244/2013 Sb.
The DECREE
of 24 June. July 2013
for further adjustment of certain rules of law on investment companies
and investment funds
The Czech National Bank provides under section 20 (2). 5, section 22, paragraph. 6, section 30
paragraph. 5, § 47 odst. 5, § 49 paragraph. 4, § 58 paragraph. 3, section 196, paragraph. 2, section 234
paragraph. 6, section 238, paragraph. 4, § 291 paragraph. 3, § 389 paragraph. 3, section 405, paragraph. 3, §
and § 478 paragraph 638. 3 of Act No. 240/2013 Coll. on investment
companies and investment funds:
PART THE FIRST
BASIC PROVISIONS
§ 1
The subject of the edit
This Decree incorporates the relevant provisions of the European Union ^ 1), at the same time
builds on the directly applicable European Union legislation ^ 2), and in more detail
modifies the
and qualitative criteria) the requirements for the management and control system
managers and the administrator or to a foreign investment fund
Investment Fund to the extent that it does not regulate directly applicable provision
The European Union, implementing the directive of the European Parliament and of the Council
regulating alternative investment Fund Manager ^ 2), pursuant to section 20 of the
paragraph. 5 and § 47 odst. 5 of the law on investment companies and
investment funds (hereinafter referred to as "the Act"),
(b)) procedures for determining the fair value of the assets and debts of the investment fund
under section 196, paragraph. 2 of the Act,
(c)) the requirements for qualitative criteria, procedures, rules, policies, and
obligations under the rules of the meeting managers and administrator
Investment Fund or to a foreign investment fund in the range,
that it does not regulate directly applicable provision of the European Union, which
implementing directive of the European Parliament and of the Council, governing the administrator
alternative investment funds ^ 2), pursuant to section 22 paragraph 1(b). 6 and § 49 paragraph. 4
the law,
(d) requirements to the content) of the provision and the disclosure of certain documents
under section 234, paragraph. 6, section 238, paragraph. 4, § 291 paragraph. 3, § 389 paragraph. 3, § 405
paragraph. 3, § and § 478 paragraph 638. 3 of the Act, and
e) rules for determining amount of capital pursuant to § 30 paragraph. 5 and § 58 paragraph. 3
the law.
§ 2
Definition of terms
For the purposes of this Ordinance means
and) identification data
1. the name, or names, surnames, date of birth, social security number, if
assigned address of residence or registered office, if different from the address
residence, the identification number of the person, if allocated, in the case of physical
the person, and
2. the trade name or name, registered office and identification number of the person, if it is
granted, in the case of a legal person,
(b)) information system functional unit, ensuring the acquisition,
processing, transmission, storage and sharing of information in any form,
(c)) the control body of the Supervisory Board, the Audit Commission, the Administrative Board in
control the scope of performance or other authority with a similar control
scope, depending on the legal form of a legal person, the
This is,
(d) the Organization Department, a group of people) or the person responsible for the performance of certain
the activities of the managers or administrator of an investment fund or
foreign investment fund, including the authority or Committee of this
managers or administrator, if it is established,
(e) the operating risk risk of loss) due to deficiencies or failure
internal processes, human error, or the managers or systems
the administrator of an investment fund or a foreign investment fund
or the influence of the external environment, including legal risks and documentation
and risks arising from shortcomings or failures of the rules for trading,
settlement and procedures for the valuation of assets and debt investment fund
or to a foreign investment fund,
(f) risk concentration risk) losses resulting from significant concentrations of
exposures, especially to one person or one group of economically related
^ 3 persons), or against a group of persons, where the likelihood of failure is
dependent on the common risk factor, especially the same type
economic sectors or parts of the geographical area of
the financial market, the type of property values, or the issuer of the investment
Tools,
g) risk risk of loss lack of liquidity, the ability to meet
financial commitments at a time when they become payable, including the risk that the
property value in the assets of an investment fund or foreign
the investment fund will not be able to sell or to compensate for the limited
costs and in a reasonably short time, and that it therefore will be compromised
the ability of an investment fund or a foreign investment fund
redeem units or shares of investment or comparable securities
papers or book-entry securities issued by foreign investment
the Fund,
(h) the counterparty risk risk of loss) arising from the fact that the counterparty
trade does not fulfil its obligations before final settlement of this trade,
I) the managing authority, statutory authority, the Management Board in the performance of the management
the scope or other body with similar management competence, in
Depending on the legal form of a legal person, that is,
j) risk of loss of market risk arising from changes in market prices,
interest rates and foreign exchange rates, including risks arising from fluctuations in the
the market value of assets in the assets of an investment fund or
foreign investment fund, which is due to changes in the market
variables, in particular interest rates, exchange rates, the market prices of
Securities and commodities or the credit rating of the issuer
the investment facility,
to a recognized standard and recognized) the proven principles and procedures
used in the performance of activities in the financial market, in particular the recommendations of the
issued by the European authority for the Securities and markets authority (ESMA), the European
by the Commission or by the international organisation of securities commissions (IOSCO).
PART THE SECOND
THE MANAGEMENT AND CONTROL SYSTEM IN MANAGERS AND ADMINISTRATOR
INVESTMENT FUND OR TO A FOREIGN INVESTMENT FUND
TITLE I OF THE
THE MANAGEMENT AND CONTROL SYSTEM IN MANAGERS AND ADMINISTRATOR
THE STANDARD OF THE FUND OR THE FUND'S EXTERNAL STANDARD
Part 1
General requirements
§ 3
The basic requirements for the management and control system
[To section 20, paragraph 1, point (a)) and § 47 odst. 1 (a). and) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
foreign investment fund comparable to the standard Fund
(hereinafter referred to as "foreign standard Fund") shall ensure that the requirements of the
established on the management and control system and procedures of the
managers and the administrator to their implementation and performance
other activities are reflected in the Organization of the order and other internal
This translates into higher provisions and the administrator and in the framework of the
regulated consolidated Group ^ 4). Obhospodařovatel and the administrator
the standard of the Fund or the Fund's external standard method
When receiving, change, implementation and application of the internal rules.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund in their internal regulations will be reflected
the General guidelines of the European authority for the Securities and markets and selected
recognised standards, unless their specific provisions in
contrary to the requirements of the legislation. Obhospodařovatel and the administrator
regularly check that the internal rules and the selected recognized
standards are still current and appropriate to the nature, scale and complexity of the
the activities to be performed.
(3) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure that all approval and
the decision-making processes and the related internal control activities, including
It was possible to reconstruct the rules. To ensure the security of this requirement
use retention system that obhospodařovatel and
the administrator of the Fund, or the standard standard foreign Fund
It will establish, maintain and operate as part of its information system.
§ 4
Ensure the performance of each of the activities of another person
[To section 20, paragraph 1, point (a)) and § 47 odst. 1 (a). and) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure that, in the context of the mandate
another performance of each activity, which does not include the management and
administration of investment fund or foreign standard Fund
and) were the activities which are the subject of the credentials of the other, in accordance with the
the relevant law, the Statute of the Fund and the standard
a comparable document for foreign Fund and internal standard
provisions,
(b)) was not limited to the fulfilment of reporting obligations to the Czech national
the Bank, exercising supervision, including any checks facts
subject to supervision in the other, and the audit of the accounts and the
further validation provided for by the legislation,
(c)) have not been affected by the assumptions for the proper and prudent exercise of business
This translates into higher and the administrator,
(d)) has not been compromised the rights of participants or shareholders of standard Fund
or foreign standard Fund and
(e)) was laid down rules of control activities, which are subject to
other credentials, including a possible check of the facts relating to the
credentials of another directly at him.
(2) If obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund commissioned another performance of individual
activity that does not include the management and administration of the investment
the Fund or the Fund's external standard, the provisions of section 24, paragraph. 2 and section
paragraph 51. 2 of the Act apply mutatis mutandis.
§ 5
The performance of the activities of the Organization
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
Obhospodařovatel and the administrator of the Fund or to a foreign standard
the standard lays down the working Fund organizational departments, so that the
to promote the proper and prudent exercise of activity and enable the effective
communication and cooperation at all levels.
§ 6
The management of conflicts of interest and incompatibilities of functions
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
standard investment fund shall ensure that
and early identification of area) of the conflict of interest and the area of its possible
the creation,
(b) the Organization departments at all) management and organizational levels
set out the powers, scope and responsibility to sufficiently
avoid the emergence of potential conflict of interest,
(c) compliance with the procedures for discovery) and the management of conflicts of interests (articles 26 to 28)
and
(d)), the area of conflict of interest and areas of possible occurrence of a subject
ongoing independent monitoring.
(2) Obhospodařovatel standard Fund or foreign standard
the Fund carries out independently to manage the assets of the Fund or the standard
Foreign standard Fund
and the settlement agreed on) financial markets,
(b)) the control of compliance of data about the stores agreed on financial markets,
the actual status and the Elimination of irregularities detected (rekonciliace)
(c)) risk management
(d) the approval and monitoring of compliance with) the limits for risk management and
(e)) the creation of quantitative and qualitative information on the risks
reported to the inspection or the managing authority managers.
(3) if the obhospodařovatel standard of the Fund or foreign
the standard also performs the standard administration of the Fund the Fund or
Foreign standard, independently of the management of the Fund's assets and management
the risks of these funds also
and approved procedures for valuation) property and debts of these funds,
(b) assets and debts) of these funds and
(c)) the current value of the securities is calculated or zaknihovaného
securities issued by these funds.
(4) the administrator of the Fund or to a foreign standard standard
the Fund conducts risk management, independently of the activities referred to in paragraph
3 (b). and (c)).)
(5) the Fund or foreign Obhospodařovatel standard standard
the Fund will ensure up to the level of the management authority of the separation of powers of the United
with the management of asset management fund or foreign standard
the standard of the Fund from the powers associated with risk management and settlement
and rekonciliací deals agreed in the financial markets.
