On The Supplementary Pension Savings

Original Language Title: o doplňkovém penzijním spoření

Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=75836&nr=427~2F2011~20Sb.&ft=txt

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.