120/2007 Sb.
LAW
of 24 June. April 2007
on the change of certain acts in connection with the fixing of the capital
requirements for banks, savings and loan cooperatives, securities traders
papers and electronic money institutions
Change: 285/2009 Sb.
Parliament has passed the following Act of the Czech Republic:
PART THE FIRST
Amendment of the Act on banks
Article. (I)
Act No. 21/1992 Coll., on banks, as amended by Act No 264/1992 Coll.,
Act No. 292/1993 Coll., Act No. 156/1994 Coll., Act No. 83/1995 Coll.,
Law No. 84/1995 Coll., Act No. 61/1996 Coll., Act No. 306/1997 Coll.,
Act No. 16/1998 Coll., Act No. 127/1998 Coll., Act No. 165/1998 Coll.
Act No 120/2001 Coll., Act No. 239/2001 Coll., Act No. 319/2001 Coll.
Act No. 126/2002 Coll., Act No. 453/2003 Coll., Act No. 257/2004 Coll.
Law No 439/2004 Coll., Act No. 377/2005 Coll., Act No. 413/2005 Coll.
Act No 56/2006 Coll., Act No. 57/2006 Coll., Act No. 62/2006 Coll.
Act No. 70/2006 Coll., Act No. 159/2006 Coll. and Act No. 189/2006 Coll.
is amended as follows:
1. In article 1 (1). 1 the first sentence, after the words "the law", the words
"incorporates the relevant provisions of the European communities" ^ 1 ") and". Note
footnote No 1 is added:
"1) European Parliament and Council Directive 94/19/EC of 30 March 2004. may
1994 on deposit-guarantee schemes.
European Parliament and Council Directive 2001/24/EC of 4 April 2003. April 2001 on the
reorganisation and winding up of credit institutions.
European Parliament and Council Directive 2006/48/EC of 14 July 1999. June 2006
for access to the activity of credit institutions and on its performance
(recast).
European Parliament and Council Directive 2006/49/EC of 14 July 1999. June 2006
on the capital adequacy of investment firms and credit institutions
(recast) ".
Former footnote No. 1 and 1a are renumbered as notes under
footnote No. 1a and 1b, and including references to footnotes.
2. In section 4, paragraph 4. 3 of the introductory part of the provisions for the word "Union" shall be inserted after
the words "or other State forming the European economic area (hereinafter referred to
"Member State"). "
3. In section 4, paragraph 4. 3 (b). and (b))) and (c)), section 5a paragraph. 1 and 3, § 5, paragraph. 1, §
16A, paragraph. 2, section 30, paragraph. 3 and 5, § § 38e, 38f, paragraph. 1 and 2, § 38g and § 41 m
paragraph. 3, the words "European Union" shall be deleted.
4. In section 4, paragraph 4. 5 (a). (e)) and in section 5 (3). 4 (b). (d)), the word "control"
replaced by the word "control".
5. In section 4, paragraph 4. 5 (a). (e)) and in section 5 (3). 4 (b). (d)), the words "including
risk management system ' shall be deleted.
6. In section 4, paragraph 4. 6 (a). (c)), after the word "person", the words "or
the other person ".
7. In section 5 (3). 2 the word "practiced" replaced by the word "exercise".
8. In section 5a paragraph. 4 and 6, the words "§ 11 (1). 5 "shall be replaced by the words" § 11
paragraph. 3 and 5 ".
9. In section 5mse, the words "in the States of the European Union" shall be replaced by the words "in the
the Member States ".
10. At the end of the text of section 7 shall be added the words "and the Czech National Bank
published in a manner enabling remote access ".
11. In section 8 (2). 3 (b). and (b))), section 17, paragraph. 1 and 2, and in section 17a, paragraph. 5,
the word "Bank" shall be deleted.
12. In section 8, paragraphs 6 to 8 shall be deleted.
13. under section 8a, the following new section 8b, which including the title:
"§ 8b
The management and control system
(1) the Bank and the branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European communities, shall have the control and
control system, which includes
and good governance and assumptions) of the management of the company, and it always
1. the principles and procedures for the management of the Bank,
2. the organizational arrangements, with a full, transparent and coherent definition
the scope of and decision-making powers, within which at the same time define
functions whose performance is inconsistent, and procedures for the prevention of
potential conflict of interest,
3. sound administrative and accounting procedures,
(b)) risk management, which always includes the
1. the rules of the Bank's approach to the risks to which the Bank is or may be
exposed, including risks arising from the external environment and risk
liquidity,
2. effective recognition, evaluation, measurement, monitoring, and
reporting of risks,
3. effective procedures for the adoption of measures to reduce the possible
the risks and
(c)) the internal control system, which is always
1. the internal audit and
2. follow-up to the compliance with the legal obligations of the Bank.
(2) the management and control system must be comprehensive and proportionate to the nature,
the scale and complexity of the activities of the Bank.
(3) the Bank and the branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European Communities shall have the obligation to establish and
maintain command and control system on an individual basis. The Bank has
These obligations also on a consolidated basis, if it is
and controlling domestic Bank) [section 26 d, paragraph 1 (b).)]
(b)) controlling the Bank, but is not the controlling domestic bank or
a responsible Bank in the Group of the financial holding of the person [section 26 d (1)
(a). (b)), to), and o)], and a member of its consolidation unit is
foreign bank or financial institutions which have their head office in a non-
the Member State,
(c) the responsible Bank in the Group) the financial holding of the person [section 26 d of paragraph 1.
1 (a). about)], or
(d) a responsible Bank in the Group) a foreign bank that controls [section 26 d
paragraph. 1 (a). p)].
(4) the Bank, which has an obligation to establish and maintain command and control
system on a consolidated basis, ensure that policies and procedures
management, organizational arrangements, processes and mechanisms referred to in paragraph 1
used by members of the consolidated Group have been mutually and linked way prescience did
and resulted from them with all the information necessary for the purposes of decision-making
processes in the framework of the consolidated Group and for the purposes of exercising supervision.
(5) the Czech National Bank, lays down more detailed requirements on the Decree
the management and control system of the bank on the individual and consolidated
basis within the limits referred to in paragraph 1.
(6) a branch of a foreign bank that does not enjoy the benefits of a single license
According to the law of the European communities, shall be governed by the requirements for the management and
the control system adequately. ".
14. In section 9 (2). 1 (a). (d)), the word "internal" shall be replaced by the words
"control".
15. In section 11 paragraph 3 reads:
"(3) the Bank or branch of a foreign bank is obliged at the request of the legal
person or natural person in connection with its business to provide
without delay a written explanation of the credit evaluation of this
persons (rating) for the purposes of assessing the credit granted to her or her
applying for a loan. The Bank and a branch of a foreign bank has against the applicant
on the reimbursement of reasonable costs associated with the provision of explanations
credit evaluation. ".
16. section 11a including title and footnotes no 3a and 3b:
"§ 11a
Disclosure of information
(1) the Bank and the branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European communities, publishes basic details
about yourself, about the composition of the shareholders, the consolidated Group structure, which is
part of it, and on its activities and financial situation.
(2) the Bank and the branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European communities, publishes information about
implementation of prudential rules on an individual basis,
If
and it is not the controlling Bank) [section 26 d, paragraph 1 (b))],
(b)) is not a controlled person in the Group of the European controlling Bank [section 26 d
paragraph. 1 (a). l)] or in the Group of the European financial holding of the person [section
26 d of paragraph 1. 1 (a). n)],
(c)) is not a responsible Bank in the Group of foreign controlling Bank [section 26 d
paragraph. 1 (a). p)] or another bank in such a group,
(d)) is a controlled person in the Group of the European controlling Bank [section 26 d
paragraph. 1 (a). l)] or in the Group of the European financial holding of the person [section
26 d of paragraph 1. 1 (a). n)], but the European Bank or controlling responsible
the Bank in the Group of the European financial holding of the person [section 26 d (1)
(a). l) and about her)] be taken into account in the publication of data on a consolidated
basis, or
(e)) is excluded from the consolidated Group.
(3) the Bank will publish the details of the implementation of the prudential rules
on a consolidated basis, and if the European Bank the controlling shareholder)
[to section 26 d, paragraph 1 (b). l)], or (b) a responsible Bank in the Group), the European
the financial holding of the person [section 26 d, paragraph 1 (b))].
(4) the Bank, which has a significant position on the Czech financial market
the Republic, however, it does not apply to the obligations referred to in paragraph 2
or 3, will publish data on the implementation of the prudential rules in the
summary form. The position of the Bank, it is considered important to the financial
the market of the Czech Republic, where at least one of the following criteria:
and the average balance sheet total) of the Bank is at least EUR 500 0000 0000
the average balance sheet total is calculated as the arithmetic average of the balance
the sum of the Bank referred to in the last three full financial statements
verified legal or natural person executing
the audit function under the law governing the activities of Auditors ^ 3a)
(hereinafter "the auditor"),
(b) the Bank is the issuer) listed securities
(c) the Bank shall be the depositary of the Fund) for collective investment or pension
Fund, or
(d)) position of the Bank on the financial market of the Czech Republic in a specific area
the business is in relation to other persons of the financial market in the Czech Republic
the dominant ^ 3b).
(5) the Bank and the branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European communities, which are not subject
the obligations referred to in paragraphs 2 to 4, will publish information about who and
How will publish data on a consolidated basis for the Group
the European Bank, or for controlling European financial holding group
the person is a member of.
(6) the Bank and the branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European communities, may not disclose information
on the implementation of rules, Prudential, which
and it is not important); information is material if its omission or
erroneous entry could change or influence the assessment or the decision of the people,
that rely on this information in its decisions; This option
does not apply to information about approaches for the calculation of capital
requirements (section 12a)
(b)) is sensitive; information is sensitive if its publication could
be damaged the position of the Bank in the context of a competitive environment, in particular
If the information about the products or systems, which would share with
other competitors could spoil the Investment Bank into these
products or systems,
c) is confidential; information is confidential if the Bank is committed to clients
or the other counterparties to maintain secrecy about it.
(7) the use of the Bank and a branch of a foreign bank that does not enjoy the benefits of
the single licence in accordance with European Community law, the possibility of
neuveřejnit sensitive or confidential information, shall publish, on which
requests for disclosure, and the reason why the information neuveřejnily.
The Bank and a branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European Communities shall, however, at least
General information about the fact that they publish, unless this
General information was sensitive or confidential.
(8) the Auditor verifies data on capital, capital requirements and
ratios of the Bank.
(9) the Czech National Bank establishes by Decree
and data intended to) the content of the disclosure to the individual and consolidated
basis, including a summary of the range of data on the implementation of the rules of prudent
business, as well as the form, method, structure, periodicity and deadlines
disclosure of data
(b) the contents of the data verified by an auditor) and
(c) the data referred to in points) the content of and), and (b)) for the publication of the branch
a foreign bank that does not enjoy the benefits of the single licence according to the law
Of the European communities.
(10) the Bank shall establish internal procedures and policies for compliance with the requirements of the
the publication provided for in this law or on the basis of and for the
evaluation of the adequacy of published data, including their verification and
the frequency of publication.
3A) Act No. 254/2000 Coll. on Auditors and on the amendment of Act No. 165/1998
Coll., as amended by law no 209/2002 Coll., Act No. 169/2004 Coll., Act No.
284/2004 Coll., Act No. 56/2006 Coll., Act No. 57/2006 Coll. and Act No.
70/2006 Sb.
3B) section 10 (1). 1 of Act No. 143/2001 Coll., on the protection of economic
competition. ".
17. In section 12, paragraph. 1 the first and second sentence, after the word "Bank" shall be
the words "or a branch of a foreign bank".
18. In section 12, paragraph. 2 the first sentence, after the words "Bank", the words "or
a branch of a foreign bank ".
19. In article 12, paragraphs 3 and 4 shall be deleted.
20. under section 12, the following new section 12a to 12 c, which including the following title:
"§ 12a
Capital
(1) the Bank and the branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European communities, on an individual
the basis of the minimum amount of the capital maintains a corresponding to the sum of
individual capital requirements to cover the risks (hereinafter referred to as
"capital adequacy"). Capital of the Bank at the same time must not fall below
the minimum amount of share capital provided for in section 4, paragraph 4. 1.
(2) the Bank continuously maintains the capital adequacy on a consolidated
basis, if it is
and controlling domestic Bank) [section 26 d, paragraph 1 (b).)]
(b)) controlling the Bank, but is not the controlling domestic bank or
a responsible Bank in the Group of the financial holding of the person [section 26 d (1)
(a). (b)), to), and o)], and a member of its consolidation unit is
foreign bank or financial institutions which have their head office in a non-
the Member State,
(c) the responsible Bank in the Group) the financial holding of the person [section 26 d of paragraph 1.
1 (a). about)], or
(d) a responsible Bank in the Group) a foreign bank that controls [section 26 d
paragraph. 1 (a). p)].
(3) for the calculation of individual capital requirements, the Bank uses
Basic or special approaches.
(4) if the Bank intends to use for the calculation of the capital requirement
special access or used special access or the conditions of its
the use of the change, shall be obliged to ask the Czech National Bank on the granting of
the prior consent. The Czech National Bank, the Bank shall decide on the application within 6
months. The Czech National Bank may, in a decision granting consent
lay down the conditions under which the Bank is entitled to special
access to use.
(5) a bank that is a member of the Group of the European controlling Bank [section 26 d
paragraph. 1 (a). l)], or of a financial holding group of the European people [§
26 d of paragraph 1. 1 (a). n)] or is controlled by the European controlling
a dealer in securities under a special legal regulation) is ^ 1b
permitted to use some of the Special approaches for the calculation of the
the capital requirement or one already used special access
also change if subscribed to the joint request of the European
the controlling and controlled persons, banks, entities controlled by joint application
European financial holding the person or to the common application
the European leader of the trader in securities and its controlled
persons on the granting of prior approval to the use of such special
access or change such used special access.
(6) the Czech National Bank is competent to decide on the joint application
referred to in paragraph 5, if the Bank shall exercise supervision on a consolidated
the basis of the above, the European Group of the controlling of the Bank or the Group of the European
the financial holding of the person. Otherwise, the authority shall decide on the common application
supervision by the Member State, which shall exercise supervision on a consolidated
the basis of the above affected the consolidation total. The Bank uses a special
access or used special access changes according to the decision of the authority
the supervision of the Member State on the common application for granting a prior
consent to the use of special access or change, in
accordance with the conditions laid down in this decision.
(7) the Czech National Bank will decide on the joint application referred to in paragraph 5 to the
6 months. The Czech National Bank shall send without delay the full application to the authorities
supervision over members of the consolidated Group, which submitted the request, and
When the assessment is coordinating cooperation with the supervisory authorities.
The Czech National Bank is making an effort to ensure that the decision was made after the
the agreement with all of the relevant supervisory authorities and reach agreement was properly
stated in the reasons for the decision. If an agreement has not affected
supervisors, to be decided within the time limit referred to in the sentence
First, the Czech National Bank to consider when deciding on the common application in the
account of the views and comments of the supervisory authorities concerned applied in this
the time limit. The Czech National Bank may, in a decision granting consent
to lay down the conditions under which the Bank or any other promoter
common applications are entitled to use the special access. The decision on the
consent to the Czech National Bank also sends all the authorities concerned,
supervision.
(8) the Czech National Bank establishes by Decree
and) rules for the calculation of capital adequacy, which include
the procedures, which the Bank applied in the calculation of capital adequacy,
rules for determining the capital, specifying individual capital
requirements and defining approaches for their calculation, including the establishment of
the conditions for the use of basic and special approaches in the calculation
capital requirements,
(b)) to determine the Special approaches, whose use and change is needed
the consent referred to in paragraph 4 or 5,
(c) the requirements for an application) prior consent to the use of special
accessing and changing used special access presented by the Czech
the National Bank.
section 12b
(1) for the calculation of capital requirements, the Bank is entitled to use
credit rating (rating) of the borrower prepared by a person who meets the
the requirements laid down in this law or on the basis of it, and that is
registered in the list of agencies for credit assessment led by the Czech
the National Bank.
(2) a list of agencies for credit assessment contains business name,
residence, legal status of the person, its registered identification number, if
assigned, the range of application of credit evaluation used this
person, the assignment of credit ratings to the credit quality steps
and the date from which it is possible to use that person's credit rating. In
the case of the deletion of the person from the list of agencies for credit assessment (paragraph
5) Czech National Bank in this list shall indicate the date from which cannot be
the credit rating of the person using it.
(3) the person providing credit assessments may ask the Czech national
Bank on the list of agencies for credit assessment, if the evidence
that its credit assessments for the calculation of capital intends to use
the requirements of at least one bank, or savings and loan cooperative
a securities dealer, which is not a bank. The Czech National Bank shall issue
the decision on the registration of this person to this list after they have verified that
the evaluation methods of meeting the requirements of objectivity, independence and
transparency and are continually updated and that the resulting credit
the guest with the requirements of credibility and transparency.
(4) the Czech National Bank is entitled to request from the person registered in the
list of agencies for credit rating information and documents necessary for the
the assessment of whether this person continues to meet the requirements laid down in this
by law or on the basis of.
(5) the Czech National Bank shall issue the decision to exclude the person from the list
credit rating agencies, if this person no longer fulfils the
the preconditions for registration laid down in this law or for cancellation.
(6) the Czech National Bank shall issue a decision on registration, change of registration or
rejection of the application for registration in the list of agencies for credit rating
pursuant to paragraph 3 or to exclude from the list referred to in paragraph 5 to 4
months from the date of the initiation of the administrative procedure.
(7) the Czech National Bank to the list of agencies for credit rating
write the person who has already been to the competent supervisory authority of another
of the Member State entered into a similar list for credit agencies
the guest kept by that authority and asked for the list of agencies
for credit assessment conducted pursuant to this Act. The Czech National Bank
in this case, is not required to examine the facts referred to in paragraph
3. When the registration of such persons may use the assignment, Czech National Bank
credit ratings used this person to credit levels
quality, which was carried out by the competent supervisory authority of another
of the Member State. The deadline for the release of the decision set out in paragraph 6
shall apply mutatis mutandis.
(8) the Czech National Bank establishes by Decree
and) the form and content of the request for entry on the list of agencies for credit
Guest,
(b)) the requirements for the method of assessment, the credibility and the transparency of credit
the evaluation of the person to be entered in the list of agencies for credit
Guest.
§ 12 c
(1) the Bank shall adopt and apply reliable, effective and complete strategies and
procedures for the establishment, maintenance and continuous examination of internally
capital in the amount, structure and layout, to
enough to cover the risks to which it is or might be exposed. By
not affect the obligations provided for in § 12a.
(2) the Bank regularly examines the strategies and procedures referred to in paragraph 1
so, in order to ensure that they are functional, effective and proportionate
the nature, scope and complexity of the activities of the Bank.
