On Pension Savings

Original Language Title: o důchodovém spoření

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=75835&nr=426~2F2011~20Sb.&ft=txt

426/2011 Coll.


LAW
Dated 6 November 2011

On pension savings

Change: 399/2012 Coll.

Change: 241/2013 Coll.

Change: 163/2015 Coll.

Parliament has passed this Act of the Czech Republic:
PART ONE

GENERAL PROVISIONS


§ 1
Basic provisions


(1) This Act governs pension savings with pension companies
rights and obligations of retirement savings, claims of pension savings, retirement
insurance with an insurance company and oversight functions.

(2) Retirement savings accumulation and allocation of resources
participant's retirement savings (hereinafter the "Participant")
to pension funds managed by pension companies and funds transfer
participant.

(3) The rights and obligations arising from the retirement savings may not be
contrary to the principles of equal treatment ^ 1).

§ 2

(1) A participant is only natural person who has a company pension
contract on pension savings registered in the Central Registry
contracts under § 6

(2) For the purposes of retirement insurance under this Act is a party
designated person to participate in the pension savings disappear under § 5
point. b).

§ 3


Definitions
For the purposes of this Act

A) basic pension insurance pension insurance
regulated by the Act on pension insurance

B) the employer is a natural or legal person, organizational unit
state service authority and other entities that are considered
employer for the purposes of basic pension insurance,

C) means the subscriber portion of the proceeds of premiums per participant
transferred to the account to receive insurance payments, transferring funds
participant and payments according to § 13 if they do not take place on account
pension fund, and his appreciation and depreciation

D) strategies for saving method of distribution of funds in the participant
pension funds

E), a leading party member of the statutory body, statutory body, executive director
or a person who otherwise actually manages the activities of pension
company,

F) Member State, the Member State of the European Union or another state that is
party to the Agreement on the European Economic Area

G) another Member State, the Member State other than the Czech Republic,

H) regulated bank

First Bank, based in the Czech Republic

Second foreign bank established in another Member State

Third a foreign bank with its registered office in a state which is not a Member State and
which requires compliance with the rules of caution that the Czech National Bank
considers equivalent to the prudential rules under the law
EU

I) financial derivative

First options, futures, swaps, forwards and other instruments whose value is
refers to the rate or value of the securities, foreign currency fluctuations, interest rate or
interest income, as well as other derivatives, financial indices or financial
quantitatively the indicators, and which show
right to cash settlement or the right to deliver an asset value
to which the value is related,

Second instruments for the transfer of credit risk

Third Financial contracts for differences,

J) an investment security Investment Securities Marketable
on the capital market, and it

First shares or similar securities representing an interest in a company
or other legal entity,

Second bonds or similar securities representing the right to repay the outstanding amount
,

Third securities giving the right to acquire or dispose of investment securities
securities referred to in paragraphs 1 and 2

K) funded the equity difference between the value of assets and liabilities
value, the value of the assets is calculated as the sum of the fair values ​​of
assets related to investment activities, and other assets
determined by the law regulating bookkeeping;
value of liabilities is determined as the sum of the fair value of liabilities related to
investment activities and other liabilities determined in accordance with the law governing accounting
,

L) identification of the person

First for a legal person business name or name, registered address and
identification number, if assigned,


Second for natural persons name or names, surname, maiden name,
birth number or date of birth, if not allocated identification number, address
place of residence in the Czech Republic or residing outside the Czech
Republic | ||
M) permit the creation of pension funds permission to create
pension fund of government bonds, a conservative
pension fund, balanced pension fund and dynamic pension fund.
PART TWO


ESTABLISHMENT AND TERMINATION OF PARTICIPATION IN pension savings

§ 4

Emergence participation in pension savings

(1) Agreement on pension savings with pension company undertakes
collect and manage funds in the participant's pension fund
or more of these funds under this Act and agreed strategy
savings and transfer funds to the party and in the manner
provided by this Act.

(2) The contract on pension savings must be made in writing and must there
include identification data subscriber identification information
pension company and the contract date.

(3) A pension company may not refuse to conclude a contract on pension savings
participant retirement savings.

(4) The contract on pension savings, which was registered in the Central Registry
contracts under § 6, a pension company can not
participant may withdraw, terminate it or conclude an agreement on its end, with the exception
participant notice or agreement to terminate the contract in order to transfer funds
participant under § 12. In the event of termination or participant
agreement to terminate the contract due to expire on registration
another contract on pension savings under § 9. 5 .

(5) In the event that a pension company or participant before registering
contract on pension savings from this contract shall resign
denounce it or conclude an agreement on its end, the pension company
obliged to immediately notify this fact to the Central registry administrators
contracts.

(6) Treaty pension savings can have only one pension
companies, with the exception of the transfer of funds to another retirement party
company under § 12th

(7) An employer shall not interfere with the employee when choosing a pension
Company, nor shall accept payment, reward or non-monetary benefit
in connection with the conclusion of the employee pension savings.

§ 5

Participation in pension savings expires

A) the date of death of the participant or the date of the decision of the court of
declaration by the dead (hereinafter the "death"), or

B) the date of registration of its insurance contract by retired
concluded between the participant and the insurer under § 17 of the Central Registry of contracts.

§ 6


Central register of contracts
(1) A central registry agreements as an information system of public administration
. Its administrator of the Specialised Financial Office (hereinafter
'Central Registry Administrator ").

(2) The Central Registry contracts are recorded data on participation

A) individuals on retirement savings

B) pension companies for pension savings and

C) insurance on retirement savings.

(3) Central Registry of contracts for accounting purposes under paragraph 2 leads
these data in the range:

A) identification of the subscriber

B) identification of the pension company,

C) identification of the insurance company,

D) information about the contract on pension savings, which are
date of conclusion of the contract and the identification of pension companies

E) date of participation in pension savings

F) information on the insurance policy income, which is the date
contract, the amount of inheritance share of the insured on the resources
participant in the event of an insurance contract of insurance orphan's pension and insurance identification information
, || |
G) the date of registration of its insurance contract by retired

H) the type of pension paid pursuant to § 18 par. 1

I) the date of the old age pension from the basic pension insurance
,

J) the date of death of the participant or the insured from the insurance contract of insurance
retired

K) information on the termination of the registration of the contract on pension savings according to §
9a.

§ 7

The provision of data from the Central Register of contracts

(1) Central Registry Manager provides the Czech National Bank data

Need for supervision of pension savings.

(2) The administrator of the Central Registry provides a pension company that
concluded an agreement on pension savings for the performance of its activities under this Act
range figures:

A) identification of the subscriber

B) date of participation in pension savings

C) the date of the old age pension from the basic pension insurance
,

D) date of registration of its insurance contract by retired

E) identification of the insurance company which issued the policy of insurance
pension and insurance account for payment of funds pursuant to § 14

F) the amount of the insured share of the inheritance to the media participant
case of registration of insurance contract by an orphan's pension,

G) the date of death of the participant,

H) the date of registration of additional agreements on pension savings under § 9 and 12

I) identification of the pension company, which signed another contract
under § 9 and 12

(3) Central Registry Manager provides an insurer that concluded
insurance contract for pension insurance, for the exercise of its competence under this Act
range figures:

A) identification of the subscriber

B) identification of the pension companies contracted to
pension savings from which the payment to be made by means of §
14

C) the date of the old age pension from the basic pension insurance
,

D) the date of death of the insured from the insurance contract by retired

E) the date of registration of its insurance contract by retirement.

(4) Central Registry Manager provides
pension companies for the purpose of fulfilling the obligations pursuant to § 16 to request information, whether a natural person participant
retirement savings. This application is submitted electronically
manner specified by the administrator of the Central Registry.

(5) Central Registry Manager provides the information required by paragraphs 1 to 4
manner allowing remote access.

(6) From the data provided in paragraphs 1-4, in the individual case
use only data that are necessary to fulfill the task
.

§ 8

The provision of data controllers Central Registry

(1) Social security institutions provide the administrator with the Central
registry data necessary for the exercise of his powers.

(2) The data referred to in paragraph 1 are the managers of the Central Register
provided in a manner allowing remote access, or in other ways
based on demand.

(3) The pension company is obliged to inform the trustee of the Central Registry
account number to receive insurance payments, transferring funds
participant and payments according to § 13 if they do not take place on account
pension fund, at the latest the date of filing of the first application for registration
contract on pension savings.

(4) A pension company is obliged to immediately notify administrators
Central Registry change the account information pursuant to paragraph 3

§ 9

Registration of the contract on pension savings

(1) An application for registration of the contract on pension savings, the pension
Company is required to file immediately after

A) contract or

B) the deadline for withdrawal in the event that the contract was concluded
remotely.

(2) An application for registration of the contract on pension savings be submitted electronically
manner specified by the administrator of the Central Registry.
Attached to the application a copy of the contract on pension savings.

(3) Central Registry Manager parties of its launch
unaware and is not obliged to call for expression on the documents
decision.

(4) Central Registry Manager registers a decision
contract on pension savings, if an individual has entered into this agreement

A) meets the conditions under § 2 and

B) is not a party to retirement savings based on the registration
another contract on pension savings.

(5) If the administrator of the Central Registry before deciding on
registration of the contract on pension savings that a person who has concluded
agreement on pension savings, has already become a party
retirement savings, registers this agreement if it receives notification from the pension


A) pay the fee for the transfer of funds or

B) that the transfer fee funds reimbursed.


(6) The administrator of the Central Registry in proceedings for registration of the contract on pension savings
not examine the validity of the contract.

(7) A decision which was the contract on pension savings
registered, can not be appealed.

(8) The effective date of the decision to reject an application for registration
contract expires on pension savings from the outset.

(9) Agreement on pension savings is registered with effect
first day of the calendar month following the calendar month in which
decision this agreement was registered,
came into force.

§ 9a

(1) In the event that a final court decision on invalidity of the registered
contract on pension savings, the registration of the contract on pension savings
since the early lapses.

(2) A pension company shall forthwith communicate to the managers of insurance that a court ruling on the invalidity
registered contract on pension savings, and
by the end of the calendar month immediately following
calendar month in which it takes a court decision
invalidity of the contract on pension savings legal force, returns administrators of insurance premium revenue
part attributable to the taxpayer, which concluded a contract for
pension savings were found to be invalid.
Pension company immediately after receiving the court ruling on the invalidity of the contract
pension savings with marked legal power forward a copy thereof administrators
Central Registry.

(3) The yield premiums attributable to the taxpayer's manager returned
premium is 60% of the revenue of the state budget and that part shall be counted
taxpayer to cover its pension insurance premiums.
The remaining part of the administrator of premiums returned to a natural person
already concluded a contract on pension savings was found to be invalid, within 15 days
receipt of the relevant amount from the pension company.

§ 10

Registration insurance contract by retired

(1) An application for registration of its insurance contract by a retired
insurance company is obliged to submit immediately after

A) contract or

B) the deadline for withdrawal in the event that the contract was concluded
remotely.

(2) An application for registration of its insurance contract by pensions are filed electronically
manner specified by the administrator of the Central Registry.
Attached to the application, a copy of its insurance contract by retirement.

(3) Central Registry Manager parties of its launch
unaware and is not obliged to call for expression on the documents
decision.

(4) Central Registry Manager registers a decision
insurance contract for pension insurance, if

A) participant retirement savings age pension from the basic pension insurance
and

B) the participant retirement savings is not insured under the registration
another insurance contract by retirement.

(5) The administrator of the Central Registry will register the decision
insurance contract of insurance orphan's pension if contained therein
insured person is no longer insured under the authorization of an insurance contract by
orphan's pension insurance, which covers
to the same inheritance share media participant who died.

(6) The administrator of the Central Registry in proceedings for registration of insurance contracts
retirement insurance does not examine the validity of the contract.

(7) A decision which was its insurance contract by registered retirement
, can not be appealed.

(8) The effective date of the decision to reject an application for registration
terminates its insurance contract by retired from the outset.

(9) insurance contract by registered retirement is effective
on the last day of the calendar month in which the decision has been registered
this agreement, entered into force.

§ 11


Savings Strategies
(1) A participant in the agreement on pension savings determines the strategy of saving,
it can change.

(2) A pension company is obliged to offer the participant a strategy
savings when the distribution of funds in the individual
retirement funds varies depending on the age of the participant according to predetermined
schedule.

(3) With the exception of the participant placed in the pension fund
government bonds, and if the participant does not exercise the option under paragraph

5, the pension company is obliged to ensure that

) 10 years before reaching retirement age under the law on pension insurance funds were
participant placed in conservative
pension fund or a balanced pension fund

B) nine years before reaching retirement age under the law on pension insurance funds were
participant placed in conservative
pension fund or a balanced pension fund, at least 20% of the funds
participant must be stored in
conservative pension fund,

C) 8 years before reaching retirement age under the law on pension insurance funds were
participant placed in conservative
pension fund or a balanced pension fund, at least 40% of the funds
participant must be stored in
conservative pension fund,

D) 7 years before reaching retirement age under the law on pension insurance funds were
participant placed in conservative
pension fund or a balanced pension fund, at least 60% of the funds
participant must be stored in
conservative pension fund,

E) 6 years before reaching retirement age under the law on pension insurance funds were
participant placed in conservative
pension fund or a balanced pension fund, at least 80% of the funds
participant must be stored in
conservative pension fund,

F) five years before reaching retirement age, according to the Law on Pension Insurance
that all participants' funds placed in conservative
pension fund.

(4) A pension company shall notify the participant in writing about facts
under paragraph 3 at the latest 60 days before the transfer of funds
this party about the possibility of transferring his funds to another
pension fund under paragraph 5 and risks related
with such a decision.

(5) The participant may request in writing a pension company to make its
funds were placed under paragraph 3, or to be transferred to another pension fund
; pension company always meet this request.
Pension company does not follow the participant's application is not filed
earlier than 60 days before the date of transfer pursuant to paragraph 3

(6) For the purposes of determining the retirement age under paragraph 3 among women has
considered that the woman raised two children.

§ 12

Transfer funds to another party pension companies

(1) A participant may transfer their funds to another pension company,
if an agreement on pension savings testified or made with
company pension agreement terminating the contract and enter into another contract on
pension savings.

(2) Transfer of Funds pursuant to paragraph 1, the pension company
conditional on payment of a fee in accordance with § 33

(3) The pension company is obliged administrator Central Registry
announce that she was paid a fee for the transfer of funds or that it
this fee is not paid. This announcement is a pension company is obliged to do so electronically
manner specified by the administrator of the Central Registry,
within 5 working days of

A) payment of the fee for the transfer of funds or

B) receipt of the termination of a pension savings or
conclusion of an agreement to terminate the contract under paragraph 1, if the fee for the transfer
reimbursed.

