activities of the representative of the company's pension corresponding to the bound
represented by the pension company.
(3) a representative of the pension-bound society who is a natural person,
can perform the activity referred to in paragraph 1 only in person or by
employees. A representative of the pension company-bound, which is a legal
a person can perform the activity referred to in paragraph 1 only if the statutory
authority, a statutory authority or by the staff.
(4) a representative of the pension company-bound is obliged to carry out the activities
referred to in paragraph 1, inform the customer or prospect
the customer identifying information represented, on whose behalf it is acting, and
information on the activities referred to in paragraph 1, which shall be entitled to
perform.
(5) in its relations with the representative of the pension company is obliged to
act honestly and in good faith.
§ 78
(1)-representative of the pension company, who is a natural person, and
the head of a bound person representative of the pension company that is
a legal person may be the only person who
and) has reached the age of 18,
(b)) is fully competent to perform legal acts,
(c)) has its registered office, residence or place of business in the territory of the Czech Republic,
(d)) is a trusted and
e) competence.
(2)-representative of the pension company, who is a natural person, and
the head of the person bound representative Company pension can only be
the person for whom the fact occurred, which is an obstacle to the operation of
trades under the law governing business.
(3)-representative of the pension company, which is a legal person,
may be the only person who has a clear and safe origins of the basic
capital, if this is a commercial company or cooperative, or
comparable quantities, if it is a foreign legal person.
(4) the pension company representative-must not be
and) pension company, Bank, insurance company, a securities dealer,
a person who is authorised by the supervisory authority of another Member State of the European
Union to provide investment services provides investment
services in the Czech Republic, a foreign person that has its registered office in the State,
that is not a Member State of the European Union, which provides investment
services in the Czech Republic through a branch, and
investment broker
(b) the person, employee), companion or the person referred to in
(a)).
§ 79
Registration and deletion of
(1) a representative of the pension company-bound may start to perform the activities
referred to in section 74 para. 1 from the date of registration, carried out on the basis of the request,
bound to the list of the representatives of the pension company.
(2) the request referred to in paragraph 1, the pension company electronically;
a representative of the pension company-bound is obliged to provide under-represented
the necessary documents and assistance.
(3) the Czech National Bank writes bound representative pension company
within 5 working days from the date of receipt of the request for entry on the list
representatives of the pension-bound society.
(4) on the registration of a representative of the pension company-bound to list the bound
the representatives of the non-execution or registration shall inform the applicant, Czech National Bank
electronically. At the request of the Czech National Bank will issue the electronic statement of
list the bound of the representatives of the State, registered at the time, proving that
It is listed on it. The listing must contain identifying information, the number under the
that was bound to the representative, the indication of the list and written entry addresses
where can I verify the registration bound representative to the list.
(5) the Czech National Bank publishes the necessary data from the list bound
representatives and their changes in a way allowing remote access.
(6) in the list referred to in paragraph 1 shall specify the details and changes to these
the data are
and) identification of a representative of the pension company with bound
the exception of the social security number,
(b)) the identification of the represented,
(c)) the activities referred to in section 74 para. 1, which is bound to a representative of the pension
the company is entitled to exercise,
(d) the date of entry in the list)-bound representatives of the pension company.
(7) the Czech National Bank the request referred to in paragraphs 1 and 2 does not read from the
the perspective of the truth or accuracy of the information contained therein. Czech
the National Bank does not review the conditions for the registration of the bound
the representative of the pension company to the list.
(8) the pension company, for which the bound representatives pension
the company carries out or has to pursue the activities referred to in section 74 para. 1,
a) verify the correctness and completeness of the particulars given in the application for registration to the
a list of the representatives of the company's pension-bound and the fulfilment of the conditions
referred to in § 78,
(b)) establish rules for checking the activities of representatives pension-bound
the company, to ensure the proper performance of the activities bound representative
pension company referred to in section 74 para. 1, in particular compliance with the
rules of conduct with customers,
(c)) shall adopt measures to ensure that the performance of other activities than those specified in
section 74 para. 1 representative of the pension company will not jeopardize-proper
the performance of the activities referred to in section 74 para. 1-representative of the pension
the company,
d) without undue delay, notify the Czech National Bank, that the obligation
relationship pursuant to § 77 para. 1 has lapsed.
(9) the Czech National Bank shall delete the bound representatives pension
a company from the list, if it receives a notification under paragraph 8 (a).
d). Czech National Bank shall delete the bound representatives pension
a company from the list, if the pension company's representative bound
it through the Czech National Bank in writing.
If the pension company has about the deletion of the second sentence to 5
working days from the time when the pension company's representative bound
This Act, such act may be asked to make data-bound representatives pension
the company.
§ 80
Renewal of registration
(1) the entry in the list of representatives pension-bound companies pay to
end of the calendar year following the calendar year in which the
the entry is made.
(2) entry on the list of the representatives of the company's pension-bound is restored
After payment of the administrative fee, and it's always for a further 12 months.
The administrative fee for the renewal of a bound to the list of representatives pension
the company will pay the pension company for all bound representative
pension society renewal refers to, and it always first
within a period of 3 months prior to the expiry of the registration, and at the latest within the time limit
30 days before the expiry of the registration. Time to pay administrative
the fee cannot be extended and its default judgment cannot be waived. The provisions of §
paragraph 79. 7 the second sentence shall remain unaffected.
(3) the pension company at the same time with the payment of an administrative fee
notify the Czech National Bank, for which the bound representative administration fee
She paid.
(4) the method of payment of the administrative fee, the contents of the notification referred to in paragraph
3, its form and method of sending Czech National Bank publishes way
allowing remote access.
§ 81
Application forms for registration
Application for entry on the list of the representatives of the company's pension can be bound
made only on the prescribed form. The pattern of the form and the manner of its
send down detailed legislation.
§ 82
Registration of the investment intermediary and brokerage house
and write their representatives-bound
(1) an application for registration of the activities referred to in section 74 para. 1, the
investment broker, securities dealer that is not
the Bank, or the registrant of the investment intermediary, or
enable brokerage house, on the prescribed form
electronically. As a securities dealer, which is a Bank, or the applicant
about the Bank license, submit an application for authorisation of activities referred to in section 74
paragraph. 1 on the prescribed form electronically. The specimen and method
send down detailed legislation.
(2) the Czech National Bank request, are subject to the conditions
established by this Act, within 30 days from the date on which the application was
delivered to the Czech National Bank. In this case, the decision in writing
is not made out. To write to the registry or permit activities shall inform the
The Czech National Bank the applicant electronically.
(3) the authorisation or registration activities to the end of the calendar year
following the calendar year in which the registration was made.
or authorisation. Authorisation or registration activities will be restored after
the payment of the administrative fee, and it's always for a further 12 months. Administrative
the fee is paid within first 3 months prior to the expiry of the
authorisation or registration activities, and at the latest within a period of 30 days before the
the expiry date of authorisation or registration activities. The time limit to
the payment of the administrative fee shall not be extended and its default judgment cannot be
waived. At the same time with the payment of the administrative fee shall notify the investment
provider or a securities dealer of the Czech National Bank,
for whom the administrative fee paid.
(4) the method of payment of the administrative fee, the contents of the notification referred to in paragraph
3, its form and method of sending Czech National Bank publishes way
allowing remote access.
(5) the Czech National Bank publishes the necessary information from the registry and their
changes to the way allowing remote access. On request, the Czech
National Bank electronic statement from the registry, showing the status of the logged
at the time, which is listed on it. The listing must include the identification
the information number under which a person has been registered, the designation of the registry, and
putting the address where you can verify the registration.
(6) for the registration of the activities referred to in section 74 para. 1 to list the bound
investment representatives-representatives of the provider and merchant
securities, for the renewal of that registration and listing from the list
They shall apply the provisions of § 78 to 81. Application for registration of the activities referred to
in section 74 para. 1-the representatives of the investment intermediary serves
the investment provider. This applies to the bound of the representative
brokerage house. In the case that is represented by the investment
the intermediary is a natural person does not, within the context of the identification
data represented in accordance with § 79 paragraph 2. 6 (a). (b) the social security number).
Investment broker and trader of securities are required to
the Czech National Bank to report changes to the information being written to the lists
bound representatives.
section 83
Notice of termination
(1) the Pension company is obliged to terminate the contractual relationship under section 77
paragraph. 1, when it detects that a representative of the pension company or bound
the head of a bound person representative of the pension company does not meet the conditions
referred to in section 78; the delivery of the testimony of the representatives of the pension-
the company this obligation relationship ceases to exist.
(2) a representative of the pension company-bound is obliged to terminate the obligation
relationship pursuant to § 77 para. 1 immediately after the stops meet the conditions
referred to in section 78; by delivering notice of termination to the represented this obligation relationship
ceases to exist. This obligation is representative of the pension company and bound in
When the conditions set out in section 78 ceases to comply with its head
person.
(3) paragraphs 1 and 2 shall apply by analogy to the relationship between the pension obligation
the company and the investment broker or dealer in securities
papers and for the obligation relationship between an investment agent and its
tied agent or dealer in securities, and its bound
representative.
TITLE III
THE COMPETENCE OF THE
§ 84
Demonstrate competence
(1) the person referred to in section 74 para. 1, the persons which carries on the activity and
employee pension society, which is directly involved in the activities of the
referred to in section 74, are required to demonstrate competence, which
means the acquisition of General and professional knowledge and skills necessary
for the performance of their activities, in particular knowledge in a range of vocational
minimum knowledge of pension products, ability to properly these products
the participant explained, carry out an analysis of pension products and offer
a participant in the product that best suits their needs.
(2) General knowledge show proof of the matriculation examination
or proof of attaining higher education.
(3) the professional knowledge and skills are demonstrated by a certificate of completion
vocational test (section 87).
(4) a person referred to in section 74 para. 1, which is a legal person proves
professional competence, if the requirements referred to in paragraph 1 shall carry out the person
responsible within the framework of this legal person in the activities under section 74 para. 1.
(5) the scope of professional knowledge and skills laid down detailed legal
prescription.
§ 85
Accredited person
(1) a qualified person is a person who is on the basis of a permit from the
The Czech National Bank (hereinafter referred to as "accreditation") is entitled to hold a professional
tests to demonstrate competence under this Act.
(2) to organize vocational tests to demonstrate competence
under this Act may in the Czech Republic only accredited person.
§ 86
Accreditation
(1) for accreditation shall be decided by the Czech National Bank on the basis of
request. The Czech National Bank request, subject to the
the conditions laid down in this law, within a period of 60 days from the date on which the
the request was delivered to the Czech National Bank. Application for accreditation can be submitted
only on the prescribed form, to which the applicant shall be accompanied by documents
certifying that the conditions for the granting of the accreditation provided for in this
by law. The pattern of the form and the content of its annexes laying down detailed legal
prescription.
(2) accreditation is granted for a period of 5 years; the validity of accreditation is possible even
repeatedly renewed for a further 5 years, on the basis of the request
filed not later than 3 months before the expiry of the accreditation.
Accreditation is granted non-transferable to other natural or legal
persons and is transferred to the legal successor.
(3) if the applicant for the grant or renewal of accreditation, the physical
person, the Czech National Bank request, provided that such person
and is fully eligible for) legal action
(b)) is a trusted,
(c)) has a substantive, organizational and personnel prerequisites for activity
accredited persons, in particular meets the organizational and technical requirements for
Organization of technical tests, and
(d) submit to examination rules), which provides a guarantee of the proper validation
professional competence.
(4) if the applicant for the grant or renewal of accreditation of legal
person, the Czech National Bank request, provided that such person
and is a trusted,)
(b)) has a substantive, organizational and personnel prerequisites for activity
accredited persons, in particular meets the organizational and technical requirements for
Organization of technical tests, and
(c) submit to examination rules), which provides a guarantee of the proper validation
professional competence.
(5) a change that relates to data on compliance with the conditions referred to in paragraphs
4 and 5, is an accredited person shall without undue delay notify the
The Czech National Bank.
(6) the Accreditation shall expire
and the death of a natural person or) dissolution of the legal person,
(b) the acquisition of legal power) decision to withdraw accreditation at their request
accredited persons, or
(c)) date of expiry of the accreditation granted.
(7) the minimum range of substantive, organizational and personnel assumptions
and requirements for the exam guidelines lays down detailed legislation.
(8) the Czech National Bank shall publish the list of accredited persons at their
website.
(9) an application for the grant or renewal of the accreditation is subject to an administrative
of the fee.
§ 87
Exam
(1) the examination shall consist of experts before the examining Board, which has an odd
the number of members and not less than three members. In the implementation of vocational test
accredited by the exam proceeds of the order submitted by the United
the National Bank.
(2) the holding of professional exam is public. Accredited person shall publish on the
their website testing dates, number of seats, the amount of
the fee for the exam and the exam guidelines well in advance.
(3) on the outcome of vocational test shall inform accredited person under test.
(4) an accredited person without undue delay shall issue to a person who successfully
carry out a professional exam, certificate of completion of Professional exams.
The certificate contains
and) the identification of the person who carried out the test,
(b)) identification of accredited persons
c) information about the extent of professional tests by type of activity,
d) details of the date of the test,
e) signature of the authorised person.
(5) the certificate shall be issued for a period of 5 years from the date of execution of the Professional exam.
(6) an accredited person must keep the documents relating to the implementation of the
Professional tests, carried out by the professional records of tests including
documents on their results and records of issued
certificates of vocational tests.
(7) an accredited person must keep the documents and records referred to in paragraph 6
at least for a period of 10 years from the date of holding the vocational test that records
concern; This is also true for the person whose accreditation ceased to exist or was
withdrawn.
PART SIX
THE DEPOSITARY OF A PARTICIPATING FUND
§ 88
Basic provisions
(1) the depositary of a participating Fund (hereinafter referred to as "the depositary") records an asset
in a directory of the Fund and checks whether the pension company handles
the property of the local fund in accordance with this Act, depozitářskou
the Treaty, treaties with the participants and the Statute. The depositary shall perform the following
the function also in relation to the funds in the accounts for the adoption and
the transfer of funds of the participant, payment of benefits in the event that does not occur from
account of a participating fund and returning the State contribution.
(2) the depositary can only be established on the territory of the United
States, or a foreign bank that has a branch located in the territory of
The United States, which have a banking license allowed activity
the depositary. The depositary shall not be part of the same group as
pension company. All retirement funds, participation funds and
cultivated once pension funds transformed the company must
have the same depositary.
(3) a depositary shall perform its activities on the basis of a written contract for the performance of
the activities of the depositary, which concludes with the pension companies (hereinafter referred to as
"depozitářská agreement").
(4) in the depozitářské Treaty, the depositary and the pension company will negotiate
the conditions for carrying out the duties of the depositary.
(5) the Depozitářská contract is concluded for an indefinite period. The period of notice
is 6 months.
(6) the undertaking of depozitářské of the Treaty shall expire whether or not the acquisition of legal power
decision and withdrawing depositary bank licences), or (b))
the depositary bank licence so that it is excluded or limited activities
the depositary or activity necessary for the performance of the activities of the depositary.
(7) the depositary shall promptly inform the Czech National Bank and
pension company about the law, which has resulted in the demise of
of the depozitářské Treaty.
(8) termination of the commitment of the depozitářské Treaty, the pension company
without delay
a) suspends the treatment of assets in a participant's Fund and crediting and
depreciation of pension fund participation units, with the exception of the remuneration
obligations incurred prior to termination of the contract, and depozitářské it up
until the entry into force of the new Treaty, and depozitářské
(b) information on the suspension of) the treatment of assets in the Fund and the participant's
the crediting and depreciation of pension fund local units shall send a
The Czech National Bank publishes on its website.
(9) the Bank or a foreign bank, that have stopped for the participation Fund
to carry out the activities of the depositary shall not allow the handling of cash
resources on the account of the Fund; This does not apply for the payment of liabilities
incurred prior to termination of the contract for the payment of depozitářské necessary
operating and salary expenses, for the payment of benefits arising from contracts for
the supplementary pension savings and for the transfer of funds to participants
the basis of this Act.
(10) the Bank or a foreign bank, that have stopped for the participation Fund
practise the CSD issues a cash and assets
the Fund, which is in the custody or in the register, only the new depository,
the liquidator or insolvency practitioner pension company.
§ 89
The activities of the depositary
(1) the depositary
provides safekeeping of assets) in a directory of the Fund or, if the nature of the
things excludes, checks the status of this property,
(b)) keeps track of the movement of all assets in a participant's Fund, cash
the resources of the Fund and local funds in the accounts for the
reception and transfer to the participant, payment of benefits in the event that
There is an account of a participating fund, returning the State contribution,
c) checks that the Pension Fund participation units are
credited and debited (section 124) in accordance with this law, the Statute of the
Participation Fund and the agreements with the parties, and it also checks
the allocation of contributions, the employer's contribution, State
contributions and the funds transferred from another attendee participation
Fund or the Fund's participating funds, the transformed
d) checks whether the current value of the pension unit of a participating
the Fund is to be calculated in accordance with this Act and the Statute of the local
the Fund,
e) performs instructions pension company or any other person that
manages the assets of the Fund in a directory that is not in conflict with
by law, the Statute of the local fund or depozitářskou agreement
f) ensures the settlement of trades in a directory assets of the Fund in
the usual time limit
g) checks whether the income from the assets in the Fund is used in a directory
accordance with this law and the Statute of the local Fund,
h) checks that the assets of the Fund is in a directory nabýván and zcizován in the
accordance with this law and the Statute of the local Fund,
I) checks to the valuation of assets in the Fund and the participant's
the obligations of a participating fund in accordance with this Act and the Statute of the
Participation Fund
j) checks whether the payment of the levies shall be in accordance with this Act and with the
applications pursuant to § 21 para. 1 and with the agreement pursuant to § 21 para. 2 or s
insurance contract pursuant to § 23 para. 4, and whether the transfer of funds takes place in
accordance with this Act and the applications referred to in section 27 para. 3,
to) checks that the consideration for the management of assets in a directory
Fund calculated in accordance with this Act and the Statute of the local
the Fund.
