About Investing Investment Funds And Their Management

Original Language Title: o investování investičních fondů a o jejich obhospodařování

Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=80345&nr=243~2F2013~20Sb.&ft=txt

243 Sb/2013.



REGULATION OF THE GOVERNMENT



of 31 March 2004. July 2013



about investing investment funds and on techniques to their

management



Modified: 11/2014 Sb.



Modified: 11/2014 Coll. (part)



The Government ordered under section 215, paragraph. 2 and § 284 paragraph. 2 Act No. 240/2013

Coll. on investment companies and investment funds:



PART THE FIRST



THE SUBJECT OF THE EDIT



§ 1



(1) this regulation incorporates the legislation of the European Union ^ 1),

takes into account the guidelines the European supervisory authority ^ 2) and adjusts for

the standard requirements of the Fund on the qualitative criteria



and the rules for the composition of assets) this Fund ^ 3), consisting of

the definition of



1. assets that may be acquired in the capital of this Fund, and



2. investment limits that must be observed in relation to the property

the values referred to in paragraph 1, including the investment limits when copying

the composition of the index of shares or bonds index ^ 4),



(b) the rules for the acceptance of a loan) or the lease on behalf of the Fund,

including the limits for the use of the leverage effect ^ 5), uses a joystick

effect of ^ 6)



(c) the rules for the use of assets) this Fund to provide credit,

lease or donation, to ensure the debt of another person or to the payment of the debt,

that is unrelated to the management of the Fund, including,



1. whether the assets of this Fund can be used to grant a loan or

the lease, which is not related to his management, and



2. whether the assets of this Fund can be used to provide a donation, to ensure

the debt of another person or to the payment of the debt, which is not related to his

specifically,



(d)) the rules for the conclusion of contracts for the sale of assets on account

This Fund, which has assets in this Fund, or that has the time

provided, including whether it can be on account of this Fund to contract

on the sale of assets, the Fund does not have in its assets,

or that time has left,



e) techniques to the management of this Fund,



(f) the rules for the use of techniques) in accordance with point (e)), including rules for

the negotiation of the repo transaction ^ 7) using the assets of this Fund and the rules

for investment in the context of the agreed repurchase transactions,



(g)) rules for reducing risks from the use of derivatives ^ 8),



h) rules for calculation of the total exposure of the Fund standard

the liability method and the method of measurement values at risk, with a resolution of

According to the model of absolute risk values and relative risk values,

Another advanced method, the risk-measurement, and



and the limits of the total exposure) in the case of the methods referred to in subparagraph (h)).



(2) this regulation also adjusts for a special fund, with a resolution of whether

investing as real estate Fund (§ 51), the qualitative requirements

the criteria of the rules, techniques and levels referred to in paragraph 1.



(3) this regulation also takes into account the guidelines the European authority

supervision and adjusts for a money market Fund (section 79) and short-term Fund

money market (§ 80) requirements for qualitative criteria rules for

the composition of the assets of these funds, relying on the definition of the



and) assets that may be acquired in the capital of this Fund,



(b)) investment limits to be complied with in relation to the property

the values referred to in subparagraph (a)), and



(c)) the weighted average maturity limits (section 87 (2)) and the weighted average

lifetime (section 88 (2)) of the assets of this Fund and the rules for their

the calculation.



(4) this regulation also governs the Fund for qualified investors

the requirements on the qualitative criteria



and the rules for the composition of assets) this Fund, relying on the definition of the

investment limits that must be observed in relation to protected

securities or book-entry securities, participating in legal

persons, claims, commodities (section 14 (5)) and other things,



(b)) the rules for the conclusion of contracts for the sale of investment instruments, or

commodities which this Fund has no assets, or which has the time

abandoned, and



(c)) techniques to management of this Fund.



PART THE SECOND



THE STANDARD FUND



TITLE I OF THE



COMPOSITION OF ASSETS



Part 1



Property values



§ 2



Basic provisions



(1) To acquire the assets of the Fund may be only standard property value

referred to in section 3 to 16.



(2) the assets of the Fund to the standard, which is a child of the Fund, can take

only



and security or zaknihovaný) a security issued by its management by the Fund,



(b)) the financial derivative referred to in section 12 and 13, which is a technique to

the management of this Fund and that is effected solely for the purpose

ensure,



(c) a claim for payment) of funds from accounts in Czech or foreign

the currency under section 15,



(d)), pursuant to section 16 of the pecuniary value, if this is a standard joint-stock fund

company with variable capital and to enable the Czech

the National Bank to the activities of the Government investment fund.



(3) the assets of the Fund into the standard cannot be take gold, silver, Platinum,

Palladium, iridium, rhodium, ruthenium or osmium (hereinafter referred to as "my dear

the metal "), or

the certificate that represents the precious metal.



(4) On the standard account of the Fund cannot negotiate other than derivative, derivative



and transfer) that allows the credit risk of the underlying assets independently

other risks associated with the underlying asset,



(b)) from which does not follow the delivery or transfer, including physical delivery and

the transfer of underlying assets, other than those which are referred to in § 3

up to 16, and



(c)) with whom he associated risks are taken into account the risk management system

the standard of the Fund managers, so that this system is sufficiently

take into account at least the risk of information asymmetry between the maturity and

another Contracting Party of such derivative resulting from possible access

the other Contracting Parties to the non-public information about companies

whose property is used as the underlying asset for this derivative.



(5) If this regulation Uses the term "Fund" means the

the case of the standard pool, which creates the sub-funds, the Sub-fund

the standard of the Fund.



§ 3



Investment security



(1) To acquire the assets of the Fund may be standard



and investment security,)



1. who is admitted to trading on a regulated European market or in

multilateral trading system operator established in a Member

State ^ 9), or



2. who is admitted to trading on a regulated market of a similar market

located in a State which is not a Member State, or with whom he traded

on the market similar to the regulated market established in a State which is not

Member State if these markets are listed in foreign markets

similar to the regulated market established in a State which is not a Member

the State maintained by the Czech National Bank,



(b)) investment security of a new issue,



1. If it appears from its emission commitment of the issuer, the conditions that will be made

request for admission to trading on one of the markets referred to in subparagraph (a)

and), and



2. If the request for the admission to trading on a market

referred to in point (a)), to make this investment a valuable paper

admitted to trading up to 1 year from the date on which it terminates its

the issue,



(c)) investment securities issued by a collective investment fund, which

neodkupuje by issued securities or dematerialised securities,

or comparable ^ 10) foreign investment fund-a

obhospodařovatel of such fund one of the codes of management and administration

of the company and subject to the supervision of the Czech National Bank, the institution

sight ^ 11) another Member State ^ 12) or supervisory authority of another

the State of ^ 13), that in the exercise of supervision contributes to the protection of investors,



(d)) of the investment securities, whose value is related to the property

values, which may be other assets than equity

the values referred to in sections 3 to 16, and



e) investment security that is not listed in points (a) to (d)))

conditions provided for in § 17 paragraph. 5.



(2) The assets of the investment fund can be a valuable standard paper,

If



and liquidity does not weaken his ability to) redeem the units or

This investment fund shares are issued at the request of the owner of the investment

the shares or assets of a participant of the Fund; for investment securities

securities admitted to trading on the market referred to in paragraph 1 (b). and)

This condition is considered satisfied if the person that this

the investment facility shall account to the Fund the assets of this standard

the Fund, available information, which could lead to a different conclusion,



(b) as a result of his possession) does not the standard risk of loss to the Fund,

that exceeded the amount paid for it,



(c)), its price can be reliably determined, which in the case of



1. investment securities referred to in paragraph 1 (b). and (d)))

means that there is a precise, reliable, and MSRP, which is the market

the price or the price specified in a way that is independent of the issuer

This investment securities,



2. investment securities referred to in paragraph 1 (b). (e)),

that valuation is carried out periodically and based on the analysis of investment

opportunities or other information provided by the issuer of the

investment securities,



(d)) are adequate information, which in the case of



1. investment securities referred to in paragraph 1 (b). and (d)))

means that market participants are available in regular, accurate and complete
information about this investment instrument,



2. investment securities referred to in paragraph 1 (b). (e)),

that person, that this investment takes on account security

the standard of the Fund into the capital of this Fund, are available to regular and

accurate information about this investment instrument,



(e)) of the acquisition is in line with the investment strategy of ^ 14) standard

Fund and f) the risks associated with it are sufficiently taken into account by the system

risk management for the standard Fund.



(3) The assets of the Fund can take standard investment paper without

regardless of whether it has been fully repaid.



(4) in this regulation, the notion of "investment securities" does not include



and) investment security referred to in section 3, paragraph 3. 2 (a). (c)) and e) of the Act

governing the business on the capital market and



(b)), investment security, which is a valuable paper or book-entry

a security issued by a foreign investment fund or investment

the Fund; This does not apply if the investment security referred to in paragraph

1 (a). (c)).



(5) If this regulation Uses the term "investment" shall mean

in the case of a foreign investment fund, which creates

device comparable to the sub-funds, this device. Meanwhile,

the device is not comparable with the podfondem, if there is no equity in this device

effectively separated from equity in other comparable devices of the same

Fund, or, if this device consists of only the property, if the property is not

in this device, effectively separated from the assets in other comparable

devices of the same Fund.



§ 4



Investment paper containing the derivative



(1) Investment a valuable paper containing the derivative, which can take up to

the assets of the Fund, the investment is in the standard security referred to in section 3 of the

that contains the folder,



and whose presence can be) for some or all of the cash flows associated with the

This investment a valuable paper vary depending on the interest rate,

the price of the other investment tools, the exchange rate, the price index,

the index of interest rates, credit rating, credit rating, credit index

or other veličině, as a result of variables which can change its value

Similarly, as a derivative,



(b)) whose economic in nature and risks associated with it are not related closely with

the economic nature of an investment security and risks with it

United and



(c)) that has a significant impact on the risk profile of the Fund and on the standard

the value of investment securities.



(2) if the investment paper folder, which is separately

shall not be transferable, it is considered that this investment paper derivative

does not contain; such a component shall be considered a separate investment tool.



(3) if the investment paper derivative, shall apply for this

a derivative of section 22 and 34 to 44 apply mutatis mutandis.



§ 5



Money market instrument admitted to trading



(1) The assets of the Fund can take standard money market instrument

admitted to trading on markets referred to in § 3 (3). 1 (a). and)



and) can be sold with limited cost, within a reasonable time limit for the

the redemption of the share certificate or the investment shares are issued by this Fund,



(b)) if it is a tool, for which they are available, accurate and reliable

valuation methods, which



1. allow you to calculate its net value, which is significantly "

from the price at which it would be possible to sell this tool among knowledgeable

parties under normal market conditions, and



2. based on the data of the market or the valuation methods, including methods based

at amortised cost, and



(c)) with respect to the tool,



1. whose original maturity is less than 397 days,



2. the residual maturity of which is not more than 397 days,



3. shareholding, which passes through the regular revenue in accordance with the conditions

money market at least every 397 days, or



4. the risk, particularly credit risk and rate podstupovaného

interest rate risks, corresponds to the risk profile of an instrument that meets the

the condition laid down in point 1, 2 or 3.



(2) the conditions referred to in paragraph 1 (b). and (c))) up to the

money market instruments admitted to trading on markets referred to in § 3 (3).

1 (a). and) be considered satisfied if the person that this tool

takes on the standard account of the Fund into the capital of this Fund, available

information that could lead to a different conclusion.



