341/2012 Sb.
DECREE
of 21 June 1999. September 2012
the scope of activities of the depositary of the Pension Fund and the depositary
Participation Fund
The Czech National Bank establishes, pursuant to § 110 paragraph 2. 1 of law no 428/2007 Coll.
about retirement savings, to implement section 39 paragraph 2. 3 and § 41 para. 6 of the Act on
retirement savings and under § 170 para. 1 of law No 427/2007 Coll.
the supplementary pension savings, for the implementation of § 89 paragraph 1. 3 and section 91 paragraph 2. 6
the Act on supplementary pension savings:
§ 1
The subject of the edit
(1) this Ordinance governs the scope of the activities of the depositary of the Pension Fund
and the depositaries of a participating Fund (hereinafter referred to as "the depositary of the Fund")
and the custody of the assets in the pension) Fund and the Fund, in a directory
(b)) check the status of the assets in the Pension Fund and in participating in the Fund
where the nature of the conferral of assets excludes things into custody,
(c) a register of funds on) accounts in the Pension Fund and in
participant of the Fund,
(d) the addition, and depreciation) control of pension units of retirement
Fund (hereinafter referred to as "income unit") and pension units
Participation Fund (hereinafter referred to as the "pension unit"),
(e) calculation of the current value of the control), the income unit and pension
units,
(f)) to ensure the settlement of trades with assets in the Pension Fund and in
participant of the Fund in the normal time limit,
g) review the treatment of assets in the Pension Fund and in a directory
the Fund,
(h) the procedure for valuation) control of assets and liabilities in pension fund
and participating in the Fund,
I) control benefits and
j) control the calculation of remuneration under management of the assets in the pension
the Fund and the local fund.
(2) this Ordinance on
and negotiations) defines the pension company, which are the reason
the non-guideline by the depositary of the Fund, and
(b)) provides for cases in which the depositary of the Fund may engage in the activity referred to in
paragraphs 1 through another person (hereinafter referred to as "outsourcing").
§ 2
Storage of the assets in the Pension Fund and the Fund in a directory
[To section 39 (1) (a)) of the Act on pension savings and § 89 paragraph 1. 1
(a). and the Act on supplementary pension) savings]
Safekeeping of the assets in the Pension Fund and local Fund provides
the depositary of the Fund so that the
a) book-entry securities registered in the central register of securities
paper ^ 1) leads to the account owner in the register building on Central
registration of securities; other investment vehicles, if their
nature allows, leads in a separate register ^ 2) or in the register
connecting to a separate registration and
(b)) other assets, where their nature permits will take over physically to
custody or custody through outsourcing.
§ 3
Check the status of the assets in the Pension Fund and the Fund in a directory
[To section 39 (1) (a)) and (b)) of the Act on pension savings and § 89 paragraph 1.
1 (b). a) and b) of the Act on supplementary pension savings]
(1) the depositary of the Fund adequately the value and the nature of the controlled assets,
which cannot be entrusted to the safekeeping pursuant to § 2, verifies its status, and it
at least, so that
and continually checks the status of the) register, where the controlled assets
kept, and
b) compares information from pension company with information from
their own records.
(2) If on the basis of the information received under paragraph 1 cannot
the depositary of the Fund to 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 as to the correctness or completeness of the information
provided by pension companies.
(3) a depositary may carry out inspection in accordance with paragraphs 1 and 2 also
through outsourcing.
§ 4
Evidence of funds on accounts of pension companies,
the Pension Fund and the participation Fund
[To section 39 (1) (b)) of the law on pension savings and § 89 paragraph 1. 1
(a). (b) the supplementary pension) Act savings]
The depositary of the Fund carried out on the basis of evidence, which leads, control
the movement of funds on the accounts of the Pension Fund specified in §
paragraph 39. 1 (b). (b)) of the Act on pension savings and cash
participation of the Fund in the accounts referred to in § 89 paragraph 1. 1 (b). (b)) of the
the supplementary pension savings at least so that every working day
verifies whether the
and the amount of cash received) in the previous day on the account
to receive the payment of insurance premiums, transferring funds participant and
the implementation of payments under section 13 of the Act on pension savings plan in the event that
It does not run from the account of the Pension Fund, equal to the sum of the amounts credited to the
on that date the accounts of all the pension funds managed by the pension
the company and the
(b) the amount of cash received) in the previous day on the
accounts to receive funds, contributions from the employer, participant
State contributions and funds transferred from another participant
of a participating fund or the Fund equal to the sum of the amounts of the transformed
credited to that date on the accounts of all the participating funds
managed pension companies.