(3) the obligations laid down in paragraphs 1 and 2 has on an individual basis
only the Bank that
and is not controlled by the controlling shareholder) domestic Bank [section 26 d, paragraph 1 (b).)]
even domestic financial holding person [section 26 d, paragraph 1 (b). m)]
(b)) is not a responsible Bank in the Group of foreign controlling Bank [section 26 d
paragraph. 1 (a). p)] or another bank in such a group,
(c) the control of another bank) foreign bank, financial institution or
ancillary services undertaking, or
d) is excluded from the consolidated Group.
(4) the obligations laid down in paragraphs 1 and 2 has on the consolidated
the basis of the only bank which is
and controlling domestic Bank) [section 26 d, paragraph 1 (b).)]
(b)) controlling the Bank, but is not the controlling domestic bank or
a responsible Bank in the Group of the financial holding of the person [section 26 d (1)
(a). (b)), to), and o)], and a member of its consolidation unit is
foreign bank or financial institutions which have their head office in a non-
the Member State,
(c) the responsible Bank in the Group) the financial holding of the person [section 26 d of paragraph 1.
1 (a). about)], or
(d) a responsible Bank in the Group) a foreign bank that controls [section 26 d
paragraph. 1 (a). p)].".
21. section 13:
"section 13
The Bank and a branch of a foreign bank that does not enjoy the benefits of the single
license under the law of the European communities, shall comply with the rules that
limit the amount of assets and off-balance sheet items to the person or group
persons depending on capital (hereinafter referred to as the "rules of engagement") on the
an individual basis. Also, the Bank observes the rules of engagement to
consolidated basis, if it is
and controlling the Bank, domestic)
(b)) controlling the Bank, but is not the controlling domestic bank or
a responsible Bank in the Group of the financial holding of the person [section 26 d (1)
(a). (b)), to), and o)], and a member of its consolidation unit is
foreign bank or financial institutions which have their head office in a non-
the Member State,
(c) the responsible Bank in the Group) the financial holding of the person [section 26 d of paragraph 1.
1 (a). about)], or
(d) a responsible Bank in the Group) a foreign bank that controls [section 26 d
paragraph. 1 (a). p)].".
22. In article 14 the first sentence shall be replaced by the sentence "the Bank and branch of the foreign
the Bank, which does not enjoy the benefits of the single licence according to the law of the European
the community maintains its ability to pay permanently. ".
23. In section 14, second sentence, the words "for this purpose, they are required to" be replaced by
the words "the Bank".
24. In section 14 (a). and the words "); This obligation can be met and
by maintaining a fixed part of the resources for the Czech National Bank ' shall be deleted.
25. In section 14 (c)):
"(c)) the acquisition, financing and assessment of assets;".
26. In section 14 (a). (d)), the words "unsecured foreign currency" shall be replaced by the words
"currency".
27. section 15 reads as follows:
"§ 15
Rules under section 13 and section 14 (a). (c)) provides for the Czech National Bank
by Decree. Rules under section 12 and section 14 (a). and), b) and (d)) for the Bank and the
branches of foreign banks shall measure the Czech, Czech National Bank
the National Bank, published in the journal of the Czech National Bank ^ 2). ".
28. In § 17 paragraph 1 including the footnote 4a is added:
"(1) the Bank shall not exercise control over another person, which is not
the Bank, a foreign bank, a financial institution, ancillary
services or real estate companies under a special law, the above ^ 4a)
the Bank exercises control through a special fund
real estate or special fund of qualified investors.
4A) Law No. 189/2004 Coll. ".
29. In § 17 paragraph. 2 in the introductory part of the sentence after the word "law"
the words "foreign bank".
30. In § 17 paragraph. 2 (a). and (b))) and the words "and on the individual and
consolidated basis "shall be deleted.
31. In § 17 paragraph 2, the following new paragraphs 3 and 4 are added:
"(3) the obligation referred to in paragraph 2 has on an individual basis only
the Bank, which
and is not controlled by the controlling shareholder) domestic Bank [section 26 d, paragraph 1 (b).)]
even domestic financial holding person [section 26 d, paragraph 1 (b). m)]
(b)) is not a responsible Bank in the Group of foreign controlling Bank [section 26 d
paragraph. 1 (a). p)] or another bank in such a group,
(c)) does not control any other Bank, financial institution or ancillary undertaking
services, or
d) is excluded from the consolidated Group.
(4) the obligation referred to in paragraph 2 on a consolidated basis only
the Bank, which is
and controlling the Bank, domestic)
(b)) controlling the Bank, but is not the controlling domestic bank or
a responsible Bank in the Group of the financial holding of the person [section 26 d (1)
(a). (b)), to), and o)], and a member of its consolidation unit is
foreign bank or financial institutions which have their head office in a non-
the Member State,
(c) the responsible Bank in the Group) the financial holding of the person [section 26 d of paragraph 1.
1 (a). about)], or
(d) a responsible Bank in the Group) a foreign bank that controls [section 26 d
paragraph. 1 (a). p).".
Paragraphs 3 to 5 shall be renumbered as paragraphs 5 to 7.
32. In section 17 to the end of the text of paragraph 6, the words ", or from the
the title of the share, the Bank holds in his name on behalf of another person ".
33. In paragraph § 17a. 3, the words "a person other than a bank referred to in this
of the law, "shall be replaced by the words" a person who is not a bank or a foreign
Bank, and ".
34. In section 17a shall at the end of the text of paragraph 5, the words "or
foreign banks ".
35. In section 20 (2). 6, the words "the founder of the Bank" shall be replaced by the words "the person with the
qualified through the participation at the Bank ".
36. In section 20a, paragraph. 2 with the number "6" is replaced by "5" and the number
"8" is replaced by "7".
37. In section 22, paragraph. 1 the introductory part, the words ' legal provisions,
where appropriate, a natural person carrying out audit work in accordance with
special legal regulation ^ 6 d) (hereinafter "the auditor")
conducted a "shall be replaced by" the auditor has carried out ".
Footnote No 6 d shall be repealed.
38. In section 22, paragraph. 1 (b)), and (c)):
"(b)) the verification of the management and control system of the Bank, with the Bank for
the auditor shall provide an overview of internal control carried out, that this
Verify the concern,
(c) the reporting of verification) of the financial statements and the management and control
System; the Bank shall submit such reports within the time limits of the Czech
National Bank ".
39. In section 22 to the end of paragraph 1, the period is replaced by a comma and the following
the letter d), which read:
' (d) verification of the data published) laid down in section 11a, and to the extent
established by a decree of the Czech National Bank pursuant to § 11a paragraph. 9 (a).
b).".
40. In section 22, paragraph 1, the following paragraph 2 is added:
"(2) by a decree of the Czech National Bank provides verification of the report contents
the management and control system of the Bank referred to in paragraph 1 (b). (b)), and (c)),
the way the structure and periodicity of its processing and the time limit for the
submission. ".
Paragraphs 3 to 6 shall be renumbered as paragraphs 4 to 7.
41. In section 22 paragraph 3 reads:
"(3) the Czech National Bank may request verification of the system according to the
paragraph 1 (b). (b) waive or limit) on some of his
components. On the procedure for remission or request restrictions on validation
administrative regulations shall not apply. The Czech National Bank shall notify the Bank within 30. April
the calendar year the intention to waive or limit the requirement to
verification of the system referred to in paragraph 1 (b). (b)). Can a bank to the intent of the Czech
the National Bank to disclose within 20 working days from the delivery of the reasoned
the comments. The Czech National Bank comments received within the specified period with the
the Bank shall consult and to 30. June of the calendar year of the Bank
whether the verification system, in accordance with paragraph 1 (b). b) remitted or how
way to perform this validation limits. ".
42. In section 22, paragraph. 4, the first sentence, the words "the selected audit
the company "shall be replaced by the words" the selected auditor. "
43. In section 22, paragraph. 4, the first sentence, the words "firm"
shall be replaced by the word "auditor".
44. In section 22, paragraph. 4 the second sentence, the words "new firm"
replaced by the words "a new auditor".
45. In section 22, paragraph. 5 the first sentence, the words "audit firm"
replaced by the words "the auditor".
46. In section 22, paragraph. 5 the second sentence, the words "audit firm"
shall be replaced by the word "auditor".
47. section 24 reads:
"§ 24
(1) the banks and branches of foreign banks are required to develop and
the Czech National Bank to submit information and documents, whose contents,
the form, time limits and the way the submission establishes the Czech National Bank
by Decree. Banks and branches of foreign banks are required to submit
The Czech National Bank on its request for more documents and other materials
necessary for the exercise of supervision on a consolidated basis and the individual and
According to the request of the Czech National Bank to provide all the necessary
information.
(2) the information and documents referred to in paragraph 1 for the Bank and branch
foreign banks from information and documents for other entities to
financial market establishes the Czech National Bank, the Czech national measures
the Bank, published in the journal of the Czech National Bank ^ 2).
(3) in the event that the Bank has holdings on one or more of the
companies or other legal persons 20%
the capital or higher, the information and documents referred to in
paragraph 1 shall also contain the information relating to these business
companies or other legal persons. ".
48. In article 25, the following paragraph 3 is added:
"(3) in the performance of the Czech National Bank supervision at the same time reviewing and
evaluates whether the arrangements, strategies, processes and mechanisms implemented by the
the Bank and the capital of the Bank shall ensure safe and reliable operation of the Bank and
cover the risks to which it is or may be exposed. This review and
evaluation performed by the Czech National Bank in scope and periodicity,
reasonable size, significance and position of the Bank on the financial market and
the nature, scale and complexity of its activities at least once
year. ".
49. In section 25a paragraph 3 including footnotes and 6 d 6e No.:
"(3) for the breach of obligations of confidentiality in compliance with the legal
the terms of the grant is not considered information obtained in connection with the
the exercise of supplementary supervision or the supervision of persons in
financial conglomerate ^ 6 d) supervisory authority over banks, financial
institutions or financial markets in another State and the provision of information
The Ministry of finance for the purposes of the exercise of State control of compliance with the
the conditions for the granting of State aid under the specific legal
code ^ 6e). Violation of obligations of confidentiality in accordance with paragraph 1 is not
provision of information obtained in the performance of banking supervision staff
The Czech National Bank, who participates in the exercise of supervision over the financial
the market, for the performance of their tasks.
6 d) Law No 377/2005 Coll., on the supplementary supervision of banks,
spořitelními and úvěrními associations, electronic money institutions,
insurance companies and traders in securities in the financial conglomerates directive
and on amendments to certain other laws (the law on the financial conglomerates directive),
in the wording of later regulations.
6E) Law No 96/1993 Coll., on building savings and State aid
building savings, and the addition of the Czech National Council Act No. 586/1992
Coll., on income taxes, as amended by the Act of the Czech National Council No. 35/1993
Coll., as amended. ".
50. In section 25a, paragraph. 4 (b). (g)), after the word "payment", the words
"or settlement".
51. In section 25a, paragraph. 4 (b). (h)), after the word "payment", the words
"or settlement".
52. In section 25a, paragraph. 4 the second sentence, the words "in the States of the European Union"
replaced by the words "in the Member States and with the exception of the institutions and persons referred to in
Letter g) and (h)) and in the other States. "
53. under section 25a the following new Section 25b, which reads as follows:
"§ 25b
If the situation in the Bank or in the consolidation, for which the Czech
the National Bank shall exercise supervision (section 26e), can endanger the stability of the
the financial system in the Czech Republic, the Czech National Bank is obliged to
inform the competent authority of the State administration responsible
for the preparation of legislation concerning supervision of banks,
traders in securities, insurance and other financial
institutions. ".
54. In section 26, paragraph. 1, letter a) is added:
") require that the Bank or branch of a foreign bank within the set
the period jumped into the axle, and the fact that
1. reduce some of the approved activities, will end the illegal activity or
will perform some stores and operations,
2. the limits of the distribution network, including a reduction in the number of business locations,
3. replace the head of the Bank's employee or person in the leadership of the branch
foreign banks,
4. replace the members of the Supervisory Board of the Bank
5. the arrangements, strategies, processes and mechanisms in accordance with this
by law, the
6. adopts stricter rules for the creation of value adjustments to assets
banks and reserves or for determining capital requirements
7. create a corresponding amount of the adjustments and provisions,
8. will maintain capital above the minimum levels laid down in section 12a paragraph.
1,
9. reduce capital within a specified range, or
10. profit after tax shall be used primarily to replenish reserve funds or
to increase the capital. "
55. In section 26, paragraph. 1 (a). (f)), for the words "capital", the words
"for the purposes of reimbursement of losses."
56. In section 26, paragraph. 1 at the end of paragraph 1, the period is replaced by a comma and
the following point (h)), which read:
"h) require capital increase over the level under section 12a, in particular if the
Bank ineffective arrangements, strategies, processes and mechanisms saving or
the measures referred to in points) to (g)) appears to be insufficient to achieve the
remedy within a reasonable time. ".
57. In section 26, paragraph. 2 the words "d) and (g))" shall be replaced by "d) and (f)) to (h))".
58. In section 26, paragraph. 3, the letter b) the following new point (c)), which read:
"(c) the violation or circumvention of the duties) or the conditions laid down in
the decision of the Czech National Bank ".
Former points (c) to (h))) are renumbered as subparagraph (d)), to (i)).
59. In section 26, paragraph. 3 (b). (h)), the words "section 12 paragraph. 4 "shall be replaced by the words" §
12A paragraph. 1. "
60. Article 26, paragraph 4 shall be deleted.
Paragraphs 5 to 12 are renumbered as paragraphs 4 to 11.
61. In section 26, paragraph. 7 the second sentence, after the words "effect", the words ",
If you are not on the decision on the imposition of fines ".
62. In section 26a of the paragraph. 1 the introductory part, the words ' the provisions of the capital
the adequacy of "shall be replaced by the word" capital ".
63. In section 26a of the paragraph. 1 the introductory part, the words "provisions of the ratio
set by the Czech National Bank ^ 6b) "shall be replaced by" the sum of the
individual capital requirements pursuant to section 12a paragraph. 1. "
Footnote No. 6b shall be deleted, and including references to the note under
line.
64. In section 26a of the paragraph. 1 (a). and the words ") reached the capital indicator
the adequacy of banks on an individual basis as determined by the Czech national
the Bank ^ 6b) "shall be replaced by the words" capital banks on an individual basis
represented at least the amount of the corresponding to the sum of the individual capital
the requirements pursuant to section 12a paragraph. 1. "
65. In section 26a of the paragraph. 1 (a). (b)), the words "with a risk weight lower than 100
% ^ 6b) "shall be replaced by the words" under the decree issued under section 12a
paragraph. 8 a risk weight lower than 100%. "
66. In section 26b of the words "capital adequacy" shall be replaced by the word
"capital".
67. In section 26b of the words "fixed by the Czech National Bank ^ 6b)"
shall be replaced by "the sum of the individual capital requirements".
68. In section 26 c shall be added to paragraph 6 and 7 are added:
"(6) if the Czech National Bank information necessary for the performance of
banking supervision on a consolidated basis, about which he knows that have already been
a member of the consolidation unit provided to the other surveillance authority,
priority requests such information.
(7) in order to ensure the efficient and effective performance of banking supervision at the
consolidated basis of the Czech National Bank may enter into a written agreement
on the coordination and cooperation with the supervisory authorities concerned for the purpose of exchanging
information. ".
69. In section 26 d of paragraph 1. 1 (a). and), after the words "the controlling Bank ' shall be
the word ", a group of foreign banks, controlling".
70. Under section 26 d of paragraph 1. 1 (a). and) the words "or of the financial group" are replaced by
the words "financial group".
71. In section 26 d of paragraph 1. 1 (a). (b)), the words "of which the controlled person, or
associated with the person are banks, financial institutions or undertakings
ancillary banking services, "shall be replaced by the words" of which the controlled person
or associated person is a Bank, a foreign bank, a financial institution
or ancillary services ".
72. In section 26 d of paragraph 1. 1 (a). (c)), point 1, after the word "than" words
"dealer with securities, foreign persons located in the Member
the State, which is in this State, shall be entitled to provide investment services ".
73. In section 26 d of paragraph 1. 1 (a). (d)), after the words "is not a Bank,", the words
"foreign bank".
74. In section 26 d, at the end of paragraph 1, the period is replaced by a comma and the following
the letters also) to (p)) are added:
"i) foreign controlling Bank foreign bank whose controlled
the person's Bank,
j) Group of foreign banks that control the group formed by foreign
controlling the Bank, and she controlled entities and associated persons,
for controlling the Bank, controlling domestic) Bank, which at the same time is not
controlled by another bank or financial holding a person shall
based in the Czech Republic,
l) European Bank the controlling shareholder or controlling the foreign bank
controlling the Bank, that has been granted permissions to perform activities in the
Member State, and which is not controlled by another bank or a foreign
the Bank, which has been granted permission to conduct business in any
Member State, nor is it controlled by a financial holding a person who has
residence in any Member State,
m) domestic financial holding person, person with a financial holding
based in the Czech Republic, which is not controlled by a bank or
financial holding a person based in the Czech Republic,
n) European financial holding person, person with a financial holding
established in a Member State, which is not controlled by a bank or a foreign
the Bank, which has been granted permission to conduct business in any
the Member State or of another financial holding person, who is registered
in any Member State,
about the Bank in the Group) responsible financial holding persons Bank
controlled by a financial holding person based
1. in the Czech Republic,
2. in another Member State, if this financial holding a person at the same time
control of the foreign bank, which has granted permission for the performance of
activities in that Member State, or a foreign bank with a larger balance sheet
the sum, which has been granted permissions to perform activities in another Member
State, or
3. in a non-Member State, if the Czech National Bank being
under section 26e, paragraph. 5 from the performance of the banking supervision on a consolidated
the basis of the financial holding group of the person,
4. If there is consolidation in accordance with points 1 to 3 more banks responsible
the Bank in a financial holding group of the person means the Bank with the largest
the balance sheet total,
p) a responsible Bank in the Group of foreign banks, the Bank controlling
controlled by the foreign bank that controls that has been granted permissions to
activity in a non-Member State, if the Czech National Bank
being under section 26e, paragraph. 5 from the performance of banking supervision at the
consolidated basis over this foreign group controlling the Bank;
If in such a consolidation more banks responsible Bank in the
a group of foreign banks means the controlling Bank with the largest balance sheet
sum. ".
75. In section 26 d of paragraph 1. 3, the words "may provide" be replaced by the word "establishes"
and the words "oversight of the consolidation unit" shall be replaced by
"the consolidation unit for the purposes of compliance with the prudential rules
business on a consolidated basis ".
76. sections 26e and 26f shall be added:
"section 26e
(1) the Czech National Bank, the Bank shall exercise supervision on a consolidated
the basis of the above the group controlling the Bank and over a group of foreign
the controlling of the Bank, which is responsible to the Bank in the Group
foreign controlling the Bank. Group controlling a bank controlled by the
controlling domestic bank or domestic financial holding person
the Bank is subject to supervision on a consolidated basis, only if it is
a member of this group of foreign bank or financial institution that
have their registered office in a non-Member State.
