188/2011 Sb.



LAW



of 9 June. June 2011,



amending Law No. 189/2004 Coll., on collective investment in

as amended, and other related laws



Change: 241/2013 Sb.



Change: 89/2012 Sb.



Parliament has passed the following Act of the Czech Republic:



PART THE FIRST



cancelled



Article. (I)



cancelled



Article. (II)



cancelled



PART THE SECOND



Amendment of the Act on the capital market



Article. (III)



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., Act No. 159/2006 Coll., Act No. 120/2007 Coll., Act No.

296/2007 Coll., Act No. 29/2008 Coll., Act No. 104/2008 Coll., Act No.

126/2008 Coll., the Act No. 216/2008 Coll., Act No. 230/2008 Coll., Act No.

7/2009 Coll., Act No. 223/2009 Coll., Act No. 227/2009 Coll., Act No.

230/2009 Coll., Act No. 281/2009 Coll., Act No. 420/2009 Coll., Act No.

156/2010 Coll., Act No. 160/2010 Coll., Act No. 409/2010 Coll., Act No.

41/2011 Coll. and Act No. 188/2011 Coll., is hereby amended as follows:



1. In footnote 1 at the end of the text of the citation of the directive

2003/71/EC, the words ", as amended by the directive of the European Parliament and of the

Council 2010/73/EU and in text citations directive 204/109/EC, the words "in the

the text of the directive of the European Parliament and of the Council of 208/22/EC "shall be replaced by the words

", as amended by Directive 2008/22/EC and 73/2010/EU".



2. In footnote 2, the words "1725/2003 of 29 September 2003. September 2003 "

replaced by the words "1126/2008 of 3 June. November 2008 ".



3. In article 2 (2). 1 (a). and), the word "Executive" is deleted.



4. In section 2 (2). 1 (f)):



"(f)) close links



1. the relationship between two or more persons, which is one of the people on the

second person direct or indirect share of the capital, whose

the sum represents at least 20%,



2. the relationship between two or more persons, which is one of the people on the

second person direct or indirect proportion of voting rights, which

the sum represents at least 20%,



3. the relationship between two or more persons, in which one of the persons from other

a person or other persons, or



4. the relationship of two or more persons, which is controlled by the same person, ".



5. In section 2 (2). 1 at the end of the letter to be replaced by a period and a comma)

letter l) is repealed.



6. In footnote No 2 c is the number "3" shall be replaced by the number "9" and the words

"No 1725/2003" shall be replaced by the words "No 1126/2008".



7. In section 2b, paragraph. 1 (a). (b)), section 3, point 1 of paragraph 1. 1 (a). (h)), and k), section 15 k

paragraph. 2 (a). and, section, paragraph 15). 2 (a). (f)), paragraph 1 of section 15 ° of paragraph 1. 1 (a).

(e)), § 36 odst. 1, 2, 6 to 8, section 36 c of paragraph 1. 5, § 118 paragraph. 1 (a). a), §

paragraph 118. 1 (a). (b)) § 118 paragraph 1, second subparagraph. 5 (a). and, section 119b) paragraph. 1, §

and section 121a, paragraph 123. 1 the words "regulated market established in the Member

State of the European Union "shall be replaced by the words" the European regulated market ".



8. In section 3, paragraph 3. 1 (a). (c)), the words ", which are normally dealt

on the money market (money market instruments) "shall be replaced by the words" money

the market ".



9. In section 3, paragraph 2, the following paragraphs 3 and 4 are added:



"(3) the securities for collective investment are mainly shares

Investment Fund and units.



(4) money market instruments are tools, which are usually

traded on the money market and which have a value which can be at any time

accurately determine. ".



Paragraphs 3 to 5 shall be renumbered as paragraphs 5 to 7.



10. In section 4, paragraph 4. 7 in the introductory part of the provisions of § 34 paragraph. 1 and § 69 paragraph.

1 the words "means" shall be replaced by the word "is".



11. In section 4b is inserted after paragraph 1 a new paragraph 2 is added:



"(2) the authorisation does not require also trading on account of other market participants

investment instruments referred to in section 3, paragraph 3. 1 (a). (d)) to) or

pricing for these participants, if the settlement of these transactions is

guaranteed to the participants of the settlement system of such market. ".



Paragraphs 2 and 3 shall become paragraphs 3 and 4.



12. In article 4b, paragraph. 3 of the introductory part of the provisions of the number "3" is replaced by

the number "4", at the end of subparagraph (c)), the word "or" is replaced by a dot and the

subparagraph (d)) shall be deleted.



13. In article 4b, paragraph. 4, the words "in this Act means" shall be replaced by the word

"is" and the number "2" is replaced by the number "3".



14. In article 4b, paragraph. 4, section 16 c and section 17a, paragraph. 1 the words "regulated market

established in a Member State of the European Union "shall be replaced by ' the European

regulated market ".



15. In section 9b paragraph. 2 (a). (c)), the word "f)" shall be replaced by "g").



16. In section 10 d of paragraph 1. 2, and in section 10 d of paragraph 1. 6 (a). (g)), the number "3" is replaced by

the number "2".



17. In section 10 d of paragraph 1. 8 the first sentence, after the words "or" Word

"that".



18. In section 12 (b). (b)), the following point 4 is added:



"4. the investment intermediaries, which performs the merchant with the

securities of their activities, and their customers. "



19. In section 12 c of paragraph 1. 1 (a). and (b))) and the words "of the custody of the investment

tools and "shall be replaced by the words" on the securities account management, on which the

registered book-entry securities owner "and the word" held "

replaced by the words "recorded at the same time".



20. In section 12 c of paragraph 1. 1 (a). (b)), the words "a separate register of securities

"shall be replaced by" registration of investment instruments ".



21. In section 15(2). 2, §, § 53 paragraph 119a. 4, § 120 paragraph. 1, § 162, paragraph. 2

(a). and) and in section 167, paragraph. 10 (a). and the words ") of the regulated market, the

established in a Member State of the European Union "shall be replaced by the words" of the European

the regulated market ".



22. In section 15(2). 4, the word "15a" is replaced by "15".



23. In section 15 d of paragraph 1. 1 (a). (f)), point 3, the words "credit institution"

shall be replaced by the word "persons".



