114/2006 Sb.
DECREE
of 27 June. March 2006
on the fair presentation of investment recommendations
The Securities Commission shall lay down pursuant to § 199 para. 2 (a). with) Law No.
256/2004 Coll., on the capital market, as amended by Act No.
56/2006 Coll. (hereinafter the "Act"):
§ 1
The subject of the edit
This Decree incorporates the relevant provisions of the European
Community ^ 1) as regards the fair presentation of investment
recommendations and the disclosure of conflicts of interest and modifies the more detailed rules
for
and the fair presentation of investment recommendations) ^ 2), and
b) disclosure of interests and conflicts of interest of persons investment recommendations
make up and expand, including how the publication and the definition of species of interest and
conflicts of interest.
§ 2
Definition of terms
In this Ordinance means
and the issuer, the issuer of a financial instrument), which is the investment
the recommendation refers to, directly or indirectly,
(b) the dissemination of investment recommendations, his) publication, the surrender of the person
that is through publication of investment recommendations, or to ensure the
its public availability in any other way,
(c)) the related person controlling and controlled legal person ^ 3) or
legal entities forming the Group ^ 4),
(d) the person liable natural person) or legal person who, in
connection with the exercise of their profession or business form or
extends the investment recommendations
(e) a qualified person is required)
1. trading in securities, the credit institution and the person with them
linked,
2. any other person whose main business is the creation of
investment recommendations,
(f) the degree of investment recommendations recommendations) to "buy", "hold",
"sell" and similar to them.
§ 3
Rules for the fair presentation of investment recommendations
(1) a mandatory person shall ensure that an investment recommendation
and) are facts clearly distinguished from information that the facts are not, in particular,
interpretations, estimates or opinions,
(b) where there is doubt) about the reliability of sources used in its
the formation, it is clearly stated,
(c)) are clearly marked with all forecasts and price targets and reported
the essential basis for its creation,
d) is clearly and prominently listed person that is created, and it
in particular, the indication of the trade name or name of the entity or the name and
the last name of a natural person, and a person who is prepared, giving the name,
last name and function.
(2) a securities dealer or a credit institution shall ensure that the
investment recommendations contained in addition to the information referred to in paragraph 1 and
the designation of the administrative authority, which exercises supervision over that person; If
creator of the other party, which in the exercise of their activities shall be subject to
the rules of self-regulation, shall ensure that the investment recommendations contained
a link to these rules. This information can also be specified on the website,
For more information on published under this Ordinance.
§ 4
The rules for disclosure of interests and conflicts of interest
(1) the obliged entity shall publish the information about the circumstances of which he may
reasonably be expected to impair the objectivity of investment may
recommendations, in particular in them stating the information about each of their significant
financial interests or conflicts of interest concerning the financial instruments,
which the investment recommendations or the issuer.
(2) if the person is liable legal person,
a) provide information referred to in paragraph 1 and for all persons involved in
on the creation of the investment recommendation,
(b)) contains the information referred to in paragraph 1 at least information on the circumstances of the
in accordance with paragraph 1 of the legal person, and each linked person
are
1. available or can reasonably be expected that they are available,
persons involved in the creation of investment recommendations
2. known to persons who are not involved in the creation of the investment
recommendations, but have access to investment advice before it is
investment recommendations transmitted to the customers or the public; It
also applies in the case of persons for whom may reasonably be supposed to have
access to investment advice before the investment recommendations
thus granted or extended.
(3) investment recommendations contains information referred to in paragraphs 1 and 2 in the
your text. In the case where the public disclosure of the information would be
disproportionate to the length of the investment recommendation, it is sufficient to publish
This information in a manner allowing remote access and in the investment
the recommendations clearly indicate the Internet address of the place of the publication of these
information.
§ 5
Rules for the dissemination of investment recommendations created another
by a person
(1) where an obliged entity Extends to his own responsibility investment
recommendations created by another person, also contains investment recommendations
marking vectors, if this information is not explicitly clear from the
the circumstances in which an investment recommendation is extended.