§ 6



Money market instrument not admitted to trading



(1) The assets of the Fund can take standard money market instrument

not admitted to trading on the markets listed in § 3 (3). 1 (a). and)

If



and) was issued by local government a total of a Member State, the Central

Bank of a Member State, the European Central Bank, the European Union,

The European Investment Bank, a State or a member of a Federation, or

the international financial organizations, which is a member of one or more

the Member States, or for him, these bodies have assumed a guarantee,



(b)), which was issued by the issuer securities issued or dematerialised securities

securities are admitted to trading on a regulated European market or on

the market referred to in § 3 (3). 1 (a). point 2)



(c)) was released by a person or a person, it was taken over by the guarantee



1. subject to the supervision of the Czech National Bank or the supervisory authority of another

the Member State,



2. which has its registered office in a Member State of the Organisation for economic

cooperation and development of the signatories to the international agreements belonging to the General

Arrangements that Borrow (Member State of G10)



3. that is rated at least investment grade ratings issued by the

rating agency registered under directly applicable regulation

The European Union governing the rating agencies ^ 15), or



4. the in-depth analysis shows that the rules for supervision, which

subject to, are comparable to those for the monitoring of rights

The European Union, or



(d)) has been issued by the issuer, which is permissible by the counterparty,

provided that a person who invests into the enjoys a similar protection

as a person investing in money market instruments referred to in subparagraph (a)

b), c) or (d)) and their issuer is



1. a company whose equity corresponds to the value of at least 10 000

000 EUR, which will publish the financial statements, which are prepared in accordance

with the law of the European Union,



2. a person who provides the financing unit, which shall be drawn up

the consolidated financial statements, which is part of the and of which at least one

the issuer of the shares or securities, or

book-entry securities representing the share of the business

a company or other legal person, are admitted to trading on the

the European regulated market or on the market as referred to in § 3 (3). 1 (a).

and point 2, or)



3. a person who, through the issue of book-entry securities or the

Securities provides financing to companies, contractual or

other structures set up for the purpose of securitization ^ 16), whose

financing through credit lines is provided by a person referred to in

subparagraph (c)).



(2) money market instrument referred to in paragraph 1 to take into a fortune

the standard of the Fund only, provided that the law applicable

on the issue or the issuer ensures the protection of investors or savings

by



and) the conditions referred to in section 5 (3). 1 (a). and (c)))



(b)), the person who this tool takes on the standard account of the Fund to the

the assets of this Fund, has about this money-market instruments available

sufficient information, including information to enable a proper evaluation

credit risks related to the investment in such instruments, and



(c)) this money market instrument does not have limited transferability.



(3) Authorized counterparty for the purposes of this regulation



and)



(b)), savings and credit cooperative,



(c) a securities dealer), which is not a Bank and that



1. observes the capital adequacy in accordance with § 9 and 9a of the law governing the

business on the capital market and



2. authorisation for the provision of investment trading services

investment instruments on its own account,



d) insurance company,



(e)) the reinsurance undertaking,



(f)) investment company,



g) pension company,



h) local government investment fund,



I) foreign person established in another Member State with a comparable

permit activity as one of the persons referred to in (a))

(h)), or



j) foreign person established in the State which is not a Member State,

comparable to the activity as one of the persons referred to in

(a) to (h)).)



section 7 of the



The use of legal opinions on the acquisition of money market instruments



(1) in the case of money market instruments referred to in section 6 (1). 1 (a). and), with

exception of those mentioned in § 6 (1). 1 (a). (b)), and those

European Central Bank or the Central Bank of the Member State,

the condition is referred to in section 6 (1). 2 (a). (b)) are met, if the person

This tool takes on the standard account of the Fund into the capital of this

the Fund, at least the available information on emissions or conditions

emissions or the legal and financial situation of the issuer prior to the issue date

money market instruments.



(2) in the case of money market instruments referred to in section 6 (1). 1 (a). (b)), and (d)) and

those that are issued to local government a total of Member State
or the international financial organizations, but that is covered by a guarantee

the Member State or the State of the Federation, which is a Member State, the condition is

referred to in section 6 (1). 2 (a). (b)) are met, if the person who this

the tool takes on the standard account of the Fund into the capital of this Fund, to

available at least



and information relating to emissions) or the conditions of the issue and the legal and financial

the situation of the issuer prior to the issue of money market instruments,



b) update information under (a)) carried out regularly and

When significant events, and especially when the change affecting the financial situation of the

the issuer and its ability to meet its obligations, and



(c)) available and reliable statistics on the issue and the conditions of issue.



(3) in the case of money market instruments referred to in section 6 (1). 1 (a). (c))

the condition referred to in section 6 (1). 2 (a). (b)) are met, if the person who

This tool takes on the standard account of the Fund into the capital of this Fund,

available at least



and information relating to emissions) or the conditions of the issue or the legal and

the financial situation of the issuer prior to the issue of money market instruments,



b) update information under (a)) carried out regularly and

When significant events, and in particular the changes affecting the financial

the situation of the issuer and its ability to meet its obligations, and



(c)) available and reliable statistics on the issue and on the conditions of the emission

or any other information allowing for the proper assessment of the credit risks related to the

the investment in such instruments.



§ 8



Money market instrument containing the derivative



(1) money market Instrument containing the derivative, which can take up to

the assets of the Fund, is the standard money market instrument referred to in § 5, 6

or 9 that contains the folder,



and whose presence can be) for some or all of the cash flows associated with the

This tool change depending on the interest rate, the price of another

investment tools, the exchange rate, the price index, index, interest

rates, credit rating, credit rating, credit index or other variable

veličině, the result of which may change their value as

derivative of,



(b)) whose economic in nature and risks associated with it are not related closely with

the economic nature of the money market instruments and risks with it

United and



(c)) that has a significant impact on the risk profile of the Fund and on the standard

the value of money market instruments.



(2) If a money market instrument folder, which is separately

shall not be transferable, it is considered that this tool money market derivative

does not contain; such a component shall be considered a separate investment tool.



(3) If a money market instrument derivative, shall apply for this

a derivative of section 22 and 34 to 44 apply mutatis mutandis.



§ 9



Other money market instrument



To acquire the assets of the Fund and can be standard money market instrument, which

not admitted to trading on markets referred to in § 3 (3). 1 (a). and) and

that does not meet any of the conditions referred to in section 6 if it satisfies the

the conditions set out in section 6 (1). 1 (a). and (c))) and in section 17(2). 5.



§ 10



Paper or zaknihovaný paper issued to fund collective

investment or comparable foreign investment fund



(1) To acquire the assets of the Fund can be a valuable standard paper or zaknihovaný

a security issued by a standard or comparable foreign Fund

Investment Fund, which, according to its statute or a comparable

the document invests more than 10% of the value of its assets in securities

or book-entry securities issued by collective

investment or comparable foreign investment funds.



(2) To acquire the assets of the Fund can be a valuable standard paper or zaknihovaný

a security issued by a special fund or a comparable foreign

Investment Fund, if



and according to the Statute, or comparable) document that fund this valuable

paper or zaknihovaný paper, investing this Fund not exceeding

10% of the value of its assets in securities and dematerialised securities

securities issued by collective investment funds or comparable

foreign investment funds



(b)) or a comparable document, according to the Statute of the Fund, that this valuable

paper or zaknihovaný paper, is the only activities or

the only purpose of this Fund, the collection of funds from

the public issue of securities or book-entry securities and

the joint investment of the funds collected on the basis of

specified investment strategy based on the principle of risk-spreading for the benefit

the owners of these securities or book-entry securities, and

For more of this asset management,



(c)) or a comparable document, according to the Statute of the Fund, that this valuable

paper or zaknihovaný paper issued, cannot be in the capital of this Fund

to acquire other assets than those which can be referred to in this regulation

to acquire the assets of the Fund into the standard,



(d)), as these securities are dematerialised securities or buy in

time limits shorter than 1 year, or ensures that the rate or price

These securities or book-entry securities on the European

a regulated market or on the market as referred to in § 3 (3). 1 (a). point 2)

significantly deviates from their current values,



e) obhospodařovatel Fund that these securities, or dematerialised

securities issued, is the supervisory authority of the State in which the

Headquarters, is subject to supervision of the supervisory authority and the supervisory authority and the

The Czech National Bank have agreed on the exchange of information necessary for the performance of

supervision according to the law governing investment companies and investment

funds,



(f)) obhospodařovatel Fund that these securities, or dematerialised

securities issued, adheres to the rules of prudence, comparable with the

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



g) depending on your status or a comparable document, is investing so that

ensure risk spreading, and



(h)) for the Fund, which this paper or zaknihovaný paper,

It is drafted and announced half-year report and the annual report, which

allow the assessment of the situation of the Fund in terms of assets, revenues and

management of assets of the Fund in the accounting period to which the

apply.



(3) To acquire the assets of the Fund can be a valuable standard paper or zaknihovaný

a security issued by a collective investment fund or a comparable

foreign investment fund, regardless of whether it has been fully repaid.



§ 11



Investment shares of another sub-fund of the Fund the same standard



The fortune of one sub-fund of the Fund cannot take standard investment

share issued to another sub-fund of the Fund of the same standard.



§ 12



Financial derivative admitted to trading



On the standard account of the Fund can be arranged financial derivative accepted for

trading on markets referred to in § 3 (3). 1 (a). and if) value,

covered by the value of this derivative, only



and) property value referred to in section 3 to 15, which can be referred to in the investment

the strategy of this Fund as referred to in the Statute of the Fund to acquire the assets of the

This Fund,



(b)) interest rate, exchange rate or currency, or



(c)) financial index which is sufficiently diversified,

Representative and publicly accessible.



section 13



Financial derivative missed to trading



On the standard account of the Fund can be arranged financial derivative missed to

trading on markets referred to in § 3 (3). 1 (a). and), if



and the value of this derivative) applies only to the values referred to in section 12 of the

(a). and (c)))



(b)), this derivative appreciates reliable and verifiable assurance can be every working day,



(c)) obhospodařovatel this Fund can this derivative of its own initiative,

at any time, assign or terminate or otherwise terminate the amount that

can be achieved between the Contracting Parties under the conditions, which are not for

any of the parties to the non-equilibrium, or may significantly for this amount to close

a new derivative, which compensates for the underlying assets of the derivative

the procedure laid down in article 37, and



(d)) is a derivative of the agreed with the counterparty, subject to allowable

supervision of the Czech National Bank, the supervisory authority of another Member State, or

supervisory authority of another State.



§ 14



The use of legal opinions for the negotiation of financial derivatives



(1), the financial index is for the purposes of section 12 (a). c) sufficiently

diversified, if



and change the related one) of the values to which this index applies,

substantially affect the value of this index,



(b)), this index is composed of such number of values that are comparably

met at least the conditions specified in section 24, and



(c)), this index is not made up of one commodity.



(2), the financial index is for the purposes of section 12 (a). c) sufficiently

Representative, if



and appropriately reflects each) a change relating to some of the values,

to which this index applies,



(b)) its composition regularly edits in a way that still

reflect the situation on the markets on which it is used, and on the basis of

publicly available criteria,



(c)), the values to which it relates, is so liquid that can be

the composition of the index, copy,



(d)) has not been created or calculated on request or according to the dictates of one

a person or several persons,



(e)) its creator does not accept payment for inclusion of values to which this

the index applies to the composition of the index and
f) cannot be retroactively change the already published values, to which this index

covered by the

.



(3) Applies, that the financial index is for the purposes of section 12 (a). (c))

available, if



and the survey of prices), the calculation of this index and its disclosure

used proper procedures, including procedures for the determination of the prices of the underlying assets

This index, for which there is no market price is available, and



(b) the value of this calculation) of the index, its composition and the way update

its composition, its changes, operational difficulties with the timely and accurate

publication of information concerning, or other related

the relevant information presented in the widest possible scope and in time.



(4) Applies, that the derivative for the purposes of section 13 (a). b) appreciates the reliably and

verifiable assurance can be, if



and corresponds to the value) market conditions



(b)) his Awards is not based only on the price offered by another Contracting Party

This derivative,



(c)) is based on his valuation of reliable up-to-date market prices, or,

If such price is not available, valuation techniques,

are appropriate and generally accepted valuation methods, and



(d) the valuation done by control)



1. a person independent of the other Contracting Party of this derivative, and it

reasonably often and in an obhospodařovateli or

the administrator of the Fund, or the standard control



2. a group of people that obhospodařovatel or administrator

the standard Fund this activity, which has a substantive, organizational and

personnel prerequisites for the exercise of this activity, and that is independent of the

a group of people that obhospodařovatel this Fund manages

the assets of this Fund.



(5) the Commodity for the purposes of this regulation, means a fungible thing,

that may be the subject of physical delivery, whose value is ascertainable

and that can be traded.



