117/2012 Sb.



DECREE



of 29 April 2004. March 2012



For more detailed activities of the pension adjustment company, pension fund and

Participation Fund



145/2014: Sb.



The Czech National Bank establishes, pursuant to § 110 paragraph 2. 1 of the law No. 426/2011 Coll.

about retirement savings, to implement section 52 para. 6, § 63 para. 5, § 68

paragraph. 3, § 79 paragraph 2. 3 and § 82 para. 3 of the Act on pension savings and

under § 170 para. 1 of the law No. 427/2011 Coll. on supplementary pension

savings, for the implementation of section 52, paragraph 54 para. 2, § 59, § 100 para. 6, § 102

paragraph. 6, § 115 paragraph. 5, § 118 paragraph. 3, § 130 paragraph 1. 3, § 133 paragraph 2. 3 and §

189 of the Act on supplementary pension savings:



PART THE FIRST



BASIC PROVISIONS



§ 1



The subject of the edit



This Decree regulates the



and compliance with individual rules) the way the performance of the activities of the pension

the company pursuant to § 49 and 50 of the Act on supplementary pension savings,



b) credential requirements for the performance of the activities of the pension company other

person and the requirements for the performance of the activities of the pension company by another person

pursuant to section 51 of the Act on supplementary pension savings,



(c) implementation of the rules of conduct) the way pension company pursuant to § 54 para.

1 the Act on supplementary pension savings,



(d)) the content and method of pension companies in the participant information

the cases provided for in § 79 paragraph 2. 3 of the Act on pension savings and section

paragraph 130. 3 of the Act on supplementary pension savings,



e) time limits within which it is obliged to inform the pension company

the participants of the facts referred to in section 82 para. 1 of the law on pension

savings and in § 133 paragraph 2. 1 the Act on supplementary pension savings,



f) species limits, method of use and the requirements on quality criteria

the techniques and tools that can be used for effective pension fund

asset management pursuant to § 52 para. 6 (a). and the law on pension)

savings and that can be used to fund effective participation

management of assets pursuant to section 102 paragraph. 6 (a). and) of the

the supplementary pension savings,



g) the procedure for the assessment of risks associated with financial derivatives

pursuant to § 52 para. 6 (a). (b)) of the Act on pension savings and under § 102

paragraph. 6 (a). (b) the Act on supplementary pension) IRA



(h)) the way the fair value of assets and liabilities in pension fund

the Pension Fund pursuant to § 63 para. 5 of the Act on pension savings and

the method to determine the fair value of assets and liabilities in a directory of the Fund

Local Fund pursuant to § 115 paragraph. 5 of the Act on supplementary pension

savings,



I) requirements for the quality criteria of investment instruments, which

the participation Fund may invest pursuant to § 100 para. 2 and 4 of the law on

the supplementary pension savings,



j) range, structure, form, frequency, period, and method of publication

information pursuant to § 68 para. 1 of the law on pension savings and pursuant to section 59 and

§ 118 paragraph. 1 the Act on supplementary pension savings,



k) rules for calculating the capital requirement for covering the risks associated

the assets and liabilities of the transformed the Fund under section 189 of the Act on

the supplementary pension savings.



§ 2



Definition of terms



For the purposes of this Ordinance, means the



and) information system functional unit, ensuring the acquisition,

processing, transmission, storage and sharing of information in any form,



(b) the Organization Department) person or group of people responsible for the performance of certain

the activities of the pension companies, including the Pension Committee or body

the company, if it is established,



(c) the person is a special relationship) to the pension company



1. the head of a person



2. the employee who participates in the activities under section 29 para. 1,

§ 35 or section 74 of the Act on supplementary pension savings,



3. a natural person other than that referred to in paragraph 1 or 2, which is involved in the

activities under section 29 para. 1, § 35 or § 74 of the law on the supplementary

pension savings, according to the company's pension statements



4. a natural person who is directly involved in the activities, the performance

pension company authorised another person, in connection with the activities of the

According to § 29 para. 1, § 35 or section 74 of the Act on supplementary pension

savings,



d) convert securities at repem funds with the current

commitment to take these securities for the amount of a given date

equal to the original funds and interest; repem means

also selling with the current negotiation of a reverse purchase or the provision of

loan securities secured by funds,



e) reverse repem the acquisition of securities for cash,

the current obligation to convert these securities by the date specified in

an amount equal to the converted funds and interest; reverse

repem means also with the present by taking out a reverse sales

or receipt of a loan secured by securities funds,



f) repurchase trade repo or reverse repo and



g) highly liquid asset, such asset, whose transformation into cash

resources takes no more than 5 working days, and achieved price corresponds to the

the fair value of the asset.



PART TWO



THE ORDERLY AND PRUDENT EXERCISE OF THE ACTIVITIES OF THE PENSION COMPANY



(§ 49 to 51 of the Act on supplementary pension savings)



TITLE I OF THE



GENERAL RULES OF SOUND AND PRUDENT CONDUCT OF PENSION

COMPANY



§ 3



The basic requirements for an orderly and prudent exercise of business pension

company



(1) the pension company shall ensure that the requirements laid down on the control and

control system and procedures of the pension company to their implementation and

in the performance of other activities are reflected in regulations and other

internally, the established principles, statutes, or rules, schedules, procedures (hereinafter referred to

"internal regulations") pension company. Pension company

laying down the procedure for the adoption, amendment, the implementation and application of the internal

regulations.



(2) to populate the assumption of good governance and management of the company

through the application of proper procedures and chooses the pension company

the internal regulations reflected her selected recognised principles and procedures

involved in the activities of a similar nature (hereinafter referred to as "recognised

standards "). Pension company periodically examines whether internal

regulations and recognized standards are current and appropriate to the nature, extent

and the complexity of its activities.



(3) the pension company shall ensure that all approval and decision-making

processes and control activities, including related internal regulations

It was possible to reconstruct. To secure this requirement also serves

retention system, pension company will establish, maintain and

claims as part of its information system.



§ 4



The performance of the activities of the pension company through another person



If the pension company entrusts the activity of another person (hereinafter referred to as

"outsourcing"), shall ensure that



and these activities) were carried out in accordance with relevant laws and

the internal rules and were not limited to the possibility of their pension checks

the company, filling the information obligations towards the Czech National Bank,

oversight, including a possible check of the facts which are subject to

supervision for the outsourcing provider, and the audit of the financial statements

and other verification laid down by law,



(b)) not to jeopardise the prerequisites for the proper and prudent exercise of business

pension companies,



(c)) has not been rights managed funds and their participants and



(d)) was laid down rules for checking such activities, including any

checking the facts relating to the outsourcing of its provider

pension companies.



§ 5



Organization of business pension company



Pension company provides organizational working bodies

to support the proper, effective and prudent management and the performance of other

activities and allow for effective communication and cooperation at all levels.



§ 6



The management of conflicts of interest



(1) the pension company shall ensure that the



early identification of areas and) conflict of interest and the area of its possible

the creation,



(b) the Organization departments and employees) on all of the management and

organizational levels set out the powers and responsibilities so as to

sufficiently prevented a potential conflict of interests,



(c) properly followed procedures for) the detection and management of conflicts of interest by

sections 21 to 23,



d) area conflict of interest and the area of its possible the emergence of the subject

ongoing independent monitoring.