(4) A pension company is obliged to transfer funds to another party
pension company within one month from the date of registration of contracts for additional pension savings
.
PART THREE


CLAIMS OF PENSION SAVINGS
TITLE
I


SETTLEMENT OF CLAIMS
§ 13

Unless specified otherwise in this Act shall apply to subscriber devices only
at

A) payment of single premium insurance income under § 14, or


B) payment of 60% of funds in the state budget according to § 15

C) reimbursement of funds entrant in connection with the transfer of pension rights
to the pension scheme of the European Communities in accordance with § 15.

§ 14

Payment of single premium insurance income

(1) The subscriber will have a date on which he
age pension from the basic pension insurance, the right to transfer its funds
as a single payment of insurance premiums based on income

Registered insurance contract by
pension under this Act.

(2) participant's entitlement to reimbursement of single premium under paragraph 1
will not be limited.

(3) The pension company pays a single premium insurance
retire within 10 working days from the date of registration of insurance
contract of insurance income in the Central Registry contracts.

(4) Means participant under paragraph 1 may be transferred only to one
concerning insurance coverage retirement.

§ 15

Payment of 60% of funds in the state budget and payment of all funds
participant in connection with the transfer of pension rights

(1) If a participant requests a pension from the basic pension insurance in the amount
disability pension of third grade
according to the Pension Insurance Act and authorizes the transfer
60% of their funds in state budget prompts
Czech social security or social security institution of the Ministry of Interior,
Ministry of Defence or the Ministry of justice, which will decide on the request
, a pension company that manages funds
participant to transfer these funds in the to the state budget.
The written invitation to the transfer of funds under the first sentence connects
Czech Social Security Administration or the social security institution referred to in the first sentence
Participant's agreement with the payment and pension companies communicate
account designated for transfer.

(2) A pension company is obliged to transfer funds to the participant under paragraph 1
to the state budget by the end of the calendar month
immediately following the calendar month in which it was a challenge
referred to in paragraph 1 has been delivered.

(3) The remaining part participant shall be used in accordance with § 13 point. and).

(4) If a participant retirement savings request to transfer pension rights
to the pension scheme of the Community institutions or their
according to § 105a of the Act on pension insurance, the pension company
obliged to notify the Czech Social Security Administration at based on its
written request within 5 working days, the amount of funds a participant to date
when her application was received.

(5) If the Czech Social Security Administration informed in writing pension
company that participant retirement savings to transfer their pension rights
agree pension company is obliged to transfer funds
party within 1 month of receipt of
communication on account of which the Czech social security Administration, in its written communication
said. Detailed conditions for the transfer of funds
party in connection with the transfer of pension rights stipulated by the government.

§ 16

Death participant in saving time

(1) Means a participant in the event of his death for the duration of a contract
pension savings become subject to inheritance.

(2) If the heir to the natural person who on the date of death of the participant
not reached 18 years of age (hereinafter referred to as "minor"), apply appropriate resources subscriber
inheritance share to cover minor single
insurance premiums orphan's pension pursuant to § 18 par. 1 point. d).
Legal representative or a court-appointed guardian of a minor is obliged
concerning insurance coverage orphan's pension in favor
minor Insured like to conclude within 1 month of the date of legal power
court decision on inheritance, the purpose of which was to determining inheritance
share media participant, and registration thereof prove
within 15 days of receipt of the decision on the registration of the court which decided on
heritage. To transfer a participant
corresponding share of inheritance as a minor one-time payment of insurance premiums
orphan's pension shall apply mutatis mutandis to § 14 paragraph
. 3rd

(3) If the heir to the natural person who on the date of death of the participant
older than 18 years and is to this date the participant retirement savings or
later than the date of coming into force of a court decision on inheritance,
whose objective was to determine the inheritance share means the participant becomes a participant
retirement savings, pension is converted by means
participant corresponding share of inheritance according to the court decision on

Heritage, which entered into force on personal pension account for heirs
pension company within 1 month from the day on which the heir to the writing
asked.

(4) If the heir to the natural person who on the date of death of the participant
older than 18 years and that this date is not a participant retirement savings, nor is it
up of legal force of a court decision on heritage, whose
object was to determine the inheritance share resources subscriber
happen pays pension company means a participant matching
inheritance share pursuant to a court decision on inheritance, which became effective
power, heirs to one month from the date the day on which the heir to the request in writing.

(5) A pension company for the purpose of fulfilling obligations under paragraphs 3 and 4
obliged to ask the administrator of the Central Registry, whether the heir
participant retirement savings.
TITLE II

Annuities

Part 1


Insurance contract covering retirement

§ 17

Conclusion of insurance contract by retired

(1) The contract of insurance, retirement can only conclude
an insurance company under the Insurance Act
authorized to operate in the Czech Republic life insurance by the insurance industry
including relating to the length of human life,
which is governed by the laws of social insurance if the law allows its implementation
insurance company on its own account ^ 2).

(2) The insurance company pursuant to paragraph 1 shall not refuse to conclude a contract of insurance
retire with a pension savings participant, who has become
entitled to reimbursement of single premium insurance pension under §
14th

(3) The insurance contract for pension insurance must be in writing.
This agreement is governed exclusively by Czech law.

(4) The insurance contract by retirement, which was registered in the Central Registry
contracts, insurance company or policyholder can not withdraw
terminate it or conclude an agreement on its end.

(5) is an integral part of the insurance contract by the retirement
insurance conditions, which include, beyond the requirements stipulated by the law governing
insurance contract, as well as rules for the calculation of retirement and
mortality tables used to calculate pension insurance and
explanation of the parameters entering into the calculation. The insurance company shall
Czech National Bank based its request explanations
used mortality tables.

(6) from the insurance mediation activity under the Act
regulating insurance mediation is excluded Annuities
under this Act. Mediation of insurance is prohibited.

§ 18
Types of pensions


(1) from the insurance contract by income arises when the conditions laid down in this Act
entitled to

A) lifetime retirement pension

B) lifetime retirement with an agreed payment of survivor's pension
over 3 years

C) old-age pension for 20 years or

D) an orphan's pension for a period of 5 years.

(2) The income referred to in paragraph 1 is paid in regular monthly installments
cash for life or for a specified period, in
agreed date, the earliest the first day of the calendar month
immediately following the date on which expires 15 days after
transfer of funds according to § 14 para. 3. payment for pension increases
manner and under the conditions laid down by the implementing legislation, and it
always April 1 of the calendar year for pensions whose payment
started later than December 31 of the immediately preceding
calendar year in which the pension is to be increased. Changing the way or
conditions under the second sentence is applicable to contracts to be concluded
effective date of the change or later.

(3) In the event that an authorized person in accordance with § 19 are entitled to a pension
where the sum of monthly installments over a calendar year exceed
amount of CZK 1,000, it pays retirement lump sum. The amount stated in the first sentence
increases the amount of growth of CPI for households
whenever this index increased by more than 10 percentage points compared
year, which saw the last increase || | income, compared to the first year of the effective date of this Act. Thus
adjustment amount publish the Ministry of Finance in the Financial Gazette.

In the case of one-time pension payment under the first sentence the insurance company has
entitled only to reimbursement of costs incurred on payment of indemnity.

(4) Retirement under paragraph 1, the Company is obliged to pay within the time limits and
manner laid down in the insurance policy and retirement
policy conditions or agreed with the recipient's pension.

(5) If a pension under paragraph 1 paid abroad may
insurance claim payment corresponding to the amount
purposefully incurred costs for its payment. This does not apply if the payment of a pension to another
Member State or in another country with which the Czech Republic
concluded a bilateral agreement on social security.
Payment is deducted from the pension paid.

§ 19
Beneficiaries


(1) The pension under § 18 par. 1 point. a) is entitled only participant.

(2) The pension under § 18 par. 1 point. b) is entitled to a subscriber for 3
years from the date of death of the person designated in the insurance policy
retirement. This way you can designate only one person of the participant is entitled
change. This change is effective upon receipt of written notice of this change
insurance. The survivor's pension must be paid at the same rate as if
was paid subscriber retirement.

(3) The pension under § 18 par. 1 point. c) the participant is only entitled to, and it
for a period of 20 years from the date of commencement of pension payment. In case of death
party before the termination date of payment of the retirement capital
value insurance becomes subject to inheritance.

(4) The pension under § 18 par. 1 point. d) is entitled to a minor under § 16 paragraph
. 2. In the event of the death of a minor in the first sentence before
termination of payment of pension to the capital value of the insurance becomes
succession.

§ 20
Termination of pension payment


(1) Payment of income from its insurance contract by a pension ends on
death of the participant, there is no entitlement to the payment of any other authorized person
death of the beneficiary, or the expiration of the period.

(2) If a participant to transfer the funds according to § 14 para. 3, there
to launch pension payment, a participant died in the policy of insurance, retirement
designated an authorized person, they become converted || | means the succession. This applies even when this
die time participant and a beneficiary in case of concluding a pension by
§ 18 paragraph. 1 point. b).

§ 21

Waste demands

Entitled to pension from the insurance contract by income and its
payment can be handled only way you can deal with the demands
retirement pension and its payment by the Pension Insurance Act.

§ 22

Share of revenues and surpluses premiums

(1) The insurance company is obligated to at least 90% of income from investment assets
s technical reserves established by the insurance obligations
income annually to use to increase the pensions paid beyond
increasing pension under § 18 paragraph. 2nd

(2) In case of favorable insurance during retirement according to § 18 paragraph.
1 point. a) and b), the unused portion of the premium is used for the benefit
other insured retirement insurance.

(3) The insurance company is obliged always to April 1 of the calendar year inform the participant
manner allowing remote access on the amount of payments in retirement
following period. In the event that the participant
asked to provide information pursuant to the first sentence in another way, the insurance company may require
reimbursement of reasonable expenses.
Part 2


Operation Annuities

§ 23
Basic provisions


(1) Unless otherwise provided herein, shall be governed by the conditions of operation
Annuities law regulating the insurance industry.

(2) The insurance company shall keep accounts so that resources for insurance, retirement and other
for life insurance were separated, and total revenues, mainly
premiums, payments by reinsurers and investment income, and expenses
in particular insurance settlements, additions to technical provisions, reinsurance and
operating costs were allocated according to whether their origin
insurance, retirement or other operating life insurance.
This applies mutatis mutandis to assets held for settlement of liabilities from insurance income and other operating
life insurance, where the individual

Instruments and transactions must be income and expenses are uniquely assigned
insurance to retirement or other life insurance and transfers
those assets between pension insurance and other life insurance
can be realized only by selling between portfolios at market price .

§ 24

Another obligation

(1) The insurance company shall submit to the Czech National Bank reports on the operation
Annuities in scope, form and deadlines set
implementing regulation.

(2) The insurance company shall publish on its website the current
offer insurance income, which includes the formula for calculating retirement
explaining the parameters entering into the calculation;
calculation is part of the insurance terms and conditions pursuant to § 17 para. 5. To
sentence by the first insurance company sends to all pension companies, which operate
retirement savings. A pension company is obliged sent
offer, which includes a formula explaining the parameters under sentence
first to publish on its website.

(3) of the tender pursuant to paragraph 2 shall be laid down
regulation.

(4) A pension company is required two months before reaching retirement age
participant under the Pension Insurance Act, or after the occurrence
participant's entitlement according to § 14 para. 1 at the request of a party or at the request
legal guardian or court-appointed guardian according to § 16 paragraph
. 2, to reach all insurance according to § 17 para. 1 requesting
provide binding offers. The request shall state age pension company
participant and the amount of their funds or the amount of funds corresponding
inheritance share if the request legal guardian or court-appointed guardian
according to § 16 para. 2. mandatory pension offer is
company is obliged persons under the first sentence
pass immediately after receiving them, together with the information under paragraph 5.

(5) The insurance company is obligated to provide a binding offer within 10
days of receipt of a request under paragraph 4. Binding offer insurance
is not the date of receipt of the application pension companies differ from the actual
bid pursuant to paragraph 2 . binding offer for the insurance company is bound
after 6 months from the date of receipt of a request under paragraph 4. This does not affect the obligation
insurers take into account in their pension payments paid
single premium.

(6) For the purposes of determining the retirement age in accordance with paragraph 4 for women
has considered that the woman raised two children.
PART FOUR


Pension companies

§ 25

(1) Retirement savings may be operated only pension company that
it is authorized under the law on supplementary pension savings
a license to establish a pension fund.

(2) A pension company in the implementation of activities under this Act
governed by rules established by law on supplementary pension savings for action
pension companies, unless otherwise provided herein.

(3) The pension company carries out activities under this Act with professional
care.

License to establish a pension fund

§ 26

(1) An application for permission to create a pension fund may submit only
pension company.

(2) The Czech National Bank shall grant a permit to create a pension fund, if


A) pension company

First transparent and clean prove the origin of their capital in the amount set
this Act and such capital creates conditions for the proper
management of pension funds and proper performance of other activities
pension company,

Second submits a business plan supported by realistic economic calculations
; requirements for a business plan under the Act on Supplementary Pension Savings
shall apply mutatis mutandis to the retirement savings

Third has material, personnel and organizational prerequisites for
management of pension funds,

B) a senior officer of the pension companies fulfill the conditions pursuant to § 39 and 40
law on supplementary pension savings,

C) the person who is the depositary of the pension fund, has created material,
organizational and personnel prerequisites for fulfilling their obligations and

D) the proposed statutes of pension funds meet all the prescribed requirements
.

(3) Permission to create a pension fund is granted for an indefinite
.


(4) As part of its decision on granting permission to create
pension fund's depositary approval of pension funds and statutes
all pension funds. Changing the pension fund depository
subject to the prior consent of the Czech National Bank.

(5) An application for permission to create a pension fund is administered on
prescribed form, which shall attach documents certifying
conditions referred to in paragraph 2. The model form and content of its annexes
implementing legal regulation.

§ 27

The application for a license to establish a pension fund decides
Czech National Bank within 6 months from the date of its receipt.

Capital requirements

§ 28

(1) The initial capital of the pension company for the activity, which includes the operation
retirement savings totals at least 300 million CZK
. The initial capital is the sum of the paid-up share capital and paid
premium.

(2) Share capital and share premium may be repaid only in money.