§ 5
Check the crediting of pension units and depreciation and pension
units
[To section 39 (1) (b) (c)), and (j)) of the Act on pension savings and § 89 paragraph 1.
1 (b). (c)), and (j)) of the supplementary pension savings]
(1) the depositary of the Fund performs a check of the crediting of pension units and
pension units at least so that each day when the crediting
retirement and pension unit, the unit verifies whether the number of
retirement and pension units units credited to the pension
by equal share of the total amount that has been paid for them on
the pension fund account and the account of a participating fund led by the depositary
Fund, and the current value of the pension, and pension unit unit
renowned for the record date.
(2) control of the crediting of pension and pension units units
performs the depositary of the Fund further so that at least once a month to examine
whether the individual pension plan participants and attendees
the supplementary pension savings credited the number of units of the pension and
pension units corresponding to payments on account during the relevant period
the Pension Fund, and the Fund's local account. The depositary of the Fund while
taking into account the current value of the pension and retirement units
units on the fixing date. This control can also be performed in the form of checks
a representative sample of participants whose representativeness of the depositary
pool validates once a month.
(3) Control of depreciation and pension retirement units units,
payment of benefits and the transfer of funds to the participant performs the depositary of the Fund in
under the control of payments under section 9. Financial settlement is performed by the depositary
the Pension Fund on the basis of the instruction of the company in the manner specified in the
status of the Pension Fund and status of the participant Fund (hereinafter referred to as
"the Fund") and in accordance with the agreement between the pension company and the participant.
§ 6
Review of the calculation of the current value of the pension, and pension unit
Unit
[To section 39 (1) (b), (d)) and i) of the Act on pension savings and § 89 paragraph 1.
1 (b). (d)) and i) of the Act on supplementary pension savings]
The depositary of the Fund performs a check of the calculation of the current value of the pension
drive, and the pension unit before the publication of this value ^ 3)
that verifies the accuracy of the data of the value submitted by the pension
companies. Verify the value of the funded capital performs
the depositary of the Fund on the basis of data from sources independent of the pension
the company, which qualified investors in their activities usually
use; If such sources do not exist, based on the Fund by the depositary of
handout pension company.
§ 7
Ensure settlement in pension fund assets, and
participant of the Fund in the normal time limit
[To section 39 (1) (b), (f)) of the Act on pension savings and § 89 paragraph 1. 1
(a). (f) the supplementary pension) Act savings]
Settlement of trades with assets in the Pension Fund and the Fund in a directory
in the normal time limit the depositary of the Fund to ensure that the
and) will allow disposal of the assets in the Pension Fund, or in a directory
the Fund, which is in the custody of, or with the management of his is required
consent, and
(b)) checks that the consideration provided by the third party in
the usual time limits.
Review the management of the assets in the Pension Fund and the Fund in a directory
§ 8
[To section 39 (1) (b), (h)), and (j)) of the Act on pension savings and § 89 paragraph 1.
1 (b). h) and (j)) of the supplementary pension savings]
(1) the depositary of a pension fund shall carry out inspection instructions to companies
disposal of assets that are part of the assets in the Pension Fund and in
participant of the Fund (hereinafter referred to as "review order"), to the extent and
manner in accordance with paragraphs 2 to 5 and § 9 para. 2 and on the dates set by the
in section 9.
(2) if it is a guideline for the acquisition of assets in the assets in the Pension Fund and in
participant of the Fund, the depositary of the Fund in the context of the checks carried out and the guideline)
check whether the assets in the Pension Fund and the Fund in a directory
acquired only the types of assets permitted by law on pension savings,
the Act on supplementary pension savings and Fund; If it is not the kind of
the assets of the obvious, will check whether or not on the basis of the analysis of documentation
regarding the asset and (b)), monitoring of compliance with investment
limits under the law on pension savings, the Act on supplementary pension
savings and Fund by comparing the limits with the last
available data about the assets in the Pension Fund and local fund to
day on which the instruction given.