(6) once the commodity for the purposes of this Regulation shall mean such different

commodities, which are between daily changes in the fair value of one

and other commodities, at least in the amount of correlation relationship 0.8, and in more than

75% of the calculation for the sliding period of time in the length of 250 working days per

the last 5 years.



§ 15



Claims for payment of funds from the account in Czech or foreign

the currency of the



To acquire the assets of the Fund may be only standard claims to payment of the

of funds from an account in Czech or foreign currency in any of the persons

referred to in section 72, paragraph. 2 of the law on investment companies and

investment funds with a time to maturity of not more than 1 year.



section 16 of the



Government investment fund assets not part of the assets of the

investment activities



The assets of the Fund, which is a standard joint-stock companies with a variable

share capital and who is authorised by the Czech National Bank to the activity

Government Investment Fund, to acquire other assets,

than are the assets referred to in section 3 to 15, if they do not form

part of the assets of the investment activities of the Fund and are required to

the performance of the activities of the Fund.



Part 2



Investment limits



§ 17



Limits on investment securities and money market instruments



(1) you cannot invest more than 5% of the value of the assets of standard

^ 17) into the Fund, investment securities and money market instruments

issued by one issuer.



(2) if it is indicated in the standard, you can invest Fund



and up to 10% of the value) of the assets of this Fund to investment securities

and money market instruments issued by one issuer, and up to 20% of the value

the assets of this Fund to investment securities and instruments

money market instruments issued by issuers in the context of the whole, which shall be drawn up

the consolidated financial statements; the sum of these investments, however, must not

exceed 40% of the value of the assets of this Fund,



(b) up to 35%) value of the assets of this Fund to investment securities

and money market instruments issued by one issuer, gave these

securities or book-entry securities or take over a guarantee for them

State, territorial self-governing unit of the Member State or international

financial organization, which is a member of one or more Member States,



(c)) up to 25% of the value of the assets of the Fund into bonds issued by one

the Bank, one savings and úvěrním cooperative or one foreign

the Bank, which has its registered office in a Member State and is subject to supervision in this State

chránícímu the interests of the owners of the bonds, if the funds

the obtained emission of these bonds invested in such types of assets,

that by the due date of the bonds the issuer of these commitments cover

bonds, and that may be in the case of insolvency of the issuer

preferably used for repayment of the bond and to payment of the proceeds; the sum of the

These investments may not exceed 80% of the value of the assets of the Fund.



(3) Financial derivatives, agreed with the counterparty, on the permissible

payment of funds from the account in Czech or foreign currency in accordance with § 15 and

the investments referred to in paragraph 2 (a). (b)), and (c)) shall not be included in the limit of 40%

in accordance with paragraph 2 (a). and).



(4) the limits referred to in paragraphs 1 and 2 shall include the value of the investment

Securities and money market instruments provided by the other Contracting

side as financial derivatives referred to in section 13. This

the collateral can be included in the limits in net value, if with this different

Contracting Party to the agreed final settlement ^ 18), which is legally

effective and enforceable in all relevant jurisdictions.



(5) Cannot invest more than 10% of the value of the assets of standard Fund

the investment of securities referred to in section 3, paragraph 3. 1 (a). (e)) and to the

money market instruments referred to in section 9.



(6) the issuers that make up the group, for the purposes of this regulation, be regarded as

one issuer. For the purposes of the investment fund, the

the State or other public corporations do not speak of any other person nor with

These persons do not form a group.



(7) If this regulation Uses the term "bond" means (i)

a bond or similar valuable paper zaknihovaný paper

representing the right to repayment of the amount owed.



section 18



Limits on stocks



(1) The assets of the Fund or a comparable translates into higher standard

foreign investment fund and the assets it managed

standard funds or comparable foreign investment funds

Unable to recover the shares, which represent a share of the total

voting rights of the issuer, which allows obhospodařovateli

significantly affect the behavior of the issuer.



(2) If this regulation Uses the term "shares" means i share

like paper or zaknihovaný paper, representing the share of the

a company or other legal person.



§ 19



The limits of the total nominal value or the total number of investment

Securities and money market instruments



(1) the assets of the Fund into the standard cannot be take more than



and) 10% of the total nominal value or the total number of shares that

one issuer and which is not linked to voting rights,



b) 10% of the total nominal value of bonds issued by one

the issuer, and



c) 10% of the total nominal value or the total number of instruments

money market instruments issued by one issuer.



(2) paragraph 1 shall not apply to securities or investment instruments

money market



and for that) or taken over by the guarantee of the State or any local government

the whole of a Member State, or



(b)) has released the international financial organization, which is a member of one or

more Member States.



section 20



Limits for investment securities or money market instruments

issued or guaranteed by States, by territorial self-governing units and

some international financial organizations



(1) Can invest up to 100% of the value of the assets of the Fund into the standard

investment securities or money market instruments issued by the

or for which the guarantee of the State, took over the territorial self-governing unit Member

the State or the international financial organization, which is a member of one or

more Member States, provided that this limit is specified in the Statute of the

This Fund.



(2) the protection of the owners of the investment shares or unit-holders of the standard

the Fund referred to in paragraph 1 must be comparable with the protection for owners

investment shares or unit-holders of the Fund that complies with the standard

limits set out in section 17.



(3) the assets of the Fund in a standard referred to in paragraph 1 must be in

each time the securities or dematerialised securities from at least 6

the different emissions, while securities and dematerialised securities from one

emissions must not constitute more than 30% of the value of the assets of the Fund.



(4) securities or book-entry securities referred to in paragraph 1 may

be more than 35% of the value of the assets of the Fund, standard only

If the State, territorial self-governing unit of a Member State or

international financial organizations referred to in paragraph 1, as such

explicitly stated in the terms of reference of the standard Fund referred to in paragraph 1,

in the communication of key information relating to this standard of the Fund and

in the promotional communications relating to this Fund.



section 21



Limits for securities or book-entry securities issued by
collective investment fund or a comparable foreign

Investment Fund



(1) The assets of the Fund can take standard securities or dematerialised

securities issued by collective investment undertakings or one fund

comparable foreign investment fund up to 20% of the value

the property of this standard to the Fund.



(2) the assets of the Fund into the standard cannot be acquire securities or

dematerialised securities issued by special funds or comparable

foreign investment funds, exceeded their value if, in their

the sum of 30% of the value of the assets of the Fund of this standard.



(3) The assets of the Fund to acquire standard cannot be more than 25% of the value

the funded capital ^ 19) of an investment fund or a comparable

quantities of foreign investment fund.



section 22



Limits on financial derivatives



(1) the counterparty risk arising from financial instruments referred to in section 12 of the

and 13 corresponding to the sum of the positive fair values of derivatives and of the

the standard fund management techniques shall not for a Contracting Party

exceed the



and 10% of the value of the assets) of a standard Fund, if that Contracting Party

the person referred to in section 72, paragraph. 2 of the law on investment companies and

investment funds, or



(b) 5% of the value of the assets) of a standard Fund, if that Contracting Party

a person other than the person referred to in section 72, paragraph. 2 of the law on investment

companies and investment funds.



(2) in calculating the counterparty risk referred to in paragraph 1 may be taken into account only



and the negotiation of the final settlement) with another Contracting Party to the

financial derivative, provided that



1. the law protects the final settlement before the effects of the decision

or other Act court or administrative authority, at least in the range

protection, what the final settlement provides Czech law, and



2. final settlement only applies to claims relating to

financial derivatives referred to in section 13 and



(b)) the value of the assets received to ensure that, provided that the

These assets are measured at fair value every day, are

highly liquid and standard Fund in its asset or is in the

custody of a person independent of the Contracting Party of this derivative by

(a)).



(3) for the purpose of calculating the limits referred to in section 17 shall take into account the underlying

financial derivatives assets negotiated on the standard account of the Fund; It is

does not require, if the underlying assets are the financial indexes or other

financial quantitatively expressed indicators.



(4) the value of the Property for the purposes of this regulation be considered highly

liquid, does not last if its transformation into cash for longer than 7 days and

If the price reached its fair value.



section 23



Limits for claims to payment of the funds from the account in Czech or

foreign currency



Claims for payment of funds from the account in Czech or foreign

currency for one of the persons referred to in section 72, paragraph. 2 of the law on investment

companies and investment funds shall not constitute more than 20%

the value of the assets of standard Fund.



section 24



When copying the composition limits the financial index



(1) shares and bonds issued by one issuer may constitute up to 20%

the value of the assets of standard Fund, which according to its terms of reference copies

the composition of the stock or index index bonds, if the



This index of shares) is comprised of a sufficient number of issuers of shares or

This bond index is composed of a sufficient number of issuers of bonds,



(b)), this index is sufficiently representative of the market, that it

uses; This condition is fulfilled, in particular, when the, if its creator

the methodology, which usually does not neglect the major issuer of the market on that

the index covers,



(c)), this index is publicly available and is uveřejňován the way

are the published rates of investment securities that make up the index,

and



(d)) the creator of this index is independent of the obhospodařovateli standard

the Fund, which follows the composition of the index; This condition may not be

true, if the index Builder and obhospodařovatel standard pool

part of the same group and if they are in the context of this

Group introduced effective measures to control conflicts of interest.



(2) the 20% Limit referred to in paragraph 1 may be in relation to a single issuer

increased up to 35% when justified by exceptional market conditions, on the

which trading with investment securities referred to in paragraph 1

prevails, and if this is the possibility of increasing the limit stated in the Statute of the

the standard of the Fund.



§ 25



Common provisions



(1) the sum of the values of investment securities or instruments of the money

the market issued by one issuer, the claims to payment of the cash values

funds from accounts in Czech or foreign currency per one issuer and values

the exposure to the counterparty risk arising from financial derivatives

referred to in section 13 of the associated with the issuer shall not exceed 20% of the

the value of the assets of standard Fund; without prejudice to the provisions of § 17

paragraph. 2 (a). (b)), and (c)).



(2) the investment limits laid down in paragraph 1, § 17, § 22 paragraph 1(b). 1 and in

section 23 cannot be summed and the sum of the values of investment securities or

money market instruments issued by one issuer, the values of the claims on the

payment of funds from accounts in Czech or foreign currency for this

by the issuer and counterparty risk exposure arising from

financial derivatives referred to in section 13 of the associated with the issuer shall not

exceed 35% of the value of the assets in the Fund's standard.



(3) in the acquisition of the assets referred to in section 19, paragraph. 1 (a). (b)) and

(c)) and § 21. 3 the assets of the Fund with the standard limits set out in section

19 paragraph. 1 (a). (b)), and (c)) and § 21. 3, shall not apply if at the time of

the acquisition of these assets to determine their overall nominal

the value, or the total number of.



(4) ensuring risk diversification can derogate from sections 17, 20, 21

paragraph. 1 and 2 and article 22 paragraph 1(d). 1, up to a maximum period of 6 months from the date of

the emergence of the standard Fund.



(5) paragraphs 1 to 4, section 17 to 21, 23 and 24 shall not apply to the standard

the Fund, which is a child of the Fund.



Part 3



Credits, loans, donations and some debts



section 26



Acceptance of the loan or lease



(1) a loan or a lease on the standard account of the Fund may be accepted only,

If



and the maturity of the loan or) this lease is not longer than 6 months, and



(b) the total of all such values) loans and leases will not exceed 10

% of the value of the assets of standard Fund.



(2) On the standard account of the Fund, which is a joint-stock company with

variable capital and who is authorised by the Czech National Bank to

the activities of the Government Investment Fund, you can further take a loan or

the lease with a maturity longer than 6 months only, if



and this loan or lease) is used for the acquisition of real estate, which does not constitute a

part of the assets of the investment activities of the Fund and which is used

in the performance of the activities of the Fund, and



(b) the total of all such values) loans and leases will not exceed 10

% of the value of the assets of standard Fund.



(3) the sum of the value of all loans and leases taken pursuant to paragraphs 1 and

2 must not exceed 15% of the value of the assets of standard Fund.



(4) paragraphs 1 to 3 shall not affect the exposure limit for the standard Fund

relating to financial derivatives.