§ 29

(1) A pension company maintains ongoing equity amounting
adequate resources participants.

(2) Equity pension company that operates
retirement savings under this Act, is at least equal to the sum

A) the value of CZK 300 million plus 0.05% of the value of assets in pension funds managed
, participating funds and fund
transformed under the law on supplementary pension savings
exceeding 5 billion CZK ; This sum does not increase if it reaches
amount of 700 million CZK,

B) 25% of the sum of the cost of depreciation of tangible and intangible assets and
administrative costs for pension companies
immediately preceding financial year; if the pension company performs work pension
company for less than 1 year used to calculate 25% of the cost value
depreciation of tangible and intangible assets and administrative
costs mentioned in the business plan,

C) additional equity capital that the company holds a pension to cover
funds in the account to receive insurance payments, transferring funds
participant and payments according to § 13 if they do not run out
retirement account Fund

D) if it operates as well as additional pension savings under the law on supplementary pension savings
additional equity capital, which
pension company holds to cover the funds in the account for
receiving a transfer of funds participant, payment of benefits in the event that does not occur
account of the participation fund, and returning state contributions.

(3) The calculation pursuant to paragraph 2. a) to include the entire value of the property
all retirement funds, and in all the participating funds and fund
transformed under the law on supplementary pension savings managed by pension companies
.

§ 30


Canceled
§ 31

Storing documents and records

(1) A pension company retains

A) documents relating to retirement savings, including contracts and records
records pursuant to § 70-74,

B) records of communication with the prospective contract on pension savings
(hereinafter referred to as "candidates for retirement savings") or a participant
regarding retirement savings,

C) documents and records referred to in subparagraphs a) and b) if its behalf
one liter tied pension company representative.

(2) A pension company retains

A) documents pursuant to paragraph 1. a) throughout the duration of the contractual relationship
and after another for at least 20 years

B) records of communication pursuant to paragraph 1. b) throughout the duration
contractual relationship and after its completion for a period of at least 5 years, or
for at least 5 years after the last communication with the candidate.
This also applies to a person who has a license for the company's pension
withdrawn, as well as its legal successor.

§ 32

Consideration pension companies

(1) A pension company is entitled to a fee paid from the assets in
pension fund, the amount of which shall be determined in the statute
pension fund; This remuneration is composed

A) the consideration for the management of assets in pension funds,

B) the conservative pension fund, balanced pension fund and dynamic
pension fund to pay for the valuation of assets in these

Retirement funds.

(2) The remuneration shall be paid all expenses paid by the pension company
in connection with the pension savings to third parties, especially

A) remuneration for performing the depositary of the pension fund and the auditor

B) fees paid to the bank

C) reward to persons other than pension companies for the performance of activities under
§ 91 and under management contracts on pension savings and related activities,

D) the fees paid by the person performing the settlement of investment
tools, execution venue, securities traders,

E) costs of promotion and advertising

F) the costs of arranging contracts for pension savings.

(3) Amount of consideration pursuant to paragraph 1. a) shall not exceed

A) 0.3% of the average annual value of the fund equity in
pension fund of government bonds,

B) 0.4% of the average annual value of the fund equity in
conservative pension fund; thus fixed remuneration is reduced by
cost of buying, selling and holding securities issued by
collective investment or comparable foreign investment
fund

C) 0.5% of the average annual value of the fund equity
balanced pension fund; thus fixed remuneration shall be reduced by cost
for buying, selling and holding securities issued by a collective investment or comparable
foreign investment fund

D) 0.6% of the average annual value of the fund equity in
dynamic pension fund; thus fixed remuneration shall be reduced by cost
for buying, selling and holding securities issued by a collective investment or comparable
foreign investment fund.

(4) The average annual value of the fund equity in each
pension fund is determined on the last day of the relevant period as
simple arithmetic average value of the fund equity
pension fund for each day of the relevant period.

(5) The amount of the consideration pursuant to paragraph 1. b) not more than 10% of the difference
average value of pension units in the corresponding period a
highest average annual value of pension units in previous years
relevant period since the establishment of the pension fund multiplied by the average number of pension
units in the corresponding period.

(6) A pension company is not entitled to payment under paragraph 1. b)
if the average annual value of pension units of the pension fund
in the relevant period was equal to or less than the highest average annual value of pension
units in the years preceding the
period since the establishment of the pension fund.

(7) The average value of pension units of the pension fund
down to the last day of the period as the simple arithmetic average of the values ​​
retirement pension fund units for each day of the relevant period.

(8) For the purpose of determining the remuneration referred to in paragraph 3, the cost of holding
securities issued by collective investment means
particular share of the total amount of costs paid out of fund assets
collective investment, which corresponds to an investment in this fund
collective investment.

§ 33
Charges


(1) A pension company has in addition to the consideration pursuant to § 32
only entitled to one-time charges from subscriber per

A) change of strategy by savings under § 11

B) transfer to another participant pension companies pursuant to § 12

C) send the dump retirement savings more than once a year,

D) the provision of information in any other way than that provided by law.

(2) The fee for a change in strategy for savings under paragraph 1. a)
which must reflect the reasonable costs of its execution, makes
maximum of CZK 500.

(3) The amount of the fee under paragraph 1. b) shall not exceed 800 CZK.

(4) The fee for transfer under paragraph 1. b) shall be borne by the participant.
This fee is not paid by the participant registered on a personal pension account
. Offsetting this charge against the transferred funds
party is not permitted.

(5) The fee for the acts under paragraph 1. c) and d)
must reflect the reasonable costs of their implementation.

§ 34

Exemptions from payment of fees for a change of strategy for saving and transfer of funds in the



(1) Change Strategy savings or transfer to another participant
pension companies are free if the funds were placed participant


A) the pension fund, in which the statute was to change the way
investing, investment objectives or increasing remuneration

B) the pension fund, whose management was transferred to another pension company
according to § 58

C) the merging of pension funds according to § 60

D) in pension fund pension company that merges with another company
pension pursuant to § 64 of the Act on supplementary pension savings.

(2) A pension company may charge for a change of strategy or savings
transfer subscriber to another pension company in case
subscriber requests about these changes 6 months after the effective date of the decision on


A) approval of amendments to the Statute of the pension fund

B) authorization to transfer management of pension funds according to §
58

C) approval of the merger of pension funds according to § 60-62,

D) approval of the merger of pension companies, or

E) of the transfer of management of pension funds according to § 99.

(3) Transfer of Funds party to another pension company is
free where the emergence of participation in pension savings with pension
company in the delivery of the notice or the conclusion of the contract termination
been more than 5 years .

(4) If the change in savings strategy executed only once per calendar year
is free.

§ 35

Consideration for offering brokerage and retirement savings

(1) Amount of remuneration according to § 32 par. 2 point. c) must not exceed 3.5%
average wage in the national economy announced by the Ministry of Labour and Social Affairs
the first to third quarter of the preceding calendar year
under the Employment Act for concluding one
contract on pension savings . The decisive moment for the calculation of the fee is
day contract on pension savings.

(2) Paragraph 1 shall also apply to change the contract.

§ 36


Canceled
§ 37

The cost of the promotion, advertising and sales promotion

Pension costs the company incurred for promotion, advertising and sales promotion
in connection with the pension savings per calendar year may not exceed
thousand times the average wage in the national economy
announced by the Ministry of Labour and Social Affairs pursuant to the | || employment for the first three quarters of the previous calendar year
. To limit the first sentence shall not include costs that pension
company spent on promotion, advertising and sales promotion
in regard to the additional pension savings. In case you can not determine whether
expenses incurred in connection with the pension savings or
supplementary pension savings, will be included in its half to the limit by
first sentence.
PART FIVE


DEPOSITARY pension fund

§ 38
Basic provisions


(1) The depositary of the pension fund (the "Depositary") registers
assets in the pension fund and checks whether the pension company manages
assets in the pension fund in accordance with this Act, the depository contract
, contracts with actors and the statute of the pension fund. The depositary
performs these functions also in relation to the funds in the account
receiving premium payments, transferring funds participant and implementation
payments according to § 13 if they do not take place on account of the pension fund.

(2) The depositary may only bank headquartered in the Czech Republic
or foreign bank that has a branch located in the territory
Czech Republic, whose banking license includes the authorization activity
depositary. The depositary shall not be included in the same group as
pension company. All pension funds, participating funds and funds managed
transformed once
pension companies must have the same depository.

(3) The depositary shall act on the basis of a written agreement on the performance
Business depository concluded with the pension company (hereinafter
"Custodian Agreement").

(4) In a depository contract between the depositary and pension company
negotiate conditions for fulfilling the duties of the depositary.

(5) Custodian Agreement is concluded for an indefinite period.
Notice period is six months.


(6) The obligation under the depository contract is terminated also
legal force of a decision

A) withdrawn from the depository bank license or

B) changing the depositary banking license so that it is excluded or limited
depository activity or activities that are essential for performing the depositary.

(7) The Depositary shall promptly inform in writing the Czech National Bank and
pension company on the legal facts, resulting in the extinction
obligation under the depository contract.

(8) If a commitment from the depository contract, a pension company immediately


A) suspend the disposal of its assets in the pension fund and
credits and debits of pension units of the pension fund, with the exception
payment of obligations incurred prior to the cessation
obligation under the depository contract, and until the entry into force a new depository contract,

B) information on the suspension of disposal of the assets in the pension fund and
credits and debits of pension units of the Pension Fund will send
Czech National Bank and will be published on its website.

(9) A bank or a foreign bank, which had ceased for the pension fund
perform the activities of a depository may not allow disposal of the financial
funds to the account of the fund; It does not apply to payment of obligations incurred prior to the cessation
depository contract, for reimbursement of necessary
operating and salary expenses for the payment of benefits arising out of contracts for
pension savings and remittances participants
under this Act.

(10) A bank or a foreign bank, which had ceased for the pension fund
perform the activities of a depository will issue cash and property that
Fund, held in custody or in the records, only the new depository, liquidator
pension companies or pension insolvency administrator
company.

§ 39

Depositary functions

(1) The depositary

A) ensure the safekeeping of the assets in the pension fund or, if the nature
matter rules, checks the status of the property,

B) records and controls the movement of all the assets in the pension fund
funds the pension fund and the funds in the account
to receive insurance payments, transferring funds and participant
implementation of payments pursuant to § 13 if they do not take place on account
pension fund

C) checks whether the pension units of the pension fund are
credits and debits (§ 74) in accordance with this Act, the statute
pension fund contracts with participants

D) checks whether the current value of pension unit
pension fund is calculated in accordance with this Act and the statute
pension fund

E) carry out instructions of a pension or other persons who
manages the assets in the pension fund, which are not inconsistent with
this Act, the statute of the pension fund or the depository contract,

F) provides settlement with assets in the pension fund in the usual
period

G) checks whether the income from the assets in the pension fund is used
accordance with this law and the pension fund

H) checks whether the assets in the pension fund is the acquisition and disposal
in accordance with the law and the pension fund

I) controls the process of valuation of assets in the pension fund and pension fund liabilities
in accordance with this Act and the statute
pension fund

J) checks whether the transfer of funds a participant is in accordance with this Act and the
notifying the administrator of the Central Registry in accordance with § 12 paragraph
. 4 or § 14 para. 3 or disclosure of the Czech Social
security or social security authority in accordance with § 15 para. 1 or
Communication Czech Social Security Administration pursuant to § 15 para. 5

K) checks whether the remuneration for the management of assets in the pension fund
calculated in accordance with this Act and the Statute of the pension fund
.

(2) The cash and investment instruments
pension fund entrusted to the depositary for custody pursuant to paragraph 1. a) shall not apply
contribution to the Guarantee Fund of Securities Dealers.

(3) The scope of activities of the depositary in accordance with paragraph 1 and those which may
depository carry out the activities referred to in paragraph 1
through another person, in the implementing legislation.

§ 40

Obligations pension companies against the depositary

Pension companies


A) establish accounts with the depository, which needs to store all
funds in the pension fund and to receive insurance payments, transferring funds
participant and payments according to § 13 if they do not run out
account pension Fund

B) transmit to the Depositary statute of the pension fund that it manages, and
other documents depository needs to conduct its business,

C) requires cash acquired immediately to the account with the depository
or account established pursuant to subparagraph e)

D) carry out all payments and withdrawals or transfers of funds
through the depository or through an account under subparagraph e)

E) may, with the consent of the depositary set up an account with a regulated bank or branch
regulated banks, if permission is secured Depository
management of the funds mentioned on this account and an overview
depositary of the movements of such funds ,

F) entrusts all assets in pension funds, which manages
depositary for safe-keeping and where the nature of the matter precludes
allows the depositary to check the status of property under § 39 par. 1 point.
A)

G) submit to the depository the documents required for registration of property
pension funds and to account to receive insurance payments, transferring funds
participant and payments according to § 13 if they do not run
account of pension fund the manner prescribed in the depositary
contract or at the request of the depositary

H) allows the depositary to carry out its monitoring duties,

I) demonstrate to the Depositary at its request, compliance with law and statute
pension fund set conditions for retirement savings.

§ 41

Rules of Conduct depositary

(1) Where the depositary in its activities, establishes a fact indicating
that the pension company violated this Act, the statute
pension fund contract with the participant or the depository contract, immediately
discuss this fact with the pension company , unless there
danger of delay.

(2) If a depository under consideration pursuant to paragraph 1
or without that discussion in case of danger in delay, considers that
pension company violated the law, the statute of the pension fund contract with a participant
or depository contract shall notify promptly
Czech national Bank.

(3) If a depository in the performance of its activities, which may
significantly influence the value of the pension unit, or that could lead to
substantial deterioration in the economic situation of the pension fund shall notify
immediately notify the Czech National Bank and pension companies.

(4) If the pension company at the request of the depositary proves meet
law, contracts with participants, the depository contract or statute
pension fund set conditions for the investment,
depository instruction executed.

(5) If a depository in its activities, establishes a fact indicating
that instructs the pension company contravenes this Act, Statute
pension fund contract with a participant or the depository contract,
depository shall suspend for a period no later than 3 working days and the reasons for the suspension
discuss immediately with the pension company.

(6) If, upon hearing pursuant to paragraph 5
depository comes to the view that the pension company breached its instruction significantly
this Act, the statute of the pension fund or the depository contract, and instructed
does not notify Czech national Bank without delay.
The negotiations, which are the reason for failure guideline lays down detailed
legislation.

