The Law On Foreign Exchange Operations

Original Language Title: zákon o směnárenské činnosti

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=80504&nr=277~2F2013~20Sb.&ft=txt

277/Sb.



LAW



of 21 June 1999. August 2013



about foreign exchange activities



Parliament has passed the following Act of the United States:



PART THE FIRST



GENERAL PROVISIONS



§ 1



The subject of the edit



This law regulates the conditions of business směnárníka and more

conditions governing currency exchange activities.



§ 2



Definition of terms



(1) a 24-hour grocery store is a store of the exchange of notes,

coins or cheques denominated in a particular currency banknotes, coins or cheques

denominated in a different currency.



(2) foreign exchange cash operations is ongoing activities operated by private

in the name and on its own responsibility for profit, that is

in the implementation of currency exchange shops.



§ 3



Person authorized to operate the Exchange activity



To operate the Exchange activity may only



and foreign banks) of the Bank and international financial institutions, under the conditions

laid down by law governing the activity of the bank,



b) savings and credit cooperatives under the conditions provided for by law

governing the activities of savings and credit cooperatives,



c) foreign (§ 4) and



(d)), Czech National Bank, under the conditions laid down by law governing the

the scope of the Czech National Bank.



PART TWO



SMĚNÁRNÍK



§ 4



Basic provisions



Směnárník is the one who is authorized to operate a foreign exchange cash activity

the basis of the authorization granted by the Czech National Bank směnárníka.



§ 5



Register směnárníků



(1) there is hereby established a register of směnárníků, which manages and operates the Czech

National Bank. Směnárníků register is kept in electronic form.



(2) the Czech National Bank to the registry směnárníků writes



and for natural persons) the business name or the name or names,

name, date of birth, address of residence and identification

number of the person



(b) for legal persons) the business name or the name, registered office and identification

number of the person



(c)) date of permission to operate foreign exchange cash activity and



(d) the date of the dissolution or withdrawal) of the authorised směnárníka.



(3) if the applicant has not been allocated prior to the application

the identification number of the person, is the Czech National Bank shall provide to the administrator

the basic registry of legal persons, natural persons-entrepreneurs and

of the public authorities.



(4) the register of the Czech National Bank publishes on its směnárníků

website.



§ 6



Authorization směnárníka



(1) the Czech National Bank has granted a permit to the applicant směnárníka activities,

If



and, undertaking has its head office), or organizational unit of the enterprise on the territory of the United

Republic,



(b)) is trusted; the condition of the trust must meet the leaders

of the person and the beneficial owners of the applicant,



(c) the head of the person of the applicant) that actually controls the operation of the Exchange

activities have reached the secondary level with GCSE and



(d)) has reached the age of 18 years of age and has full capacity to perform legal acts, if

by a natural person.



(2) the owner shall, for the purposes of this Act, the



a) a natural person who actually or legally exercised directly or

indirectly, a dominant influence on the management or operation of the business of the applicant;

the indirect influence of the influence exercised by the means through another person

or other persons,



(b)) the natural person who, alone or with the agreement of another companion

or members has more than 25% of the voting rights of the entrepreneur;

disponováním with voting rights for the purposes of this Act, the

the ability to exercise the voting rights at its discretion without

regardless of whether, and under what legal reason are exercised,

where appropriate, the possibility to influence the exercise of voting rights by another person,



c) physical persons acting in concert with more than 25%

the voting rights of the applicant, or



(d)) a natural person that is based on other facts by the recipient of the proceeds

of the activities of the applicant.



(3) it shall be deemed that the real owner of the issuer of securities admitted

to trading on a regulated European market or the foreign market with

investment instruments, which is comparable with the European regulated

market, it is for the purposes of granting the permit for the activity směnárníka trusted.