(2) For cash and fund investment in tools directory
conferred on the depositary for safekeeping pursuant to paragraph 1. and does not apply)
the contribution to the guarantee fund of securities dealers.
(3) the scope of the activities of the depositary referred to in paragraph 1 and where it may
the depositary shall perform the activities referred to in paragraph 1, with other
the person shall determine the implementing legislation.
(4) the activities referred to in paragraph 1 (b). (b)), and (c)) performs the depositary shall also
in relation to the return of the State contribution.
§ 90
Pension obligations the company against the depositary
Pension company
and with the depositary) shall establish accounts that needs to save all
of funds in the participating fund and for the recruitment and transfer
resources of the participant, payment of benefits in the event that the account is not
Participation Fund, and returning the public contribution,
(b) the depositary shall transmit to the local statute) Fund, which manages, and
other documents that the depositary needs to exercise his activity,
(c) funds received) stores the account with the depositary
or to the account established pursuant to paragraph (e)),
d) carry out all payments and withdrawals or transfers of funds
through the account through the depositary or by the letter e)
e) may with the consent of the depositary with regulated banks set up an account or
a branch of the Bank, if it is regulated secured the consent of the depositary with the
the management of funds passing on this account and an overview of the
the depositary of the movements of such funds,
f) confers on all property in the participating funds, which manages,
to the depositary for safekeeping and in cases where the nature of the thing excludes,
allows you to check the status of the asset to the depositary pursuant to § 89 paragraph 1. 1 (b).
and)
g) submit to the depositary of the documents required to register a property in
the participating funds and to account for the acceptance and transfer of funds
the participant, payment of benefits in the event that the account is not local
the Fund, returning the State contribution in the manner set out in the depozitářské
agreement or at the request of the depositary,
h) enables the proper performance of his audit to the depositary obligations,
I) proves the depositary at its request, compliance with the law and the Statute of the
participation of the Fund set out the conditions for supplementary pension savings.
§ 91
Rules of conduct of the depositary
(1) If a depositary activities finds the fact to suggest
the pension company has violated this law, the Statute of the local
the Fund, a contract with a party or depozitářskou agreement, shall immediately
will discuss these findings with pension companies, provided that there is no
risk of default.
(2) if the depositary on the basis of consultation referred to in paragraph 1 or without
This examination in case of danger of delay, it considers that the
pension company has violated this law, the Statute of the local Fund,
agreement with the participant or depozitářskou agreement, shall notify the
without delay to the Czech National Bank.
(3) If a depositary activities establishes the fact that can
significantly affect the value of a pension or unit that can lead to
substantial deterioration in the economic situation of a participating fund shall notify the
This fact immediately to the Czech National Bank and pension companies.
(4) if the pension company at the request of the depositary fails to demonstrate compliance with
by law, the Statute of the local fund contracts with participants or
depozitářskou the Treaty laid down the conditions for the implementation of the investment,
instructs the depositary does not.
(5) If a depositary activities finds the fact to suggest
It instructs the pension company is contrary to this law, the Statute of the
Participation Fund, or with the participant contract depozitářské contract
the depositary its execution shall be suspended for a maximum of 3 working days and
discuss the reasons for the suspension immediately with pension companies.
(6) If, on the basis of the discussion under paragraph 5, comes to the depository
the opinion that the pension company to its guideline breached significantly this
the law, the Statute of the local Fund, contract with participant, or
depozitářskou contract, does not, and shall notify the
without delay to the Czech National Bank. The negotiations, which are the reason for the non-
the order shall determine the implementing legislation.
§ 92
(1) If a depositary has reason to suspect the possible damage to the interests
participants, asks for a maximum period of 3 working days
and) of the CSD or person empowered to keep a register of
building on the central register of securities, led by Central
the depositary, the person entitled to keep separate registers of investment
instruments or the person empowered to keep a register of building on a separate
Register of investment instruments on the suspension of the exercise of rights of the person
involved in the transaction, which may harm the interests of the participants, to dispose of
securities or investment instruments guided to this account
of the person,
(b) the person conducting the settlement) of securities of the suspension
the deal, which could damage the interests of the participants.
(2) a copy of the application referred to in paragraph 1, the depositary shall send the Czech National Bank.
(3) the application referred to in paragraph 1 are listed persons are obliged to comply with.
(4) the Czech National Bank within 3 working days from the date on which he receives a copy of the
the request referred to in paragraph 2, the suspension or decide on the preliminary
measures.
(5) the depositary activities with professional care and act solely in the interest
participants of a participating fund and in the interest of the proper management of the State
contribution.
(6) the depositary is equivalent to the pension company and the local participants
the Fund for damage caused by the breach of his obligations resulting from the
legislation, the Statute of the local pool or depozitářské
of the Treaty. This does not affect the liability of the depositary, if done
activity through another person, unless the damage occurred.
The company's pension liability for damage caused by use
the assets of the Fund in a directory is not affected.
(7) if he violates his duty, the depositary is obliged to compensate the damage by
caused, unless the company proves that the infringement is caused by
circumstances beyond its reasonable control responsibility.
(8) in circumstances of liability is deemed to be an obstacle to
occurred independently of the will of the depositary and prevents him from fulfilling his
obligations, if you cannot reasonably be expected that the depositary would be this
the obstacle or its consequences averted or exceeded, and, further, that, in the
the time of the commitment this obstacle had predicted.
PART SEVEN
THE PARTICIPATION FUND
TITLE I OF THE
GENERAL PROVISIONS
§ 93
(1) the pension company collects funds to local
the Fund of the
and contributions of participants)
(b) employers ' contributions),
c) State contributions,
d) resources of the participants converted from other participating funds and
e) funds transferred from the participants transformed the funds under section
176.
(2) the participation Fund is a collection of assets that belong to all participants and
other persons who passed the right to payment of the participant,
and in proportion to the number of pension units. The participation Fund
the assets of the Fund in a directory, the management of the property of the participant pool
and the other rights and obligations concerning the participation of the Fund shall
do not apply the provisions of the Civil Code concerning joint ownership. Participant
or other person does not have the right to request the Division of property in a directory
Fund or the cancellation of a participating fund.
(3) the assets in the pension fund manages a directory company
on behalf of and for the account of participants. Assets in the Fund is not part of a directory
pension assets of the company that manages it.
(4) the participation Fund does not have legal personality. The obligation imposed by this
by law, the Fund is the responsibility of the local pension company
It manages. The right granted by this Act to a beneficiary of the Fund is
pension law society that it manages.
(5) the legal acts performed in connection with the management of the
the assets in the Fund participant is entitled and obligated to pension
the company. The obligation resulting from the management of assets in a directory
the Fund pays the pension company from the assets of the Fund in a directory; This is not a
without prejudice to the provisions of § 60 para. 2.
(6) For the purposes of the Investment Fund's local adjustments means
and the renowned rating agency) a well-known rating agency,
already issued ratings are typically used as a reference on the
international financial markets and which is conducted on the list
reputable rating agencies, that the Czech National Bank publishes
on its website,
(b) an eligible ECAI) credit rating agency, that is written to the
the list of rating agencies recognised by the Czech National Bank ^ 12) or
authorised or certified by directly applicable
the European Union regulation on credit rating agencies ^ 13),
(c)) the property for purposes of calculating limit established for investing
participation of the Fund assets.
§ 94
(1) the pension company always creates and manages 1 required
the participation Fund, and it required a conservative Fund (§ 98).
(2) in addition to the mandatory pension fund society of the conservative
create and manage other participating funds.
§ 95
(1) the name of the local pool contains the description "the participation Fund". The name of the
statutory fund includes indications of conservative "required
Conservative Fund ".
(2) a person who does not have permission to create a local Fund, shall not
When your business use of the designation ' participation Fund "," mandatory
Conservative Fund "or other interchangeable designation.
(3) the name of a participating fund shall not be misleading and must not give rise
misleading picture of the extent of the risk associated with investing assets in
This participant Fund.
TITLE II
AUTHORIZATION TO CREATE LOCAL FUND
§ 96
(1) a request for authorisation to create local fund may be made only
pension company.
(2) the Czech National Bank grants permission to create local Fund,
If
and pension company submits proof of a transparent) and the origin of your safe
capital under this Act and the capital creates conditions
for the proper management of a participating fund and the proper exercise of other
the activities of the pension company
(b)) pension company business plan shall submit substantiated
real economic calculations,
(c) the pension company's g/l), personnel and organizational prerequisites
for local management of the Fund,
(d) the senior management pension companies) meet the conditions under section 39 and 40,
(e)), the person who will be the depositary, has created a substantive, organizational and
personnel qualified to carry out their duties,
(f) the proposed Statute of the local Fund) has all the prescribed requirements
and
g) you can assume that the creation of a local fund that is not
the conservative party, the Fund is in line with the interests of the participants.
(3) the authorisation to create local fund shall be granted for a period of
an indefinite period.
(4) part of the propositional decision granting the authorisation section to create a
participation of the Fund's approval of the depositary and the Statute of the local
the Fund. Change the depositary shall be subject to prior approval by the Czech national
of the Bank.
(5) a request for authorisation to create local fund may be made only on the
the prescribed form, to which the applicant shall be accompanied by documents certifying
compliance with the conditions referred to in paragraph 2. The pattern of the form and content of his
Annexes laying down detailed legislation.
(6) a request for authorisation to create local Fund decides to Czech
National Bank within 6 months from the date of its delivery.
TITLE III
THE STATUTE OF THE LOCAL FUND
§ 97
(1) the Statute of the local pool is a document that contains the
intelligible form
and) information about how to fund local investments,
(b)) other information necessary for the Subscriber to accurately and correctly
an assessment of its decision on the location of the resource to this
Participation Fund
(c)) for an explanation of the risks associated with the supplementary pension savings,
(d) the time limits for the valuation of assets) and liabilities under section 115 and
(e)) for more information laid down by an implementing regulation.
(2) Approved the Statute of the local Fund for the pension company
binding.
(3) the information referred to in the Statute of the Fund shall be kept local
updated.
(4) the pension company without undue delay shall publish on its
website approved by the Statute of the local fund which
It holds, and any amendment thereof.
(5) the rules for the adoption of the Statute of the Fund and its local changes will determine the
the statutes of the pension company. With the exception of the amendments referred to in paragraph 6, the
to any change in the status of local Fund prior approval
The Czech National Bank, otherwise the change is invalid. Approval of an amendment
the Statute shall be carried out by approving its new full text. Czech national
the Bank does not approve the change of the Statute should be jeopardised the interests of the
the parties to the participation Fund.
(6) to change the Statute of the local loop is not necessary to fund its previous
the approval of the Czech National Bank, if the subject of this amendment
and directly resulting from) the changes relating to pension companies,
of a participating fund or depository,
(b)) or performance information about actual or predicted
the results of the local fund management, which requires regular
Update, or
c) simple change that does not affect the position or interests of the participants.
(7) an application for the approval of the Statute of the Fund and its local changes can be made
only on the prescribed form, to which the applicant shall be accompanied by documents
needed to assess whether the Statute of local pool contains all
the prescribed requirements and whether they might be at risk by changing the status of the interests of the
the parties to the participation Fund.
(8) the implementing legislation provides for
and the minimum requirements of the Statute) of a participating fund referred to in paragraph 1,
(b) details of the nature of the changes) of the Statute of a participating fund that
are not subject to previous approval by the Czech National Bank
paragraph 6,
(c)) the specimen referred to in paragraph 7 and the content of its annexes.
TITLE IV
MANDATORY CONSERVATIVE FUND
§ 98
(1) mandatory conservative Fund invests only in
and bonds or similar) securities representing the right to
the repayment of the amount owed by the issuer of which is the Member State or Member
State of the Organisation for economic cooperation and development (OECD) and the
rating or a rating of their issuer, is among the 5 best
the rating categories of long-term liabilities investment-grade
the renowned rating agency or between comparable credit rating categories
other recognised credit rating agency and is issued by an eligible ECAI,
or the Central Bank of that State,
(b)) money market instruments, which is a Member State of the issuer or
Member State of the Organisation for economic cooperation and development (OECD) and the
the rating or rating of the issuer, are among the credit rating
categories of short-term investment-grade obligations with the exception of two
the worst credit rating categories of short-term liabilities in the investment
the degree of the renowned rating agency or between comparable credit rating
other recognized credit rating agency and is issued by a recognised credit rating
the Agency, or Central Bank of such State,
c) bonds, securities that represent the right to
the repayment of the amount owed or the money market instruments, the issuer
the European financial stability facility, the European Central Bank, the European
Investment Bank, the World Bank, the International Monetary Fund or other
the international financial institution whose liabilities are guaranteed by the States,
which are members of the Czech National Bank writes to the
the list, which leads,
d) bonds or similar securities representing the right to
the repayment of the amount owed, other than in accordance with subparagraph (a)), or (c)), the
rating or a rating of their issuer is among the 5 best
the rating categories of long-term liabilities investment-grade
the renowned rating agency or between comparable credit rating categories
other recognised credit rating agency and is issued by an eligible ECAI,
e) money market instruments other than referred to in subparagraph (b)), or (c)), the
rating or a rating of their issuer, are among the credit rating
categories of short-term investment-grade obligations with the exception of two
the worst credit rating categories of short-term liabilities in the investment
the degree of the renowned rating agency or between comparable credit rating
other recognized credit rating agency and is issued by a recognised credit rating
the Agency, the
f) securities issued by mutual fund that meets the conditions
referred to in paragraph 2,
g) deposits with which it is possible to freely dispose, or term
deposits with maturity not more than 2 years for the regulated banks.
(2) mutual fund referred to in paragraph 1 (b). (f)) must satisfy the following
terms and conditions:
and subject to supervision or has) authorised in the Member State
(b)), its main goal is the preservation of the net asset value without an income or
in the amount of investments increased by above-noses; the main objective to be achieved
also complementary investments in deposits with regulated banks,
(c)) provides liquidity to the settlement of the same or the following day,
(d)), in accordance with the main objective of investing exclusively in the instruments of the money
market maturity or residual maturity of 397 days and with
the weighted average maturity of six months and
e) invests only in money market instruments, which recognised rating
the Agency has assigned a rating that ranks among the rating categories
short-term investment-grade obligations with the exception of two of the worst
the rating categories of short-term liabilities investment-grade
the renowned rating agency or between comparable credit rating categories
other recognised rating agencies; the condition of the rating categories shall be
fulfilled for each recognised rating agencies, that this tool
the money market has assigned rating.
(3) the debtor of the Conservative Fund invests no more than 30% of the value of their
assets into investment instruments referred to in paragraph 1 (b). d) to (f)).
(4) the Pension company is governed by the weighted average maturity of the portfolio in
compulsory for conservative Fund through a selection of such
investment instruments which limit the contribution reaches the weighted
the average maturity of the portfolio in the Fund of not more than 5 years.
(5) mandatory conservative Fund uses the techniques and tools used to
the effective management of assets in a directory of the Fund in accordance with section
102 only to control monetary and interest rate risk. Assets in the compulsory
Conservative Fund must be fully hedged against currency risk.
(6) in the case of bonds and money market instruments referred to in paragraph
1 (b). a) and b), which the issuer is or Czech Republic Czech
National Bank, the requirement on the rating would not apply.
TITLE V OF THE
WAY OF INVESTING THE FUND'S LOCAL
§ 99
Principle of risk spreading provided for in this title shall also apply to compulsory
Conservative Fund, unless otherwise provided in § 98 otherwise.
§ 100
The composition of the assets of the Fund in a directory
(1) the participation Fund invests resources to assets referred to in
paragraph 2, while respecting the principles of risk associated with the
investing.
(2) the participation Fund invests only in
and) investment securities or money market instruments that are
admitted to trading on a regulated European market or in
multilateral trading system operator established in a Member
State, or on the market similar to the regulated market based in the State,
that is not a Member State, or is traded on the market similar
to the regulated market established in a State which is not a Member State,
If these markets are listed in foreign markets like
to the regulated market established in a State which is not a Member State,
maintained by the Czech National Bank,
(b)) investment securities of a new issue, if the conditions
include a commitment to be an application for the admission to trading
at one of the places referred to in subparagraph (a) of the transfer, and this request will be)
made to these investment securities admitted to trading
not later than 1 year from the date of issue,
c) securities issued by a standard Fund or comparable
foreign investment fund, pursuant to the Statute of the Fund may
be invested no more than 10% of the value of its assets in securities
issued by a collective investment fund or a comparable
foreign investment fund, which satisfies the conditions referred to in
(d)),
d) securities issued by a special fund or comparable
foreign investment fund if the Fund meets the following conditions:
1. invest in the same types of assets as the standard Fund and covers
the risk associated with investing,
2. repurchase the securities issued by, or ensures that the course or
the price of such securities on a regulated European market significantly
no different from their current values and the issued securities are
offered to the public in the Czech Republic under the law governing collective
investing,
3. enable the supervisory authority of the State in which it has its registered office, shall be subject to
supervision by the Czech National Bank considered equivalent
Member State, and is ensured by cooperation between the Czech National Bank and
This supervisory authority,
4. protection of the owners of securities issued by the Fund shall be to
protection equivalent to that provided by the owners of the securities issued by
standard standard Fund; This special fund or comparable
foreign investment fund must comply in particular with the provisions on the limitation of
management of the property and its assets must be separated in terms of accounting
the law governing investment companies and investment funds,
5. draws up and publishes half-yearly report and the annual report, by analogy,
as a standard the Fund and
6. the Statute allows you to invest no more than 10% of the value of his assets to the
securities issued by a collective investment fund or
comparable foreign investment fund that meets the conditions
referred to in this point,
e) deposits, with which it is possible to freely dispose, or term
deposits with maturity not more than 2 years for the regulated banks,
(f)) of derivative financial instruments that are admitted to trading on a
transfer the places referred to in subparagraph (a)),
(g)) of derivative financial instruments that are not admitted to trading on a
from transfer places referred to in subparagraph (a)), provided that the
1. the underlying value of these derivatives are investment vehicles
referred to in point (a)) to (f)) or h), financial indices, interest rates,
Exchange rates or currencies,
2. is this a derivative counterparty agreed with permissible under regulation
the Government governing investment of investment funds and technology to their
the management and the counterparty is subject to the supervision of the Czech National Bank
or supervisory authority of another Member State and
3. these derivative financial instruments are measured daily in a reliable and
verifiable manner and the participation Fund has the option at any time to monetize
or close the amount that can be achieved between knowledgeable parties
under normal market conditions,
h) money market instruments which are not admitted to trading on a
one of the places referred to in subparagraph (a) of the transfer and), provided that the
the regulation of the issue or the issuer ensures the protection of investors or
savings, and that the issuer is a person referred to in section 98 para. 1 (b). and)
or (b)), and their credit rating or a rating of their issuer, if the
issued, including credit rating categories of short-term liabilities in the
the investment level of the renowned rating agency or between comparable
the rating categories of other recognized credit rating agency and is issued by a recognised
rating agency.
