The Control Obligations Of The Depositary Of A Standard Pool

Original Language Title: o kontrolních povinnostech depozitáře standardního fondu

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Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=80347&nr=245~2F2013~20Sb.&ft=txt

245/Sb.



DECREE



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:



§ 1



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")

check



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.



§ 2



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,

and



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.



§ 3



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

stocks.



(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

by analogy.



(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

registration cancelled.



§ 4



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.



§ 5



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.



§ 6



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]



§ 7



(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

administered.



(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.



§ 8



(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

command, or



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.



§ 9



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.



§ 10



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.



§ 11



The effectiveness of the



This Decree shall take effect on the date of its publication.



Governor:



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

investment funds.



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.