(2) the Czech National Bank, the Bank shall exercise supervision on a consolidated
the basis of the financial holding group of the person, which is a member of
a responsible Bank in the financial holding group of the person. Group financial
holding a person controlled by a local bank the controlling shareholder or domestic
financial holding a person is subject to banking supervision on a
consolidated basis, only if it is a member of this group of foreign
Bank or financial institution, which have their registered office in a non-member
State.
(3) the Czech National Bank
and) exercises supervision over the financial holding group of the person who
does not meet the conditions referred to in paragraph 2, first sentence, or
(b)) shall refrain from the exercise of supervision over the financial holding group of the person,
which satisfies the conditions referred to in paragraph 2, first sentence, if so
agree with the competent supervisory authority of the Member State and if they
appears to determine the responsibility of the banks in the group financial holding persons in accordance with
the criteria laid down in this Act [section 26 d, paragraph 1 (b).)]
inappropriate, in particular with regard to the importance of the banks or foreign banks,
that are members of the consolidated Group, the financial market in the
the Member States concerned. In this case, however, the Czech national
the Bank or the competent authority in advance to request the opinion of the responsible supervisory
the banks in the Group of the financial holding of the person or of the European financial
holding persons who are members of the consolidated Group.
If the Czech National Bank in accordance with subparagraph (a)) shall be determined by the Bank, which
will fulfil the obligations of the responsible Bank in the financial holding group
of the person.
(4) the Czech National Bank, the Bank shall exercise supervision on a consolidated
the basis of the above the Group mixed holding person.
(5) the Czech National Bank may refrain from performance of banking supervision at the
consolidated basis of consolidation in total, has a controlling person
registered office in a State which is not a Member State, if it is above the
total consolidation carried out comparable banking supervision on
consolidated basis. Prior to this decision, Czech National Bank
requests the opinion of the supervisory authority over foreign bank headquartered in
another Member State which is a member of the same consolidated Group, and
The European Banking Committee. If it is not exercised in comparable banking supervision
on a consolidated basis, the consolidation of this total, Czech national
the Bank may require the establishment of a financial member of the consolidated Group
the holding of a person in the territory of the Czech Republic or another Member State.
The procedure referred to in the third sentence of the Czech National Bank shall notify the supervisory authority over the
the Bank, established in another Member State which is a member of the same
the consolidated Group, and the Commission of the European communities.
section 26f
(1) the controlling Bank, responsible Bank in the financial holding group
the person responsible Bank in the Group of foreign banks and controlling Bank
the Group mixed holding persons who are members of the consolidation
the whole subject to the banking supervision of the Czech National Bank, are
on a consolidated basis shall comply with the
and) the requirements for the management and control system (section 8b)
(b) the rules for the disclosure of information) (section 11a)
(c)) rules for determining the capital, rules for determining the capital
and capital adequacy requirements (section 12a)
(d)) of the strategy and the procedures for the evaluation and internal changes
capital (§ 12),
e) rules of engagement (section 13),
(f) limitation of holdings) (section 17),
(g)) the requirements for operation in the framework of the consolidated Group (section 26 g (4)).
(2) the persons included in the consolidated Group are obliged to regularly or
on request, to communicate to the Czech National Bank directly or through
the Bank referred to in paragraph 1 of any information necessary for the implementation of the
supervision on a consolidated basis. Way to pass regular
information, scope, structure, periodicity and deadlines establishes the Czech national
Bank by Decree. "
77. In section 26 g of paragraphs 2 and 3 are added:
"(2) the National Bank responsible Bank the controlling shareholder in the group financial
holding persons responsible and the Bank in the Group of foreign controlling
the Bank shall notify in advance to the Czech National Bank Auditors who will perform
audit of the persons included in the consolidation under the banking
supervision of the Czech National Bank.
(3) the National Bank responsible Bank the controlling shareholder in the group financial
holding people responsible Bank in the Group of foreign controlling
the Bank and the Bank in the Group of mixed-activity holding persons are obliged to ensure
the audit of the information to be transmitted for the purposes of banking supervision at the
consolidated basis, in the manner and to the extent provided for by Decree
The Czech National Bank.
78. In section 26 g, paragraph 3, the following paragraph 4 is added:
"(4) the Bank shall be obliged to properly keep track of their operations with members of the same
the consolidation unit, control the risks associated with them and to undergo the
adequate internal control mechanisms. '.
Paragraphs 4 to 6 shall be renumbered as paragraphs 5 to 7.
79. In the section within 26 h of paragraph 1. 2 the introductory part of the provisions read as follows: "where the Czech
the National Bank of the shortcomings in the activities of the persons included in the consolidated
a whole, which may negatively affect the management of the Bank, which is
part of the consolidated entity, is entitled in relation to the controlling
the Bank, a bank in the Group of responsible financial holding person, financial
holding the person responsible to the Bank in the Group of foreign controlling
the Bank, a bank in the Group of mixed-activity holding the person or mixed
holding a person according to the nature of the identified deficiency ".
80. In the section within 26 h, paragraph 4 shall be deleted.
81. under section within 26 h the following new section 26i and 26j shall be added:
"section 26i
If the Czech National Bank banking supervision on a consolidated
the basis of the above, the European Group of the controlling of the Bank or the Group of the European
the financial holding of the person, in addition to the tasks set out in this law
or a special legal regulation ^ 2) also the following tasks:
and) coordinates in relation to the supervisory authorities of other Member States
the collection and provision of relevant or necessary information when
both normal and emergency situations,
(b)), in cooperation with the competent authorities of supervision plans and coordinates
the procedure of these organs in the course of supervision during normal and emergency
situations, including the exercise of supervision pursuant to section 25, paragraph. 3,
(c)) provides the supervisory authorities of other Member States exercising
the supervision of a person who is a member of such a consolidated Group,
information necessary for the performance of supervision over that person, in particular with
taking into account the importance of this person for the financial market of the State (section
38h)
(d)) shall decide on the joint application for the granting of prior consent with
use one of the Special approaches, or on a request for change
used by access pursuant to section 12a paragraph. 5 to 7.
§ 26j
The Czech National Bank shall inform without delay the situation resulting from the
in consolidation, which shall exercise supervision on a consolidated
basis, the Central Bank or another institution exercising the powers
the monetary institution in the Member State in which the registered office of another Member of this
the consolidated Group, which has granted permission for the performance of activities
the competent supervisory authority of that Member State, if this situation can
the stability of the financial system in that Member State. '.
82. In § 34 paragraph. 3 the words "capital adequacy" shall be replaced by the word
"capital".
83. In § 34 paragraph. 3, the words "the ratio set by the Czech National Bank"
shall be replaced by "the sum of its individual capital requirements".
84. In section 35, paragraph. 1, the words "in the decision on the withdrawal of a licence pursuant to § 34
shall be the date on which the licence is to be withdrawn; the decision "shall be replaced by
the words "decision on the withdrawal of the licence".
85. In section 38, paragraph. 3 at the end of the letter) is replaced by a comma and dot
the following letter l), including footnotes, no. 10 c:
"l) of the National Security Office, the intelligence services, or
The Ministry of the Interior in the implementation of safety management in accordance with
a special law ^ 10 c).
10 c) Law No 412/2005 Coll., on the protection of classified information and on the
Security competence. ".
86. At the end of the text of section 38b shall be added the words "and for the purposes of the implementation of the rules
a prudent business "and the following sentence" without prejudice to the
the provisions of the law governing the protection of personal data ^ 10b). ".
87. In section 38 c, the word "38h" shall be replaced by the word "38i".
88. In section 38d paragraph. 1 (a). and), the words "the State of the European Union" shall be replaced by
the words "Member State".
89. In paragraph 38d. 1 (a). (c)), d) and (e)). 2 (a). and (b))) and the words
"a member of the European Union" is replaced by "Member State".
90. In paragraph 38d. 1 at the end of the text of the letter g), the words "paragraph.
3. "
91. In paragraph § 38f. 1 the last sentence, after the word "branch" following the word
"foreign".
92. In paragraph § 38f. 1 the last sentence, after the word "this" is the word
"foreign".
93. In section 38h at the beginning of paragraph 1, the words "in the exercise of
of banking supervision ".
94. In section 38h at the beginning of paragraph 2, the words "on request".
95. In section 38h paragraph. 2 (a). (c)), the word "company" shall be replaced by
"institutions".
96. In section 38h paragraph. 2 (d)):
"(d)) of the capital adequacy indicator on an individual and
consolidated basis ".
97. In section 38h, the following paragraphs 3 and 4 are added:
"(3) upon request or on its own initiative, the Czech National Bank provides
supervisory authorities of other Member States whether or not the information to
substantial effect on the assessment of the financial situation of the foreign bank or
financial institution in the Member State concerned, in particular the information
concerning the
and determination of the structure of the consolidated Group), all the major banks in this
consolidation of supervisors over banks in this consolidation
a whole,
(b)) the procedures collection of information from banks in the consolidation
verification of this information,
(c) the Development Bank) or any other person in the consolidation, which can
seriously undermine the financial situation of the Bank in the consolidation,
(d) major sanctions and measures) to remedy the extraordinary importance of the stored
the Bank under this law, in particular the requirement to increase the capital by
§ 26 paragraph. 1 (a). (h)), and not giving consent to the use of special
access to the calculation of the capital requirement pursuant to section 12a paragraph. 4 or 7
or not giving consent to change of used special access.
(4) the information referred to in paragraph 3, the Czech National Bank will ask the authority
supervision of another Member State executing the supervision of a person who
is a member of the consolidated Group. Also ask the supervising authority
on a consolidated basis over the European controlling bank information
on approaches and methods used in the implementation of the rules
a prudent business. ".
98. under section 38h, the following new section 38i 38j, and added:
"§ 38i
(1) before the Czech National Bank
decision pursuant to section) 16. 1 and section 20 (2). 3,
(b) the imposition of severe sanctions or) measures to remedy the extraordinary importance of the
the Bank, in particular the requirement for the capital increase pursuant to section 26 paragraph. 1 (a).
(h)),
(c)) refusing an application for consent to the use of special
access to the calculation of the capital requirement pursuant to section 12a paragraph. 4 or 7
consult this fact with the supervisory authority supervising the
consolidated basis over a consolidation total is a member of
the bank concerned, and with the other supervisory authorities concerned by this fact
also applies.
(2) the Czech National Bank need not consult the facts referred to in paragraph
1, if the thing does not tolerate delay or would such consultations could compromise the purpose of the
decision. In such a case, it shall inform the authorities without supervision
undue delay.
§ 38j
(1) published by the Czech National Bank in a manner enabling remote access
the updated text of the laws), decrees and measures of the Czech National Bank,
prudential rules governing banks on an individual and
consolidated basis, and the official communication from the Czech National Bank to them;
without prejudice to the provisions of the special law on the way
the promulgation of legislation,
(b) information on how to use), options or the discretion of the
Member States and their supervisory authorities law of the European communities
in the legislation referred to in subparagraph (a)),
(c)) for information about accessing the Czech National Bank and the methods used in the
the performance of banking supervision in accordance with § 25 paragraph. 3,
d) summary statistics on the implementation of rules, prudential
banks in the Czech Republic,
(e) a list of agencies for credit) rating,
(f)) of the agreement on the change of the competent authority of supervision on a consolidated basis
Group financial holding of the person under section 26e, paragraph. 3.
(2) the information referred to in paragraph 1, the Czech National Bank publishes and
regularly updated in a way that allows remote access to the
It was possible to compare the information of the same kind which are listed by the authorities
banking supervision in other Member States. ".
99. In section 40 is at the end of the text of paragraph 5, the words ", subject to the
This Act ".
100. In section 41b for paragraph 3, the following paragraph 4 is added:
"(4) The Administrative Council shall perform their duties with proper care
the householder. In violation of the obligations of the Member of the Board shall be responsible for
any damage caused by,
and in the case of deliberate action) in full,
(b)) in the case of negligence up to a total amount of 600 000 CZK for one functional
period. ".
Paragraphs 4 to 6 shall be renumbered as paragraphs 5 to 7.
101. In section 41 c of paragraph 1. 2, after the words "the deposit banks,", the words
"foreign banks".
Article. (II)
Transitional provisions
Until 31 December 2006. December 2007 the Bank not covered by section 12 of Act No. 21/1992
Coll., on banks, as effective from the date of entry into force of this
the law, if after this period the Bank uses to calculate capital
the requirements of the basic approach of the corresponding previous capital rules
adequacy, which lays down the conditions for the use of the Czech National Bank
the decree under section 12a paragraph. 8 of law No 21/1992 Coll., on banks, in
the texts of the effective date of the entry into force of this law. After a period of use of the
This basic approach does not do this, Czech National Bank
the review and evaluation of the Bank provided for in § 25 paragraph. 3 of Act No.
21/1992 Coll., on banks, as effective from the date of entry into force of
of this law.
PART THE SECOND
Amendment of the Act on savings and credit cooperatives
Article. (III)
Act No 87/1995 Coll., on savings and credit cooperatives and some
related measures and the law of the Czech National Council
No. 586/1992 Coll., on income taxes, as amended by later regulations, in
the text of the Act No 100/2000 Coll., Act No. 406/2001 Coll., Act No.
212/2002 Coll., Act No. 257/2004 Coll., Act No. 280/2004 Coll., Act No.
377/2005 Coll., Act No. 413/2005 Coll., Act No. 56/2006 Coll., Act No.
57/2006 Coll. and Act No. 70/2006 Coll., is hereby amended as follows:
1. In article 1, paragraph 1, including the footnote No 1 is added:
"(1) this law incorporates the relevant provisions of the European
the community of ^ 1) and regulates some relations associated with the creation,
business and the demise of the savings and credit cooperative societies (hereinafter referred to as
"Credit Union"). This law also regulates the supervision of
credit unions, which holds the Czech National Bank, and insurance
Receivables from deposits in the cooperative záložnách.
1) European Parliament and Council Directive 94/19/EC of 30 March 2004. may
1994 on deposit-guarantee schemes.
European Parliament and Council Directive 2001/24/EC of 4 April 2003. April 2001 on the
reorganisation and winding up of credit institutions.
European Parliament and Council Directive 2006/48/EC of 14 July 1999. June 2006
for access to the activity of credit institutions and on its performance
(recast).
European Parliament and Council Directive 2006/49/EC of 14 July 1999. June 2006
on the capital adequacy of investment firms and credit institutions
(recast) ".
Footnote No. 1 is referred to as a footnote
No 2.
2. In article 1, paragraph 2, including the footnote 2 shall be deleted.
Paragraphs 3 to 11 shall become paragraphs 2 to 10.
3. In section 1, paragraphs 2 to 5, including the footnotes 2 and 3 are added:
"(2) the Credit Union is a cooperative for the promotion of management
its members, operates a financial activity, which means in particular
acceptance of deposits and the provision of loans, guarantees and cash services
a variety of forms.
(3) the trade name (hereinafter referred to as "the company") credit unions must contain
the designation "savings and credit cooperative", "Credit Union",
"savings cooperative" or "credit cooperative"; This designation is
entitled to use only legal person incorporated under this Act.
(4) the Credit Union is not by the Bank according to the law governing the activity of the
the Bank and its business is not considered the operation of trades ^ 2).
(5) the Credit Union
and) is approved only for the activities provided for in this law, and
in the scope of the authorisation as a Credit Union under section 2a (hereinafter referred to as
"authorisation"),
(b)) is required to exercise caution in its business and with the appropriate
care, in particular to conduct business in a manner that does not endanger the return on deposits
of its members and its security and stability,
(c)) shall not enter into the Treaty for the arm of the conditions for
the Credit Union, in particular those which undertake cooperative Union to
economically unjustified or receivable glaringly mismatched
provided the consideration; violations of this terms and conditions determined by the invalidity of the
of the Treaty, such nullity shall be assessed in accordance with the provisions of the
the commercial code governing law of the contract,
(d)) cannot be the child of a bond issuer ^ 3),
(e)) may not take the claim condition of subordination within the meaning of the bound
the law governing bonds ^ 3) in another credit institution, financial
institution or by a person having a qualifying holding in the cooperative savings bank
alone or acting in concert with another person.
2) Act No 455/1991 Coll., on trades (trade licensing
Act), as amended.
3) Law No. 190/2004 Coll. on bonds, as amended
regulations. ".
4. In section 1 (1). 6, the words "annual report," shall be replaced by "the annual
the report and ", the words" and the report for members whose contents and update method
for measures of the Czech National Bank, "shall be deleted and the word" published "
shall be replaced by the word "published".
5. In section 1 (1). 9 (a). (c)), after the word "person", the words "or
the other person ".
6. In section 1, paragraph 10 shall be deleted.
7. In Article 1a(1). 1 (a). and the word) "institutions" shall be replaced
"the credit union or another", the word "and" shall be inserted after the word "on" and
the word "cash" shall be replaced by the word "money".
8. In Article 1a(1). 1 (a). (b)), the words "different from a credit institution"
replaced by the words "which is not a credit institution and".
9. In Article 1a(1). 1 (a). (b)), the words "one or more of the activities
carried out by credit institutions, except acceptance of deposits or
other repayable funds from the public "shall be replaced by the words
"one of the activities carried out by banks ^ 3b) with the exception of adoption
deposits or other repayable funds from the public, and
investment company, investment fund, pension fund, insurance company and
reinsurance undertaking carrying out the activities under the specific legal
regulations ".
Footnote No. 3b:
"3b) § 1 (1). 1 and 3 of Act No. 21/1992 Coll., on banks, as amended by law
No 16/1998 Coll., Act No. 165/1998 Coll., Act No. 126/2002 Coll. and act
No 257/2004 Coll. ".
Former footnote No. 3b to 3d as a note under
footnote No. 3 c to 3e, and including references to footnotes. ".
10. In Article 1a(1). 1 (d)) and m) are added:
"(d) the consolidation group total) controlling a credit institution, or
Group financial holding of a person or a group of mixed holding
the person taking the consolidation unit consists of at least 2 persons
e) controlling a credit institution, a credit institution, which controls
at least one credit union,
(f)) financial holding person controlling person
1. a financial institution other than a dealer in securities,
foreign person established in a Member State of the European Union or another
representing the State of the European economic area (hereinafter referred to as "Member State"),
that is in this State, shall be entitled to provide investment services,
the insurance undertaking or the reinsurance undertaking,
2. is not a mixed financial holding person according to the law governing the
supplementary supervision of financial conglomerates ^ 3 c) and
3. controls exclusively or mainly credit institutions or financial
institutions with at least one controlled person is cooperative záložnou,
g) mixed-activity holding a person controlling a person who is not a credit
institutions, financial person or a mixed financial holding
holding a person according to the law relating to the supplementary supervision of
financial conglomerates ^ 3 c), with at least one controlled by her person is
cooperative záložnou,
(h) controlling the credit institution group) group formed by the credit
institutions, controlled by persons and associated persons,
I) Group of financial holding group formed by persons of the financial
holding a person, her controlled entities and associated persons,
j) Group of mixed holding persons group formed by the joint
holding a person, her controlled entities and associated persons,
domestic financial holding to) the person holding the financial person
based in the Czech Republic, which is not controlled by the credit
institution or another financial holding a person based in the Czech
Republic,
l) European controlling the credit institution controlling the credit institution
established in a Member State, which is not controlled at the same time another
credit institution, that has been granted permissions to perform activities in the
any Member State, or of a financial holding is based in person
any Member State,
m) European financial holding person, person with a financial holding
established in a Member State, which is not controlled by the credit institution, which
It was granted permission to conduct business in any Member State,
or other financial holding person, who is registered in any
Member State. ".
