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.