24. In section 15 g (f) for the word ")", the words "points 1 to 3".



25. In paragraph 15. 1 the word "quoted" be deleted and the word "instruments"

the words "shall be admitted to trading on a regulated European

the market ".



26. In section 16a, paragraph. 4 (b). (b)), the word "listed" be deleted and the word

"securities" shall be inserted after the words ", admitted to trading on a regulated

the market ".



27. In section 16a, paragraph. 8, the words "the auditor or audit firm ^ 6)

verified "is replaced by" ^ 6) auditor verified ".



Footnote 6 is added:



"6) Law No. 93/2009 Coll. on Auditors, as amended.".



28. In section 16a, paragraph. 9, the words "special legislation" shall be replaced by

the words "the law".



29. In section 16 c shall be the word "quoted" be deleted and the word "stock"

the words "admitted to trading on a regulated European market".



30. In paragraph § 17a. 2, section 17b, paragraph. 5 and 6, and in section 17 c of paragraph 1. 1, 2, 5 and 6

the word "listed" be deleted and the word "shares" shall be inserted after the words

"admitted to trading on a regulated European market".



31. In section 17b, paragraph. 1 the word "listed" be deleted, the word "stock"

the words "admitted to trading on a regulated European market",

the word "listed" shall be deleted and the word "shares" shall be inserted after the words

"admitted to trading on a regulated European market".



32. In section 17b, paragraph. 7, the words "quoted shares," shall be replaced by the words "shares

admitted to trading on a regulated European market ".



33. In section 17b, paragraph. 8 (a). and (b))) and in section 17b, paragraph. 9, the word

"listed companies" shall be deleted and the word "shares" shall be inserted after the words "taken to

trading on a regulated European market ".



34. In section 17b, paragraph. 9, the word "listed" is replaced by the words "adopted by the

trading on a regulated European market ".



35. In section 22a, paragraph. 1, after the word "participant" is the word

"Foreign Affairs", the words "established in another Member State of the European Union"

are deleted, the word "on" shall be inserted after the word "foreign" and the words "in the

This State "shall be replaced by the words" in the State in which the foreign

the regulated market registered office ".



36. In § 34 paragraph. 2 (a). and the words) "transferable" shall be replaced by

the word "these".



37. In § 34 paragraph. 2 (d)) shall be deleted.



Letter e) is renumbered as paragraph (d)).



38. In article 34, paragraph 2, the following paragraph 3 is added:



"(3) for the purposes of the provisions of this law on the public offering, the prospectus

Security and on the conditions for admission to trading

on a regulated market is a qualified investor, means the person referred to in

section 2a paragraph. 1 and 2. A qualified investor shall mean also the other person,

which a securities dealer or a person referred to in section 24, paragraph. 5

or in section 28 paragraph. 6 under section 2b for the customer that is

professional customer, to the extent of transactions or investment services

relating to the securities offered. ".



Paragraphs 3 and 4 shall become paragraphs 4 and 5.



39. In § 34 paragraph. 4 of the introductory part of the provisions of the number "4" is replaced by

the number "5".



40. In § 34 paragraph. 4 (b). e) and (f)), the words "similar subject

business "is replaced by" similar "activities.



41. In § 34 paragraph. 4 (b). (f)), paragraph 4, the words "the sale price or the emission

the rate is lower than the corresponding amount of EUR 50 0000 0000 ' shall be replaced by the words

"the value of the consideration is lower than the corresponding amount of EUR 75 0000 0000" and
the word "push" with the words "in all the Member States of the European

the Union ".



42. In § 34 paragraph. 4 (b). g), the words "shall not exceed the amount corresponding to

200 000 ' shall be replaced by the words "is less than the amount of EUR 1 0000 0000" and

the word "push" with the words "in all the Member States of the European

the Union ".



43. In § 34 paragraph. 4 at the end of paragraph (i) is replaced by a comma and dot)

the following point (j)), which read:



"j) securities issued by open mutual fund under the Act

adjusting the collective investment of the Fund or a similar collective

According to the foreign investment law. ".



44. In § 34 paragraph. 5, the words "3 (a). and), c), (f) and (g))) "shall be replaced by the words

"4 (b). and (c))), f), (g) and (i))) ".



45. In section 35, paragraph. 2 (a). (b)), the word "no" be deleted, the word "State"

replaced by the word "State" after the words "European Union" shall be inserted after the words "

where is this offer is made, "and the number" 100 "is replaced by the number" 150 ".



46. In section 35, paragraph. 2 (a). (c)), and (d)), § 36 odst. 2 and in section 36 g of paragraph 1. 5,

the words "EUR 50000" is replaced by "fixed limit" in the euro.



47. In article 35, paragraph 2, the following paragraph 3 is added:



"(3) the person referred to in section 2a paragraph. 1 (a). and (c))) or a foreign person with

similar activities on the basis of the request, shall notify the issuer or the person

wishing to offer securities to the public, whether your customer is considered a

Professional, and it's in the range of trades or investment services

relating to securities of the issuer, which are to be the subject of

menu. ".



Paragraphs 3 and 4 shall become paragraphs 4 and 5.



48. In section 35, paragraph. 4 (b). (b)) and section 57 paragraph. 3, the word "merger"

the words "Division or on the basis of the approved

reorganization plan ".



49. In section 35, paragraph. 4 (b). (c)), the words "of the shares offered free of charge

the current shareholders and "are deleted.



50. In section 35, paragraph. 4 (d)):



"(d)) securities issued by and offered or allocated to current

or former employees, or persons with control of their powers

the employer or the person of the same group as the employer, if the

is delivered to the Czech National Bank and the addressees of the bid is available

a document containing information on the number and nature of the Securities and the reasons for and the

details of the offer, the terms of the employer or a person from the same

the group as an employer,



1. established or having their head office in a Member State of the European Union, or



2. is headquartered in the State, which is not a Member State of the European Union, for

provided, that the employer or person from the same group as

the employer issued securities which are admitted to trading on a

the European regulated market or on the securities market, based in

State which is not a Member State of the European Union, which the European Commission

has recognized as comparable with the European regulated market (section 35a), ".



51. In section 35, paragraph 5 shall be deleted.



52. under section 35, the following new section 35a and 35b, which including the title of § 35b

added:



"section 35a



(1) the person referred to in section 35, paragraph. 4 (b). (d)), whose securities are

admitted to trading on the securities market, based in the State,

that is not a Member State of the European Union, which the European Commission

recognized as comparable with the European regulated market, the European

the Commission, by the Czech National Bank to submit a request for recognition of this

the market for comparable with the European regulated market.



