He Professional Qualification For Distribution Of Products In The Financial Market

Original Language Title: on professional qualification for distribution of products in the financial market

Read the untranslated law here: https://portal.gov.cz/app/zakony/download?idBiblio=77721&nr=215~2F2012~20Sb.&ft=txt

215/2012 Coll. DECREE of 15 June 2012 concerning professional qualification for distribution of certain products in the financial market, the Czech National Bank pursuant to section 170 that paragraph. 1 of Act No. 427/2011 Coll., On Supplementary Pension Savings (the "Act"), by § 84, para. 4 and § 86 par. 2 and 8 of the Act: section 1 Scope This Decree governs a) the range of expertise and skills of the persons referred to in that section 84 par. 1 of the Act, (b)) and the minimum range of material, organizational and personnel prerequisites accredited persons and requirements for the examination regulations (c)) of the specimen application form for accreditation for organizing vocational tests aimed at demonstrating proficiency and content of their annexes. section 2 Definitions For the purposes of this Decree: and) proof of good conduct issued by the foreign state and the document similar to an extract from the Criminal Records of ^ 1) not older than three months issued by another country, the first of which he is a citizen and a foreign State in which the natural person in the last 3 years continuously resided for more than 6 months , in which the second or the last 3 years the snake and the legal person is established, as well as the foreign country in which the legal entity is, or within the last 3 years the snake and branch the company, if the laws of that State regulates the criminal liability of legal persons, (b)) original original documents or certified copies of documents (c)) details about professional practice 1. Information about the type of professional experience; 2. indication of the party with which he is, or was, a professional practice exercised, 3rd marking job title, and if the significance of practice for the operation of the financial market, and the description of the activities performed, the 4th definition of time for which the activities performed pursuant this paragraph 3, 5th agreement with the performance of the job required by other laws if such consent is necessary, d) data on education 1. the name and type or the type of educational institution, field of study, the focus of the study programme, the duration of the study program, method and date of graduation or acquired titles, 2nd list of courses, internships and fellowships is important for the functioning of the financial market with an indication of their graduation, specialization and duration and, where applicable, the degrees awarded , e) data on research and teaching activities 1. Description publications, any scientific degree, name and type 2 or type of education the institution with which the person worked, including any academic degrees, educational program or course, the focus of the study program or course, time and duration of the program or course, the way a graduation or course that person led, f), and leading party member of the statutory body , statutory body, the director of the legal entity or person who otherwise actually manages the activities of the accredited persons. § 3 Scope of expertise (§ 84.4 of the Act) (1) The persons referred to in that section 84 par. 1 of the Act, have the necessary expertise in the professional examination and at its other activities, in particular) and the legislation if they relate to their activity (b)) the principles and functioning of pension savings and the associated risks, (c)) the principles and functioning of supplementary pension savings and the associated risks , d) investment instruments, their types and characteristics, e) the principles of financial markets, including the theory of finance f) investments, investment strategies and related risks. (2) A more detailed description of the range of expertise referred to it in paragraph 1 is provided in Annex 1 hereto. (3) The range of expertise referred to in paragraph 1, it shall correspond with the activities of the persons mentioned in § 84, para. 1 of the Act so as to ensure a competent performance. § 4 Scope Skills (§ 84.4 of the Act) (1) The persons referred to in that section 84 par. 1 of the Act, must be able to use the expertise in dealing with the party and candidate for retirement savings and additional pension savings in order to competently perform their work in the best interest of the party and the candidate. (2) In order to fulfill the obligation under paragraph 1, the persons referred to in that section 84 par. 1 of Law at the professional examination and at its other activities to be able to and) qualified to obtain information from the subscriber and those interested in retirement savings and additional pension savings so that it can be to carry out a proper analysis of it suitable for pension products (b) properly evaluate the needs), objectives and financial capabilities of the participant and those interested in retirement savings and additional pension savings and offer him for