(6) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure appropriate independence of the performance
due to the nature of internal controls, the subject and the importance of checks and
avoidance of conflict of interest in arranging for all the control mechanisms
including the compliance function; the internal audit function is independent of the
all activities associated with the management and administration of these
the funds.
section 7 of the
The inspection authority
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure that its supervisory authority
and) oversaw and at least once a year to determine the effectiveness, coherence and
the adequacy of the management and control system,
(b)), regularly acted on matters that relate to the strategy
This translates into higher and business administrator,
(c)), regularly acted on the streamlining of the risks to which they are or could be
This obhospodařovatel, or exposed to the administrator,
(d)) was involved in the direction, planning and evaluation activities
the internal audit and evaluation of compliance (section 18) and
(e)) expressed in advance to the draft of the management authority of managers and
the administrator of the Fund, or the standard standard foreign Fund
on the credentials of the natural or legal person the performance of the risk management function,
the internal audit or compliance function and to design their appeal;
in the event that the performance of the functions of risk management, internal audit, or function
compliance provides managers and the administrator in the framework of more
natural persons, the control authority only to the design of the credentials
or the appeal of the head of the competent organizational unit.
(2) Obhospodařovatel standard Fund or foreign standard
the Fund shall ensure that its supervisory authority regularly acted on
matters relating to the standard of the Fund investment strategy
or foreign standard Fund and risk management, which are or
can be standard Fund or foreign standard Fund exposed.
(3) If it is part of the management and control system of managers
the standard of the Fund or the Fund's external standard system
the remuneration of persons [section 665, paragraph 3 (b)) of the Act], this obhospodařovatel
shall ensure that the inspection body approved and regularly follow up
the system of remuneration of persons whose activities in the performance of their
employment, profession or functions have a significant influence on the risks to which
may be exposed to this obhospodařovatel or managed
the standard Fund or foreign Fund, and their standard of peace, if
This is not within the competence of the Supreme authority of managers.
For a more detailed definition of certain requirements for remuneration is shown in
Annex No 1 of this order.
The managing authority
§ 8
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
Obhospodařovatel and the administrator of the Fund or to a foreign standard
the standard Fund shall ensure that its governing body to ensure that the creation of a
and evaluation of the management and control system and the permanent maintenance of its
functionality and efficiency. To fulfill this requirement, the obhospodařovatel and the
the administrator of the Fund, or the standard standard foreign Fund
progresses so as to always ensure the managing authority
and) compliance of the management and control system with laws, regulations,
(b) the sufficiency of the information) and effective communication in the performance of activities
managers and the administrator of the Fund or to a foreign standard
the standard of the Fund,
(c) determining the overall strategy including) sufficiently specific
the assumptions, principles and objectives of its fulfillment,
(d)) the functioning of the internal control system,
(e) establishing the principles for staffing) equipment, including guidelines for the selection,
remuneration, evaluation and motivating people, use
obhospodařovatel and the administrator of the Fund or to a foreign standard
the standard of the Fund carries out its activities,
(f) determination of the requirements) the knowledge and experience of the persons that
obhospodařovatel and the administrator of the Fund or to a foreign standard
the standard of the Fund carries out its activities, and the mode of proof
the required knowledge and experience and a way of validating that knowledge and
the experience of these individuals are still appropriate to the nature, complexity and
the range of activities carried out by them,
(g)) the establishment of rules to formulate ethical principles and the expected
models of behavior and conduct of persons, that obhospodařovatel and
the administrator of the Fund, or the standard standard foreign Fund
shall carry out its activities, and the promotion and
h) the application of proper procedures and the performance of the activities of such procedures
the proceedings that lead to the avoidance of undesirable activities, in particular
1. prioritise short-term results and objectives, which are not in accordance with the
the implementation of the overall strategy,
2. the remuneration system, which is disproportionately dependent on the short
performance, or
3. the procedures, which allow the abuse of resources, or covering up the shortcomings.
§ 9
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure that its governing body
and approved and regularly follow up)
1. business strategy,
2. organizational arrangements
3. strategy related to capital and capital adequacy,
4. strategy for the development of the information system,
5. the risk management strategy,
6. the principles of the system of internal control, including the principles for preventing the emergence of
the possible conflict of interests and principles for the compliance,
7. safety policy, including the security policy for information
system and
8. strategic and periodic internal audit plan,
(b)) oversaw the implementation of the strategies and policies approved by it,
(c)) properly and in time follow up with regular reports and special findings,
including the information that is submitted by an auditor ^ 5) or authorities
supervision; on the basis of the evaluation referred to the managing authority adopts a
appropriate measures, which are carried out without undue delay, and
(d)), regularly acted on matters relating to the management and
control system, and at least once a year to determine the effectiveness,
the consistency and adequacy of management and control system and ensure
any action to correct the shortcomings identified in this way.
(2) Obhospodařovatel standard Fund or foreign standard
the Fund will ensure that the Governing Body approve and regularly
follow up
and the standard of the Fund's investment strategy) or foreign
the standard of the Fund and
(b)) a system of limits, the obhospodařovatel, in particular in relation to the
obhospodařovanému standard Fund or foreign standard
the Fund will be used for limiting the risks, in the market for risk,
operating, concentration, and lack of liquidity.
§ 10
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
Obhospodařovatel and the administrator of the Fund or to a foreign standard
the standard further Fund shall ensure that its governing body to ensure that
in particular, the
and the implementation of the approved strategies and) policy and translates into higher and
the administrator of the Fund, or the standard standard foreign Fund
including ensuring the elaboration of procedures for their implementation and
daily management of the managers and the administrator,
(b)) and effective maintenance of the organizational arrangements, including the
segregation of incompatible functions and preventing the emergence of a potential conflict of interests
and
(c)) to create, maintain, and implement a functional and effective system
acquisition, use, and retention of information.
Information and communication
§ 11
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure that the appropriate organisational
departments should for their decision making and further specified the activities available
up-to-date, reliable and comprehensive information.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure that its governing body was without
undue delay shall be informed of all the facts, which could
significantly adversely affect the financial position of the managers
and the administrator.
(3) Obhospodařovatel standard Fund or foreign standard
the Fund will ensure that the managing authority shall without undue delay
informed of the
and all the facts that) could significantly affect the
the financial situation of the Fund or to a foreign standard standard
the Fund, including the effects of changes in the internal or external environment and
(b)) any excesses against compliance with the accepted rate
risk managers and risk profile of the Fund or the standard
Foreign standard Fund, in that always risks, market, operating
concentration, and lack of liquidity.
(4) Obhospodařovatel the standard Fund or foreign standard
the Fund will ensure that its governing body at least once a year
informed of the
and how standard) compliance with the investment of the Fund or foreign
the standard of the Fund,
(b) the extent of risks assumed)
(c)) the performance of the capital requirements (sections 29 to 32 of the Act).
§ 12
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund
and) lays down the conditions of access of the persons which carries out its activities,
to the information system and the data recorded in it, the range of access
rights and the process of their establishment, including the method of deciding the scope of the
the rights of individual persons and their changes
(b)) shall lay down the conditions under which they will be stored in the information system
the data associated with the stores and services provided and
carried out their holiday adjustments, conditions for the handling of such data, and
ensuring easy traceability of their original content and made
editing,
(c)) provides the protection of the information system against damage and before
access and interference by unauthorized persons; in case of damage
the information system will ensure that the reconstruction of the data.
(2) Obhospodařovatel standard Fund or foreign standard
the Fund keeps the data from the information system so that they could have the Czech
National Bank of easy way to reconstruct all of the key stages
the processing of each trade, asset management standard
Fund or foreign standard Fund and find out their original
the contents before repairs or changes.
section 13
Provision of information for the purposes of exercising supervision
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund takes and maintains a system for creating,
inspection and provision of information to the Czech National Bank, so that the
provide information currently, reliably, and seamlessly.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund will establish, maintain and apply mechanisms
internal controls to ensure the completeness and accuracy of all calculations,
the information, statements and other information provided by the Czech National Bank
regularly or on request.
(3) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund will ensure that the process of creating and
the provision of information from the Czech National Bank pursuant to paragraph 2 was
rekonstruovatelný for at least five years.
§ 14
The basic requirements for the risk management system
[To section 20, paragraph 1, point (b) (c)) and § 47 odst. 1 (a). (c)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure recognition of the risks to
ensure all activities and all of the management and organizational
levels and to allow for the detection of new, unidentified
the risks.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure that the risk management system
provides non-distorted picture of the extent of risk assumed.
(3) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund risk management takes into account all
significant risks and risk factors, which are or may be
obhospodařovatel, administrator, standard and foreign Fund
the standard Fund. Risk management takes into account the internal and external
factors including strategy, business managers and the administrator,
the investment strategy of the Fund, managed by the standard or
Foreign standard Fund, the effects of the economic environment and the cycle and
the effects of the regulatory environment. Risk management takes into account the quantitative and
qualitative aspects of risk management options, and the real costs and
the proceeds resulting from risk management.
§ 15
Risk management strategy
[To section 20, paragraph 1, point (b) (c)) and § 47 odst. 1 (a). (c)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
the standard provides for foreign Fund in your risk management strategy
primarily
and the definition of the risks to which) is or may be obhospodařovatel, it
managed fund and standard standard foreign Fund, and this
the administrator is exposed,
(b) the principles for the assessment of significance) of the risks in terms of their management,
(c) the management of each of the species) the principles of risk,
d) methods for risk management,
(e)) its an accepted level of risk, in the case of managers
the standard of the Fund or the Fund and foreign standard risk
profile of managed funds
(f)) policy for the Assembly and adjustments to the contingency plan, in case of risk
the lack of liquidity,
(g) the principles for defining the permissible) assets, currencies, countries,
geographical areas, markets and counterparties and
h) policy for the reporting of risks incurred and their management
the managing authority and the inspection body.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure that all persons using the
which carries out its activities, whose activity has an impact on risk management,
with the approved strategies were identified, to the extent necessary and
Act in accordance with this strategy and the resulting procedures and
limits.
(3) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure that the Czech National Bank were
notified without undue delay of any substantial changes in the management system
the risks.
section 16 of the
Risk management
[To section 20, paragraph 1, point (b) (c)) of the Act]
(1) the risk management standard in the obhospodařovatel Fund
and takes the risk measuring procedures) so that risks and their impact on the
the risk profile of the standard Fund have been accurately measured on the basis of the
trusted and reliable data, which does not emanate exclusively from
external ratings or their mechanical transposition, and to procedures
measuring risks were properly documented; If it is a
appropriate to the nature, scale and complexity of the risks incurred, uses
for advanced risk measurement techniques, which include the value of the method in
risk (value at risk-VaR),
(b)) shall carry out regular back-testing in order to check the validity of the
methods for the measurement of risk,
(c)) performs regular stress testing and scenario analysis possible
development in order to capture risks arising from possible changes in the market
the conditions, which could have a negative impact on the standard Fund
(d)) shall establish, maintain and operate a documented system limits for restrictions
the risks for each of the standard Fund, taking into account any risks which
they may have crucial importance for a standard pool, and in accordance with risk
the standard profile of the Fund,
(e)) shall ensure that the current level of risk was in accordance with the system of limits
to limit the risks, and
(f)) creates, and maintains appropriate procedures, which in the case of
actual or anticipated breach of the limits for the reduction of risk
the standard Fund shall ensure timely corrective measures.