(2) the request referred to in paragraph 1 may relate only to the securities market

organized on the basis of authorisation issued by the supervisory authority of the State in

which has its registered office Organizer, is subject to supervision of the authority

supervision, and if the law of the State of the registered office of the organiser at least



and) requires the introduction and maintenance of transparent rules of trading

on the securities market to ensure fair and orderly

trading and establish objective criteria for the implementation of the guidelines,



(b)) requires the introduction and maintenance of transparent rules of admission to

trading on this market, which ensure that the securities are accepted

papers that are freely negotiable and that the assumptions

a fair, orderly and efficient trading



(c)) requires the introduction and maintenance of measures related to the handling of

market and the use of internal information,



(d)) provides for issuers of securities admitted to trading on a market with

securities regular and ongoing information requirements,



e) provides to participants of such securities market access

publicly available information on the securities admitted to trading

on the securities market.



(3) the application referred to in paragraph 1 shall be accompanied by documents certifying the applicant

compliance with the conditions laid down in paragraph 2. If the application is incomplete

or if you suffer from other disabilities, the Czech National Bank without undue delay

in writing ask the applicant to eliminate the deficiencies of the application, where appropriate, to

the submission of further information necessary for the examination of the application of the

satisfying the conditions laid down in paragraph 2.



(4) If the Czech National Bank recommends that the securities market,

where the application concerns, recognised by the European Commission to be comparable with the

the European regulated market, it shall refer the request with their opinion

The European Commission within 30 days from the date of receipt of the application attesting to compliance with the

the conditions laid down in paragraph 2.



section 35b



The subsequent public offer of securities



A securities dealer, the person referred to in section 24, paragraph. 5 or a person

referred to in section 28, paragraph. 6, who makes a subsequent public offer of securities

securities subscribed by the issuer or purchased from a person offering these

securities, a prospectus may not disclose, if



and) is for the duration of the subsequent public offerings of the addressees of the public offer

available in the prospectus drawn up in connection with the initial public

the offer,



(b)) this is a valid prospectus in accordance with section 36i, and



(c)) all persons who have developed the original prospectus, expressly

allow its use in subsequent public offer. ".



53. In section 36, at the end of paragraph 2 the following sentence "the prospectus may not

include information about the guarantor if the guarantor is a Member State of the European

Union. ".



54. In § 36 odst. 4, the words "the eighth or the document provided for in § 120 paragraph. 7 "

replaced by the words "the fourth or the eighth of titles II to IV".



55. In § 36 paragraph 5 is added:



"(5) the Summary of the prospectus is a structured brief and understandable document

in the language in which the prospectus is drawn up, taking for his copy of the

You cannot use the procedure referred to in paragraph 4 and paragraph 2 sentence last

apply, mutatis mutandis; the summary of the prospectus contains



and on) Note that



1. This summary represents an introduction to the prospectus,



2. the decision to invest in the securities should be based on

the investor will consider the prospectus as a whole,



3. in the case when it is brought before the Court, concerning the data

referred to in the prospectus, the plaintiff investor may be obliged to bear the costs of

on the translation of the prospectus before the legal proceedings incurred,

If it is not in accordance with the law, unless otherwise provided for, and



4. a person who has produced a summary prospectus including its translation,

responsible for the accuracy of the information in the summary of the prospectus only if that

the summary of the prospectus is misleading or inaccurate in the common interpretation with

other parts of the prospectus, or that the summary prospectus for common

the interpretation with the other parts of the prospectus does not contain the information referred to in

paragraph 5 (a). (b)), and



(b)) a structured overview of the information necessary to assess the nature of the

Security and risks associated with it, so that, on the basis and in

consideration of the prospectus as a whole could judge whether the addressee of the offer is valuable

paper suitable for him; This overview contains at least



1. a brief characterization of the issuer and of any

the guarantor, including risks associated with the assets, liabilities and financial situation

of these persons,



2. a brief description of the essential risks of issuer and any

the guarantor,



3. a brief description of the significant risks associated with investment in the

security, the basic characteristics of the investment in this valuable

the paper and the description of the rights associated with this valuable paper



4. in the case that this is a summary of the prospectus issued in connection with

the public offer of securities, also the reasons for the offer to the public,

the way in which the issuer, or the person making the public offer shall apply the proceeds

offer to the public, and the General conditions of the offer to the public, including estimates of the amount of the

charges associated with the acquisition of the securities that are the subject of

offer to the public, and



5. in the case that this is a summary of the prospectus issued in connection with

the adoption of a security to trading on a regulated European market,

for details on the admission to trading on a regulated European market

including estimates of the amount of the charges associated with the acquisition of securities, which

to be admitted to trading on a regulated European market. ".



56. In § 36 odst. 8 the second sentence, after the words "includes" following the word

"also", the words "or an appendix to the prospectus" shall be deleted and the end of the text

the second sentence, the words "and which were not included in the Appendix

the prospectus approved by the Czech National Bank ".
57. In § 36a, paragraph. 1 (a). (b)) the introductory part of the provisions in point 2,

the words "§ 34 paragraph. 2 (a). d) point 1 shall be replaced by "section 2a paragraph. 1

(a). and (b)) or) or a foreign person with similar activities ".



58. In § 36a, paragraph. 1 (a). (b)) (2) the words "payable to the capital"

replaced by the words "payable to the principal."



59. In § 36a, paragraph. 3 the first sentence, after the word "communicated" is the word

"issuer" and the words "as soon as possible, at the latest at the beginning of the public

menu, if it is possible to "shall be replaced by the words" and any supervisory authority

the Member State in which the security is to be offered to the public or

admitted to trading on a regulated European market, before the beginning of

before accepting the offer to the public and to trading on the regulated European

the market ".



60. Under section 36b, at the end of the text of paragraph 2, the words ", or if the

the summary of the prospectus when the common interpretation with other parts of the prospectus

does not contain the information specified in § 36 odst. 5 (a). (b)) ".



61. In § 36 g of paragraph 1. 2 (a). (b)) for the word "more" is the word

"foreign" and the words "established in the Member State of the European Union, which

There is no Czech Republic "shall be deleted.