(2) the pension company performs independently of trading property in

obhospodařovaném Fund (hereinafter referred to as "commercial activity")



and) valuation of assets and liabilities in her obhospodařovaném Fund and the determination of the

the current value of the pension unit of the Pension Fund and the pension

local units of the Fund,



b) settlement agreed on financial markets,



(c)) the control of compliance of data on stores agreed on financial markets,

the actual status and the removal of the irregularities detected (rekonciliace)



(d)) risk management



e) compliance with the limits for the approval and control of risk management,



f) approval of the valuation systems and related business models

activities and



g) creation of quantitative and qualitative information on the risks


the reported top management and Board of Directors of the company pension.



(3) the company shall ensure that the Pension up to the level of senior management (section 10)

the Department of management responsibility of business from liability for

risk management and settlement and transaction reconciliation deals negotiated on

financial markets.



(4) the development of an information system is provided separately from the service of this

the system. Management information system is being implemented separately from the

the evaluation of the safety audit records, controls the allocation of

access rights and drawing up and updating of the security regulations

for this system.



(5) the pension company shall ensure appropriate independence of the internal performance

due to the nature of the checks, the subject and the importance of control and prevention

conflict of interest in arranging for all the control mechanisms including

compliance (section 17 (2)); the internal audit function is independent of the

all performance activities.



§ 7



The Supervisory Board



(1) the Supervisory Board oversees the company's pension and at least once a year

evaluates whether the management and control system is functional and efficient. In

the performance of this obligation, the Supervisory Board also regularly

matters relating to the overall strategy of the pension company

including how to invest her own funds and channelling

the risks to which they are or could be of pension company or

managed funds exposed.



(2) the Supervisory Board shall participate in the routing, planning and evaluation

the activities of the internal audit and evaluation of compliance (section 17).



(3) the Supervisory Board in advance of the proposal of the Board to the

the credentials of the physical or legal person, a risk management function

the internal audit function or the compliance function and the proposal for its

the appeal. In the event that the performance of the risk management function, the function of the internal

audit or compliance function ensures more natural persons,

the Supervisory Board only to the design of the credentials or the appeal of the head of

the appropriate organizational unit.



(4) the Supervisory Board shall lay down the principles for the remuneration of the Board of Directors and

the person whose credentials are expressed in advance referred to in paragraph 3, if

This is not within the competence of the general meeting.



The Board of Directors



§ 8



The Board of Directors shall ensure the creation and evaluation of the management and control

system and keeping its functionality and efficiency as a whole

I, parts. To fulfill this requirement, the Board of Directors of the



and) compliance management and control system with the legislation,



b) sufficiency of the information and effective communication activities

pension companies,



(c) determining the overall strategy), including its assumptions and sufficiently

the specific principles and objectives of its fulfillment,



(d)) the functioning of the internal control system,



(e)) to establish the rules that formulate ethical principles and the expected

models of behavior and conduct of employees in accordance with these principles, and

their enforcement,



(f)) establishing the principles for human resources management, including for the selection,

remuneration, evaluation and motivating employees,



g) determination of the requirements of the knowledge and experience of the people that

pension company carries out its business, and the mode of proof

the required knowledge and experience,



h) application of the proper procedures the performance of activities and procedures

the proceedings that lead to the avoidance of adverse activities, in particular

preference for short-term results and objectives that are not in accordance with the

fulfilling the overall strategy and remuneration system which is

disproportionately dependent on short-term performance, or procedures, which allow you to

abuse of resources, or covering up the shortcomings.



§ 9



(1) the Board shall approve and regularly evaluates the



and the overall strategy)



(b)), the organisation of



c) approach to investment funds managed



(d)) risk management strategy,



e) strategy related to capital and capital adequacy,



(f) the strategy for the development of the information system),



g) principles of the system of internal control including a policy for preventing

potential conflicts of interest and compliance policy



h) security policy including security policy for information

system,



I) limits the pension system, the company will use to limit

risks, and



j) strategic and periodic internal audit plan.



(2) the Board shall supervise the implementation of the strategy, approved by

the principles and objectives and other activities, in particular the activities of senior management and its

members. The Board of Directors evaluates the duly and on time as well as regular reports

Special findings, including information submitted

Auditor ^ 1), supervisory authorities or other competent persons. On

the basis of this assessment the Board of Directors adopts appropriate measures,

that are carried out without undue delay.



(3) the Board of Directors regularly discuss matters relating to

management and control system, with the top leadership, and at least once

annually evaluates the overall functionality and effectiveness of the management and

control system and shall ensure that any corrective measures as follows

the shortcomings identified.



§ 10



Senior management



(1) the Supreme leadership of the means



and the head of the organizational departments directly) the subordination of the members of the Board of Directors,



(b) members of the Board), who at the same time carrying out the activities referred to in

paragraph 2, and



(c)) other persons to senior management includes the pension company.



(2) senior management ensures, in particular,



and the Board approved the implementation strategy), the principles and objectives including

elaboration of the procedures for their implementation and day to day management of pension

the company,



(b) the maintenance of a functional and efficient) of the organizational arrangements, including the

segregation of incompatible functions and preventing potential conflicts of interest

and



(c)) to create a, maintenance, and implementation of a functional and effective system

the acquisition, use, and retention of information.



Information and communication



§ 11



(1) the pension company shall ensure that the appropriate organizational units and

employees have for their decision making and further specified activities to

timely, reliable and comprehensive information.



(2) the Board is informed without undue delay



and, of all the facts) that could significantly affect the

the financial situation of the Pension Fund of the company or Fund,

including the effects of changes in the internal and external environment, and



(b)) of all překročeních limits affecting compliance with the accepted rate

assumed risks.



(3) the Board is regularly informed about the



investment method a) of managed funds



(b) the extent of risks assumed and)



(c) the implementation of the capital requirements).



§ 12



(1) the pension company



and) lays down the conditions of access to the information system and the data in it

recorded, the scope of access rights and the process of their establishment,

including the method of deciding the scope of individual rights

people and their changes



(b)) sets out the conditions under which they will be stored in the information system

the data associated with the shops and services provided and

performed on their vacation, the edit conditions for management of this data and

ensure easy discoverability of their original content and made

adjustments and



(c)) provides the protection of the information system from damage and before

access and interference by unauthorized persons; in case of damage

the information system will ensure the reconstruction of data.



(2) the pension company shall make available on request information and records from the

the information system of the Czech National Bank, so that one could easily

way to reconstruct all of the key stages of the processing of each trade

When the management of the assets of the funds and find out their original content before

corrections or changes.



section 13 of the



Provision of information for the purposes of exercising supervision



(1) the pension company will establish, maintain and operate a system for the

create, control, and transmission of information to the Czech National Bank to

provide information currently, reliably, and seamlessly.



(2) the pension company will establish, maintain and operate the mechanisms of internal

controls to ensure the completeness and accuracy of all calculations, data,

statements and other information provided by the Czech National Bank regularly

or at its request.



(3) the pension company shall ensure that the process of creating and delivering

the Czech National Bank information referred to in paragraph 2 was backward

rekonstruovatelný for at least five years.



§ 14



The basic requirements for a risk management system



(1) the pension company shall ensure recognition of risks to

provided for all activities and all of the management and organizational levels

and permit the detection of new, unidentified risks.



(2) the pension company shall ensure that the risk management system provides

distortion-free picture of the extent of risk assumed.



(3) the pension company risk management takes into account all significant

risks and risk factors, which are or may be the pension

company or managed funds. Risk management

It takes into account internal and external factors, including the mainstreaming of the future


the business strategy of the company, she managed pension funds,

the effects of the economic cycle and the effects of the environment and of the regulatory environment.