(3) the participation Fund may acquire investment securities, securities
collective investment undertakings, financial derivative or a money market instrument
referred to in paragraph 2, even if it has not been fully paid.
(4) the value of all the securities referred to in paragraph 2 (a). (b)) can
make up no more than 5% of the value of the assets of the Fund in a directory. If these
securities were not within one year from the date of their issue admitted to
trading on one of the transfer points referred to in paragraph 1 (b).
and participation is), it must fund within 3 months to sell.
(5) the participation Fund may not invest in investment securities
issued by the pensions company that manages it, or by a person
belonging to the same group as the pension company.
(6) the requirements for qualitative criteria of investment instruments, the
where can the participation Fund to invest in accordance with paragraphs 2 and 4, the
the implementing legislation.
§ 101
Internal procedures to control hazards
The participation Fund is obliged to
and procedures), enable it at any time to monitor the level of risk
positions and their influence on the overall risk associated with investing,
(b) procedures for accurate), and an objective assessment of the risk posed
with investing in financial derivatives under section 102,
(c)) to take into account when monitoring the extent of the risk positions, risk diversification, in particular
in terms of regional, sector and monetary.
§ 102
Conditions relating to the negotiation of financial derivatives
(1) the participation Fund may use techniques and instruments relating to
investment securities and money market instruments, provided
that is used for the effective management of assets. The use of these
techniques and tools, the participation Fund may not depart from the way
investing in their terms of reference.
(2) open positions relating to financial derivatives shall not
exceed 80% of the value of the funded capital.
(3) for the purpose of calculating the limits under section 103 shall take into account the participation Fund
the underlying assets of financial derivatives.
(4) the risks associated with derivatives in accordance with paragraphs 2 and 3 shall
calculated having regard to the present value of the underlying assets at risk
United with the other party, on the expected future market movements
and for the time in that position must be closed.
(5) If an investment security or money market instrument contains
financial derivative, the participation Fund shall take into account this financial derivative
monitoring of the degree of risk associated with financial derivatives. When the acquisition
such investment securities and money market instruments
the participation Fund complies with the requirements for the acquisition of financial derivatives
laid down by the implementing regulation issued in accordance with paragraph 6.
(6) the implementing legislation provides for
and species limits) use and requirements for qualitative criteria
the techniques and tools that can be used to fund effective participation
asset management,
(b)) the procedure for assessment of risk associated with financial
derivatives.
§ 103
Investment limits towards one person
(1) the pension company may invest no more than 5% of the value of assets in the
participant Fund to investment securities and instruments of the money
the market issued by one person; This does not apply for bonds and utilities
the issuer of the money market, which is the Czech Republic or the Czech national
the Bank.
(2) deposits of local banks on a single regulated Fund can achieve
a maximum of 10% of the value of the assets in this Fund.
(3) the risk associated with the other party with financial operations
the derivatives referred to in § 100 para. 1 (b). g) must not exceed
and 10% of the value of the assets) in a directory of the Fund if the other Contracting
party-controlled Bank, or
(b) 5% of the value of the assets) in a directory of the Fund if the other Contracting
party to the other person.
(4) the sum of the values of the investments of the Fund towards one person participating in the
the stores referred to in paragraphs 1 to 3 shall not exceed 10% of the value of assets in the
participating in the Fund.
(5) If it has the participation Fund stated in its Statute, may
invest in investment securities and money market instruments
issued by one person, that does not belong to the same group as
pension company belong to the participation Fund, up to 10%
the value of assets in this Fund, if the sum of the investments for which
the participation Fund took advantage of this exception, does not exceed 40% of the value of assets in the
This Fund; It does not apply to bonds and money market instruments,
the issuer is the Czech Republic or the Czech National Bank.
(6) If it has the participation Fund stated in its Statute, may
invest in bonds or similar securities representing
the right to repayment of the amount owed and money market instruments issued by the
one person up to 20% of the value of your property, if these investment
instruments issued or has assumed a guarantee for them by the issuer referred to in § 98 para. 1
(a). a), b) or (c)), which is not the Czech Republic or the Czech national
the Bank.
(7) the sum of the investment towards one person in the stores referred to in paragraphs
1 to 6 must not exceed 35% of the value of the assets of the Fund in a directory.
(8) For the purposes of paragraphs 1 to 7 shall be for one person, the person shall be deemed to
forming the group.
§ 104
The participation fund investing primarily in investment instruments issued by
or guaranteed by the State or other persons
(1) if it is stated in the Statute of a participating fund, pension
the company invest up to 100% of the value of the assets in this Fund to
investment securities and money market instruments issued or
for which the issuer has assumed a guarantee referred to in § 98 para. 1 (b). a), (b))
or (c)). Pension company stating clearly and distinctly in the Statute
This local Fund and in any promotional material relating to the
This local Fund, the Czech National Bank has allowed her
invest according to this provision, and at the same time indicate the persons who,
issued or taken over by the guarantee for investment securities or instruments
the money market, to which it intends to invest more than 35% of the value
the assets of the Fund in this directory.
(2) in the assets in the Fund participant pursuant to paragraph 1 must be valuable
papers from at least 6 different emissions, while a single issue of securities
can form no more than 30% of the value of the assets of the Fund in this directory.
(3) the Statute shall be approved by the Czech National Bank referred to in paragraph 1, if the
pension company proves that protection of the participants of this local
the Fund will be equivalent to the protection of participants in local fund dodržujícího
limits under section 103.
§ 105
Investing in securities, collective investment
(1) the pension company may invest no more than 10% of the value of assets in the
participant of the Fund in securities issued by one standard
Fund or one comparable to foreign investment fund
the standard Fund.
(2) the pension company may invest up to 35% of the overall value of the
the assets of the Fund in a directory to the securities issued by the standard
funds or comparable foreign investment funds.
(3) the pension company may invest no more than 5% of the overall value of the
the assets of the Fund in local securities issued by special
funds or foreign investment funds comparable with a special
Fund.
Section 106
Shares of the other persons, and the emission of investment tools
(1) the pension company may to their assets and the assets in the
managed to acquire the total funds of the participating shares or similar
securities representing the share of the legal person, which represent the
not more than 5% of the share capital or of the voting rights
their issuer.
(2) the pension company to acquire the assets of the Fund in a directory
a maximum of 10% of the total nominal value or the total number of
and) of the shares or securities of the shares representing the
a company or other legal entity that has issued one issuer and
which are not linked to voting rights,
b) bonds or other similar securities representing the right to
the repayment of the amount owed, which delivered one issuer,
c) securities issued by a collective investment fund or one
one foreign investment fund comparable to the Fund
collective investment undertakings,
(d)) money market instruments issued by one issuer.
§ 107
Temporary exemptions from the limits of the investment
(1) the pension company need not comply with the composition of assets in a directory
the Fund under section 98 to 106 in the application of a preferential right to subscribe for
investment securities and money market instruments that are in the
the property of this local fund.
(2) if it is stated in the Statute of the Fund participant, the pension
the company in compliance with the principle of risk associated with the
depart from the investment restrictions laid down in § 98 to 106 for a period
not more than 24 months from the date on which the decision to grant a
permission to create this local fund or pending
the value of the assets in the Fund exceeds $ 100 0000 0000 directory, if this
fact, whichever occurs first. At the beginning of this period, invests the participation
the Fund only to deposits referred to in § 100 para. 2 (a). (e)) and tools
money market referred to § 100 para. 2 (a). and in its Statute)
provides for gradual adaptation to the demands of State-deným in § 98-106;
in the case of a statutory fund invests this pool of conservative on
the beginning of this period only to deposits referred to in § 98 para. 1 (b).
(g)), securities issued by mutual fund referred to section 98 para. 2 and
instruments of the money market, the issuer is the person referred to in section 98
paragraph. 1 (b). (b)), or (c)).
(3) if the pension company fails to comply with the composition of assets in a directory
the Fund under section 98 to 106 for reasons beyond its control, or in
as a result of the application of the preferential rights pursuant to paragraph 1, shall,
taking into account the interests of the participants in this directory to ensure the Fund without
undue delay compliance track assets of this Fund with the local section
98 to 106.
section 108
Restrictions on disposal of the property in the participating fund
(1) the participation Fund may accept credit or loan with a maturity of
a maximum of 6 months. The sum of all loans and loans may not exceed
5% of the value of the assets of the Fund in a directory. The participation Fund may not accept
credit or loan to enable the purchase of investment instruments; by
are without prejudice to sections 100 to 102.
(2) the assets of the Fund in a directory may not be used to make a loan
or loan, to making a donation, collateral security or to third parties
payment obligation, which is not related to his management; This does not
without prejudice to sections 100 to 102.
(3) the participation Fund may not enter into a contract for the sale of the investment
an instrument that is not in the possession of the local fund.
TITLE VI OF THE
THE TRANSFER OF THE MANAGEMENT OF ALL THE PARTICIPATING FUNDS
section 109
(1) a pension management company cannot convert the local
the Fund, which manages, to another pension company. Pension
However, the company may, with the prior permission of the Czech National Bank transfer
all participating funds management, which manages, on a different
pension company.
(2) the transfer of the management of all the participating funds does not affect the
the responsibility of the transferring pension company for breach of duty in
management of the participating funds, whose obhospodařovaní was
transferred (hereinafter referred to as "participating funds transferred").
(3) a request for authorisation to transfer management of all participating
pension funds may submit only a company that at the time of submission of the application
manages the Subscriber funds whose management is to be
transferred (hereinafter referred to as "Subscriber transferred funds").
(4) the parties to the proceedings on the application referred to in paragraph 3, the applicant, pension
the company, to which the management of the participating funds
transferred, and the depositary of the participating funds both pension companies.
(5) the Czech National Bank has to transfer the management of all
the participating funds, will not jeopardize the interests of the participants to transfer switching
the participating funds. Part of the operative part of the decision on grant of authorisation to
transfer of the management of all the participating funds and approval of an amendment
the depositary. The statutes of the participating funds are transferred from the time
the acquisition of the decision on the authorisation to transfer management
all participating funds binding even for receiving pension company.
On the same day pass as well as the rights and obligations arising from contracts for
the supplementary pension savings concluded the transferring pension
companies. Transposing a pension company shall inform without delay after the
the date of acquisition of the decision on the authorisation to transfer management
all pension funds pension funds participants in these about this
permits and their right pursuant to § 62 para. 2 (a). (d)).
(6) a request for authorisation to transfer management of all participating
the funds can be made only on the prescribed form, to which the applicant
shall be accompanied by the documents necessary for the assessment of the protection of the interests of the participants. Pattern
the form and the content of its annexes laying down detailed legislation.
TITLE VII
CANCELLATION OF A PARTICIPATING FUND AND MERGE THE PARTICIPATING FUNDS
§ 110
Cancellation of the participation Fund
(1) the participation Fund is hereby repealed
and authorisation to create) a participating Fund on application under section
111,
(b) the authorisation to create) a participating fund ex officio by the
§ 153,
(c) the authorisation to the activities) of the pension company pursuant to § 69 and 152,
unless the Czech National Bank will allow the transfer of the management of all
the participation of the funds to another pension company pursuant to § 109, or
(d) by the merger of the participating funds) under section 113.
(2) the date of cancellation is the Pension Fund of the local company that it
the farmer is obliged to build extraordinary accounts of this
Participation Fund under the law governing accounting.
§ 111
The withdrawal of authorisation to create local fund at the request of
(1) a pension shall be withdrawn by the Czech National Bank at the request of the company
authorization to create local Fund, if
and) participants ' interests are not jeopardised the participation Fund
(b) the participation Fund is not appropriate) merge with another participating fund
obhospodařovaným this pension companies and
(c)) is not a mandatory conservative Fund.
(2) an application for the withdrawal of authorisation to create local fund can be made
only on the prescribed form, to which the applicant shall be accompanied by documents
necessary for the assessment of the protection of the interests of members and other facts
referred to in paragraph 1. The pattern of the form and the content of its annexes laying down detailed
legal prescription.
§ 112
Cancellation of a participating fund liquidation
(1) if the participation Fund was cancelled pursuant to § 110 paragraph 2. 1 (b). and) or
(b)), the pension company sells assets in a participant's Fund and deals
its accounts receivable and payable within 6 months from the date of acquisition of legal power
the decision on the withdrawal of authorisation to create local fund. Pension
company transfers the resources of the participant, without undue delay of the
Local Fund, which shall be deleted, in the mandatory conservative
the Fund; This does not apply if agreed pension company with the participant to the
the transfer of its funds to another local fund.
(2) if the participation Fund was cancelled pursuant to § 110 paragraph 2. 1 (b). (c)),
the liquidator sells off the assets in the pension company participating fund and
settles its accounts receivable and payable within 6 months from the date on which the pension
the company shall enter into liquidation. The liquidator of the pension company
Converts the resources at the request of a participant to participant's other pension
the company. The liquidator shall pay the pension participant resources
company in the form of benefits to the participant if the participant to whom the
entitlement to surrender or to a single settlement requests.
(3) the Czech National Bank, in cases of particular interest to
extend the period referred to in paragraph 1 or 2 shall, at the request of pension
the company by not more than 6 months, even repeatedly.
(4) if the pension company in bankruptcy, it converts the management
all participating funds to another pension company or cancels
all participating funds with the liquidation of the insolvency practitioner pension
the company. In case of cancellation of all participating funds with the liquidation
the insolvency practitioner shall ensure that the sale of assets in the participating funds,
settlement of claims and obligations related to the management of the
the assets of the Fund in a directory, the transfer of funds and payment of the participant's
benefits to the participants, laying claim to them; paragraphs 2 and 3 shall apply
by analogy. The insolvency practitioner responsibility for this activity compensation
cash expenses and remuneration; a claim for reimbursement is the claim of the
for material essence of a pension company. If the property is not sufficient
the essence of the pension company to pay refunds of cash expenses and
the remuneration of the insolvency administrator, shall be paid by the State. Method of determining compensation
cash expenses and remuneration of the insolvency administrator, the maximum amount of
paid for by the State and the way of payment laid down detailed legislation.
(5) the State's contribution, which was not remitted to the pension company for a period of
before transferring funds the participant points to the account with the depositary
pension company to which the funds have been transferred, and the participant's
on the basis of the application submitted to the Ministry.
§ 113
Merge the participating funds
(1) the pension company may with the prior permission of the Czech National Bank
merge some of the participating funds, which manages.
(2) an application for permission to merge the participating funds may submit only
pension company, which manages the funds participating.
(3) participants in the proceedings on the application referred to in paragraph 2, the applicant and the
the depositary of the merging of the participating funds.
(4) the Czech National Bank will not allow merging of the participating funds, if
and interests are endangered) by participants in the participating funds being merged,
(b)) it is inappropriate in terms of the composition of the assets of participating funds
proposed to merge, or
(c)) is one of the participating funds proposed to merge required
Conservative Fund, unless it is a merge of the statutory
conservative funds.
(5) the participation Fund that the merger is void, the date laid down in the
the decision of the Czech National Bank, which enables a merge Subscriber
funds, shall be deleted without liquidation and the assets contained in it becomes part of the
the assets of the successor of a participating fund. If the decision of the Czech
the National Bank is not listed in the first sentence the day of termination of participation
the Fund, the participation Fund, the expiry of the 30 days of the effective date
legal force of this decision.
(6) the date of termination of the Fund, its local participants become participants
the successor of a participating fund.
(7) the applicant shall publish on its website, without undue
delay after the legal force of the decision of the Czech National Bank, which
Allow merging of the participating funds, this decision and the Statute of the
the successor of a participating fund.
(8) an application for permission to merge the participating funds can be made only on the
the prescribed form, to which the applicant shall be accompanied by the documents necessary for
the assessment because it is merged and the protection of the interests of the participants. The pattern of the form and
the contents of the annexes thereto lay down the detailed legislation.
TITLE VIII
OTHER OBLIGATIONS OF THE PENSION ASSET MANAGEMENT COMPANY IN
PARTICIPANT OF THE FUND
section 114
(1) Pension funds participant company transfers no later than 5 years
before the creation of the right to benefits under section 20 (2). 1 in the mandatory
the Conservative Fund. After that transfer the contributions of the participant,
employer contributions and State posts placed only to
the debtor of the Conservative Fund.
(2) for the payment of benefits under section 19 (a). a) or b) must all be
means the participant placed in compulsory conservative Fund.
(3) the company shall inform the participant's Pension in writing no later than 60 days
before the date of the transfer of that participant of the facts referred to in
paragraphs 1 and 2 and on the possibility to convert its resources to another
participation of the Fund referred to in paragraph 4 and on the risks associated with such
by decision.
(4) a participant may request in writing to the pension company to its
the resources have been transferred to the debtor of the Conservative Fund under
paragraph 1, or to be transferred to another participant of the Fund.
A participant may request in writing to the pension company to its
resources were not placed in compulsory for conservative Fund under
paragraph 2, or to be placed in another participating fund. Pension
the company always meet those requests. Pension company cannot
to accept the request of a participant in the first sentence earlier than 60 days before the date of
the transfer referred to in paragraph 1.
section 115
The valuation of assets and liabilities in a directory the Fund participation Fund
(1) investment tools in the assets in the Fund must be a directory
measured on a regular basis, and within a period stipulated in the Statute of the
Local Fund; This period may not be longer than 1 week.