(3) if it is a guideline for the acquisition or disposal of assets, the depositary of the Fund in
under the control order will check when exercising due commercial care
setting the price and other terms of trade, unless it is a faceless business
concluded on the transfer location indicated in § 48 para. 2 (a). (b)) of the
retirement savings or in § 100 para. 2 (a). and the supplementary law)
pension savings. This check shall be carried out at least a review of analysis,
the pension company provide proof of acquisition or disposal of assets for
the best conditions and advantageous trade ^ 4). Under review are
in proportion to the nature of the controlled trade at least price, potential
the yield from a given trade, the fact that the deal was concluded under the conditions
more advantageous or similar in comparison with another counterparty (the comparison
competitive tenders), and assessment of the quality of the counterparty (bonita and
the credibility of the counterparty).
(4) in the case of indication of any techniques and instruments to efficiently
management of the assets of the Fund by the depositary, under the control of the instruction
checks the spending professional care in setting prices and other
the terms of trade. This check shall be carried out, in particular, the review of the analysis
advantage of the trade referred to in paragraph 3 and the verification of compliance with the rules
to use techniques and tools for effective management
asset ^ 5).
(5) if it is a guideline for the payments from the assets in the Pension Fund and in
participant of the Fund other than those mentioned in paragraphs 2 to 4, the depositary of the Fund in
under the instruction of the control verifies that the guideline is not contrary to the law on pension
savings, the law on the supplementary pension savings or Fund,
involving professional care, in particular whether the reasons which lead
pension company to the administration of the order is warranted. Review
the merits of the guideline to payments involving professional care
done to an extent dependent on the purpose of the payment, the amount and whether the
This is the payment of a one-time or periodic.
(6) if the rule of law, which governs the treatment of assets, allows
the depositary shall agree with the Pension Fund by such an arrangement
relationships that have been assets in the pension fund or in
participant of the Fund without the consent of the depositary of the Fund is validly to dispose of.
§ 9
[To section 39 (1) (b), (h)), and (j)) of the Act on pension savings and § 89 paragraph 1.
1 (b). h) and (j)) of the supplementary pension savings]
(1) the depositary of the Fund performs a check of the order before making the payment or
another settlement trade on the basis of this guide. Check the instructions to
After payment or other settlement of the trade can only be done in
cases where the
and) the amount to which the instruction is, does not exceed 500 000, and this until such time as
When the cumulative daily value of such payments reaches the 0.1% of the value
the assets in the pension fund or the Fund, or in a directory
(b)) are the subject of trade assets referred to in § 46 para. 1, § 47 para. 1
(a). a), (b)), and (c)) and § 48 para. 1 (b). (b)), and (c)) of the Act on pension
savings or assets referred to in § 98 para. 1 (b). a), (b)), and (c)) and § 100
paragraph. 2 (a). a) and (c) of the supplementary pension) Act savings and when
1. the method of trading on the transfer location indicated in § 48 para. 2 (a).
(b)) of the Act on pension savings or in § 100 para. 2 (a). and) of the
the supplementary pension savings excludes the deal later than in
the day following the filing of the order, or
2. the depositary of the Fund on the basis of checks from the pension company and
people, which instructed the management of the assets of the pension company in
Pension Fund or in a directory of the Fund, made in agreement with the
those persons in the course of the last 12 months to make sure that the management and
the control system provides sufficient control of these individuals
compliance with the law on pension savings, the Act on supplementary pension
savings fund and the depozitářské of the Treaty.
(2) Check the instructions 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 enter the instruction has occurred. A representative sample of payments by the depositary
the Fund selects for period of up to 30 previous days.
(3) an instruction for payment specified through the system
electronic banking, for which the depositary of the Fund checks
before payment, the depositary of the Fund at spoluautorizuje. It
does not apply to payments entered through an automated
securities settlement systems.
§ 10
[To section 39 (1) (a), h) of the Act on pension savings and § 89 paragraph 1. 1
(a). h) of the Act relating to the supplementary pension savings]
(1) the depositary of the Fund shall ensure that pension company every day
handed over the list of transactions on the account of all her own
participation and pension funds in a given day, and it's broken down by
individual pension funds and participating funds. The depositary of the Fund
at least once a month checks whether the settlement assets
acquired and disposed of in accordance with the provided lists of closed shops.
(2) paragraph 1 shall not apply if the pension company manages
only required conservative Fund.