62. In section 36 g of paragraph 1. 3 (b). (b)), after the word "on" is the word

"foreign" and the words "established in the Member State of the European Union with

the exception of the regulated market (section 55) "shall be deleted.



63. In section 36 g of paragraph 1. 5 and § 123, paragraph. 1 the words "regulated markets to

established in a Member State of the European Union "shall be replaced by the words" of the European

regulated markets ".



64. In § 36 g of paragraph 1. 5, the words "Czech language" shall be replaced by the words "language, in the

where you can submit the documents of the Czech National Bank ".



65. In section 36 h of paragraph 1. 1 (a). and the word ") and" shall be replaced by the word "or".



66. In section 36 h of paragraph 1. 1 (a). and (c))) and after the words "securities" shall be

the words "or a person referred to in section 24, paragraph. 5 or § 28 paragraph. 6. "



67. In section 36 h of paragraph 1. 1 (a). and), d) and (e)), the words "in a manner that allows

remote access "shall be deleted.



68. In section 36 h of paragraph 3 is added:



"(3) if the prospectus is published only on the Internet

the website, the issuer, the offeror, the person asking for

admission to trading on a regulated market or securities trader

papers or the person referred to in section 24, paragraph. 5 or § 28 paragraph. 6, who

placing or selling the securities, the investor on request free of charge

deliver a copy of the prospectus. a physical ".



69. In section 36 h of paragraph 1. 5 of the introductory part of the provisions for the word "papers"

the words "the person referred to in section 24, paragraph. 5 or § 28 paragraph. 6. "



70. In section 36 h of paragraph 1. 5 (a). (c)) for the word "available", the words "in the

unchanged ".



71. In section 36i paragraph. 1, the words "from the first publication of" shall be replaced by the words

"from the date of its approval by the Czech National Bank".



72. In section 36i paragraph. 4, after the words "in accordance with", the words "§ 36

paragraph. 8 or ".



73. Under section 36i, the following paragraph 5 is added:



"(5) the Form, content and form of the prospectus shall be valid for the whole period

prospectus amended, with the exception of the procedure according to § 36 odst. 8 and section 36j. ".



74. In section 36j, paragraph 3 reads:



"(3) in the case of a public bid is an investor, that before the publication of

the appendix to the prospectus agreed to purchase or subscribe for securities, and that

These securities even regained the ownership right, entitled to from

the purchase or subscription to withdraw within 2 working days after the date of publication of the

Appendix, unless the person making the public offer prospectus Appendix

a longer period ".



75. In section 36j, the following paragraph 4 is added:



"(4) the Form, content and form of the appendix to the prospectus may not be all of the time

the validity of the appendix to the prospectus amended. ".



76. In section 36 k of paragraph 1. 3 and section 57 paragraph. 2 (a). and) number "3" is replaced by

the number "4".



77. In section 36l at the end of the text of the first sentence, the words ", and in the same

the time limit for the issue of the certificate shall inform the issuer or the person responsible for

copies of the prospectus ".



78. In section 43, paragraph. 5, after the words "another Organizer" is the word

the "European" and the words "established in the Czech Republic or in a Member

State of the European Union "shall be deleted.



79. In section 48, the current text becomes paragraph 1 and the following

paragraph 2, which reads as follows:



"(2) the provisions of this Act governing the management and control system

Merchant securities is the organizer of the regulated market

shall apply mutatis mutandis. ";"



80. In section 55, paragraph. 2 the words "regulated market established in the Member

State of the European Union ' shall be replaced by the words "the European regulated market".



81. In section 55, the following paragraph 3 is added:



"(3) a foreign regulated market is the European regulated market which

is not a regulated market referred to in paragraph 1. ".



82. In § 56 paragraph. 5, the word "established" shall be replaced by the words "accepted to

trading on a foreign regulated market ".



83. In section 57, paragraph. 2 (a). and the number "3)" is replaced by the number "4".



84. In section 57, paragraph. 2 (a). (d)), the words "whose securities are

admitted to trading on a regulated market or the companies it

controlled or controlling or controlled by the same

person as an employer and offered "shall be replaced by the words" or a person of

the same group, and offered the "and the words" head of persons "shall be replaced by the words

"persons with management powers, the u."



85. In paragraph 59. 1, the words "listed investment instrument" shall be replaced by

the words "admitted to trading on a regulated European market".



86. In § 63 paragraph. 7, after the word "Organizer" is the word

"foreign" and the words "established in another Member State of the European Union"

shall be deleted.



87. Under section 72, the words "to the listed company shares ' shall be replaced by the words" to the shares

taken to trading on a regulated market. "



88. the following section is inserted after section 83 83a:



"§ 83a



The provisions of this Act governing the management and control system

Merchant securities settlement system provider

shall apply mutatis mutandis. "



89. In paragraph 92. 3 (b). (b)), the words "referred to in the authorisation

investment service of safekeeping and administration of investment instruments, including

related services "shall be replaced by the words" in respect of the registration of

book-entry securities issued by collective investment undertakings

mutual fund, which manages, or investment fund,

which has concluded a contract for the management of the property investment fund

According to the law governing collective investment ".



90. In paragraph 92. 3 (b). (d)), section, paragraph 93. 2 (a). (e)) and article 93, paragraph. 3 (b).

e), the words "line of business" shall be replaced by "activities".



91. In paragraph 93. 2 (a). (b)) (a). 3 (b). (b)), the words "which has in

authorization for its activities referred to the investment service, safekeeping and administration

investment instruments, including related services "shall be replaced by the words

"as regards the register of dematerialised securities of the collective

investing, mutual fund, which issued manages, or

Investment Fund, with which it has concluded a contract for the management of

the property investment fund under the law governing collective

investing ".



92. In article 104, the following paragraph 6 is added:



"(6) the provisions of this Act governing the management and control system

Merchant securities central depository to apply

reasonably. ".



93. section 116 reads as follows:



"§ 116



An individual who is or was an investment broker,

bound by a representative, a person with management powers, forced by the administrator,

the liquidator, receiver, a companion to the insolvency administrator

or an employee of the person who keeps records of investment tools,

the organizer of the regulated market, a trader with securities, foreign

persons providing investment services in the Czech Republic through the

organizational folder, an investment broker, escrow agent,

settlement system operator or person included in the

consolidated entity subject to supervision on a consolidated basis,

carrying out, the Czech National Bank is required to maintain the confidentiality of any

information that may be relevant for the assessment of the development on the capital

market or may significantly harm the person using the service provided by the

on the capital market, and which have not been published. ".