(2) the assets other than those mentioned in paragraph 1 and obligations arising from contracts
closed on account of a participating fund must be periodically valued, and
within the time limits referred to in the Statute, but at least once a year.
(3) the participation fund valued during the accounting period and their property
liabilities at the date of the determination, at least, the current value of the pension unit, and
without the presentation of financial statements.
(4) the assets and liabilities arising from the management of assets in a directory
the Fund shall be valued at their fair value.
(5) the method of determining the fair value of the assets and liabilities of the twisted
the Fund shall adopt detailed legislation.
§ 116
Management of the assets of the Fund in a directory under the best conditions
(1) the pension company is required to manage the assets in a directory
the Fund under the best conditions, and taking into account the nature of the way
the investment of the Fund's local, the nature and characteristics of the investment
the tools, which is to be the subject of a transaction, as well as to the nature of the transfer
the sites can be used to perform a transaction with the investment instrument, taking into account
in particular, the
a) price that can be achieved at a transfer point,
(b) the total amount of fees charged) by third parties,
(c)) the speed at which you can perform a transaction with the investment instrument,
(d) the volume of the transaction),
e) conditions for settlement,
(f)) any other factor relevant to the execution of the transaction for the
the best conditions.
(2) to ensure the management of the assets in the Fund for a directory
the best conditions pension company shall establish and maintain an organizational
arrangements and the rules for management of the assets of the Fund in a directory,
which shall include at least
and the relative importance of the) determination of the pension companies selected factors
referred to in paragraph 1, or at least a way of determining their relative
importance,
(b)) the relevant information about the transfer where the transactions are
relating to the various investment instruments are being implemented, and a description of the
the facts that influenced the pension company in the selection of these
transfer seats.
(3) the pension company is required to monitor the effectiveness of the
organizational arrangements and the rules for management of the assets in the
participant of the Fund in order to identify and remedy any deficiencies,
in particular, is required to verify whether the transfer of space referred to in rules
for the management of the assets in the Fund allow you to continue participating in the
accordance with paragraph 2 (a). and to manage the assets in a directory)
the Fund in the best conditions. Review the rules done by pension
the company immediately after the major change affecting the ability to achieve
performing the transaction with the best possible result from the investment facility,
at least once a year.
(4) if the pension company in the management of the assets in the
the Fund participant transmits an order to another person that is required to comply with the
comparable rules for management of the assets in the best conditions
with the rules referred to in paragraphs 1 to 4, not pension company to
rate rules for management of the assets of that person.
(5) the Pension asset management company is in a directory
Fund with professional care and in the best interest of the attendees of this local
the Fund.
§ 117
If, in proceedings for damages caused by the breach of duty when
management of the assets in the Fund participant questioned whether pension
the company acted with professional care and in the best interest of the attendees of this
Participation Fund, bears the burden of the pension company.
TITLE IX OF THE
INFORMATION OBLIGATIONS IN THE MANAGEMENT OF LOCAL FUND
§ 118
Disclosure of information
(1) the pension company publishes within the time limits and the periodicity laid down
an implementing regulation on its website information
for each participating fund, which worked, but at least
and the current value of pension units) of a participating fund
(b)) the current value of the funded equity participation Fund
(c)) the current total number of pension units registered in the personal
pension accounts, all of the participants in relation to the local loop
the Fund,
(d) information on the composition of assets) and the structure of investment instruments in the
the assets of the Fund and in a directory
e) information about the financial results of a participating fund.
(2) the information referred to in paragraph 1, the pension company also makes
to the public at its head office.
(3) Implementing legislation establishes the periodicity, deadlines, and how
disclosure of the information referred to in paragraph 1 and the information referred to in
paragraph 1 (b). (d)), and (e)) also provides for the scope, structure and form.
§ 119
The information of the Czech National Bank
(1) the pension company shall inform without delay the Czech national
the Bank of the
and every change of fact) on which the authorisation was granted to
the activities of the pension company or permit the creation of local
the Fund; If this is the amendment of the Statute of the local Fund, shall submit to the
pension company Česká národní banka to its new full text and especially
the text changes,
(b)) to each fact which can significantly affect the value of the pension
Unit, or which may significantly worsen the economic situation of the
pension companies,
(c) the investment exceeded the limit set out) of this Act or of
Another serious violation of this law or the Statute of the local fund.
(2) the pension company is required to submit to the Czech National Bank
not later than 1 month after the convening of the ordinary general meeting a list of people
It had in the past year a qualifying holding or that were
closely linked.
(3) the pension company Česká národní banka shall send information about yourself
the financial situation and the results of its management, as well as the
the financial situation and results of the management of each Fund
local or transformed the Fund and about the composition and structure of the
assets in this directory or transformed the Fund and about the song and
the structure of their commitments.
(4) Implementing legislation sets out the scope, structure, form,
frequency, period, and method of receiving information pursuant to paragraph 3.
PART EIGHT
REGISTRATION
TITLE I OF THE
PERSONAL PENSION ACCOUNT AND PENSION UNIT
Part 1
Personal pension account
§ 120
Pension company leads for each participant or another recipient
benefits of personal pension account, which keeps track of resources the participant and
pension unit in each participant's participating funds.
§ 121
(1) the personal pension account consists of money and securities sub-account
subaccount.
(2) on the money keeps track of the sub-account pension company at least
and the participant received pension) contribution by the company and the date of its
the adoption of the account with the depositary,
(b) employer's contribution to pension received) by the company and the date of its
the adoption of the account with the depositary,
(c)) and a State contribution date of acceptance with the depositary, on account
(d) the value of the participant's resources) transferred from the participating funds other
pension company and the date of their adoption to the account with the depositary,
(e) the value of the participant's funds) transferred from a transformed the Fund and
the date of their transfer,
(f) the value of the resources of the participant) for which have not yet been credited
pension unit,
(g)) the value of the participant's resources, which are intended to be transferred to another
pension companies under section 27,
(h) the value of the resources of the participant) that have not been paid in the form of
benefits or payments benefit under section 19,
(I) the value of the resources of the participant) that were paid out in the form of benefits
or installment payment benefits under section 19, and the date of their payment and
(j) the value of the resources of the participant) that were transferred to other pension
company in accordance with section 27, and the date of their conversion.
(3) The securities sub-account records the pension company
and) number and value of credited pension units according to individual
the participation of the funds and the date of crediting thereof,
(b) the number and value of written-off) of pension units according to individual
the participation of the funds and the date of its writing off and
(c)) other data necessary for the proper registration of the participant's resources.
(4) the personal pension account also contains
and its numerical designation),
(b) the date of its establishment, and)
(c)) the identification of the participant or other beneficiary.
Part 2
Pension unit
§ 122
(1) Pension Unit is the share of the assets of the Fund in a directory.
(2) the value of the pension unit is expressed in Czech crowns and specifies the
with a precision of four decimal places. The first day on which the pension
the company will create the participation Fund, the initial value is
pension unit 1. After that date, determines the current value of the
the pension unit of pension company (section 123).
§ 123
(1) the current value of the pension is calculated as the value of the units
the funded equity participation Fund in which shall take into account
the corresponding part of the standard costs that affect the funded its own
capital participation of the Fund, at the date of the determination of the current value of pension
a result of all the drive units registered on pension
personal retirement accounts for all of the participants in relation to this
the local fund at the date of the determination of the current value of the pension unit.
(2) the standard costs that affect the funded capital
Local Fund for the purposes of determining the current value of pension
referred to in paragraph 1 shall mean the remuneration under section 60 and estimated tax
obligation at the date of the calculation of the fair value of assets and liabilities.
(3) the participation Fund is obliged to fix the value of the funded its own
capital and the current value of pension units at least once a week and
publish is no later than 2 working days on the website
pension company, which it manages.
§ 124
(1) the pension company at the date of crediting of the funds to the account of participant
Local Fund be credited to the securities account or sub-account number of pension
units corresponding to the proportion of the value credited to the funds and the current
the value of the Pension Fund and the local units of money subaccount
write off a sum of money corresponding to the number of credited pension
units multiplied by the current value of the pension unit of a participating
the Fund.
(2) the pension company will write off from the securities sub-account pension unit
and on the participant's sub-account of the money will be credited with a sum of money corresponding to the
the number of written-off pension units multiplied by the current value of the
Pension Fund participation units, and that at the date of
and payment of old-age pension payments) to the specified period of time or a disability pension
the specified period of time,
(b) the receipt of the request for payment) benefits
(c) the receipt of the request for conversion) means the Subscriber to another local
the same pension fund society
(d) the termination of the supplementary pension savings) specified in the agreement of the participant and
pension sp
company,
e) delivered the notice,
(f)) when the pension company became aware of the obligation to return
the Department of State,
(g) the decision of the pension company) on the payment wrongly sent
of the funds.
TITLE II
LISTING OF THE SUPPLEMENTARY PENSION SAVINGS
section 125
(1) a listing of the supplementary pension savings (hereinafter referred to as the "listing") of the participant
or another recipient contains
and the information referred to in § 121), para. 4,
(b)) on the money movements of the participant the participant's sub-account under §
paragraph 121. 2 for the period since the last dump,
(c)) and the written-off pension units credited to the securities sub-account
the participant pursuant to § 121 paragraph 2. 3 for the period since the last dump,
(d) the value of the share of a participant) participant's Fund, which is the product of the
the current value of the Pension Fund as at the date of the twisted units of copy
the statement and the number of units of the pension fund credited to the local
on this day the securities sub account,
(e) the value of the share of a participant) participant of the Fund referred to in subparagraph (d)) at the date of
copy of the last statement,
f) States the cash items in accordance with § 121 paragraph sub-account. 2 (a). f) to (h)), and
the securities sub-account and the value of pension units of each
the participating funds at the beginning and at the end of the period for which the statement
be sent,
(g) the value of the personal pension account) at the date of issue of an extract, as
the sum of the current values of the shares of the participant in the participating funds according to the
(d)) for all participating funds and resource values on the money
Sub-account under § 121 paragraph 2. 2 (a). f) to (h)),
(h) the value of the personal pension account) in (g)) at the date of making out
the last statement.
(2) the Listing also includes the following information:
and the aggregate value of the items cash) sub-account under § 121 paragraph 2. 2 (a).
a) to (e)), i) and (j)) for the period since the last dump, and a summary of the number and
value and depreciated earned pension units of each
the participating funds on the securities sub-account for the period since the last
the statement,
(b) the aggregate value of the items cash) sub-account under § 121 paragraph 2. 2 (a).
a) to (c)) and i) for saving time at the beginning and at the end of the period for which the
be sent to the dump,
(c) savings for the participant)
(d) a share of the revenues) total pension fund management and
transformed the Fund and shares in revenues and loss of the participation
the face amount of the funds for the savings of time,
(e) evaluation of the resources of the participants) the period from the last statement,
expressed as the sum of the gains and losses attributable to the resources of the participant
located in the participating funds, in the preparation,
(f) the NET performance of a participating) Annual Fund, in which the funds were
the participant placed for the period since the last dump,
g) amount of payment as a percentage of the pension company and its value in the
the distribution of the remuneration for the management of the property and the consideration for evaluation of the
assets (section 60).
(3) on the basis of the agreement of the participant or another beneficiary with the relevant
pension companies can extract contain in addition to the data referred to in paragraphs 1
and 2 also further data.
(4) the statement must be clear and understandable, the information contained in it
shall not be misleading and their label must be unique.
(5) the Pension company is obliged to send to the participant or other
recipients of benefits free of charge listing for the calendar year within one month after
end of the calendar year, and in the case of transfer of funds to the participant
or local fund to another pension company without undue
delay.
(6) the company transferring the participant's Pension funds to other
pension company is required to send to the date of transfer of funds
a participant in a manner allowing remote data transmission from the personal statement
pension participant's account of the pension company.
(7) the Pension company is obliged to send the extract to the participant or other
recipients of benefits on request at any time within 15 working days from receipt of
a written request from the Subscriber or other beneficiary.
(8) the Pension company is obliged to send to the participant or other
recipients of benefits listing to the address for service specified in the contract of
the supplementary pension savings, if not agreed otherwise.
PART NINE
RULES OF CONDUCT OF PARTICIPANTS
TITLE I OF THE
BASIC PROVISIONS
Part 1
A general rule of conduct with the participant
§ 126
Pension company is qualified with the participant, honestly and
fairly and in his best interest.
Part 2
The admissibility of a fee, reward or non-monetary benefits, which may lead to
violation of general rules of conduct with the participant
§ 127
Pension company shall not, in connection with his activities, or performance
the activities referred to in section 74 para. 2 accept, offer or provide
fee, reward or advantage (hereinafter referred to as "incentive"), which
may lead to a breach of the obligations arising from § 126.
§ 128
(1) an incentive is within the limits of § 126 and 127 permissible if it is paid for by
and participant per participant) or is paid to the participant, and not in the
contrary to section 127, or
(b)) to a third party or a third party or is provided by a third party or
for a third party and
1. the participant has been before you perform the activities referred to in section 74 para. 2 clearly,
clearly and fully informed in writing of the existence and the nature of the incentives and
the amount or value of the incentives or the method of its calculation, if it cannot be
find out in advance,
2. the incentive helps to improve the quality of the activities referred to in section 74 para. 2
or supplementary pension savings and
3. the incentive is not in breach of the obligation under section 127.
(2) Permissible is an incentive that will allow the pursuit of an activity referred to in section 74
paragraph. 2 or supplementary pension savings or for such purposes
necessary and whose nature is not in breach of the obligation under section 126.
(3) the pension company may publish the information referred to in paragraph 1 (b).
(b)) and in the form of a summary description of the terms of the incentives.
Part 3
Conduct in relation to those interested in additional pension savings
§ 129
Obligations in relation to the participant set out in part nine performs
pension company within a reasonable range, also in relation to those interested in
supplementary pension savings.
TITLE II
COMMUNICATION WITH THE PARTICIPANT
Part 1
General obligations when communicating with the participant
§ 130
(1) the pension company when communicating with the participant, including personal
meetings or promotional communications, you may not use vague, untrue,
misleading or deceptive information. This is without prejudice to the obligations of the
laid down by law governing consumer protection.
(2) when communicating with the participant's pension, the company shall be obliged to
to ensure that the
and the content of communications) have been clear identification details of the pension
the company, at least the business name, address of the registered office and identification
number of the person
(b) the content of the communications was sufficient), precise and did the potential
income or benefits that are associated with the supplementary pension savings in
funds managed by the pension companies, without at the same time
substantially and objectively neupozorňoval all material risks, which
are or may be a supplementary pension savings in funds this
pension companies,
(c)) the content of communications didn't nezlehčoval or explained
facts, information or warnings relevant to the participant.
(3) Implementing legislation sets out the content and method of administration information
to the participant, if
and) the comparison of pension companies and their savings strategies, how to
the participating investment funds as well as proposals for supplementary agreements
pension savings, pension companies,
(b) data on the yield of the supplementary) pension savings from the pension company
achieved in the past and
(c) data on the expected future) yield.
(4) before concluding the contract on the supplementary pension savings and before each
the change is the pension company to based on the information
provided by the participant to record requirements and the needs of the participant
related to supplementary pension agreement ship(1) to be negotiated savings and
the grounds on which the pension company based its recommendation for the selection of
the strategy, savings, and in writing, and a copy of the
pass attendee.
(5) part of the document referred to in paragraph 4 is also a checklist
containing a summary of the information referred to in paragraph 3, and § 131 to 136, which
the pensions provided by the company participant.
§ 131
(1) for any promotional communication from the pension, the company shall ensure that its
content complies with all of the information that a participant in the performance
the activities provided, from its content and form, it was clear that the
marketing communications, and marketing communications to assert in
highlighting the more prominence and visibility of information concerning the advantages and
the risks of investing in the supplementary pension savings in funds
managed by pension companies.
(2) If a marketing communication contains a proposal to conclude a contract of
the supplementary pension savings, pension company makes or
extends, the promotional communications contain information about
the facts contained in § 133 paragraph 2. 1, unless it is of a promotional
communication or obvious, where you can make with the information about these
facts to meet.
§ 132
Pension company when communicating with the participant shall take account of the fact, how would
explanation or other information perceived by the person with an average intellectual
levels, the care and recognition capabilities in the position of the participant.
Part 2
Informing participants
§ 133
Content of the information, method of administration and the deadlines for their submission of
(1) the pension company shall inform the Subscriber of the
and their identification data) and fundamental information related
with the activities undertaken by her,
(b)) the potential risks that may be associated with the requested additional
pension savings,
(c)) the total consideration for the management and other fees, including
where the fees, taxes, and paid via the
the company's pension and other related costs,
d) incentives under section 128,
(e)) how to protect property of the participant,
(f) the Supplementary Treaty) contents of the pension savings and the Statute of the local
of the Fund, regarding the required supplementary pension savings,
(g) tax advantage related to) the required supplementary pension
savings,
(h)) the fact that supervision in the field of supplementary pension savings
shall be exercised by the Czech National Bank,
I) claims of the supplementary pension savings, including information about
offers insurance companies offering a payment of benefits provided for in paragraph 19 (b).
e) and (f)),
(j)) and the structure of the strategy in a directory assets of the Fund,
to any substantial change in the facts) referred to in points (a) to (j))),
l) approval of the transfer of the participating funds according to § 109,
m) approval of the merger of the participating funds pursuant to § 113,
n) Regulation of the transfer of the participation of the funds under section 150.
(2) the pension company informs the participant about the free options
transfer of funds to the participant to another participant of the Fund or the transfer of
attendee resources under the conditions of § 62.
(3) the time limits within which it is obliged to inform the pension company
the participants of the facts referred to in paragraph 1, lay down the detailed
legal prescription.