(4) the head of the person of the legal person for the purposes of this Act, the

its statutory authority, a member of its Board, its Director,

the Chief Clerk or any other person who actually controls its activity. If

a statutory body or a legal person, the head of the

person means a natural person, that the name of the legal person function

statutory authority or its member. The head of the person

entrepreneurial natural persons for the purposes of this Act, the its

Director, proxy or any other person who otherwise actually controls the

her business.



(5) an application for an authorization may lodge and směnárníka

the founder of the legal person, who has not yet suffered. The Czech National Bank

the legal person shall be granted a permit to the activities of the směnárníka, if it can be

reasonable to assume that it will comply with the conditions referred to in paragraph 1 on the date

its creation.



(6) a request for the grant of authorizations for the activities of the směnárníka can be made only

electronically. Requirements for an application, including attachments, certifying the fulfilment of the

the conditions referred to in paragraph 1, its form and method of Administration lays down the detailed

legal prescription.



§ 7



Writing to the registry směnárníků



(1) if the Czech National Bank applications for authorisations

směnárníka, writes to the registry the applicant směnárníků. The decision of the

in such a case is not made out in writing. Decision shall take legal

power at the moment of writing to the registry směnárníků. About writing to the registry

the Czech National Bank směnárníků the applicant shall promptly electronically

informs.



(2) if the Czech National Bank applications for authorisations

směnárníka, filed pursuant to section 6 (1). 5, writes to the registry směnárníků

legal person whose founder made the request. In the registry směnárníků

The Czech National Bank stating that the legal person has not yet suffered. This

the Czech National Bank, the entry from the registry směnárníků clears without undue

delay after the formation of the legal person.



§ 8



Change data



(1) the Směnárník shall, without undue delay, the Czech National Bank change

the data referred to in the application for the grant of authorizations or směnárníka

in the annexes, on the basis of which he was authorized to practice

směnárníka granted. Směnárník is not obliged to the Czech National Bank

Announcing the amendment of the particulars, which are kept in the registry as basic

reference data.



(2) the notification referred to in paragraph 1 may only be lodged electronically. Essentials

This notice, including its annexes, its form and method of Administration lays down the

the implementing legislation.



§ 9



Death and the withdrawal of authorisations for the activities of the směnárníka



(1) the authorization shall expire směnárníka



and death, směnárníka)



(b) by repealing, směnárníka) is a legal entity,



(c)) date of application of the decision of the bankruptcy směnárníka or

the decision rejecting the insolvency petition for lack of assets

směnárníka.



(2) the Czech National Bank authorised směnárníka to be withdrawn if

about this směnárník.



(3) the Czech National Bank may withdraw the authorisation to směnárníka activities,

If



and směnárník) repeatedly or seriously violated the obligation to

provided for by this Act or other legislation regulating

How to operate a foreign exchange activities



(b) satisfy the conditions směnárník) established by this Act for the grant of

směnárníka activity permit, or



c) authorised směnárníka was granted based on false

or incomplete data or as a result of another illegal procedure

směnárníka.



PART THREE



THE OBLIGATIONS OF THE PERSON AUTHORIZED TO OPERATE THE EXCHANGE ACTIVITY



§ 10



Place of business



(1) an establishment for the purposes of this Act, the space in which it is

Foreign Exchange activity. The provisions on establishment are applicable

mutatis mutandis to the currency exchange machine.



(2) a person authorized to operate foreign exchange cash operations (hereinafter referred to as

the "operator") shall not operate a foreign exchange cash activity outside the establishment.



(3) the establishment must be marked with the trade name or in the name and

last name or the name of the operator.



(4) the operator shall notify the Czech National Bank, where it will be his place of business

located, at least 3 working days before the date on which it will begin to

engage in exchange activities. The operator shall notify the Czech national

the Bank without undue delay, change of information contained in this notice; It

does not apply in the case of the amendment of the particulars, which are mentioned in the basic

the registry as reference data.



(5) the details of notifications, the form and route of Administration lays down the detailed

legal prescription.