Risk management takes account of the quantitative and qualitative aspects of risks,

real options and the costs and revenues arising from the proceedings

risks.



§ 15



Risk management strategies



(1) the pension company establishes in its risk management strategy primarily



and) the definition of the risks to which are, or may be a pension company or

her managed funds are exposed,



(b) the assessment of materiality) policy, risk management,



(c) the risk management policy),



d) methods for risk management,



e) accepted level of risk,



(f)), the policy for the Assembly and adjustments to the contingency plan for crisis

liquidity,



(g) for defining the policy allowed) products, currencies, countries, geographical

areas, markets and counterparties,



h) principles of control mechanisms in the management of risks, including checks

compliance with the established procedures and limits for risk management and authentication

the outputs of risk measurement, and



I) policy for the reporting of risks incurred and their management

top executives, Board of Directors and the Supervisory Board.



(2) the pension company shall ensure that all persons whose activity has

impact on risk management strategies have been identified, approved in

to the extent necessary and act in accordance with this strategy and it

under the procedures and limits.



section 16 of the



The basic requirements for internal control



(1) the pension company introduces and maintains internal control

that applies to all of the management and organizational levels.



(2) the pension company shall ensure that the inspection activities were included in the

normal, everyday activities and generally include, in particular,



and line management control),



(b) appropriate control mechanisms) for each process, in particular

compliance with laws, regulations and internal rules and limits, control

the approval and authorisation of transactions above the specified limits, control

during the activities and transactions, transaction details, authentication, authentication

outputs used systems and methods of risk management, regular

transaction reconciliation, and



c) physical checks; physical review focuses in particular on the limitations

access to tangible property, investment and other financial tools

of the assets and on the regular inventory of assets.



§ 17



Compliance



(1) the pension company will establish, maintain and operate the principles and procedures

compliance assurance, aiming in particular to secure



and compliance with the internal regulations) of the legislation,



(b)) the consistency of the internal rules and



(c) the compliance of all activities) with the laws and internal regulations.



(2) the pension company shall ensure compliance with the legal process inspection

obligations and the obligations resulting from its internal regulations,

including the follow-up of compliance with obligations of the pension company

arising from the statutes it managed funds and contractual relations

with the depositary and the participants (compliance function).



(3) the pension company shall ensure



and informing senior management about) discovered, nesouladech and

the Board of directors or of the Supervisory Board of any identified significant

nesouladech,



b) informing senior management about upcoming or new legal

regulations and standards relating to the activities of the pension

the company and the



(c) provide other useful information) related to compliance

the Board of Directors and top executives, especially about whether she was taken

appropriate corrective measures in case of discovered of significant

inconsistencies.



(4) the pension company lays down the principles and procedures for ensuring

compliance to seamlessly and covered all its interrelated

activity.



section 18



Internal audit



(1) the pension company performance to internal audit

provide objective and independent assurance on the activities of the pension

the company.



(2) the pension company shall ensure that the internal audit is subject to particularly



and ensuring compliance with the prudent exercise of) the activities of the pension

the company,



(b) compliance with the policy) the objectives and procedures of the pension company



(c)) risk management system and internal control,



(d)) financial management and valuation,



e) completeness, relevance and accuracy of the accounting,



f) reliability of financial, statistical and other information, including

information provided by the authorities of the pension company and



g) functionality and security of the information system including reliability

system of compilation and reporting to the Czech National Bank.



(3) the pension company shall ensure that in the performance of the internal audit were

always carried out the following activities:



and risk analysis) of the Assembly, and at least once a year,



(b) strategic and periodic) builds the internal audit plan,



(c)) create and maintain a monitoring system measures to remedy the stored

on the basis of the findings of the internal audit and



(d) assessment of the functionality and efficiency of) the management and control

the system, at least once a year.



(4) the head of the organizational unit of internal audit shall inform the

any evidence of the Board of Directors and the Supervisory Board and in the case of

the findings, which may significantly affect the financial

the situation of the pension company or managed funds, must give

the initiative for the extraordinary meeting of the Supervisory Board.



TITLE II



ADDITIONAL RULES, SOUND AND PRUDENT CONDUCT OF PENSION

COMPANY



§ 19



Records of the communication



(1) adjusted pension company



and the use of communication equipment) rules, at least the reservation

certain telephone lines and other communication devices, for

related activities carried out by the shops and the services provided,

including the communication between the company and the depositary of the pension and

outsourcing provider under § 4, and keeping records of communication

on these phone lines, or other communication devices

and



(b)) the details of record under (a)), which are at least the date and

time communications, identification of the person ^ 2), the sender and recipient,

If available, and the contents of a transmitted message; pension company shall ensure

the possibility of the acquisition of the full listings on dedicated communication records

telephone lines and other communication devices, and

take the output from the recording equipment.



(2) the pension company maintains records of the communication referred to in paragraph 1

at least within the time limits referred to in § 31 para. 2 of the Act on pension savings

and § 55 para. 2 of the Act on supplementary pension savings.



section 20



Rules for the handling of complaints, and the complaints of candidates and participants



Pension company



and) establish, maintain and operate an effective and transparent procedures for the

the proper and expeditious handling of complaints, and the complaints of candidates and participants,



(b) rules for) publish complaints and claims, and

participants on their website and



c) keeps records of complaints and complaints of candidates and participants and the measures

adopted on the basis thereof.



section 21



Detection and management of conflicts of interest



(1) if the pension company is a member of the group according to the

section 49 (a). (b) section 2 of the Act) relating to the supplementary pension savings, detects and

be governed by the conflict of interest under section 49 (a). (b) the Act on supplementary pension)

savings also with regard to all foreseeable circumstances that

may cause a conflict of interest as a result of the structure of the business

Group and business of its members.



(2) If, despite the measures taken pursuant to section 49 (a). (b)) of the

the supplementary pension savings cannot be reliably to avoid any adverse

the impact of conflict of interests to the interests of the Fund, the Fund shall forthwith

informed the Board of Directors, in order to take the necessary measures,

to ensure that pension company at all times acted in

the best interest of her Fund to the Fund.



(3) the pension company at the same time with the Board of directors by notifying

paragraph 2 shall communicate information on the nature or sources of conflicts of interest

the participant. Pension company will provide participant information

durable medium of information ^ 3) and to the extent that the participant will enable properly

take into account conflict of interest related to the activities of the pension company.



section 22



Detection of conflicts of interest



(1) in the detection and assessment of conflicts of interest in the context of its

the activities of the pension company will take into account whether the person under section 49 (a).

(b) the Act on supplementary pension) savings



and can obtain financial benefit) or to avoid financial loss on the

the expense of the Fund the Fund,



(b)) has a distinct interest in the outcome of the services provided by her obhospodařovanému

the Fund or on the outcome of the trade by her name of Fund

the Fund from the interests of the Fund,



(c)) has the motivation to prioritize it managed the pool before the interests of the

another fund, the



(d)) carries out activities similar retirement savings or supplementary

pension savings and



e) receives or will receive from persons other than she's managed the Fund,

solicitation in connection with Fund and this incentive does not constitute

the usual remuneration for the service.




(2) Pension, the company always



and) to determine the circumstances in relation to specific services and

activities, which provides pension company or other person, the

on behalf of, may lead to conflicts of interests, which constitutes an essential

risk of damage to the interests of her Fund Fund (hereinafter referred to as

"a substantial conflict of interest"),



(b) specifying the binding procedures) in particular and significant management measures

conflicts of interest and



(c)) the current record leads of the services provided, from which arose or

a substantial conflict of interest may arise.