(2) Obhospodařovatel standard for collective investment fund
applying such procedures lack of liquidity risk management, which
to ensure that this Fund is able at any time to purchase units under the
section 131 of the Act and the investment shares under section 163, paragraph. 2 of the Act.
Obhospodařovatel standard Fund performs stress testing
enabling the assessment of the risk of insufficient liquidity of the investment
the Fund in exceptional circumstances.
(3) Obhospodařovatel standard Fund will ensure that the way of investing
and the risk profile of the Fund in terms of liquidity is adequate
the rules laid down in the Statute of the Fund sale or statutes.
(4) in the risk management of the Fund's external standard progresses his
obhospodařovatel referred to in paragraph 1 apply mutatis mutandis. In the risk management
Foreign standard Fund, which is comparable with the open
mutual fund or with the joint-stock company with basic variables
capital, it shall proceed to their obhospodařovatel in accordance with paragraphs 2 and 3
Similarly.
§ 17
The basic requirements for internal control
[To section 20, paragraph 1, point (b) of point 1 (d)) and § 47 odst. 1 (a). (d) point 1 of the law)]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund takes and maintains the internal rules
control, which applies to all management and organizational levels.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure that inspection activities were
part of the normal, daily activities and generally include, in particular,
and management control in the performance) obligations of the child entities
performed by their superiors,
(b) appropriate control mechanisms) for individual processes, in particular
1. monitoring of compliance with laws and internal regulations and limits,
2. check the approval and authorization of shops over the limits,
3. control over activities and shops
4. the verification of the details of the shops,
5. outputs used authentication systems and methods for risk management,
6. the regular transaction reconciliation and
(c) a physical check that) focuses in particular on restricting access to
tangible property, investment tools and other financial assets, and on the
regular inventory of assets.
section 18
Compliance
[To section 20, paragraph 1, point (b) (d)), point 2 and § 47 odst. 1 (a). (d) section 2 of the Act)]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund will establish, maintain, and apply the principles and
procedures for ensuring compliance, whose aim is in particular to ensure the
and compliance with the internal regulations) of the legislation,
(b)) the consistency of the internal rules and
(c) the compliance of all activities) the laws and internal regulations.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign Fund shall ensure continuous standard compliance monitoring
legal obligations and the obligations resulting from their internal
legislation, including the follow-up of compliance with the obligations
managers and the administrator of the Fund or to a foreign standard
the standard of the Fund arising from the Statute of the Fund or of the standard
the comparable document of the foreign standard of the Fund and of the Contracting
relationships (compliance function).
(3) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure
and informing the management authority of that) translates into higher and
the administrator of the nesouladech, where appropriate, the supervisory body
This translates into higher and administrator of all identified
major nesouladech,
(b) inform the relevant management levels) on upcoming or new
the legislation, the guidelines of the European authority for the valuable
Securities and markets and standards relating to the activities of this
managers and the administrator and
(c) providing other relevant information), related to the activities of the
compliance, the managing authority and, where appropriate, the inspection authority of the
managers and the administrator specifically about whether she was taken
the corresponding corrective measures in case of discovered of significant
inconsistencies.
(4) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund lays down the principles and procedures for the
ensuring compliance to seamlessly and Spa cover all
their activities.
§ 19
Internal audit
[To section 20, paragraph 1, point (b) (d)) point 3 and § 47 odst. 1 (a). (d) section 3 of the Act)]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure that the internal audit is subject to
in particular, the
and compliance with the rules) sound and prudent exercise of the activities of this
managers and administrator
(b) compliance with internal rules of this) managers and
the administrator,
(c)) risk management system and internal control,
(d)) financial management and valuation of assets and debts,
e) completeness, relevance and accuracy of the accounting,
f) reliability of financial, statistical and other information, including the
information provided by the authorities, and this translates into higher
the administrator and
(g)) the functionality and security of the information system including reliability
system of compilation and reporting of the Czech National Bank.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall ensure that in the performance of the internal
the audit were always carried out these activities
and risk analysis) built, and at least once a year,
(b)) built a strategic and periodic internal audit plan,
(c)) created and maintained a system of monitoring the corrective measures imposed by the
on the basis of the findings of the internal audit and
(d) evaluate the functionality and effectiveness of) the management and control system,
and it at least once a year.
(3) a person who carries out the function of internal audit shall inform the
the established facts, the managing authority and the monitoring authority
managers and the administrator of the Fund or to a foreign standard
the standard of the Fund, and in the case of a finding, which may be an important
way affect the financial situation of the managers,
the administrator, the standard Fund or foreign standard
the Fund shall give rise to the extraordinary meeting of the supervisory authority.
Part 2
Additional requirements for the management and control system
section 20
Records of the communication
[To section 20, paragraph 1, point (a)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund adjusts the
and the use of communication devices), and that at least the reservation
certain telephone lines, or other communication devices, for
related activities carried out by the shops and the services provided,
including the communication between the maturity or the administrator and
the depositary and with another person under section 23 and 50 of the Act, and taking
records of communication on these phone lines, or other
communication facilities and
(b) the particulars of the record referred to in (a)) and that they are at least), the date and
the time of the communication, the identification data of the sender and the recipient, if they are
available, and the contents of a transmitted message; obhospodařovatel and the administrator
the possibility of acquisition of complete records on communication listings
dedicated telephone lines, or other communication
facilities, and the possibility of capturing the output of the recording equipment.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund shall keep records in accordance with section 24, paragraph. 1 and section
25 paragraph. 1 for at least five years from the time of the trade, or
order; This is also true for the person whose authorisation to investment activities
the company, a government investment fund, or the main
the administrator was withdrawn or died, as well as for its legal
the successor. Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall keep records of communication according to
paragraph 1, and the documents and information necessary for the monitoring of compliance with the limits
laid down the law for at least five years from the date of their
acquisition.
section 21
The rules for the handling of complaints and complaints
[To section 47, paragraph 2 (b), (d)) and § 49 paragraph. 3 (b). (e)) of the Act]
The administrator of the Fund, or the standard standard foreign Fund
and) creates, and maintains effective and transparent procedures for the
a proper, free and fast handling of complaints and claims of the participants
the shareholders of the Fund or the standard or persons in a comparable position
Foreign standard Fund
(b)) on the website of the standard Fund or
Foreign standard fund rules for the handling of return
complaints and claims of the shareholders, the shareholders or persons and
(c)) keeps records of complaints and claims of the shareholders,
shareholders or persons and the measures adopted on the basis thereof.
section 22
Personal transactions
[To section 20 (2) (a). m) and section 22, paragraph. 2 (a). (d)) of the Act]
(1) for the protection of internal information under section 124 of the Act governing
business on the capital market and the prevention of conflicts of interests, in particular between
persons with a special relationship to the obhospodařovateli the standard Fund
or foreign standard Fund (section 22, paragraph 4, of the Act)
obhospodařovatel standard Fund or foreign standard
the Fund
and persons) to determine a special relationship to the obhospodařovateli standard
Fund or foreign standard Fund and other persons
1. carrying out the activities, which may imply a conflict of interest,
2. have obtained or may obtain internal information or
3. have access to confidential information about the standard or pool
the international standard of the Fund or its stores,
(b) adopt measures to prevent the person) under (a)) close personal
trade pursuant to section 22 paragraph 1(b). 2 (a). (d)) of the Act, if it
1. use internal or other confidential information or could be
their unauthorized disclosure, or
2. could be violation of other obligations of the managers
laid down by law,
(c)) shall ensure that the person referred to in subparagraph (a)) nenabádala or nevyzývala
another to trade outside the framework of the performance of their duties, if
would
1. not alone shall be entitled to personal trade referred to in subparagraph (b)), or
2. When this trade could be used for information about nevypořádaném
trade standard Fund or fund or foreign standard
another customer,
(d)) shall take measures to prevent any person with a special relationship to the
obhospodařovateli standard Fund or foreign standard
the Fund, to beyond the normal performance of their duties,
provided to another person information or opinions, if he knows or should
normal circumstances, should know that this person can
1. the information provided is used to close a personal trade by
(a) (b)), or (c)), item 1 or 2, or
2. the next person to guide or call for the conclusion of the trade referred to in point
1,
e) secures the inform a special relationship to the obhospodařovateli
the standard of the Fund or the Fund's foreign standard about the limitations in the
relation to their personal business,
(f)), to the persons referred to in point (a)) to notify to the personal
the shops without undue delay; in the case of a person that
obhospodařovatel commissioned performance of each activity requires that the
This person has led recording personal transactions concluded by a person,
a special relationship to the obhospodařovateli standard of the Fund or
Foreign standard Fund and provided on request without undue
delay this registration obhospodařovateli, and
(g)) keeps records of
1. the notified or otherwise identified personal transactions referred to in subparagraph (f)), and
2. any authorisation or prohibition of personal trades.
(2) the rules referred to in paragraph 1 shall not apply to personal stores
and asset management) performed in persons referred to in paragraph 1 (b).
and), if between the maturity of the portfolio and this person did not
previous communications on trade, or
(b)) or book-entry securities securities issued
the standard Fund, a foreign fund or any other Fund of the standard
collective investment undertakings, that invests on a comparable principle
the layout of the risk, and is subject to supervision in the Member State, unless the person
referred to in paragraph 1 (b). and asset management) involved in such
the Fund.
section 23
The principles for the exercise of voting rights
[To section 20 (2) (a). m) and section 22, paragraph. 2 (a). I) of the Act]
(1) the Fund or foreign Obhospodařovatel standard standard
the Fund shall establish proportionate and effective principles for the exercise of voting rights
associated with the participating securities in the assets of these funds so that the
These rights are exercised solely in favour of the standard
the Fund or the Fund's external standard.