11. In section 1a is at the end of paragraph 1, the period is replaced by a comma and the following
letters n) to (p)) are added:
"n) responsible cooperative financial holding group záložnou in person
Credit Union-controlled financial holding person based
1. in the Czech Republic, if the person does not control these financial holding
No Bank,
2. in another Member State, if this financial holding a person at the same time
control the credit institution that has been granted permissions to the performance
activities in that Member State, or a credit institution with greater
the balance sheet total, which has been granted permissions to perform activities in another
Member State, or
3. in a non-Member State, if the Czech National Bank being
under section 25e, paragraph. 5 from the exercise of supervision on a consolidated basis over the
the financial holding group of the person;
If in such a consolidation of multiple cooperative banks,
the responsible cooperative záložnou in a group of financial holding of the person is
means a credit union with the largest balance sheet total,
about the responsible cooperative záložnou) in the group controlling the credit
Credit Union institutions controlled by controlling a credit institution,
that has been granted permissions to perform activities in a non-member
State, if the Czech National Bank being under section 25e, paragraph. 5 from the
the exercise of supervision on a consolidated basis over that of the controlling group
of the credit institution; If in such a consolidation total more
credit unions, cooperative záložnou in the group responsible
the controlling shareholder of the credit institution shall mean a credit union with the largest
the balance sheet total,
p) ancillary services legal person who provides services
used to support the business of credit institutions. ".
12. In section 1a, the following paragraph 3 is added:
"(3) by a decree of the Czech National Bank establishes the criteria for the exclusion of persons from the
the consolidated Group for the purposes of compliance with the prudential rules
business on a consolidated basis. ".
13. In Article 2a, paragraph. 4, the fourth sentence deleted.
14. In Article 2a, paragraph. 6 letter a) is added:
"and the competence, credibility) and experience managing people, which
for the purposes of this Act, means the persons selected to feature the members of the
the Board of Directors, of the Audit Commission and the credit of the Commission, and also the person that
they are designed in a cooperative savings bank on the Executive management function, with which the
It is associated with power and responsibility as defined by the statutes of the cooperative
unions, ".
15. In Article 2a, paragraph. 6 (a). (d)), the words "§ 1 (1). 6 (a). (b)) "shall be replaced
the words "§ 1 (1). 5 (a). (b)) ".
16. In section 2b, paragraph. 3 the words "§ 1 (1). 6 (a). (b)) "shall be replaced by the words" § 1
paragraph. 5 (a). (b)) ".
17. In section 2b, paragraph. 5, the words "§ 1 (1). 6 (a). (b)) "shall be replaced by the words" § 1
paragraph. 5 (a). (b)) ".
18. § 2 c is deleted.
19. In paragraph 1 of section 2d:
"(1) credit unions are entitled to establish branches on the territory of another
the Member State (hereinafter referred to as "the host State") and the business on its territory
the extent of the authorisation only with the consent of the Czech National Bank.
20. In section 2d paragraph. 3 (b). (b)), the words "§ 1 (1). 6 (a). (b)) "shall be replaced
the words "§ 1 (1). 5 (a). (b)) ".
21. In section 2f second sentence, the word "total" is deleted.
22. In paragraph 1 of section 2j:
"(1) before issuing a decision on the application for the grant of authorisation cooperative
the savings bank (§ 2a) shall request the opinion of the Czech National Bank supervisory authority
the Member State carrying out the supervision of credit institutions,
traders in securities or insurance companies, if the person to whom the
authorisation is to be granted, the controlled
and foreign credit institution) based in a Member State,
(b)) a person who has permission of the competent supervisory authority of the Member State
to the provision of investment services,
(c)) an insurance undertaking authorised by the competent supervisory authority Member
the State,
(d)) a person that controls the person referred to in subparagraphs (a) and (b))), or (c)). ".
23. In section 3, paragraph 3. 1 letter e) is added:
"(e)) the provision of guarantees in the form of a guarantee or bank guarantee for members".
24. In section 3, paragraph 3. 1 (a). (h)), the words "cash" shall be deleted.
25. In section 3, paragraph 3. 3 the words "§ 1 (1). 9 "shall be replaced by the words" § 1 (1). 8. "
26. In section 4, paragraph 4. 1 in the third sentence, the words "and the report for members under section 1
paragraph. 7 "shall be deleted.
27. In section 4, paragraph 4. 3, the third sentence shall be deleted.
28. In Section 4a, paragraph. 1, the words "article 9" shall be replaced by the words "§ 8a and 9".
29. In section 4b, paragraph. 3 the words "§ 1 (1). 6 (a). (b)) "shall be replaced by the words" § 1
paragraph. 5 (a). (b)) ".
30. In section 6 (1). 1, the second sentence shall be replaced by the phrase "The credit Commission
must not be a member of the Board of Directors, a member of the Control Commission, the cooperative
unions or by the person responsible for the performance of the internal audit. ".
31. In section 6 (1). 3 (b)):
"(b)) the provision of guarantees in the form of a guarantee or bank guarantee for members".
32. In section 7 (2). 5, the last sentence shall be replaced by the phrase "member of the Board of Directors
credit unions may not be simultaneously a member of the statutory body,
the statutory body or a member of the Supervisory Board of other legal persons,
that is an entrepreneur. "
33. In section 7 at the end of paragraph 5, the following sentence "this does not apply for membership
Member of the Board of Directors of credit unions in the Board of directors or of the supervisory
the Council of the financial institution or credit institution, other than a cooperative
Credit Union, Cooperative Union control, and legal persons
authorized to organize the demand and offer of securities and company
the ancillary services. ".
34. in section 7, the following new section 7a and 7b, which including the title and notes
footnote No. 10a and 10b are inserted:
"§ 7a
The management and control system
(1) the Credit Union shall have the management and control system, which
includes
and good governance and assumptions) of the management of the credit unions, and it always
1. the principles and procedures
2. the organizational arrangements, with a full, transparent and coherent definition
the scope of and decision-making powers, within which at the same time define
functions whose performance is inconsistent, and procedures for the prevention of
potential conflict of interest,
(b)) risk management, which always includes the
1. the rules on access to the risks of the credit unions, which the cooperative
the Credit Union is or may be exposed, including risks arising from
the external environment and liquidity risks,
2. effective recognition, evaluation, measurement, monitoring, and
reporting of risks,
3. effective procedures for the adoption of measures to reduce the possible
the risks,
(c)) the internal control system, which is always
1. the internal audit and
2. follow-up to the compliance with the legal obligations of the credit unions.
(2) the management and control system must be comprehensive and proportionate to the nature,
the scale and complexity of the activities of credit unions.
(3) the Credit Union has the obligation to establish and maintain control and
the control system on an individual basis. If the cooperative
Credit Union responsible cooperative záložnou in financial holding group
the person or group responsible cooperative záložnou in controlling credit
the institution also has the following obligations on a consolidated basis.
(4) a Credit Union that has the obligation to establish and maintain control and
the control system on a consolidated basis, ensure that policies and
management processes, organizational arrangements, processes and mechanisms referred to in
paragraph 1 used by members of the consolidated Group have been mutually way prescience did
and linked and resulted from them with all the information necessary for the purposes of
the decision-making process in the framework of the consolidated Group and for the purposes of the performance of
supervision.
(5) by a decree of the Czech National Bank provides the requirements for the management and
the control system of credit unions on the individual and consolidated
basis within the limits referred to in paragraph 1.
section 7b
Disclosure of information
(1) the Credit Union discloses basic information about yourself, about your
members with a qualified interest in the cooperative savings bank and their members
with another deposit under section 4b, paragraph. 3, about the structure of the consolidated Group,
which is part of, and on its activities and financial situation.
(2) the Credit Union also publishes data on the implementation of the rules
a prudent business and risk management on an individual basis,
If
and the controlled person in) is the Group of the European controlling credit
the institution or in the Group of the European people, a financial holding
(b)) is not a responsible cooperative záložnou in the group controlling the credit
institution or other cooperative záložnou in such a group,
(c)) is a controlled person in the Group of the European controlling the credit institution
or in the Group of the European people, but a financial holding, the European
controlling the credit institution or credit institution responsible in
the financial holding group of the person to be taken into account when her public disclosure
data on a consolidated basis, or
d) is excluded from the consolidated Group.
(3) the Credit Union also publishes data on the implementation of the rules
a prudent business on a consolidated basis, if the responsible
cooperative záložnou in the Group of the European people, or of a financial holding
the responsible cooperative záložnou in the group, the controlling shareholder of the credit institution.
(4) a Credit Union that has a significant position on the financial market
The Czech Republic, however, does not apply to her obligation under paragraph 2
or 3, will publish data on the implementation of the prudential rules and the
risk management in summary form. The status of credit unions is
considers relevant to the financial market in the Czech Republic, if the
at least one of the following criteria:
and the average balance sheet total) credit unions is at least 500 0000 0000
EUROS, while the average balance sheet total is calculated as the arithmetic average of the
the balance sheet sum credit unions referred to in the last 3 full
accounts of the verified legal or physical person
performing the audit function under the law governing the activity of the
Auditors ^ 10a) (hereinafter "the auditor"), or
(b)) the status of credit unions on the financial market in the Czech Republic
certain areas of the business is in relation to other persons of the Czech financial market
Republic of dominant ^ 10b).
(5) the Credit Union, which is not subject to the obligations referred to in paragraphs
2 to 4, will publish information about who and how will publish
the information on a consolidated basis for the Group of the European controlling credit
institution or a financial holding group of the European people, which is
a member of the.
(6) the Credit Union may not disclose information on the implementation of the rules
Prudential, which
and it is not important); information is material if its omission or
erroneous entry could change or influence the assessment or the decision of the people,
that rely on this information in its decisions; This option
does not apply to information about approaches for the calculation of capital
requirements (article 8),
(b)) is sensitive; information is sensitive if its publication could
be damaged the status of credit unions in the context of the competitive
environment, in particular as regards information about the products or systems,
that would be sharing with the other competitors could spoil the investment
credit unions in these products or systems,
c) is confidential; information is confidential if it is Credit Union
committed to clients, customers, or the other counterparties maintain about her
confidentiality.
(7) the use of the Credit Union the possibility of sensitive or neuveřejnit
confidential information, the Commission shall publish, on which of the requirements of the
This, and the reason why the information neuveřejnila. However, the Credit Union
indicate at least the General information about the fact that you had to publish,
unless this general information is sensitive or confidential.
(8) the Auditor verifies data on capital, capital requirements and
ratios the credit unions.
(9) the Czech National Bank establishes by Decree
and data intended to) the content of the disclosure to the individual and consolidated
basis, including a summary of the range of data on the implementation of the rules of prudent
business and risk management, as well as the form, method, structure, periodicity
and the period of publication of the data and
(b) the contents of the data verified by an auditor).
(10) the Credit Union shall establish internal procedures and policies for the implementation of the
the disclosure requirements laid down in this law or on the basis of
and for the evaluation of the adequacy of published data, including their
verification and frequency of disclosure.
(11) The Credit Union is entitled to in connection with its
business demand after the cooperative savings bank, to provide without undue
delay a written explanation of the credit to his person for the purposes of
his assessment of the credit or loan applications. The Credit Union has
to the applicant shall be entitled to reimbursement of reasonable costs associated with the
by providing an explanation of credit scores.
10A) Act No. 254/2000 Coll. on Auditors and on the amendment of Act No. 165/1998
Coll., as amended.
10B) section 10 (1). 1 of Act No. 143/2001 Coll., on the protection of economic
competition. ".
35. In section 8, paragraphs 2 to 10, including the footnotes 11 and 12 are added:
"(2) the Credit Union keeps continuously on an individual basis
the minimum amount of capital corresponding to the sum of the individual capital
requirements to cover the risks (hereinafter referred to as "capital adequacy"). Capital
the credit unions also must not fall below the minimum amount of capital
provided for in paragraph 1.
(3) the Credit Union keeps on capital adequacy
consolidated basis, if the responsible cooperative záložnou in
the financial holding of the person or group responsible cooperative záložnou
in the group, the controlling shareholder of the credit institution.
(4) the calculation of the capital requirements For each credit union
uses Basic or special approaches.
(5) If the Credit Union intends to use for the calculation of capital
special access request or used special access or
conditions of use of the change, shall be obliged to ask the Czech National Bank
on the granting of prior consent. The Czech National Bank decides on the application
credit unions within 6 months. The Czech National Bank may, in a decision on the
consent to lay down the conditions under which the binding is a cooperative
a credit union shall be entitled to use the special access.
(6) a Credit Union that is a member of the European group controlling
credit institutions [§ 1a paragraph 1 (b). l)] or the Group of the European
the financial holding of the person [§ 1a paragraph 1 (b). m)] or is controlled
the European trader in securities being controlled by special
^ 11) law, is entitled to use some of the Special
approaches for the calculation of the capital requirement or one already used by the
Access also change if the join the common application
the European controlling the credit institution and the controlled persons, common
the application of the European financial holding entities controlled by the person, or to the
a joint application of the European leader of the trader in securities and
its controlled persons on the granting of prior approval to the use of
such special access or changing such used
special access.
(7) the Czech National Bank is competent to decide on the joint application
referred to in paragraph 6, if the exercises supervision on a consolidated basis over the
a group of European financial holding of the person (section g). Otherwise on the common
the application decides the supervisory authority of the Member State which carries out surveillance
on a consolidated basis, the consolidation of the affected total. Cooperative
the Credit Union uses special access or used special access
changes according to the decision of the supervisory authority of the Member State on the common
the application for the granting of prior approval to the use of special
access or change, in accordance with the conditions laid down in
This decision.
(8) the Czech National Bank will decide on the joint application referred to in paragraph 6 to the
6 months. The Czech National Bank shall send without delay the full application to the authorities
supervision over members of the consolidated Group, which submitted the request, and
When the assessment is coordinating cooperation with the supervisory authorities.
The Czech National Bank is making an effort to ensure that the decision was made after the
the agreement with all of the relevant supervisory authorities and reach agreement was properly
stated in the reasons for the decision. If an agreement has not affected
supervisors, to be decided within the time limit referred to in the sentence
First, the Czech National Bank to consider when deciding on the common application in the
account of the views and comments of the supervisory authorities concerned applied in this
the time limit. The Czech National Bank may, in a decision granting consent
to lay down the conditions under which the credit union or another
the originator of the common application, entitled to special access to use.
The decision to grant the consent of the Czech National Bank also sends all
the supervisory authorities concerned.
(9) the Czech National Bank establishes by Decree
and) rules for the calculation of capital adequacy, which include
the procedures applied in the calculation of the Credit Union, capital
adequacy, rules for determining the capital, specifying individual
capital requirements and defining approaches for their calculation, including the
the determination of the conditions for the use of basic and special approaches in
calculation of capital requirements,
(b)) to determine the Special approaches, whose use and change is needed
the consent referred to in paragraph 5 or 6,
(c) the requirements for an application) prior consent to the use of special
accessing and changing used special access presented by the Czech
the National Bank.
(10) for the calculation of capital requirements, the Credit Union is authorized to
use the credit rating (rating) of the debtor, drawn up by a person who
It is included in the list of agencies for credit assessment led by the Czech
the National Bank according to the law governing the activity of the bank ^ 12).
11) section 151 of the Act No. 256/2004 Coll., on business on the capital market, in
the text of Act No. 377/2005 Coll. and Act No. 57/2006 Sb.
12) section 12a of the law No 21/1992 Coll., as amended by Act No. 120/2007 Sb. ".
36. section 8a, including footnote No. 12a is inserted:
"§ 8a
(1) the Credit Union shall adopt and apply reliable, effective and complete
policies and procedures for the determination, assessment and maintenance of the interim
internal capital at such a level, structure and layout, to
enough to cover the risks to which it is or might be exposed. By
are without prejudice to the obligations laid down in section 8.
(2) the Credit Union shall regularly review, strategy and procedures referred
to in paragraph 1 so as to ensure that they are functional, effective and
proportionate to the nature, scale and complexity of the activities of credit unions.
(3) the obligations referred to in paragraphs 1 and 2 has on an individual basis
only the Credit Union that
and is not controlled by the controlling shareholder) domestic bank ^ 12a) or domestic
financial holding person,
(b)) is not a responsible cooperative záložnou in the group controlling the credit
institution or other cooperative záložnou in such a group, or
(c)) is excluded from the consolidated Group.
(4) the obligations referred to in paragraphs 1 and 2 is on a consolidated basis
only the Credit Union, which is a responsible cooperative záložnou in
the financial holding of the person or group responsible cooperative záložnou
in the group, the controlling shareholder of the credit institution.
12A) Law No 21/1992 Coll., on banks, as amended. ".
37. under section 8a, the following new section 8b is added:
"§ 8b
(1) the Credit Union shall ensure that the auditor has conducted
and verification of annual accounts), credit unions,
(b)) once every 3 years, the verification of management and control system
credit unions, with the Credit Union for the auditor shall ensure
an overview of the implemented internal controls, which relate to the verification,
(c) the reporting of verification) of the financial statements and the management and control
System; the Credit Union shall submit such reports within the time limits
The Czech National Bank,
(d) the verification of the data published by) § 7b and in the range specified by
by a decree issued by the Czech National Bank.
The Czech National Bank provides verification of the contents of the Decree of the report on the management and
control system of credit unions in accordance with subparagraphs (b) and (c))), the way
structure and periodicity of its processing and the deadline for its submission.
(2) the Czech National Bank may request verification of the system according to the
paragraph 1 (b). (b) waive or limit) on some of his
components. In the case of the Czech National Bank authentication request
the system referred to in paragraph 1 (b). (b)) for the calendar year
chances, is entitled to require the Credit Union to ensure
validation of the system or part thereof referred to in paragraph 1 (b). (b)) in any
the following calendar year. The Czech National Bank shall communicate to the cooperative
the savings bank to 30. April of the calendar year the intention to waive or
restrict the authentication request referred to in paragraph 1 (b). (b)).
a credit union may, to the intent of the Czech National Bank to disclose within 20 working days
Since the delivery of reasoned comments. The Czech National Bank comments
received within the specified period with the cooperative záložnou, discuss, and to 30. June
the calendar year cooperative savings bank shall notify whether verification
the system referred to in paragraph 1 (b). b) remitted or the manner in which these
verification of limits.