Article 23 of the



A substantial conflict of interest management



(1) the pension company shall ensure that persons with a special relationship to

pension companies which are involved in the exercise of activities which

It is associated with substantial conflicts of interest, carry out their activities with sufficient

degree of independence. The degree of independence is appropriate to the nature, scale and

the complexity of the activities of the pension company and the Group

pursuant to section 49 (a). (b) section 2 of the Act) relating to the supplementary pension savings, the

they belong to, and severity of the risk of damage to the interests of her

managed fund.



(2) the procedures for the management of significant conflicts of interest, which will lead to

the independence of the security referred to in paragraph 1, according to the circumstances of a particular

situations include



a) effective procedures to prevent or control the exchange of information between

persons with a special relationship to the pension company is

information linked to the danger of conflicts of interest and the exchange of information

She could harm the interests of the Fund of Fund



(b) an independent check of the people) a special relationship to the pension

companies that are involved in the provision of services for her

management of the Fund, whose interests, or the interests of the people, for which the

operate, can be in mutual conflict,



(c) the avoidance of any direct binding) between persons with a special reward

related to the pension company mainly engaged in a certain activity and

remuneration or income of another person with a special relationship to the pension

companies performing activities of a different, if in respect of such

activities may arise a conflict of interest,



d) measures that prevent unauthorized execution options

or nedůvodného effects on the way in which a person with a special relationship to

pension company secures the implementation of services



e) measures to avoid the person with a special relationship to the pension

the company, to participate in the provision of services, if you would

There may be a threat to the proper management of conflicts of interest, or ensure

control of this activity so as to compromise the proper management of conflicts of interest

prevent, and



(f)) for more appropriate measures, if the measures taken under subparagraphs) to (e))

do not provide the necessary degree of independence referred to in paragraph 1.



section 24



Risk management of the Fund of Fund



(1) in the risk management of the Fund of Fund pension company



and takes the risk measuring procedures) so that risks and their impact on the

the risk profile of the Fund of fund it were accurately measured on

the basis of trusted and reliable information and to make the procedures of risk measurement

have been documented in an appropriate manner; If it is proportionate to the nature,

the scope or complexity of the risk assumed, used to measure the risk

Advanced approaches, which include the value at risk method (value at

risk-VaR),



b) conducts regular back-testing in order to check the validity of the

methods for the measurement of risk,



(c)) performs regularly stress testing and scenario analysis in order to

capture risks arising from possible changes in market conditions that would

could have a negative impact on her management of the Fund,



(d)) shall establish, maintain and operate a documented system of limits for restrictions

the risks for each of her management of the Fund, taking into account all the risks,

that it might have for her management of the Fund was essential and in accordance

with the risk profile of the Fund the Fund, her



e) shall ensure that the current level of risk of each managed fund it

in accordance with its system of limits for risk reduction, and



f) establish, maintain and operate appropriate procedures, which in the case of

actual or anticipated breach of the limits for limiting the risk of her

managed fund will ensure timely corrective measures.



(2) the pension company will establish, maintain and operate such procedures

liquidity risk management of the Fund, the Fund that it will ensure that

the Fund is able at any time to meet the obligations according to the law, the Statute and the treaties

with the participants. Pension company performs stress testing, allowing

the assessment of liquidity risk of the Fund in exceptional circumstances.



PART THREE



ASSET MANAGEMENT RULES



TITLE I OF THE



INVESTMENT TOOLS, WHICH CAN INVEST THE PARTICIPATION FUND



(Section 100 of the Act on supplementary pension savings)



§ 25



Investment securities



The participation Fund may invest in securities, investment



and possession of) due to local fund may incur a loss,

the amount of which shall not exceed the amount you paid for it,



(b)) whose price can be reliably determined, which in the case of investment securities

the paper referred to in § 100 para. 2 (a). a) and b) of the Act on supplementary pension

savings means that there is an exact, reliable and regular price

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

the issuer of that investment securities,



(c)) for which they are available to market participants, regular, accurate and

complete information on the instrument or on the structure of the security,



(d)) whose acquisition is in line with the way of investing and risk

profile of a participating fund and



e) that associated risks are sufficiently taken into account management system

the risks of a participating fund.



section 26



Money market instruments



The participation Fund may invest in money market instruments,



and) whose original maturity is not more than 397 days,



(b)) whose residual maturity is not more than 397 days,



(c)) that iterates through the regular valuing the proceeds in accordance with the conditions

money market at least every 397 days, or



(d)) whose risk profile, in particular, credit and training intensity

interest rate risk corresponds to the risk profile, the maturity of the tools

fulfils the condition of letters and) or (b)), or experiencing the indexation

the revenue referred to in subparagraph (c)).



section 27 of the



Financial derivatives



(1) the financial derivative in accordance with § 100 para. 2 (a). (g)) of the law on the supplementary

pension savings can fund participation to negotiate on condition that it meets the

the requirements set out in sections 30 and 31.



(2) valuation of the reliable and verifiable manner, in accordance with § 100 para. 2

(a). g) of section 3 of the Act on supplementary pension saving is valuation,

that comes out only from quotations of the counterparty and the



the valuation is based on either a) of reliable market prices updated tools

or, if such price is not available, the method of valuation, which

uses a common methodology on the financial markets, and



(b) the valuation exercises)



1. for these purposes, sufficiently professionally equipped organizational unit

pension company, which is independent of the organizational service

responsible for the management of the property, or



2. eligible third party which is independent from the counterparty of the derivative,

and reasonably frequently, and in a manner allowing access to the local pool

control.



section 28



Financial index



The financial index in accordance with § 100 para. 2 (a). g) point 1 of the law on

the supplementary pension savings is the index that



and is sufficiently diversified,) and is folded so that the price movements

or trading on one of the components of the index disproportionately

they do not affect the performance of the entire index,



(b)) is sufficiently representative for a market that uses it, and



1. measures the performance of the representative group of the instruments underlying the appropriate

and in a satisfactory manner,



2. the composition of the index is regularly edits in a way that still

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

publicly available criteria, and



3. the underlying instruments are sufficiently liquid, which users

where appropriate, this index allows you to copy, and



(c)) is publicly available, and



1. its publication relies on proper procedures for price collection, calculation and

the publication of its value, including pricing its proper procedures

ingredients for which there is no market price is available, and



2. the relevant information relating to the calculation of its value, how and

updates to the composition, changes to this index, or any operational difficulties with the

timely and accurate information relating to the publication of this index

shall be published in the widest possible scope and in time.



section 29



Investment securities and money market instruments containing the derivative



(1) Investment Securities containing a financial derivative, into which the

the participation Fund may invest, the investment securities specified in §

25 containing the folder,



and the presence of) due to some or all of the cash flows

associated with this investment securities vary depending on the

the specific interest rate, the price of the other investment tools, currency

of course, the price index or index rates, credit rating or credit


the index or other variable value, with the consequence that these cash

flows can change as a stand-alone derivative,



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

the economic character of the security and the risks associated with him

and



(c)) that has a significant impact on the risk profile and the fixing of prices for this

investment securities.



(2) money market Instrument containing a financial derivative, into which the

the participation Fund may invest, money market instrument is referred to in §

26, which contains a folder that meets the criteria set out in paragraph 1.



(3) the participation Fund may invest in securities or investment

money market instruments containing a derivative under the condition that derivative

It meets the requirements set out in section 30 and 31.