(5) for the purpose of calculating the limits provided for in paragraphs 1 to 3 shall the fact

the standard Fund creates sub-funds, shall be disregarded.



section 27 of the



The granting of a loan or lease



The assets of standard Fund cannot be used to grant a loan or

the lease, which is not related to his management; This is without prejudice to §

3 (3). 3, section 10, paragraph 1. 3, section 22 and 30 to 44.



section 28



Making a donation, the debt of another person or the payment of debt

an unrelated provision



The assets of standard Fund cannot be used for making a donation, to ensure

the debt of another person or to the payment of the debt, which is not related to his

management; This is without prejudice to section 3 (3). 3, section 10, paragraph 1. 3, section 22 and

30 to 44.



Part 4



The conclusion of contracts for the sale of investment instruments, which the standard Fund

It does not have in its assets, or on the time left



section 29



On the standard account of the Fund cannot enter into a contract for the sale of investment

the instruments that the Fund does not have in its assets, or which has the time

abandoned.



TITLE II



TECHNIQUES TO THE MANAGEMENT OF THE FUND, STANDARD RISK MITIGATION

RESULTING FROM THE USE OF FINANCIAL DERIVATIVES AND RISK MEASUREMENT



section 30



The standard fund management techniques



(1) for the purpose of the standard Techniques of the Fund are only repo

shops under section 31 to 33, and financial derivatives under sections 12 and 13.



(2) the Equipment referred to in paragraph 1 may be applied only if the



and) apply to investment securities and money tools

market,



(b)) are used solely for the purpose of effective management

the standard of the Fund and in order to



1. reduce the risks associated with investing in this Fund, account



2. the reduction of the costs associated with investing in this Fund, account

or



3. to obtain additional capital or additional revenues,

If it is out the risk in accordance with risk profile of this

the Fund,
(c) the use of such techniques are not) being circumvented the rules provided for in this

Regulation and statute of the Fund or of the investment strategy

This Fund and



(d) the standard debt Fund) resulting from the use of these techniques are

always fully covers the assets of this Fund.



section 31



The repo business



(1) the Repo trade with the use of the assets of standard Fund can be arranged only

with a counterparty, subject to the supervision of a supervisory authority of the State,

in which it has its registered office.



(2) the assets that are within the repo trade subject

the sale, purchase or other transfer, must be sufficiently

diversified. It is considered that these values are sufficiently

diversified, they are diversified in terms of geographical

regions, economic sectors and, in the case of securities or

book-entry securities, whether or not their issuers. Valid values are

diversified in terms of issuers do not form if the Securities and

dematerialised securities issued by one issuer, more than 20% of the value

standard asset fund.



§ 32



Repo



(1) the Repo can be using the assets of the Fund to arrange a standard only

If the obligation to terminate it without notice or with notice

time shorter than 7 days.



(2) funds received from repo transactions can acquire only assets

the value referred to in section 15 or section 84, paragraph. 1 (a). (b)) or IOU

issued by the State with a rating in the investment stage.



(3) funds received from repo transactions can be used to negotiate reverse

the repo, the other party is the person referred to in section 72, paragraph. 2

the law on investment companies and investment funds and from which

You can terminate without obligation of notice.



(4) if the provisions of this regulation, the term "repo", without the term "repo

Shop ", it means the sale or other transfer of assets is

at the same time the agreed retroactive purchase or other roundtrip.



section 33



Reverse repo



(1) the reverse repo can be using the assets of the Fund to arrange a standard only

then, if the obligation to terminate it without notice or with

notice of less than seven days or if the funds that

are the subject of reverse repo transactions, at any time to get back, including

revenue, or market value (mark-to-market), if the valuation

This reverse repo transactions used by market value.



(2) the assets that are the subject of reverse repo transactions,



and) must be highly liquid and must be admitted to trading on a

one of the markets referred to in § 3 (3). 1 (a). and) point 1,



(b)) shall be measured at each working day and shall not be of a highly volatile,

unless their value when valuing appropriately reduced (haircut),



(c)) shall not be issued to a person who is independent of the other Contracting

side, or by the issuer, which has been granted a credit rating other than

the investment level, and



d) must be in the possession of the standard of the Fund or in the custody of the person who

It is independent of the other Contracting Party.



(3) the assets that are the subject of reverse repo transactions, cannot be

the duration of reverse repo transactions encumber the absolute property right or

transfer to another person, unless the resale or other overhead

transfer to another party.



(4) if the provisions of this regulation, the term "reverse repo" means the purchase of

or other transfer of assets agreed at the rear

through sale or other transfer-back.



§ 34



The reduction of risks from the use of derivative financial instruments



(1) the Fund reduces the risk of Obhospodařovatel the standard of use

financial derivatives, so that



and) is to be settled by the parties financial derivative of this Fund delivered

of the underlying asset, holding the underlying asset at the time of

the negotiation and for the entire duration of the contractual relationship corresponding to that

derivative in the assets of the Fund; with currency derivatives, which have the characteristics of

the hedging derivative in accordance with international accounting standards

the revised European Union law ^ 20), it is sufficient to hold the highly

liquid assets,



(b)) is to be settled by the parties financial derivative of this Fund delivered

of funds, holding in the assets of this Fund at the time of the negotiation and

for the entire duration of the contractual relationship corresponding to that of the derivative

cash or highly liquid asset in the value of the corresponding

the settlement price of the financial derivative,



(c)) shall not apply, except in the cases referred to in paragraph 2, the underlying asset,

cash or highly liquid asset used to cover

one of the financial derivative to cover other financial derivative;

at the same time does not apply to the coverage of financial assets and derivative

the funds which are the subject of repo deals,



(d)) shall ensure that the underlying asset of the financial derivative match

investment strategy and risk profile of the Fund, and



(e) shall ensure consent) other Contracting Parties with the financial

of the derivative before its maturity with the fact that the settlement is

corresponding to the fair value of the financial derivative.



(2) Obhospodařovatel standard pool holding funds of this

the Fund for the purpose of reducing the risks from the use of financial derivatives to only

the amount of the difference of their settlement prices, with respect to a case referred to in paragraph 1

(a). (b)) and is contracted for additional financial derivative



and) with another Contracting Party for the purpose of closing the open positions 21) ^ ^

financial derivative and these derivative financial instruments are settled in the same day,

or



(b)) with the same Contracting Party for the purpose of concluding an open position of

financial derivatives and the date of settlement of financial derivatives,

do not differ by more than 7 days.



(3) Monetary derivative for the purposes of this regulation, means a derivative,

whose underlying asset is the exchange rate or currency.



section 35



The calculation of the total exposure of standard Fund



(1) the calculation of the total exposure of standard Fund shall be carried out



and the liability method) standard,



(b) the value at risk method), or



(c) another advanced method) measuring risks.



(2) when calculating the overall exposure of the standard account of the Fund



and the current value of the underlying assets) derivatives



b) counterparty risk in relation to the person, which are derivatives of

negotiated,



(c) the expected future market movements),



(d)), at which time it is possible to position the Fund relating to derivatives

close, and



e) techniques for the purpose referred to in section 30, where they use the leverage effect

or lead to increase the exposure of the Fund in relation to market risk.



(3) Obhospodařovatel standard pool shall ensure that the chosen method

calculate the total exposure was appropriate in relation to the applicable investment

the strategy of the Fund, the types and complexity of the derivatives used and share

derivatives in the assets of this Fund.



(4) the calculation of the total exposure to the standard of the Fund shall be at least

Once daily.



The standard method of undertaking



section 36



If the calculation of the total exposure to standard liability method,

"total exposure" exposure related to derivatives

calculated in accordance with section 37.



§ 37



(1) for each derivative, including derivative contained in the investment instrument

paper or money market instruments shall be determined by a long underlying assets and

short the underlying assets. Long underlying assets derivatives are valued

positive real values and short the underlying assets of derivatives are

appreciate the negative real values are expressed in Czech Crowns.



(2) the underlying assets Long and short the underlying assets of derivatives can be

to compensate, if these assets the same parameters or if they are strongly

correlated.



(3) Applies, that the underlying assets have the same parameters, if the



and liabilities to) the same person, bound to the same conditions of subordination,

and the cash flows in the same currency, amount and the due date, in the case of bonds, and



(b)) is issued the same issuer, are with the same subordination and in the same currency and

the amount, in the case of shares.



(4) Applies, that the underlying assets are strongly correlated, if there is

daily changes in the fair value of one tool and daily changes

the fair value of another instrument at least correlation of 0.95 for time

period of at least 12 months immediately preceding the date of the

the calculation of the total exposure.



(5) Short the underlying assets can be offset with the use of derivatives

investment instruments in which the Fund has invested, in the case of investment

securities, money market instruments, or the securities or

dematerialised securities issued by collective investment fund or

comparable foreign investment fund.



(6) the Exposure related to derivatives is equal to the sum of the absolute

the remaining short values of the underlying assets.



section 38



If the calculation of the total exposure of standard Fund, which is

child Fund, standard liability method, calculate the total

exposure to this Fund so that exposure to this Fund related

the derivatives added an aliquot part



and the management of the Fund) exposure related to derivatives of the corresponding

shares in the book-entry securities or the securities

This management issued by the Fund, which are in the possession of the

child Fund, or



(b) the maximum exposure to) related to derivatives, which may control
the Fund, according to its statute or comparable document to achieve,

the corresponding share in the book-entry securities or the securities

papers issued by the management of this Fund, which are in the possession of the

child Fund.



Method of value in risk (VaR)



section 39



If the calculation of the total exposure of standard Fund method

value at risk (VaR), this means the total exposure of the Fund

value at risk calculated in accordance with sections 40 to 43.



section 40



(1) the value at risk Method is based on the relative risk

values or on the model of absolute risk values and applies to

all investment tools including standard Fund derivatives.



(2) a Model of relative risk values cannot be applied if a risk

the standard profile of the Fund often or if it is not possible for him to find

the reference portfolio.



(3) a Model of relative risk values and model of absolute risk values

must meet the following requirements:



and the value is calculated) risk, daily



(b)) for the calculation of risk value is used by the one-sided confidence

on the level of confidence interval of 99%,



(c)) for the calculation of risk values is 1 month period instruments;

risk the value calculated for the shorter holding period can be used,

corrects to such a risk value for the equivalent of 1 month of use

the square root of the ratio of the period,



(d) an effective historical observation period) for the calculation of risk values

It is at least 1 year; the use of the data for a shorter period is permitted, if the

the significant increase in price volatility,



e) renewing the data files at least once every 3 months,



f) model is based on the variance-covariance matrices, the historical

simulations or simulation Monte Carlo,



g) for interest rate risk, taking into account the relevant risk factors

the interest rates in each currency, saying that the construction of the yield curve

is based on generally accepted methods and the yield curve is divided

on at least 6 time zones



h) for equity risk takes into account the risk factors corresponding to each

the market referred to in § 3 (3). 1 (a). and) traded shares has

the standard Fund in its asset



even) for currency risk takes into account the relevant risk factors

investment tools and the claims for payment of funds from the

account in the various foreign currencies,



(j)) of the specific risk takes into account the model and



the model contains a back-testing) and stress testing.



§ 41



Back-testing



(1) testing provides for each business day a comparison of the calculation

one-day risk values determined on the basis of the positions at the end of the work

with the value of the assets of the following working day.



(2) the back-testing is carried out on the basis of actual or

hypothetical changes in the value of the asset.



(3) the actual changes to the value of the assets are based on actual positions

the Fund and the hypothetical changes property values are based on the unchanged

positions of the Fund.



section 42



Stress testing



(1) stress testing shall be carried out at least once a month.



(2) stress testing is used to identify events and influences that

have or can have a significant impact on the standard Fund.



(3) Stress scenarios take into account factors that may result in

a substantial loss of standard or pool can greatly complicate the management of risks.



(4) the Stress scenarios include a low-probability event

occurrence in all the main types of risks.



§ 43



A model of relative risk values



(1) in the case of the model relative risk values are calculated risk

the standard value of the Fund and of the reference portfolio.