him, and a suitable pension product, c) competently and comprehensively provide information when communicating with a party and candidate for retirement savings and additional pension savings and enabling them to judge for themselves whether the offered pension product meets their needs , objectives and financial capabilities, etc.) are properly enter the name and on behalf of the pension company contracts, pension savings and supplementary pension savings. § 5 the Material assumptions model (section 86 par. 8 of the Act) (1) an Accredited person has premises suitable for the organization of professional examinations, with an adequate number and capacity of the testing room. (2) an Accredited person has the hardware and software for organizing professional examinations. section 6 of the Organizational requirements (§ 86.8 of the Act) (1) an Accredited person has an organizational structure with a proper, transparent, clear and comprehensive definition of the activities and the associated powers and decision-making powers, which modifies the rules of procedure. (2) an Accredited person in the organizational guidelines also indicate a) the safety and control measures in processing and storage of information ^ 2) concerning professional exams (b)) rules for the transparent appointment of discussion was focused of the board and its members; Member of the Board of Examiners can be the well-appointed and person who was a member of the examining board decision against which the appeal filed under test. section 7 of the Personnel requirements (§ 86.8 of the Act) (1) and member of the examination committee is credible and has completed at least a Masters degree ^ 3). (2) The exam board is at least one person with at least three years ' experience of the academic staff; 4) in the financial market, or at least one person with at least five years of professional experience in the financial market ^ 5); other members of the examination committee have at least three years professional experience in the financial market. (3) If the person is accredited and authorized person that provide and arrange additional pension savings ^ 6) or another member of the group ^ 7) accredited persons such a person must be a majority of the members of the examination committee of the independent accredited person or business group, which is an accredited person member. (4) an Accredited person shall ensure that at the time of the professional examinations of the testing could be conducted at least once before the examining committee and, if necessary, to be able to promptly appoint a Board of Examiners. § 8 Examination Regulations (§ 86.8 of the Act) (1) an Accredited person has the examination procedure, which ensures at least the following requirements: a) objective and impartial access to all of the test; in case of congestion exam date must be invited to the exam testing chosen in an objective and impartial manner, b) proper identification test before starting and professional examination in ensuring the protection of personal data, objective c) and impartial conduct of the professional examinations, d) an objective and impartial selection of testing options, and a sufficient number of public, e) the confidentiality of the contents of the individual test variants of f) is the inclusion of all the parts of the professional examination of evaluation standards, especially the theoretical and practical, written or oral, or a combination thereof (g)) the balanced content of thematically professional examinations, h) the proper preparation and regular updating of a sufficient number of test questions for which a particular person, and proper communication of the) result of professional examinations tested, not later than 30 days after the meeting, j) reviewable record result of professional examinations to) option and the procedure for appeal or review the result of professional examinations. (2) the Examination Regulations contains at least) and the development of the requirements under paragraph 1 in specific procedures and document templates, b) rules on the establishment and publication of exam deadlines; the accredited person shall ensure the holding of at least one long-term tests quarterly as at the date of logs at least 10 to be tested, (c)) the content and scope of professional exams, including information which may be testing to find the list of academic literature and legislation that are recommended for the professional examination, d) the maximum time to prepare and the minimum duration of the test (e)) the minimum number of members of the examination committee and the way they make decisions, f) the minimum requirements that pass the professional examination, g) of the rules for excluding the test of professional exams and opportunity this review this decision and h) data on the amount of fees associated with the passing of a professional examination. section 9 Application for Accreditation (to § 86 par 2 of the Act) (1) An application for accreditation under section 86 par 2 of the Act shall be submitted on a form, a model of which is shown in Annex No. 2 hereto. (2) If the applicant is a natural person, accompanied by a