(3) the selected auditor is required to notify the Credit Union of the Czech
the National Bank within 30 days from the date of receipt of this notice
the auditor shall be entitled to refuse. To verify the accounts of the credit unions
can only one auditor, which does not have a special relationship to the cooperative savings bank
and to demonstrate that in the course of at least 2 years to authenticate
the financial statements of banks, credit unions or other financial
institutions, and which was in connection with the provision of the audit
services permissions to their supply suspended. Reject-the Czech
National Bank Auditor within the prescribed period, that the auditor was
approved. In the case of refusal of the auditor of the Czech National Bank is
the Credit Union shall be obliged to inform within 15 days from the date of the refusal of the Czech
the National Bank of the new auditor.
(4) For those persons who have a special relationship to the cooperative savings bank, for
the purpose of this law shall be considered members of the credit unions, members of the
the elected organs of the credit unions, management persons and persons close to them
under the civil code. ".
38. In section 9 (2). 3 the number "5" shall be replaced by the number "4".
39. In section 11 paragraph 1 reads:
"(1) the Credit Union complies with the rules, which limit the amount of assets and
off-balance sheet items to the person or group of persons depending on the
capital (hereinafter referred to as the "rules of engagement") on an individual basis.
The Credit Union also observes the rules of engagement to
consolidated basis, if the credit institution is responsible in
the financial holding of the person or group responsible cooperative záložnou
in the group, the controlling shareholder of the credit institution. ".
Footnote 14a shall be deleted.
40. Article 11, paragraph 2 shall be deleted.
The former paragraph 3 shall become paragraph 2.
41. In section 11 (1). 2 the first sentence, the words "is obliged to maintain" are replaced by
the word "maintained".
42. In section 11 (1). 2 in the second sentence, the words "for that purpose" shall be replaced by
the words "Credit Union", and the words "ability to pay" shall be replaced by
the words "safe operation".
43. In section 11 (1). 2 (c)):
"(c)) the rules for the acquisition, financing and asset assessment.".
44. In section 11, the following paragraph 3 is added:
"(3) the rules and indicators referred to in paragraphs 1 and 2 shall provide for the Czech national
Bank by Decree. The rules are different for credit unions
from the rules for other operators in the financial market, provides for the Czech
the National Bank of the Czech National Bank measures, published in the journal of the
The Czech National Bank.
45. In section 22, paragraph. 4 (b). c) to (e)), section 22, paragraph. 5 and § 22 paragraph 1(b). 6 (a). and)
and (b)), the words "European Union" shall be deleted.
46. In section 22, paragraph. 4 (b). (g)), the word "25 c" replaced by the word "25e".
47. In section 22, the following paragraph 8 is added:
"(8) in the performance of the Czech National Bank supervision at the same time at least once
annually review and assess whether the arrangements, strategies, processes and
mechanisms implemented by the credit záložnou and capital credit unions
ensure safe and reliable operation of credit unions and cover
the risks to which it is or may be exposed. This review and assessment
performed by the Czech National Bank in scope and periodicity, reasonable
the size, scope and status of credit unions on the financial market and
the nature, scale and complexity of its activities. "
48. In section 22a to the beginning of paragraph 1, the words "in the exercise of
supervision of credit unions ".
49. In section 22a to the beginning of paragraph 2, the words "on request".
50. In section 22a paragraph 2, the following paragraph 3 is added:
"(3) upon request or on its own initiative, the Czech National Bank provides
supervisory authorities of other Member States whether or not the information to
substantial effect on the assessment of the financial situation of a credit institution or
financial institution in the Member State concerned, in particular the information
concerning the
and determination of the structure of the consolidated Group), all major credit
unions in this consolidation of the supervisory authorities in this
consolidation,
(b)) the procedures collection of information from credit unions in
consolidation and verification of such information,
(c) development of cooperative savings bank) in or to the other person in the consolidation,
that can seriously affect the financial situation of a credit institution in
consolidation,
(d) major sanctions and measures) to remedy the extraordinary importance of the stored
cooperative savings bank under this law, in particular the requirement to increase the
the capital pursuant to section 28, paragraph. 1 (a). (g)), and not giving consent to the use of
a special approach to the calculation of the capital requirement pursuant to section 8 (2). 5
or 8 or a refusal of consent to the change of used special
access. ".
The former paragraph 3 shall become paragraph 4.
51. In section 22a, paragraph. 4, the words "paragraph 1" shall be replaced by the words "paragraphs 2 and
3. "
52. In section 22a, the following paragraph 5 is added:
"(5) the information referred to in paragraph 3, the Czech National Bank will ask the authority
supervision of another Member State executing the supervision of a person who
is a member of the consolidated Group. Also ask the supervising authority
on a consolidated basis of the credit institution on the European controlling
information on approaches and methods used in the implementation of the rules
a prudent business. ".
53. In section 25a paragraph 3 reads:
"(3) for the violation of the obligation of secrecy shall not provide
information obtained in connection with the performance of the supervision authority, acting in
criminal proceedings in the Czech Republic and the supervisory authority or the supplementary
supervision of entities in a financial conglomerate, or financial
institutions or financial markets, or in other credit institutions
State and the Commission of the European communities. '.
54. In section 25a, paragraph. 4 introductory part of the provision, the words "home State"
replaced by the words "Czech Republic" and the words "and in another Member State
The European Union "shall be deleted.
55. In section 25a, paragraph. 4 (b). (g)), after the word "payment", the words
"or settlement".
56. In section 25a, paragraph. 4 (b). (h)), after the word "payment", the words
"or settlement".
57. In section 25a, paragraph. 4 at the end of subparagraph (j)), the comma shall be replaced by the dot and
the letter k) is repealed.
58. In section 25a, paragraph 4, the following paragraph 5 is added:
"(5) the provisions of paragraph 4 shall apply to the provision of information to the public authorities and
other persons in the Member States and with the exception of the institutions referred to in
paragraph 4 (b). g) and (h)) also in other States likewise. ".
Paragraphs 5 to 7 shall be renumbered as paragraphs 6 to 8.
59. In section 25a, paragraph. 7, the number "5" shall be replaced by the number "6".
60. In paragraph § 25b. 3 at the end of the letter h) dot is replaced by a comma and
the following letter i), including footnotes, no. 18 c is inserted:
"i) the national security agency, the intelligence services, or
The Ministry of the Interior in the implementation of safety management in accordance with
a special law ^ 18 c).
18 c) Law No 412/2005 Coll., on the protection of classified information and on the
Security competence. ".
61. In Section 25b of the text at the end of paragraph 9, the words "and for the purposes of
implementation of the rules of prudent business. "
62. In section 25 d of paragraph 1. 1 the words "on a consolidated basis", the words
"under this Act".
63. In section 25 d of paragraph 1. 2 the words "credit institutions" shall be replaced by the word
"banks".
64. In section 25 d the following paragraphs 6 and 7 are added:
"(6) if the Czech National Bank information necessary for the performance of
supervision on a consolidated basis, which knows that it has already been a member of the
the consolidated Group given to another supervisory authority, preferably
such information is requested by that authority.
(7) in order to ensure efficient and effective exercise of supervision on a consolidated
the basis of the Czech National Bank may enter into a written agreement on the coordination and
cooperation with the supervisory authorities concerned for the purpose of exchange of information. ".
65. section 25e, including footnote No 25:
"section 25e
(1) the Czech National Bank shall exercise supervision on a consolidated basis over the
group controlling a credit institution, which is responsible
the Credit Union in the group, the controlling shareholder of the credit institution.
(2) the Czech National Bank shall exercise supervision on a consolidated basis over the
the financial holding group of the person, which is responsible
Credit Union financial holding group of the person. Group
financial holding a person controlled by a local financial holding
a person subject to supervision on a consolidated basis, only if it is a member of the
This group of credit institutions or financial institutions, which have
registered office in a non-Member State.
(3) the Czech National Bank and) exercises supervision over the Group's financial
the holding of the person which does not satisfy the conditions referred to in paragraph 2, first sentence,
or (b)) shall refrain from the exercise of supervision over the financial holding group
a person who satisfies the conditions referred to in paragraph 2, first sentence, if the
as agreed with the competent supervisory authority of the Member State and the
they appear to determine the responsibility of the credit unions in the group financial
the holding of the person according to the criteria laid down in this law as
inappropriate, in particular with regard to the meaning of the credit unions, which are
members of the consolidated Group, the financial market in the
the Member States. In this case, however, the Czech National Bank or
the competent supervisory authority in advance will require the opinion of the responsible cooperative
unions in the group the financial holding of the person or of the European financial
holding persons who are members of the consolidated Group.
If the Czech National Bank in accordance with subparagraph (a)) shall be determined by the credit
Union, which will fulfil the obligations of the responsible credit unions in
the financial holding group of the person.
(4) the Czech National Bank shall exercise supervision on a consolidated basis over the
the Group mixed holding person.
(5) the Czech National Bank may refrain from the exercise of supervision on a
consolidated basis of consolidation in total, has a controlling person
registered office in a State which is not a Member State, if it is above the
a total of comparable consolidation carried out supervision on a consolidated
basis. Prior to this decision, the Czech National Bank requests the opinion of the
authority of supervision of the credit institution which is a member of the same
consolidated Group and that has been granted permissions to perform activities in the
another Member State, and the European Banking Committee ^ 25). If it is not exercised
oversight or comparable supervision on a consolidated basis over that
total consolidation, the Czech National Bank may require the Member
the consolidation of the whole foundation of the financial holding of a person in the territory of the Czech
Republic or another Member State. If so, it shall notify the
the fact the authority oversight of the credit institution which is a member of
the same consolidated Group and that has been granted permissions to the performance
the activity in another Member State and the Commission of the European communities.
25) Article 151 the European Parliament and of the Council of Directive 2006/48/EC ".
66. In section 25f paragraphs 1 and 2 shall be added:
"(1) the responsibility of the Credit Union in the group the financial holding of the person,
the Credit Union in a group of mixed-activity holding persons and responsible
the Credit Union in the group, the controlling shareholder of the credit institution, which are
members of the consolidation unit subject to the supervision of the Czech National Bank
consolidated basis under this Act, are required to comply with the
consolidated basis
and) the requirements for the management and control system (Section 7a),
(b) the rules for the disclosure of information) (section 7b)
(c)) rules for determining the capital, rules for determining the capital
requirements and capital adequacy (§ 8),
(d)) of the strategy and the procedures for the evaluation and internal changes
capital (§ 8a)
e) rules of engagement (§ 11),
f) requirements for operations in the framework of the consolidation unit.
(2) the persons included in the consolidated Group are obliged to regularly or
on request, to communicate to the Czech National Bank directly or through
credit unions, which is part of the consolidated Group, all
information necessary for the implementation of the supervision on a consolidated basis.
Frequency, period, and method of transmission to the regular information and their
the scope and structure of the Czech National Bank shall set by Decree ".
67. In section 25f paragraph 4 is added:
"(4) the responsibility of the Credit Union in the group the financial holding of the person,
the Credit Union in a group of mixed-activity holding persons and responsible
the Credit Union in the group, the controlling shareholder of the credit institution, which are
members of the consolidation unit subject to the supervision of the Czech National Bank
consolidated basis pursuant to this law, shall notify in advance the Czech national
Bank Auditors who will perform an audit of the persons included in the
consolidation. The Czech National Bank shall proceed mutatis mutandis under section 8b
paragraph. 3. ".
68. the following shall be added in section 25f paragraphs 5 to 8 are added:
"(5) the Czech National Bank is entitled to require from the responsible cooperative
unions in the group the financial holding of the person, the credit unions in
the Group mixed holding persons and responsible credit unions in
the group, the controlling shareholder of the credit institution, which are members of the consolidation
the whole subject to the supervision of the Czech National Bank on the consolidated
the basis of the audit referred to in this Act, the information to be transmitted for the purpose of
supervision on a consolidated basis.
(6) the Credit Union is required to properly monitor its operations with members of the
the same consolidation unit, control the risks associated with them and to undergo
is the appropriate internal control mechanisms.
(7) a financial holding, the person is required to ensure that its
the statutory authority, a member of the statutory body or other
a natural person who alone or together with other persons, controls the activity of the
the financial holding of the person or the activity of the legal person who is its
a statutory body or a member, (hereinafter referred to as "the person in the lead")
the person trusted and experienced enough for the performance of its functions and to
ensure the requirements arising for financial holding a person from
of this law.
(8) the financial holding in advance, inform the person of the Czech National Bank on the
the proposed changes in the management and at the same time it shall submit the supporting documents
demonstrating the credibility and experience of the proposed individuals. The person who
newly become financial holding person, is required to meet this
the obligation on persons in its leadership within 2 months from the date on which it becomes
financial holding person, otherwise, it is considered that persons in its leadership
do not meet the established requirements. The natural person concerned is required to
financial holding company and the person to provide the necessary background and synergies.
The facts and documents proving the credibility and experience of the persons in the
lead financial holding persons establishes the Czech National Bank
by Decree. "
69. Section 25f are inserted after section 25 g to 25j, which including the comments below
footnote No. 26:
"section 25 g
(1) if the Czech National Bank supervision on a consolidated basis
under this Act, a financial holding group of the European people, has
In addition to the tasks provided for in this Act or the specific legal
regulation ^ 26) also the following tasks:
and) coordinates in relation to the supervisory authorities of other Member States
the collection and provision of relevant or necessary information when
both normal and emergency situations,
(b)), in cooperation with the competent authorities of supervision plans and coordinates
the procedure of these organs in the course of supervision during normal and emergency
situations, including the exercise of supervision pursuant to section 22 paragraph 1(b). 8 and on the spot checks,
(c)) provides the supervisory authorities of other Member States exercising
the supervision of a person who is a member of such a consolidated Group,
information necessary for the performance of supervision over that person, in particular with
taking into account the importance of this person for the financial market of the State (section
22A)
(d)) shall decide on the joint application for the granting of prior consent with
use one of the Special approaches or change such
used access under section 8 (2). 6 to 8.
section 25 h
The Czech National Bank shall inform without delay the situation resulting from the
in consolidation, which shall exercise supervision on a consolidated
basis in accordance with this law, the Central Bank or another institution
executing the powers of the monetary authorities in the Member State in which the
the seat of another Member of the consolidated Group, which has granted permission to
the performance of the activities of the competent supervisory authority of that Member State, if
This situation may undermine the stability of the financial system in that Member
State.
section 25i
(1) before the Czech National Bank
and the decision under section 2b) paragraph. 3,
(b) the imposition of severe sanctions or) measures to remedy the extraordinary importance of the
cooperative savings bank, in particular, the requirement of the capital increase referred to in § 28
paragraph. 1 (a). (g)),
(c)) refusing an application for consent to the use of special
approach to the calculation of the capital requirement pursuant to section 8 (2). 4 consult
This fact with the supervisory authority supervising the
consolidated basis over a consolidation total is a member of
the credit union concerned and with other supervisory authorities, which are
the fact also applies.
(2) the Czech National Bank need not consult the facts referred to in paragraph
1, if the thing does not tolerate delay or would such consultations could compromise the purpose of the
decision. In such a case, it shall inform the authorities without supervision
undue delay.
section 25j
If the situation in a cooperative savings bank or consolidation, over which the
The Czech National Bank exercises supervision (section 26e), can endanger the stability of the
the financial system in the Czech Republic, the Czech National Bank is obliged to
inform the competent authority of the State administration, responsible
for the preparation of legislation concerning supervision of banks,
credit unions, securities dealers, insurance companies, and
other financial institutions.
26) Law No 6/1993 Coll. on Česká národní banka, as amended
regulations. ".
70. section 27:
the "section 27
(1) the Credit Union is required to draw up and submit to the Czech national
the bank information and documents whose content, form, and manner
the submission provides for the Czech National Bank by Decree.
(2) the information and documents referred to in paragraph 1 for the cooperative
unions from information and documents for other entities on the financial market
the Czech National Bank establishes the measures promulgated by the Czech National Bank,
in the journal of the Czech National Bank ^ 26).
(3) the information and documents referred to in paragraphs 1 and 2, the Czech national
the Bank shall be entitled to call upon the Credit Union to submit additional information,
documents or information. The Credit Union is required to submit
the requested data, documents or information within 3 days from receipt of the request,
If it is not in the call deadline later.
(4) the Credit Union is required to inform the Czech National Bank on the
the proposed change to the articles of Association concerning the facts, which must be in the
the statutes listed based on the request of the commercial code or the
the law. Notarized statutes and their amendments shall be deposited with the
The Czech National Bank.
71. In section 27a, paragraph. 1 (a). (b)), the words "§ 1 (1). 4 "shall be replaced by the words" §
1 (1). 3. "
72. In section 27a shall be inserted after paragraph 6 a new paragraph 7, which reads as follows:
"(7) the natural person who is a member of the consolidated Group, whose Member
It is also a Credit Union, commits an offence that does not comply with
the Czech National Bank's request under section 27f paragraph. 2 (a). and) or
obligation by the Czech National Bank issued on the basis
section 27f, paragraph. 2 (a). (b)), and (c)). ".
The present paragraph 7 shall become paragraph 8.
73. In section 27a, paragraph. 8 the words "3 and 5 ' shall be replaced by the words" 3, 5 and 7 ".
74. In section 27b, paragraph. 1 (a). and the words ") § 1 (1). 6 (a). and) "are replaced by
the words "§ 1 (1). 5 (a). and) ".
75. In section 27b, paragraph. 1 (c)):
"(c)) the neuveřejní approved financial statements, annual report, or a copy of the
authorisation (§ 1 (6)) ".
76. In section 27b, paragraph. 1 (a). (d)), the words "§ 1 (1). 9 "shall be replaced by the words" §
1 (1). 8. "
77. In section 27b, paragraph. 2 (a). e), the words "§ 8 paragraph. 10 "shall be replaced by the words" §
1 (1). 5 (a). (e)) ".
78. In section 27b, paragraph. 2 (a). (f)), the words "§ 8a" shall be replaced by the words "§ 8b".
79. In section 27b, paragraph. 2 (a). g), the words "paragraph to section 8a. 2 "shall be replaced by the words" §
8B paragraph. 3. "
80. Under section 27 c of paragraph 1. 1 (a). (b)), the words "§ 1 (1). 4 "shall be replaced by the words" §
1 (1). 3. "
81. In section 27 c, the following paragraph 3 is added:
"(3) a legal person as a member of the consolidated Group, whose
It is also a member of the Credit Union, fails to comply with the request of the Czech national
the Bank under section 27f paragraph. 2 (a). and) or obligation
by the Czech National Bank issued under section 27f paragraph. 2 (a).