(2) the risk profile of the portfolio of reference must be in accordance with the

investment strategies, risk profile and investment limits

the standard of the Fund.



(3) the process of selecting and monitoring the suitability of the songs reference portfolio

is part of the risk management system of the standard of the Fund managers.



(4) the reference portfolio may not use leverage, or contain

derivative financial instruments, including derivatives, contained in the investment instrument

paper or in money market instruments, except when



and uses the standard fund strategy) long and short positions; then

You may use the reference portfolio that contains financial derivatives with

short underlying assets, or



(b)), the standard Fund ensures against currency risk; can then

use the reference portfolio containing currency derivative, which has characters

the hedging derivative.



§ 44



The limits for the total exposure



(1) if the calculation of the total exposure of standard Fund

standard liability method, not the exposure relating to the financial

derivatives shall not exceed at any moment the 100% of the value of the funded capital

This Fund; If the limit is exceeded as a result of changes in the fair value,

adjust the position of the Fund in relation to the financial derivatives without

undue delay, so that the exposure relating to the financial

derivatives meet the limit.



(2) if the calculation of the total exposure of standard Fund on

the basis of the model of absolute risk values, may not be the value at risk

more than 20% of the value of the funded capital standard Fund.



(3) if the calculation of the total exposure of standard Fund on

the basis of the model relative risk values, may not be the value at risk

more than twice the risk values of the reference portfolio.



PART THE THIRD



SPECIAL FUND



TITLE I OF THE



COMPOSITION OF ASSETS



Part 1



Property values



Section 1



General provisions



section 45



Basic provisions



(1) The assets of the Special Fund may be only



and assets) value that can be used to acquire the assets of the Fund into the standard,



(b) commodity and commodity) derivative and



(c)) and participation in the property real estate company ^ 22), if this is

a special fund of real estate fund.



(2) The assets of the Special Fund, which is a child of the Fund, however, can be

take only the



and) securities or dematerialised securities issued by its management

the Fund,



(b)) financial derivatives referred to in sections 12 and 13, which are techniques to

management of the Fund and which are negotiated solely for the purpose

ensure,



(c) claims for the payment of money) funds from the account in Czech or foreign

the currency under section 15 and



d) assets by analogy pursuant to section 16, if this special fund

joint-stock company with variable capital and to permit

The Czech National Bank to the activities of the Government investment fund.



(3) If this regulation Uses the term "Special Fund", means in the

the case of the Special Fund, which creates the sub-funds, the Sub-fund special

the Fund.



(4) the Commodity derivative for the purposes of this regulation, means a derivative,

whose underlying asset is a commodity and which implies the right to

cash settlement or the right to at least one party to choose whether you

wishes to cash settlement.



section 46



Investment securities



(1) The assets of the Special Fund, which is not a real estate fund, can be

recover



and) investment security referred to in section 3, paragraph 3. 1 (a). and (d)),)



(b) a bond issued by the State), the Central Bank of the State Bank or

the foreign bank or who took over the State guarantee, if not

investment a valuable paper referred to in § 3 (3). 1 (a). and (d))), and



(c)) investment securities other than those mentioned in points (a) and (b))).



(2) The assets of the Fund may acquire real estate bond which is admitted to

trading on the market referred to in § 3 (3). 1 (a). ) and the residual

time until due date is less than or equal to 3 years.



(3) if any of paragraphs 1 and 2 of something else, to be used for the acquisition of

investment securities to capital special fund § 3 (3). 3 and §

4 apply mutatis mutandis.



section 47



Securities and dematerialised securities issued to fund the collective

investment or comparable foreign investment fund



(1) The assets of a special fund to acquire a valuable paper or zaknihovaný

a security issued by a collective investment fund or a comparable

foreign investment fund, if



and his obhospodařovatel authorization) has supervisory authority of the State in which the

registered office, and subject to the supervision of the supervisory authority,



(b)) or a comparable document, according to the Statute of the Fund, that this valuable

paper or zaknihovaný paper, investing this Fund not exceeding

10% of the value of its assets in securities and dematerialised securities

securities issued by collective investment funds or comparable

foreign investment funds and



(c)) are these securities, or buy the book-entry securities in

a period of less than 1 year, or ensure that the price of these securities

or book-entry securities on the market referred to in § 3 (3). 1

(a). and) significantly deviates from their current values.



(2) The assets of the Special Fund, which is not a real estate fund, can be

take even a valuable paper or zaknihovaný paper issued by the Fund

for collective investment or comparable foreign investment

the Fund, which are not subject to the conditions referred to in paragraph 1.



(3) The assets of the real estate fund cannot recover valuable paper or zaknihovaný

a security issued by a real estate fund or a comparable foreign

Investment Fund.



(4) if any of paragraphs 1 to 3 of the something else, shall be used for the acquisition of
book-entry securities or securities issued by the funds

for collective investment or comparable foreign investment

funds to fund equity special section 10, paragraph 1. 3 apply mutatis mutandis.



section 48



Money market instruments



(1) The assets of the Fund, real estate can be acquired only money market instruments,

which are Treasury bills, bills of the Czech National Bank

and comparable money market instruments.



(2) unless something else from the paragraph 1, shall be used for the acquisition of

money market instruments in the capital the Special Fund section 5 to 9 apply mutatis mutandis.



section 49



Financial derivatives and commodity derivatives



(1) On account of a special fund to arrange financial derivatives listed in section

12 and 13.



(2) On account of a special fund to negotiate the commodity derivative, which is

traded on markets referred to in § 3 (3). 1 (a). and).



(3) On account of a special fund to negotiate the commodity derivative, which is

not traded on markets referred to in § 3 (3). 1 (a). and)



and if) appreciates reliable and verifiable assurance can be every working day and

obhospodařovatel this Fund has the right, at any time, assign it or

terminate or otherwise terminate the amount that can be achieved between the

by the Contracting Parties under the conditions, not for any of the parties

significant non-equilibrium; , commodity derivative is valued

reliable and verifiable assurance can be, if they are, mutatis mutandis, the conditions specified in §

14 paragraph. 4 (b). and (d))), and



(b)) If this is agreed with the permissible derivative counterparty, subject to the

the supervision of a supervisory authority of the State in which it has its registered office.



(4) on the account of the Fund of real estate can be arranged only financial derivatives

referred to in sections 12 and 13, which are techniques for the management of this

the Fund and which are negotiated solely for the purpose of hedging.



(5) on the account of the Fund real estate cannot be arranged commodity derivative.



section 50



Claims for payment of funds from the account in Czech or foreign

the currency of the



For the acquisition of the claims for payment of funds from the account in the Czech

or a foreign currency in a special fund, equity section 15 shall apply mutatis mutandis.



Section 2



Special provisions for real estate fund



section 51



Real Estate Fund



(1) real estate Fund is a special fund, which, according to its statute

it invests in real estate and real estate holdings in companies.



(2) If this regulation Uses the concept of "real estate fund", means in the

the case of the real estate fund, which creates the sub-funds, the Sub-fund of the Fund

real estate.



Acquisition of real estate



section 52



(1) The assets of the Fund cannot take property from real estate assets

managers, the administrator, the depositary or the main proponent

This Fund.



(2) the assets of a sub-fund of the Fund Into one of real estate can be acquired the property from the

the Sub-Fund's assets to another of the same property only under the conditions and

the reasons given in the framework of the investment strategies of each of the sub-funds

in their terms of reference.



section 53



The assets of the Fund may acquire real estate property in order to



and its operation, is)-if the property eligible for the proper

management to deliver regular and long-term yield, or



(b)), its further sale, the property is eligible to bring the

their sales profit.



§ 54



The assets of the Fund may acquire real estate property located on the territory of the

another State only if the



and in the Statute) is this Fund indicated that it may invest in

real estate on the territory of that State, and is listed as the total

the maximum limit for these investments,



(b)) in this State, there is evidence of real estate, in which shall be entered

ownership and other rights in rem in immovable property, and



(c)) in this State there are no legal restrictions on the transfer of real estate.



section 55



(1) The assets of the Fund may acquire real estate property burdened by mortgage

the law only if the debt to equity fund, which is hereby

Lien secured.



(2) The assets of the Fund may acquire real estate property burdened with other

an absolute property right, than is the lien, only

If it does not reduce significantly its usability.



section 56



Load real estate



(1) the property in the real estate assets of the Fund may be loaded with a lien

only if it is in the capital of this fund debt, which should be this

Lien secured.



(2) the property in the real estate assets of the Fund may be loaded with other absolute

securities law than lien only if it does not reduce the

substantially its usability.



Participation in the real estate company



§ 57



(1) On account of the Fund can take and hold real estate participation only in

the real estate company,



and which are permitted) only cash deposits of shareholders,



(b)) whose members fully repay its deposits,



(c)) that invests only in real estate on the territory of the State in which the

registered office,



(d)) that follows, mutatis mutandis, the conditions specified in § 53, 55 and 56; Awards

real estate, which has a real estate company in its assets for

purposes of calculating the investment limits, carried out in accordance with paragraph 2 (a). (c)),



(e)), which invests exclusively in real estate



(f)) that the funds, which invest in real estate,

invests only in money market instruments referred to in section 48, paragraph. 1

or claims under section 15; This is without prejudice to § 59,



(g)) that does not participate in another legal person,



h) represents the most if this participation needed to change the social

^ Treaty of 23) of this real estate company



even if the real estate), that the real estate company shall take into his

assets or zcizuje from your assets, measured in the manner specified

the law governing investment companies and investment funds for

valuation of real estate,



(j)) is submitted by the real estate company of its obhospodařovateli,

the administrator and depositary



1. a monthly inventory of real estate in your property and



2. once a year the accounts certified by an auditor,



to) when created the preconditions for the proper fulfilment of the obligations

managers of the Fund in relation to this real estate

the company and the



l) if in case the reduction or termination of participation of any companion

in the real estate company agreed to fund an option to purchase the right to

the redemption of its shares.



(2) prior to the acquisition of participations in real estate companies must be this participation

awarded in the manner laid down by law governing investment company

and investment funds and real estate fund administrator must be

submitted to the



and the real estate company's accounts), certified auditor, to

the date of the award participation is not more than 3 months earlier,



(b)) the current list of assets and debts of the real estate companies certified

Auditor and the



(c)) Awards real estate that has a real estate company in its

the property, in the manner laid down by law governing the performed investment

companies and investment funds for real estate valuation.



section 58



(1) the condition referred to in section 57, paragraph. 1 (a). g) need not be met if the

for participation in other real estate companies,



and) which meets the requirements referred to in section 57, paragraph. 1 (a). and (f))) up and (h))

to l)



(b)) that does not participate in another legal person,



(c)) in the absence of the acquisition of the participation in this real estate company

limit under section 69, paragraph. 1 and



(d)) where the participating companies at the latest 3 months

from the date of acquisition of the participation in this real estate company decided to

preparation of the merger of these companies with reference date specified by

the first day of the following accounting period, these companies and

If such a merger within 18 months from the date of acquisition.



(2) For the acquisition of, and participation in other real estate companies real estate

the company referred to in paragraph 1, section 57 paragraph. 2 shall apply mutatis mutandis.



(3) the conditions referred to in section 57, paragraph. 1 must be met throughout the

the duration of the participation of the Fund in real estate real estate investment company.



(4) in the case of failure to comply with the real estate assets of the Fund tracks

the requirements referred to in section 57, paragraph. 1 must be corrected within the meaning of

§ 216, paragraph. 1 of the law on investment companies and investment

funds not later than 6 months from the date when this occurred.



(5) the requirements referred to in section 57, paragraph. 1 (a). (c)), e), (f) and (l))) may not be

met on the date of acquisition of the real estate fund participate in real estate

the company will be fulfilled within 6 months from the date of acquisition of such participation; in

such a case, paragraph 4 does not apply.



section 59



On account of the real estate company can arrange repurchase transactions or financial

the derivatives referred to in sections 12 and 13, solely for the purpose of ensuring.



Part 2



Investment limits



section 60



Limits on investment securities and money market instruments



(1) investment securities and money market instruments

issued by one issuer cannot invest more than 20% of the value

the assets of the Special Fund.



