of 24 July 2003. July 2013
the control obligations of the depositary of a standard pool
The Czech National Bank provides under section 670 of paragraph 1. 4 Act No. 240/Sb.
about investment companies and investment funds:
The subject of the edit
This Decree regulates the requirements for the qualitative criteria of performance
the obligations of the depositary of the standard of the Fund (hereinafter referred to as "the depositary")
and the State property Fund) standard, which cannot be held in custody pursuant
section 669 (b). and) of the investment companies and investment
funds (hereinafter referred to as the "Act"), or in the custody under section 669 (b). (b)) of the Act,
(b) the issuance, sale and) interference of investment securities or investment
of shares issued by the Fund, standard
(c) the current value of the share) calculation sheet or investment shares
published by the standard Fund
d) valuation of assets and debts of the standard pool
(e) the payment of the consideration of the shops) with the property standard Fund in
the usual time limits,
(f) revenue generated for) the use of standard Fund and
g) acquire and dispose of property standard Fund.
Check the status of the assets of standard Fund
(Section 670, paragraph 3, of the Act)
(1) the depositary shall, mutatis mutandis, the value and the nature of the controlled assets
It cannot be held in custody under section 669 (b). and or in the custody of law) according to the
section 669 (b). (b)) of the Act, checks its status, at least so that the
and verifies the status in) will keep the records, where the controlled assets is maintained,
b) compares information from the Fund, which translates into higher standard
is the depositary, with information from their own records.
(2) If on the basis of the information received under paragraph 1 cannot
the depositary can reliably determine the current status of assets, at least once
a year validates the status of assets by checking on the spot or other appropriate
procedure; in this way, verifies the status of assets whenever they can be of
for any doubt on the correctness or completeness of the information
provided by the maturity of the standard pool.
Check for the issue, sale and cancellation of share certificates or
of shares issued by standard investment fund
[To section 670, paragraph 1 (a)) of the Act]
(1) a depositary shall check when issuing of investment certificates and
of shares issued by standard investment fund, at least for the
every day, when the issue of the share certificate or the investment shares,
verifies that the number of
and investment securities issued by a unit trust) Fund equal to the proportion of the total
amount that has been paid for them on the cash account of the mutual fund, which
for this Fund, the depositary, or leading, established and current values
share certificate declared the decisive day specified in the Statute; in doing so,
shall take into account any premium in accordance with the Statute of the unit trust, or
(b)) investment shares issued by government investment fund, which
is the standard Fund (hereinafter referred to as "self-governing standard Fund") equal to
the proportion of the total amount, which was credited for purposes of the issue of such shares
on the cash account unitary standard Fund, which for this Fund
set up or the depositary, and leads provided for the emission rate of the investment
(2) when the inspection referred to in paragraph 1, the depositary shall take into account the increases and
share premium at least from the perspective of whether the total amount of credit taking into account
at least the lowest premium or premium and the most highest surcharge or
premium standard according to the Statute of the Fund can or by decision of the General
meeting government standard Fund ^ 1).
(3) control when the issue of investment securities of the mutual fund can
the depositary instead of the steps referred to in paragraph 1 (b). and carried out)
checks whether the individual unit-holders was issued by a number of investment securities
corresponding to the amount credited for these units on the account of the Fund;
the provisions of § 8 para. 2 shall apply mutatis mutandis.