(b)), and (c)), with a fine of up to Czk 10 0000 0000 stores. ".
82. section 27 d, including the title:
the "section 27 d
Common provisions in administrative deliktům
(1) a legal person under the administrative tort does not match, if he proves that
made every effort, that it was possible to require that the infringement of the
a legal obligation.
(2) in determining the acreage of the fine legal person shall take into account the seriousness of the
the administrative tort, in particular to the way a criminal offence and its consequences, and
the circumstances under which it was committed.
(3) the responsibility for the administrative offence shall cease, if the administrative authority about him
has commenced proceedings to 1 year from the date on which it learned, no later than
However, within 10 years from the day when it was committed.
(4) administrative offences under this law in the first instance hearing
The Czech National Bank.
83. section 27 is repealed.
84. In section 27f paragraph. 2 of the introductory part of the provisions, the word "Bank" is replaced by
the words "cooperative záložnou".
85. In section 28 paragraph. 1, letter a) is added:
"and) require that the Credit Union within the prescribed period fashion
remedy, and that
1. reduce some of the permitted activity, or terminates the illegal activities in the
the meaning of permission or not to carry out some of the stores and operations,
2. the limits of the distribution network, including a reduction in the number of business locations,
3. replace the members of the Board, the control or the credit Commission
credit unions,
4. replace the person in the management of the credit unions,
5. a member shall convene a meeting and this meeting will discuss the Czech national
the Bank set the matter or proposal,
6. the arrangements, strategies, processes and mechanisms in accordance with this
by law, the
7. adopt stricter rules for the creation of value adjustments to assets
credit unions and reserves or for determining capital requirements
8. create a corresponding amount of the adjustments and provisions,
9. maintain capital above the minimum levels laid down in section 8 (2). 2. "
86. In section 28 is at the end of paragraph 1, the period is replaced by a comma and the following
the letter g) is added:
"(g)) require a capital increase over the level provided for in section 8, in particular if the
the Credit Union the ineffective arrangements, strategies, processes, or
the mechanisms and the imposition of the measures referred to in points) to (f)), it appears as
inadequate to achieve a remedy within a reasonable time. ".
87. In section 28 paragraph. 3, after the word "ensure" link on footnote
No 18 c is deleted.
Footnote No. 18 c is deleted.
88. Article 28, paragraph 5 shall be deleted.
Paragraphs 6 to 13 are renumbered as paragraphs 5 to 12.
89. In section 28 paragraph. 11, the words "(b) to (f)))" shall be replaced by ' b) to (g)). "
90. In section 28 g, paragraph. 3, the words "the ratio set by the Czech National Bank"
shall be replaced by "the sum of its individual capital requirements".
91. section 28i:
"section 28i
(1) published by the Czech National Bank in a manner enabling remote access
the updated text of the laws), decrees and measures of the Czech National Bank,
prudential rules governing credit unions on the
individual and consolidated basis, and the official communication from the Czech
the National Bank to them; without prejudice to the provisions of the special legal
the rules on how the promulgation of legislation,
(b) information on how to use), options or the discretion of the
Member States and their supervisory authorities law of the European communities
in the legislation referred to in subparagraph (a)),
(c)) for information about accessing the Czech National Bank and the methods used in the
the performance of the supervision of credit unions under section 22(2). 8,
d) summary statistics on the implementation of rules, prudential
credit unions in the Czech Republic.
(2) the information referred to in paragraph 1, the Czech National Bank publishes and
regularly updated in a way that allows remote access to the
It was possible to compare the information of the same kind which are listed by the authorities
supervision in other Member States. ".
Article. (IV)
Transitional provisions
1. Until 31 December 2006. December 2007 to cooperative Union does not apply to section 8a of the Act
No 87/1995 Coll., on savings and credit cooperatives and some
related measures and the law of the Czech National Council
No. 586/1992 Coll., on income tax, in the version effective as from the date of acquisition
the effectiveness of this law, if after this period, the Credit Union uses
for the calculation of capital requirements, the basic approach of the corresponding
the current capital adequacy rules, whose terms of use
establishes the Czech National Bank by decree under section 8 (2). 9 of Act No.
87/1995 Coll., on savings and credit cooperatives and some
related measures and the law of the Czech National Council
No. 586/1992 Coll., on income tax, in the version effective as from the date of acquisition
the effectiveness of this Act. After a period of use of the basic access
for the calculation of capital requirements does not perform to the Czech National Bank
This cooperative savings bank review and evaluation referred to in section 22, paragraph. 8
Act No 87/1995 Coll., on savings and credit cooperatives and some
related measures and the law of the Czech National Council
No. 586/1992 Coll., on income tax, in the version effective as from the date of acquisition
the effectiveness of this Act.
2. the procedure for the issue of consent with the terms of the subordinated debt, launched
before the date of entry into force of this Act pursuant to section 8 (2). 4 (b). I)
Act No 87/1995 Coll., on savings and credit cooperatives and some
related measures and the law of the Czech National Council
No. 586/1992 Coll., on income taxes, as amended by later regulations, in
the texts of the effective to date of the entry into force of this law shall be completed in accordance with
the existing legislation.
3. Rights and obligations arising from the decision of the Czech National Bank
on approval of the conditions of the subordinated debt, pursuant to section 8 (2). 4 (b). I)
Act No 87/1995 Coll., on savings and credit cooperatives and some
related measures and the law of the Czech National Council
No. 586/1992 Coll., on income taxes, as amended by later regulations, in
the texts of the effective to date of the entry into force of this Act issued prior to the date
the entry into force of this law shall be without prejudice.
4. authorization to the activities referred to in section 3, paragraph 3. 1 (a). e) of Act No 87/1995
Coll., on savings and credit cooperatives and some of the measures with the
related and the Czech National Council Act No. 586/1992 Coll., on the
income taxes, as amended by later regulations, as amended by the effective date of the
the effectiveness of this law, shall be deemed to permit the activities referred to in section 3 of the
paragraph. 1 (a). e) of Act No. 87/1995 Coll., on credit unions
cooperatives and certain related measures and
the Czech National Council Act No. 586/1992 Coll., on income taxes, as amended by
in the wording of later regulations, effective from the effective date of this Act.
5. the authorization referred to in section 3, paragraph 3. 1 (a). h) Act No. 87/1995
Coll., on savings and credit cooperatives and some of the measures with the
related and the Czech National Council Act No. 586/1992 Coll., on the
income taxes, as amended by later regulations, as amended by the effective date of the
the effectiveness of this law, shall be deemed to permit the activities referred to in section 3 of the
paragraph. 1 (a). h) Act No. 87/1995 Coll., on credit unions
cooperatives and certain related measures and
the Czech National Council Act No. 586/1992 Coll., on income taxes, as amended by
in the wording of later regulations, effective from the effective date of this Act.
6. verification of the system referred to in section 8b, paragraph. 1 (a). (b)) Law No 87/1995 Coll., on
savings and credit cooperatives and some of the measures with the
related and the Czech National Council Act No. 586/1992 Coll., on the
income taxes, as amended by later regulations, as amended by the effective date of
the entry into force of this Act, the Credit Union shall ensure that for the first time
the year 2007. The provisions of § 8b paragraph. 2 and 3 of law No. 87/1995 Coll., on
savings and credit cooperatives and some of the measures with the
related and the Czech National Council Act No. 586/1992 Coll., on the
income taxes, as amended by later regulations, as amended by the effective date of
the entry into force of this law, without prejudice to the.
PART THE THIRD
Amendment of the Act on the capital market
Article. In
Act No. 256/2004 Coll., on business on the capital market, as amended by law
No 635/2004 Coll., Act No. 179/2005 Coll., Act No. 377/2005 Coll., Act
No 56/2006 Coll., Act No. 57/2006 Coll., Act No. 62/2006 Coll., Act No.
70/2006 Coll. and Act No. 159/2006 Coll., is hereby amended as follows:
1. § 1, including footnote No 1 is added:
"section 1
The subject of the edit
This law incorporates the relevant provisions of European Community ^ 1) and
regulates the provision of services in the field of capital market and the public
an offer of securities.
1) Council Directive 93/22/EEC of 10 June. May 1993 on investment
services in the securities field, as amended by directives 95/26/EC, 97/9/EC and
2000/64/EC.
European Parliament and Council Directive 97/9/EC of 3 June 2003. March 1997 on
compensation systems for investors.
European Parliament and Council Directive 98/26/EC of 19 July 1999. May 1998 on
settlement finality in payment systems and in systems
the settlement of securities transactions.
European Parliament and Council Directive 2001/34/EC of 28 June 1999. May 2001
on the admission of securities to listing on the stock exchange and the
the information to be disclosed to them in the text of the 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).
Directive of the European Parliament and of the Council 2003/71/EC of 4 April 2003. November
2003 on the prospectus to be published when offered to the public or
the admission of securities to trading, and amending Directive 2001/34/EC.
European Parliament and Council Directive 2006/48/EC of 14 July 1999. June
2006, concerning the access to the activity of credit institutions and
performance (recast).
European Parliament and Council Directive 2006/49/EC of 14 July 1999. June 2006
on the capital adequacy of investment firms and credit institutions
(recast) ".
2. Footnote 1 is deleted, including the references to the note
under the line.
3. In section 2, at the end of the letter h) dot is replaced by comma and following
the letter i), which read:
"i) initial capital sum
1. the paid-up capital,
2. the paid-up share premium,
3. mandatory reserves
4. other reserve funds created from profit after tax, with the
the exception of the reserve funds created,
5. retained earnings from previous periods, referred to in the financial statements
verified by the auditor and approved by the general meeting, for which the Division of the General
meeting has not decided, and
6. outstanding losses from the previous period, including losses for previous
accounting period. ".
4. In section 6 (1). 3 the word "Custom" replaced by the word "Initial".
5. In section 6 (1). 4, the word "Custom" replaced by the word "Initial".
6. In section 8 (2). 1 (a). and (2)), the words "[section, paragraph 151. 1 (a). l)] "
the words "[section, paragraph 151. 1 (a). k)] "be deleted.
7. In the second part of part two, title 3, section 9 of the above designations, the words
"Section 1, capital adequacy and commitment".
8. section 9, including the title:
"section 9
Capital
(1) a securities dealer keeps the capital at least in
amount corresponding to the sum of the individual capital requirements to cover
risks (hereinafter referred to as "capital adequacy"). Capital securities trader
the papers also must not fall below the minimum amount of initial capital
provided for in section 6 (1). 3 and 4.
(2) a securities dealer continuously maintains the capital adequacy
on a consolidated basis, if it is
and controlling the local dealer) securities [section 151 (1)
(a). about)],
(b)) controlling the trader of securities [section 151 (1) (b) (c))],
but it is not controlling the domestic securities dealer or
responsible trader with securities in the financial holding group
the person being a member of the consolidation unit is a foreign trader
with securities, foreign bank or financial institution, based in
other than the Member State of the European Union,
(c)) the responsible trader with securities in the group financial
the holding of the person [section 151 (1) (a).)]
(d)) the responsible trader with securities in the Group of foreign
leader merchant securities [section 151 (1) (a). t)], or
(e)) the responsible trader with securities in a foreign group
the controlling Bank [section 151 (1) (a).)].
(3) for the calculation of capital requirements, a securities dealer
uses Basic or special approaches.
(4) the Special approaches for calculation of capital requirements, you can use the
or change only on the basis of prior consent of the Czech National Bank. About
consent to the Czech National Bank will decide within 6 months. In the decision
the Czech National Bank may lay down the conditions under which special
approaches to be used; to change them is to be the prior consent of the Czech
the National Bank.
(5) a securities dealer that is a member of the Group of the European
leader merchant securities [section 151 (1) (a). p)],
the European group controlling the Bank by a special Act governing
the activities of the bank or the financial holding group of the European people [§ 151
paragraph. 1 (a). r)], is authorized to use or change the Special approaches
for the calculation of the capital requirement also if joined
a joint application of the European leader of the trader in securities and
its controlled persons controlling the joint application of the European banks and her
controlled by the persons or to the joint request of the parties controlled by the European
financial holding person on the granting of prior approval to the use of
or by changing the Special approaches, and this request was granted.
(6) the Czech National Bank is competent to decide on the joint application
referred to in paragraph 5, shall exercise supervision on a consolidated basis over the
the Steering Group of the European merchant securities group
the European controlling banks according to the special law governing the activity of the
a group of European banks or financial holding of the person (art. 152a). Otherwise, the
the joint supervisory body shall decide a request of a Member State of the European Union,
who shall exercise supervision on a consolidated basis over the affected
taxable total. Securities dealer uses a special
approaches or special approaches will change according to the decision of the
supervisory authority of the Member State of the European Union on the common applications for
the granting of prior approval to the use of special approaches, or with
their amendment, in accordance with the conditions laid down in this
decision.
(7) the Czech National Bank will decide on the joint application referred to in paragraph 5 to the
6 months. The Czech National Bank shall send without delay the full application to the authorities
supervision over members of the consolidated Group, which submitted the request, and
When the assessment is coordinating cooperation with the supervisory authorities.
The Czech National Bank is making an effort to ensure that the decision was made after the
the agreement with all of the relevant supervisory authorities and reach agreement was properly
stated in the reasons for the decision. If an agreement has not affected
supervisors, to be decided within the time limit referred to in the sentence
First, the Czech National Bank to consider when deciding on the common application in the
account of the views and comments of the supervisory authorities concerned applied in this
the time limit. The Czech National Bank may, in a decision on consent set
binding the conditions under which a securities dealer or other
the originator of the common application, entitled to special access to use.
The decision to grant the consent of the Czech National Bank also sends all
the supervisory authorities concerned.
(8) a securities dealer may for the calculation of capital requirements
use the credit rating (rating) of the debtor, drawn up by a person who
meeting the requirements of a particular legal provision governing the
the activities of the bank and which is registered in the list of agencies for credit
the evaluation conducted by the Czech National Bank, according to a special legal
the rules relating to the activities of the bank.
(9) the provisions of paragraphs 1 to 8 shall not apply to securities trader
the papers, which is a bank; a securities dealer, which is a Bank,
in accordance with special legislation governing the activity of the
banks. ".
9. in article 9, the following new section 9a to section 9 c, which including the following title:
"§ 9a
(1) a securities dealer, which is not a Bank, receives and submits
reliable, effective and complete strategies and processes for determining ongoing
assessment and maintenance of internal capital at a level
the structure and layout, to sufficiently cover the risks to which it is or
would be subjected to; This is without prejudice to the obligations referred to in section 9.
A securities dealer, which is a Bank, proceed according to the specific
the legislation governing the activity of the bank.
(2) a securities dealer, which is not a Bank, regularly examines the
strategies and procedures referred to in paragraph 1 so as to ensure that the
they are functional, effective and proportionate to the nature, scale and complexity of its
activities.
(3) the obligations referred to in paragraphs 1 and 2 only has the stock trader
the papers, which
and is not controlled by the local proxy) trader in securities [section
paragraph 151. 1 (a). about)], controlling the domestic bank or domestic
financial holding person [section 151 (1) (a). q)],
(b)) is not a responsible trader with securities in the Group of foreign
leader merchant securities [section 151 (1) (a). t)] or
another trader in securities in such a group,
(c)) does not control another trader with securities, foreign trader
in securities, a Bank, a foreign bank, financial institution, or
d) is excluded from the consolidated Group.
(4) the obligations referred to in paragraphs 1 and 2 is on a consolidated basis
only securities dealer, who is a person referred to in section 9 (2).
2.
§ 9b
Engagement
A securities dealer, which is not a Bank, it adheres to the rules that
limit the amount of assets and off-balance sheet items to the person or group
persons depending on capital (hereinafter referred to as the "rules of engagement").
A securities dealer, which is not a Bank, it adheres to the rules
exposures on a consolidated basis if the person referred to in
§ 9 (2). 2.
§ 9 c
The implementing legislation provides for
and) rules for the calculation of capital adequacy, including procedures that
securities dealer applies in the calculation of capital
adequacy, rules for determining the capital rules for the calculation of the
the capital requirements, including the determination of the individual capital
requirements, defining approaches for their calculation and the determination of terms and conditions
for the use of basic and special approaches to calculating capital
requirements,
(b)) to determine the Special approaches, the use of which is necessary to consent
pursuant to section 9 (2). 4 and 5,
(c)) and annex to the application for prior approval to the use of
special access special access is changing the used and is
change in the conditions under which you may use the special access, presented
The Czech National Bank,
(d) the definition of engagement and more) rules, monitoring and management
engagement. ".
10. In the second part of part two, title 3, section 10 above indicate the following
the words "section 2 of the approval of the head of the person of the trader in securities".
11. In section 10, the title shall be deleted.
12. In the second part of part two, title 3, section 11 above indicate the following
the words "section 3 the acquisition and dispose of the participation of the trader with securities
the papers ".
13. In section 11, the title shall be deleted.
14. In section 11, paragraph 3 shall be added at the end of the sentence "the Czech National Bank
before a decision to request the opinion of the supervisory authority, which also
shall exercise supervision on a consolidated basis over the consolidation, total
is a member of a securities dealer, on which the applicant wishes to acquire the
participation, and other supervisory authorities, which this fact applies, unless the
the decision does not tolerate delay, or a request for an opinion could
compromise the purpose of the decision; in such a case, it shall inform the authorities concerned
supervision, without undue delay after the issuance of the decision. ".
15. In the second part of part two, Title 4 of the above designation of § 12 shall be
words, section 1 a prudent provision of investment services ".
16. section 12 reads:
"section 12
(1) in order to ensure a prudent trader with the provision of investment services
securities will establish and maintain
and) the management and control system,
(b) procedures to reduce the potential) conflicts of interest between the securities dealer
papers and his customer or its customers to each other,
c) measures to protect the internal information,
d) measures to prevent market manipulation.
(2) the rules of prudent provision of investment services referred to in paragraph
1 lays down implementing legislation. ".
17. under section 12, the following new section 12a to 12d, which including the comments below
line no. 1a shall be inserted:
"§ 12a
(1) the management and control system includes
and organizational prerequisites and assumptions) the proper management and control of
the company, always
1. the principles and procedures
2. the organizational arrangements, with a full, transparent and coherent definition
activities and related responsibilities and decision-making powers in
the framework, which is at the same time define functions whose performance is
incompatible, and procedures to avoid a possible occurrence of conflicts of interest and
3. sound administrative and accounting procedures,
(b)) risk management system, which always includes the
1. the rules on access of the trader in securities to risks
a securities dealer is or may be exposed, including risks
resulting from the external environment and liquidity risks,
2. the procedures of recognition, evaluation, measurement, monitoring, and reporting
the risks and
3. the procedures for the adoption of measures to limit the risks,
c) internal control, which is always
1. internal audit
2. follow-up to the compliance with the legal obligations of the trader with
securities.
(2) the management and control system must be comprehensive and proportionate to the nature,
the scale and complexity of the activities of the trader in securities.