(2) Investment In securities referred to in section 46 paragraph. 1 (a). (c)) and

in the money market instruments referred to in section 9, you cannot invest more than 10

% of the value of the assets of the Special Fund.



(3) for the acquisition of investment securities or instruments of the money

the market, which has issued or for which the guarantee of the State, took over the territorial self-governing

the whole of a Member State or an international financial organization
a member of one or more Member States, to the assets of the Special Fund

section 17, paragraph. 2 (a). (b)) and section 20 (2). 1, 3 and 4 shall apply mutatis mutandis.



(4) for the acquisition of bonds issued by one bank, one savings and

úvěrním cooperative or one foreign bank, which has its registered office in

Member State and is subject to the supervision of the State of chránícímu interests

owners of the bonds, if the cash resources obtained these emissions

bonds invested in these kinds of assets, to the date of

bonds cover the obligations of the issuer of the bonds, and that

may be in the case of insolvency of the issuer, preferably

to repay the bond and for payment of the proceeds, to the assets of the Special Fund

section 17, paragraph. 2 (a). (c)) shall apply mutatis mutandis.



section 61



The limits of the total nominal value, and the total number of investment

Securities and money market instruments



For the acquisition of shares, bonds and money market instruments to equity

a special fund is section 18 and 19 shall apply mutatis mutandis.



section 62



Collateral provided to another party



(1) the limits referred to in sections 60 and 61 counts the value of investment

Securities and money market instruments provided by the other Contracting

side as financial derivatives referred to in section 13.



(2) the guarantee referred to in paragraph 1 may be included in net value, if

obhospodařovatel this Fund with this party to the agreed

the final settlement, which is legally effective and enforceable in all

the affected jurisdictions.



section 63



Limits for securities or book-entry securities issued by

collective investment fund or a comparable foreign

Investment Fund



(1) in the book-entry securities or securities issued by

one collective investment fund or a comparable foreign

investment fund cannot invest more than 20% of the value of the asset

the Special Fund.



(2) if the Special Fund that invests according to its Statute, more

than the 49% of the value of its assets in securities or book-entry

securities issued by collective investment funds and

comparable foreign investment funds can invest up to 35%

the value of the assets of the Fund in securities and dematerialised securities

securities issued by a collective investment fund of one or

comparable foreign investment fund, which is namely mentioned

or characterised in its statute; This exception is

only permissible for a single investment fund, or for a foreign

Investment Fund.



(3) in the book-entry securities or the securities referred to in section

paragraph 47. 2 you cannot invest more than 10% of the value of the assets of the Special

the Fund, which is not a real estate fund.



(4) The assets of a sub-fund cannot acquire special fund investment share

released to any other sub-fund of the same special fund.



section 64



Limits in relation to the fondovému capital or comparable veličině



(1) The assets of the Special Fund cannot acquire more than 25% of the value

one of the funded capital fund, collective investment undertakings or

comparable values comparable to a foreign investment fund.



(2) To acquire the assets of the Special Fund cannot be more than 50% of the value

the funded capital one sub-fund of the Fund or collective investment

comparable quantities of equipment of comparable foreign investment

the Fund.



section 65



Limits on financial and commodity derivatives



(1) the counterparty risk arising from financial instruments referred to in section 12 of the

and 13 and commodity derivatives referred to in § 49 paragraph. 2 and 3, expressed

as a sum of positive real values of these derivatives, not one

the Contracting Parties shall not exceed



and 10% of the value of the assets) of a special fund, if that Contracting Party

the person referred to in section 72, paragraph. 2 of the law on investment companies and

investment funds, or



(b) 5% of the value of the assets) of a special fund, if that Contracting Party

a person other than the person referred to in section 72, paragraph. 2 of the law on investment

companies and investment funds.



(2) in calculating the counterparty risk referred to in paragraph 1 may be taken into account only



and the negotiation of the final settlement) with another Contracting Party to the

derivative, provided that



1. the law protects the final settlement before the effects of the decision

or other Act court or administrative authority, at least in the range

protection, what the final settlement provides Czech law, and



2. the final settlement only applies to claims relating to

financial derivatives referred to in section 13, and commodity derivatives referred to section

paragraph 49. 3 and



(b)) the value of the assets received, provided that the

These assets are measured at fair value every working

day, are highly liquid and special fund is in its assets or

It has in custody a person independent of the Contracting Party under subparagraph (a)).



(3) For the purposes of paragraphs 1 and 2, in the calculation of counterparty risk

resulting from derivatives and credit the value of the existing obligations of contracts for

the sale of securities or book-entry securities or commodities

closed on account of the Fund, to which the Fund may invest

under this regulation, or in accordance with its Statute, but which has in its

property, or to the time left.



(4) for the purpose of calculating the limits provided for in § 60 and 67 shall be taken into account

the underlying assets of the derivatives negotiated on behalf of the Special Fund; It is

does not require, in the case of financial derivatives whose underlying

asset financial indexes or quantified the financial

indicators.



section 66



Limits on claims for payment of funds from the account in the Czech

or foreign currency



For the acquisition of the claims for payment of funds from the account in the Czech

or a foreign currency into the Special Fund with assets of section 23 shall apply mutatis mutandis.



§ 67



Limits for commodities



You cannot invest more than



and 20% of the value of the property) of a special fund to one commodity, which is

precious metal, and



(b) 10% of the value of the assets) of a special fund to the one commodity that is not

precious metal.



section 68



The limits on real estate



(1) the value of the property acquired in the assets of the Fund in real estate

the time of acquisition exceed 20% of the value of the assets of the Fund.



(2) the total value of real estate, which is valued by a comparison

in a way, shall not exceed 25% of the value of the assets of the Fund. If it is to

Real Estate Fund participate in a real estate company, does the

This limit value of such real estate in the property real estate

the company, the ratio resulting from such participation.



(3) the value of the property after its acquisition of the assets of the real estate fund

to exceed the limits laid down in paragraphs 1 and 2 by more than 10% of the maximum

After a period of 3 years from the date when this occurred for the first time exceeded.



(4) real estate Fund may not after the period referred to in the Statute, and

After a period of 3 years from the date of its inception, to comply with the investment limits

the exception



and) limit laid down in paragraph 1, which after this time may be increased

up to 60%, and



(b)) the limit set out in paragraph 2.



(5) the total value of the land, which is part of the unfinished construction, and

under construction buildings which are not part of the land, shall not exceed 20

% of the value of real estate assets of the Fund. The total value of the land, which

they are intended for the construction, shall not exceed 20% of the value of the assets of the Fund

real estate.



(6) real estate, whose economic recovery is mutually interconnected,

for the purpose of calculating the limits provided for in this regulation, be considered as one

real estate property.



§ 69



Limits for participation in real estate companies



(1) the value of the real estate fund participate in one real estate company

at the time of acquisition may be no more than 30% of the value of the assets of the Fund.



(2) the value of participation in the real estate company shall not, after the acquisition of this

participation exceed the limit laid down in paragraph 1 of more than 10% for a period of

lasting longer than 3 years.



(3) for the participation of the Fund in real estate real estate investment company, which is

represented by the investment a valuable paper, with limits for the investment

the securities shall not apply.



section 70



Common provisions



(1) the sum of the values of investment securities or instruments of the money

the market issued by one issuer, the claims to payment of the cash values

the funds from the account in Czech or foreign currency for this issuer and values

counterparty risk arising from derivative contracts negotiated with the issuer of the

shall not exceed 35% of the value of the assets of the Special Fund.



(2) For the purposes of calculating the investment limit pursuant to paragraph 1 shall be taken in

account of the underlying assets of financial derivatives and commodity derivatives; It

does not apply if their underlying assets or financial indexes

financial quantitatively expressed indicators.



(3) ensuring risk diversification can derogate from section 60 to 70,

a maximum period of 6 months from the date of creation of a special fund.



(4) real estate Fund holds at least 20% of the value of its assets in the

the property values specified in § 15, § 46 paragraph. 2, § 47 odst. 1 and section

paragraph 48. 1.



(5) paragraphs 1 to 4, § 60 to 64 and 66 to 69 shall not apply for special

the Fund, which is a child of the Fund.



Part 3



Credits, loans, donations and some debts



section 71



Basic provisions
(1) On account of a special fund to accept the loan or lease only from

a person who is authorized by the counterparty and is subject to the supervision of the Czech national

the Bank, the supervisory authority of another Member State or of the supervisory authority of another

State.



(2) On account of a special fund to accept the loan or lease is

a maturity of longer than 6 months just for the purpose of



and investment of this Fund,) or



(b) acquisition of real estate, which) do not form part of the assets of the investment

the activities of the Fund and which is not used in the performance of activities of this

the Fund, in the case of the Special Fund, which is government investment

the Fund; the sum of the values of the loans and leases taken for the purpose of acquisition

real estate, however, shall not exceed 10% of the value of the assets of the Fund.



(3) the risk exposure to a counterparty, expressed as the difference between the value of the

financial collateral or a comparable collateral according to the law of the foreign

the State transferred to another Contracting Party for the agreed loan or

lease and residual value of such loan or lease,

shall not exceed 20% of the value of the assets of a special fund to one

Contracting Party.



section 72



Acceptance of the loan or lease



(1) unless it is a real estate fund or on the cases referred to in paragraph 2

or 3, the sum of the value of all loans and leases on behalf

This fund exceed 25% of the value of its assets.



(2) if the Special Fund, in accordance with its investment strategy.

a strong correlation between long positions and short positions, and

If the business name or other designation of the words

"long-short" or the words "market neutral", not the sum of the values of all

loans and leases on behalf of the Fund must not exceed 400% of the value

his assets.



(3) the sum of the value of all loans and leases on account of the Special

Fund not listed in paragraph 2, the trade name or other designation

contains the word "risk", not at the time of their negotiation must not exceed 200% of the

the value of its assets.



(4) Special Fund legitimate Obhospodařovatel exceed the decisive

the limit for the determination of the maximum limit for the use of the leverage effect on

the account of this special fund, as well as for the determination of the limit for the provision of

investment instruments of the assets of this Fund as a financial collateral

or a comparable reinsurance under the law of a foreign State or another

ensure, taking into account in particular



and the investment strategy of the Fund),



(b) exposure of the Fund), as well as other economic link to the

the person, that could be a source of systemic risk for the proper

functioning of the financial market in the Czech Republic,



c) concentration risk on one party



(d) ensure the use of the peace) the leverage effect,



e) ratio of assets and debts of the Fund and



(f)), nature, scale and complexity of their activities.



section 73



Acceptance of the loan or lease of the real property fund account



(1) the sum of the value of all loans and leases received on the account of the Fund

real estate shall not exceed 100% of the value of its assets.



(2) On account of the Fund's real estate, you can take a loan or a lease is

maturity up to 1 year under standard conditions to a maximum of 20% of the value

the assets of this Fund. Maturity of the loan provided by the lien

or the lease provided by the lien can be longer than 1 year.



(3) On account of the Fund's real estate loan can be taken by the lien

the law or the lease provided a lien only for the purpose of

maintain or improve the State of the real estate assets of the Fund or for the

the purpose of the acquisition of real estate in the capital of this Fund, and it's up to 70%

the value of the acquired property.



§ 74



The granting of a loan or lease



(1) for the Special Fund § 27 apply mutatis mutandis; This is without prejudice to § 77.



(2) the assets of the Fund can provide a loan secured by real estate or

secured the lease on the only real estate company that has this

Fund participation. In the case of termination of the participation of the Fund in real estate companies

This credit shall be payable or the lease payable within 6 months from the

the date of termination of this participation.



(3) the sum of the value of all loans and leases granted from the Fund's assets

real estate one real estate company may not exceed 50% of the value

all the real estate assets of this company in real estate including

the value of the property to be acquired.



(4) the sum of the value of all loans and leases granted from the Fund's assets

real estate real estate companies shall not exceed 55% of the value

his assets.



§ 75



Making a donation, the debt of another person or the payment of debt

an unrelated provision



For the Special Fund is section 28 shall apply mutatis mutandis; This is without prejudice to section 77 and

78.