(4) investment securities or money market instrument contains

the folder that is contractually transferable independently of the investment

instrument or instruments of the money market, it is considered that the derivative

It does not contain. Such a component is then considered to be a separate investment

tool.



TITLE II



TECHNIQUES AND TOOLS FOR THE EFFECTIVE MANAGEMENT OF ASSETS IN

DŮCHODOVÉMFONDU AND VÚČASTNICKÉM OF THE FUND AND THE RELATED RISK MEASUREMENT



(§ 52 of the law on pension savings and section 102 of the law on the supplementary

pension savings)



section 30



Techniques and tools



(1) the techniques and tools that you can use to the pension company

the efficient management of the assets in the Pension Fund and in a directory

Fund repurchase transactions and derivative financial instruments referred to in § 100 para. 2

(a). f) and (g)) of the supplementary pension savings.



(2) techniques and tools must be applied in a manner



and to ensure that risk reduction) from the investment, reduce costs, or

achieve additional revenues for the Pension Fund and the participation Fund for

assuming that podstupované is shown to be low risk,



(b)) whose choice is the Pension Fund and the participation Fund able to justify and



(c)) to ensure that the obligations of the Pension Fund and the participation Fund

arising from the use of techniques and instruments are always fully covered their

the property.



section 31



Reduction of risks from the use of derivative financial instruments



(1) the Pension Fund and the participation Fund reduces the risk from the use of

financial derivatives, so that



a) is to be settled by the financial derivative of the Pension Fund and

a participating fund or by delivery of the underlying instrument, hold the

underlying instrument at the time of the negotiation and for the entire duration of the contract

in its portfolio; on currency hedging derivatives, which have the characteristics of

the hedging derivative in accordance with international accounting standards

governed by law of the European Union ^ 4), it is sufficient to hold highly

liquid assets,



(b)) is to be settled by the financial derivative of the Pension Fund and

local delivery of Fund of funds, holds at the time of

the negotiation and for the entire duration of the contract funds or high

liquid asset in the value corresponding to the settlement price of the

financial derivative,



(c)) the underlying instrument, cash or highly liquid asset

used to cover one of the financial derivative does not apply except in the cases

referred to in paragraph 2 to cover other financial derivative; at the same time

not apply to cover financial derivative securities and cash

resources that are the subject of transactions under section 35,



(d) the financial derivative tool) the underlying matches the way the investment

and risk profile of the Fund and the



(e) the consent of the opposing party) shall ensure the financial settlement of the derivative before

his maturity with the fact that the settlement is corresponding to the real

the value of financial derivative.



(2) the Pension Fund and the participation Fund is holding the funds or

highly liquid asset for the purpose of reducing the risk of the use of financial

derivatives only up to the amount of their settlement price difference, if it is a case

referred to in paragraph 1 (b). (b)) and is contracted for additional financial derivative in order to

the position of the original financial derivative and the financial

derivatives have to be settled on the same day.



§ 32



The limit for the open position of financial derivatives



(1) The position of the Pension Fund and the Fund of local financial

derivatives calculated in accordance with paragraphs 2 to 4 shall not exceed, in any

the time 80% of the funded capital Pension Fund and

Local Fund. In the event that the limit is exceeded as a result of changes

the fair values of short underlying instruments, modifies the retirement fund and the

the participation fund your open position of financial derivatives without

undue delay to meet this limit.



(2) the Pension Fund and the participation Fund calculates the open positions

standard under the liability method.



(3) a derivative contained in the investment instrument or in the

the money market is also part of the calculation of the open position of the financial

derivatives.



(4) Monetary hedging derivatives that have the characteristics of hedge

derivative in accordance with international accounting standards as modified by the law of

The European Union, are not included in the calculation of the open position.



(5) the Pension Fund and the participation Fund calculates the open positions

at least once a week.



§ 33



The standard method of undertaking



(1) for each of the financial derivative, including derivative contained in the

an investment instrument or in money market instruments shall be

long underlying instruments and short underlying instruments. Long

underlying instruments financial derivatives are valued by positive real

values and short underlying instruments financial derivatives negative

real values are expressed in Czech Crowns.



(2) the long and short underlying instruments financial derivatives can be

to compensate, if these tools have the same parameters or are heavily

correlated.



(3) the underlying tools have the same parameters, if in the case



and debt instruments) claims or liabilities are the same person, and

bound to the same conditions of subordination, the cash flows are in the same

currency, amount and maturity,



(b)) of the equity instruments issued by the same issuer, are the same

subordination and are in the same currency and amount.



(4) the underlying instruments are strongly correlated, if between day

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

the value of the second tool, there is a correlation of at least 0.95 in the time

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

total open position.



(5) short underlying instruments financial derivatives can be compensated

investment instruments that the Fund has in its assets, in the case of

These tools:



and investment securities)



(b)) money market instruments, or



(c) collective investment) securities.



(6) The position relating to financial derivatives is equal to the sum of the

the absolute values of the remaining short underlying instruments

financial derivatives.



§ 34



Counterparty risk measurement



Counterparty risk the Pension Fund and the participation Fund

arising from financial derivatives referred to in § 100 para. 2 (a). (g))

the Act on supplementary pension savings for the purposes of the limit referred to in section 53

paragraph. 3 of the Act on pension savings and § 103 para. 3 of the law on the supplementary

pension savings provides, as a sum of positive real values of these

the derivatives negotiated with the relevant counterparty. In the calculation, the Fund may

take into account the



and the final settlement agreement) with the same counterparty for

provided that the



1. this Agreement shall be legally effective and enforceable in all relevant

legal systems, even in the case of a permit or a reorganization of debt relief

or a comparable solution to the decline of the counterparty, or if

Declaration of bankruptcy of the counterparty or a comparable solution

the decline of the counterparty and



2. takes into account the final settlement only in relation to financial derivatives

referred to in § 100 para. 2 (a). (g)) of the supplementary pension

savings, and



(b)) the value of the investment instruments adopted to ensure, provided

that these investment vehicles are measured at fair value, are

highly liquid and the Pension Fund and the participation Fund is in its

property or is entrusted to a third party independent of the counterparty.



§ 35



Limits for the negotiation of the repo transaction



(1) the Pension Fund and the participation Fund may negotiate the repurchase agreements, only

If



and the negotiation of a repo trade) you can substantiate,



(b)) is the counterparty institution referred to in § 100 para. 2 (a). g) of point 2

the Act on supplementary pension savings and



c) securities that are the subject of a reverse repurchase agreement shall correspond to the

how investing and risk profile of the Pension Fund and

Local Fund.



(2) the Pension Fund and the participation Fund invests funds

obtained from repo transactions only in highly liquid assets, which in turn

does not apply to other repo trade, so that the expected return from

invested funds received in the context of repo transactions is higher than

cost spent on receipt of such funds.



(3) the Pension Fund and the participation Fund



and) for the duration of reverse repurchase agreement securities that are his


the subject,



1. sell or lend to the before the counterparty exercises its right to

redemption or repayment of securities, or before the expiry of

term for redemption or refund,



2. may entrust to a third party only to the opposing party, the independent



(b)) shall ensure that the securities that are the subject of reverse repo transactions are

highly liquid and



(c)) shall ensure that the value provided by the funds within the

reverse repo transactions is not greater than the fair value of the relevant securities

of papers.



section 36



The Pension Fund and the participation Fund includes the limits pursuant to § 53 para. 1

and 5 of the Act on pension savings or under § 103 para. 1 and 5 of the law on

the supplementary pension savings and value of investment securities and the

money market instruments provided by the counterparty as collateral

derivative referred to in § 100 para. 2 (a). (g)) of the law on the supplementary

pension savings or in the framework of the agreement. Ensure the Fund can include in

limits in net value, provided that the counterparty has the

an agreement on a final settlement, which is legally effective and

enforceable in all relevant jurisdictions.