(4) a depositary shall carry out inspection or sale of investment securities
investment shares, so that for each day on which the redemption
share certificate or the investment shares, verifies that each payment
for this reason, made from the cash account standard Fund
correspond to the amounts, that are equal to the current value of the share certificate
or the investment shares declared on the date on which the administrator
standard Fund received the request of the participant or the shareholders on the acquisition of
share certificate or the investment shares multiplied by the number of units
sheets and investment shares that have been repurchased; in doing so, shall take into account and
reduction, if it is listed in the Statute; the provisions of § 8 para. 2 shall apply
(5) the depositary on the basis of data from a standard Fund Administrator
at least once a month checks that bought the units or
investment shares that are no longer present, the buyout have been invalidated or
Review of the calculation of the current value of the share certificate or an investment
the shares issued by standard Fund
[To section 670, paragraph 1 (b)), and (c)) of the Act]
(1) the depositary performs checks on the calculation of the current value of the share
sheet or investment shares before the publication of this value ^ 2)
that verifies the accuracy of the data of the value submitted by the maturity
standard pool. Included in the calculation of the current value of the control
share certificate or the investment shares is to check the procedure for
the valuation of assets and debts of the standard pool.
(2) verify the accuracy of the information about the current value of the share certificate or
investment shares performs the depositary on the basis of data from sources
obhospodařovateli-independent standard Fund, which
qualified investors typically use in their activities. If
such sources do not exist, based on the depositary of documents
translates into higher standard of the Fund; in the case of obvious deficiencies
documents depository, examine the accuracy of data and procedures. To
authentication can also be used an expert pursuant to § 266 paragraph. 1 of the law.
Check the payment of the consideration of the shops with the property of the standard pool
in the usual time limits
[To section 670 (1) (b), (d)) of the Act]
The depositary checks payment of consideration of the shops with the property
standard pool in the usual time limits so that the following working day
After the expiry of the normal time limit to determine whether the consideration received correspond to the
information about shops, owned by the standard of the Fund.
Review the use of the revenue generated for the standard Fund
[To section 670 (1) (b), (e)) of the Act]
(1) the depositary checks using the revenue generated for the standard Fund
before they split from the assets of standard Fund.
(2) if the standard paid profit sharing or backup on
the payment of profit sharing checks, the depositary shall, whether the total payout
of funds to the shareholders or owners of the investment shares
corresponds to the amount of gain or profit to the advance on the distribution and rights
associated with the unit or investment shares arising from the
of the Statute to which the payment refers to.
Control of the acquisition and disposal of the assets of standard Fund
[To section 670, paragraph 1 (b), (f)) of the Act]
(1) a depositary shall check translates into higher standard commands
Fund to the management of the property values that are acquired in the assets
standard of the Fund (hereinafter referred to as "review order"), to the extent and
manner in accordance with paragraphs 2 to 5 and § 8 para. 2 and on the dates set by the
in section 8.
(2) in the case of an order for the acquisition of assets in the assets of standard
the depositary of the Fund under the control of the command executes
and check whether they are) into the Fund acquired the assets of standard only
types of assets permitted under government regulations governing the
investment investment funds and technology for their management ^ 3)
(hereinafter referred to as "Government regulations") and of the Statute; If it is not the kind of property values
the apparent also is to be checked on the basis of the analysis of the dossier
the relevant property values,
(b) checks on compliance with investment limits) by government regulation and
of the Statute by examining the set and intended limits with the last
available data about the assets of standard Fund on the date on which the order was
(3) in the case of an order to the acquisition or disposal of assets, the depositary
under the control of the command checks the spending professional care
translates into higher standard pool when you determine the price and other terms of
trade, unless it is a closed shop on market anonymous pursuant to § 3 (2).
1 (b). and to) Government Regulation. This check shall be carried out, in particular, the review of the
analysis of the obhospodařovatel standard of the Fund demonstrates the acquisition or
disposal of assets in the best conditions ^ 4). Subject to review
they are, in proportion to the nature of the trade, at least price-controlled,
the potential yield of a given trade, the fact that the deal was concluded
on terms more favourable or similar in comparison with another
counterparty (compare competing bids), and quality assessment
counterparty (bonita and the credibility of the counterparty).
(4) if it is a statement about the techniques to forest management standard
the depositary of the Fund under the control of the command performs control of spending
professional care when determining the prices and other terms of trade; This
review shall be carried out at least a review of conditions of trade analysis
pursuant to paragraph 3 and subject to the rules for the use of verification techniques to
management of standard Fund ^ 5).