(7) If a depository reasonable suspicion of possible damage to the interests of participants
request in writing for a maximum period of three working days

A) central depository or a person authorized to keep records
linked to the central register of securities maintained by the central
depositary, the person authorized to keep separate records of investment instruments
or a person authorized to keep records based on separate records
investment instruments, to suspend enforcement
person involved in the transaction, which may harm the interests of the participants
dispose of securities or investment instruments mentioned on this account
person


B) the person carrying out settlement of securities transactions on the suspension
trade settlement, which could harm the interests of the participants.

(8) A copy of the application under paragraph 7, the depositary to the Czech National Bank.

(9) Requests under paragraph 7 of the said persons must comply.

(10) The Czech National Bank within 3 working days of receiving a copy
request pursuant to paragraph 8, suspend or revoke a decision on interim measures
.

(11) Custodian in its activities proceed with professional care and exclusively in the interests of participants
pension fund.

(12) The depositary shall be liable pension companies and participants
pension fund for damage caused by the breach of its obligations arising from
regulation, statute of the pension fund or the depository contract.
The depositary's liability is not affected even if it is done if the activity
through another person, unless the damage would have occurred otherwise.
Responsibility pension companies for damages incurred in the management
assets in the pension fund is not affected.

(13) Should the depositary of his duty, is obliged to compensate the damage caused by
, unless it proves that the breach of obligations was caused by circumstances beyond
responsibility.

(14) Circumstances excluding liability shall be deemed an obstacle to
occurred independently of the will of the depositary and prevented him from fulfilling his
obligations can not be reasonably assumed that the depository
this obstacle or its consequences avoid or overcome, and that would
time when the obligation anticipated this obstacle.
PART SIX



PENSION FUND TITLE
I
GENERAL PROVISIONS


§ 42

(1) A pension company collects funds to the pension fund from


A) part of the proceeds of premiums attributable to the participants transferred to
account to receive insurance payments, transferring funds and participant
implementation of payments pursuant to § 13 if they do not take place on account
pension fund

B) 'funds transferred from another pension fund.

(2) The pension fund is a collection of assets that belong to all participants and other persons
which passed right to the disbursement participant
and in proportion to the number of pension units. The pension fund
assets in the pension fund management of assets in the pension fund and
to other rights and obligations relating to the pension fund shall not apply
Civil Code provisions on co-ownership.
Participant or any other person not entitled to the distribution of assets in the pension fund or pension fund
cancel.

(3) The assets in the pension fund pension company manages its
name and on behalf of participants in this fund. Assets in the pension fund
not part of the assets of pension company that manages.

(4) Retirement Fund has no legal personality.
Obligation imposed by the law is the responsibility of the pension fund pension company that manages
. The right conferred by this Act, the pension fund is rightly
pension company that manages.

(5) The legal actions carried out in connection with the management
assets in the pension fund is entitled and bound by a pension company.
Commitment from the management of assets in the pension fund pays
pension company from the assets of the pension fund; This does not affect
§ 32 paragraph. 2nd

(6) For the purpose of adjusting the investment of the pension fund's

A) a reputable rating agency generally known CRA ratings issued
which are usually used as a reference for
international financial markets, and which is conducted on a list
reputable rating agencies, the Czech National Bank publishes
on its website,

B) by a recognized rating agency CRA, which is registered in
list of rating agencies recognized by the Czech National Bank ^ 3) or
having a permit or is certified by
directly applicable EU regulations on credit rating agencies ^ 4)

C) assets for the purposes of calculating the limit for investment
pension fund assets.

§ 43

Pension company which operates pension savings, creates and manages 4
pension funds, and it

A) pension fund of government bonds pursuant to § 46


B) conservative pension fund pursuant to § 47

C) balanced pension fund pursuant to § 48

D) dynamic pension fund pursuant to § 49

§ 44

(1) Name of the pension fund shall include the designation "pension fund
government bonds," "conservative pension fund", "balanced pension fund"
or "dynamic pension fund".

(2) A person who does not have permission to create a pension fund, not when
its business using the designation "pension fund" or other interchangeable
designation.

(3) Name of the pension fund must not be misleading and must not give rise
misleading idea about the level of risk associated with investing in property
this pension fund.
TITLE II


STATUTE OF THE PENSION FUND

§ 45

(1) The Statute of the pension fund is a document that contains an intelligible form


A) information on how to invest pension fund

B) additional information necessary for the participant to
accurate and correct assessment of its decision on the placement of funds into the party
pension fund

C) an explanation of the risks associated with pension savings,

D) deadline for the valuation of assets and liabilities according to § 63

E) other information provided by the implementing legislation.

(2) The Statute of the pension fund, which is approved by the Czech National Bank is
pension company for mandatory.

(3) Data contained in the Statute of the Pension Fund must be continually updated
.

(4) A pension company without delay publish on its website
approved the statute of the pension fund, which manages
, and any amendment thereto.

(5) The rules for the adoption of the Statute of the pension fund and its changes determined
statutes pension companies. Except for the amendments referred to in paragraph 6
need for any amendment to the Statute of the pension fund prior approval
Czech National Bank, otherwise this change is invalid.
Approval of the amendment of the Statute is made approval of its new full version.
Czech National Bank does not approve the amendment to the statute of the pension fund if it could be
jeopardize the interests of the participants in the pension fund.

(6) to change the statute of the pension fund does not need its prior approval
Czech National Bank if the object

A) information directly resulting from changes in the pension company,
pension fund or depository

B) information regarding the performance or by actual or anticipated financial results
pension fund, which requires regular
update or

C) a simple change that does not affect the position and interests of the participants.

(7) An application for approval of the pension fund and its amendments shall be submitted
in the prescribed form, which shall be accompanied by the documents necessary
to assess whether the status of the pension fund contains all the prescribed requirements
, and whether could be changes in the statute jeopardize the interests of the participants
this fund.

(8) The implementing regulation lays down

A) the minimum requisites of the statute of the pension fund under paragraph 1

B) the scope of amendments to the Statute of the pension fund, which are not subject
previous approval of the Czech National Bank pursuant to paragraph 6

C) the model form referred to in paragraph 7 and the contents of its annexes.
TITLE III


Way to invest pension fund

§ 46

Pension fund of government bonds

(1) The pension fund of government bonds only invest

A) bonds issued by the Czech Republic or the Czech National Bank
,

B) bonds or similar securities representing the right to repay the outstanding
issued by a Member State or another Member State
Organization for Economic Cooperation and Development (OECD) or
central bank of that country and whose rating or rating
their issuer is among the top 5 rating categories
long-term debt investment grade rating agencies renowned
or the equivalent rating category other recognized credit rating agencies
and is issued by a recognized rating agency

C) bonds or similar securities representing the right to
amount due, which were issued by the European Financial Stability
, European Central Bank, European Investment Bank, World
Bank, the International Monetary Fund or other international financial

Institution whose liabilities are guaranteed by States which are members of
and by the Czech National Bank entered in a list, which leads

D) money market instruments issued by a Czech Republic or
Czech National Bank, or e) deposits, which can be freely
dispose of, or time deposits with a maturity of more than 2
years, by regulated banks.

(2) The pension fund of government bonds invests at least 90% of the value
its assets in investment instruments referred to in paragraph 1. a)
d). The pension fund of government bonds may
into investment instruments listed in paragraph 1. b) c) invest more than 30% of the value of its assets
. § 53 the pension fund of government bonds
apply.

(3) The pension company manages a weighted average maturity of the portfolio in
pension fund of government bonds through the selection of such
investment instruments whose ultimate contribution reaches
weighted average maturity of the portfolio in the fund of up to 5 years.

(4) The pension fund uses government bond
techniques and tools used for efficient management of the assets in the pension fund in the
accordance with § 52 only to manage currency and interest rate risks. Assets in the pension fund
government bonds must be fully hedged against currency risk
.

§ 47
Conservative pension fund


(1) Conservative pension fund invests solely in

A) bonds or similar securities representing the right to repay the outstanding
issued by a Member State or
member state of the Organization for Economic Cooperation and Development (OECD), or
central bank of that country, whose rating or rating their
issuer among the top 5 rating categories of long-term liabilities
investment grade by leading rating agencies or the equivalent rating category
other recognized rating agency and is
issued by a recognized rating agency

B) money market instruments issued by a Member State or
member state of the Organization for Economic Cooperation and Development (OECD)
or the central bank of that country, whose rating or the rating of the issuer
, among the rating category of short-term liabilities
investment grade with the exception of the two worst rating categories
current liabilities in investment grade credit rating agency renowned
or the equivalent rating category other recognized credit rating agencies
and is issued by a recognized rating agency ,

C) bonds, similar securities representing the right to repay the outstanding
or money market instruments whose issuer is
European Financial Stability Fund, the European Central Bank, European
Investment Bank, World Bank, International IMF or other international financial institutions
whose obligations are guaranteed by states
which are its members, and by the Czech national Bank entered into
list, which leads

D) bonds or similar securities representing the right to repay the outstanding
other than pursuant to a) or c), whose
rating, or the rating of the issuer, ranks among the top 5
long-term rating categories liabilities investment grade
leading rating agencies or the equivalent rating category
other recognized rating agencies and is issued by a recognized rating agency

E) money market instruments other than those referred to in point b) or c), whose
rating, or the rating of the issuer, are among the rating category
current liabilities in investment grade, with the exception of two
worst rating categories short-term liabilities in the investment stage
leading rating agencies or the equivalent rating category
other recognized rating agencies and is issued by a recognized rating agency
,

F) securities issued by mutual fund that qualifies
pursuant to paragraph 2, or

G) deposits referred to in § 46 para. 1 point. E).

(2) Mutual Fund pursuant to paragraph 1. f) must meet the following conditions
:

A) subject to supervision or a license for the Member State

B) his main goal is to preserve the net asset value without income or
in the amount of investment plus earnings; Main objectives can also achieve additional
investing in deposits in regulated banks


C) provides liquidity settlement of the same or the following day

D) in line with the main objective of investing exclusively in money-market
maturity or residual maturity not exceeding 397 days as
weighted average maturity of six months,

E) only invests in money market instruments, which recognized rating agency
assign them a rating, which ranks among the rating category
current liabilities in investment grade with the exception of two of the worst
rating categories of short-term liabilities in the investment grade
leading rating agencies or the equivalent rating category
other recognized rating agencies; condition rating categories
must be met by each recognized credit rating agencies, that this instrument
money market rating assigned.

(3) Conservative pension funds invest more than 30% of its
assets in bonds or similar securities representing
right to repay the outstanding amount specified in paragraph 1. d) to f).

(4) A pension company manages a weighted average maturity of the portfolio in
conservative pension fund by selecting
such investment instruments whose ultimate contribution reaches
weighted average maturity of the portfolio in the fund of up to 5 years.

(5) Conservative pension fund uses techniques and instruments used for
efficient management of the assets in the pension fund in accordance with § 52
only to manage currency and interest rate risks.

(6) Assets in the conservative pension fund must be fully secured
against currency risk.

§ 48
Balanced Pension Fund


(1) Balanced Pension Fund invests solely in

A) investment instruments and deposits in which it may invest
conservative pension fund; for investment instruments pursuant to § 47 para. 1
point. a) and d) in the case of a balanced pension fund requires
rating issued by a recognized rating agency, which is among the seven best rating categories
long-term liabilities in the investment stage
leading rating agencies or a comparable rating category other recognized
rating agencies and money market instruments
according to § 47 para. 1 point. b) e) in the case of a balanced pension fund
requires a credit rating issued by a recognized rating agency, which belongs
between rating categories of short-term liabilities in the investment grade with the exception
worst rating category short-term liabilities in investment grade renowned
CRA or the equivalent rating category
other recognized rating agency

B) shares or similar securities representing a share
legal entity admitted to trading on a regulated European market,
in the multilateral trading system operator established in a Member State or
foreign market similar regulated market
seat in a state that is not a Member State, if that foreign market
listed in foreign markets like the regulated market
headquartered in a state which is not a member, maintained by the Czech national Bank
or They are traded on such foreign markets, or

C) securities or uncertificated securities issued
standard fund or a comparable foreign investment fund
that are offered in the Czech Republic under the law regulating
investment companies and investment funds.

(2) Balanced Pension Fund invests more than 40% of its assets in


A) shares or similar securities representing a share
legal entity

B) securities issued by a standard fund or a comparable
foreign investment fund, which invests mainly in equities or
similar securities representing an interest in a legal entity or

C) other investment instruments that derive their value from the predominantly
shares or similar securities representing a share
legal entity or the equity indices.

(3) The provisions of § 47 para. 5 of the balanced pension fund
apply mutatis mutandis. Assets that are not hedged against currency risk
may constitute a maximum of 25% of the value of assets in the balanced pension fund.

§ 49

Dynamic pension fund

(1) Dynamic pension fund invests solely in

A) investment instruments and deposits in which it may invest a balanced

Pension fund; for investment instruments pursuant to § 47 para. 1 point. a) a
d), a dynamic pension fund requires
rating issued by a recognized rating agency, which is among the 9 best rating
categories of long-term debt investment grade rating agencies renowned
or other comparable rating categories
recognized rating agencies and money market instruments pursuant to § 47 para. 1 point.
B) and e), a dynamic pension fund requires
rating issued by a recognized rating agency, which belongs to the rating category
current liabilities in the renowned
investment grade credit rating agencies or the equivalent rating category Other || | recognized rating agency or

B) securities or uncertificated securities issued by collective investment funds
or comparable foreign investment
funds that are offered in the Czech Republic under the law regulating
investment companies and investment funds, manages When these | || foreign investment funds entity subject to the supervision of the supervisory authority of the Member State
.

(2) Dynamic pension fund invests more than 80% of its assets in


A) shares or similar securities representing a share
legal entity

B) securities issued by collective investment funds and foreign investment funds
comparable funds
collective investment undertakings investing primarily in shares or similar securities
securities representing a share in a legal entity or

C) other investment instruments that derive their value from the predominantly
shares or similar securities representing a share
legal entity or the equity indices.

(3) Property that is not hedged against currency risk, may constitute
maximum of 50% of assets in a dynamic pension fund.

§ 50

Structure of assets in the pension fund

(1) Retirement fund invests in assets subscriber
allowable under § 46-49 in compliance with the principles of risk associated with investing
.

(2) Retirement Fund may invest in investment securities issued
pension company that manages
or a person belonging to the same group as the pension company.