(2) where an obliged entity extends the investment recommendations created by another
a person who has changed significantly, such investment recommendation shall clearly
and describe in detail made a significant change. If significant
change the investment recommendations in the change of the degree or direction of a recommendation,
for example, changing the recommendation to "buy" to "hold" recommendations or
"sell", or vice versa, the purveyor of the extent of this change satisfies the obligations
for the creator of a recommendation pursuant to § 3, 4 and 6.
(3) Required a person who is a legal entity itself or
through natural persons extends significantly altered the investment
recommendations, shall ensure that the beneficiaries of these investment recommendations to
be confined to the place where they gain access to information relating to another person
forming the investment recommendations to the original investment recommendation and to
information about the interests and conflicts of interest of that person, if they are
information is publicly available. Compliance with the procedure referred to in the first sentence, mandatory
a person who is a legal person shall ensure the internal regulation.
(4) paragraphs 2 and 3 shall not apply to news reporting on investment
the recommendations produced by another person, where there is no significant change in the
investment recommendations.
(5) when extending the investment summary recommendations created another
a person or a summary of several such recommendations required the person shall ensure
to this summary was clear, non-misleading, and contained an indication of the main
investment advice and a link to where you can find information
required by this recommendation if they are publicly accessible.
§ 6
Specific rules for the fair presentation of investment recommendations
(1) a qualified person who required investment recommendation has created,
or a natural person working for her, in particular, on the basis of an employment
or similar relationship, in addition to compliance with the obligations pursuant to section 3, in the creation of
investment recommendation shall use reasonable care to ensure
that
and in the investment recommendation are) adequately marked with all the relevant
sources of information including an issuer of financial tools and information, whether
the issuer was acquainted with the investment recommendation prior to its
enlargement and whether it was based on adjusted prior to enlargement,
(b)) in the investment recommendation is reasonably summarized method or the principles
valuation of the financial instruments of the issuer or establishing price targets,
(c)) in an investment recommendation is adequately explains the meaning of the recommendation,
in particular, its grade or time horizon,
d) investment recommendations contains a description of the potential risks, including
the placing of the influence of changes of essential elements used on the recommendation, e)
investment recommendations, where appropriate, an indication of the frequency or the future
update of the investment recommendation, if planned, and possibly also
notification of changes in these facts,
(f)) is clearly and prominently marked with the date on which the investment recommendations
for the first time is freed up to expand,
g) is clearly and prominently marked with the date or the time period to which the
covered by any information about the price of the financial instrument referred to in
investment recommendations
(h)), where during the last 12 months has changed the degree or direction
investment recommendation or target price relating to a particular
financial instrument or issuer, investment recommendations contains a clear
and a clear indication of this change and the date of publication of the prior
recommendations.
(2) in case when the fulfilment of obligations pursuant to paragraph 1. a), (b))
or (c)) it was disproportionate to the length of the investment recommendation,
the person referred to in paragraph 1 shall publish this information in a manner allowing
remote access and in the investment recommendation clearly and prominently marks the
the Internet address of the place of publication of the information.
§ 7
Special rules for disclosure of interests and conflicts of interest
(1) a qualified person is required, which are investment recommendations
shall be in addition to the information referred to in section 4 in the investment recommendations also
and information about your possible) direct and indirect holding in the
capital of the issuer more than 5%,
(b) information on the possible direct) and indirect share of the issuer in its
the registered capital of more than 5%,
(c)) the information concerning its possible other significant financial interests in the
relation to the issuer,
(d)), where such event occurred, information that
1. is the market maker or a person otherwise providing liquidity in relation to
financial instruments issued by the issuer,
2. in the last 12 months has been lead manager or spoluvedoucím
the Manager of a public offer of financial instruments issued by the issuer,
3. with the issuer has entered another agreement for the provision of investment
services,
4. has an agreement with the issuer relating to the production and dissemination of
investment recommendations.