(4) unless this Act provides otherwise, the pension company provides
participant information in a durable medium of information; by providing the
durable medium of information means the provision of information in the documentary
form, or in any manner that allows participant retention
This information so that they can be used after a period of time adequate to their
the purpose of the information and which allows the unchanged reproduction,
only if they provide in this way is a reasonable practice,
between the pension company and the participant have introduced; in the case of
that this information is provided in a manner allowing remote
access, the condition is a reasonable practice are met, in particular, where
a participant can obtain such information in this manner, and with their
the provision in such a way, granted the consent of the participant.
The communication of key information for participants
§ 134
(1) the communication of key information for participants (hereinafter referred to as the "communication of
key information ") is a document containing brief
the characteristics of the supplementary pension savings and concise
the basic characteristics of a participating fund necessary for the participants to
responsible assessment of the nature and risks of a participating fund that they
offered in the form of comprehensible to the person referred to in section 132.
(2) the communication of key information local pool always contains
and visible sign of) which shows that contains key information
for the participants,
(b) the pension company and) identification of local Fund, to which the
applies,
c) description
1. the investment objectives of the Fund, local
2. method of investing Fund, local
3. the historical performance of a participating fund or its
educated guess,
4. costs and charges related to an investment in the Fund, local
(d)), including a description of the risk profile of the individual risks associated with
intervention of the Fund, in a directory
e) Note where and how you can get free of charge on request for more information
concerning the participation of the Fund, including the Statute of, annual reports and
half-yearly report of a participating fund and the communication of the right to request the status of
the Pension Fund and the communication of key information in documentary form.
(3) the communication of key information
and unclear) cannot contain false, incomplete, misleading or
misleading information,
(b)) must be in accordance with the information provided in the Statute of local
the Fund and the
(c)) must be understandable without having to meet with other documents
not participating fund.
(4) the rules for the adoption of the communication of key information local
the Fund and its changes to the statutes of the company pension. The participation Fund
be sent to the communication of key information and any amendment thereof without undue
delay the Czech National Bank.
(5) the Requirements, structure, form and language requirements for observations
the communication of key information to the Fund, as well as local conditions and
the way his continuous updates and the deadline for its publication provides
Government by regulation.
§ 135
(1) the communication of key information must be each participant
provided in a durable medium of information and published within the time limits
laid down by regulation of the Government on the website of the pension
the company that manages the Fund participation.
(2) each participant has the right to request the status of a participating fund and
the communication of key information in documentary form.
Part 3
Requesting information from the Subscriber
§ 136
(1) before conclusion of the contract the supplementary pension savings is pension
the company shall be obliged to obtain the necessary information on the Subscriber's
and) knowledge and experience in the field of finance,
b) knowledge and experience with investment instruments to which
participating funds invest,
c) tolerance and preferences in relation to investment risks and
d) objectives in the supplementary pension savings and preferences in
relation to the strategy of saving.
(2) the information referred to in paragraph 1 is required to obtain the pension company
the range that will enable it to assess whether the conclusion of the contract on the supplementary
pension savings and savings strategy agreed with the objectives
a participant under the supplementary pension savings, his professional
knowledge and experience necessary for the understanding of the risks involved.
(3) if the pension company, evaluates the information obtained so
the conclusion of the agreement on the supplementary pension savings or participant
the required savings strategy does not correspond to the information provided by the
paragraph 1, the objectives of a participant under the supplementary pension savings,
his expertise or experience necessary for the understanding
associated risks, it notifies the Subscriber of such findings and recommend
him for it the more appropriate strategy of saving. If the participant takes on the choice
other savings strategies, learn about the risks of the pension company
associated with this other choice and attendee in his election.
(4) in the event that the participant rejects the information referred to in paragraph 1
provide or provide information clearly incomplete, inaccurate or
false, the pension company will instruct the participant about the fact that such a stance
It will not allow you to evaluate whether the conclusion of the contract the supplementary pension
savings or savings strategy selected corresponds to the objectives of the participant in the
the supplementary pension savings, expertise or
the experience required for the understanding of the associated risks, and recommend him
to become a participant in the better for him, or his local pool
to recommend a contract relating to the supplementary pension savings mechanism. If
a participant takes on the conclusion of the contract the supplementary pension savings and on
your choice of strategy of saving, pension company to satisfy him.
§ 137
Pension company is entitled to rely on the reliability of the data
provided by the participant pursuant to § 136 paragraph. 1 unless it knew or know
was that such information is clearly incomplete, inaccurate or false.
TITLE III
PENSION ADVICE
§ 138
Pension recommendation is published information which directly or indirectly
It is recommended that a specific strategy of saving or decision relating to the
the supplementary pension savings to participants or those interested in additional
pension savings relating to specific pension company or
Participation Fund, and that can be the addressees of this communication in view of the
circumstances be regarded as an objective and independent advice of the decision
concerning supplementary pension savings or savings strategy.
§ 139
(1) any person who creates or extends the pension recommendations pursuant to section 138,
ensure that pension recommendation
and the facts clearly) was distinguished from the information that the facts are not,
in particular, the interpretations, estimates or opinions,
(b)) are not placed information, if there is a doubt as to their completeness,
accuracy or truthfulness,
(c) clearly marked) were forecast and reported substantial
basis for its creation,
(d)) was definitely and clearly set out the person who the pension recommendations
has created, in particular giving the trade name or the name of the legal entity
the person or the name, or names, and surname of the natural person, the person
that it has prepared, giving the name, or names, last name, and
function.
(2) a person referred to in paragraph 1 is required to further
and on request) the Czech National Bank to prove the well-foundedness of the pension
recommendations and
(b)) to publish information about the circumstances of which he may reasonably
assume that can interfere with the objectivity of the pension recommendations,
in particular, they provide information about each of its significant financial interest
or conflicts of interest concerning the supplementary pension savings or
pension companies which are the subject of the pension recommendations.
(3) If a person referred to in paragraph 1 is a legal person,
and information shall be in accordance with paragraph) 2 (a). (b)) and for all persons
involved in the creation of the pension recommendations,
(b)) contains the information referred to in paragraph 2 (a). (b)) at least information on
the circumstances referred to in paragraph 2 (a). (b)) about this legal
person and each linked to a person, that are
1. available, or that can reasonably be expected that they are available,
persons involved in the creation of the pension recommendations,
2. known to persons who are not involved in the creation of a pension
recommendations, but have access to the pension recommendations before it is
pension recommendations extended between the participants, those interested in additional
pension savings or the public; This also applies in the case of persons for whom
can reasonably be expected to have access to a pension recommendation
before the pension recommendations as follows provided or extended.
§ 140
Pension advice provides information pursuant to § 139 paragraph 2. 2 (a). (b)), and
paragraph. 3 in your text. In the case where the public disclosure of information
It was disproportionate to the length of the pension recommendations, it is sufficient
the following information in a manner allowing remote access and
the pension recommendations clearly mark the place where the information can be
found.
PART TEN
SUPERVISION AND STATE SUPERVISION
TITLE I OF THE
SUPERVISION OF THE CZECH NATIONAL BANK
Part 1
Basic provisions
§ 141
The subject of the surveillance
(1) supervision of compliance with the obligations laid down in this Act,
the Statute of the local Fund, the Statute of the Fund, a transformed
depozitářskou Treaty and decisions made under this Act (hereinafter
"supervision") carries on the Czech National Bank, with the exception of State supervision
the Ministry over the provision and change state contribution. Supervision is
exercised in the interest of the participants.
(2) Supervision under this Act shall be subject to
and) pension company,
(b)), to the extent insurance obligations under this Act,
(c)), to the extent of the depositary obligations under this Act,
(d)) the Bank or a foreign bank, that have stopped for the participation Fund, or
the transformed the Fund perform the function of the depositary and which this Act
lays down the obligation,
e) fiduciary,
(f)) the liquidator,
(g) the person entitled to exercise good offices) and consulting activities
under this Act,
h) person constituting or disseminating pension recommendation,
even the head of the person)
j) accredited person.
(3) unless otherwise provided by this Act, in the exercise of supervision pursuant to paragraph 1
the Czech National Bank shall proceed mutatis mutandis under the law governing supervision
in the field of capital market, and in the case of supervision of an insurance undertaking also
under the law on insurance.
Part 2
Corrective measures, other measures and the withdrawal of authorisations and consent
§ 142
(1) the Czech National Bank can a person subject to supervision, which violated the
the obligation laid down by law, her range of authorisation granted to
exercise of the activity, the Statute of the local Fund, the supplementary contract
pension savings, the depozitářskou agreement or compromise the interests of the participants,
Save measures to rectify identified lack of proper nature of
violation of and its severity and set a deadline for the adoption of measures to
remedy the situation.
(2) the Czech National Bank may, depending on the observed deficiencies,
as other measures
and pension companies) requires exceptional audit accounting
accounts of the Pension Fund of local companies or transformed
the Fund,
(b) the pension company change) required the depositary,
(c) to order the pension company change) leading the charge,
(d) the pension company change) required of the auditor of the company pension
or local Fund,
e) suspend crediting and depreciation of pension units,
(f) to introduce compulsory pension management) company
(g) transfer of pension company) requires management of the participating
of funds to another pension company,
(h)) to suspend the performance of the activities of the pension company or limit the pension
the company's range of permitted activities,
I) withdraw an authorisation or consent granted under this Act.
(3) a person who was saved some of the corrective measures identified
shortcomings, without undue delay, notify the Czech National Bank way
implementation of the measures imposed.
(4) the Czech National Bank at the same time with the start of administrative proceedings
the imposition of measures to correct the observed lack of can save prior
measures if there is a risk of delay or non-detachable
interference with the rights of other persons.
§ 143
Extraordinary audit regulation
(1) the Czech National Bank may order a pension company implementation
special audit of accounts of the pension company, local
Fund or transformed the Fund if it finds serious flaws in
the auditor's report, or if the auditor or audit firm fails to comply with
its notification obligation under the law governing the activities of Auditors.
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.
(2) the pension company arrange for special audit and shall notify
The Czech National Bank within 30 days from the date of the decision, which
was ordered to perform extraordinary audit, details of the Auditor, which
an extraordinary audit performs. The auditor must be a person other than the
Auditor, who carried out the verification of the financial statements.
(3) the Czech National Bank may, within 30 days from the date of communication of the information referred to in
paragraph 2 to reject auditor, who was her pension companies
notified, and designate another auditor who performs the special audit.
(4) the cost of the audit shall be borne by the extraordinary pension company. If they are not
based on the extraordinary audit confirmed serious shortcomings in the report
failure to comply with the notification obligation or the auditor referred to in paragraph 1 shall
The Czech National Bank pension company her reasonably incurred costs
on the implementation of the extraordinary audit.
§ 144
Regulation amendments to the depositary
(1) the Czech National Bank may order a pension company change
the depositary if it finds serious flaws in its activity, if
breach of contract, the depositary depozitářskou to remedy its
activities after the imposition of corrective measures pursuant to § 142 paragraph 2. 1, or if the
It introduced the receivership. Decision on changes to the regulation of the depositary shall
delivers the pension company and the depositary.
(2) Depozitářská agreement and the obligations hereunder shall expire within a period
30 days of the effective date of the decision on the regulation changes
the depositary.
(3) a pension company is obliged to conclude within the time limit referred to in paragraph 2
depozitářskou contract with the other depositary.
§ 145
Regulation changes to senior management
The Czech National Bank may order a pension company leading the change
persons, if it finds serious flaws in its activities or
This person fails to comply with the conditions laid down by this law and the
pension company this person changed without undue delay, then,
What this fact found. Decision on regulation changes to senior management
shall be delivered to the company's pension and the head of the person that this
the decision refers to.
Receivership
§ 146
(1) the Czech National Bank may introduce compulsory pension management
company if the
and) pension company has repeatedly or seriously violated the obligation to
laid down in this law or breached a condition or obligation
set in the enforceable decision issued under this Act, or
(b)) are threatened by the interests of the participants and are at risk of default.
(2) the Czech National Bank shall appoint a receiver from the list of liquidators
or forced administrators maintained by the law governing business on
the capital market.
(3) the decision on the introduction of a compulsory pension management companies, in addition to
General requirements laid down in the administrative regulations, contains the
and the reason for the Administration),
(b) the appointment of a receiver), his name, where applicable, the name, surname and
the date of his birth,
(c) the duties of the receiver), including deadlines for their fulfilment, and
any restrictions on the disposal of assets of the pension company
(d) the amount of the remuneration of a receiver) or the method of determining and term
her maturity.
(4) the procedure for the introduction of the Administration also can be started by issuing the decision
about the administration. An appeal against a decision
the Administration does not have suspensory effect.
(5) the decision of the administration shall be delivered to the pension company
the Administration introduces, and forced administrators. The receivership is
introduced by delivering a decision forced by administrators.
(6) the decision of the Administration on the Czech National Bank
its website.
§ 147
(1) the introduction of a compulsory pension management company scope
of the Board of the pension company to a receiver and suspended
the performance of the functions of the organs of the company, with the exception of pension entitlement to file
decomposition or administrative action against the decision of the administration.
(2) if the decision of the Administration restricted management
the property under § 146 paragraph. 3 (b). (c)), do not affect the rights and
the obligations arising from a financial collateral ^ 15) according to another legal
prescription ^ 16) or by foreign legislation, that pension
the company provided or has been provided. Prejudice is not also the possibility
perform a final settlement under the Act on capital
the market.
(3) shall be entered in the commercial register
and the establishment and termination of) the day the Administration,
(b)) identification of a receiver, where appropriate, an indication of their change
(c)) the restriction of disposal of the property of the company pension.
(4) an application for registration referred to in paragraph 3 or write their changes
serves a fiduciary, and without undue delay after the introduction of the compulsory
management, or change in the written data.
(5) the receivership ends
and) date referred to in decision of the Czech National Bank about their forced
Administration,
(b)) Declaration of bankruptcy the pension company which is
introduced the receivership, or
(c)) the appointment of liquidator.
(6) to cancel a pension company in receivership liquidation,
which shall be decided by the general meeting of the company, is subject to prior
consent of the Czech National Bank.
(7) the pension company in receivership liquidation shall be repealed on the date on
which the liquidator is appointed.
§ 148
(1) the fiduciary
and without delay the measures) will take to remedy the shortcomings in the activities of the pension
the company,
(b) ensure the protection of the rights of the participants) and other beneficiaries,
(c)) within 6 months from the date of the introduction of the administration shall convene
pension companies
1. submitting a proposal for revocation of the existing and the new members of the institutions,
voting by the general meeting, and the proposal of measures to remedy shortcomings in the
the activities of the pension company, or
2. propose cancellation of the pension company with liquidation.
(2) the period referred to in paragraph 1 (b). (c)) is a Czech National Bank shall be entitled to
design of a receiver for reasons of particular interest to extend,
up to 6 months.
(3) the trustee shall on the basis of prior consent of the Czech national
Bank insolvency petition to the assets of the pension company, if it finds that the
is too much debt.
(4) the remuneration and expenses of a receiver linked to the performance of its activities
receiverships are paid from the assets of the pension company.
Sufficient assets to cover the pension company's remuneration and expenses
receiver shall reimburse the State. The method of determining the compensation of the finished
expenses and remuneration of a receiver, the maximum amount of the contribution to be paid by the State
and method of payment provides for detailed legislation.
§ 149
(1) the performance of functions of a receiver ceases to exist
and forced his resignation, Manager)
b) citing a receiver,
(c)) the termination of administration,
(d)) if the receiver from the list of liquidators and forced
Administrators, or
(e)) the death of a receiver.
(2) the trustee shall notify the Czech National Bank of his resignation
a receiver at least 30 days in advance.
(3) the Czech National Bank revoking a receiver, especially if
seriously or repeatedly violated its obligation to, or no longer meets the
This Act laid down the preconditions for the exercise of this function.
(4) an appeal against a decision on revocation of the receiver
does not have suspensory effect.
(5) if the performance of the functions of a receiver shall lapse in accordance with paragraph 1
(a). a), b), (d)) or (e)), shall be appointed by the Czech National Bank, without undue
the postponement of another receiver.
§ 150
Regulation of the transfer of management of the participating funds
(1) the Czech National Bank may order the transfer of a pension company
management of all participating funds to another pension company
a separate decision, if the pension company is not able to
to fulfil the obligations to the participants and the designated persons, or under the
the decision on the withdrawal of authorisation for the activities of the pension company.
(2) to transfer management of all participating funds referred to in paragraph 1
shall require the consent of the pension company to which it is to be
management of the participating funds transferred.
(3) the acquiring pension company is obliged, within 30 days from the date of
the acquisition of the decision referred to in paragraph 1 to disclose in writing to the
the participants, whose funds are the subject of the transfer, your business
name and the address of its registered office, the day when the conversion has occurred, and other necessary
information related to the smooth continuation of the supplementary pension
savings.
(4) the proceedings for transfer of management of the participating funds
another pension company is handing over and receiving a pension
companies and their depositaries. The date on which the transfer occurred, according to
paragraph 2, shall enter the receiving pension company to all rights and
obligations of the participating funds transferred.
§ 151
Suspension of activity or change in the scope of the authorisation
(1) the Czech National Bank pension company decision
suspend the performance of the activity, or change the range of approved activities,
If it finds serious flaws in its activities, or unless
remedy in its activities after the imposition of corrective measures pursuant to § 142 paragraph 2.
1. In its decision to change the scope of the authorisation shall specify the new range
the authorized activities.
(2) suspend pension society can only be performance related
activities for a maximum period of 5 years.
(3) changing the scope of the permitted activities of the pension company can be done
only narrowing of the authorised pension company.
(4) the Czech National Bank may cancel the pension company's decision
the registration of further activities, if there has been a change in the facts on
under which the registration was made.
§ 152
Withdrawal of authorization and consent
(1) a pension shall be withdrawn by the Czech National Bank companies to activities
pension company if
and) was released the bankruptcy decision pension company or is
insolvency petition is rejected because the assets of the pension company
It will not be sufficient to cover the costs of the insolvency proceedings,
(b)) other duration of Administration pension society cannot be achieved
its purpose,
(c)) Administration did not lead to the restoration of the ability to pay
pension companies,
(d)) material changes in the facts decisive for the issue of
authorised pension companies,
(e)) no longer meets any of the conditions for the exercise of the activities of the pension
the company, or
(f)) has its head office relocated outside the territory of the Czech Republic.