Part 4



The conclusion of contracts for the sale of investment instruments and commodities

the Special Fund does not have in its assets, or on the time left



§ 76



(1) On account of the Special Fund, you can conclude the contract of sale only

such investment tools, which, under this regulation or under the

its status can be one of the assets of this Fund, but which does not have this

the Fund in its asset, or that he has left for a time, and only

at that time,



and) relate to these contracts of investment instruments admitted to

trading on the market referred to in § 3 (3). 1 (a). and); If this

contract other investment instruments, the investment must be such

the tools and the overall commitment relating to such investment

the tools of such contracts may not exceed 10% of the value of the assets of the

the Fund,



(b)) do not apply to the following contracts of more than 10% of the total nominal value of the

or the total number of investment instruments of the same type issued

one issuer,



(c) if the undertakings) from those contracts relating to

investment instruments issued by one issuer, more than 10% of the value

the assets of this Fund,



(d)) where this Fund for the duration of these contracts, the funds in the

such, at any time in order to open the position of all those contracts

close, and



(e)) where the other party to this contract, the person who is the authorized

counterparty and is subject to the supervision of the Czech National Bank, the supervisory authority

another Member State or another State authority.



(2) On account of the Special Fund, you can conclude the contract of sale only

such commodities under this regulation or pursuant to its statute

You can acquire the assets of the Fund, but the Fund has in its

property, or that is provided on time, and only if,



and if the total does not exceed) the commitment of these contracts, the 10% of the value of the asset

This Fund and



(b)) is another party to this contract, the person who is the authorized

counterparty and is subject to the supervision of the Czech National Bank, the supervisory authority

another Member State or another State authority.



TITLE II



TECHNIQUES FOR THE MANAGEMENT OF THE SPECIAL FUND, REDUCING THE RISK OF

THE USE OF FINANCIAL AND COMMODITY DERIVATIVES AND RISK MEASUREMENT



§ 77



Techniques to the management of the Special Fund and risk measurement



(1) for the Special Fund § 30 to 33 shall apply mutatis mutandis, with



and to the management of a special technique) a fund may also be a commodity

derivative under the conditions referred to in section 49 and



(b)) by another Contracting Party of reverse repo transactions may also be a person who is not

listed in section 31, if, at least generically specified in the Statute of the Fund.



(2) for the Special Fund § 35 to 44 shall apply mutatis mutandis, provided, however,



and the standard liability method) when calculating exposure related

to take into account, in addition to financial derivatives on commodities and commodity derivatives in

the Fund's assets,



(b)) for the standard contractual methods to calculate the exposure relating to the

derivatives carried out at least once every 2 weeks,



(c)) for a model of relative risk values or absolute risk values

the value is calculated risk at least once every 2 weeks and



(d)) for a model of relative risk values or absolute risk values

the back-testing performed at least once every 2 weeks.



§ 78



Reducing the risk of the use of financial and commodity derivatives



(1) Obhospodařovatel special fund reduces the risk from the use of

financial derivatives and commodity derivatives, so that



and) is to be the financial derivative or commodity derivative settlement of

the parties to this fund the delivery of the underlying asset, holding the

at the time of negotiation of the underlying asset and the duration of the contract

relation corresponding to that of the derivative in the assets of the Fund; u

currency derivatives, which have the characteristics of the hedging derivative by

international accounting standards covered by European Union law ^ 20),

It is sufficient to hold the highly liquid assets,



(b)) to be the financial derivative or commodity derivative settlement of

the parties to this fund the delivery of funds, holds in the property of this

the Fund at the time of the negotiation and for the entire duration of the contractual relationship

This derivative cash or highly liquid

asset in the value corresponding to the settlement price of the financial

derivative or commodity derivative,



(c)) the underlying asset, cash or highly liquid asset

used to cover one of the financial derivative or a single commodity

the derivative does not apply except in the cases referred to in paragraph 2, to cover additional
financial derivatives or commodity derivative; at the same time does not apply to

the cover of the financial derivative or commodity derivative assets and

the funds which are the subject of repo deals,



(d)) shall ensure that the underlying asset of the financial derivative and commodity

match the derivative investment strategy and risk profile of the

the Fund, and



(e) shall ensure consent) other Contracting Parties with the financial

derivative and commodity derivative before its maturity with the

corresponding to the fair value of the financial settlement of the derivative, and

commodity derivative.



(2) Obhospodařovatel special pool holding funds of this

the Fund for the purpose of reducing the risks from the use of financial derivatives and

commodity derivatives only up to the amount of the difference of their settlement prices

If the case referred to in paragraph 1 (b). (b)) and the other is agreed

financial derivative or commodity derivative



and) with another Contracting Party for the purpose of closing the open positions from

financial derivatives or commodity derivative and these financial derivatives

or commodity derivatives are settled on the same day, or



(b)) with the same Contracting Party for the purpose of concluding an open position of

financial derivatives or commodity derivative and the settlement date of the

financial derivatives or commodity derivatives shall not differ by more than

week.



(3) if it is to be a derivative or commodity derivative settled by delivery of

property values, which form the underlying asset of the financial

derivative or commodity derivative, not obhospodařovatel special

fund these property values hold in your assets in full, but

only the part corresponding to the extent to which the holding of a financial derivative

or commodity derivative exceeds the limits for the sale of investment

instruments, and commodities, which has in its assets, as adjusted under section 76.



(4) if it is to be a derivative or commodity derivative settled by delivery of

the funds may not obhospodařovatel special pool stick

These cash or highly liquid asset referred to in paragraph

1 (a). (b)) in its assets in full, but only their part of the

corresponding to the extent to which the holding of a financial derivative or commodity

exceeds the limits for the sale of derivative investment instruments, and commodities,

that does not have in its assets, as adjusted under section 76.



PART THE FOURTH



MONEY MARKET FUND



TITLE I OF THE



GENERAL PROVISIONS



section 79



Money market fund



(1) money market Fund is an investment fund, which, according to its statute

invests and uses techniques to the management of this Fund only

as provided for in paragraph 2 and admits or section 81 to 89.



(2) Obhospodařovatel money market fund invests and uses techniques

to the management of this Fund so as to keep the funded capital of this

the Fund in the parity (non-revenue) or in the amount of investments increased revenue.



(3) money market fund, which is not a short-term money market fund

may not have a constant current value of the investment or investment

shares that it issues.



(4) if the provisions of this regulation, the term "money market fund" means

in the case of a money market fund, which creates the sub-funds, the Sub-fund

the money market.



§ 80



Short-term money market fund



(1) Short-term money market fund is a money market fund, which

Depending on your status in the investment and use of techniques to

the management of this Fund does not flow under section 82, paragraph. 3, § 83, paragraph.

2 (a). and, § 84 (a)). and, section, paragraph 87). 1 (a). ) and § 88, paragraph. 1 (a).

and).



(2) For short-term money market fund managers with section 79

paragraph. 2 shall apply mutatis mutandis.



(3) If this regulation Uses the term "short-term money market"

means, in the case of short-term money market fund, which

creates the sub-funds, the Sub-fund short-term money market fund.



TITLE II



COMPOSITION OF ASSETS



§ 81



Basic provisions



(1) The assets of money market fund, you can recover only the property values

referred to in sections 82 to 87.



(2) The assets of money market fund cannot take commodity share, or

tool bearing the risk of commodities or equities.



Money market instruments



section 82



(1) The assets of money market fund, you can recover only the utility of money

market referred to in section 5 or 6, who satisfies the conditions referred to in paragraph 2,

3 or 4.



(2) The assets of money market fund, you can recover only the utility of money

the market, which has been awarded one of the two highest short-term

the credit ratings of each rating agency registered by directly

the applicable regulation in the European Union relating to the credit rating

Agency ^ 15), which evaluated the tool.



(3) The assets of money market fund, which is not a short-term Fund

money market, can recover and money market instruments issued or

guaranteed by a Member State, the territorial authorities of the Member State,

the Central Bank of a Member State, the European Central Bank, the European

Union or the European Investment Bank, which do not meet the conditions referred to in

paragraph 2 has been granted short-term credit rating in the investment

the degree of each rating agency registered by directly

the applicable regulation in the European Union relating to the credit rating

Agency ^ 15), which evaluated the tool.



(4) if money market instruments rating granted in accordance with paragraph 2

or 3, then obhospodařovatel money market fund verifies the internal

the rating process, that this money market instrument is comparable

quality money market instruments referred to in paragraph 2 or 3,

taking account in particular of the degree of credit quality and liquidity of the

money market instruments.



section 83



(1) The assets of money market fund can recover tool money market

which carry the right to repayment of the amount owed in a currency different from the currency

for which they are offered and buy securities issued by him, or

book-entry securities, only under the conditions of full hedge against

the currency risk.



(2) The assets of money market fund can recover money market instrument,

the residual maturity is less than or equal to



and 2 years), provided that the period until the next interest-setting data

the measure is less than or equal to 397 days, and for securities or

book-entry securities with a variable interest rate, the rate of

the money market rate, or on another financial quantitatively

expressed as a pointer, if this is not a short-term fund money Fund

the market, or



b) 397 days, if this fund a short-term money market fund.



§ 84



Securities or dematerialised securities issued to fund the cash

market



(1) The assets of money market fund, you can take



and security or zaknihovaný) a security issued by a Fund of money

market or a comparable foreign investment fund, unless this

Fund a short-term money market fund, or



(b) the security or zaknihovaný) a security issued by a short-term Fund

the money market or a comparable foreign investment fund, if the

This fund a short-term money market fund.



(2) The assets of money market fund, which is a Fund of collective

investment, you cannot recover a valuable paper or zaknihovaný paper

issued by the Fund for qualified investors, or a comparable foreign

Investment Fund.



(3) If this regulation Uses the concept of the "Fund of qualified investors"

means in the case of the Fund for qualified investors, which creates

sub-funds, the Sub-Fund Fund of qualified investors.



§ 85



Financial derivatives



On account of the money market fund, you can arrange a financial derivatives in accordance with the

the investment strategy of the Fund and currency derivatives, only for the purpose of

ensure.



§ 86



Claims for payment of funds from the account in Czech or foreign

the currency of the



For the acquisition of the claims for payment of funds from the account in the Czech

or foreign currency money market fund into equity section 15 shall apply mutatis mutandis.



TITLE III



THE WEIGHTED AVERAGE MATURITY AND WEIGHTED AVERAGE LIFE



§ 87



Weighted average maturity



(1) the weighted average maturity of instruments of the money market Fund's assets

the money market may not exceed



and 6 months), if this is not a short-term money market Fund Fund, or



(b) 60 days), if this is a short-term money market Fund Fund.



(2) the weighted average maturity (Weighted Average Maturity, WAM)

for the purposes of this regulation, the weighted average time to maturity,

or the time to the end of March interest rate is fixed, if it is shorter, all

money market instruments in the money market fund assets, which reflects the

the shares of these tools on the assets of the Fund.



(3) the Period to the date of maturity of the money market instruments for the purpose of

the calculation of the weighted average maturity and the calculation of the weighted average life of the

means the time by which it must be nominal value of money market instruments

repaid in full, regardless of income or that it was the emission rate

lower than the nominal value.



section 88



Weighted average life



(1) the weighted average life of money market instruments in the assets of the Fund

the money market may not exceed



and 12 months), if this is not a short-term money market Fund Fund,

or
(b)) 120 days, if this fund a short-term money market fund.



(2) the weighted average (Weighted Average Life, WAL) for

the purpose of this regulation the weighted average time to maturity of all

money market instruments in the money market fund assets, which reflects the

the shares of these tools in the assets of the Fund. In the calculation of the weighted

the average lifetime cannot take into account the day of the end of fixation of the interest rate

money market instruments.



(3) If a money market instrument sales option, may be the day

the possible exercise of the put option for the purposes of the calculation of the weighted average

life of the used instead of the date of the actual due date, if



and can obhospodařovatel this Fund) this puts the date of its

the possible application of the exercise,



(b)), the price of the put option are not significantly different from the expected value

This money market instruments to the nearest date of the possible application of this

the put option and



(c)) from the money market fund investment strategy shows that with high

This sales likely will be exercised to the nearest day

its possible application.