(2) the principles referred to in paragraph 1 shall include the procedures for the
and monitoring of important events in) companies or other legal
the person,
(b)) exercise of voting rights in accordance with the investment strategies of the
the standard of the Fund or the Fund and foreign standard
(c)) the prevention or management of conflicts of interest that arise from the exercise of
of the voting rights.
(3) a summary description of the principles referred to in paragraph 1 obhospodařovatel
the standard of the Fund or the Fund shall make available to foreign standard
owners of securities or book-entry securities issued by
the standard Fund or foreign standard Fund on the Internet
the pages of these funds and shall ensure that the details of the exercise of voting
the rights were available free of charge to the owners of these securities to their
request.
section 24
Registration of business relating to the assets managed by the
the standard of the Fund and foreign standard Fund
[To section 20, paragraph 2, point (b) (i)) of the Act]
(1) the Fund or foreign Obhospodařovatel standard standard
the Fund shall carry out without delay in the register under section 20 (2). 2 (a). I) Act
the record about the details of the order and executed the trade.
(2) the record referred to in paragraph 1 shall include, if the nature of the case does not preclude
These data
and the identification data of the standard Fund) or a foreign
the standard Fund, if it is not a legal person, only the description,
(b)) identification of investment instruments or other assets
the values which were the subject of the order or carried out by the trade,
(c) the quantity of investment instruments) or other assets,
d) type order or carried out by the trade,
(e)) the price indicated in the order or trade,
(f) the date and time of transfer) instruction, and the identification data of the person, which was
instruction passed,
(g)), the date and time of execution of the decision of the trade and the date and time of its
the implementation,
h) identification data of the person who transmitted the instruction or conducted business,
even in the case of revocation of the order) of the reasons for the appeal and the
(j) the identification of the counterparty) carried out by the trade and transfer
space.
§ 25
Registration for the subscription, the issue and sale of securities and
book-entry securities issued by the Fund and the standard
international standard Fund
[To section 47, paragraph 2, point (b) (j)) of the Act]
(1) the administrator of the Fund or to a foreign standard standard
the Fund carries out immediately upon receipt of the order in the register pursuant to § 47 odst.
2 (a). j) of the Act to record information on the details of the order.
(2) the record referred to in paragraph 1 shall include, if the nature of the case does not preclude
These data
and the identification data of the standard Fund) or a foreign
the standard Fund, if it is not a legal person, only the description,
(b)) identification data of the person who commissioned and handed over to the subscription,
issue or redemption,
(c) the person's identification data), which adopted the guideline for underwriting, release
or purchase,
(d) the date and time of receipt),
(e) the terms of payment and payment) of funds related to the guidance,
(f)), type
(g) the date of execution of the order),
(h)), the number of subscribed, issued or redeemed the securities or
book-entry securities issued by the Fund or standard
Foreign standard,
I) the unit price at which was subscribed, issued or repurchased valuable
paper or zaknihovaný paper published standard or pool
Foreign standard,
(j)) of the total price, for what have been subscribed for, issued or repurchased securities
papers or book-entry securities issued by the Fund, or standard
the international standard, and
the value of the order) on a gross basis, which includes the total price
According to the letter j) with surcharge associated with underwriting or release of security
paper or zaknihovaného of a security issued by a standard Fund
or foreign standard Fund, or the value of the order in the net
representation that includes the total price referred to in point (j)) after the deduction of
rainfall associated with the repurchase of the securities or securities zaknihovaného
the paper published by the standard Fund or foreign standard
by the Fund.
section 26
Detection and management of conflicts of interest
[To section 20, paragraph 2, point (b) (c)) and § 47 odst. 2 (a). (c)) of the Act]
(1) if it is obhospodařovatel, and the standard of the Fund Administrator, or
foreign member of the Fund, the business standard group by
Act relating to commercial companies and cooperatives, detects and controls
conflicts of interest under section 20 (2). 2 (a). (c)) of the Act or section 47, paragraph. 2 (a).
(c)) of the Act also with regard to all foreseeable circumstances that
may cause a conflict of interest as a result of the structure of the business
Group and business of its members.
(2) If, despite the measures taken pursuant to article 20 (2). 2 (a). (c)) of the Act
or § 47 odst. 2 (a). (c)) of the Act cannot be reliably prevent the adverse
the impact of conflict of interests to the interests of the unit-holders or shareholders of standard Fund
or persons in a comparable position of foreign Fund, standard
obhospodařovatel and the administrator shall ensure that the standard of the Fund or
Foreign standard Fund, to be informed promptly of the Governing
This translates into higher authority and administrator. The managing authority of the
managers and the administrator shall take the necessary measures to ensure that the
This obhospodařovatel and the administrator had acted at all times in the
the best interests of the unit-holders or shareholders of standard Fund or persons
in a comparable position of foreign standard Fund.
(3) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund simultaneously with informing the management authority
referred to in paragraph 2 shall notify the information on the nature or sources of conflicts of interest
the owner of the securities issued by the Fund or standard
international standard Fund, in the case of a standard or pool
Foreign standard Fund, which is a legal person, only
This Fund. Government standard and its administrator shall notify the Fund
This information to the owner of securities issued by this Fund.
(4) Obhospodařovatel and the administrator of the Fund, or standard
the standard will provide the owner of the foreign fund securities
published by the standard Fund or foreign standard Fund
the information referred to in paragraph 3 in a durable medium of information ^ 6) and in the range,
This will allow the owner of securities duly take account of the clash
of interest related to the activities of the managers and the administrator.
section 27 of the
The detection and assessment of conflicts of interests
[To section 20, paragraph 2, point (b) (c)) and § 47 odst. 2 (a). (c)) of the Act]
(1) in the detection and assessment of conflicts of interests in the context of its
the activities of obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund will take into account whether the person in a conflict of
the interests of the
and can obtain financial benefit) or to avoid financial loss on the
the expense of the unit-holders or shareholders of the Fund or those in standard
a comparable position of foreign Fund, standard
(b)) has a distinct interest in the outcome of the services provided by the standard Fund
or a foreign fund or a standard transaction
carried out on behalf of or for the account of the Fund or to a foreign standard
the interest of the unit-holders of the standard from the Fund, the shareholders or persons in
a comparable position of these funds,
(c)) has incentive to favor the interest of the unit-holders or shareholders of the standard
Fund or persons in a comparable position of foreign standard
the Fund before the interests of the unit-holders or shareholders of another standard Fund
or persons in a comparable position of foreign Fund, standard
(d)) similar obhospodařovatel activity as a standard Fund
or foreign standard Fund and
e) receives or will receive from other than standard or pool
Foreign standard Fund, an incentive under section 22(2). 5 of the Act in
connection with the service standard of the Fund or foreign
the standard of the Fund, and this incentive does not represent the normal remuneration for
provided by the service.
(2) Obhospodařovatel, and the standard of the Fund Administrator, or
Foreign standard Fund on always
and) to determine the circumstances in relation to specific services and
activities, which provides the obhospodařovatel and the administrator or
the other person on their behalf or for their account, may lead to conflict of
interests, which represents a substantial risk of damage to the interests of the
the standard of the Fund unit-holders or shareholders or persons in a comparable
the position of the foreign standard of the Fund (hereinafter "the essential clash
of interests "),
(b)) shall specify the procedures and measures to control the essential conflicts of interest
and
(c)) the current leads the registration services provided, from which arose or
a substantial conflict of interest may arise.
section 28
A substantial conflict of interest management
[To section 20, paragraph 2, point (b) (c)) and § 47 odst. 2 (a). (c)) of the Act]
(1) Obhospodařovatel and the administrator of the Fund, or standard
Foreign standard Fund shall ensure that persons with special
relation to this obhospodařovateli and the administrator that
involved in the performance of services, with which it is associated with significant conflicts of interest,
carry out their activities with such a degree of independence that is
proportionate to the nature, scale and complexity of the activities of the
managers and the administrator and the business to group by
Act relating to commercial companies and cooperatives, to which it belongs,
and the severity of the risk of damage to the interests of the Fund and the standard
Foreign standard Fund.
(2) the procedures for the management of significant conflicts of interest, which will lead to
the independence of the security referred to in paragraph 1, in accordance with the circumstances of the particular
the situation includes
and) effective procedures to prevent or control the exchange of information between the
persons with a special relationship to this obhospodařovateli and
the administrator, if the information is linked to the risk of conflict of interest
and if the exchange of information could harm the interests of the unit-holders or
the shareholders of the Fund and the standard of those in a comparable position
Foreign standard Fund
(b) an independent check of the persons) a special relationship to this
obhospodařovateli and the administrator, which are involved in the implementation of the
services for the standard Fund and foreign standard Fund, whose interests,
or the interests of the persons for which they carry out activities, they may be in the mutual
of conflict,
(c) the avoidance of any direct links) between reward persons with special
relation to this obhospodařovateli and an admin mainly
performing a certain activity and reward, or income of another person,
a special relationship to this obhospodařovateli and the administrator
practising different, if in respect of such activities may
give rise to a conflict of interest,
d) such measures, which prevent unauthorized execution options
or nedůvodného influence on the way that a person with a special relationship to the
This obhospodařovateli and the administrator ensures the provision of
services,
(e)) the measures that will prevent a person with a special relationship to this
obhospodařovateli and the administrator, in order to participate in the provision of
the service, if it could be a threat to the proper management of conflicts of
interests, or ensure that the monitoring of this activity so as to compromise the proper
the management of conflicts of interest, and
(f)) for more appropriate measures, if the measures taken pursuant to points) to (e))
do not provide the necessary degree of independence referred to in paragraph 1.
TITLE II
THE MANAGEMENT AND CONTROL SYSTEM IN MANAGERS OF AUTHORISED SHALL NOT EXCEED
A DETERMINED LIMIT, AND IT OPERATED THE SPECIAL ADMINISTRATOR
THE FUNDS, THE FUNDS FOR QUALIFIED INVESTORS AND COMPARABLE FOREIGN
INVESTMENT FUNDS
section 29
General guidelines and selected recognized standards
[To section 20, paragraph 1, point (a)) and § 47 odst. 1 (a). and) of the Act]
Obhospodařovatel true exceed the limit and the decisive administrator
managed by a special fund, the pool of qualified
investors or a comparable foreign investment fund progresses
According to § 3 (2). 2 by analogy.
section 30
Conflict of interest
[To section 20, paragraph 1 (b)) and § 47 odst. 1 (a). (b)) of the Act]
(1) Obhospodařovatel legitimate exceed the limit and the decisive
the administrator of the Fund, managed by the Special Fund
qualified investors or a comparable foreign Fund
complies with the rules set out in section 6, by analogy with the fact that in the further progresses
in accordance with articles 30 to 35 and 37 directly applicable regulation in the European Union,
supplementing the directive of the European Parliament and of the Council of the Governing
alternative investment Fund Manager ^ 2).