(2) the Czech National Bank may withdraw the authorisation to the pension company
the activities of the pension companies also in the case that
and) corrective measures or sanctions have not led to corrective action,
(b)) this is necessary in order to protect the participants,
c) authorised pension the company has been granted on the basis of
false or incomplete information,
d) pension company started its activity within 1 year from the date of acquisition
the decision, which she was granted permission to the activities,
or
e) pension company not engaged for longer than 6 months.
(3) the Czech National Bank in the decision of withdrawal of authorisations
pension company decides for all managed Subscriber
funds also for the withdrawal of their creation or conversion of their
management to another pension company. When deciding on the transfer of
management of a participating fund shall take into account the Czech National Bank
the agreement between the pension company which withdraws the authorisation to
the activities of the pension companies and pension companies, which agrees with the
by taking over management of a participating fund.
(4) the person to whom the permit has been revoked the activities of the pension company
is considered a pension company until payment of the claims of the participants
the cancelled participation funds or transfer management
the participation of the funds to another pension company. Withdrawal by a Czech
National Bank pension companies to the activities of the pension
the company, that person is obliged to follow the relevant provisions of the
This law and by the Czech National Bank, which she was
permission is withdrawn. However, it cannot enter into agreements on personal pension savings or
modify the scope of the obligations of the treaties already concluded on the supplementary pension
savings.
(5) the pension company, which have been withheld from pension activity permit
the company, the liquidation shall be deleted. A liquidator shall be appointed by the Czech national
Bank from the list of liquidators and forced administrators conducted according to the law
governing business in the capital market.
(6) the Czech National Bank shall notify without undue delay the Ministry of
the decision on the withdrawal of authorisation for the activities of the pension company.
(7) the Czech National Bank is entitled to withdraw permission granted by
This law, if there is a serious change in the facts on which the
the basis of the consent was granted.
§ 153
The withdrawal of authorisation to create local fund
(1) a pension shall be withdrawn by the Czech National Bank companies to
create a local Fund, with the exception of the conservative local
the Fund, if within 24 months from the date of the grant of authorisation to create
Local Fund were not met conditions under § 36 odst. 4.
(2) the Czech National Bank may withdraw the authorisation to the pension company
create a local Fund, if
and the amount of assets in a directory) of the Fund, with the exception of the conservative
Local Fund for the last 6 calendar months is less than 50
0000 0000 Czk, or
(b) there has been a serious change) in fact, based on which it was
permission is granted.
§ 154
Unregister and delete from the list
(1) the Czech National Bank cancels registration of the activities referred to in section 74 para.
1 made under this Act to an investment intermediary
and in respect of which it was issued) the bankruptcy decision or the Court rejected
insolvency petition because its assets will not be sufficient to cover the
the costs of the insolvency proceedings,
(b)) which the Court or administrative authority Act,
(c)) which he learns that he ceases to conduct business according to the permissions
other legislation, or
(d)) that does not meet the qualifications.
(2) the Czech National Bank may revoke the registration of the activities referred to in section 74
paragraph. 1 made under this Act, if
and investment broker whom) the activity pursuant to section 74 para. 1
registered, did not start within 12 months from the date of the registration
to carry out this operation or operation under the law governing pension
savings,
(b)), to which the provider of the investment activity under section 74 para. 1
registered, does this activity or activities according to law
governing the pension savings for longer than 6 months,
(c)) registration was carried out on the basis of false or incomplete
data,
(d)) investment that has been the activity of the provider in accordance with section 74 para. 1
registered, repeatedly or materially violates the obligations of the
laid down in this law or the law governing pension savings,
or
e) there was a change the facts on the basis was made
registration.
(3) the Czech National Bank investment representatives-may
provider or merchant securities perform expungement
the activities referred to in section 74 para. 1 from the list, if you write this
activities to the list was made on the basis of false or incomplete
information, or there is a serious change in the facts, on the basis of which it was
written to the list. The provisions of § 79 paragraph 2. 7, the first sentence shall remain unaffected.
(4) the Czech National Bank can perform the deletion of representative retirement-bound
a company from the list, if its entry on the list was made on the
the basis of false or incomplete information, or there is a serious change
the facts on the basis of which was entered in the list. The provisions of § 79
paragraph. 7, the first sentence shall remain unaffected.
(5) for the unregistering the activities referred to in section 74 para. 1 merchant
securities or withdrawal of the authorization of the activity referred to in section 74 para. 1
securities trader, which is a Bank, shall apply paragraph 1 and
2 accordingly.
§ 155
Withdrawal of accreditation
(1) the Czech National Bank shall withdraw the accreditation of an accredited person granted
under this Act, if
and) data forming the basis of the accreditation granted were false
or misleading,
(b) an accredited person) stops meet the conditions for the grant of
accreditation,
c) accredited person seriously or repeatedly infringed the
the obligations laid down by law,
(d)) the decision on the decline of the accredited person, or has been
insolvency petition is rejected because the assets of the person will not be accredited
be sufficient to cover the costs of the insolvency proceedings.
(2) the Czech National Bank may withdraw the accreditation of an accredited person
also in the case that
and the person has not started) accredited to operate within 1 year from the date of acquisition
the decision, which her accreditation was granted, or
(b) the person does not exercise) accredited activities for more than 6 months.
TITLE II
STATE SUPERVISION
§ 156
(1) State supervision over compliance with the obligations laid down by law and the
the conditions laid down in the decision issued under this Act in the
connection with the provision and change state contribution (hereinafter referred to as
"State supervision") the Ministry shall exercise.
(2) the State shall be subject to the supervision of the pension company.
(3) for the purposes of the exercise of State supervision, the Ministry is authorised to
and to require such information and clarification) of the facts related to this
the supervision of the person who collects such information or has or
they could have access to,
(b)) require the submission of records, reports or related data
transmitted through the electronic communications network from the pension
the company,
(c)) required to provide traffic and location data from a person
providing a public communications network or publicly available
electronic communications service.
(4) the Ministry may from the pension company to perform a check on the spot
under the law governing State control; the Ministry is authorised to
invite the auditor check to be performed, the audit firm or
expert. If there is a risk of late payment, the Ministry in relation to the
pension companies to initiate monitoring in place, when the notice of
begin checking at the same time makes the first act of control.
(5) the pension company is obliged to carry out checks
the activities of the pension company by the Ministry to allow the prompt control
authorized person access to all premises, for the performance of its activities
He uses. Furthermore, it is required to provide the necessary assistance for the performance of
permission of the Ministry in accordance with paragraph 3 (b). a) or (b)).
(6) the natural or legal person is required to provide to the Ministry responsible for
to exercise his privileges in accordance with paragraph 3 (b). and at his request) and
information to which it has access or which is under the law on the basis of the law
It collects.
(7) a natural or legal person providing a public communications network
or providing publicly available electronic communications service, is
required to provide the Ministry to exercise his privilege by
paragraph 3 (b). (c)), and at his request, traffic and location data.
§ 157
Corrective measures, penalties and won a penalty
(1) the Pension company that violated the law in connection with the
by providing or change state contribution, the Ministry may save
measures to remedy the identified lack of proper nature of the breach and
its severity.
(2) the Ministry is at the same time with the start of administrative proceedings
measures to remedy the shortcomings noted shall be entitled to store the preliminary
measures if there is a risk of delay or non-detachable
interference with the rights of other persons.
(3) a person that has been saved or interim measures to remedy the
measures, without undue delay, notify the Department of performance
imposed measures.
(4) if the pension company is in default with the fulfilment of the obligations of the
return the State's contribution pursuant to § 18 para. 2 or 3, is required to pay
a penalty of 1 per mille of the State contribution amounts for each day
the delay. The finance charge shall be not more than an amount equal to the amount the State
contribution from which it is calculated. The Ministry of finance charge wholly or in part
remitted if the pension company proves that the delay was not caused by.
Finance charge memo sets out the Ministry decision. If the calculated amount of
the periodic penalty payment was less than $ 500, the Ministry of finance charge does not provide. If
the calculated penalty amount exceeds the State contribution, from which it is
counted, the up to this amount.
§ 158
Pension company which fails to comply with any of the requirements under section 156
paragraph. 5, may impose a fine of Ministry to 5 0000 0000 CZK.
Fined pursuant to paragraph 1 can be saved and reused, unless
the obligation nor the prior Save fine. The sum of the
fines for infringements of the same obligation shall not exceed 20 0000 0000 CZK.
Fined can store within 1 year from the date on which the infringement
the obligation has occurred.
PART ELEVEN
ADMINISTRATIVE OFFENCES
§ 159
Misdemeanors
(1) a natural person has committed the offence by
and conceal or indicate incorrect) information in the application for authorisation or
accreditation, registration, write to the list or agreement pursuant to this
the law,
(b) violates any of the prohibitions on the use of designations) "pension company" or
"the participation Fund ' or other interchangeable designation under section 30 or section 95,
(c)) shall act as the head of a person without the prior consent of the Czech national
Bank pursuant to § 39,
d) alone or with a person with whom it is acting in concert, in violation of § 41
acquires a qualifying holding will increase a qualifying holding or becomes
the controlling entity without the consent of the Czech National Bank,
e) alone or with a person with whom it is acting in concert, contrary to section 46
the Czech National Bank has not notified the reduction or loss of the qualifying holding
to the pension company or the fact that it ceases to operate,
f) alone or with a person with whom it is in compliance, fails to comply with the notification
the obligation under section 47, or
g) fails to provide the information in accordance with § 156 para. 6 or 7.
(2) a natural person who creates or distributes pension recommendation
commits an offence that violates any of the requirements in the creation or
the spread of the pension recommendations pursuant to § or § 139 140.
(3) the liquidator of a participating Fund commits an offence that violates
When you cancel a participating fund any of the requirements referred to in § 112
paragraph. 2.
(4) the fiduciary pension company is guilty of an offence by
and) takes measures pursuant to § 148 paragraph. 1 (b). and)
(b)) in violation of § 148 paragraph. 1 (b). (b) does not ensure the protection of the rights of individuals), or
c) breach of an obligation under § 148 paragraph. 1 (b). (c)).
(5) a natural person subject to supervision under this Act is guilty of an
the offense that does not perform within the period specified by the Czech National Bank
measures to remedy under § 142 paragraph 2. 1.
(6) a natural person as the person referred to in section 167 is guilty of an offence,
that does not preserve the confidentiality of the facts relating to the participants
the supplementary pension savings.
(7) for the offence referred to in paragraphs 1 to 6, you can impose a fine of up to 10 0000 0000
CZK.
§ 160
Administrative offenses pension company
(1) the pension company is guilty of an administrative offense, by
and) enters into a contract on the supplementary pension savings in violation of § 2, 4
or (5),
b) breach of an obligation under section 6 (1). 2,
c) terminated the agency contract on the supplementary pension savings, contrary to section 7,
(d)) does not register State contributions according to § 12 para. 2,
e) contrary to section 16 of the State fails to file a request for a contribution,
(f)) will not return the State's contribution within the time limits provided for pursuant to § 18 para. 2
or 3,
(g) fails to give a report on the return of) State allowance pursuant to § 18 para. 4,
h) doesn't pay benefits or is paid in violation of § 20 to 25,
I) does not inform the designated person under section 26,
j) does not convert the resources under section 27 para. 3,
k) as a pension company to which the funds are transferred
a participant from the other pension companies, the absence of the request of the Ministry of
the provision of State contribution, which was not a pension company
remitted during the period before transferring funds pursuant to § 27 para. 5,
l) carries out activities contrary to the authorisation under section 29,
m) performs other activities contrary to the pension company enabling
under section 35,
n) breach of an obligation under § 36 odst. 1,
about the lack of decrease in equity), the value specified in § 38,
p) does not exercise its activities with professional care pursuant to § 48,
q does not load, or does not maintain system), procedures or measures referred to in section 49,
r) continuously and regularly does not assess the adequacy and effectiveness
management and control system under section 50,
with Entrust another person exercise), relevant operational activities in violation of §
51,
t) does not provide for the exercise of the activities of the pension company and the performance of the activities of the
related to the activities of the pension company personnel equipment
§ 53,
u) does not operate competently, honestly, fairly and
the best interest of the attendees pursuant to § 54,
in) does not retain documents and records in accordance with § 55,
w) contrary to section 57 is not provided, does not or your
an annual report or annual report of the local fund which
manages,
x) contrary to section 58 is not provided, does not or your
half-yearly report or a half-yearly report of a participating fund that
manages,
s) provides for remuneration, contrary to section 60, or
z) charges a fee in contravention of section 61.
(2) the pension company is further committed an administrative offense, by
and) charges a fee in contravention of the exception under section 62,
b) provide remuneration, contrary to section 63,
(c) the merger will take place in pension companies) without the prior authorisation of the Czech
National Bank pursuant to § 64,
(d)) changes the nature of the business in violation of § 72,
(e) violates any obligation) under section 73,
f) contrary to section 75 para. 8 does not ensure that the persons referred to in section 74 para. 1
in the pursuit of the activities referred to in section 74 para. 1 comply with the rules for
the pursuit of these activities under this Act,
g) breaches any obligation specified in § 79 paragraph 2. 8,
h) denounces it obligation relationship under section 83,
I) breaches any obligation owed to the depositary pursuant to § 90,
j) in violation of § 97 para. 2 do not follow the approved the Statute of the local
the Fund,
the Statute does not fund local) or its amendment under section 97
paragraph. 4,
l) do not submit the Statute of local fund or its change to the previous
the approval of the Czech National Bank pursuant to § 97 para. 5,
m) does not comply with the composition of assets in the Fund's statutory conservative pursuant to § 98
or § 99,
n) does not comply with the composition of assets in the Fund participant under sections 100 and 102 to
106,
about) does not use internal procedures to control hazards pursuant to § 101,
p) violate a temporary exemption from the investment limits under section 107,
q) disposes of the assets of the Fund in a directory in violation of § 108,
r) converts the local fund management in violation of § 109,
with the extraordinary financial statements does not build) of a participating fund pursuant to § 110
paragraph. 2,
t) does not publish the information to the extent and in the manner referred to in section 113 para. 7,
u) fails to fulfil any of the obligations under section 114,
in) one of the obligations fails in the valuation of assets and liabilities
participation of the Fund under section 115,
w) does not progress in the management of the assets in the Fund for a directory
the best conditions under section 116,
x) does any of the information referred to in section 118,
y) fails to comply with any of the information obligations pursuant to section 119, or
z) does not account for personal pension under section 120.
(3) the pension company is further committed an administrative offense, by
and does not keep a personal pension account) pursuant to § 120,
(b)) violates any of the requirements of § 123 paragraph. 3,
(c)) does not register the resources of a participant pursuant to section 124,
d) violates any of the requirements of § 125,
(e)) is not qualified, honestly and fairly and in the best interest of the
participants or applicants for supplementary pension savings pursuant to § 126,
(f)) will take, or will provide an incentive in violation of § 127,
g) within the prescribed period has not taken measures pursuant to § 157 paragraph. 1, or
h) breach of an obligation under section 22(2). 4.
(4) the pension company, investment broker, representative of the bound
the investment intermediary or representative of the retirement-bound
the company is guilty of an administrative offense, by
a) is communicating with the candidate about the supplementary pension savings or
participant in violation of § 130 to 132,
(b)) does not inform the participant under section 133 or the communication of key information
for the participants, shall draw up, in violation of § 134, or
(c)) does not require the person interested in additional pension savings or participant
information under section 136.
(5) an administrative offence under paragraphs 1 to 4 shall be fined up to 20 000
000.
§ 161
(1) an insurance undertaking has committed misconduct by
and the insurance contract) in violation of § 23 para. 2 or 3,
(b)) violates any of the obligations pursuant to § 23 para. 5, or
c) breach of an obligation under § 23 para. 6.
(2) for the administrative offence referred to in paragraph 1 shall be fined up to 20 0000 0000
CZK.
§ 162
Administrative offenses of the depositary
(1) a depositary is guilty of an administrative offense, by
and in a manner and does not inform) the time limit referred to in § 88 para. 7,
(b)) does not perform any of the activities or exercises in violation of § 89
paragraph. 1, or
c) violating any of the rules of conduct of the depositary pursuant to § 91.
(2) for the administrative offence referred to in paragraph 1 shall be fined up to 10 0000 0000
CZK.
§ 163
Other administrative offences
(1) a legal entity or individual entrepreneur is committed by the administrative
tort by
conceal or indicate) a false statement in the application for the permit or consent
under this Act,
(b)) as an employer violates the prohibition in § 10 (1). 3,
(c) violates any of the prohibitions on the use of designations) "pension company" or
"the participation Fund ' or other interchangeable designation under section 30 or section 95,
d) alone or with a person with whom it is acting in concert, in violation of § 41
acquires a qualifying holding will increase a qualifying holding or becomes
the controlling entity without the consent of the Czech National Bank,
e) alone or with a person with whom it is acting in concert, contrary to section 46
the Czech National Bank has not notified the reduction or loss of the qualifying holding
to the pension company or the fact that it ceases to operate,
f) alone or with a person with whom it is in compliance, fails to comply with the notification
the obligation under section 47,
(g) violates the prohibition on grant) power of Attorney pursuant to section 74 para. 7,
(h) fails to fulfil any of the obligations) under section 86 or 87,
I) within the prescribed period has not taken corrective measures pursuant to § 142 paragraph 2. 1,
or
(j) breach of the prohibition in §) 200.
(2) a legal entity or individual entrepreneur who creates or
spreading the pension recommendations, committing an administrative offense that violates
any of the requirements in the creation or dissemination of the pension recommendations
According to § § 139 or 140.
(3) the pension company or the depositary is guilty of an administrative offense
that violates any of the conditions laid down in the contract pursuant to § 88 depozitářské
paragraph. 4.