TITLE III



THE VALUATION OF ASSETS AND LIABILITIES OF THE PENSION FUND AND THE PARTICIPATION FUND



(§ 63 of the Act on pension savings and section 115 of the law on the supplementary

pension savings)



§ 37



The fair value of



In determining the fair value of the assets and liabilities of the pension fund proceeds

and the participation Fund in accordance with international accounting standards as modified

European Union law ^ 4) with the fact that for the determination of the fair value of

bond is able to use the average price between the best binding

supply and demand (the middle price).



§ 38



The determination of fair value in specific cases



(1) the fair value of securities issued by the issuer is equal to zero,

According to available information, if insolvency proceedings have been on

the assets of the issuer and the procedure has not yet ended or the Court rejected

insolvency petition for lack of its assets), or ^ 5 was released

a similar decision under foreign law.



(2) the basis for determining the fair value of receivables that are

the maturity of the



and) for no longer than 90 days shall be reduced by 10%,



(b)) for more than 90 days but not more than 180 days shall be reduced by 30%,



(c)) for more than 180 days but no longer than 360 days shall be reduced by 66%,



(d)) for more than 360 days shall be reduced by 100%.



(3) the basis for determining the fair value of the claims against the debtor is

shall be reduced by 100% if it was against the debtor insolvency

the procedure, which has not yet ended, or dismissing the insolvency petition for

the lack of its assets, or a similar decision has been issued in accordance with

foreign law.



(4) if it can reasonably be assumed that the value of the securities or

the claims set out in paragraphs 1 to 3 does not match the price at which the

can the asset with a professional care to monetize, provides

the participation Fund or pension fund value of such assets in a manner

that within the meaning of international accounting standards as modified by the law of

The European Union ^ 4) give a true and fair view of the fair value of the

assets. The reasons for and the method of determination of the fair value under the first sentence

the Pension Fund and the participation Fund in writing.



(5) the method of determining the fair value referred to in paragraph 4 shall be required

the consent of the depositary of the Fund. The agreed method to determine the fair value of

can be changed only with the consent of the depositary of the Fund and assuming that

arose from the fact that the credibility of the new agreed by way

the determination of fair values have changed.



(6) if the depositary of the Fund with the method of determination of the fair value of

pursuant to paragraph 4, it shall notify without undue delay in writing

pension company that manages this Fund. Pension Fund and

the participation Fund in this case, the procedures for the award of the

the assets referred to in paragraphs 1 to 3. If the participation Fund, or

Pension Fund contrary to the depositary notification, the depositary shall inform the

This fact, the Czech National Bank.



PART FOUR



RULES OF CONDUCT



(Section 79 and 82 of the Act on pension savings and section 54, 130 and 133 of the law on

the supplementary pension savings)



§ 39



Communication with stakeholders and interested parties



(1) the information on the functioning of the system of retirement savings and implications

associated with participation in this system contains in particular information on



and) conditions of births and deaths of participation in retirement savings and

the consequences for the participant relating to the basic pension insurance

insurance and claims of basic pension insurance,



(b)) of different strategies and ways by which they can be resources

a participant in the pension fund regulations, to be laid out



(c)) the different types of pension funds, their investment focus and

the projected long-term and current structure of the assets in these funds,



(d)) the potential risks that may be associated with retirement savings in

each of the funds and, in General,



(e) the charge payable to the pension company), fees and incentives associated with

the participation of a participant, or lead in the funded pension plan system,



(f)) the communication of key information for the participants and the Statute of a particular

the Pension Fund,



(g)) the possibility of transfer funds in pension funds managed

another pension company and the fee associated with this transfer,



h) claims from retirement savings, including information about the settlement

claims, and claims in the event of the death of a participant in the saving phase and about

the possibility of using savings participant and



I) offers insurance companies offering annuities.



(2) if the information provided by pension companies compares the pension

the company and its strategy, the investment policy of the pension savings

approach to investment funds or participating funds, as well as the draft contracts

on pension savings or pension savings of the supplementary pension

by comparison, must



and be useful, accurate) and balanced,



(b)) contain information about the source of the information for comparison

used, and



(c)), the most important facts and describe the assumptions on which the comparison

It is based on.



(3) if the information provided by pension companies includes details of

yield savings pension or supplementary pension savings for

pension company made in the past,



and) must be an income after deduction of the remuneration, pension companies,



(b) such information) may not be the most significant element of the communication,



(c)) must include this information on the appropriate data to yield at least five

immediately preceding years; If no such data, the

data for the entire period, when the pension fund or the participation Fund

offered,



(d)) the information must be based on the data collected for the twelve

immediately consecutive calendar months,



(e)) the information must be clearly indicated the reference period and the source of

information and



f) must contain a prominent warning that the data used relate to the

the past and the yield achieved in the past is not a reliable indicator of

future returns.



(4) if the information provided by pension companies refers to

the expected future revenue,



and must not be based on simulated) yield in the past or

reference,



(b)) must be based on reasonable assumptions supported by objective

data,



(c)) must be the views of the proceeds after deduction of the remuneration, pension

the company and the



d) must contain a prominent warning that this is the expected yield,

that is not a guarantee of a genuine future revenue.



section 40



Informing the participant



(1) the information referred to in section 82 para. 1 (b). a) to h) of the Act on pension

savings will provide a pension company participant in sufficient time

advance of the conclusion of the contract on pension savings.



(2) the information referred to in § 133 paragraph 2. 1 (b). a) to (j)) of the law on the supplementary

pension savings will provide a pension company attendee in the

sufficient time prior to the conclusion of the contract on the supplementary

pension savings.



(3) information about any substantial change in the facts referred to in section 82

paragraph. 1 (b). a) to h) of the Act on pension savings and in § 133 paragraph 2. 1

(a). a) to (j)) of the law on the supplementary pension savings plan will provide pension

the company participant without undue delay after this significant change.



(4) the information referred to in section 82 para. 1 (b). j) to l) of the Act on pension

savings and pursuant to § 133 paragraph 2. 1 (b). l) to (n)) of the law on the supplementary

pension savings will provide a pension company participant without

undue delay after the date on which such fact alone

She learned.



§ 41



Processing shops



(1) the pension company in accordance with § 54 para. 1 (b). I) and (j)) of the

the supplementary pension savings will establish, maintain and operate the rules for

processing of trades, which lays down the procedure for at least



and immediate and accurate record) design shops,



(b) comparable shops by) the processing time priorities the adoption of

investment decision for this trade, except when it

justified by the nature of trade, the current market conditions or interest

the Pension Fund and the participation Fund



(c)) the proper settlement of trade if it is carried out by the pension company


ensures and



(d)) the immediate and accurate distribution of investment instruments, acquired

of funds and the costs incurred.



(2) the pension company does not use information relating to pending

the Fund of Fund trades, so that on the basis of the information provided

before you make a trade like this Fund to your account or to reflag acquired

the investment facility, which is an unrealized business concerns, or other

investment vehicle whose value is related to investment instruments

which is an unrealized business concerns.



(3) the pension company shall take all reasonable steps to ensure that

prevent the use of information concerning missed trades

the Fund managed by a person with a special relationship to the pension

the company.



(4) the rules referred to in paragraph 1 shall be determined for each type of investment

persons to whom a toolbar you can enter instructions for completing trades.