§ 11



Exchange list



(1) the operator shall publish in the premises, in which performs currency exchange

shops, exchange rates.



(2) Exchange list contains



and) indicate that this is a currency rates,



(b) the business name or name) or the name or names, and last names

the operator and the identification number of the person



(c)) the names or other designations of currencies, among which the operator shift is performed,



d) information on exchange rates, which is conducted by the conversion between these


currencies that are for those interested in the implementation of trade (směnárenského

"the candidate") at least convenient, and



e) information on the consideration for the implementation of směnárenského trade.



(3) the information on the ticket shall be indicated in the quotation of reasonable size in a certain

and in a meaningful way. The figures are given in Arabic numerals.



§ 12



Other conditions shift



(1) an operator shall not make the Exchange store by using Exchange

course or in return for payment, which are the lead less favourable than for the Exchange

course or the remuneration referred to in the quotation.



(2) if the operator Provides the exchange rate or a fee for

lead more favourable than the exchange rate or the remuneration referred to in the quotation

the ticket, not to be confused with the information about the quotation list or

data on it referred to, in particular, with an indication of the currency exchange rate. If

offer a more favourable exchange rate or more favourable remuneration only when

subject to certain conditions, the operator shall publish, together with the information on the

menu and information about these conditions. The provisions of § 11 (1) 3, the

apply, mutatis mutandis.



section 13 of the



Information store before you perform a směnárenského



(1) the operator shall notify the candidates in advance of the conclusion of the

the information referred to in paragraph 2. This information must be

the candidates communicated in textual form, definitely and clearly at least in

the Czech and English language. A textual representation is preserved, if

information should be communicated in such a way that it can be kept and reused

show.



(2) Candidates shall be in accordance with paragraph 1, the information communicated to the



and operator)



1. the trade name or name, or the name or names, first and last name,



2. the address of the registered office and address of the establishment in which the contract is concluded,

where appropriate, other address, including electronic, which is of relevance for the

communication with the operator, and the lead.



3. the identification number of the person



(b)) money-changing shop



1. the names or other designations of currencies, among which is to be performed, the Exchange



2. the amount that a candidate should be composed to perform shift work,



3. the exchange rate



4. the amount that corresponds to the composite amount a candidate to perform shifts

the conversion exchange rate



5. consideration of the implementation of the trade, směnárenského



6. the amount to be paid to the candidates after making a shift, if

It differs from the amount referred to in paragraph 4, and



7. date and time of the provision of information and



(c) other rights of the lead)



1. information on the right lead to lodge a complaint and the name of the supervisory authority and the

address of the registered office of the authority and the



2. information on the right of candidates to submit an application to the authority for solving

disputes between the candidate and the operator, and the name and address of the registered office of the

authority.



§ 14



Proof of execution of směnárenského trade



The operator shall issue without delay, who carried out the

currency exchange shop, under the law governing the document protection

of the consumer.



§ 15



Information obligation against the Czech National Bank



(1) the operator of the Czech National Bank provides information about the volume

currency exchange shops carried out in individual currencies.



(2) the scope, form, time-limits and the way of providing information, the

the implementing legislation.



section 16 of the



Documents and records



(1) the operator in the operation of foreign exchange activity takes

documents or other records, to the extent that is essential for a credible

the certificate of the proper performance of his duties laid down in this law.



(2) the operator shall keep the documents and records referred to in paragraph 1 after

period of 5 years from the date of such documents or records. The obligation to

store these documents and records under other legislation by

is not affected.



(3) the obligation provided for in paragraph 1 is a legal successor of the operator

and one whose permission to operate foreign exchange cash activity has been terminated or

has been cancelled.



PART FOUR



SUPERVISION



§ 17



Performance supervision



(1) the Czech National Bank shall exercise supervision over the compliance with the obligations

operators that are laid down in this law or another legal

Regulation governing the procedure for the operation of exchange activities.