(3) a securities dealer is required to establish and maintain control and
control system, also on a consolidated basis, if the person
referred to in section 9 (2). 2.
(4) a securities dealer, who has the obligation to establish and maintain
the management and control system on a consolidated basis, ensure that
management policies and procedures, organizational arrangements, processes and mechanisms
referred to in paragraph 1 are used by members of the consolidated Group have been mutually
and linked way prescience did and resulted from them any information necessary for the
the purpose of the decision-making processes within the framework of the consolidated Group and for the purpose of
the exercise of supervision.
(5) for the management and control system trader with securities, which is
the Bank shall apply the law regulating the activities of banks and specific requirements
in accordance with this Act.
section 12b
(1) a part of the organizational assumptions under section 12a paragraph. 1 (a). and)
are always
and the rules for closing) employees on their own account or on
account of persons close to them ^ ^)
(b)) the rules for compounding instructions of customers,
(c) the rules for posting by) the assets of the customer,
(d)) the rules for the handling of complaints, and the complaints of customers.
(2) the mechanisms of internal control under section 12a paragraph. 1 (a). (c))
also
and) control and safety measures in processing and recording data,
(b) the activities of the control mechanism of investment) providers that
securities dealer uses when providing their services.
§ 12 c
(1) a securities dealer shall ensure the keeping of registers
and) book-entry securities, whose contract with the owner of the
custody and investment instruments that are kept in the central register
securities on the account of customers; This register is kept in the register
building on the central register of securities, led by Central
Depositary (section 92),
(b)) of book-entry securities, whose contract with the owner of the
custody and investment tools that are kept in a separate register
securities, led by the Czech National Bank on the customer's account; This
registration is registration of building on a separate register of securities
securities, led by the Czech National Bank (section 93)
(c)) of the documentary of investment instruments, which customers have entrusted to the
custody; This register is kept in a separate register of investment
toolbar (section 93)
d) foreign investment instruments, which customers have entrusted for
the purpose of the provision of investment services; This register is kept in a separate
registration of investment instruments (section 93)
e) investment tools, which customers have entrusted for the purpose
the provision of investment services and that are not listed in (a))
(d)) and the nature of which it allows; This register is kept in a separate
registration of investment instruments (section 93).
(2) the register referred to in paragraph 1 shall be in an electronic form.
(3) a securities dealer in the handling of customer's property
and separately) leads its own cash and cash
entrusted by the customer, and the customer's assets, accounted separately from its
assets,
(b)) takes measures to ensure that the assets of the customer's investment
the instruments could not be used to trade for the account of a person other than the
the customer, except in the case when the customer has granted the merchant with the
the securities written consent,
(c) the customer's assets) of funds to
trade on behalf of a person other than the customer,
(d)) shall ensure unique identification of the assets of the customer.
Section 12d
(1) a securities dealer shall exercise professional business activities in
the provision of investment services by the employee who has
authorization broker (§ 14) with the appropriate specialization. The types of
professional business activities, which must be a securities dealer
through a broker, lays down the detailed legal prescription.
(2) the broker can be a member of only one brokerage house
the papers.
(3) a securities dealer is required to have the material and personnel
equipment appropriate to the nature and extent of the services provided by him.
1A) section 116 of the civil code. ".
18. In the second part of part two, Title 4 of the above designation of section 13 shall be
the words "section 2 the diary of trader in securities".
19. In the heading of section 13 is repealed.
20. In the second part of part two, Title 4 of the above marking section 14 shall be
the words "section 3 broker".
21. In section 14, the title shall be deleted.
22. In the second part of part two, Title 4 of the above designation of section 15 shall be
the words "section 4 Dealing with securities dealer with customers".
23. In section 15, the title shall be deleted.
24. In section 15, paragraph 3, the following paragraph 4 is added:
"(4) a securities dealer or organizational component of the foreign
the person who provides investment services in the Czech Republic, explaining the
the applicant for the credit or loan provided pursuant to section 4, paragraph 4. 3 (b). (c)),
who is an entrepreneur, at his request, without undue delay, his
credit rating (rating), and at the request of his explanation will also provide
in the written form. Securities dealer has to the applicant shall be entitled to
reimbursement of reasonable costs associated with the provision of an explanation of credit
Guest. ".
The current paragraph 4 shall become paragraph 5.
25. In the second part of part two, Title 4 section 16 above indicate the following
the words "section 5 of the information obligations of the trader in securities".
26. In section 16, the title shall be deleted.
27. In section 16. 1 the second sentence, the words "be sent to the Czech National Bank and
shall publish, in a manner enabling remote access also the reasons for disapproval
annual accounts or consolidated accounts and the way of solution
the comments of the general meeting "shall be replaced by the words" it shall send to the Czech National Bank
together with the reasons for which it has not been approved, and the way of solution
the comments of the general meeting; at the same time the Commission shall publish this information in a manner
enabling remote access ".
28. In section 16. 1, the second sentence shall be inserted after the phrase "stock trader
the papers shall send the final accounts or the consolidated accounts, without
undue delay after its approval by the Czech National Bank and publish it
in a way that allows remote access. ".
29. In article 16 paragraphs 2 to 4 shall be added:
"(2) a securities dealer shall inform the Czech National Bank on the
the types and extent) provided investment services,
(b)) of all regulated markets, including the foreign and persons whose
through performing the instructions of customers, with an indication of the facts,
that influenced the selection of such persons, and to the possible benefits from
These people received as a reward for the use of their services,
(c)), which stores closed or procured, and to the extent provided for in section 13 of the
paragraph. 2,
(d) the volume of customer assets) [section 2 (b), (h))],
e) changes in the facts, on the basis of which he was granted
authorised dealer of securities.
(3) a securities dealer, which is not a Bank, it shall inform the Czech
the National Bank also
and the financial situation and results),
(b) prudential rules),
(c) persons with a qualified participation) and persons with close links,
(d)) the structure of the consolidated Group, which is part of the,
e) activities, the performance of the commissioned third person (outsourcing),
(f)) the capital requirements, and approaches for their calculation,
g) internally set capital
(h) the failure to comply with undertaking the risk) the other party shops limited
by the implementing regulation referred to in paragraph 4.
(4) Implementing legislation provides for the scope, form, method and structure
implementation of information obligations referred to in paragraphs 1 to 3. Detailed legal
the regulation also establishes the periodicity and deadlines of performance information
the obligations referred to in paragraphs 2 and 3. ".
30. In article 16, paragraphs 5 to 8 shall be deleted.
31. under section 16 shall be inserted a new section 16a and 16b, including title and
footnote No. 1b to 1 d shall be inserted:
"§ 16a
Disclosure of information
(1) a securities dealer discloses basic information about yourself,
the composition of the shareholders, the consolidated Group structure, which is part of, and
on its activities and financial situation.
(2) a securities dealer also publishes data on the implementation of the rules
a prudent business on an individual basis, if
and it is not controlling the trader) in securities [section 151 (1) (a).
(c))],
(b)) is not a controlled person in the group, the European leader of the merchant
securities [section 151 (1) (a). p)] in the Group of the European
the controlling of the Bank or in the Group of the European financial holding of the person [section
paragraph 151. 1 (a). r)],
(c)) is not a responsible trader with securities in the Group of foreign
leader merchant securities [section 151 (1) (a). t)], or
another trader in securities in such a group,
(d)) is a controlled person in the group, the European leader of the merchant with the
securities, in the Group of the European controlling Bank or in a group
European financial holding of the person, but the European controlling merchant
securities, a European Bank trader responsible controlling, with the
securities in the Group of the European people, or of a financial holding
a responsible Bank in European financial group, the holding of a person in accordance with
special legislation governing the activity of the bank ^ 1b) to him
be taken into account in the publication of data on a consolidated basis, or
(e)) is excluded from the consolidated Group.
(3) a securities dealer also publishes data on the implementation of the rules
a prudent business on a consolidated basis, if it is
and controlling the dealer) to European securities [section 151 (1)
(a). p)], or
(b)) the responsible trader with securities in the Group of the European financial
the holding of the person [section 151 (1) (a). r))].
(4) a securities dealer, which has a significant position on the
the financial market in the Czech Republic, but not covered by the obligation of
in accordance with paragraph 2 or 3, will publish the information on the implementation of the rules of prudent
business in the short range. Position trader in securities
It is considered important to the financial market in the Czech Republic, if the
at least one of the following criteria:
and the average balance sheet total) a securities dealer is at least 500
0000 0000 EUROS, while the average balance sheet total is determined as the arithmetic
the diameter of the balance sum of the trader in securities referred to in
the last three full financial statements certified by an auditor or
audit firm,
(b)) a securities dealer is an issuer of listed securities
or
(c)) the position of the dealer with securities on the financial market in the Czech
the Republic is in a specific area of business with other persons of the financial
the market of the Czech Republic's dominant ^ 1 c).
(5) a securities dealer, which are not subject to the obligations referred to in
paragraphs 2 to 4, will publish information about who and how
publishes data on a consolidated basis for the Group of the European
leader merchant securities, for the Group of the European
the controlling of the Bank or the financial holding group of the European people,
which is a member of.
(6) a securities dealer may not disclose information on the implementation of the
prudential rules, which
and it is not important); information is material if its omission or
erroneous entry could change or influence the assessment or the decision of the people,
that rely on this information in its decisions; This option
does not apply to information about approaches for the calculation of capital
requirements,
(b)) is sensitive; information is sensitive if its publication could
be damaged the position of the dealer with the securities in the context of the competitive
environment, in particular as regards information about the products or systems,
that would be sharing with the other competitors could spoil the investment
Merchant securities in these products or systems,
c) is confidential; information is confidential if it is a trader with securities
the papers thanks to clients, customers, or the other counterparties maintain
the secrecy about it.
(7) Neuveřejní if the securities dealer sensitive or confidential
the information referred to in paragraph 6, the Commission shall publish, on which of the requirements of
It is, and the reason why the information neuveřejnil. Indicating at least the General
information about the fact that you had to publicly disclose, unless this General
the information was sensitive or confidential.
(8) a securities dealer shall establish internal procedures and policies for
compliance with the requirements on the disclosure of the information laid down in this Act
or on the basis of and for the evaluation of the adequacy of published data,
including their verification and the periodicity of the publication. Securities trader
the papers also shall ensure that the auditor or audit firm has verified the ^ 1 d)
released data on capital, capital requirements and financial
indicators a trader with securities.
(9) the provisions of paragraphs 1 to 8 shall not apply to securities trader
the papers, which is a bank; a securities dealer, which is a Bank,
in accordance with special legislation governing the activity of the bank.
(10) Implementing legislation provides for
and data intended to) the content of the disclosure to the individual and consolidated
basis, including the definition of the data on the implementation of rules, prudential
which the securities dealer published in summary form by
paragraph 4, as well as the form, method, structure, periodicity and deadlines
disclosure of data
(b) the data verified) content of the auditor or audit firm pursuant to
of paragraph 8.
section 16b
(1) a securities dealer shall publish the information on the types and extent of
provided investment services.
(2) the implementing legislation provides for the scope, form, method, structure,
the periodicity and deadlines the disclosure of the information referred to in paragraph 1.
1B) section 26 d (a). o) Act No. 21/1992 Coll., on banks, as amended by Act No.
120/2007 Sb.
1 c) section 10 (1). 1 of Act No. 143/2001 Coll., on the protection of competition.
1 d) Act No. 254/2000 Coll. on Auditors and on the amendment of Act No. 165/1998
Coll., as amended by law no 209/2002 Coll., Act No. 169/2004 Coll., Act No.
284/2004 Coll., Act No. 56/2006 Coll., Act No. 57/2006 Coll. and Act No.
70/2006 Sb. ".
The existing footnote 1b to 1i are referred to as comments below
footnote No. 1e to 1 l, and including references to footnotes.
32. In the second part of part two, Title 4 of the above designation of § 17 shall be
the words "section 6 of storage of documents of the trader in securities".
33. In section 17, the title shall be deleted.
34. In section 19 is added at the end of paragraph 1, the sentence "the Czech National Bank
before a decision to request the opinion of the supervisory authority, which also
shall exercise supervision on a consolidated basis over the consolidation, total
is a member of a securities dealer, which is not a Bank, and other
supervisory authorities, which this fact applies, unless the decision
urgent or such consultations could compromise the purpose of the
the decision; in this case, the supervisory authorities concerned shall inform without
undue delay after the issuance of the decision. ".
35. In section 20, at the end of paragraph 1, the following sentence "the provisions of § 19 paragraph.
1 the second sentence shall apply mutatis mutandis. ";"
36. In section 24, paragraph. 7 (b). and the words of the first sentence) "(§ 16), with the exception of the
obligations under section 16(1). 4 to 6 "shall be replaced by the words" in the scope of § 16
paragraph. 2 (a). and (d))), para. 3 (b). ) and under section 16b, "and in the second sentence, the
the words "§ 16. 2 (a). (b) to (e))) "shall be replaced by the words" § 16. 2
(a). and (d))) and under section 16b ".
37. In section 25, paragraph. 3 (b). and the words ") § 16. 2 (a). (b) to (e))) "
replaced by the words "§ 16. 2 (a). and (d))) ".
38. In section 28 paragraph. 7 at the end of the text of subparagraph (a), the words "and)
capital adequacy rules, mutatis mutandis, in accordance with section 9 and 9a ".
39. In section 28 paragraph. 7 (d)):
"(d)) shall implement the information duty for brokerage of securities to the extent
under section 16(1). 2 (a). and (d))), section 16. 3 (b). ) and under section 16a
and 16b. Information under section 16. 2 (a). and (d))) and under section 16b,
bring about investment services that the person providing
through the organizational folder, or on the customers to whom
in this way, the investment services they provide, ".
40. In section 135, the following paragraph 5 is added:
"(5) in exercising supervision over the activities of a trader with securities, which
It is not a Bank, the Czech National Bank also examines and evaluates whether
the arrangements, strategies, processes and mechanisms implemented by the dealer
Securities and equity securities dealer secure
and reliable operation of the trader with securities and risks, which
is or may be exposed. The review and evaluation performed by the Czech
the National Bank in the scope and periodicity, reasonable size, importance, and
position trader in securities on the financial market and the nature,
the scale and complexity of its activities at least once a year. ".
41. In section 136, paragraph 1, the following paragraph 2 is added:
"(2) the Czech National Bank can trader of securities, which
has violated this Act or decision issued under this Act,
measures to remedy also save
and increase the level of capital above) pursuant to section 9, in particular if the trader
securities ineffective arrangements, strategies, processes or mechanisms
and the imposition of other measures appear insufficient to redress
within a reasonable time,
(b)) indicate the arrangements, strategies, processes and mechanisms in accordance with this
by law, the
(c) to adopt more stringent rules for) making adjustments to assets
Merchant securities and reserves or for the determination of capital
requirements,
(d)) to limit the distribution network including a reduction in the number of business locations,
(e)) reduce the risks arising from the activities, products and systems of the trader
securities. ".
Paragraphs 2 and 3 shall become paragraphs 3 and 4.
42. In § 136 paragraph. 3, after the words "paragraph 1" shall be inserted the words "or 2".
43. In paragraph 151. 1 (a). and), after the words "the papers,", the words
"the Group of foreign leader merchant securities group
foreign banks, controlling ".
44. In paragraph 151. 1, letter a) the following new subparagraph (b)), which read:
"(b)) foreign securities trader a person based in the
abroad, which is in the country of its location shall be entitled to provide investment
services and is not a foreign bank, ".
The former subparagraph (b)), to (i)) are renumbered as paragraphs (c) to (j))).
45. In paragraph 151. 1 c) to (e)):
"(c)) controlling the trader with securities dealer with the securities
the papers, which is not a Bank, which is controlled by or associated with a person
a trader with securities, foreign securities dealer,
the Bank, Credit Union, financial institutions or ancillary undertaking
services,
(d)) financial holding person financial institutions other than insurance company
or a reinsurance undertaking which
1. controls exclusively or mainly traders in securities,
foreign securities dealers, banks, credit unions or
financial institutions,
2. controls at least one trader in securities which is not
the Bank, and
3. a person is not a mixed financial holding within the meaning of the Special
the law on the supplementary supervision of financial conglomerates,
(e)) mixed-activity holding a person controlling a person who
1. is not a Bank, a cooperative záložnou, financial holding the person or
a trader with securities, foreign securities dealer
or a mixed financial holding the person in the sense of a specific legal
the rules on the supplementary supervision of financial conglomerates and
2. controls at least one trader in securities which is not
the Bank ".
46. In paragraph 151. 1 (a). (j)), the word "Bank", the words ",
Neither the cooperative záložnou or foreign securities dealer
the papers ".
47. In section 151 at the end of paragraph 1, the period is replaced by a comma and the following
letters to) to u) are added:
"to enable the foreign trader) in securities of foreign
a securities dealer, which controls at least one trader with
securities, which is not a Bank,
l) group a foreign leader trader in securities
the group formed by a foreign securities dealer controlling and
It controlled entities and associated persons,
m) foreign controlling Bank foreign bank with head offices in other than
Member State of the European Union, which controls at least one trader with
securities, which is not a Bank,
n) by a group of foreign banks that control the group formed by foreign
controlling the Bank, and she controlled and associated persons,
about controlling the dealer) domestic securities of the controlling
a securities dealer that is not controlled by another
securities dealer, Bank or financial holding person
based in the Czech Republic,
p) European securities dealer controlling the controlling
a securities dealer or a foreign controlling merchant
the securities, which have been granted permissions to perform activities in the
Member State of the European Union, and that is not controlled by another dealer
securities, a bank or a foreign securities dealer,
that has been granted permissions to perform activities in any Member
State of the European Union, nor is it controlled by a financial holding person,
Headquartered in any Member State of the European Union,
q) domestic financial holding person, person with a financial holding
based in the Czech Republic, which is not controlled by the dealer
securities, Bank or financial holding a person based in the
The Czech Republic,
r) European financial holding person, person with a financial holding
established in a Member State of the European Union, which is controlled by businessman
with securities, foreign securities dealer or Bank,
that has been granted permissions to perform activities in any Member
State of the European Union, or other financial holding a person who has
residence in any Member State of the European Union,
with the responsible dealer) securities in the group financial
holding persons as a securities dealer, which is not a Bank,
controlled by a financial holding person, which does not control any bank or
the Credit Union, which has been granted permissions to perform activities in the
any Member State of the European Union, which has its registered office
1. in the Czech Republic,
2. in another Member State of the European Union, if this financial holding
the person at the same time control the foreign trader in securities,
which has been granted permissions to perform activities in that Member State
The European Union, or a foreign securities dealer with the greater
the balance sheet total, which was granted permissions to perform activities in the
another Member State of the European Union, or
3. other than the Member State of the European Union, if the Czech National Bank
being under section 153, paragraph. 5 from the exercise of supervision on a consolidated
the basis of the financial holding group of the person;
If in such a consolidation of multiple securities traders,
who are not banks, securities trader responsible in
the financial holding group of the person means the securities dealer
with the largest balance sheet total,
t) responsible trader with securities in the Group of foreign
leader merchant securities trader with securities,
that is not controlled by the foreign bank, controlling the trader
securities if
1. the trader shall protect areas with this foreign securities was
granted permission to conduct business in a non-Member State of the European
of the Union,
2. controlling the foreign securities dealer does not control
any Bank, Credit Union, or foreign bank, which has been
granted permission to conduct business in any Member State
The European Union, and
3. being the Czech National Bank pursuant to § 153 paragraph. 5 from supervision
on a consolidated basis over a group of foreign leader
a trader with securities;
If in such a consolidation of multiple securities traders,
who are not banks, securities trader responsible in
the Steering Group of the foreign merchant in securities means
a securities dealer with the largest balance sheet total,
u) responsible trader securities in a foreign group
controlling the Bank, securities dealer, which is not a Bank,
controlled by the foreign bank that controls if the Czech National Bank
being under section 153, paragraph. 5 from the exercise of supervision on a consolidated
the basis of the above the group controlling the Bank; If it is in
This consolidation of multiple securities traders who
There are banks, the responsible trader with securities in Group
foreign controlling banks means the securities dealer with
the largest balance sheet total.