PART FIVE



DISCLOSURE OF INFORMATION



(§ 67 and 68 of the Act on pension savings and section 118 of the Act on 59 and

the supplementary pension savings)



§ 42



The annual and half-yearly report



(1) the annual report of the company's pension, the Pension Fund and

participation of the Fund beyond the law governing accounting includes

the information listed in annex 1 to this notice.



(2) the half-yearly report pension companies, the Pension Fund and

local pool contains the information listed in annex 2 to this

the Decree.



§ 43



For more information



(1) the pension company publishes at least weekly information by

§ 68 para. 1 (b). (c)) of the Act on pension savings and according to § 118 paragraph. 1

(a). (c) the Act on supplementary pension) savings.



(2) the pension company publishes information for each calendar month

pursuant to § 68 para. 1 (b). (d)) of the Act on pension savings and, pursuant to section 118

paragraph. 1 (b). (d) the supplementary pension) of the savings in the range according to the

legislation governing the accounting units, which are banks

and other financial institutions ^ 6).



(3) the information referred to in § 68 para. 1 (b). e) of the Act on pension savings and

According to § 118 paragraph. 1 (b). (e) the Act on supplementary pension) savings

published pension company for each calendar quarter in

the structure and scope of accounting under the law governing the

units, which are banks and other financial institutions ^ 6).



§ 44



The method and time limits the publication of news and information



(1) news and information according to § 42 and 43 will publish the pension company

without undue delay after expiry of the relevant period.



(2) the reports and information that the pension company publishes by

the Act on supplementary pension savings or pursuant to the Act on pension

savings on their website, publish a pension company

in full in the Czech language; They shall ensure in particular that the



and this website have been) the public without restriction and free of charge

accessible and to make them easy to find in the usual way,



b) reports and information released should also take the form of a data file

suitable for download in commonly used format and



(c) the information was released way) referred to in points (a) and (b)))

available continuously throughout the existence of the pension company and

pension companies have not been changed for no reason.



(3) the news and information released pursuant to paragraph 1 must also be on the

request and without undue delay, sent in the agreed form

to the participants.



(4) the pension company shall notify without undue delay the Czech national

banks Internet address that are news and information

available, and an update to this address.



PART SIX



THE RULES FOR CALCULATING THE CAPITAL REQUIREMENT



(Section 189 of the Act on supplementary pension savings)



§ 45



Capital requirement against risks related to assets and liabilities

transformed the Fund is equal to 8% of the sum of the values of the risk-weighted

exposures.



§ 46



(1) the risk-weighted exposure is equal to the product of the exposure value

and the risk weights laid down in annex 3 to this notice.



(2) in the case of assets, the exposure value shall be equal to the book value of the asset.



(3) in the case of a derivative, the exposure value equals the sum of the fair value of

derivative and values of future exposure of the derivative; If the fair value of the

the derivative is negative, it shall be deemed for the purposes of determining the exposure value for the

zero.



(4) the value of future exposure of the derivative is determined as the product of the

the nominal value of the derivative and the conversion factor given in annex No.

3 to this notice.



(5) the exposure value of the sold option from the moment the latest installment

the option premium is zero.



PART SEVEN



The EFFECTIVENESS of the



§ 47



This Decree shall take effect on the date of its publication, with the exception of

the provisions of part three and section 39 and 40, which will become effective on 1 January 2004.

January 1, 2013.



Governor:



Ing. Singer, Ph.d., v. r.



Annex 1



Annual report of the pension company, pension fund or

Participation Fund



(§ 67 of the law on pension savings and section 59 of the Act on supplementary

pension savings)



1. The annual report of the company's pension beyond of the accounting Act

contains information about the



and changes in facts being written to) register, for which

during the vesting period,



(b) pension funds) or the participating funds that have been in

the relevant period managed pension companies,



(c)) the facts having a significant impact on the performance of the activities of the pension

the company, together with an indication of the main factors that had an impact on the

the economic result,



(d) members of the Board of Directors, supervisory board) of the Council and other leading persons

pension companies, including a brief description of their experience and

qualification, an indication of the date on which they perform a function or

activity, or of the date on which it ceased to perform the function or

activity,



(e) the managers of pension portfolio company), the pension fund or

participation of the Fund in the period, including a brief description of their

experience and qualifications, an indication of the date on which have been in business for

the pension fund or the participation Fund and, where applicable, the date on which

stop this activity,



(f) the persons who should be), the qualified participation in the pension company

If only part of the vesting period, with details of the type and amount of participation in the

pension companies, together with an indication of time you should

qualified participation in the pension company



(g)), which had a pension company qualified to participate,

If only part of the vesting period, with details of the amount and type of qualified

participation and economic outcome of these people, together with an indication of time

the pension company had qualified participation in these persons;

If there are no audited financial results these persons,

indicating the pension company economic results unaudited and this

authority,



h) persons that have been linked with pension companies staffed, even though

just after the part of the relevant period, with details of how to link and time

link,



I) persons, which are not shown by the letters e) to (g)) and which have acted in

the relevant period in accordance with pension companies,



(j)) of all securities dealers who have

brokerage house in relation to pension funds or

obhospodařovaným pension funds to participating companies, albeit only after

the part of the relevant period, together with the amount of time that this activity

they have worked, and



k) legal or arbitration disputes, which has been or is

pension company itself or on behalf of the pension fund or

Participation Fund, if the amount in dispute exceeds 1%

the value of the assets of the pension company, the assets in the pension fund or in

a directory of the Fund to which the dispute relates, during the relevant period.



2. the annual report of a participating fund or pension fund in excess of the

of the accounting Act contains data about the



and the pension fund or the name) of a participating fund



(b)) pension company pension fund or the participation Fund

worked, and, where appropriate, details of all pension companies

the pension fund or the participation Fund in the period obhospodařovaly,

together with the amount of time that each retirement pension company

Fund or the participation Fund cooperatives cultivated,



(c) the pension fund portfolio managers) or the participation of the Fund in

the period during which the activities of portfolio manager worked,



(d)) of all pension fund depositories or participation of the Fund in

the relevant period and the period during which the Depositary activity carried out,



e) to a person who provides custody or control of the property status

the pension fund or the Fund's participation, if this person

saved or is this person checked the status of more than 1% of the assets

the Fund,



f) unique identification of the assets of the pension fund or

local pool if its value exceeds 1% of the value of the assets in

the Fund on the date on which the award was made for the purposes of this report, with

putting the total acquisition cost and the fair value at the end of the applicable

period,



g) judicial or arbitration disputes relating to the assets in the Fund

or claim the Pension Fund participants or local Fund,


If the amount in dispute exceeds 1% of the value of assets in the

Pension Fund or in a directory of the Fund during the relevant period,



h) fondovém equity of a pension fund or a participating fund

and fondovém equity to one of the eligible pension unit

or pension unit to 31. December the vesting period and for previous

three elapsed period



I) development of the pension or pension unit value unit in the Governing

period in the illustrative graphical form,



(j)), and changes to the assets in the Fund,



the charge payable to the designated pension companies) for asset management

the pension fund or the Fund, local



l) quantitative limits and the methods that have been chosen for

evaluation of the risks associated with the techniques and tools for the effective

management of the assets in the Fund or participating in the Pension Fund.