(2) the operator is obliged to provide the Czech National Bank in the performance of

surveillance information required and necessary explanations; This applies

for anyone who is reasonably suspected that the illegally operated

Foreign Exchange cash operations.



(3) in the case of the person who is reasonably suspected that the illegally operated

Exchange activities, the Czech National Bank to check on the

place, to the extent that is necessary to determine the facts

regarding the activity which establishes that suspicion.



(4) for the duty of confidentiality in the exercise of supervision pursuant to this Act

the provisions of the law governing the activity of the bank on the obligation

discretion in the performance of banking supervision accordingly.



section 18



Measures to remedy the



(1) if the operator of a breach of an obligation established by law

or ordinances relating to the operation of

currency exchange activities, the Czech National Bank according to the nature and

the severity of the observed lack of save this operator to



a) within the time limit, rectify or



(b)) within the prescribed period swapped its leading person.



(2) if it is necessary to protect the clients of the operator, the Czech

the National Bank, together with the measures referred to in paragraph 1 to disable the operator

the performance of the activity or save the operator to restrict the exercise of activities,

until the measures imposed under paragraph 1.



(3) the operator to whom the Czech National Bank has imposed measures to

the remedy pursuant to paragraph 1, it shall inform the Czech National Bank, without undue

delay of elimination of deficiency and how to remedy the situation.



§ 19



Fine won



(1) the Czech National Bank may, under the conditions laid down in the code of administration

impose a fine up to Czk 500 000.



(2) income from fines by the State budget revenue.



PART FIVE



ADMINISTRATIVE OFFENCES



section 20



Misdemeanors



(1) a natural person has committed the offence by



an incorrect indication a) provide or conceal any fact in the application for

the granting of authorisations submitted in accordance with paragraph 6 of the směnárníka paragraph. 6,



(b)) as the legal successor of the operator or the person whose authorization to

směnárníka activity has been terminated or withdrawn, contrary to section 16 para. 3

does not retain the documents or records for the specified time period,



(c) Exchange activity) operates without being authorized to do so, or



(d)) as a person who is reasonably suspected of unauthorized operation

currency exchange activities, breach of the obligation to provide the required information

or the necessary explanation pursuant to § 17 para. 2.



(2) for the offence referred to in paragraph 1 may be to impose a fine in



1 000 000 Czk), if it is a misdemeanor under (a)), or (d)),



(b) 5 000 000 Czk), if the offence referred to in subparagraph (b)), or (c)).



section 21



Administrative offence směnárníka



Směnárníkovi, contrary to section 8 (2). 1 to notify change of information

referred to in the application for the granting of authorisations or in the směnárníka

its annexes, shall be fined up to 1 000 000 CZK.



section 22



Administrative offenses of the operator



(1) the operator is guilty of an administrative offense, by



and) contrary to section 10, paragraph 1. 2 operates exchange activities outside the

place of business,



(b)) violates the obligation of notification under section 10(4). 4,



c) contrary to section 11 does not exchange rates,



(d) violates the prohibition in §), second paragraph. 1,



(e) violates the prohibition in §), second paragraph. 2 the first sentence,



f) contrary to section 12 paragraph 1. 2 the second sentence does not publish the information on the

conditions, which offer a more favourable exchange rate applies

course or more favourable remuneration,



g) in violation of § 13 para. 1 do not notify candidates set out the information or

fails to comply with the form of their communication,



h) contrary to section 14 shall not issue the document, who carried out the currency exchange

trade,



I) fails to comply with information requirements under § 15 para. 1,



j) contrary to section 16 para. 1 does not purchase the documents or records,



k) contrary to section 16 para. 2 does not retain the documents or records for the

the specified time period,



l) breach of an obligation to provide the information required in the performance of supervisory

or the necessary explanation pursuant to § 17 para. 2,



m) does not perform within the period prescribed corrective measures pursuant to § 18 para. 1

(a). (b)), or



n) in violation of § 18 para. 2 carries out foreign exchange cash operations.