94. Article 117, paragraph 1 shall be deleted.



Paragraphs 2 and 3 shall become paragraphs 1 and 2.



95. In § 117 paragraph. 1 the words "under paragraph 1" shall be replaced by the words

"referred to in section 116".



96. In section 117, paragraph. 2, the words "paragraph 1" shall be replaced by the words "§ 116."



97. In § 118 paragraph. 1 (a). and) point 2 and § 118 paragraph. 1 (a). (b) point 1)

the words ", with the exceptions referred to in § 120 paragraph. 8 shall apply mutatis mutandis "

shall be deleted.



98. In § 118 paragraph. 1 (a). (b)), point 3, § 118 paragraph. 1 (a). (c)) points 1 to

4, paragraph 127c and section. 2 the words "regulated market established in the Member

State of the European Union, which the Czech Republic is not "shall be replaced by the words

"foreign regulated market".



99. In § 118 paragraph. 4 (b). (f)), and (h)), the part of the sentence for a semicolon, including

the semicolon is repealed.



100. In § 118 paragraph. 4 (b). g), the words ", including persons of such persons

loved ones "and the words" and collectively for persons in these persons ' shall be deleted.



101. In § 118 paragraph. 4 (b). (h)), the word "identification" shall be replaced by the words
"name and surname".



102. In footnote No. 12e, the words "No 1725/2003" shall be replaced by

the words "No 1126/2008".



103. In paragraph 119a. 3, after the words "the issuer", the words "referred to

in § 118 paragraph. 1 (a). and) ".



104. In paragraph 119a. 4, the words "on a quarterly basis the information equivalent to

the information referred to in paragraph 1 (b). and) and (b)), with the following information

must comply with the requirement set out in paragraph 3 "shall be replaced by the words

"the message for the first and the third quarter of the financial year complying with equivalent

the requirements laid down in paragraphs 1 to 3 ".



105. In paragraph 119c. 1, letter a) is added:



"and the issuer referred to in §) 34, paragraph. 4 (b). ) and ".



106. In paragraph 119c. 1 (a). (b)), the words "the amount of at least EUR 50 000"

replaced by the words "at least to the amount corresponding to the specified limit in

Euro ".



107. In paragraph 119c. 2 (a). and the words ") § 34 paragraph. 2 (a). d) point 1 "

replaced by the words "of section 2a paragraph. 1 (a). and (b)) or) or a foreign person with

similar activities ".



108. In § 120 paragraph. 2 (a). (b)), the words "§ 34 paragraph. 2 (a). point 1 (d))

or a 2 "are replaced by" section 2a paragraph. 1 (a). and (c))) or a foreign

persons with similar activities ".



109. In section 120, paragraphs 7 and 8, including the footnotes no 12f and 13

shall be deleted.



110. In paragraph 120a. 2 the words "financial institution" shall be replaced by the words

"the person".



111. In section 120b paragraph. 1 (a). (b)), the word "business", the words

"bank or a similar" and the word "fact" is replaced by

the word "information".



112. In section 120b paragraph 3 reads:



"(3) the issuer referred to in § 118 paragraph. 1 (a). and shall make the documents)

referred to in paragraph 1 to shareholders or owners of securities

representing the share of the issuer and shall publish the information referred to in paragraph

2 free of charge on its website. The obligation to publish

notification or invitation to the general meeting pursuant to the commercial code by

not prejudice. ".



113. In paragraph 120. 1, the words "in a manner which the issuer" shall be replaced by

the word "Issuer", the word "published" shall be replaced by the words "shall be obliged to

to publish or send the ", the words" to convene a similar "shall be replaced by the word

"like" and the word "amount" shall be replaced by the words "the amount; the same

in a way ".



114. In paragraph 120. 2 and section 127c paragraph. 4, the words "EUR 50000" is replaced by

the words "corresponding to the specified limit in euros".



115. In section 122 at the end of paragraph 2, the sentence shall be added to a separate line

"If the proportion of voting rights referred to in paragraph 1 shall take or

cease to be persons acting in concert, their holdings of voting rights

for the purposes of the performance of the notification obligation shall be aggregated; the obligation of the individual

the persons referred to in paragraph 1 is not affected. Notification obligations shall be subject to

even a change in the layout of a holding of voting rights between the parties

acting in conformity to the extent of constituting the obligation of notification. "



116. In paragraph 122. 9, the words "§ 34 paragraph. 2 (a). d) point 1 or 2 "

replaced by the words "of section 2a paragraph. 1 (a). and (c))) or a foreign person with

similar activities ".



117. In section 124, paragraph. 1, after the word "on" is inserted after the word "European" and the word

"Member State of the European Union" shall be deleted.



118. In section 124, paragraph. 4 (b). (c)), the number "2" is replaced by "1".



119. In paragraph 126. 5, after the words "Czech Republic", the words

"the person who is registered in a State which is not a Member State of the European

Union, and provides investment services in the Czech Republic, "and the words

"affiliates" shall be inserted the words "or without establishing a branch".



120. In paragraph 127. 1, after the words "§ 120a paragraph. 2 and 3 ", the words"

paragraph, section 120b. 1 (a). and) "and the words" section 120b paragraph. 1 and 2 "shall be replaced by

the words "paragraph of section 120b. 1 (a). (b)) (a) to (f)). 2. "



121. In paragraph 127c. 4, the words "regulated market established in one

or more Member States of the European Union "shall be replaced by the words" one or

more regulated European markets "and the word" Union "shall be inserted after

the words ", in which seat the European regulated markets".



122. In section 127d at the end of the text of paragraph 3, the words "and at the same time

shall without undue delay inform the Czech National Bank on the

any change in the facts, on the basis of him was an exception

enabled. ".



123. In paragraph 127d. 2 the word "standards" ^ 17b) "shall be replaced by

"^ 12e) standards".



Footnote No. 17b is hereby repealed.



124. In paragraph 130. 3 (a). 4 (b). (c)), the number "3" is replaced by

"2".



125. In paragraph 130. 5 (a). and the words "5) (a). (g)) "shall be replaced by the words" 4

(a). (e)) ".