48. In article 151 paragraph 2 is added:
"(2) If a binding within the consolidated Group are such
character, it is not possible to conclusively determine the controlling person or the
the type of the Czech National Bank may determine in agreement with the competent foreign
supervisory authority of the controlling person of the consolidated group or its type. ".
49. In section 151, the following paragraph 3 is added:
"(3) the detailed legislation lays down the criteria for the exclusion of persons from the
the consolidated Group for the purposes of compliance with the prudential rules
business on a consolidated basis. ".
50. Article 152, paragraph 2 shall be deleted.
Paragraphs 3 and 4 shall become paragraphs 2 and 3.
51. In section 152 at the end of the text of paragraph 2 shall be replaced by a comma and dot
the following words
"and that, in particular, information concerning the
and determination of the structure of the consolidated Group), all major traders with
securities in this consolidation of the supervision of institutions
traders in securities in this consolidation,
(b) procedures for the collection of information from) securities dealers in
consolidation and verification of such information,
(c)) development in the trader in securities or any other person in the
consolidation, which can seriously jeopardize the financial situation
Merchant securities in the consolidation,
(d) major sanctions and measures) to remedy the extraordinary importance of the stored
trader in securities under this Act, in particular the requirement to
the capital increase referred to in § 136 paragraph. 2 (a). and the refusal of consent) and with
the use of special approaches to the calculation of its capital requirement under
§ 9 (2). 4 or 7, or not giving consent to change of use
Special approaches. ".
52. In § 152 paragraph 2, the following paragraphs 3 and 4 are added:
"(3) the information referred to in paragraph 2, the authority shall request the Czech National Bank
supervision of another Member State of the European Union of the executing the supervision of
a person who is a member of the consolidated Group. Also requests the authority
carrying out supervision on a consolidated basis over the European controlling
securities dealer for information on approaches and methods
used in the performance of prudential rules.
(4) the Czech National Bank on request or on its own initiative provides
supervisory authorities of other Member States of the European Union the information that
they have a substantial effect on the assessment of the financial situation of the foreign
a securities dealer or financial institution in the Member
State of the European Union. ".
The former paragraph 3 shall become paragraph 5.
53. under section 152, the following new section 152a, which reads as follows:
"section 152a
(1) if the Czech National Bank supervision on a consolidated basis
the Steering Group of the European trader in securities or
a group of European financial holding persons in addition to the tasks set out
This Act or special legislation the following tasks:
and) coordinates in relation to other supervisory authorities of other Member
States of the European Union to collect and provide important or
necessary information in both normal and emergency situations,
(b)), in cooperation with the competent authorities of supervision plans and coordinates
the procedure of these organs in the course of supervision during normal and emergency
situations, including the exercise of supervision over the securities dealer referred to in
section 135, paragraph. 5,
(c)) provides the supervisory authorities of other Member States of the European Union
executing the supervision of a person who is a member of such
the consolidated Group, the information necessary for the performance of supervision over this
person, in particular taking into account the importance of this person for financial market
of that State,
(d)) shall decide on the joint application for the granting of prior consent with
use one of the Special approaches or change such
used access under section 9 (2). 5 to 7.
(2) the Czech National Bank shall inform without delay the situation
resulting from the consolidation, over which exercises supervision on
consolidated basis pursuant to this Act, the supervisory authority in the Member
State of the European Union, in which the registered office of another Member of the consolidation
the whole and that the supervisory authority has granted consent to the performance of the activities,
If this situation could endanger the stability of the financial system in this
Member State of the European Union. If the situation in the trader with securities
papers or in the consolidation, for which the Czech National Bank
exercises supervision, may threaten the stability of the financial system, in the Czech
Republic, the Czech National Bank is obliged to inform about this fact
the competent authority of the State administration responsible for preparing legislation
relating to the supervision of banks, credit unions, traders
securities, insurance and other financial institutions.
(3) if required by the Czech National Bank information necessary for the performance of
supervision on a consolidated basis, which knows that it has already been a member of the
the consolidated Group given to another supervisory authority, preferably
such information is requested by that authority.
(4) to ensure the efficient and effective exercise of supervision on a consolidated
the basis of the Czech National Bank may enter into a written agreement on the coordination and
cooperation with the competent authorities. ".
54. section 153:
"§ 153
(1) the Czech National Bank shall exercise supervision on a consolidated basis over the
the Steering Group of the securities dealer. The Czech National Bank
further exercises supervision on a consolidated basis over a group of
foreign leader merchant securities, which is a member of
responsible securities dealer in the Group of foreign
leader merchant securities, and over a group of foreign
the controlling of the Bank, which is responsible to the securities dealer
foreign banks in the group controlling. The Steering Group of the trader
securities held by domestic securities dealer controlling
papers or domestic financial holding a person subject to supervision on a
consolidated basis, only if it is a member of this group of foreign
a trader with securities, foreign bank or financial institution,
based in a non-Member State of the European Union.
(2) the Czech National Bank shall exercise supervision on a consolidated basis over the
the financial holding group of the person, which is responsible
a securities dealer in the financial holding group of the person.
The financial holding Group controlled by domestic persons controlling the
a dealer in securities or domestic financial holding person
is subject to supervision on a consolidated basis, only if it is a member of this
a group of foreign securities dealer, the foreign bank or the
financial institution established in another Member State than the European Union.
(3) the Czech National Bank may
and) supervise financial holding group of the person who
does not meet the conditions referred to in paragraph 2, first sentence,
(b)) to refrain from exercising supervision over the financial holding group of the person,
which satisfies the conditions referred to in paragraph 2, first sentence,
If it is agreed with the competent supervisory authority of the Member State
The European Union and if they determine a responsible merchant with the
securities in the financial holding group of the person according to the criteria
laid down by this Act [section 151 (1) (a). with)],
in particular, with regard to the importance of securities dealers who are not
the Bank, or a foreign securities dealers who are members of the
This consolidation unit for the financial market in the Member
States of the European Union. In this case, however, the Czech National Bank
or the competent authority in advance to request the opinion of the supervision of the responsible
a trader with securities in the financial holding group, person or
European financial holding persons who are members of the
the consolidation unit. If the Czech National Bank shall proceed in accordance with point (a)
and shall be determined by the merchant) in securities, which is not a Bank and that will be
to fulfil the obligations of the responsible trader with securities in Group
the financial holding of the person. The Czech National Bank shall inform the Commission
Of the European communities of the agreements referred to in the first sentence.
(4) the Czech National Bank shall exercise supervision on a consolidated basis over the
the Group mixed holding person.
(5) the Czech National Bank may refrain from the exercise of supervision on a
consolidated basis of consolidation in total, has a controlling person
registered office in a State which is not a Member State of the European Union, if it is above
This consolidation total exercised supervision on a comparable
consolidated basis. Prior to this decision, Czech National Bank
requests the opinion of the supervisory authority over a foreign securities dealer
papers based in another Member State of the European Union, which is a member of the
the same consolidated Group and the Commission of the European communities. If it is not
performed comparable supervision on a consolidated basis over that
total consolidation, the Czech National Bank may, after a member of the
the consolidated Group require the establishment of a financial holding persons on
the territory of the Czech Republic or other Member State of the European Union. This
the procedure for the Czech National Bank shall notify the supervisory authority over foreign
securities dealer established in another Member State of the European
the Union, which is a member of the same consolidated Group, and the European
Banking Committee. ".
55. In section 154 paragraph 1 reads:
"(1) a securities dealer, who is a person referred to in section 9 (2). 2
and that is a member of the consolidated entity subject to supervision of the Czech
the National Bank under this law, is obliged to comply with the
consolidated basis
and) the requirements for the management and control system [§ 12 (1) (a).)]
(b) the rules for the disclosure of information) (section 16a)
(c)) rules for determining the capital, rules for determining the capital
requirements and capital adequacy (§ 9)
(d)) of the strategy and the procedures for the evaluation and internal changes
capital (section 9a)
e) rules of engagement (section 9b)
f) requirements for operations in the framework of the consolidated Group (section 155 (3)). ".
56. In paragraph 154. 2 the word "notify" shall be replaced by the words "tells the
regularly or on request "and the word" supervision "shall be replaced by the word
"supervision".
57. In paragraph 154. 3, the word "way", the words "of the structure,
time limits ".
58. In paragraph 155. 1, the second sentence shall be deleted.
59. In paragraph 2 of section 155:
"(2) the controlling Domestic securities dealer, responsible
a securities dealer in the group the financial holding of the person,
responsible securities dealer in the Group of foreign
leader merchant securities and responsible trader
securities in the Group of foreign bank shall notify in advance the controlling
The Czech National Bank Auditors who will perform an audit of the persons
included in the consolidation under the supervision of the Czech national
the Bank pursuant to this Act. The Czech National Bank is entitled to require
audit information from these individuals that pass for the purposes of supervision on a
consolidated basis pursuant to this Act. ".
60. Under section 155, the following paragraph 3 is added:
"(3) a securities dealer, which is not a Bank, is obliged to properly
keep track of your operations with members of the same consolidated Group, control
risks associated with them and to undergo the appropriate internal mechanisms
inspection. ".
61. the following section is inserted after section 155 basic equipment:
"§ the basic equipment
(1) the head of the person of the financial holding of the person must have to perform its
features of the prior consent of the Czech National Bank. The Czech National Bank will grant
the consent of a person who meets the conditions, mutatis mutandis, in accordance with § 10. In the event that the
the head of the person of the financial holding of the person is a legal person, the
consent to be the natural person who is the head of the legal person
of the person. The head of the person of the person who is newly becomes a financial holding
the person is required to ask the Czech National Bank for approval in 2 months
the date on which the person becomes a financial holding.
(2) the request for approval referred to in paragraph 1 shall contain the information and documents necessary to
for the assessment of the facts referred to in paragraph 1. Particulars of the application and
its annex lays down implementing legislation. ".
62. In section 156, paragraph 1 reads:
"(1) in the case of violation of this Act or the decision issued by the
This Act by a person included in the consolidated Group, which may
negatively affect the financial situation of the trader of securities, which
It is part of the consolidated Group, the Czech National Bank shall protect areas
Merchant securities, financial holding the person responsible
a trader with securities in the financial holding group of the person,
responsible trader with securities in the Group of foreign
leader merchant securities trader responsible with
securities in foreign banks, or controlling the Group mixed
holding a person according to the nature of the infringement found
and) to rectify within the time limit,
(b) ensure the extraordinary audit) required for persons, which is part of the
the consolidated Group, at the expense of the controlling entity,
(c)) prohibit or restrict the sealing of shops with investment instruments with
persons who are part of the same consolidation unit. ".
63. Article 156, paragraph 2 shall be deleted.
The former paragraph 3 shall become paragraph 2.
64. In section 156, the following paragraph 3 is added:
"(3) in section 151 to 155, the Bank means and foreign bank.".
65. In § 157 paragraph. 1 (a). (h)), the words "capital adequacy"
replaced by the words "a minimum amount of capital".
66. In § 157 paragraph. 1, letter h) the following letters) to m)
are added:
"i) shall not include the risks associated with operations with members of the same
the consolidation unit into its risk management system or will not include
the control of these operations into the mechanisms of internal control (article 155, paragraph 3)
j) explain to the applicant without undue delay of the loan or the loan of his
credit assessment under section 15(2). 4,
to apply for special approaches) the calculation of the capital requirement without
the prior consent of the Czech National Bank or another supervisory authority
the Member State of the European Union, or such approaches used in violation of the
mandatory conditions laid down in this consent (article 9, paragraph 4, and 5)
l) fails to comply with the obligation to adopt and implement policies and procedures for
determining and maintaining a continuous examination of internal capital
pursuant to § 9a,
m) fails to comply with rules of engagement under section 9b, ".
Letters i) to (n)) shall become letters (n)) up with).
67. In § 157 paragraph. 1 (a). n), the words "section 12", the words "§
12A and 12b.
68. In section 157, paragraph. 1 (a). q) the words "(§ 16)" shall be replaced by the words "pursuant to section
16 or neuveřejní information under section 16a and 16b.
69. In § 157 paragraph. 2 (a). (b)), the word "n)" shall be replaced by ")".
70. In section 176 (c). (c)), the words "paragraph (§ 155. 2) "shall be replaced by the words" or
the audit does not provide the information referred to in section 155, paragraph. 2. "
71. In paragraph 190. 1 at the end of the letter h) dot is replaced by a comma and
the following letter i), which read:
"i) performs the function of the head of the person of the financial holding of the person and does not have to
the performance of this function, the consent of the Czech National Bank (§ basic equipment). ".
72. In section 197 (a). (b)), the word "mutual" be deleted and the words "(hereinafter referred to as
"the mutual claims of the parties") "are replaced by the words" and on the Receivables
the Contracting Parties, including accessories, these receivables from financial
ensure and arrangements for him under a special legal regulation, or
According to a similar legal relationship under foreign law, including
conditional claims and claims which have or should only
arise (hereinafter referred to as "claim") ".
73. In section 197 (a). (c)), the word "reciprocal" is deleted.
74. under section 198, the following new section 198a, including title:
"§ 198a
Information released the Czech National Bank
(1) published by the Czech National Bank in a manner enabling remote access
and the updated text of the legislation), which modify the rules
Prudential securities traders on an individual and
consolidated basis, and the official communication from the Czech National Bank to them;
without prejudice to the provisions of the special law on the way
the promulgation of legislation,
(b) information on how to use), options or the discretion of the
the Member States of the European Union and their supervisory authorities law
Of the European communities in the legislation referred to in subparagraph (a)),
(c)) for information about accessing and methods of the Czech National Bank in the performance of
supervision under section 135, paragraph. 5,
d) summary statistics on the implementation of rules, prudential
traders in securities in the Czech Republic,
(e)) of the agreement on the change of the competent authority, supervision on a consolidated basis
Group financial holding of the person pursuant to § 153 paragraph. 3.
(2) the information referred to in paragraph 1, the Czech National Bank publishes and
regularly updated in a way that allows remote access to the
It was possible to compare the information of the same kind which are listed by the authorities
supervision over the capital market in other Member States of the European
Union. ".
75. In section 199, paragraph. 2 (a). and) the words "§ 7.0", the words "§ 9 c
(a). (c)), "and the words" § 107, paragraph. 2.0 "shall be inserted after the words" § the basic equipment, paragraph.
2. "
76. In section 199, paragraph. 2 (b)):
"(b)) the rules for the calculation of capital adequacy, including procedures that
securities dealer applies in the calculation of capital
adequacy, rules for determining the capital rules for the calculation of the
capital requirements, including the determination of the individual capital
requirements, defining approaches for their calculation and the determination of terms and conditions
for the use of basic and special approaches to calculating capital
requirements, identify special approaches, to whose use should be
consent under section 9 (2). 4 and 5, a closer definition of engagement and
rules to monitor and control exposures (§ 9), criteria for exclusion
persons from the consolidation unit for the purposes of compliance with the prudential rules
business on a consolidated basis pursuant to article 151, paragraph. 3. "
77. In section 199, paragraph. 2 (a). (c)), the words "section 12 paragraph. 7 ' shall be replaced by the words "§
12 paragraph. 2. "
78. In section 199, paragraph. 2 (a). e), the words "section 12 paragraph. 8 "shall be replaced by the words" §
paragraph 12d. 1. "
79. In section 199, paragraph. 2 (a). (f)), the words "§ 15 paragraph. 4 "shall be replaced by the words" §
15 paragraph. 5. "
80. In section 199, paragraph. 2 the letter g) is added:
"(g)) the contents and scope of the information obligations on service providers
capital market, time limits, periodicity, form, structure, and how their
implementation (section 16, paragraph 4, section 16b (2), § 41, § 87, section 93 (6), section 108
paragraph. 1 and § 154 paragraph. 3),".
81. In section 199, paragraph. 2 at the end of the letter) is replaced with a dot or comma, and
the following letter t), which read:
"t) data content intended for publication to the individual and consolidated
basis, including the definition of the data on the implementation of rules, prudential
which the securities dealer published in summary form by
section 16a paragraph. 4, and on the way, structure, form, periodicity and deadlines
the disclosure of the information, the range of the data verified by an auditor or audit
companies under section 16a, paragraph. 8 (article 16a, paragraph 10). ".
Article. (VI)
Transitional provisions
1. Until 31 December 2006. December 2007 at Merchant securities not covered by section
9A of the Act No. 256/2004 Coll., on business on the capital market, as amended by
effective from the date of entry into force of this law, if after this period of time
securities dealer uses to calculate capital requirements
basic approach the current rules of the corresponding capital
adequacy, which lays down the conditions for the use of the Czech National Bank
the decree under section 9 (2). 8 of Act No. 256/2004 Coll., on business
the capital market, as effective from the date of entry into force of this
the law. After a period of use of this basic approach for the calculation of the
capital requirements does not do this, Czech National Bank
Merchant Securities Review and evaluation under section 135, paragraph.
5 of Act No. 256/2004 Coll., on business on the capital market, as amended by
effective from the date of entry into force of this Act.
2. the head of the person of the person, a financial holding that § the basic equipment of law No.
256/2004 Coll., on business on the capital market, as the effective date of
the entry into force of this Act imposes an obligation to have the performance of a function
the prior consent of the Czech National Bank, the Czech National Bank will ask about
agreement within 6 months from the date of entry into force of this Act.
PART THE FOURTH
cancelled
Article. (VII)
cancelled
PART THE FIFTH
The EFFECTIVENESS of the
Article. (VIII)
This law shall enter into force on 1 January 2005. July, 2007.
Vaidya in the r.
Klaus r.
Topolanek in r.