(3) In the case of bonds and money market instruments mentioned in § 47 paragraph
. Point 1. a) and b), the eminent Czech Republic or
Czech National Bank, the rating requirement does not apply, even for the purposes of § 48 paragraph
. Point 1. a) and § 49 para. 1 point. and).

§ 51

Internal procedures for risk control

Retirement Fund is obliged

A) use procedures that enable it to monitor the level of risk whenever
positions and their impact on the overall risk associated with investing,

B) use procedures for accurate and objective assessment of the risks associated with investing
derivative financial instruments pursuant to § 52

C) take into account when monitoring the level of risk positions, risk distribution
especially in terms of regional, sector and currency.

§ 52

Conditions
negotiation of financial derivatives
(1) Retirement fondmůže use techniques and instruments relating to
investment securities and money market instruments, provided that
serve for efficient management of the assets.
By using these techniques and instruments to the pension fund may not depart from the method
investment stipulated in its Statute.

(2) Open positions related to financial derivatives
not exceed 80% of the value of the fund equity.

(3) For the purpose of calculating the limits pursuant to § 53 of the Pension Fund takes into account
underlying assets of financial derivatives.

(4) Risks associated with derivative financial instruments pursuant to paragraphs 2 and 3
calculated considering the current value of the underlying assets at risk
associated with the other party, to the expected future market movements and the time
in which the positions must be closed.

(5) If an investment security or money market instrument includes
financial derivative pension fund this financial derivative
into account when monitoring the degree of risk associated with financial derivatives.
On the acquisition of such securities and money market instruments
Pension Fund complies with the requirements for the acquisition of financial derivatives
stipulated in an implementing regulation issued pursuant to paragraph 6


(6) The implementing regulation lays down

A) species limits, the manner of use and demands for quality criteria
techniques and tools that can be used to fund the retirement
efficient management of the assets,

B) the procedure for evaluating the degree of risk associated with derivative financial instruments

§ 53

Investment limits against the same person

(1) A pension company may not invest more than 5% of the value of assets in pension fund
in investment securities and money market instruments issued
one person; It does not apply to bonds and money market instruments
whose Eminent the Czech Republic or the Czech National Bank
.

(2) Deposits pension fund with a regulated bank
can reach a maximum of 10% of the value of assets in this fund.

(3) Risks associated with the other party in operations in financial
derivatives that are not admitted to trading on markets set forth in § 48 paragraph
. Point 1. b) shall not exceed

A) 10% of the assets in the pension fund if the other contracting party
regulated bank or

B) 5% of the value of the assets in the pension fund if the other contracting party
another person.

(4) The sum of the investments of the pension fund against the same person in
stores under paragraphs 1 to 3 shall not exceed 10% of the assets in the pension fund
.

(5) If a pension fund has stated in its statute, may invest
in investment securities and money market instruments issued
one person who does not belong to the same group as pension
company that manages the pension fund, up to 10% of the value
assets in this fund, the sum of investments in which the pension fund
uses this exemption does not exceed 40% of the value of assets in this fund;
It does not apply to bonds and money market instruments whose Eminent is
Czech Republic or the Czech National Bank.

(6) If a pension fund has stated in its statute, may invest
in bonds or similar securities representing the right to
repay the amount owed and money market instruments issued by one person
up to 20% of its assets, if such investment securities
issued or are guaranteed by the issuer specified in § 47 para. 1 point.
A), b) or c), which is Czech Republic or the Czech National Bank.

(7) The sum of the values ​​of investment toward one person in the shops under paragraphs 1-6
not exceed 35% of the assets in the pension fund.

(8) For the purposes of paragraphs 1 to 7 per person regarded as persons
forming a group.

§ 54

Investing in securities of collective investment

(1) A pension company may invest up to 10% of assets in
pension fund in securities issued by a single standard fund or a comparable
foreign investment fund.

(2) A pension company may invest in aggregate more than 35% of the value
assets in the pension fund in securities issued standard
funds or comparable foreign investment funds.

(3) The pension company may invest in aggregate more than 5%
value of the assets in the pension fund, with the exception of the balanced fund in securities
securities issued by special funds or comparable foreign investment funds
.

(4) The provisions of paragraphs 1 to 3 shall not apply to the pension fund
government bonds.

§ 55

Shares of other persons and the issue of investment instruments

(1) A pension company may acquire to its assets and assets managed
balanced and dynamic retirement funds
acquire shares or similar securities representing an interest in a legal
person, which represent more than 5% stake the share capital or voting rights
their issuer.

(2) A pension company may in assets in the pension fund
acquire more than 10% of the total nominal value or total

A) shares or similar securities representing a share
company or other legal entity, issued by a single issuer as
which no voting rights

B) bonds or similar securities representing the right to
repayment of the outstanding amount, issued by a single issuer,

C) securities issued by a single collective investment fund or one
foreign investment fund with comparable fund
collective investment


D) money market instruments issued by a single issuer.

§ 56

Temporary exemptions from the investment limits

(1) A pension company does not comply with the composition of assets in the pension fund
according to § 46-55 in the application of preferential right to subscribe
investment securities and money market instruments that are
assets of the pension fund .

(2) If it is stated in the statute of the pension fund, the pension may
society while respecting the principle of risk associated with investing
deviate from the restrictions set out in § 46 to 55 for a period of no longer than 48 months
the effective date of the decision on granting
license to establish the pension fund. At the beginning of this period
invests the pension fund only to deposits referred to in § 46 para. 1 point.
E) securities issued by mutual fund referred to in § 47 para. 2
and money market instruments issued by a person referred to in § 46 paragraph
. Point 1. d) and § 47 para. 1 point. b) or c) and its
statute provides for a gradual adaptation to the requirements specified in § 46 to 55.

(3) If a pension company fails to track assets in the pension fund pursuant to §
46-55 for reasons beyond its control, or due
exercise pre-emptive right referred to in paragraph 1 shall, with regard to
the interests of participants in the pension fund provided without undue delay compliance
track assets in this fund with § 46 to 55.

§ 57

Restrictions on disposal of assets in the pension fund

(1) The pension fund may accept credit or loan with a maturity of no longer than six months
. A summary of all loans and borrowings must not exceed 5%
value of the assets in the pension fund. The pension fund may accept credit or loan
to allow for the purchase of investment instruments; This does not prejudice § 52.


(2) The assets of the pension fund should not be used to provide loans or loan
to making a donation, ensuring the liability of a third party, or
payment of obligations that are not related to its management; This does not prejudice § 52.


(3) The pension fund may enter into an agreement for the sale of an investment
instrument that is not owned by this pension fund.
TITLE IV


Transfer management of all pension funds and their MERGE

§ 58

Transfer management of pension funds

(1) A pension company can convert
management of pension fund that it manages, to another pension company.
Pension company may with the prior permission of the Czech National Bank to transfer
management of pension funds that it manages to another
pension company.

(2) The transfer of the management of pension funds is not affected
transferring pension liability company for breach of duties during
management of pension funds whose management was transferred
(hereinafter "transferred pension funds").

(3) An application for a permit to transfer management of pension funds
may submit only pension company that at the time of application
manages pension funds whose management is to be transferred
(hereinafter "the transferred pension funds ").

(4) the parties about the transfer of the management of pension funds in
request pursuant to paragraph 3 of the applicant, the pension company,
which is to be transferred to the management of pension funds, and pension funds depositary
both pension companies .

(5) The Czech National Bank shall grant a permit to transfer management of pension funds
do not compromise the interests of the participants transferred transfer
pension funds. Part of the decision on granting permission to
transfer management of pension funds and approval of amendments
depositary. The statutes are transferred pension funds from the moment
legal force of the decision to authorize the transfer of the management of pension funds
binding on the transferee pension company.
The same day transferred the rights and obligations arising from contracts entered into pension savings
transferring pension companies.
Recipient pension company informed immediately after the date of entry into force
decision to authorize the transfer of the management of pension funds
participants in these pension funds of this authorization and

Their right according to § 34 para. 1 point. b).

(6) An application for a permit to transfer management of pension funds
be submitted on a prescribed form, which shall be accompanied
documents necessary for assessing the protection of the interests of the participants. A specimen form and content
its annexes in the implementing legislation.

§ 59

Transition license to establish a pension fund

Transfer of management of the pension fund to another pension
company permission to create these pension funds transferred to the transferee pension
this company.
Transferee pension company progresses towards these pension funds according to § 60

§ 60

The merger of pension funds

(1) A pension company, which was transferred to the management of pension funds
another pension company is obliged
later than one year from the date of entry into force of the decision in accordance with § 58 para. 5
submit an application a permission to merge pension funds of the same type as
farmed to 1 pension fund of government bonds, 1
conservative pension fund, one balanced pension fund and 1 dynamic
pension fund.

(2) The participants in the proceedings on an application under paragraph 1 of the applicant and
depository merging pension funds.

(3) The Czech National Bank does not permit a merger of pension funds if

A) they are threatened by the interests of participants of the merging of pension funds, or


B) it is inappropriate in terms of the composition of assets in pension funds
designed to merge.

(4) If it does not give the Czech National Bank permission to merge pension funds
pursuant to paragraph 3, the pension companies in the decision to grant authorization
deadline to submit a new application for a merger
pension funds and pension stores
company's obligation to adopt measures to eliminate the reasons for which no permission to merge pension funds
granted.

§ 61

(1) Retirement fund merger pursuant to § 60 expires, the day
laid down in the decision of the Czech National Bank for permission to merge pension funds
dissolved without liquidation and its assets are contained
becomes part of the property accepting pension fund. Retirement Fund
not liquidate. If the decision of the Czech National Bank
permission to merge pension funds does not specify the date of termination of the annulled
pension fund, the pension fund expires after 30 days of
coming into force of this Decision.

(2) The date of termination of the pension fund, the participants become participants
accepting pension fund.

(3) The applicant shall publish on its website immediately after
legal force of the Czech National Bank decision authorizing the merger
pension funds, this decision statutes transposing
pension funds and information on the possibility of participants exercise their right under
§ 34 paragraph. 1 point. C).

(4) An application for permission to merge pension funds
be submitted on the prescribed form, which shall attach documents necessary for the assessment
due to the merger and the protection of the interests of the participants.
Pattern form and content of its annexes in the implementing legislation.

§ 62

As of the date of termination of the pension fund pursuant to § 61 of the pension company,
that manages obliged to compile extraordinary financial statements
this pension fund under the Accounting Act.
TITLE V


OTHER OBLIGATIONS OF THE PENSION management of assets in retirement funds


§ 63

Valuation of the assets in the pension fund and pension fund liabilities

(1) Investment instruments in assets in the pension fund must be valued
regularly, and within the period specified in the statute of the pension fund;
this period shall not be longer than one week.

(2) Assets not listed in paragraph 1 and the obligations arising from treaties
concluded on behalf of the pension fund must be valued regularly and
within the time limits specified in the statute of the pension fund, but at least once a year
.

(3) Retirement Fund appreciates during the period its assets and liabilities
least the date of determining the current value of pension unit, and
without the financial statements.

(4) The assets and liabilities arising from the management of assets in the pension fund
measured at fair value.


(5) The method of determining the fair value of the assets in the pension fund and pension fund liabilities
in the implementing legislation.

§ 64

Administration of the assets in the pension fund under the best conditions

(1) A pension company manages the assets in the pension fund
under the best conditions, while taking into account the composition of the assets in the pension fund
, nature and characteristics of the investment instrument that has
be the subject of the transaction, as well as the nature of the transfer of places where you can
transaction with an investment instrument to perform, take particular account

A) the price which can be achieved at the execution site

B) the total amount of fees charged by third parties

C) the speed with which the transaction with an investment instrument perform

D) the volume of transactions

E) conditions for a settlement

F) any other factor bearing on the execution of the transaction
under the best conditions.

(2) To ensure the management of the assets in the pension fund under the best conditions
pension company shall establish and maintain
organizational arrangements and rules for the management of assets in the pension fund, which include at least


A) determining the relative importance of pension companies selected
factors referred to in paragraph 1, or at least a way to determine their relative importance
,

B) essential information on the venues on which
transactions relating to various investment instruments are implemented and a description
factors which affect pension company when choosing those
trading venues.

(3) The pension company is obliged to continuously monitor the effectiveness
organizational arrangements and rules for the management of assets in
pension fund in order to identify and remedy any deficiencies, especially
is required to check whether the execution venues listed in
rules for the management of assets in the pension fund allow you to continue
in accordance with paragraph 2. a) manage the assets in the pension fund
under the best conditions. Review the rules implementing pension
company immediately after a significant change affecting the ability to achieve
execution of a transaction with an investment instrument best possible result
least once a year.

(4) In the event that a pension company in the management of assets in the pension fund
transmits an order to another person who is required to comply
comparable rules for the management of assets under the best conditions
with the rules under paragraphs 1 to 4 is a pension company is obliged to evaluate
rules for managing the assets of this person.

(5) A pension company is the management of assets in the pension fund
with due diligence and in the best interest of the participants in the pension fund
.

§ 65

If in proceedings for damages for breach of duties during
management of assets in the pension fund questionable whether pension
company acted with due diligence and in the interest of the participants
pension fund, the onus pension company .

§ 66

Accounting for assets in the pension fund

(1) A pension company accounts of the status and movement of property and other assets
liabilities and other liabilities, expenses and income and outcome
management of the assets in the pension fund separately from the subject of its accounting
and other pension funds and participating funds and funds
transformed under the law on supplementary pension savings.

(2) A pension company provides in accordance with the accounting methods according
Accounting Act accounts on the subject of accounting in books
kept separately for each pension funds whose assets it manages
, so it's to compile financial statements for
each pension fund separately.

§ 67

Annual and Semi-Annual Report of the Pension Fund

Pension company is obliged to prepare, publish and send
Czech National Bank's annual and semi-annual report for each managed by
pension fund; provisions for annual and semi-annual report for the subscriber
managed funds pursuant to the Act on supplementary pension savings
shall apply mutatis mutandis.
TITLE VI


INFORMATION MANAGEMENT DUTIES IN PENSION FUND

§ 68
Disclosures


(1) A pension company publishes the deadlines set and periodicity

Implementing regulation on its website information about each
pension fund that it manages, but at least

A) the current value of pension units of the pension fund

B) the current value of the fund equity, pension fund

C) the current total number of pension units recorded on
personal pension accounts of participants in relation to this
pension fund

D) information on the composition of the assets in the pension fund and structure
investment instruments in the portfolio of the pension fund

E) information on the income of the pension fund.

(2) The information referred to in paragraph 1 pension company also exposes
public at its headquarters.