126. In paragraph 130. 6 is the number "6" is replaced by "5".



127. In paragraph 130. 8 with the number "8" is replaced by "7".



128. In paragraph 130. 9 and 11, the words "8 and 9 ' shall be replaced by the words" 7 and 8 ".



129. In paragraph 130. 12 is the number "12" shall be replaced by the number "11".



130. In paragraph 135. 1 introductory part of the provisions for the word "law"

the words "legislation implementing it,".



131. In paragraph 135. 1 (a). q), the number "1", the words "or

the issuer of a financial instrument ".



132. In section 135a paragraph. 9, after the word "that" is inserted after the word "foreign" and

the words "from another Member State ' shall be deleted.



133. section 137:



"§ 137



(1) the Czech National Bank will issue measures of a general nature, which suspends the

trading,



and) threatening to large economic losses or if they are seriously at risk

the interests of the investors, or



(b)), where there are big economic loss or have been seriously affected by

the interests of the investors.



(2) the Czech National Bank to measures of a general nature shall suspend the trading



and) with all investment instruments on a regulated market,



(b)), with all the investment instruments on the part of the regulated market, or



(c)) with a particular investment instrument on the regulated market.



(3) the Czech National Bank will issue measures of a general nature referred to in paragraph 2

(a). (c)), also at the request of a supervisory authority of the Member State of the European Union

or after notification to the supervisory authority of the Member State of the European Union,

received comparable measures, unless this would seriously jeopardise the interests of the

investors or the proper functioning of the market.



(4) Measures of a general nature shall be issued without the control of the draft measures

of a general nature. Measures of a general nature shall enter into force on the date of publication of the

on the notice board of the Czech National Bank; publication on the official Board of another

the Office is not required. If nepozbylo the effectiveness of earlier measures shall cease to

the general nature of the effectiveness of the expiry of 6 months from the date of acquisition of the

efficiency.



(5) a person whose rights, duties, or legitimate interests may be

measures of a general character issued by the Czech National Bank, are

entitled to bring against the measures by a written reasoned objections within

the time limit within 5 working days from the date of its publication. Lodged objections

do not have suspensory effect. About submitted objections decides the Czech national

the Bank, against such decision cannot be appealed.



(6) the Czech National Bank may, in connection with the release of General measures

of the nature referred to in paragraph 2 (a). (c) Save to the organiser of the regulated)

market within a specified period has examined whether the conditions are met for

the exclusion of this investment instrument from trading on a regulated

market, and to inform about the results of the Czech National Bank.



134. In paragraph 145. 7 (b). e), the words "the facts on the"

replaced by the words "in fact, on that."



135. § 146 paragraph. 3 and § 148 paragraph. 2 the word "take" is replaced by

the word "stores".



136. In § 146 paragraph. 3, 5 and 6, § 148 paragraph. 2 the words "pursuant to section 136"

replaced by the words "or other measures".



137. Article 146, paragraph 7 shall be deleted.



138. § 147:



"§ 147



(1) a securities Trader, which provides investment services in

the host Member State, the Czech National Bank may impose penalty measures to

remedy or other measures for infringements of the obligations arising from the law

The European Union in the field of the provision of investment services, the implementation of the

is subject to the supervision of the Czech National Bank, on the basis of the notification of a supervisory authority

of the host State, or even without this notice. The sanction measures to

remedy or another measure saves the Czech National Bank on the basis of

notification of the supervisory authority of the host State, without undue delay,

inform the supervisory authority.



(2) the Czech National Bank oversees the activities of the brokerage house

the papers, which provides investment services in the host Member State, the

the territory of the host State in accordance with this Act. As regards the provision of

services through the organizational folder, is not subject to the supervision of the Czech

National Bank compliance with the obligations referred to in section 24, paragraph. 5; of the fulfilment

These obligations shall supervise the supervisory authority of the host State under the law of

of this State. ".



139. In § 148 paragraph. 1 the words "laid down by this law on the basis of"

replaced by the words "arising out of".



140. In section 148, paragraph 3 is deleted.



141. In the tenth title and the following parts 7 to 10, including

the headings are added:



"Part 7



Supervision of the organizer of a regulated market has been determined by the regulated market

in another Member State of the European Union



section 149a



The organizer of the regulated market, which organizes the regulated market in
another Member State of the European Union, the Czech National Bank can save

penalty, corrective measures or other measures for the violation of obligations

the organizer of a regulated market arising from the law of the European Union, on the

the basis of the notification of the supervisory authority of another Member State of the European

the Union, or even without this notice. The sanction measures to remedy or

Another measure saves the Czech National Bank on the basis of the notification

supervisory authority of another Member State of the European Union, without undue

immediately inform the supervisory authority.



Episode 8



The supervision of the foreign person, which operates in the Czech Republic on

authorized by the supervisory authority of another Member State of the European Union

the multilateral trading system



§ 149b



(1) in the case of a foreign person who operates in the Czech Republic

multilateral trading system based on the Supervisory Authority authorisation of another

the Member State of the European Union, does not comply with the obligations of the operator

the multilateral trading system arising from the rights of the European Union,

The Czech National Bank to notify this fact to the supervisory authority of the

another Member State of the European Union.



(2) in the case of a person referred to in paragraph 1, despite the measures taken by the

supervisory authority of another Member State of the European Union is damaging or

threatens its interests of investors or the smooth operation of the

the capital market, the Czech National Bank to notify this fact to the

This supervisory authority and then saves the corrective measures or other measures.



Episode 9



Supervision of the provider of the multilateral system, operating

the multilateral trading system in another Member State of the European Union



§ 149c



The operators of the multilateral trading system, which operates the

the multilateral trading system in another Member State of the European Union, the

The Czech National Bank to impose penalty measures to remedy or other

measures for violation of the obligations of the operator the multilateral trading

the system arising from the law of the European Union, on the basis of the notification authority

supervision of that other Member State of the European Union, or even without this

the notification. About the penalty, corrective measures, or other measures, that the Czech

National Bank saves on the basis of the notification of a supervisory authority of another Member

State of the European Union, without undue delay, notify the authority of the

supervision.



Episode 10



Informing the European Commission



§ 149d



The Czech National Bank shall notify without undue delay through the

Department of the European Commission of the measures imposed pursuant to § 146 paragraph.