(2) if the qualified person referred to in paragraph 1, required by the
the investment firm or a credit institution, the further
and information) that is the reward of the persons who are involved in the formation of
investment recommendations, derived from the shops of the qualified person
or related person,
(b)) in the case that investment processes in the context of recommendation
the public offer of financial instruments and natural person involved in
production of investment recommendations of an issuer's financial instruments acquired before
specified public offering ^ 5) information about this trade, including
date of trade and the price of financial instruments,
(c)), the framework of information about which there are organizational and
administrative measures and information barriers within the merchant's
the investment firm or credit institution, to prevent the emergence of conflict of interests in
relation to investment advice.
(3) a securities dealer or a credit institution at least once a
calendar quarter shall publish information on the
and the proportion of each degree) to the applicable investment recommendations
and
(b)) share issuers, which concerned the recommendation falling within each of the
degrees under (a)), to which a securities dealer or a credit
institutions in the past 12 months investment services
significant, separately for each grade under (a)).
(4) investment recommendations contains information referred to in paragraphs 1 to 3 in
your text. In the case where the public disclosure of the information would be
disproportionate to the length of the investment recommendation, it is sufficient to publish
This information in a manner allowing remote access and in the investment
the recommendation clearly and prominently indicate the Internet address of their place of
publication.
§ 8
Special rules for the dissemination of investment recommendations created
another person
As a securities dealer, a credit institution or a natural person who
for them, working in particular on the basis of employment or the like
relationship, when extending the investment recommendation created another
person in addition to the fulfilment of the obligations under paragraph 5 of
and in an investment recommendation or) at the Internet address to which
publishes additional information in accordance with this Ordinance, indicating the designation of the authority,
that of trader in securities or credit institution exercises
supervision,
(b)) in the case where not yet nerozšiřované extends investment recommendations
fulfils the obligations under section 7,
(c)), where significantly alters the growing investment recommendations
It shall proceed in accordance with § 3, 4, 6 and 7.
§ 9
Common provisions
(1) in the case where the investment recommendations in other than written form,
shall apply the procedure laid down in this Decree.
(2) modifying the disclosure of interests and conflicts of interest pursuant to this order shall
not apply if
and should be the subject of publication) the facts forming the Bank ^ 6) or
trade secret ^ 7),
b) compliance with this obligation would be contrary to organizational measures,
procedures to reduce the potential for conflicts of interest or lead to a breach of the
information barriers, introduced to limit the possibility of conflict of interest ^ 8).
(3) the rules laid down by this Decree shall not apply to journalists, if
This is in accordance with comparable rules of journalistic profession and in
the context of this activity did not acquire directly or indirectly any
benefit above and beyond the usual rewards.
§ 10
Transitional provision
Investment recommendations developed or distributed freely created after the acquisition of
the effectiveness of this Ordinance may not for 60 days from the effective date
the Decree, meet the requirements laid down by this Decree.
§ 11
The effectiveness of the
This Decree shall take effect on the date of its publication.
President:
Ing. Hollmann, MBA in r.
1) Commission Directive 2003/125/EC of 22 December 2004. December 2003, in which the
performed by European Parliament and Council Directive 2003/6/EC.
Directive of the European Parliament and of the Council 2003/6/EC of 28 June 1999. January 2003 on the
insider dealing and market manipulation (market abuse).
2) § 125 paragraph. 6 of Act No. 256/2004 Coll., on capital
market, as amended by Act No 56/2006 Sb.
3) §66A. 2 and 3 of the commercial code.
4) §66A. 7 of the commercial code.
5) § 34 paragraph 1. 1 of Act No. 256/2004 Coll., on capital
the market.
6) section 38 of Act No. 21/1992 Coll., on banks, as amended.
7) § 17 et seq. the commercial code.
8) § 12 para. 1 (b). (e)) of the law on the capital market.