(2) for the administrative offence referred to in paragraph 1 shall be imposed to



1 000 000 Czk), in the case of an administrative offence under (a)), (b)), g) to (j))

or l) to (n)),



(b) 5 000 000 Czk), in the case of an administrative offence referred to in subparagraph (c)) to (f)) or

k).



Article 23 of the



Other administrative offences



(1) a legal person commits an administrative offense, by



an incorrect indication a) provide or conceal any fact in the application for

the granting of authorisations submitted in accordance with paragraph 6 of the směnárníka paragraph. 6,



(b)) as the legal successor of the operator or the person whose authorization to

směnárníka activity has been terminated or withdrawn, contrary to section 16 para. 3

does not retain the documents or records for the specified time period,



(c) Exchange activity) operates without being authorized to do so, or



(d)) as a person who is reasonably suspected of unauthorized operation

currency exchange activities, breach of the obligation to provide the required information

or the necessary explanation pursuant to § 17 para. 2.



(2) for the administrative offence referred to in paragraph 1 shall be imposed to




1 000 000 Czk), in the case of an administrative offence under (a)), or (d)),



(b) 5 000 000 Czk), in the case of an administrative offence referred to in subparagraph (b)), or (c)).



section 24



Common provisions



(1) a legal person for an administrative offence is not liable if he proves that

made every effort, that it was possible to require that the infringement of the

a legal obligation is prevented.



(2) in determining the amount of the fine to take account of the seriousness of the administrative offense,

in particular, the manner in which it was committed to its consequences and to the circumstances in

which it was committed.



(3) the liability of a legal person for an administrative offense shall cease, if the

The Czech National Bank about it did not initiate proceedings within 1 year from the date on which the

It learned, but not later than 5 years from the day when it was committed.



(4) administrative offences under this law in the first instance hearing

The Czech National Bank.



(5) The responsibility for the administrative offence, which occurred when the business

a natural person or in direct connection with it shall be subject to the provisions of

This law on liability of legal persons and sanctions.



(6) income from fines is the State budget revenue.



(7) the final decision of the Czech National Bank on the imposition of sanctions and

the final decision of the Court on the abolition of this penalty shall publish the United

the National Bank on its website.



PART SIX



PROVISIONS COMMON, TRANSITIONAL AND FINAL



§ 25



The decomposition of



(1) the decision of the Czech National Bank issued under this Act in the

the first stage of decomposition can be given.



(2) the provisions of the administrative code on the possible termination of the

the decomposition is not used.



section 26



A mandate



The Czech National Bank will issue a decree to implement paragraph 6 (1). 6, § 8 para. 2,

§ 10 para. 5 and § 15 para. 2.



section 27 of the



Transitional provisions



1. Foreign Exchange place that was registered to foreign exchange activities

pursuant to section 3 of Act No. 219/1995 Coll., the Foreign Exchange Act, in the version in force in

the effective date of this Act, the date of entry into force of this

the law considers it směnárníka. The Czech National Bank is, without undue

delay writes to the registry směnárníků.



2. a registration for foreign exchange activities made pursuant to law No.

219/1995 Coll., the Foreign Exchange Act, in the version in force until the date of entry into force of

This law, which was not decided until the date of entry into force of this

the law, the effective date of this Act, the application shall be

writing to the registry směnárníků. In addition, it follows the

of this Act.



3. If the operator began to engage in exchange activities in the establishment

before the date of entry into force of this Act, with respect to this

establishment notification obligation referred to in section 10, paragraph 1. 4 within 1 month from the date of

entry into force of this Act, unless it is a place of business that

the Czech National Bank was registered under section 3 h of Act No. 219/1995 Coll.

the foreign exchange law, in the version in force until the date of entry into force of this Act.



section 28



The effectiveness of the



This Act shall take effect on the first day of the second calendar month

following the date of its publication.



Němcová in r.



Zeman in r.



Samantha r in r.