3 to 6, § 148 paragraph. paragraph 2 and article 149b. 2. ".



142. In § 151 at the end of paragraph 2 the following sentence "this procedure of the Czech

the National Bank is not administrative procedure. ".



143. In § 157 paragraph. 1 (a). (e)), the word "quotes" is replaced by

"quotations".



144. In § 157 paragraph. 1 (a). (g)), the word "quotes" is replaced by

"quotes".



145. Article 162, paragraph 7, the following paragraph 8 is added:



"(8) the issuer referred to in section 127d paragraph. 1 is guilty of misconduct,

that



and neuveřejní information) as laid down in section 127d paragraph. 3, or



(b)) in contravention of section 127d paragraph. 3 does not inform the Czech National Bank for each

a change in the facts, on the basis of the exception was enabled to him. ".



The present paragraph 8 shall become paragraph 9.



146. In paragraph 162. 9 (a). and) the words "or paragraph 7" shall be replaced by

the words "paragraph 7 or paragraph 8 (b). (b)) ".



147. In paragraph 162. 9 (a). (b)), the words "or paragraph 4" shall be replaced by

the words "paragraph 4 or paragraph 8 (b). and) ".



148. In paragraph 164. 4 sentence first, in section 166, paragraph. 4 and in section 167, paragraph. 12

the word "to" is replaced by the words "up to".



149. In section 165 paragraph 5, the following paragraph 6 is added:



"(6) the Legal or natural person-entrepreneur whose registration has been

canceled, or the legal successor of a person whose registration has been cancelled,

that is a legal or natural person-entrepreneur, is guilty of

the administrative tort that preserves the document or record in contravention of section 32

paragraph. 6. ".



Paragraph 6 is renumbered as paragraph 7.



150. In section 165 paragraph. 7 (b). and), the word "or" is replaced by a comma and the

the end of the text of the letter shall be added the words "or paragraph 6".



151. In section 167, paragraph. 3 the number "117" is replaced by "116" and at the end of

text the words "117".



152. In section 167, paragraph 10, insert a new paragraph 11, which read:



"(11) a natural person whose registration has been cancelled, or a natural person,

that is the legal successor of a person whose registration has been cancelled,

commits an offence that preserves the document or record in contravention of section 32

paragraph. 6. ".



Paragraphs 11 and 12 shall become paragraphs 12 and 13.



153. In section 167, paragraph. 12 (a). (b)), the word "or" is replaced by a comma and the

the end of the text of the letter shall be added the words "or in paragraph 11".



154. In paragraph 194. 2 the word "offences" shall be replaced by

"offence".



155. Article 194, paragraph 5 shall be deleted.



156. In section 199, paragraph 1 reads:



"(1) the Ministry shall issue a decree under section 115, paragraph. 5. ".



157. In section 199, paragraph. 2 the words "§ 11 (1). 4 the ", the words" § 118 paragraph.

7 "and the words" section, paragraph 119. 4 "are deleted.



158. In section 199, the following paragraph 4 is added:



"(4) the Government Regulation sets limits in the euro for the purposes of § 35 paragraph. 2

(a). (c)), and (d)), § 36 odst. 2, § 36 g of paragraph 1. paragraph 5, section 119c. 1 (a). b), §

paragraph 120. 2 and section 127c paragraph. 4 according to the legal act of the Council and the European

Parliament or the European Commission. ".



Article. (IV)



Transitional provisions



1. Listing particulars approved or published prior to the date

the effectiveness of this law shall be considered as listing particulars

approved under section 36 c of Act No. 256/2004 Coll., as amended, effective from the date of

the entry into force of this law.



2. the procedure for application for the approval of the prospectus or supplement a prospectus

initiated before the date of entry into force of this Act and before that date

been completed by the executor of the existing legislation. In

proceedings of the appendix to the prospectus being approved before the date of entry into force of

This Act shall proceed according to the existing legislation.



3. To 30. June 2021, § 118 paragraph. paragraph 1, § 119c. 1 (a). (b)), section 120 c

paragraph. 2 and section 127c paragraph. 4 Act No. 256/2004 Coll., as amended effective from

date of entry into force of this Act, apply to the issuer

investment securities whose nominal value corresponds to the date

emissions amount to at least EUR 50 000, in the case of securities which

they were issued before the date of entry into force of this Act.



PART THE THIRD



Amendment of the Act on private and procedural international law



Article. In



Act No. 97/1963 Coll. on international private and procedural law in

amended by law No 158/1969 Coll., Act No. 234/1992 Coll., Act No.

264/1992 Coll., Act No. 125/2002 Coll., Act No. 37/2004 Coll., Act No.

257/2004 Coll., Act No. 361/2004 Coll., Act No. 377/2005 Coll., Act No.

57/2006 Coll., Act No. 70/2006 Coll., Act No. 233/2006 Coll., Act No.

296/2007 Coll., Act No. 123/2008 Coll., Act No. 7/2009 Coll. and Act No.

409/2010 Coll., shall be amended as follows:



1. In section 11 c of paragraph 1. 9, the word "framework" following the word "European".



2. In section 11 d of paragraph 1. 6, after the words "persons on" the word "European" shall be inserted.



PART THE FOURTH



To change the code of civil procedure



Article. (VI)



Act No. 99/1963 Coll., the code of civil procedure as amended by Act No. 36/1967

Coll., Act No. 158/1969 Coll., Act No. 49/1973 Coll., Act No. 20/1975

Coll., Act No. 133/1982 Coll., Act No. 180/1990 Coll., Act No. 328/1991

Coll., Act No. 519/1991 Coll., Act No. 263/1992 Coll., Act No. 24/1993

Coll., Act No. 171/1993 Coll., Act No. 117/1994 Coll., the Act No. 152/1994

Coll., the Act No. 216/1994, Coll., Act No. 84/1995 Coll., Act No. 118/1995

Coll., Act No. 160/1995 Coll., Act No. 237/1995 Coll., Act No. 247/1995

Coll., the finding of the Constitutional Court declared under no. 31/1996 Coll., Act No.

142/1996 Coll., the finding of the Constitutional Court declared under no 269/1996 Coll.,

Act No. 202/1997 Coll., Act No. 227/1997 Coll., Act No. 15/1998 Coll.

Act No. 91/1998 Coll., Act No. 165/1998 Coll., the Act No. 326/1999 Coll.