(5) in the case of payments from the asset command to the standard Fund in
paragraphs 2 to 4, the depositary under the control of the command verifies the expending
professional care, in particular, whether the reasons that lead the investment company
or standard to fund self-governing administration command, are justified.
Review of the merits of the payments involving support
care is done at a rate dependent on the purpose of the payment, the amount and whether the
This is the payment of a one-time or periodic.
(6) under the control of the acquisition and disposal of the assets of standard Fund
the depositary shall act so that, if the rule of law, which is the management of
the property allows, the depositary shall agree with the maturity
standard Fund in accordance with section 668 of paragraph 1. 2 (a). e) of the Act, such
rules, that was not possible with the standard Fund assets without the consent of
Depositary validly to dispose of.
(1) a depositary shall inspect command before making the payment or
another settlement trade on the basis of this statement. After you perform a
payment or other settlement of the trade can be used to control the command to perform only
in cases where the
and) the amount to which the command is inserted, shall not exceed 500 EUR, up to
the time when the aggregate value of the day of such payments reaches the 0.1% of the value
the assets of the Fund, or standard
(b)) are the subject of trade the assets referred to in § 3 (1). 1 (b).
and), § 6 and 11 of government regulation and
1. the method of trading in the market according to § 3 (2). 1 (b). and to) Government Regulation
excludes deal later than on the day following the submission of
2. the depositary shall, on the basis of control translates into higher standard for
Fund or other person administering the assets of standard Fund pursuant to
sections 23 to 26 of the act carried out in agreement with these parties in the course of the
the last 12 months to make sure that the management and control system of this person
provides sufficient control of compliance with the Act, statute,
depozitářské of the contract and the contract of management.
(2) Control commands referred to in paragraph 1 (b). and you can perform in the form)
checks a representative sample of payments within 30 days of the end of the week, in
where to type the command occurred. A representative sample of payments by the depositary
selects for the current period, which shall not exceed 30 days.
(3) If the depositary performs a scan command to perform the payment
specified through the electronic banking system before its
at the same time you perform the command spoluautorizuje. This does not apply for payments
entered through an automated securities settlement systems.
The depositary shall at least once a month checks that were after the settlement
assets acquired in accordance with the provided lists of closed
shops; for these purposes the depositary with the maturity of the standard
Fund in accordance with section 668 of paragraph 1. 2 (a). e) of the Act shall make arrangements for such
the rules, to obhospodařovatel the standard Fund, which
manages multiple investment funds, handed over a list of every day
closed trades on their behalf in a given day, and it's broken down by
each of the funds.
The depositary shall check compliance with the
and) limits relating to the assets of the Fund at least once for the standard
a month, within 15 days after the end of the previous month, according to the
the latest available data,
(b)) the limits pertaining to issuers of securities in the possession of
standard pool, and on the basis of the latest available information about the
issuer's capital or voting rights attached to
shares of the issuer, at least once every quarter, in the case of an issuer
investment securities at least once every half a year, and
(c) the limits) of other government regulation and statute adequately the nature of the
time-out; compliance with the requirements on the quality of the investment instrument or its
the issuer is necessary to control not only when the deal is with that
investment instrument, but also for the holding of the investment
tool, and it at least once a quarter.
The effectiveness of the
This Decree shall take effect on the date of its publication.
Ing. Singer, Ph.d., v. r.
1) § 485 paragraph. 1 of law No. 90/2012 Coll., on commercial companies and
cooperatives (law on commercial corporations).
2) section 239 of the Act No. 240/2013 Coll. on investment companies and
3) part two of Decree-Law No 243/2013 Coll., on investing
investment funds and on techniques to their management.
4) § 22 para. 3 (b). f) of Act No. 240/Sb.
5) title II of part II of the Government Regulation No. 243/Sb.