request under paragraph 1 and that the questionnaire) assess credibility of the persons listed in the Annex hereto, no 3 (b)) and a curriculum vitae containing 1. information on education [section 2. d)] and 2. information He professional experience [section 2. c)], (c)) the original certificate of the integrity of the issued and the foreign state [section 2.)] of the applicant, d) and a list and description of the area where they will organize professional exams, including the number and capacity testing rooms, e) and the description of hardware and software for organization of professional examinations, f) the proposed organizational rules, accredited persons , g) of the list of board members, h) the curriculum vitae of each member of the board of examiners containing 1. information on education [section 2. d)] 2. information on professional experience [section 2. c)] and 3 data on scientific and pedagogical activity [§ 2. e)] i) design examination and order) the pattern of examination questions and topics designed to test skills. (3) If the applicant is a legal entity, shall be accompanied by a request under paragraph 1) and the complete listing, or other document from the register of entrepreneurs or other register pursuant to another legal regulation 8), or from similar registers abroad, containing information valid at the date of an application, including information on any proposal for entry into the register is that was not the date of submission of the application (b)) and the list of senior officers of the applicant, indicating their function, (c)) and the questionnaire it assess the credibility of persons listed in the Annex No. 3 hereto, completed and signed by every senior officer of the applicant, d) curriculum vitae of each director of the applicant containing 1. information on education [section 2. d)] and 2. information on professional experience [section 2. c)] (e)) the original certificate of the integrity of the issued and the foreign state [section 2)] for each director of the applicant and the applicant, f) list of persons having qualifying holdings ^ 9) the applicant and persons acting in concert with another person having a qualifying holding in the applicant, including a graphical representation of the relationships between these entities with data ^ 10) of these persons with the amount of shares or other form of participation in the the applicant and persons acting in concert, the fact on the basis of which is to act in concert, g) and a list and description of the premises, where they will organize professional exams, including the number of and capacity testing room, h) of the description of the hardware and software for organization of professional examinations, i) draft the organizational rules, accredited persons (j)) and list of board members to) curriculum vitae of each member of the board of examiners containing 1. information on education [section 2. d)] 2. information on professional experience [section 2. c)] and 3 data on scientific and pedagogical activity [§ 2. e)], l) design examination Procedure am) the pattern of examination questions and topics designed to test skills. § 10 the Common provisions (1) If the applicant is represented, is attached to the application, power of attorney or similar documents evidencing the authorization it represent the applicant's representative. The authenticity of the applicant's signature on a power of attorney or similar document must be notarized. (2) If the nature of the matter does not allow an annex to the application required by this Decree or putting the data in the form, and if this is not the application is sufficiently clear, the applicant shall state this fact in the application together with the reasons for which they can not annex submitted or the information given and these reasons adequately demonstrate. (3) The applicant, instead of submitting the prescribed xanax may refer it and precisely identified the document which, in the past 3 years by the Czech National Bank and which meets the requirements laid down herein. (4) a Foreign public document, which is annexed to the application, may not require more verification documents (superlegalized) or provided with an Apostille in accordance with the international treaty it is ^ 11), if it was issued by a public authority and Member State), or (b)) and the foreign country, with which the Czech National Bank has signed a cooperation agreement; and the list of those bodies published by the Czech National Bank on its website. § 11 the Effect This Decree shall take effect on 28 June 2012 with the exception of section 3 and 4, which come into effect on 1 January 2013. Governor: Ing. Singer, Ph.d., signed Annex 1 Range of thematic areas of expertise necessary knowledge: a) the legislation as they relate to the activities of the persons mentioned in § 84, para. 1 of the supplementary pension savings, the 1st law of the financial market, 2. the related regulations of civil law, commercial law and consumer protection law, (b)) the principles and functioning of the pension system, pension savings 1st of the Czech Republic and retirement savings as part of its 2nd conditions creation