§ 11
[To section 39 (1) (a), h) of the Act on pension savings and § 89 paragraph 1. 1
(a). h) of the Act relating to the supplementary pension savings]
The depositary of the Fund, shall check compliance with the
and) limits relating to the assets in the Pension Fund and in a directory
Fund ^ 6) at least once a month, within 15 days from the end of the previous
the month according to the latest available data,
b) limits relating to the issuer of the securities in the possession of the
Pension Fund and participating fund ^ 7), on the basis of the last
information available, but at least once per quarter, and
(c) the limits) of other according to the law on pension savings, the law on the
the supplementary pension savings and fund adequately the nature of the limit;
compliance with the requirements on the quality of the investment instrument or its issuer
It is necessary to control not only the deal with the investment
instrument, but also for the holding of the investment tools,
at least once a quarter.
§ 12
Checking calculation of remuneration for management of the assets in the Pension Fund and
in a directory of the Fund
[To section 39 (1) (a). to) Act on pension savings and § 89 paragraph 1. 1
(a). to act on supplementary pension) savings]
The depositary of the Fund performs a check calculation of remuneration for management
the assets in the Pension Fund and the Fund before the payment of the participant's
This payment the pension company.
section 13 of the
The reasons why the guideline by the depositary of the Fund
(§ 41 para. 6 of the Act on pension savings and section 91 paragraph 6 of the law on
the supplementary pension savings)
The reason for the non-execution of the order by the depositary of the Pension Fund of the company
pursuant to § 41 para. 6 of the Act on pension savings and section 91 paragraph 2. 6 of the Act on
the supplementary pension savings is the case when
and pension company fails to remedy), in particular by specifying the new guideline,
whose realisation will correct the deficiency resulting from the original
the guidance and of which can reasonably be expected to be settled or
(b)), the performing order has exceeded the limit established by the Act on
retirement savings, the Act on supplementary pension savings or
the Statute of the Fund by more than 1%, or the risk of damage caused by the
as a result of the settlement instruction proven outweighs the risk of damage
associated with its nevypořádáním; the depositary of the Fund also weighed in the assessment of
the risk of damage probability of timely compensation pension
company or by a person authorised by the pension management company
the assets in the Pension Fund, or in a directory of the Fund.
§ 14
The outsourcing activities of the depositary of the Fund
(§ 39, paragraph 3, of the Act on pension savings and section 89, paragraph 3, of the law on
the supplementary pension savings)
(1) where this Ordinance allows the depositary of the Fund to perform its
activities by outsourcing [§ 2 (b)) and section 3 (2). 3], the depositary
Fund
and) verifies that the outsourcing provider is entitled to performance of the
activities,
(b)) with the provider of outsourcing contract, according to which the provider
outsourcing as the case
1. the assets in the Pension Fund shall not issue and in participating fund or
the documentation relating to such property to another person without the prior
the consent of the depositary of the Fund, unless it is a fulfilment of legal obligations and
on the issue of outsourcing provider property or documentation without delay
shall inform the depositary of the Fund,
2. the depositary shall fund to suspend execution of the order
related to entrusted property,
3. allow the Fund to the depositary at any time seize assets or documentation
the Pension Fund and the local pool, where their nature permits
4. does not apply to the activities of another person except in accordance with paragraph 2,
5. carry out the activities so that these activities in accordance with
legislation and control activities carried out by the depositary.
(2) in the case of a custody agreement, whether and under what conditions can
outsourcing provider used to perform those activities more
of the person; in doing so, shall be subject to the conditions referred to in paragraph 1.
§ 15
The effectiveness of the
This Decree shall enter into force on 1 January 2000. January 1, 2013.
Governor:
Ing. Singer, Ph.d., v. r.
1) § 92 para. 1 of Act No. 256/2004 Coll., on capital
market, as amended.
2) section 93 of Act No. 256/2004 Coll., as amended.
3) § 68 of Act No. 426/2007 Coll., on pension savings.
section 118 of the Act No 427/2007 Coll. on supplementary pension savings.
4) § 54 para. 1 (b). (j)), l) and (m)) of law No 427/2011 Sb.
5) § 51 and 52 of the Act No. 426/2011 Sb.
section 101 and 102 of Act No. 427/2011 Sb.
Title II of part three of the Decree No 117/2009 Coll., on the more detailed editing
the activities of the pension company, pension fund and local fund.
6) § 53 and 54 of the Act No. 426/2011 Sb.
section 103 to 105 of law No 427/2011 Sb.
7) § 55 of Act No. 426/2011 Sb.
Section 106 of the Act No 427/2007 Sb.