(3) The implementing legal regulation stipulates the scope, structure, form
frequency, time and manner of disclosure of information pursuant to paragraph 1

§ 69

Informing the Czech National Bank

(1) A pension company without undue delay, Czech National Bank of


A) any change in the facts on which the permit was issued
activity pension companies or license to establish a pension fund
; if it is to amend the Statute of the pension fund, a pension shall submit
Society of the Czech National Bank's new consolidated text and text separately
changes

B) any fact which may materially affect the value of pension
units, or which may significantly worsen the economic situation
pension company,

C) exceeding the investment limit specified in this Act or
other serious violations of the law or the statute of the pension fund.

(2) A pension company shall submit to the Czech National Bank
within 1 month from the Annual General Meeting a list of persons who
on it had in the past year qualifying holding or associated with it are closely
interconnected.

(3) The pension company sends the Czech National Bank within the time and frequency
by the implementing legislation information about yourself,
financial condition and results of its operations, as well as data on
financial condition and results of operations
each managed pension fund and about the composition and structure of the assets in the pension fund
about the composition and structure of their liabilities.

(4) The implementing legal regulation stipulates the scope, structure, form
frequency, deadline and transmission of information pursuant to paragraph 3
PART SEVEN

EVIDENCE

TITLE
I

Personal pension account and pension UNIT
Part 1



Personal Retirement Account
§ 70

Pension company for each participant a personal pension account, which records
funds and pension subscriber units participant in
individual retirement funds.

§ 71

(1) Personal Retirement Account is made up of cash and property
subaccount subaccount.

(2) The cash subaccount recorded a pension company

A) the amount of revenue per premium subscriber transferred to the account
to receive insurance payments, transferring funds and participant
implementation of payments pursuant to § 13 if they do not take place on account
pension fund, and the date of acceptance

B) the date and value of the participant's funds which were transferred as
inheritance according to § 16 par. 3,

C) the date and value of the participant's funds transferred from other retirement
company,

D) the value of the participant's funds for which have not yet been credited
pension unit

E) the value of the participant's funds, which are designed to convert to another
pension companies pursuant to § 12

F) the value of the participant's funds that have not been converted as
payment pursuant to § 14-16,

G) the date and value of the participant's funds that were transferred to another pension company
according to § 12

H) the date and value of the participant's funds which were transferred as
payment pursuant to § 14-16,

I) any other information required to properly register a party funds.

(3) in an asset subaccount recorded a pension company

) The number and value of accrued pension units by
pension funds and the date they are credited,

B) the number and value of units of pension depreciated by
pension funds and the date of debiting,

C) other information necessary for proper registration means the participant.


(4) Personal Retirement Account also includes

A) its numerical designation,

B) the date of its establishment,

C) identification of the subscriber.
Part 2



Income Unit
§ 72

(1) Income unit represents a share of the assets in the pension fund.

(2) The value of the pension unit is expressed in Czech crowns and determines
with an accuracy of 4 decimal places. The first day, when the pension company starts creating
pension fund, the initial value of pension unit
CZK 1. After this date determines the current value of pension unit
pension company in accordance with § 73

§ 73

(1) The current value of pension unit is calculated as the value of the fund equity
pension fund to account
corresponding part of the standard costs affecting
funded private equity pension fund, the date of determining the current value of the pension
units divided by the number of pension units recorded on
personal pension accounts of participants in relation to this
pension fund on the date of determining the current value of pension unit.

(2) The standard costs affecting equity
funded pension fund for the purpose of determining the current value of the pension
units referred to in paragraph 1 shall be the consideration pursuant to § 32 and assumed tax
duty the day of calculating the fair value of assets and commitments.

(3) The pension fund is required to determine the value of the fund's own capital
a current value of pension unit at least once a week and
publish them within 2 working days on the website
pension company that manages.

§ 74

(1) A pension company on the date funds are credited to the participant's account is credited
pension fund's asset sub number of retirement
units corresponding to the share value of accrued assets and current
value of pension units of the pension fund and the cash subaccount || | debit cash amount corresponding to the number of accrued pension
units multiplied by the current value of pension unit
pension fund.

(2) A pension company debited from the asset retirement subaccount
units and cash subaccount credit the subscriber
sum of money equal to the number of units multiplied depreciated pension
current value of pension units of the pension fund as of the date || |
A) receipt of the decision on registration of insurance contract by
retired

B) receipt of the invitation for the transfer of 60% of the participant to the state budget or
communication on the transfer of pension rights according to § 15

C) receipt of the transfer or payment pursuant to § 16

D) receipt of participant's application for transfer of its funds in the
into another retirement fund of the same pension company,

E) receipt of the decision on registration of additional agreements on pension savings
.
PART EIGHT


RULES FOR DEALING WITH PARTICIPANTS
TITLE
I


GENERAL PROVISIONS Part 1


The general rule of negotiations with the party

§ 75

Pension Company is a participant in a qualified, honest and
fairly and in his best interest.
Part 2


Admissibility fee, bonuses or non-cash benefits, which can lead to
violation of rules of conduct with the party

§ 76

A pension company may not in relation to his activity or performance
activities referred to in § 91 para. 2 accept, offer or provide
fee, reward or non-monetary benefit (hereinafter "incentive"), which
may lead to a breach of obligations § 75.

§ 77

(1) The incentive is within § 75 and 76 admissible if it is paid

A) participant, a participant or participant is paid and is not in conflict with §
76 or

B) the third party or for a third party or provided by a third party or a third party
and

First participant was before performing the activities referred to in § 91 para. 2 clearly
clearly and fully informed in writing of the existence and nature of incentives and
amount or value of the incentives or the method of its calculation, if it can not determine
advance | ||
Second inducement contributes to improving the quality of the activities referred to in § 91 para. 2
or retirement savings,

Third inducement is not contrary to the obligation under § 76.


(2) is permissible, an incentive to practice referred to in § 91 paragraph
. 2 or retirement savings, or is needed for these purposes and
whose nature is not inconsistent with the obligations under § 75.

(3) The pension company may disclose information pursuant to paragraph 1.
B) as well as a summary of conditions incentives.
Part 3


Negotiations in relation to the candidate on pension savings

§ 78

Duties related to subscriber set out in Part Eight of fulfilling pension
company in the extent appropriate in relation to the candidate
about pension savings.
TITLE II


Communication with participants
Part 1


General obligations when communicating with the subscriber

§ 79

(1) A pension company in communications with subscribers, including personal
meetings or promotional messages should not use vague, false, misleading or deceptive
information. This does not affect the obligations
prescribed by the law governing consumer protection.

(2) When communicating with a participant in the pension company also obliged
ensure

A) the content of the communication were evident identifiable information
company pension, at least the company name, registered address and identification number of the person
,

B) the content of the communication was sufficient, accurate and widely advertised potential
proceeds or benefits that are associated with pension savings in funds managed by the pension
companies without simultaneously significantly
objectively and does not point to any significant risks that are or may be
with pension savings in funds of pension companies
connected,

C) the content of the communication did not hide, not eased or nezamlčoval
facts, information or warnings relevant to the subscriber.

(3) The implementing regulations define the content and method of administration
subscriber information, if it concerns

A) explaining the functioning of the pension savings and the consequences
associated with participation in this system,

B) comparison of pension companies and their strategies for saving, investing method
pension funds, as well as draft agreements on pension savings
pension companies,

C) yield data of pension savings with pension companies achieved in the past and


D) data on expected future earnings.

(4) Before the contract on pension savings and before any change is its
pension company is obliged, on the basis of information supplied by a participant to record
needs and requirements related to subscriber
negotiating a contract on pension savings and the reasons
pension on which the company bases its recommendations for the selection of the strategy of saving and
it in writing, and submit a copy of the participant.

(5) The document referred to in paragraph 4 is also
checklist containing an overview of the information referred to in paragraph 3 and § 80-85, which
pension company provided the participant.

§ 80

(1) For promotional messages pension company shall also ensure that its
content complies with all the information that a participant in the exercise
activities provided from the content and form, it was clear that in terms of || | promotional communication, and to promotional messages maintained a balance in
highlighting the salience and clarity of information regarding the benefits and risks
investments in the pension savings fund
managed by the pension company.

(2) Where a marketing communication contains a proposal to contract
pension savings, a pension company that is expanding or must
this promotional messages contain information about the facts contained in
§ 83 paragraph. 1, unless it is a promotional communication or proposal obvious
where it is possible to provide information about those facts acquainted.

§ 81

Pension companies when communicating with the participant takes into account how
explanation or other information perceived by a person with average intellectual
levels, prudence and recognition ability in the position of a party.
Part 2

Informing participants


§ 82

Information content, method of administration and deadlines for submission

(1) A pension company informs the subscriber

A) its identification data and background information relevant to her
those activities,

B) retirement savings system and the consequences of participation in

Pension savings, including possible risks that may be associated with
retirement savings,

C) the total management fees and other charges, including
cases where charges apply taxes paid via
pension companies and other related costs

D) Incentives under § 76

E) the method of protecting assets subscriber

F) the content of the contract on pension savings and pension fund statute,

G) claims of pension savings, including information about the offers
insurance companies offering insurance pension under § 24 para. 2, 4 and 5

H) savings strategy and structure of the assets in the pension fund

I) any material change in the facts set out in points a) to i)

J) permit to transfer management of pension funds according to § 58

K) approval of the merger of pension funds according to § 60-62,

L) of the transfer of pension funds according to § 99.

(2) A pension company is obliged to inform the participants on exemptions
payment of fees for the transfer of the participant under § 34.

(3) The periods in which the pension company
obliged to inform participants about the facts referred to in paragraph 1, lay down
legislation.

(4) Unless stipulated otherwise, the pension company provides
subscriber information in a durable medium information;
provision on a durable medium information is the provision of information in paper form
, or in any manner that allows a participant
storing this information so that they can be used for a reasonable
their purpose, and which allows their reproduction unchanged, and it
only if their provision in this way is a reasonable practice
between them pension companies and participant introduced; if
that such information is provided in a manner allowing remote access
, the condition is satisfied reasonable practice, especially if
participant can use that information obtained in this way, as their
providing a way granted participant agreement.

The key information for participants

§ 83

(1) The key information for participants (hereafter "the
key information") is a document containing a brief
basic characteristics of the pension savings including the consequences associated with
sympathy on this system and brief basic characteristics
pension fund, which is necessary for participants to be responsible
assessment of his participation in the pension savings and the nature and risks
pension fund, which is offered to them, processed form comprehensible
person referred to in § 81st

(2) The key information pension fund always contains

A) clear indication from which it is apparent that contains key information
for participants

B) identification of pension companies and pension fund to which it relates
,

C) a description

First the investment objectives of the pension fund

Second method of investing the pension fund

Third historical performance of the pension fund or its
qualified estimate

Fourth costs and fees related to the investment of pension fund

D) the risk profile, including a description of the various risks associated with
sympathy in the pension fund

E) an indication where and how you can request free of charge to get more information
relating to the pension fund, including the statute of the pension fund
annual and semi-annual reports of the pension fund and the message about the right to request
Statute of the pension fund and the key information in paper form
.

(3) The key information

A) shall not contain vague, inaccurate, incomplete, misleading or deceptive information
,

B) shall be consistent with the information provided in the statute
pension fund

C) it must be understandable without having to become familiar with other documents
published by the pension fund.

(4) The rules for receiving key information
pension fund and changes to statutes determine pension companies. Retirement Fund
sends the key information and any amendment without undue delay
Czech National Bank.

(5) The details, structure, form and requirements for language expression
key information system of retirement savings and pension

Fund, and the conditions and manner of its continuous updating, and the deadline for the publication of
, decreed by the government.

§ 84

(1) Communication key information must be provided to each participant
durable medium and information published within the deadlines stipulated by the Government
at
website pension company that manages the pension fund.

(2) Each participant is entitled to request the statute of the pension fund and
key information in paper form.
Part 3


Requesting information from the subscriber

§ 85

(1) Before the contract on pension savings, the pension company
required to obtain the necessary information about the subscriber's

A) knowledge and experience in finance,

B) knowledge and experience of the investment instruments in which pension funds invest
,

C) tolerance and preferences in relation to investment risk,

D) the objectives in the context of pension savings and preferences in relation to the strategy
savings.

(2) The information referred to in paragraph 1 is required to obtain a pension company in
range that allows it to assess whether the contract on pension savings
savings and concerted strategy meets the objectives participant in the
retirement savings, his expertise and experience needed
to understand the associated risks.

(3) In the event that a pension company will evaluate the information obtained so that
contract on pension savings or participant requested
saving strategy does not match the information provided under paragraph 1
goals participant in the pension savings his
expertise or experience necessary to understand the associated risks, warns
participant on such findings and recommend it to a more suitable strategy
savings. If the participant insists on selecting a different strategy for saving, instruct him
pension company about the risks associated with this option and other
participant in his choice of suit.

(4) In the event that a party refuses to information referred to in paragraph 1
provide or give information obviously incomplete, inaccurate or false
, pension company shall instruct the participant that such an approach will not enable it to evaluate
whether the contract on pension savings or
it selected savings policies consistent with the objectives participant in the
retirement savings, their expertise or experience
necessary to understand the associated risks, and recommend it to become a participant in the conservative
retirement fund. If the participant insists on concluding
contract and its strategy choice of savings, pension company
meet him.

§ 86

Pension company is entitled based on the reliability of data provided by the participant
according to § 85 para. 1, unless it knew or should know
that such information is obviously incomplete, inaccurate or false.
TITLE III



PENSION RECOMMENDATIONS
§ 87

Pension recommendation is published information that directly or indirectly
encourages participation in the pension savings particular strategy
savings or decisions regarding retirement savings
participants or those interested in pension savings, which relates to a specific pension
company or pension fund, and they can addressees of this communication
given the circumstances, be regarded as objective and independent recommendations
decision relating to retirement savings or strategy
savings.

§ 88

(1) Any person who creates or extends the retirement Recommendations pursuant to § 87
ensure that the pension recommendations

A) the facts were clearly distinguished from information that facts are not particularly
interpretations, estimates or opinions,

B) unless the information if there is doubt about the completeness, accuracy or truthfulness
,

C) were clearly identified and listed all the predictions
substantial basis for its creation,

D) has been unambiguously and clearly indicate the person who created the pension
recommendations, notably including the business name or name
legal person or name or names and surname of natural persons, and
person who robbed it, the name or names, surnames and
function.