(4) the pension company in bankruptcy or pension company in liquidation
committing an administrative offense by that, contrary to § 71 para. 2 closed
a new agreement on the supplementary pension savings.
(5) investment broker or dealer in securities is
committing an administrative offense that in the exercise of activities in accordance with § 74
a) exercises an activity in contravention of section 74 para. 7,
b) breach of an obligation to carry on business with professional care under section 75 para.
1,
(c)) does not load, or does not maintain requirements for prudent provision activities
way under section 75 para. 3,
(d)) does not properly register according to section 75 para. 4,
e) violates the obligations concerning the communication with interested parties of record
supplementary pension savings or the participants referred to in section 75 para. 5,
(f)) does not retain the documents under section 75 para. 6, or
(g) the conditions for the introduction) and maintain control and safety
measures for processing and record information under section 76.
(6) a representative of the pension company-bound committed by administrative tort
the fact that in violation of § 83 para. 2 notice obligation relationship.
(7) the legal entity or individual entrepreneur is committed by the administrative
tort by itself or as a person acting in concert
and) contrary to section 41 comes into or increase your qualified participation in
pension company or person becomes the controlling pension
company without the consent of the Czech National Bank, or
b) contrary to section 46 has not notified the Czech National Bank reduction or loss of the
qualified participation in the pension company or the fact that it
ceases to operate.
(8) the Bank or a foreign bank, that have stopped for the participation Fund
to carry out the activities of the depositary, is guilty of an administrative offense to the fact that
contrary to section 88 para. 9 allow the handling of funds on account
of a participating fund or in violation of § 88 para. 10 issues a cash
the funds or property of a participating fund.
(9) the legal entity or individual entrepreneur, ensuring public
communications network or publicly available service
electronic communications, is guilty of an administrative offense, by
does not provide operational or location data in accordance with § 156 para. 7.
(10) for the administrative offence referred to in paragraphs 1, 3 and 5 to 9 are imposed to
5 0000 0000 CZK.
(11) for the administrative offence referred to in paragraphs 2 and 4 shall be fined up to 10 000
000.
§ 164
Provisions common to administrative offences
(1) a legal person for an administrative offence is not liable if he proves that
made every effort, that it was possible to require that the infringement of the
a legal obligation is prevented.
(2) in determining the amount of the fine on a legal person shall take account of the seriousness of the
the administrative offense, in particular, the way a criminal offence and its consequences, and
the circumstances under which it was committed.
(3) The liability for the acts, which took place in the business
person ^ 17) or in direct connection with it shall be subject to the provisions of this
the law on liability of legal persons and sanctions.
(4) the liability of a legal person for an administrative offense shall cease, if the
administrative authority about him has not initiated proceedings within 1 year from the date on which it
learned, but not later than 5 years from the day when it was committed.
(5) administrative offences under this law are heard at first instance
The Czech National Bank except for administrative offences pursuant to § 160 paragraph. 1
(a). d) to (g)), and k), which dealt with at first instance by the Ministry.
(6) the administrative offence specified in § 160 paragraph. 1 (b). h) and (j)) discuss the United
National Bank or the Ministry depending on which administrative authority shall initiate the
administrative procedure first. If the administrative proceedings initiated for both institutions
on the same day, an administrative offence shall be discussed by the Czech National Bank.
(7) income from fines imposed under this Act is the receipt of the State
the budget.
PART TWELVE
COMMON PROVISIONS
§ 165
(1) unless otherwise provided for in this Act, shall apply to the contractual relationship
between the participant and a pension by the provisions of the civil code.
(2) in connection with the fulfilment of their tasks under this law are
the Ministry and the pension company authorised to keep a record, handle the
or collect social security numbers, and the numbers of insured persons according to the law on
premiums for general health insurance participants and designated persons,
or similar identification numbers of the person, if it is not birth
the number allocated to you.
(3) of the data referred to in paragraph 2, in particular
If you use only such data as are necessary to meet the
for the task.
(4) Where this Act shall consider the interests of the participants, taking into account the
above all, their interest in the regularity of a supplementary pension
savings, proper satisfaction of their claims arising from the supplementary
pension savings and limit the emergence of risks.
(5) a participant in the administrative procedure under this Act is not a participant
the supplementary pension savings, supplementary pension insurance, and
participant of the pension plan.
Confidentiality
§ 166
Employees of the Ministry of the executing State supervision according to this law
they are required to maintain the confidentiality of all information obtained in the
connection with the exercise of their activities or their jobs. These
information can be used only in the manner and to the extent necessary for the performance of tasks
persons responsible for the exercise of State supervision or in the judicial proceedings in the
the context of the decision of the Ministry. Breach of duty
confidentiality is the provision of information to third parties in aggregate form
so that it cannot identify the person to whom the information relates. The obligation to
maintain confidentiality persists after the termination of activities or employment,
that this obligation is established.
§ 167
(1) the members of the statutory and supervisory authority and the employees pension
the company or the depositary, liquidator, trustee and persons employed
for pension company maintain the confidentiality of the facts
participant of the supplementary pension savings. The obligation to
maintain confidentiality have such persons even after the expiry of his or
other than an employment relationship.
(2) the persons referred to in paragraph 1 shall preserve the confidentiality of the activities of the pension
the company and matters related with it, except for the information
filed in summary or aggregate form, from which it is not possible
identify an individual pension company, even after the end of
work or other than an employment relationship, on the basis of which this
the activities they perform.
(3) a natural person, that when you dispose of the pension company
familiarise themselves with the data that are the subject of the obligation to maintain
confidential under this Act, maintain about these facts
confidentiality.
§ 168
(1) violation of the confidentiality obligations under section 167 is not
the provision of information with the consent of the persons to which the data relates, and
the provision of information on written request
and the Czech National Bank) in the exercise of supervision pursuant to this Act,
(b) in the performance of the State) of the Ministry of supervision pursuant to this Act,
(c)), the Court
d) Authority participating in criminal proceedings,
(e)) the tax administrator for the performance of the tax administration,
(f)) of the Office for protection of economic competition,
g) social security institutions in the case of social control
Security and contribution to the State employment policy,
(h)) of the Ombudsman in connection with the investigation according to the law
governing its scope ^ 18),
I) national security authority, intelligence services or
The Ministry of the Interior in the implementation of safety management according to law
governing security eligibility ^ 19),
j) authority competent to decide on infringement of the obligation of the public
officials under the law governing the protection of classified information and
conflict of interest ^ 20),
to) protection of personal data,
l) the bailiff entrusted with execution. and under the
provided that the required information will be subject to the
a specific person and can only be used to fulfill the obligations arising
from the scope of authority or to the authority in accordance with subparagraphs) to).
(2) the written request referred to in paragraph 1 shall contain the data from which
This is obviously a legitimate reason for the request.
(3) for the provision of information pursuant to paragraph 1 (b). (c)) and (l)) belong
the company's remuneration in kind pension costs.
§ 169
The exchange of information in the exercise of supervision and State supervision
The Czech National Bank and the Ministry of each other, on request, without undue
delay inform about significant facts decisive for the performance of
surveillance and supervision, in particular on
and) applications for the grant of authorizations and amendments thereto and the granting of
consent under this Act, including material data from these applications
and the essential documents submitted with those requests,
(b) final decisions on grant) permission and consent, including
the text of these decisions,
(c) final decisions issued in) the exercise of supervision and the State
surveillance, including the text of these decisions,
d) conclusions of inspections that include at least the designation of controlled
of the person, a description of the identified shortcomings and indicate the provisions of
regulations that guided the person violated.
§ 170
Powers of execution
(1) the Czech National Bank issues a notice pursuant to § 33 para. 3, § 35 para. 5,
§ 39 para. 4, § 44 para. 1, §, § 54 paragraph 52. 2, § 59, section 65 paragraph 1. 1, §
paragraph 69. 4, § 70 para. 8, § 81, § 82 para. 1, § 84 paragraph. 4, § 86 para.
1 and 7, § 89 paragraph 1. 3, section 91 paragraph 2. 6, § 96 para. 5, § 97 para. 8, § 100
paragraph. 6, § 102 paragraph. 6, § 109 paragraph. 6, § 111 paragraph. 2, § 112 para. 4, §
113 para. 8, § 115 paragraph. 5, § 118 paragraph. 3, section 119 paragraph 1. 4, § 130 paragraph 1.
3, § 133 paragraph 2. 3, § 143 paragraph. 2, § 148 paragraph. 4 and § 189.
(2) the Government shall issue a regulation in accordance with § 134 para. 5.
PART THIRTEEN
THE TRANSFORMATION OF THE PENSION FUND
TITLE I OF THE
TRANSFORMATION
Part 1
Basic provisions
§ 171
Pension Fund formed under Act No. 42/1994 Coll., on pension
insurance with State contribution and on changes of some acts
related to its introduction (hereinafter the ' law on pension
insurance "), in the version in force until the date of entry into force of this Act,
You must obtain a permit for the activity of pension companies by 1.
1.2013, otherwise it will be deleted on that date.
§ 172
(1) on the date of the legal effects of the activities of the pension company's permit
pension company will allocate the assets and liabilities related to the pension
supplementary insurance to the transformed the Fund in accordance with section 182.
(2) this day is the decisive day, and this process is called transformations
the Pension Fund.
(3) the pension company through transformed pool
operates pension schemes under the Act on supplementary pension insurance
for pension scheme members and beneficiaries of the benefits to which they were
commitments transferred to transformed the Fund.
(4) the words "pension fund" or "pension company" in this section
the Act indicate a Corporation undergoing transformation.
Part 2
Preparing for transformation
§ 173
(1) the pension fund within 3 months from the effective date of this part of the Act
inform the participant
and the transformation of the Pension Fund),
(b) of the expected changes) resulting from the transformation for the Subscriber,
(c)) about the rules of provision and the level of State contribution under this
the law,
(d)) about the limitations of the rights of the participant in connection with the transformation,
e) about how to provide information about the transformation of the Pension Fund (§
183),
(f)) about the possibilities of preservation of supplementary pension insurance in the event that
the pension fund within the time limit did not apply for an authorisation pursuant to § 175 paragraph.
1.
(2) if there is then the fact as a result of which it is clear that
the transformation of the Pension Fund, the pension fund about it without
undue delay, inform the participant,
and his transformation) is not carried out, and
(b)) about how to preserve pension schemes.
(3) a pension fund on the information referred to in paragraphs 1 and 2, without undue
delay publish a manner allowing remote access and send United
the National Bank.
§ 174
(1) pension fund processes the transformation project, which contains a description of
the preparation, implementation and validation of the transformation, in particular
and) identification of pension fund and pension companies,
(b) the designation of the transformed the Fund)
(c)) the expected record date,
(d)) the detailed rules for setting aside assets to fund a transformed,
including the rules determine their order in the wake of the General principles of
under this Act (section 182) and awards, and the reasons therefor,
e) strategies and rules for informing participants in connection with
the transformation of the Pension Fund,
(f) transformed the Fund activities) strategy, in particular as regards
the voluntary supplementary pension insurance participants transition to the participating
of the funds,
g) identification of the depositary, a description of the measures with the depositary and
úschovách and the assets of the pension fund filings in connection with
transformations,
h) schedule of transformation,
I) identification data of the auditor under section 181.
(2) the annex to the transformation of the project are
and the draft statute of the transformed Fund),
(b) draft amendments to the articles of Association) of the Pension Fund,
(c) draft amendments to the pension plan),
(d) the draft amendment depozitářské agreement) in relation to the transformovanému Fund
(e) the depositary to self-transformation) observations of the project, change the Statute and
pension plan,
(f) an estimate of the opening balance sheet) transformed the Fund and pension
the company,
g) an estimate of the pension fund assets, the enumeration of which will be dedicated to
transformed the Fund.
(3) the amendment of the Statute and the pension scheme carried out in the context of the
the transformation may contain only changes directly induced transformations; u
the pension scheme also changes induced by changing the rules for the provision of
State contribution.
(4) change to the pension plan within the limits of paragraph 3 is effective even without the consent of the
of the participant.
(5) the Pension Fund shall publish, without undue delay after acquisition of legal power
permit to operate a supplementary pension through the
transformed the Fund referred to in paragraph 2 (a) of the annex. a) to (c)),
manner allowing remote access.
Part 3
Proceedings of the Czech National Bank
§ 175
Request
(1) the pension fund within 2 months from the date of entry into force of this section,
the law asks the Czech National Bank on the prescribed form for a permit
to
and pension companies) activities referred to in section 31, and
(b) supplementary pension insurance through) the operation of a transformed
the Fund.
(2) an application for authorization to operate a supplementary pension insurance
through a transformed the Fund shall be accompanied by the transformation
project. Part of the statement in the operate pension
Insurance Fund's approval of a transformed
transformation project.
(3) shall be published by the Czech National Bank in the form of official notice in the Gazette
The Czech National Bank within 5 days of the effectiveness of this part of the Act
and documents to form) the designation under section 33 para. 3, having regard to the
the specific requirements of this part of the pension company does,
(b)) the specimen application for authorization to operate a pension
Insurance Fund and more detailed content of the transformed
their attachments.
(4) a participant in the proceedings for the authorization referred to in paragraph 1 is the only pension
Fund.
(5) the administrative procedure conducted by the Czech National Bank on the basis of paragraph 1,
with the charges.
§ 176
The decision of the
(1) the Czech National Bank decides on applications under section 175 paragraph. 1
together, within 6 months from the date of their delivery.
(2) the granting of a permit according to § 175 paragraph. 1 are mutually conditional.
The rejection of one of the applications requires the rejection of the second request.
(3) the authorised pension companies will take effect at the earliest
to 1. January 2013.
§ 177
In the authorisation procedure for the activities of the pension company pursuant to § 31, it is considered
the fact that
and the origin of capital Pension Fund) is transparent and safe,
(b)) leading the charge the pension fund comply with the prerequisites pursuant to § 39 para.
2,
(c)), a qualifying holding in the pension fund the person is appropriate in terms of
the sound and prudent management of the pension company is the holder of
the consent of the Czech National Bank with
1. the transfer of shares to the Pension Fund in the range of greater than 10% of the basic
capital of the pension fund or to the menu for the subscription of shares in the range of
more than 10% of the share capital of the Pension Fund, or
2. qualifying holdings in a comparable financial institution,
d) close links with another person of the Pension Fund do not prevent the effective
supervision of pension companies.
§ 178
Permit to operate a supplementary pension through the
transformed the Fund grants to the Czech National Bank, pension fund
who has met the requirements for the grant of authorisation of pension companies and
If
and control) are not detected doubts that the transformation project
including attachments, provides a guarantee of preserving the rights of participants
the supplementary pension fund to the extent the Act on supplementary pension insurance
and the existing contractual arrangements,
(b) the pension company's g/l), personnel and organizational prerequisites
for the management of the Fund, a transformed
(c)), the depositary has created the preconditions for the performance of their duties in
relation to the transformation and the transformovanému Fund.
Section 179
After the closing date cannot be a decision on the permit to operate
a supplementary pension through a transformed the Fund cancelled.
This is without prejudice to the possibility of the withdrawal of authorisation, transfer of the transformed
Fund to another pension company or termination of authorisation as a result of
transformed the Fund (para. 194).
Part 4
The rules create a transformed pool
§ 180
The transformation of the Pension Fund shall be carried out according to the transformation project
and other rules laid down by this law.
§ 181
(1) the pension company within 1 month of the effective date shall establish a financial
the pension fund accounts, the day preceding the vesting date. Accounting
accounts auditor checks without undue delay.
(2) the pension company within 1 month of the effective date shall establish the date of
the transformation of the pension fund opening balance sheet pension companies and
opening balance sheet of the transformed the Fund. The opening balance sheet without
undue delay verifies the auditor.
(3) the Documents referred to in paragraphs 1 and 2 shall send the pension company without
undue delay, the Czech National Bank.
§ 182
The method and process of creating a transformed pool
(1) when creating a transformed the Fund in accordance with section 172,
and transformed into the Fund) shall reserve
1. liabilities of the pension fund registered in the corresponding resources
benefit of the participants of the pension plans and the results of the
the management of the Pension Fund for the financial year that the effective date
have not been credited to the supplementary pension insurance participants,
2. other liabilities related to the Pension Fund pension
the previous scheme, in particular the provision for liabilities arising from contracts of
supplementary pension insurance,
3. the part of the assets of the Pension Fund and related derivatives, at least in
the amount corresponding to the obligations referred to in points 1 and 2,
4. valuation differences relating to the assets referred to in point 3,
(b)) the assets and liabilities of the Pension Fund is appropriated at book value
specified by the day preceding the vesting date
.
(2) the Fund shall be set aside in the transformed property which b-side
corresponds to the rules of financial placement according to § 193 para. 2.
transformed the Fund assets are earmarks in order from his
the highest security, quality, liquidity and profitability.
(3) if the value of the differences referred to in paragraph 1 (b). point 4)
on the day preceding the date decisive a negative value, the property
earmarked to cover them form the capital fund of the transformed
the Fund.
(4) the depositary shall within 2 months from the effective date shall verify whether the creation of a
the Fund was transformed in accordance with the transformation project, and
the results of the verification processes a message that passes the pension companies,
the auditor and the Czech National Bank. Pension company publishes report
manner allowing remote access.
§ 183
Pension company is obliged within 3 months from the date of transformation,
manner allowing remote access, notify the members and beneficiaries
benefits
and the emergence of a transformed, pool)
(b)), the fact that their existing rights, obligations and
claims procedure does not change anything,
(c)) the conditions for transfer to other participating in the same pension funds
the company,
(d) transfer to the exceptional conditions) of the transformed other pension fund
company (§ 191 and 195).
Part 5
The Pension Fund during the transitional period
§ 184
(1) The effective date on the Pension Fund and the pension insurance
covered by the Act on supplementary pension insurance.
(2) the Pension Fund and the depositary may, until the expiry of 2 months from the date of
the effectiveness of this part of the Act to terminate the contract only with depozitářskou
the prior consent of the Czech National Bank. The Czech National Bank consent
If you would change the depositary could endanger the interest of the
participants of pension plans in the course of the transformation.