and termination of participation in retirement savings and implications associated with participation in this system, the 3rd savings policies and how resources can be distributed participant in pension funds , 4th types of pension funds, ways of investing, 5th risks that may be associated with retirement savings, risk diversification, the pension fund based on portfolio theory, 6th and personal pension account pension unit 7. rules of conduct of the parties under the law on pension savings, 8th fees associated with the retirement savings system, 9th conditions for incentives, 10th key information for the participants and the status of the pension fund, the conditions for the 11th transfer of funds to the participant, the pension funds managed by another pension company and the fees associated with this transfer, the 12th entitlements from retirement savings 13 , retired insurance offered by life insurance companies, 14 the tax aspects of retirement savings, (c)) the principles and functioning of supplementary pension savings 1st Czech Republic additional pension system the pension savings as part of its 2nd conditions creation and termination of participation in supplementary pension savings, 3rd saving strategies and how resources may be spread over, and participant in the participating funds , 4th type of participating funds, ways of investing, 5th risks that may be associated with the subscriber fund, risk diversification subscriber Fund on the basis of portfolio theory, 6th personal pension account and pension unit 7. rules of conduct of the parties under the law on supplementary pension savings, 8th fees associated with the system of supplementary pension saving, 9. conditions for incentives, 10th key information for participants and local fund statute, 11th conditions of the participant's contribution, employer and government contributions, the conditions for the 12th transfer of funds to the participating party funds managed by another pension company and the fees associated with this transfer, 13. claims arising from supplementary pension savings 14th supplementary retirement savings relationship and pension principles and functioning of the 15th pension scheme 16 deposits and collective investment products as an alternative 17 tax aspects of supplementary pension savings, d) investment instruments, their types and the properties of the first investment instruments, their types and characteristics, the concept of security and distribution of securities , 2nd stocks and similar securities representing participation in the issuer, their characteristics, species (priorities and tribal), form (bearer), appearance (certificated and uncertificated), and the importance of interim certificate and voucher for shares 3. Bonds and similar securities representing the right to repay the amount owed, their types (government and the Czech National Bank, municipal, mortgage bond, priorities, removable, subordinated), form (bearer), appearance (certificated and uncertificated), meaning, 4th derivatives, the term derivative modes, basic concepts of trading in derivatives, the use of derivatives (hedging, speculation, arbitrage), the effect of the lever 5. other investment instruments, their basic characteristics relating it to certain other types of investments (money market instruments and collective investment securities), e) financial market principles, including the theory of finance 1. financial market, its definition, the role and significance of 2. Fundamentals of Finance Theory (time value of money, the relationship between yield, risk and liquidity) 3. basics of financial mathematics, 4. the structure of the financial market (primary and secondary markets, monetary and capital markets), 5th in the financial market participants (issuers, investors, financial intermediaries) 6. basic differences between domestic and foreign markets, investment instruments and trading in them, f) investments, investment strategies and related risks 1. basics of investment strategy, investment policy, 2nd risks of different investment instruments. Appendix 2 Sample application for accreditation Annex 3 it Questionnaire assess the credibility of persons 1) Act No. 273/1994 Coll., On Criminal Records, as amended. 2) section 76 of the Act no 427/2011 Coll., On supplementary pension savings. 3) section 46 of Act No. 111/1998 Coll., On universities and on changes and amendments to other acts (the Universities Act), as amended. section 70 para 4). 1, 2 and 5 of the Act No. 111/1998 Coll. 5) section 3 of Decree No. 143/2009 Coll., On the expertise of persons, by means of which it is carried out by an investment firm's business. 6) section 74 of the Act no 427/2011 Coll. 7) § 66a of Act No. 513/1991 Coll., The Commercial Code, as amended. 8) For example, the Commercial Code, Act No. 455/1991 Coll., On Trades (Trade Act), as amended, Act no 111/2009 Coll., On basic registers, as amended. 9) § 3. I) of the Act No. 427/2011 Coll. 10) § 3. (f)) of the Act No. 427/2011 Coll. 11) of the Ministry of Foreign Affairs No. 45/1999 Coll., On accession to the Convention Abolishing the Requirement of Legalisation for Foreign Public Documents.