§ 89



Common provisions



In the calculation of the weighted average and weighted average life to maturity with

always take into account techniques to the management of this Fund, the financial

derivatives, securities and dematerialised securities issued by the Fund

the money market or a comparable foreign investment fund and

claims for payment of funds from the account in Czech or foreign

currency for any of the persons referred to in section 72, paragraph. 2 of the Act governing

investment companies and investment funds.



PART THE FIFTH



THE FUND FOR QUALIFIED INVESTORS



TITLE I OF THE



COMPOSITION OF ASSETS



§ 90



Investment limits



(1) you cannot invest more than 35% of the value of the assets of the Fund

qualified investors to



and participation in the same) legal person that does not act, whether the participation of

represented a valuable paper or book-entry a valuable paper



(b)) bonds and money market instruments issued by the same issuer,



(c)) the securities or book-entry securities of one kind

issued by the same issuer, not covered by point (a)), or (b)),



(d) claims for the same debtor),



(e)) of one commodity,



(f)) of one of the bulk stuff ^ 24), or



(g)) of one property values, which are not covered by points a) to (f)),

and it's not about real estate.



(2) For the purposes of paragraph 1 (b). and (d))) up to and § 95 paragraph. 1 for the same

a person shall be considered as persons, which are to each other in such a ratio that the

the financial difficulties of one of them may cause the payment difficulties of the second.



§ 91



Investment limits for investujícího into the Fund of qualified investors

real estate



(1) The assets of the Fund of qualified investors can recover only

property, whose value at the time of its acquisition does not exceed 35%

the value of the assets of the Fund.



(2) the Fund For qualified investors investing in the real estate section

52 to 54 shall apply mutatis mutandis.



section 92



Provisions common to the investment limits



(1) for the purposes of calculating the limits under section 90 and 91, as well as other limits,

that specifies the status of the Fund of qualified investors, always taking into account



and) property value that is not in the assets of this Fund, and the Fund

or his obhospodařovatel can use its influence in the legal person

or device without legal personality, whether this

the value of the property will be acquired to the assets of the legal person, or

assets in this device or stripped from the assets of the legal person

or property in this device, and



(b)) the underlying asset of the financial derivative and commodity derivative

negotiated on behalf of the Fund, unless this underlying asset is

the financial index or quantitatively expressed financial indicator.



(2) the Fund For qualified investors, of which the depositary may be

the notary, with limits under section 90 and 91, as well as other limits which specifies the

the status of the Fund, subject to a total volume of deposits of shareholders ^ 25).



§ 93



Exceptions from the investment limits



(1) the provisions of § 90 of the paragraph. 1 (a). (b)), and (c)) shall not apply in the case of securities

papers or book-entry securities issued or guaranteed by a Member

the State of the Organisation for economic cooperation and development, the territorial

authorities of that State, the European Union or the international

financial organisations, which is such a State.



(2) the provisions of § 90 of the paragraph. 1 (a). (d)) shall not apply for claims on the

payment of funds from the account in Czech or foreign currency for any

of the persons referred to in section 72, paragraph. 2 of the law on investment companies and

investment funds.



(3) for the Fund for qualified investors, for which a number representing the

the value of his assets expressed in million eur is not less than 10 and

at the same time is higher than that of the 174 and fifth roots of the fourth powers of the number of

This Fund of qualified investors, § 90 and 91 shall apply only when the

unless the Statute of the Fund something else.



(4) the provisions of § 90 and 91 shall not apply for a period of



and 36 months from the date of) the emergence of the Fund, in the case of a pool of qualified

the investors, whose depositary can be a notary, or Fund

qualified investors investing according to your status more than 49% of the

the value of your assets in real estate or real estate

by ^ 22), or



(b)) 12 months from the date of the Fund, in the case of another qualified

the investors.



(5) the Fund For qualified investors referred to in § 95 paragraph. 2 (a). and)

the law on investment companies and investment funds with section 90 to

92 apply only, unless the Statute of the Fund something else.



(6) if the case referred to in § 95 paragraph. 2 (a). (b)), the law on investment

companies and investment funds, enter in the calculation referred to in

paragraph 3, instead of a qualified investor of the Fund qualified

investors with their investment for the purposes of this

qualified investor in a contractual relationship.



(7) for the Fund for qualified investors, which originated or was created

before the day of 19. August 13, § 90 and 91 shall apply only if the

of the Statute of the Fund does not imply something else and if it satisfies this Fund

at least 1 of the following 3 criteria:



and the number of its shareholders or) shareholders represented on the day of 19. August 2013

at least 10,



(b)), its shareholder or stakeholder is the only one who was on 1 January.

November 2013 its shareholder or stakeholder, or who acquired the share

release this Fund or mutual fund list issued otherwise than

the Treaty, or



(c)) have on him at least 85% of the market share of the insurance undertaking, a reinsurance undertaking, the foreign

persons comparable to an insurance company or a reinsurance undertaking or a legal person

or device, without legal personality, which has a 100% share of the insurance undertaking,

the reinsurance undertaking or the insurance undertaking comparable with foreign person or

reinsurance undertaking.



§ 94



The limits for the use of leverage and the rules for granting the

investment instruments as collateral



For managers Fund of qualified investors, which is

entitled to exceed the determined limit, § 72, paragraph. 4 apply mutatis mutandis.



section 95



The conclusion of contracts for the sale of investment instruments and commodities Fund

qualified investors does not have in its assets, or which has the time

abandoned



(1) On account of the Fund of qualified investors can conclude a Treaty on the

sell investment instruments, to which this Fund according to its

of the Statute to invest, but that does not have in its assets, or to

time left, only if they do not exceed the liabilities of these contracts

relating to the securities or book-entry securities

one kind issued by one issuer of 35% of the value of the assets of the

the Fund.



(2) On account of the Fund of qualified investors can conclude a Treaty on the

the sale of commodities, in which this Fund according to its statute

invest, but that does not have in its assets, or which has the time

abandoned, only if they do not exceed the liabilities of these contracts

relating to 35% of one commodity the value of assets of the Fund.



(3) for the purposes of calculating the limits provided for in paragraphs 1 and 2, section 92 applies

Similarly.



(4) the Fund For qualified investors referred to in § 95 paragraph. 2 (a). and)

the law on investment companies and investment funds, paragraphs

1 to 3 shall apply only if, unless the Statute of the Fund, something

another.



TITLE II



TECHNIQUES FOR THE MANAGEMENT OF FUND OF QUALIFIED INVESTORS



section 96



Techniques for the management of Fund of qualified investors are repo

shops and derivatives, that can be arranged according to the Statute of the Fund

on account of this Fund.



§ 97



A derivative of the missed to trading on one of the markets referred to in § 3

paragraph. 1 (a). and) can be on the account of Fund of qualified investors

agreed only with authorized counterparty or with a person, that is,

at least generically, specified in the Statute of the Fund.



PART SIX



COMMON, TRANSITIONAL AND FINAL PROVISIONS



§ 98



The property investment fund



The property investment fund, for the purposes of calculating the investment limits,

the limits for the total exposure and other limits provided for in this regulation means



and) assets investment fund, in the case of the Fund for qualified investors and

Real Estate Fund, and



(b)) the assets of an investment fund, less the debts of this Fund, if the



1. Investment Fund not listed in subparagraph (a)),
2. Investment Fund, in which it determines his status, or



3. the limits referred to in section 73, paragraph. 1 or 2 or in article 74, paragraph. 4.



§ 99



Transitional provisions



(1) Obhospodařovatel investment fund, in the case of the Fund, which was created

or was created prior to the date of entry into force of this regulation, shall

investment strategy of the Fund in accordance with this regulation to the date of

1 January 2015; If, however, invests such Fund in accordance with its Statute, to

real estate or participations in real estate companies, indicating his

obhospodařovatel investment strategy of the Fund in accordance with this

Regulation 22 December. July 2015.



(2) the extent to which, in the cases referred to in paragraph 1 shall not apply

This Regulation shall be treated in accordance with the existing legislation.



§ 100



The effectiveness of the



This Regulation shall enter into force on the date of its publication.



The President of the Government:



Samantha r in r.



Minister of Finance:



Fischer v. r.



Selected provisions of the novel



Article. (II) Government Regulation No. 11/2014 Sb.



Transitional provisions



1. By 1 January 2004. January 2015, § 98 of Decree-Law No 243/Sb, in 2013.

the texts of the effective date of the entry into force of this regulation, shall not apply. It

does not prevent already before that date in the status of the relevant investment fund

specify that the Fund assets means assets minus debts, as

provides section 98 (a). (b)) Government Regulation No. 243/2013 Coll., as amended effective

from the date of entry into force of this regulation.



2. the extent to which, in the cases referred to in § 93 paragraph. 7 of the regulation

Government no 243/2013 Coll., as amended, effective from the date of entry into force of this

Regulation, shall not apply to section 90 and 91 of the Government Regulation No. 243/2013 Coll., as amended by

effective from the date of entry into force of this regulation, shall be treated in accordance with

effective legislation before the date of 19. August 2013.



1) Commission Directive 2007/16/EC of 19 July 1999. in March 2007, which

Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions

relating to undertakings for collective investment in transferable

Securities (UCITS) as regards the clarification of certain definitions.



Articles 49 to 57 and 83 to 90 of the directive of the European Parliament and of the Council

2009/65/EC of 13 June 2002. July 2009 on the coordination of laws, regulations and administrative

provisions relating to undertakings for collective investment in

transferable securities (UCITS) (recast), as amended by

Directive of the European Parliament and of the Council 2010/78/EU and the directive of the European

Parliament and the Council in 2011/61/EU.



Article. 41 to 44 of Commission directive 2010/43/EU from day 1. July 2010

implementing the directive of the European Parliament and Council directive 2009/65/EC

on the organizational requirements, conflicts of interest, rules of conduct, risk management and

the contents of the Treaty between the depository and the management company.



2) § 623 (b). g) Act No. 240/2013 Coll. on investment companies

and investment funds.



3) section 633 of Act No. 240/2013 Sb.



section 93, paragraph 4). 4 Act No. 240/2013 Sb.



section 16, paragraph 5). 5 the first sentence of the law No. 240/2013 Sb.



section 16, paragraph 6). 4 Act No. 240/2013 Sb.



section 215, paragraph 7). 4 Act No. 240/2013 Sb.



§ 627, paragraph 8). 1 of law no 240/2013 Sb.



9) § 623 (b). and) Act No 240/2013 Sb.



10) § 626 law No. 240/2013 Sb.



11) § 623 (b). e) Act No. 240/2013 Sb.



12) § 623 (b). (b)) Law No 240/2013 Sb.



13) § 623 (b). f) of Act No. 240/2013 Sb.



section 93, paragraph 14). 3 of Act No. 240/2013 Sb.



15) European Parliament and Council Regulation (EC) No 1060/2009 of 16 January.

September 2009 on credit rating agencies, as amended.



16) European Central Bank Regulation (EC) No 24/2009 of 19 October.

December 2008 concerning statistics on the assets and liabilities of targeted financial

companies involved in securitisation transactions.



section 215, paragraph 17). 5 of law no 240/2013 Sb.



18) section 193 of the Act No. 256/2004 Coll., on business on the capital market, in

as amended.



section 16, paragraph 19). 5 the second sentence of the law No. 240/2013 Sb.



20) Commission Regulation (EC) No 1126/2008 of 3 June. November 2008

adopting certain international accounting standards in accordance with regulation

The European Parliament and of the Council (EC) No 1606/2002, IAS 39-Financial

instruments: recognition and measurement and IAS 40 investment property.



§ 627, paragraph 21). 3 of Act No. 240/2013 Sb.



section 100, paragraph 22). 2 part of the sentence for a semicolon to Act No. 240/2013 Sb.



23) Section 629 of the law No. 240/2013 Sb.



24) § 501 of the law No 89/2012 Coll., of the civil code.



§ 630, paragraph 25). 1 of law no 240/2013 Sb.