(2) If, despite the measures taken pursuant to article 20 (2). 2 (a). (c)) of the Act
or § 47 odst. 2 (a). (c)) of the Act cannot be reliably prevent the adverse
the impact of conflict of interests to the interests of shareholders, members or off beneficiaries
the Special Fund or a Fund of qualified investors
managed maturity should not exceed the authorised firm
limit, notify the administrator of this obhospodařovatel and information about the Fund
the nature or source of conflicts of interest to the shareholders, partners or beneficiaries
This Fund before it executes a trade on account of the Fund, to which
reflected in its internal regulations of appropriate policies, rules and procedures.
In the next procedure referred to in article 36 of regulation directly applicable
the Union, which complements the directive of the European Parliament and of the Council
regulating alternative investment Fund Manager ^ 2).
section 31
Risk management
[To section 20, paragraph 1, point (b) (c)) of the Act and § 47 odst. 1 (a). (c)) of the Act]
(1) shall not exceed the limit authorized Obhospodařovatel decisive respects the
the rules set out in sections 14 to 16, by analogy with the fact that regularly, at least
However, once a year, review the risk management system and, if necessary,
It regulates. In the next procedure referred to in articles 38 to 49 directly
the applicable regulation in the European Union, which shall be added to Directive
The European Parliament and of the Council governing the alternative Manager
investment funds ^ 2).
(2) the administrator of the Special Fund, the Fund for qualified investors
or a comparable foreign investment fund, whose
obhospodařovatel is entitled to exceed the determined limit, adheres to the
the rules set out in sections 14 and 15 of the analogy.
§ 32
The remuneration system
[To section 20, paragraph 2, point (b) (j)) of the Act]
Obhospodařovatel must not exceed the limit of authorized firm shall ensure that its
control authority approved and regularly evaluate the remuneration system
persons whose activities in the exercise of their employment, profession or
functions have a significant effect on the risk that you may be exposed to this
obhospodařovatel or managed special fund or Fund
qualified investors, or comparable foreign investment fund,
and their peace, if this is not within the competence of the Supreme authority.
For a more detailed definition of certain requirements for remuneration is shown in
Annex No 1 of this order.
section 33
The rules for the handling of complaints and claims the unit-holders and shareholders
[To section 47, paragraph 2 (b), (d)) of the Act]
The administrator of a special fund or a comparable foreign
Investment Fund, whose obhospodařovatel is entitled to exceed the
a determined limit, proceed according to section 21, mutatis mutandis.
PART THE THIRD
THE VALUATION OF THE ASSETS AND DEBTS OF THE INVESTMENT FUND
§ 34
The determination of fair value in specific cases
[To section 196, paragraph 2, of the law]
(1) the fair value of the securities or the securities zaknihovaného
issued by the issuer shall be equal to zero, if the bankruptcy was initiated
the management of the assets of the issuer and the procedure has not yet ended, or the Court of
rejected a proposal for its lack of insolvent assets ^ 7), or has been
issued a similar decision under foreign law.
(2) the basis for determining the fair value of accounts receivable, which is after the
the due date
and) for no longer than 90 days shall be reduced by 10%,
(b)) for more than 90 days but not more than 180 days shall be reduced by 30%,
(c)) for more than 180 days, but no more than 360 days shall be reduced by 66%,
(d)) for more than 360 days shall be reduced by 100%.
(3) the basis for determining the fair value of receivables from the debtor is
shall be reduced by 100%, if it was initiated against the debtor insolvency
the proceedings, which have not yet ended or rejected the proposal for the Court of insolvency
the lack of his property, or has been issued a similar decision in accordance with
foreign law.
(4) if it can reasonably be assumed that the value of the securities or
the claims set out in paragraphs 1 to 3 does not match the price for which
the assets in question can be with a professional care to monetize, provides
the administrator of the Fund for collective investment the value of such assets
in a way, that in terms of international accounting standards covered by
European Union law ^ 8) give a true and fair view of its real
the value of the. The reasons for and the method of determining the fair value of the administrator of the Fund
collective investment undertakings shall consult with the depositary of the Fund and in writing
is recorded.
PART THE FOURTH
RULES OF CONDUCT
section 35
Analysis of economic benefit of shops
[To section 22 (1) and (2) (b) (c)) of the Act]
Obhospodařovatel standard Fund or foreign standard
the Fund before and, as appropriate, after taking into account the nature of the
the period of trade carried out analysis of economic benefit of shops and
provides forecasts of how trade affects the composition of assets, liquidity and
the risk profile of the Fund. Analysis must be carried out exclusively on the
the basis of reliable and up-to-date quantitative and qualitative
the information.
section 36
Information about the order
[To section 49 (2) (a)) and paragraph. 3 (b). and) of the Act]
(1) the information about the order to release, to purchase or to
underwriting securities or securities issued by the zaknihovaného
the standard Fund or foreign standard Fund provided by the
the administrator of the Fund, or the standard standard foreign Fund
the investor has, if it's the nature of things,
and the identification data of the standard Fund) or a foreign
the standard Fund, if it is not a legal person, only the description,
(b) the administrator of a standard identification) Fund or
Foreign standard Fund
(c) identification of the investor),
(d) the date and time of receipt),
(e) the terms of payment and payment) of funds related to the guidance,
(f) the type of instruction) (Edition, subscription or redemption)
(g) the date of execution of the order),
(h)), the number of certificates issued, subscribed or purchased securities or
book-entry securities issued by the Fund or standard
international standard Fund, to which the hint applies,
I) unit price for which it was issued, subscribed or purchased a valuable
paper or zaknihovaný paper published standard or pool
Foreign standard,
j) gross value of the order including the markup associated with the release of
or underwriting securities or securities zaknihovaného
published by the standard Fund or fund or foreign standard
the value of the order in a net basis after deduction of the precipitation associated with the
by buying securities or book-entry securities issued by
the standard Fund or the Fund and foreign standard
to) the total amount of the price increases or reductions; at the request of the investor be broken down
Administrator of increases and reductions on individual items.
(2) the information referred to in paragraph 1 of standard Fund Administrator or
a foreign investor shall send the standard Fund on a durable medium
information ^ 6) without undue delay, but not later than
and) the following working day after execution of the order,
(b)) the following working day after receipt of the confirmation from the third party, if the
send the information depends on the confirmation of a third person, or
(c)), once every six months, if the investor carried out instructions
the administrator has not made regularly and referred to the steps provided in the letters) and (b)).
(3) if the information in the scope of paragraph 1 without undue delay
send the investor to another taxable person under the law governing the
business on the capital market, the provisions of paragraph 2 shall not apply.
(4) Information about the status of the order shall provide to the administrator, Germany
the standard of the Fund or the Fund without undue external standard
the delay at the request of the investor.
The implementation of the deals under the best conditions
[To section 22, paragraph 2 (b), (e)). 3 (b). (f)) of the Act]
§ 37
(1) the Fund or foreign Obhospodařovatel standard standard
the Fund carries out the instructions to stores or passes the guidelines for the implementation of the trade
on the standard account of the Fund or any other Fund of the external standard
persons in the best conditions and not the interests of one group
owners of securities or book-entry securities issued by
the standard Fund or foreign standard Fund over the interests of other
a group of owners of securities or book-entry securities
published by the standard Fund or foreign standard Fund.
Obhospodařovatel standard Fund or foreign standard
the Fund shall take into account the particular investment strategy and risk profile
the standard of the Fund or the Fund's external standard referred to in
statute or comparable document, to the type of the order, the nature and
the characteristics of the investment facility, which is the subject of this guideline,
as well as to the nature of transfer locations ^ 9), on which this can be directed,
and shall take into account
and) price that can be achieved at the transfer point,
(b)) the total volume of costs charged to a standard or pool
Foreign standard Fund
(c)) the speed with which it can be instructed to perform,
(d) the probability of execution of the order),
e) conditions for settlement,
(f) the required volume of trade)
(g)) and the type of instruction
(h) any other factor) of relevance to the implementation of the decisions of the
trade or entering instructions on the standard of the Fund or account
Foreign standard fund other persons to trade execution
the standard of the Fund or the Fund's external standard for the best
terms and conditions.
(2) to ensure the obligations referred to in paragraph 1 obhospodařovatel
the standard of the Fund or the Fund's external standard, maintains
and apply the rules of conduct in relation to individual
types of investment instruments, which provides at least
and determine the relative importance of maturity) of selected factors
referred to in paragraph 1, or at least a way of determining their relative
importance,
(b) transfer) information about the places where obhospodařovatel performed
shops,
(c)) the other factors referred to in paragraph 1 (b). (h)), obhospodařovatel
It takes into account when choosing the transfer jobs, and
(d) the designation of the persons) this obhospodařovatel for each species
investment instruments passes instructions to trade, or of the person whose
by obhospodařovatel shops carried out.
(3) the rules referred to in paragraph 2 shall be determined for each type of investment
tools of the person to whom it is possible to enter trade instructions.
(4) Obhospodařovatel the standard Fund or foreign standard
the Fund must obtain the prior approval of the standard Fund or
Foreign standard Fund, which is a legal person, the
the assets it manages, with the rules of conduct referred to in paragraph 2.
(5) the Fund or foreign Obhospodařovatel standard standard
the Fund shall inform the appropriate way the owners of securities or
book-entry securities issued by the Fund or standard
international standard Fund on rules for the implementation of the trades and
any significant changes.
section 38
(1) the effectiveness of the rules for the implementation of the trades, including the quality of the implementation
instructions to trade on the part of third parties, evaluates the obhospodařovatel
the standard of the Fund or the Fund continuously and foreign standard
Removes the shortcomings revealed without undue delay.
(2) a review of the rules for the implementation of the trades carried out obhospodařovatel
the standard of the Fund or the Fund's external standard always without
undue delay after a significant change affecting the ability to achieve
making instruction to trade the best possible result for the standard Fund
or foreign standard Fund, at least once a year.