Annex 2



Half-year report pension companies, pension fund or

Participation Fund



[To section 67 of the Act on pension savings and section 59 of the Act on supplementary

pension savings]



1. the half-yearly report pension companies contains data about the



and pension funds) or the participating funds that have been in

the relevant period managed pension companies,



(b)), the Supervisory Board Board of Directors members, other persons and managers

portfolio managers and



(c)) all securities dealers who have

brokerage house in relation to pension funds or

obhospodařovaným pension funds to participating companies, albeit only after

the part of the relevant period, together with the amount of time that this activity

they have worked.



2. The half-yearly report from the pension fund or the local pool

data on the



and the pension fund or the name) of a participating fund



(b)) pension company that manages retirement or participation

Fund and, where applicable, any other pension companies

the pension fund or the participation Fund in the period obhospodařovaly,

together with the amount of time that each retirement pension company

Fund or the participation Fund cooperatives cultivated,



(c) the pension fund portfolio managers) or the participation of the Fund in

the period during which the activities of portfolio manager worked,



(d)) of all pension fund depositories or participation of the Fund in

the relevant period and the period during which the Depositary activity carried out,



e) to a person who provides custody or control of the property status

the pension fund or the Fund's participation, if this person

saved or is this person checked the status of more than 1% of the assets

the Fund,



(f) identification of the assets of the Pension Fund) or a participating fund

whose value exceeds 1% of the value of the assets of the Fund on the date on which the

the valuation carried out for the purposes of this report, with an indication of the total cost

price and the fair value at the end of the vesting period,



(g)), and changes to the assets of the pension fund or the Fund, local



h) charge payable to the designated company for the management of pension assets in the

Pension Fund or in a directory of the Fund,



I) fondovém equity of a pension fund or a participating fund

and fondovém equity to one of the eligible pension unit

or pension unit to 30. June the vesting period and for previous

three elapsed period.



Annex 3



Weighting and conversion factors



1. The risk weights



Table No. 1

---------------------------------------------------------------------------------------------------------------------

Assets and derivatives risk weight

---------------------------------------------------------------------------------------------------------------------

Bonds issued by the Czech Republic, the Czech National Bank or a Member State of the organization 0

for economic cooperation and development, or the Central Bank of that State, or jejichžrating

rating of the issuer belongs to a better or the same category of the rating of a reputable or recognized rating

^ 1) as the Agency's rating of the Czech Republic

---------------------------------------------------------------------------------------------------------------------

Bonds or debt, for which the Czech Republic was taken over by the guarantee or a Member State of the organization 0

for economic cooperation and development, whose rating belongs to the better or the same category of the rating

the renowned rating agencies or recognized as the rating of the Czech Republic

---------------------------------------------------------------------------------------------------------------------

Bonds issued by the European Investment Bank, the European Bank for reconstruction and development, 0

International Bank for reconstruction and development and other international financial institutions, to which the

A member of the Czech Republic

---------------------------------------------------------------------------------------------------------------------

A reverse repurchase agreement shall fully hedged bonds with zero risk weight 0

---------------------------------------------------------------------------------------------------------------------

Bonds issued by a Member State of the Organisation for economic cooperation and development or 0.50

the Central Bank of the State, whose rating or rating of the issuer belongs to a category of worse

the rating of a reputable rating agencies or recognized than the rating of the Czech Republic, but is

investment-grade

---------------------------------------------------------------------------------------------------------------------

Bonds or debt, for which the Member State of the organisation has assumed a guarantee for the economic 0.50

cooperation and development, whose rating belongs to the category of a reputable rating or worse recognised

the rating agencies than the rating of the United States, but it is investment-grade

---------------------------------------------------------------------------------------------------------------------

Receivables from banks or branches of foreign banks established in the territory of the Czech Republic 0.50

or with a registered office in the territory of a Member State of the Organisation for economic cooperation and development, whose

the rating belongs to the better or the same category of the rating of a reputable rating agencies or recognized

as the rating of the Czech Republic

---------------------------------------------------------------------------------------------------------------------

Bonds issued by banks based in the Czech Republic or based on územíčlenského 0.50

the State of the Organisation for economic cooperation and development, whose rating belongs to the better or the same

category rating reputable rating agencies or recognized as the rating of the Czech Republic

---------------------------------------------------------------------------------------------------------------------

Bonds or debt, for which the Bank was taken over by the guarantee established in the Czech Republic or 0.50

established in the territory of a Member State of the Organisation for economic cooperation and development, whose rating

It belongs to the better or the same category of the rating of a reputable rating agencies or recognized as

the rating of the Czech Republic

---------------------------------------------------------------------------------------------------------------------

A reverse repurchase agreement shall fully hedged bonds with a risk weight of 0.50 0.50

---------------------------------------------------------------------------------------------------------------------

Other bonds 1.0

---------------------------------------------------------------------------------------------------------------------

Shares or similar securities representing the share of the legal entity admitted to trading 1.0

on a regulated European market, in the multilateral trading system operator based

in the Member State of the European Union or on the foreign market, based in the State, which is not

Member State of the European Union, if the foreign market listed in the list of foreign

markets similar to the regulated market established in a State which is not a member státemEvropské

the Union, maintained by the Czech National Bank

---------------------------------------------------------------------------------------------------------------------

Securities issued by the standard funds under the law governing investment funds and investment 1.0

company or foreign investment funds comparable to standard pools

---------------------------------------------------------------------------------------------------------------------

Immovable property 1.0

---------------------------------------------------------------------------------------------------------------------

Shares or similar securities representing the share of the legal person which is not 1.50

risk weight of 1.0

---------------------------------------------------------------------------------------------------------------------

Securities issued by investment funds under the law governing investment companies and 1.50

foreign investment funds or investment funds, which is not rizikováváha 1.0

---------------------------------------------------------------------------------------------------------------------

Other property 1.50

---------------------------------------------------------------------------------------------------------------------


The derivative will be assigned a risk weight that would have belonged to the claim for the person with whom is a derivative has been concluded.

---------------------------------------------------------------------------------------------------------------------



2. Conversion factors



Table No. 2

---------------------------------------------------------------------------------------------------------------------

Conversion factors

Zbytková splatnost --------------------------------------------------------------------------------------------

Interest rate derivatives Currency derivatives, commodity derivatives Akciovéderiváty

---------------------------------------------------------------------------------------------------------------------

Up to 1 year 0 0.010 0.060 0.100

---------------------------------------------------------------------------------------------------------------------

From 1 year to 5 years 0.005 0.050 0.080 0.120

---------------------------------------------------------------------------------------------------------------------

Over 5 years 0.015 0.075 0.100 0.150

---------------------------------------------------------------------------------------------------------------------



1) section 93 para. 6 (a). a) and b) of Act No. 427/2011 Coll. on supplementary

pension savings, as amended by Act No. 241/2013 Coll.



1) Act 93/2009 Coll. on Auditors and amendment to certain laws (law

the Auditors Act), as amended.



2) § 3 (b). l) Act No. 426/2011 Coll., on pension savings.



§ 3 (b). f) Act No. 427/2011 Coll. on supplementary pension savings.



3) § 82 para. 4 of law No. 426/2011 Coll.



§ 133 paragraph 2. 4 of law No. 427/2011 Coll.



4) of Commission Regulation (EC) No 1126/2008 adopting certain

international accounting standards in accordance with regulation of the European

Parliament and of the Council (EC) No 1606/2002.



5) Act 182/2006 Coll., on bankruptcy and the ways of its solution (insolvency

Act), as amended.



6) Decree No. 501/2002 Coll., which implements certain provisions of

Act No. 563/1991 Coll., on accounting, as amended, for

the business units are banks and other financial institutions, in

as amended.