(2) The person referred to in paragraph 1 shall further

A) at the request of the Czech National Bank reasons to justify retirement
recommendations


B) disclose information on factors that may reasonably be expected
that may impair objectivity pension recommendations, especially
They include information on each of its significant financial interest or conflict of interest
regarding retirement savings
pension or companies that are the subject of pension recommendations.

(3) If the person referred to in paragraph 1 legal entity

A) provide information pursuant to paragraph 2. b) i
for all persons involved in the creation of the pension recommendations

B) contains information pursuant to paragraph 2. b) at least information on the circumstances
according to the information pursuant to paragraph 2. b)
about this legal entity and any related entities that are

First available, or can reasonably assume that they are available
persons involved in the creation of the pension recommendations

Second known to persons who are not involved in the creation of pension
recommendations, but have access to pension recommendation before the pension
recommendations circulated among the participants, those interested
retirement savings or the public; It also applies to persons whose
can be reasonably expected to have access to pension recommendations earlier than the retirement
recommendations to be granted or extended.

§ 89

Retirement recommendation contains information pursuant to § 88 par. 2 point. b) and §
88 paragraph. 3. In the event that the publication of such information would
disproportionate to the length of the pension recommendations, suffice
publish this information in a manner allowing remote access and pension
recommendations unambiguously mark the place where information can be found.
TITLE IV


LIST OF PENSION SAVINGS

§ 90

(1) Listing retirement savings (the "Listing") contains subscriber

A) data according to § 71 para. 4

B) the movements of funds in the money on the subaccount participant according to § 71 paragraph
. 2 for the period since the last report for the calendar year in accordance with paragraph
5

C) credited and debited to the asset retirement units subaccount
participant under § 71 par. 3 for the period since the last report
per calendar year pursuant to paragraph 5,

D) the value of the participant's share in the pension fund, which is the product
current value of pension units of the pension fund of the date of the statement
a number of pension units credited to the pension fund
this day the asset sub-account || |
E) the value of the participant's share in the pension fund under d) the date
copy of the last report for the calendar year in accordance with paragraph 5

F) states subaccount cash items according to § 71 para. 2 point. d) to f) and
property subaccount values ​​of pension units
individual pension funds at the beginning and end of the period for which the statement
sends

G) the value of personal pension account of the date of the statement, as
total value of share participant in pension funds by
letter d) for all pension funds and value funds in the money
subaccount according to § 71 paragraph . 2 point. d) to f)

H) the value of personal pension account pursuant to subparagraph g) of the date of the last report
per calendar year under paragraph 5.

(2) Listing participant further comprises:

A) the aggregate value of the cash subaccount items according to § 71 para. 2 point.
A) to c), g) and h) for the period since the last report and the aggregate number and value
credited and debited pension units
individual pension fund's asset subaccount for the period since the last report for the calendar
year in accordance with paragraph 5

B) the aggregate value of the cash subaccount items according to § 71 para. 2 point.
A) to c), g) and h) for the period of participation in savings at the beginning and end
period for which the statement is sent,

C) the period of participation in savings

D) assessment means a participant in the nominal amount and as a percentage
period of participation in savings

E) appreciation of funds in the period from the last report
per calendar year pursuant to paragraph 5, expressed as the sum of profits and losses
per participant funds placed in retirement funds in
percent

F) an annual net performance of the pension fund, which funds were placed
participant in the period since the last report for the calendar year
pursuant to paragraph 5,

G) the amount of compensation pension companies, and a percentage of its value

Division of property management fee and a fee for the assessment
property under § 32.

(3) Based on an agreement with the pension participant companies can extract
contain in addition to the data referred to in paragraphs 1 and 2 also include other data.

(4) The statement must be clear and understandable information contained therein
not be misleading and their designations must be unequivocal.

(5) A pension company is obliged to send the participant with free listing
per calendar year to one month after the end of the calendar year and, in the case
transfer funds in the management or pension fund to another pension
without undue delay .

(6) A pension company transferring funds to another party
pension company is obliged to send the date of transfer of funds
participant in a manner enabling remote data transmission excerpt from a personal pension account
participant of the pension company.

(7) A pension company is obliged to send the current statement
subscribers on request at any time within 10 working days from receipt of the fee according to § 33 paragraph
. Point 1. C). Current excerpt from the pension company is obliged to prepare
the date of receipt of the application.

(8) A pension company shall send a statement to the subscriber
address for service specified in the contract, unless otherwise agreed.
PART NINE


DISTRIBUTION retirement savings

§ 91

Persons entitled to offer and facilitate savings for retirement

(1) Only securities trader who has under another legal provision
license to provide investment services
receiving and transmitting instructions concerning investment tools and investment
advice concerning investment instruments (hereinafter "
dealer in securities"), an investment broker, bound representative
investment intermediary or brokerage house and tied
representative pension company that is authorized to provide
services under the law on supplementary pension savings, He is authorized as an entrepreneur


A) to work towards ensuring that those interested in pension savings
or participant had the opportunity to pension companies
conclude a contract on pension savings,

B) conclude on behalf of pension companies
contract on pension savings.

(2) engage in entrepreneurial activity referred to in paragraph 1. a)
is also entitled to a pension company. A pension company is also entitled to conclude
its name and on its behalf contract on pension savings.

(3) An investment intermediary who is a natural person, may
activities referred to in paragraph 1 only person using
employees or through a tied agent.
Brokerage firm and investment intermediary who is a legal person may
activities referred to in paragraph 1 only statutory body
proctor, through employees or through a tied agent.
Person referred to in paragraph 1 shall not grant power of attorney to another person to place
it pursued an activity referred to in paragraph 1;
provisions of other legal regulations on rights commissioner to grant further power of attorney shall not apply.

§ 92
Skilled care


(1) A person specified in § 91 para. 1 is obliged to carry out the activities mentioned in
§ 91 para. 1 and with due diligence.

(2) The person referred to in paragraph 1 shall exercise its activities shall apply mutatis mutandis
§ 76-90 concerning their obligations in dealing with the participants.

(3) Investment intermediary your system to ensure prudent
provision of investment services, established and maintained pursuant to the Act governing
Capital Market Business-8) also covers the activities of
according to § 91 para. 1 This obligation applies mutatis mutandis to the merchant
securities if it carries out activities in accordance with § 91 para. 1

(4) A person referred to in paragraph 1 shall be maintained on the activities referred to in § 91 paragraph
. 1 records, which contain information concerning contracts concluded by
pension savings.

(5) In connection with the registration pursuant to paragraph 4 of the person referred to in paragraph 1 below


A) maintain and operate facilities for communication in connection with the performance
activities referred to in § 91 para. 1 in the event that communication with
a party or candidate for retirement savings is the means of distance communication
through specifically designed for devices

Communications, including telephone lines specifically designed and addresses for
electronic communication

B) in connection with the activities listed in § 91 para. 1 captures
writing or other demonstrable manner the information referred to in subparagraph c)

C) ensure that the record referred to in point b) contain at least

First date and time of communication,

Second identification of the parties to the communication, if available

Third content of the communications

D) ensure the management of communications equipment under a) only
designated administrator

E) ensure the immutability of the communication record under a).

(6) An investment broker and securities dealer stores
documents relating to the activities referred to in § 91 para. 1
including records on file for a period of 10 years from the date of execution of this activity and for 3 || | years in the case of communications with a party or a candidate for
pension savings; This obligation also applies to the storage of documents and records
if you act on their behalf Tied agent. The same shall also
person under the first sentence whose authorization to conduct activities under § 91 paragraph
. 1 ceased to exist or its legal successor.

(7) A person referred to in paragraph 1, a pension company
responsible for any damage caused during the operation activities according to § 91 para.
1. The damage caused by the person referred to in paragraph 1 in operating activities according to §
91 para. 1 correspond to the person and pension company jointly and severally to
. For damage caused during the operation activities according to § 91 paragraph
. 1 bound by representatives of the representation. This liability
represented not exempt. Paid an Represented damage caused
coupled representative, has the right of recourse against him.

(8) A pension company shall ensure that persons referred to in paragraph 1 when
operating activities in accordance with § 91 para. 1
comply with the rules for the conduct of such activities under this Act.

§ 93

Control and security measures for processing and recording information

Person referred to in § 91 to establish and maintain control and security
measures for processing and recording information when performing activities
listed in § 91 para. 1

A) sets out the conditions for access to its personnel information system
processing and recording information and data recorded therein, the extent
access rights and the process of their determination, including decision-making
about the extent of the access rights of individual workers and deciding on their
changes

B) determine the conditions under which the information into the system
processing and recording of information stored data, and performed their holiday
changes, conditions for managing these data and provide easy
detectability of their original content, and made changes

C) ensures the protection of the information system for processing and
information from access and interference by unauthorized persons and the
damage

D) ensure that it is possible to reconstruct data in the event that there was an
damage to data or information system for processing and
information

E) ensure access to information and records of the Czech National Bank
including backups, so that one could reconstruct the easy way
key stage of the processing of each activity listed in § 91 para. 1 and determine their
original content before repairs or modifications.
PART TEN



SUPERVISION TITLE
I


OBJECT OF SUPERVISORS
§ 94

(1) Supervision under this Act performed by the Czech National Bank.
Subject to supervision is compliance with obligations under this Act, the statute
pension fund, the depository contract and the decision issued in accordance with this Act
. Supervision is exercised in order to protect the participants.

(2) supervision of the Czech National Bank pursuant to this Act shall be subject

A) pension company,

B) an insurance company, which operates insurance pension under this Act

C) the depositary, the scope of the obligations imposed on it by this Act,

D) a bank or a foreign bank, which had ceased for the pension fund
act as the Depositary and on which this Act imposes an obligation

E) a person authorized to offer and facilitate savings for retirement by
this Act

F) a person forming or spreading pension recommendations.

(3) Unless otherwise provided herein, the exercise of supervision pursuant to paragraph 1
, the Czech National Bank similarly under the law regulating supervision

In the capital market, and in the case of insurance supervision also
under the Insurance Act.
TITLE II


REMEDIES, OTHER MEASURES AND WITHDRAWAL OF A CONSENT

§ 95

(1) The Czech National Bank may a person subject to supervision, which violated
obligations under this Act, the extent of her
granted permission to conduct business pension fund statute, the depository contract or
jeopardized the interests of the parties, save measures to remedy the identified
lack adequate nature of the violation and its severity, and set
deadline for taking corrective action.

(2) The Czech National Bank may, depending on the weaknesses identified, as other measures


A) enact pension companies perform extraordinary audit
pension company or pension fund

B) order a change in pension companies depositary

C) order a change in pension company executives:

D) order a pension companies change auditor
pension company or pension fund

E) to suspend pension credits and debits units

F) imposed receivership pension company,

G) direct transfer of pension companies managing pension funds
to another pension company,

H) order the insurance adjust insurance terms if they find their
inconsistency with the law, or

I) withdraw the authorization granted under this Act.

(3) A person by the Czech National Bank has imposed some measures to rectify the shortcoming,
under paragraph 1 shall inform the Czech National Bank
on rectification of deficiencies and remedial way
remedy.

(4) The Czech National Bank simultaneously with the initiation of administrative proceedings
imposing measures to remedy the shortcomings identified can impose provisional measures
if there is a risk of delay or non-detachable
interference with the rights of other persons.

§ 96

Regulation extraordinary audit

When you order an extraordinary audit of pension company or pension fund
A similar procedure under the provisions of the Law on Supplementary Pension Savings
regulation governing pension
extraordinary audit of the company or the local fund.

§ 97

Regulation changes depository

When ordering a change in the depository shall proceed accordingly under the provisions
law on supplementary pension savings governing regulation changes
depository.

§ 98


Receivership
When introducing receivership shall proceed accordingly under the provisions of the Act
on supplementary pension savings governing receivership.

§ 99

Regulation to transfer management of pension funds

(1) The Czech National Bank may order the transfer of pension companies
management pension fund to another pension company,
if the pension company is not able to fulfill the obligations towards
participants.

(2) The transfer of the management of pension funds under paragraph 1
requires approval by pension companies, which should be
management of pension funds transferred.

(3) The pension company under paragraph 2 is obliged within 30 days from the day
decision comes into force in accordance with paragraph 1 disclose in writing
participants whose funds are being transferred, your business name and address
headquarters, the day when there is a transfer, and other necessary information related
seamless continuation of pension savings.
Information under the first sentence passes pension company also administrators
Central Registry.

(4) The parties to the proceedings to order the transfer of management of pension funds
to another pension company are pension company by
paragraph 1, a pension company under paragraph 2 and their depositaries.
Day, when the transfer of management under paragraph 1, enters
pension company, to which the management of pension funds
transferred all rights and obligations of pension funds.

(5) If a pension company is dissolved with liquidation or pension
company bankrupt, transferred the management of pension funds to another pension company
liquidator or insolvency administrator pension
company. Liquidator or insolvency administrator for the activity for this
reimbursement of cash expenses and remuneration; if the pension

Company bankrupt, the debt redemption
claim on assets in a pension company. Where there is insufficient
property or assets of the pension company for reimbursement of the cash
expenses and remuneration of the liquidator or trustee in bankruptcy, is worth
state. Method for determining reimbursement of cash expenses and remuneration of the liquidator and
insolvency administrator, the maximum amount payable by the state and the method of payment
in the implementing legislation.
PART ELEVEN



ADMINISTRATIVE OFFENCES
§ 100
Offences


(1) A person who commits an offense, contrary to § 44 para. 2
shall be "pension fund" or any confusingly similar designations.

(2) A natural person who produces or distributes pension recommendations,
commits an offense that violates any of the obligations in the creation or distribution of pension
recommendations pursuant to § 88

(3) A person who is subject to supervision under this Act commits an offense
that fails within the time limit set by the Czech National Bank
remedial measures pursuant to § 95.

(4) A trustee pension company commits an offense that

A) take immediate measures to remedy shortcomings in the activities
pension companies or

B) does not protect the rights of participants and other authorized persons.

(5) A natural person as the person referred to in § 108 commits an offense by
that does not preserve the confidentiality of any facts relating to subscribers
retirement savings.

(6) An offense under paragraphs 1 through 5 can be fined up to 10 million CZK
.