(3) Obhospodařovatel standard Fund or foreign standard
the Fund must be able, upon request, the Czech National Bank show that the
performs standard Fund account stores or foreign
standard or pool that passes the guidelines to the standard account of the Fund
or foreign standard Fund in accordance with rules to be adopted by
under section 37.
section 39
Processing shops
[To section 22, paragraph 2 (b), (f)) of the Act]
(1) the Fund or foreign Obhospodařovatel standard standard
the Fund shall establish, maintain and enforces rules for the processing of trades,
which lays down the procedures for
and accurate recording of the execution of trades) without undue delay,
(b) comparable shops) the processing of the order in which they were instructions to
business applications, except where this is justified by the nature of the trade,
current market conditions or interest of the unit-holders or shareholders
the standard of the Fund or of the persons in a comparable position of foreign
the standard of the Fund,
(c) the fair settlement of trade carried out) if it
obhospodařovatel provides, and
(d)) the immediate and accurate distribution of investment instruments, acquired
of funds and the costs incurred in the case of Association of shops
(section 40).
(2) Obhospodařovatel standard Fund or foreign standard
the Fund does not use information about pending deals
the Fund, managed by the standard or foreign standard
the Fund, so that on the basis of the information before making the trade
It was verified that became such a fund or investment tool, which
an unrealized business concerns, or any other investment tool, whose value is
refers to an investment tool, which is an unrealized business concerns.
(3) Obhospodařovatel standard Fund or foreign standard
the Fund shall take all reasonable steps to prevent the use of
information about pending deals, managed by the
the standard of the Fund or the Fund's external standard by a person
with a special relationship to this obhospodařovateli.
section 40
Association of shops
[To section 22, paragraph 2 (b), (g)) of the Act]
(1) the rules for the allocation of the performance and the associated trade must
include procedures for
and the determination of the standard assets funds) or foreign standard
funds and customers, which has combined business concern,
(b) determination of the impact of the volume of trade) and its prices on the breakdown of transactions and
liabilities of the associated trade and carried out
(c) the breakdown of transactions and liabilities) of the associated trade carried out in
the case of partial execution of the trade.
(2) Obhospodařovatel standard Fund or foreign standard
the Fund is entitled to make trade the standard Fund or foreign
the standard of the Fund together with one or several other shops
the standard of the Fund or the Fund's external standard or with the trade
another customer or with the trade on their own account, if
and) it is unlikely that pooling transactions will be for any of the
standard funds or foreign funds or a standard
from customers, the stores are to be grouped together, less favourable than
their separate implementation,
(b)), the layout of the performance and commitment of a combined trade carried out by the
take place in accordance with the rules referred to in paragraph 1 and
(c)) the breakdown of transactions and the associated trade will not damage any
the standard Fund or foreign standard Fund or any customer.
(3) If a combined trade standard Fund or foreign
the standard of the Fund trade on their own account, carried out only partially,
obhospodařovatel standard Fund or foreign standard
the Fund, admits the performance and the corresponding obligations of the associated trade
preferably the standard Fund or foreign standard Fund
unless the conditions are met in accordance with paragraph 4. This applies mutatis mutandis if
It is a trade association with the trade on their own account of another customer.
(4) if the obhospodařovatel standard of the Fund or foreign
the standard Fund able to demonstrate this to the Fund or to the customer,
the trade associated with the trade on their own account, that the compound trade
took place under more favourable conditions than those which would be likely to
in each store, or would not have been possible at all, can
divide the filling and the obligations of the combined trade on your account.
§ 41
Incentive
[To section 22, paragraph 2 (b), (h)). 3 (b). (g)) and § 49 paragraph. 2 (a). (b)) and
paragraph. 3 (b). (f)) of the Act]
(1) an incentive (section 22, paragraph 5, of the Act) is within the limits of section 22 and 49 of the Act
permitted if
and paid for by the Fund) is the standard or international standard Fund
for the standard Fund or foreign standard or pool is paid
the standard of the Fund or the Fund or foreign standard
(b)) is paid for by a third party or for a third party or provided by a third
a party or a third party, and
1. the standard Fund or foreign standard Fund was before
than the activity carried out, clearly, comprehensibly and is informed
completely on the existence and nature of the incentives and the amount or value of the incentives or
the method of its calculation, if it cannot be determined in advance,
2. the incentive helps to improve the quality of the relevant activities and
3. the incentive is not inconsistent with the obligations of managers or
the administrator of the Fund, or the standard standard foreign Fund
Act competently, honestly and fairly and in the best interest of the
the shareholders, the shareholders or persons in a comparable position of these funds.
(2) Permissible is an incentive that allows the execution of relevant activities or
that is necessary for this purpose and whose nature is not in conflict with
duties of the administrator of the Fund managers or standard
or foreign standard Fund Act an educated, honest,
fairly and in the best interest of the shareholders, the shareholders or persons in
a comparable status of these funds.
(3) the Obhospodařovatel, or the administrator of the Fund, or standard
Foreign standard Fund can data referred to in paragraph 1 (b). (b))
section 1 provide, in the form of a summary description of the main terms of the incentives,
However, on request, communicate the details of the standard also fund or
Foreign standard Fund, which is a legal person, or
stakeholder, shareholder or person in a comparable position to the Permanent
medium information ^ 6).
(4) Obhospodařovatel, which manages the Fund, standard or
Foreign standard Fund, which is not a legal person, and
the administrator of these funds will fulfil the information obligation referred to in paragraph 1
(a). (b) point 1), by the information publicly available in a manner pursuant to section
638 of the Act.
PART THE FIFTH
REGULAR REPORTS AND COMMUNICATION
section 42
The annual and half-yearly report
(Section 234 (6), section 238, paragraph 4, section 291, paragraph 3, § 478 of the Act)
(1) Other essential data, which contains the
and the annual report of the Fund) collective investment undertakings, the information referred to in
Annex No 2,
(b) the half-yearly report) the Fund for collective investment, the data are referred to
in annex 2 (a). and (e))) up, h), (i)), l) and (m)),
c) annual report of the Fund for qualified investors, whose
obhospodařovatel is entitled to exceed the determined limit, the data are
referred to in annex 2 (a). and) to (f)).
(2) the annual report and the half-yearly report in accordance with section 455 of the Act provides
The Czech National Bank in the electronic form provided for by law for the
capture the business register ^ 10). The annual report in electronic
the form signed by a recognised electronic signature ^ 11)
obhospodařovatel and the administrator shall be sent to an e-mail address
the clerk of the Czech National Bank or through a public data network
in the data box ^ 12).
(3) If the size of the data message, does not allow sending an electronic
by post or through a data box, the annual report shall be submitted
obhospodařovatel and the administrator of the foreign investment fund and
Investment Fund in an electronic form on a technical medium on
the address of the Czech National Bank.
Notice of merger or consolidation
(Section 389, paragraph 3, and § 405, paragraph 3, of the Act)
§ 43
(1) the communication of the amalgamation or merger of standard communication Fund
provided by the unit-holders and shareholders
and) must be drawn up in a brief and non-technical language so that the shareholders of the
and shareholders allow an informed assessment of the impact of the proposed
merging or amalgamation to their interests, and
(b)) contains the data referred to in annex 3.
(2) in the case of a merger or consolidation involving foreign
the standard Fund in the manner referred to in paragraph 1 are explained to all
terms or procedures relating to foreign investment fund
comparable with the standard Fund, which differ from the terms and procedures
commonly used in the Czech Republic.
(3) the communication provided by the shareholders and the shareholders of zrušovaného
the standard of the Fund must be based on the fact that these shareholders and the shareholders
they do not have information about the basic features of the successor standard Fund
or foreign standard, nor about how to fund its operation, and
must stress the need to become familiar with the communication of key information
this successor standard Fund or foreign standard
the Fund.
(4) the communication of the amalgamation or merger of standard communication Fund
provided by podílníkůma to the shareholders of a mutual fund, the successor
focus mainly on the implementation of the merger or amalgamation and the possible impact on the
the successor standard Fund.
§ 44
(1) As annexed to the communication on the amalgamation or merger provides
the administrator of the Fund's existing shareholders of the zrušovaného standard and
the shareholders of the current version of the communication of key information to the successor
the standard of the Fund.
(2) If, for the purpose of the proposed merge communication key
information of the successor standard is changed, the Fund shall provide
the administrator of the Fund, its existing shareholders of zrušovaného and
to the shareholders.
section 45
Communication on the amalgamation or merger of standard communication and communication Fund
the key information of the successor standard to further Fund shall provide
(I) any person who, in the period from the date of publication of the notice of merger
or communication about merging to the vesting date of amalgamation or merger
buy or sell units in the zrušovaném or nástupnickém
standard or pool that requests a copy of the Statute of the Fund or
of incorporation, or the communication of key information standard
the Fund, which is involved in a merger or amalgamation.
section 46
Languages provision and disclosure of information
[To section 307, paragraph 4 (b)) (a). 5 (a). (b)) and article 638 of paragraph 1. 3 of the law]
(1) the communication of key information standard Fund or comparable
the document of the foreign standard of the Fund are provided or
published in the Czech Republic in the Czech language.
(2) the Statute, the annual report and the half-yearly report of the standard Fund or
comparable foreign document standard Fund and an indication of the amounts
for that issue and buy in the units or shares of investment
published by the standard Fund or comparable figure, if the issuing and
sale of securities or book-entry securities issued by
international standard Fund, are provided or published in the Czech
the Republic of Czech, Slovak or English language.
(3) the rules referred to in paragraphs 2 and 3 shall not affect the right of
the standard of the Fund or the Fund or provide external standard
publish documents in addition appointed there in another language.
PART SIX
THE RULES FOR DETERMINING THE AMOUNT OF THE CAPITAL
section 47
The rules for determining the amount of the capital investment company
(Section 30, paragraph 5, of the Act)
(1) Capital is derived from the balance sheet of the investment company. Items
to be included in own funds must not be taken into account more than once and their amount must
to be determined after the reduction of the potential liabilities from tax obligations.
(2) no part of the capital gains or losses arising from the
the valuation of the liabilities the fair value of the investment company in connection
with changes in the credit risk of the investment company. Part of the capital
not even a revaluation of hedging derivatives, while ensuring
cash flows.