(3) an application for the transfer of funds to a supplementary pension scheme in another
the pension fund under the provisions of section 24 of the Act on supplementary pension insurance
may be filed not later than 2 months from the date of entry into force of this section,
the law. This does not apply to applications for the transfer of funds from
the Pension Fund.
(4) an application for the granting of benefits from supplementary pension schemes brought in the period
1 month prior to the applicable date shall be deemed to have been filed on the record date.
(5) after the expiration of 1 month from the date of entry into force of this section of the Act
can Pension Fund fee associated with has not yet received requests to
granting of the transfer of funds to the surrender or supplementary pension schemes
with a pension fund pursuant to § 24 para. 4 of the Act on pension
additional insurance may be counted towards the money or transferred the funds.
(6) the supplementary pension insurance contract pursuant to § 12 of the Act on pension
insurance cannot be closed in a period of 1 month prior to the decisive day.
(7) until the registration of the business name containing the designation "pension
the company "in the register of pension company in its
the activities of that company's pension under this Act.
§ 185
Cancellation and termination of pension fund
(1) the reference date shall cease to enable to the formation and activities of the pension
the Fund granted pursuant to the Act on pension insurance.
(2) a pension fund shall be repealed;
and the mere lapse of time limits) for making an application to the activities of the pension
the company pursuant to § 175 paragraph. 1,
(b) fails to obtain a residence permit) if the activities of the pension company no later than
January 1, 2013,
(c)) on the date of the decision rejecting the application in accordance with section 175
paragraph. 1 and the procedure for such a request stop,
(d)) to 1. January 2013 ways referred to in section 39 of the Act on pension
supplementary insurance.
(3) Discontinuing a pension fund shall proceed pursuant to § 39 para. 4 to 6 and § 41
the Act on supplementary pension insurance. The participant's resources can be
transferred only
and) to another pension fund, who has made an application under section 175 paragraph. 1,
(b)) to other pension fund society of the transformed, or
(c) other pension funds) the participating company.
(4) in the cases referred to in paragraph 3 shall continue the savings of time and claim
on State contributions and fee under section 24 of the Act on pension
additional insurance may be required.
(5) the decision of the General Assembly on the abolition of the superannuation pension fund
the Fund and its entry into liquidation cannot be cancelled.
(6) the transformation of the Pension Fund is not from the effective date of this part of the Act
permissible.
TITLE II
THE TRANSFORMED POOL
§ 186
(1) pension insurance carries out pension company with assets in the
the transformed the Fund.
(2) the obligations resulting from the pension insurance pension company
carries out of the assets of the Fund in the transformed. If the assets in the transformed
the Fund is not sufficient to meet the obligations, meet the pension company from
the rest of its assets.
(3) the assets of the Fund in the transformed cannot be used other than for the performance of
obligations related to pension plans, in particular, it cannot be
to pay other liabilities pension companies, even in the form of performance
decision. This does not affect the possibility for the transfer of assets in the transformed
other assets the Pension Fund to the company pursuant to § 187 para. 4.
(4) the assets of the Fund in the transformed is not part of the insolvency estate
pension companies under the law governing bankruptcy and how it
the solution.
(5) If a decision on bankruptcy pension company insolvency
the administrator is obliged in the transformed the Fund's assets without undue
delay another pension company in accordance with the decision of the Czech national
the Bank, which fixes the next operation of the supplementary pension for
pension scheme members.
(6) the obligation to compensate for the difference in accordance with § 187 para. 2 has the nature of the claim
for pension companies and stands on an equal footing to the claims for material
the essence of the.
§ 187
(1) the pension company is required to ensure that the value of the assets in the
the transformed the Fund is always equal to or greater than the value of the commitments in the
the transformed the Fund.
(2) if the undertakings are transformed the Fund higher than the assets in
the transformed the Fund, the pension company is obliged to transfer to the
the Fund's assets necessary for a transformed the settlement of the difference
no later than 30 days after the end of the quarter in which this has been
the fact; converted assets consist of capital fund
transformed the Fund. During transfers of pension company
complies with rules regarding the composition of the assets of the transformed the Fund.
(3) the capital fund to be used to cover the loss for the financial
period or to cover outstanding losses from previous financial years.
(4) the pension company may transfer to their other assets
and the amount of assets) capital fund after paying the losses referred to in paragraph 3,
If revaluation shall take positive values,
(b)) means that the capital fund after paying the losses referred to in paragraph 3
exceeds the absolute value of the negative valuation differences.
(5) for the purposes of paragraph 2 is based on the data of the pension company
the accounts of the Fund at the end of a transformed discovered quarter. For
the purpose of paragraph 4 is based on the financial statements of the pension company
transformed Fund verified by the auditor.
(6) for the purposes of determining the pension obligations towards the company
transformovanému of the Fund shall be entitled to the fulfilment of such obligations is not considered
for property transformed the Fund.
§ 188
The accounts of the Fund of the transformed
(1) the pension company charges about the status and movement of property and other assets,
accounts payable and other liabilities, costs and revenues, and about the outcome of
management of the assets in the Fund separately from the subject of the transformed
accounting and other funds.
(2) the pension company ensures, in accordance with the accounting methods in accordance with
special legislation regulating accounting, accounting for
accounting books in the books maintained separately for
the transformed the Fund so that this allowed the preparation of financial statements
for the transformed the Fund.
(3) Assets and other assets and liabilities and other liabilities in the transformed
the Fund shall be valued according to the Act on pension insurance, and does not contain a
the law on pension insurance, then by the matching rules
special legal regulation governing the accounting.
(4) the financial statements have transformed Fund must be verified by an auditor, and
published within the time limit laid down in this Act to a beneficiary of the Fund.
(5) for the purposes of consolidation are disregarded assets or liabilities registered in
accounting transformed the Fund.
§ 189
Capital of the pension company
Pension company beyond the requirements set out in § 38 maintains
capital to cover the risks associated with the assets and liabilities of the transformed
the Fund. The rules for calculating the capital requirement provides for the Czech
National Bank by Decree.
Claims of the participants in the transformed pool
§ 190
(1) cannot be a participant in the supplementary pension savings by
§ 2 and a participant in the Fund, with the exception of the transformed the cases when the
a participant in the Fund payment of benefits started a transformed and no longer apply
contributions to the Fund of the transformed; First, however, on the first day
the calendar month immediately following the date of the initiation of the payment
the dose.
(2) the rights and obligations of a participant in the transformed the Fund and the recipient
supplementary pension benefits from the Fund shall be governed by the law of the transformed
supplementary pension insurance, the agreed the pension plan and the
personal pension schemes. Their claims will remain with the exception of restrictions
the right to the transfer of funds to another fund retained.
§ 191
(1) to the transformed the Fund cannot, on the basis of the conclusion of the contract
personal pension schemes under the Act on supplementary pension insurance to enter
new entrants, with the exception of the transfer of funds to the participant
and) from the Pension Fund,
(b) the merging of the transformed Fund) from other pension companies and
(c)) of the transformed the Fund that is compatible with the other transformed
Fund.
(2) transfers of funds referred to in paragraph 1 (b). a) and b) are free.
On the transfer of funds referred to in paragraph 1 (b). (c)) shall not apply the provisions of
§ 24 para. 4 of the Act on pension insurance, if the request for conversion
resources submitted within 6 months of the effective date of the decision
The Czech National Bank for authorisation of the merger of the funds pursuant to § transformed
195 para. 4.
(3) transfer the assets of the Fund into a transformed participant
the participating funds can be based on the conclusion of the agreement on the supplementary
pension savings with pension companies that transformed
the Fund manages, free of charge. The savings period is counted
I reached the insured period under the Act on supplementary pension insurance.
Transfer funds between pools can be transformed by the participant only in the
If the participant has concluded a contract on supplementary pension insurance for both
pension companies that operate pension schemes
through the Fund, already processed before the
transformed the Fund; This is without prejudice to paragraph 1.
(4) the transfer of funds to the participant of the transformed the Fund to
participation of the Fund is required to register the transferred pension company
resources in the distribution of the posts of the participant, contributions provided by
employer, State contributions and interest revenue management
transformed the Fund in accordance with the obligations under section 121; originally
led by third persons to file posts under the participant's contributions with
the exception of the employer's contribution, which will continue to be separately.
When this transfer of funds to the savings achieved are counted in time
insured period under the Act on supplementary pension insurance.
(5) The savings period shall be included insured period in pension fund,
the transformed the Fund and saving time in participating to the Fund for the purposes of
the charges of the Subscriber pursuant to section 61.
(6) the provision of State contribution for the benefit of the participant of the pension
insurance shall be governed by this Act. Participant, whose contribution to the
pension insurance paid per calendar month, in which the judicial
the effectiveness of this law, does not reach at least $ 300, is not entitled to
the State's contribution. This is without prejudice to claims for State contributions arising from the
According to the Act on pension insurance in the entry into force of this
the law.
§ 192
Remuneration
(1) the pension company is entitled to remuneration for the operation of the pension
insurance through a transformed the Fund; § 60 shall apply
by analogy.
(2) the remuneration of the company's pension shall be paid from the assets in the transformed
the Fund.
(3) the amount of remuneration is the most
0.6%) of the average annual value of the balance sheet total in the transformed pool
and
(b)) 15% of the profits reported in the financial statements of the Fund of the transformed.
(4) the method of payment of remuneration referred to in paragraph 3 (b). and statute)
transformed the Fund.
(5) the average annual value of the balance sheet total in the transformed the Fund shall
down to the last day of the relevant period as a simple arithmetic
average of the values of balance sum transformed the Fund for each day
the relevant period.
§ 193
(1) On the transformed the Fund subject to the provisions relating to the
Participation Fund and the relationship to the pension company and the depositary
the local fund adequately.
(2) the rules of composition of assets and management of the property in the transformed
the Fund is governed by the Act on supplementary pension insurance. In real estate may
only invest provided that revenue from real estate achieved when
the proper management of the assets in the transformed falls pool.
(3) informing the participants about the amount of their resources is governed by the
personal pension schemes.
(4) on the changes to the pension plan by the Pension Act
supplementary insurance.
(5) with the exception of cases where the provisions in this law refer to the
application of the provisions of the Act on pension insurance, law
supplementary pension from the date of entry into force of this Act
does not flow. In the exercise of supervision over the compliance with the obligations laid down
in the Act on pension insurance, the observance of this law
pension company or provider stores the pension
insurance, the Czech National Bank is progressing according to the provisions of the law on
personal pension schemes governing the supervision and administrative offenses.
(6) the activities of a provider of supplementary pension insurance covered
the provisions of the Act on pension insurance.
§ 194
The demise of the transformed pool
(1) a permit to operate a supplementary pension through the
at the request of a transformed the Fund can be withdrawn only in cases covered by §
195.
(2) a permit to operate a supplementary pension through the
transformed the Fund shall cease
and satisfaction of claims of the last participant) supplementary pension schemes or
the beneficiary,
(b) the transfer of the Fund to a transformed) other pension companies,
(c)) merger with the successor transformed the Fund.
(3) the Czech National Bank may, in the reasonable use of § 113 enable
merge the transformed one or more pension funds companies.
In doing so, shall apply mutatis mutandis to section 40 of the Act on pension insurance.
(4) the Czech National Bank may, under the fair use section 109 to decide on the
transfer to another pension fund a transformed society that
operated by the pension insurance fund through a transformed.
§ 195
(1) if the value of the asset in the transformed Fund falls below 50,000
EUR, Czech National Bank may allow exceptions to the limits of the investment,
If it will lead to more efficient management of the transformed the Fund. The participants in the
such transformed the Fund may within 2 months from the sending of information
granting exceptions in accordance with the previous sentence may request the conversion
resources to other pension fund society of the transformed, if
This pension, the company agrees. This information is the pension
the company shall provide the participant not later than in a regular
annual statement. This transfer is free of charge.
(2) the pension company, which operates pension schemes
through the transformed value of the assets of the Fund, which will decrease
under 5 0000 0000 Eur, may request the withdrawal of the licence to operate
a supplementary pension through a transformed the Fund.
Pension company as of the date of application under the first sentence tells about
the participants of this fact. In this information also advises that in the case of
the consent of the Czech National Bank will have the right to transfer their resources and
claims arising from the supplementary pension insurance contract to another
other pension fund appropriate transformed the company without their
consent, if the participant fails to file the request for conversion
resources.
(3) in the case of a request referred to in paragraph 2, the Czech National Bank
enable pension companies transfer funds and demands of the participants and
recipients of benefits deriving from supplementary pension insurance contracts to
other suitable other pension fund society transformed without
their consent, if the accepting pension company agrees.
If none of the pension company and the party itself does not take the
requests to transfer funds to another fund or transformed
Participation Fund, shall pay the pension company compensation
or surrender.
(4) the pension company, which operates pension schemes
through a transformed the Fund may participate in the transformation, in
as a result, only if at the same time, Czech National Bank
Decides to transfer to another pension fund of the transformed company
or to merge the Fund with a transformed transformed fund other
pension company.
§ 196
Remedial measures and sanctions
(1) the corrective measures, other measures and the withdrawal of authorisations and consent in
relation to the transformovanému Fund governed by this Act shall apply mutatis mutandis.
(2) the Czech National Bank may, for a reasonable pension company
application of the conditions of section 150, order the transfer of the Fund to other transformed
pension company cultivating the transformed Fund.
(3) the authorisation to operate a supplementary pension through the
transformed the Fund may be withdrawn only if the conditions are
to the regulation of the transfer of the transformed the Fund referred to in paragraph 2 and none of
pension companies accounting for the transformed into pool 3
months of challenges of the Czech National Bank has not indicated its agreement to the takeover
transformed the Fund.
(4) the pension company is guilty of an administrative offense, if
and does not perform the transformation), in accordance with the transformation project and this
by law,
(b)) violates its obligation under this Act or in the alternative,
applicable law on supplementary pension insurance in relation to the
transformovanému Fund and as to the offence equivalent offences under section 160.
(5) an administrative offence under paragraph 4 may be imposed a fine of
referred to in § 160 paragraph. 5.
PART OF THE FOURTEENTH
TRANSITIONAL PROVISIONS
§ 197
Administrative proceedings instituted under the Act on pension insurance, which
has not been completed before the date of entry into force of this law shall be completed
According to the Act on pension insurance.
§ 198
Application for a permit to create a local fund in accordance with this Act and the
application for a permit to build a pension fund under the law on
retirement savings plan may submit only a pension fund, which asked
a permit to operate a supplementary pension through the
transformed the Fund. This authorization may enter into force at the earliest
on 1 January 2004. January 1, 2013.
§ 199
Authorised pension company and permission to create
Participation Fund under this Act and a permit to create a
the pension fund under the law on pension savings will take effect
first day of the 1. January 1, 2013.
§ 200
Working towards the conclusion of contracts on the supplementary pension savings to
entry into force of this law shall be prohibited.
section 200a
The professional knowledge and skills can be demonstrated in a manner pursuant to § 84 paragraph. 3
before 1 January 2007. June 2013.
section 200b
Certificate of completion of vocational test shall issue an accredited person in the
the basis of successfully performed by the professional examination, which was held in accordance with the
the rules referred to in section 87, even prior to its effect.
PART FIFTEEN
The EFFECTIVENESS of the
§ 201
This Act shall take effect on 1 January 2000. 1 January 2013, with the exception of
and the provisions of § 29) up to 73, § 94 to 97, § 170 to 200, which shall become
effect on the date of its publication,
(b) the provisions of § 86), which shall take effect six months after the date of its publication in the
This law,
(c) the provisions of § 84) para. 3, which shall enter into force on 1 January 2000. June 2013,
(d)) the provisions of § § 74 to 83, paragraph 84. 1, 2 and 4, § 85 and 87, which
They shall become effective on 1 January 2004. November 2012. ^ *)
--------------------------
*) De facto effective date of these provisions, however, occurs in accordance with the
§ 3 para. 3 of law No. 309/1999 Coll., on the day of its publication, that is, 27.11.2012.
Němcová in r.
Nečas in r.
1) Act No. 198/2009 Coll., on equal treatment and remedies
protection against discrimination and on amendments to certain acts (the anti-discrimination
the law).
2) Act No. 277/2009 Coll., on insurance.
3) Act No. 155/1995 Coll., on pension insurance, as amended
regulations.
4) Act No. 48/1997 Coll., on public health insurance and amending and
certain related laws, as amended.
5) Act No. 133/2000 Coll., on registration of the population and the birth numbers and
amendments to certain laws (law on population register), as amended
regulations.
6) Act No. 586/1992 Coll., on premiums for general health insurance,
in the wording of later regulations.
7) Act No. 38/2004 Coll., on insurance intermediaries and
separate likvidátorech of claims and about the change of trade
the Act, as amended.
8) Act No. 125/2008 Coll. on transformation of trade companies and
cooperatives, as amended.
11) § 32 para. 4 of the law on capital market.
12) section 12b of Act No. 21/1992 Coll., on banks, as amended by Act No. 120/2007
SB.
13) European Parliament and Council Regulation (EC) No 1060/2009 of 16 January 1996.
September 2009 on credit rating agencies, as amended by regulation of the European
Parliament and of the Council (EU) No 513/2010 of 11 August. May 2011
amending Regulation (EC) No 1060/2009 on credit rating agencies.
14) § 13 para. 1 (b). with) Act No. 15/1998 Coll., on supervision in the field of
capital market and amending and supplementing other acts, as amended by law
No. 230/2008 Sb.
15) directive of the European Parliament and of the Council 2002/47/EC of 6 May 1999. June
2002 on financial collateral agreements.
16) Law No 408/2010 Coll., on financial collateral arrangements.
17) § 2 (2). 2 of the commercial code.
18) Act No. 349/1999 Coll., on public defender of rights, as amended by
amended.
19) Act No. 412/2005 Coll., on the protection of classified information and on the
security, as amended.
20) Act No. 159/2006 Coll. on conflicts of interest, as amended
regulations.