§ 101

Administrative Offences pension companies

(1) A pension company commits an administrative offense by

A) acts in contradiction with § 4

B) submitted an application for registration of the contract on pension savings under § 9
paragraph. 1

C) does not offer the savings strategy according to § 11 para. 2

D) does not ensure placement of funds participant under § 11 par. 3,

E) failing to inform the participant according to § 11 para. 4

F) comply with a request by a participant § 11 para. 5

G) fulfill any of its obligations under § 12

H) does not pay a single premium insurance income manner according to §
14

I) fails to transfer 60% of funds in the state budget according to § 15

J) in case of death of the participant progresses in conflict with § 16

K) fulfill any of its obligations under § 9a or 24

L) has not operated with due diligence pursuant to § 25 par. 3,

M) does not maintain its own capital in the amount according to § 29 para. 1

N) does not retain documents and records in accordance with § 31

O) provides the management fee or assessment in conflict with § 32

P) fee is inconsistent with § 33 or 34

Q) provide consideration in conflict with § 35

R) will incur costs for marketing in conflict with § 37

S) in the event of termination of the obligation under the depository contract
fulfill any of its obligations under § 38 par. 8

T) fulfill any of the duties to the Depositary in accordance with § 40

U) does not place the funds or place them in conflict with § 42 para. 1

V) conflict with § 45 para. 2 does not follow the approved status
pension fund

W) continuously updated data referred to in the statute of the pension fund
according to § 45 para. 3,

X) disclosing the statute of the pension fund or its amendment pursuant to § 45 para.
4, or

Y) does not submit the statute of the pension fund or an amendment to a previous
approval of the Czech National Bank pursuant to § 45 para. 5th

(2) A pension company commits an administrative offense further by

A) invests the assets in the pension fund of government bonds in conflict with
§ 46

B) invests assets in the conservative pension fund contrary to §
47

C) invests assets in a balanced pension fund contrary to § 48

D) invests assets in a dynamic pension fund contrary to § 49

E) fails to comply with the composition of assets in the pension fund pursuant to § 50

F) does not use internal risk control procedures in accordance with § 51

G) fails to comply with conditions of the negotiation of financial derivatives in accordance with § 52

H) fails to comply with the investment limits according to § 53

I) invests in securities of collective investment in conflict with §
54

J) acquires shares of other persons or emissions of investment instruments
contrary to § 55

K) disposes of the assets in the pension fund contrary to § 57


L) transfer management of the pension fund in contravention of § 58 para. 1

M) submitted an application to merge pension funds according to § 61 paragraph. 1

N) disclosing the decision pursuant to § 61 paragraph. 3,

O) fails to comply with any of the obligations in the valuation of assets and liabilities
pension fund pursuant to § 63

P) fulfill any of the obligations in the management of assets in the pension fund
according to § 64

Q) fails to comply with any of the obligations in accounting for asset retirement
fund pursuant to § 66

R) contrary to § 67 fails to prepare, publish or does not send the annual or semi-annual report
,

S) disclosing information under § 68

T) informs the Czech National Bank pursuant to § 69

U) does personal pension account pursuant to § 70

V) does not register on the personal pension account data according to § 71 and 74

W) contrary to § 73 does not calculate and disclosing the value of the fund's own capital
a current value of pension unit

X) is in conflict with § 75

S) violate any of the prohibitions of § 76 or

Z) is in communication with the prospective retirement savings or participant
contrary to § 78 to 81.

(3) The pension company commits an administrative offense further by

A) inform the participant contrary to § 82-84,

B) require information from the party or is required in conflict with § 85

C) fails to comply with any of the obligations pursuant to § 90

D) contrary to § 92 paragraph. 8 ensures that the persons referred to in § 91 at
operating activities in accordance with § 91 para. 1
comply with the rules for the conduct of such activities under this Act.

(4) An administrative offense under paragraphs 1 to 3 shall be fined up to 20,000
000 CZK.

§ 102

Administrative Offences depositary

(1) The depositary commits an administrative offense by

A) inconsistent with § 38 par. 1 does not record the assets in the pension fund or
not check whether pension company disposes of the assets in the pension fund
in accordance with the law and the pension fund

B) does not inform the Czech National Bank or a company pension
facts according to § 38 par. 7

C) fulfill any of its obligations under § 39 or

D) violates any of the rules of conduct depository pursuant to § 41

(2) For an administrative offense under paragraph 1 shall be fined up to 10 million CZK
.

§ 103

Administrative Offences insurance

(1) The insurance company commits an administrative offense by

A) does not immediately copy of the insurance contract by retired
according to § 10 paragraph. 1 or contrary to § 17 para. 2
insurance contract for pension insurance does not close

B) conclude an insurance contract for pension insurance in conflict with § 17, 18 or 19
,

C) contrary to § 17 para. 3 terminates or withdraws from the insurance contract of insurance
retired

D) contrary to § 17 para. 6 allows the mediation of insurance contracts
Annuities,

E) does not pay pension under § 18 par. 2 or 3,

F) uses the share of revenues or unused portion of premiums
conflict with § 22, or

G) fulfill any of its obligations under § 24th

(2) For an administrative offense under paragraph 1 shall be fined up to 20 million CZK
.

§ 104
Other administrative offenses


(1) A pension company or depository shall commit an administrative offense
by violating the depositary agreement entered into pursuant to § 38

(2) An investment broker, securities dealer, bound
representative of an investment intermediary, securities dealer or
pension company commits an administrative offense by

A) receives remuneration prescribed in conflict with § 35

B) has not operated in accordance with § 91 with due diligence pursuant to § 92 paragraph. 1

C) performs an activity in conflict with § 91 para. 3,

D) in the exercise of their activity violates any of the obligations pursuant to §
76 to 90 in connection with § 92 paragraph. 2

E) boot or does not maintain arrangements, processes, measures or rules
internal control according to § 92 paragraph. 3,

F) does not keep records according to § 92 paragraph. 4 and 5

G) does not keep the documents under § 92 paragraph. 6, or

H) fails to control and security measures for processing and
information pursuant to § 93

I) fails to maintain confidentiality on matters relating to subscribers
retirement savings under § 108.

(3) A legal or natural person commits an administrative offense
that


A) concealing or providing incorrect data in the application for authorization or consent
under this Act,

B) contrary to § 44 para. 2 shall be "pension fund" or other
interchangeable label or

C) As an employer violates the prohibition under § 4 para. 8

D) violates the prohibition under § 17 para. 6

E) violates the prohibition under § 111 paragraph. 3rd

(4) A legal or natural person who produces or distributes
pension recommendations commits an administrative offense by violating
any of the obligations set out for the creation or distribution of pension
recommendations pursuant to § 88 or § 89.

(5) A bank or a foreign bank, which had ceased for the pension fund
pursue its business as depositary, commits an administrative offense by the
inconsistent with § 38 par. 9 enables the management of funds in the account || | pension Fund, which ceased to perform activities of a depository
or contrary to § 38 paragraph. 10 issue cash or property
pension Fund, which ceased to perform its depositary.

(6) A legal or natural person subject to supervision by
this Act commits an administrative offense if it fails within the time limit set by
Czech National Bank remedial measures pursuant to § 95.

(7) An administrative offense under paragraphs 1-6 will be fined up to 10,000
000 CZK.

§ 105

Joint provisions on administrative offenses

(1) A legal person for an administrative delict if it proves that
made every effort that could be required to breach
legal obligations prevented.

(2) In assessing the fine legal person takes into account the seriousness
administrative offense, especially the manner of its commission and its consequences
and the circumstances under which it was committed.

(3) The liability for conduct that occurred in the business of a natural person
^ 9) or in direct connection therewith, shall be subject to the provisions of this
Act on liability and sanctions to legal persons.

(4) The liability of a legal person for an administrative tort shall expire if
administrative authority has initiated proceedings within 1 year of the date when it became
but no later than 5 years from the date when it was committed .

(5) Administrative offenses under this Act shall be heard in the first instance
Czech National Bank.

(6) Income from fines imposed under this Act shall constitute a state budget
.
PART TWELVE

COMMON PROVISIONS


§ 106

(1) Unless this Act stipulates otherwise, the contractual relationship between the participant
companies and pension provisions of the Civil Code.

(2) In connection with the fulfillment of their tasks under this Act
Central register of contracts and pension company authorized to maintain a register
process or collect Social Security Numbers insured
if not allocated birth number .

(3) From the data provided in paragraph 2 above, in the individual case
use only data that are necessary to fulfill the task
.

(4) Where this Act assess participants' interests, taking into account
especially their interest in the proper course of retirement savings, due
satisfaction of their claims arising from pension savings and restrictions
any risks.

(5) The parties to the administrative proceedings under this Act is not a participant
retirement savings, supplementary pension savings participant and the participant
pension. It does not apply to a participant in a retirement savings
case of an administrative procedure which leads administrator Central Registry.

(6) Means participant, which are kept in personal retirement accounts with
pension companies not subject to the execution of decisions and
execution.
Confidentiality


§ 107

Employees administrator Central Registry
engaged in activities related to the administration of the Central Register of contracts under this Act
are obliged to maintain confidentiality of all information obtained in
connection with the performance of their duties or their jobs.
Such information can be used only in the manner and to the extent necessary to implement the tasks
under this Act or in judicial proceedings in connection with the decision of the administrator
Central Registry.
Breach of the obligation of confidentiality does not provide information to third parties in aggregate form
so that it can not identify the person to whom the information relates. Obligation

Confidentiality continues even after the termination of their employment or employment
that this obligation is established.

§ 108

(1) Members of the statutory and supervisory bodies and employees pension
Company, the Custodian, the liquidator, forced administrators and persons acting for
pension company maintain confidentiality about the facts regarding the participants
retirement savings. The obligation to maintain confidentiality
have these people even after the employment or non-employment.

(2) Persons under paragraph 1 shall maintain secrecy about the activities of pension
company and matters related to it, except for information
filed in aggregate or total form, from which it is not possible to identify individual
pension company even after
employment or non-employment, on the basis of which this work is carried out
.

(3) Natural persons who are at the disposal of pension companies
acquainted with particulars that are subject to the obligation to maintain confidentiality
under this Act shall keep such matters confidential
.

§ 109

(1) breach of the duty of confidentiality pursuant to § 108
not provide information with consent of the data subject, and
provide information on written request

A) of the Czech National Bank in the supervision pursuant to this Act

B) Central Registry administrator,

C) court

D) the authority responsible for criminal proceedings

E) tax administrator for the performance of tax administration,

F) Office for the Protection of Competition

G) social security authorities in matters of proceedings concerning social
security contributions and the state employment policy,

H) of the Ombudsman in connection with an inquiry by another
legal regulation 10)

I) the National Security Office, the intelligence services or
Interior Ministry in the implementation of safety management in accordance with the law governing the security competence
^ 11)

J) the authority competent to decide on infringement
public officials under the law regulating the protection of classified information and conflicts of interest
^ 12) or

K) Office for Personal Data Protection, provided that such
requested information will relate to a specific person and can be used
solely to fulfill the obligations arising from the application of agency or authority by
letters a) to k).

(2) A written request under paragraph 1 shall contain the data on which
is obvious legitimate reason for the request.

§ 110
Enabling provisions


(1) The Czech National Bank issued a decree according to § 24 para. 1 and 3, § 26 paragraph
. 5, § 39 par. 3, § 41 paragraph. 6, § 45 para. 8, § 52. 6, § 58 paragraph
. 6, § 61 paragraph. 4, § 63 para. 5, § 68 para. 3, § 69 par. 3 and 4, §
79 par. 3, § 82 para. 3, § 99 para. 5th | ||
(2) The Ministry of Labour and Social Affairs will issue
taking into account the inflation target of the Czech National Bank decree according to § 18 paragraph. 2nd

(3) The Government shall issue a regulation pursuant to § 15 para. 5 and § 83 paragraph. 5th

§ 111
Transitional provisions


(1) After a period of 1 year from the effective date of this Act may cost
pension company promotion and advertising and other expenses to support sales
according to § 37 of the calendar year to reach values ​​up 3000násobku average
national wage announced by the Ministry of Labour and social Affairs
under the employment Act for the first to third
quarter of the preceding calendar year.

(2) Request for a pension fund can file a pension fund which has requested approval
transformation project and who also asked for
granting authorization to operate a pension company that collects and manages funds
participants savings in pension funds and
payment of benefits under the Act on pension savings.

(3) Activities aimed at concluding contracts on pension savings into
entry into force of this Act is prohibited.

(4) A natural person can become a participant pursuant to § 2 para. 1
may become a party, if you conclude with a pension company for the
pension savings within 3 months from the date of entry into force | || Act no. 458/2011 Coll., on amendment to laws related to the establishment of a single collection point
and other changes in tax and insurance laws, and when it comes to


A) member


First Police of the Czech Republic,

Second Fire Brigade of the Czech Republic,

Third General inspection of security forces,

Fourth Intelligence services of the Czech Republic or

B) soldier or soldier who is for active service
materially secured as a professional soldier.
PART THIRTEEN



EFFICIENCY
§ 112

This Act comes into force on 1 January 2013, except for the provisions
§ 25-29 and § 110, which come into effect on the first day of the calendar
month following the date of its publication.
Nemcova vr

Nečas

Selected provisions of amendments


Art. II Act no. 163/2015 Coll.
Transitional provisions


First The effective date of this Act is not in the Central Registry
contracts register first contract on pension savings. If not the first
agreement on pension savings registered in the Central Registry of contracts
until the effective date of this Act, shall terminate this contract from the outset.

Second Change in the status of the pension fund made in accordance with § 56 par. 2
Act no. 426/2011 Coll., On pension savings, as amended effective date of
entry into force of this Act, is not subject to prior approval by the Czech National
Bank.

1) The Act no. 198/2009 Coll., On equal treatment and legal means
protection against discrimination and amending certain laws (Anti-Discrimination Act
).

2) Section IX. Part A of Annex no. 1 of Act no. 277/2009 Coll., on
insurance.

3) § 12b of Act no. 21/1992 Coll., The Banking Act, as amended by Act no. 120/2007 Coll
.

4) Regulation of the European Parliament and Council Regulation (EC) no. 1060/2009 of 16
September 2009 on credit rating agencies, as

Regulation of the European Parliament and Council Regulation (EU) no. 513/2011 of 11
May 2011 amending Regulation (EC) no. 1060/2009 on credit rating agencies
.

8) § 32 para. 4 of the Act on Capital Market.

9) § 2 para. 2 of the Commercial Code.

10) Act no. 349/1999 Coll., On the Public Defender of Rights, as amended
.

11) Act no. 412/2005 Coll., On protection of classified information and
security competence, as amended.

12) Act no. 159/2006 Coll., On Conflict of Interest, as amended
regulations.