(3) Capital includes paid-up share capital
and the less the acquired own) shares, being part of this item are
also, items from the shops with own shares, in particular from the forwards and options,
decreasing capital
(b)), increased by the share premium, taking part of this item is
1. paid-in share premium, which is related to the paid-up basic
capital, and
2. share premium arising from transactions in its own shares,
(c)), increased by the reserves and retained earnings, and this item is
the sum of the items referred to in points 1 to 4 reduced the entry under point 5:
1. mandatory reserve funds,
2. other funds, which are created from profit distribution, with the exception of
assigned funds,
3. retained earnings from previous periods provided for in the financial statements
investment company verified by the auditor and approved by the highest
the authority, whose distribution the highest authority decided,
4. profit for the financial year after taxation referred to in the financial statements of the investment
verified by the auditor of the company, less the estimated share of the profit to the
payment and other planned payments from profit distribution
5. loss brought forward from the previous period, including the loss of the past
accounting period,
(d)) increased or decreased, the resulting exchange differences from consolidation of data
foreign branches of the business of the plant investment company
e) minus the loss for the current financial period,
f) minus goodwill,
g) minus intangible assets other than goodwill,
h) reduced by the valuation difference from changes in the fair value of the instruments
included for purposes of keeping in the portfolio available for sale
financial instruments, if negative,
j) reduced capital investments to other persons, if you exceed the 10%
the share capital of persons, in which it is invested,
to the sum of the values of the reduced) capital investments to other persons, and that in the
the amount that exceeds 10% of the capital investment company before
by subtracting the values referred to in point (j)), and in this case, if the individual
capital investments represent 10% of the share, including the basic
capital of persons, in which it is invested,
l) less the value of securitisation exposures, which, according to the regulation
adjusting the capital requirements of securities dealers ^ 13)
belonged to a risk weight of 1250%.
(4) the capital investment for the purposes of paragraph 3 (b). (j)) and means to)
party paper, business share, shares or similar
the value of the property, or a child of the claim.
section 48
The rules for determining the amount of the capital investment fund, Government
foreign persons with the permission of the Czech National Bank and the main
Administrator
(Section 30, paragraph 5, and article 58, paragraph 3, of the Act)
For the determination of the amount of capital the Government Investment Fund, foreign
persons with a permit under section 481 of the Act and the main administrator is
section 47 applies mutatis mutandis.
PART SEVEN
FINAL PROVISION
section 49
The effectiveness of the
This Decree shall take effect on the date of its publication.
Governor:
Ing. Singer, Ph.d., in r.
Annex 1
The system of remuneration of certain persons
[To section 20, paragraph 2, point (b) (j)) of the Act]
(I).
General provisions
1. the principles and procedures in the framework of the remuneration system to apply
and on wage payment), a special pension benefits and other benefits and similar
the revenue of the person, which may be considered as a reward ("reward"),
(b)) on selected groups of persons whose activities in the performance of their
employment, profession or functions have a significant influence on the risks to which
may be exposed to obhospodařovatel or managed investment
Fund or foreign investment fund, which are particularly
Indeed, the members of the governing body) or the inspection authority managers
(bodies; the executive and non-executive directors),
BB) the persons who effectively direct the business of the managers (senior
Management),
BC) of the person in the internal control functions of managers
(control functions), in particular those responsible for risk management,
compliance or internal audit,
BD) person or group of persons, whose activity is connected with podstupováním
This translates into higher risk, investment fund or foreign
Investment Fund (risk takers)
be) other persons whose remuneration is similar as in the case of the persons referred
under point ba) until bd)
(c) in the manner and to the extent) that takes into account the size and organizational
the arrangement of the managers and the nature, scale and complexity of the activities
investment fund managers or foreign investment
the Fund.
2. the principles and procedures in the framework of the remuneration system
and the proper and effective) support risk management and are in accordance with it,
(b)) don't encourage the risk-taking beyond the risk profile
investment fund managers or foreign investment
the Fund, in particular with regard to the status or social contract
managed an investment fund or a comparable document
foreign investment fund,
(c)) are in accordance with the business strategy, objectives, values and interests
investment fund managers or foreign investment
of the Fund or the Fund, and
(d) include procedures for preventing) conflicts of interest in connection with the
remuneration.
II.
Selected assumptions and the arrangement of the remuneration system
1. Obhospodařovatel investment fund or foreign investment
the Fund shall ensure that its inspection authority in the framework of its powers
approved and regularly evaluate the comprehensive policies and procedures
the remuneration of and responsible for their implementation and application.
2. Introduction and application of the principles of the remuneration is at least once a year
subject to the overall independent internal verification for compliance
the principles and procedures in the framework of the system of remuneration approved by the supervisory
authority or to a foreign investment fund managers
the investment of the Fund in accordance with point 1.
3. The person in the internal control functions are independent of the departments
that control, and are rewarded by the fulfilment of the objectives set for
the control function, regardless of the performance of the business services,
that control; the remuneration of senior management staff organization
risk and compliance is under the direct supervision of a remuneration Committee
investment fund managers or foreign investment
the Fund, if it is established (section 4), or the inspection authority
investment fund managers or foreign investment
the Fund.
4. If it is proportionate to the size and organizational arrangements
investment fund managers or foreign investment
the Fund and the nature, scope and complexity of the activities of the managers
Investment Fund or to a foreign investment fund, establish the
obhospodařovatel the remuneration committee composed of members of the supervisory
authority managers. The remuneration Committee is appointed to
ensure a competent and independent assessment of the policies and procedures
remuneration and motivational incentives for risk management of this
managers, investment fund or foreign investment
the Fund. Obhospodařovatel investment fund or foreign
Investment Fund shall ensure that the competence of the Committee on the remuneration of the
preparation of proposals for decisions relating to pay, including those
that have an impact on risk and risk management managers
Investment Fund or to a foreign investment fund or this
of the Fund, adopted by the control authority of the managers. The members of the
the remuneration Committee are selected by the members of the supervisory body
investment fund managers or foreign investment
the Fund.
Performance measurement in the context of the remuneration
5. If the performance rewards
and the total remuneration) is based on a combination of assessment of individual
work performance and the performance of the Organization and
the performance of the investment fund managers or foreign
Investment Fund, or the performance of the investment fund or
foreign investment fund,
(b) in the evaluation of individual performance) taking into account the financial and
non-financial criteria
c) performance evaluation is based on a multiannual basis, so that
ensure that the evaluation process is based on longer term performance and
that the payment of part of the variable component of the remuneration is performance in
the period in which they are taken into account redemptions of securities or book-entry
securities issued by investment fund or foreign investment
obhospodařovaným maturity Fund Investment Fund or
foreign investment fund, and the risks associated with investing.
The form and structure of the remuneration
6. the fixed and the variable component of the total remuneration of the persons are appropriately balanced;
the fixed component of the remuneration consists of a sufficiently large proportion of the total remuneration,
in order to apply flexible policies for the variable component of the remuneration,
including the possibility of a variable component of remuneration doesn't do at all.
Obhospodařovatel investment fund or foreign investment
the Fund shall lay down an appropriate ratio between the fixed and the variable component of the remuneration
individually for each person or group of persons.
7. Performance measurement for the purposes of the calculation of the individual components of the moving
the rewards of such file or folders within the managers
Investment Fund or to a foreign investment fund includes
a user-friendly way to customize, enabling the taking into account of all kinds of
existing and future risks.
8. the entitlement to a substantial part, and at least 40% of the variable component
rewards, is delayed for at least the next 3 to 5 years, unless it is
investment horizon, managed an investment fund or
foreign investment fund shorter; the length of the period must be reasonable
the time at which the Fund is based, and must correspond to the nature of the risks
associated with investing the assets of an investment fund or foreign
Investment Fund and the rules for the sale of securities or
book-entry securities issued by investment fund concerned
or a foreign investment fund. To the oddálené of the variable components
Rewards cannot claim arise faster than fairly. In the case of that part of the
the variable component of the remuneration amounts to an extremely high volume, is delayed
entitlement to at least equal to 60% of this volume.
9. With regard to the legal form of a social contract, statute or
comparable document managed an investment fund or
foreign investment fund is an integral part of the variable component
the rewards, however, at least 50%, securities and dematerialised securities
issued by the investment fund or foreign investment fund, or
other shares in this fund that are not represented by a security
or book-entry a valuable paper, or other tools that apply
to the book-entry securities, securities or other
shares. If the value of the assets of the Fund, the Special Fund, the qualified
investors or a comparable foreign investment fund
managed maturity should not exceed the authorised firm
the limit is less than 50% of the total value of assets managed by this
maturity, the first sentence shall not apply. These tools may not be
a reasonable time in accordance with the principles of investment fund managers or
foreign investment fund buy, so that was the motivation for
It is consistent with the interests of the people of this, this translates into higher
the Fund and the shareholders or unit-holders of the Fund, off beneficiaries. This rule is
applies to a delayed and neoddálenou part of the variable component of the remuneration.
10. If this is a reasonable size, organizational arrangements, the nature,
the scale and complexity of the activities of the investment fund managers or
foreign investment fund, the obhospodařovatel of these funds in
its internal rules to exclude the use of some or all of the
the rules contained in the provisions of section 8 and 9 on the remuneration of persons
referred to in point I (1) (b)).
The variable component of the remuneration limits
11. the right of the variable component of the remuneration or any part thereof, including
the oddálené, is created only if it is sustainable, due to the total
financial situation or to a foreign investment fund managers
investment fund performance of the Organization and justified
the Department of the Fund and the individual performance of work concerned
of the person. Otherwise, the claim does not arise or arises in a limited
range (malus).
12. Obhospodařovatel investment fund or foreign investment
the Fund will introduce measures that will allow him to withdraw already granted, but
the valuation, the variable component of remuneration or any part of it, and
claim back already paid a variable component of remuneration (clawback)
the provisions of other laws that are not affected.
13. In the case of adverse financial performance translates into higher
Investment Fund or to a foreign investment fund or
the total Fund, managed by the variable component of the remuneration substantially
reduced, including the application of the measures referred to in points 11 and 12, both in
current rewards and granted rewards for the previous
the period.
Special pension benefits
14. The principle of granting special pension benefits are in accordance with the
the overall strategy, objectives, values and long-term interests of the
investment fund managers or foreign investment
the Fund and its managed funds. Special pension benefits
are not considered contributions under occupational pension schemes,
supplementary pension insurance, pension insurance, supplementary pension
savings or similar posts for persons employed for
investment fund managers or foreign investment
the Fund. If that person:
and end its activities) before the creation of the entitlement to a retirement pension,
the special pension benefits of maturity held for 5 years in the
the form of the instruments referred to in point 9, before they can be granted to that person,
or
(b)) the entitlement to old-age pension reaches, will be his special pension benefits
granted in the form of the instruments specified in point 9, and these tools
will not be for a period of 5 years to buy.
To prevent possible circumvention of the purpose of regulation of remuneration
15. The variable component of the remuneration shall be paid in the tools, or
in the form that would allow circumvention of the law, this Decree
or other legislation.
16. Obhospodařovatel investment fund or foreign investment
the Fund shall ensure that persons employed for him in relation to the insurance or
other individual hedging strategies associated with their remuneration
or with their responsibilities, which could affect the effects of the policy elements
remuneration aimed at reducing risks.
17. The variable component of the remuneration which is guaranteed regardless of performance,
is granted only exceptionally and is allowed only in the case of the acquisition of
the new people; This method of compensation is limited to the period of the first year
their activities.
18. payments provided in connection with early termination of contract
the relationship reflects the performance of the person attained during that period and are
designed in a way that doesn't reward failure.
Annex 2
Annual report of the Fund for collective investment
Other essential data under section 234, paragraph. 1 (a). j) of the Act, which
contains the annual report of the Fund for collective investment are:
and each person's identification data) performing property management
(portfolio manager) collective investment fund during the relevant period
and the time after which the activity performed, including a brief description of its
experience and knowledge,
(b) identification of each depository) Fund of collective
investing in the relevant period and the period during which the activities of the depositary
exercise,
(c) the identification of each person), which was commissioned by the depositary
custody or looking after of them the Fund's assets, if this person saved
more than 1% of the value of the assets of the Fund for collective investment,
(d) the identification of each person) authorized to provide investment
the service, which operates the main proponent in relation to assets
collective investment fund, in the relevant period, and an indication of the time, after
which carries out this activity,
(e) identification of assets, if) its value exceeds 1% of the value
the assets of the Fund on the date on which the award was made used for purposes of this
the report, with an indication of the total acquisition cost and the fair value at the end of
the vesting period
(f) the development of the value of the share certificate) or shares in the relevant period, in
graphic form; If the investment strategy investment fund tracks
or copies the index or any other financial quantitatively expressed
indicator (benchmark), the development of this index in the relevant period
in graphical form,
(g)) the Court or arbitration disputes that relate to property or claim
owners of securities or book-entry securities issued by
collective investment fund, if the value of the subject of the dispute
exceeds 5% of the value of the assets of the Fund in the relevant period,
h) the value of any profit shares paid on one participation certificate
or the investment share,
I) details of the consideration actually paid for obhospodařovateli
management of the Fund, with a resolution on the details of the consideration for the performance of activities
the depositary, administrator, the main proponent and the auditor's report, and the data on the
other costs or taxes
j) data on the quantitative limits and the methods which have been selected for
evaluation of the risks associated with the techniques of management of the Fund for the
the vesting period, including information on the counterparty to trades, the type and amount of
adopted to ensure revenues and costs associated with the use of these
techniques,
in the case of the Fund to) collective investment undertakings, that is not open
mutual fund or joint-stock company with basic variables
capital, an indication of the date on which the period for which the Fund was established, and
whether then enters into liquidation, or transformed into an open
mutual fund,
l) in the case of collective investment fund, which tracks the index
or other financial quantitatively expressed as indicator (benchmark), annual
the variance between the Fund performance monitoring and performance
the reference index, including an explanation of the differences between the expected and the
the actual tolerance monitoring during the relevant period,
m) in the case of collective investment fund, which invests in
real estate or participations in real estate companies, data acquisition
real estate in the capital of this Fund at a price that is higher by more than 10
% than the lower of the prices according to the opinions of experts or members of the Committee of experts
including the rationale, information on the sale of real estate from the assets of the Fund
for the price, which is lower by more than 10% higher than the prices according to the opinions
experts or members of the Committee of experts, including justification.
Annex 3
The scope of the communication on the amalgamation or merger of the standard Fund
1. Communication on the amalgamation or merger of the standard pool,
In addition to the data referred to in section 389, paragraph. 1 and section 405, paragraph. 1 of the law, in particular
and a copy of the communication of key information) relating to succession
the standard of the Fund,
(b) information about any significant) differences in investment policy and
strategy, costs, expected outcome, regular reporting,
the possible attenuation performance of investments, and, where appropriate, a prominent warning
for shareholders or shareholders about the possible impact of the merger on their tax
adjustment,
(c)) the differences in the rights of unit-holders or shareholders of zrušovaného
the standard of the Fund before and after the entry into force of the decision
with the amalgamation or merger allows,
(d) particulars of the right on) the additional information, the right to receive, on request, a copy of the
independent auditor's report, or the depositary and the right of redemption
security or zaknihovaného security without deductions, in accordance
with § § 390 and 406 of the Act, including the time limit for the application of this law,
(e)) if the communication of key information zrušovaného standard pool
or foreign Fund and the successor standard mutual fund
or foreign standard Fund indicate the synthetic indicators
risks and yields ^ 14) in different categories or in the accompanying comments
indicate the different risks, a comparison of these differences,
(f)) the comparison of all charges and the costs of both the blended or merged
standard funds or foreign funds on the basis of the standard
the amounts posted in their respective communications key information,
(g)) If a Fund has a zrušovaný standard payment per year
growth in the value of the funded capital, a description of how it will be determined in the
the vesting date of amalgamation or merger, and a description of how it will be determined
After the closing date so as to ensure equal treatment of shareholders
or shareholders, who in the zrušovaném standard of the Fund previously owned
units or shares,
h) data about how it should be handled with the deferred income in the
the standard of the Fund,
I) information, how can I get the message the depositary pursuant to § 393 paragraph. 2 and section
409, paragraph. 2 of the Act,
j) data on the intention to suspend the extradition or surrender of investment certificates
or investment shares to meld or merge
efficiently execute and
to) the payment details, including when and how shareholders or shareholders
receive the funds if the cash is provided
call for the inadequacy of the share Exchange under section 396 and/or section 412
the law.
2. the communication, which is addressed to the unit-holders or shareholders of zrušovaného
mutual fund, contains in particular the following information
and) period, during which they issued and buy the units
the leaves or the investment shares in the zrušovaném standard of the Fund,
(b)) a day, since shareholders or shareholders, who in the framework of the relevant deadlines
missed your right to purchase or replace a share certificate or
investment shares under section 391 or section 407 of the Act, may apply
the rights of unit-holders or shareholders of the successor standard Fund.
3. the communication, which is addressed to the unit-holders or shareholders of the successor
the standard Fund, also contains information on whether, as a result
merge there is a change in the composition of the assets in the nástupnickém standard
the Fund and whether and how this situation will be solved in the vesting date
or after the merge.
4. If, at the beginning of the communication referred to in paragraph 1 or 2 of the summary of key
points of the draft merger or consolidation, this summary must contain the links
on those parts of the communication, in which are listed for more information.
Articles 43, paragraph 1). 3, paragraph 51. 1, paragraph 69. 3 and 4 and list B of annex I
European Parliament and Council directive 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 the directives of the European Parliament and of the Council
2010/78/2010/83/EU, 2011/61/EU and 2013/14/EU.
Articles 3 to 29 and articles 38 to 40 of Commission directive 2010/43/EU from day 1.
July 2010 implementing directive of the European Parliament and of the Council
2009/65/EC, as regards the organisational requirements, conflicts of interest rules
the negotiations, risk management, and the contents of the Treaty between the depository and the management
companies.
Articles 3 to 7 of Commission directive 2010/44/EC of 1 July 1999. July 2010,
implementing the directive of the European Parliament and Council directive 2009/65/EC,
as regards certain provisions relating to the merger of the funds, structures
"master-feeder" and the procedure for the notification.
Articles 13, 14, 15, paragraph. 1 to 3 and 16 and annex II of the directive of the European
Parliament and of the Council of 2011/61/EU of 8 March. June 2011 for managers
alternative investment funds and amending directives 2003/41/EC and
2009/65/EC and Regulation (EC) No 1060/2009 and (EC) No 1095/2010, as amended by
Directive of the European Parliament and of the Council of 13/14/EU.
2) of Commission Regulation (EU) no 231/13 of 19 March. December 2012, which is
the following directive of the European Parliament and of the Council of 2011/61/EU, as regards
exceptions, the General organisational requirements of the depositary, the leverage effect,
transparency and oversight.
3) § 2 (2). 1 (a). d) Decree No. 123/2007 Coll., on rules
a prudent business banks, credit unions and
traders in securities, as amended.
4) section 5 of Decree No. 123/2007 Sb.
5) Law No. 93/2009 Coll. on Auditors and amendment of certain laws (law
the Auditors Act), as amended.
6) section 15e of the Act No. 256/2004 Coll., on business on the capital market, in
the text of Act No. 230/2008 Sb.
7) Law No. 182/2006 Coll., on bankruptcy and the ways of its solution (insolvency
Act), as amended.
8) Commission Regulation (EC) No 1126/2008 adopting certain
international accounting standards in accordance with regulation of the European
Parliament and of the Council (EC) No 1606/2002.
9) § 2 (2). 2 Act No. 256/2004 Coll.
10) section 2 of Decree No. 562/2006 Coll., which provides a way to convert
documents in electronic form, the management of the transferred documents
and the obligatory electronic instruments (Ordinance on digitisation
the commercial register).
section 11, paragraph 11). 3 Act No 227/2000 Coll., on electronic signature and
change of certain other laws (the law on electronic signature), in
the text of the Act No. 167/2012 Sb.
12) Act No. 300/2008 Coll., on electronic acts and authorized
conversion of documents, as amended.
13) Decree No. 123/2007 Sb.
14) Article. 8 Commission Regulation (EU) no 595/2010 of 1 July. July 2010,
implementing directive of the European Parliament and Council directive 2009/65/EC,
as regards the key information for investors and the conditions that need to be
meet in providing key information for investors or the prospectus
on another durable medium other than paper, or through
the website.