Act No. 360/1999 Coll., the finding of the Constitutional Court declared under no.

2/2000 Coll., Act No. 27/2000 Coll., Act No. 30/2000 Coll., Act No.

46/2000 Coll., Act No. 105/2000 Coll., Act No. 130/2000 Coll., Act No.

155/2000 Coll., Act No. 204/2000 Coll., Act No. 220/2000 Coll., Act No.

227/2000 Coll., Act No. 367/2000 Coll., Act No. 370/2000 Coll., Act No.

120/2001 Coll., Act No. 137/2001 Coll., Act No. 231/2001 Coll., Act No.

271/2001 Coll., the finding of the Constitutional Court declared under no. 276/2001 Coll.

Act No 317/2001 Coll., Act No. 451/2001 Coll., Act No. 491/2001 Coll.

Act No. 151/2002 Coll., Act No. 202/2002 Coll., Act No. 227/2002 Sb.

Act No. 320/2002 Coll., the finding of the Constitutional Court declared under no.

476/2002 Coll., Act No. 88/2003 Coll., Act No. 120/2004 Coll., the award

The Constitutional Court declared under no 153/2004 Coll., Act No. 237/2004

Coll., Act No. 257/2004 Coll., the Act No. 340/2004 Coll., Act No. 436/2004

Coll., Act No. 501/2004 Coll., Act No. 554/2004 Coll., Act No. 555/2004

Coll., Act No. 628/2004 Coll., Act No. 59/2005 Coll., Act No. 170/2005

Coll., Act No. 205/2005 Coll., the Act No. 216/2005 Coll., Act No. 342/2005
Coll., Act No. 377/2005 Coll., Act No. 383/2005 Coll., Act No. 413/2005

Coll., Act No. 56/2006 Coll., Act No. 57/2006 Coll., Act No. 79/2006

Coll., Act No. 112/2006 Coll., Act No. 113/2006 Coll., Act No. 115/2006

Coll., Act No. 133/2006 Coll., Act No. 135/2006 Coll., Act No. 135/2006

Coll., Act No. 189/2006 Coll., the Act No. 216/2006 Coll., Act No. 233/2006

Coll., Act No. 264/2006 Coll., Act No. 267/2006 Coll., Act No. 308/2006

Coll., Act No. 315/2006 Coll., Act No. 296/2007 Coll., Act No. 104/2008

Coll., Act No. 123/2008 Coll., Act No. 126/2008 Coll., Act No. 129/2008

Coll., Act No. 259/2008, Coll., Act No. 274/2008 Coll., Act No. 305/2008

Coll., Act No. 384/2008 Coll., Act No. 7/2009 Coll., Act No. 198/2009

Coll., Act No. 218/2009 Coll., Act No. 227/2009 Coll., Act No. 281/2009

Coll., Act No. 285/2009 Coll., Act No. 286/2009 Coll., Act No. 420/2009

Coll., the finding of the Constitutional Court declared under no 48/2010 Coll., Act No.

347/2010 Coll. and Act No. 409/2010 Coll., shall be amended as follows:



1. In section 87, paragraph. 1 (d)):



"(d)) is a person who organizes, operates a regulated market or

the multilateral trading system, in the case of a dispute of trade



1. on her organized regulated market, or from the settlement of this

trade, or



2. in the multilateral trading system operated by it, or from the settlement

This trade. "



2. In section 87, paragraph. 1 (a). (f)), after the words "registered office" following the word "commodity"

and the word "trading" shall be replaced by the words "trade on commodity

the stock exchange ".



3. In section 328, paragraph. 1 (a). (b)), the words "listed investment tools"

replaced by the words "the investment instrument admitted to trading on a

^ regulated European market 101) ".



Footnote No. 101:



"101) § 55 paragraph. 2 Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. and Act No. 188/2011 Sb. ".



PART THE FIFTH



cancelled



Article. (VII)



cancelled



PART SIX



Amendment of the Act on accounting



Article. (VIII)



Act No. 563/1991 Coll., on accounting, as amended by law No 117/1994 Coll.

Act No. 227/1997 Coll., Act No. 492/2000 Coll., Act No. 353/2001 Coll.

law no 575/2002 Coll., Act No. 437/2003 Coll., Act No. 257/2004 Coll.

Act No. 669/2004 Coll., Act No. 179/2005 Coll., Act No. 495/2005 Coll.

Act No. 57/2006 Coll., Act No. 81/2006 Coll., Act No. 230/2006 Coll.

Act No. 264/2006 Coll., Act No. 69/2007 Coll., the Act No. 261/2007 Coll.

Act No. 296/2007 Coll., Act No. 348/2007 Coll., Act No. 126/2008 Coll.,

Act No 304/2008 Coll., Act No. 227/2009 Coll., Act No. 230/2009 Sb.

and Act No 410/2010 Coll., shall be amended as follows:



1. In article 19a, paragraph. 1 the words "regulated market established in the Member

State of the European Union "shall be replaced by the words" the European regulated market ^ 36) ".



Footnote No. 36:



"section 55, paragraph 36). 2 Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. and Act No. 188/2011 Sb. ".



2. In article 19a, paragraph. 2 and 6, § 22a paragraph. 2 and Article 23a, paragraph. 1, after the word "on"

the word "European" shall be inserted.



3. In article 19a, paragraph. 2, 3, 5 and 6 and Article 23a, paragraph. 1, the words ' established in the

Member State of the European Union "shall be deleted.



4. In article 19a, paragraph. 3 and 5, after the word "from" is inserted after the word "European".



5. In article 19a, paragraph. 5, after the words "trading on Word

"European".



6. In Article 22a, paragraph. 2 the words "securities based in the Member State of

The European Union "shall be deleted.



7. In section 27. 5 the first sentence, the words "domestic or foreign stock exchange

or on another regulated market ' shall be replaced by the words "the European regulated

market or the foreign market similar to the regulated market ".



8. In section 27. 5 the third sentence, the words "domestic stock exchange"

replaced by the words "regulated market", the word "closing" shall be replaced by

the word "final" and the words "stock exchange" shall be replaced by the words

"regulated market".



9. In section 27. 5 of the fourth sentence, the words "on the domestic stock exchange

and is officially listed on foreign stock exchanges "are replaced by

the words "admitted to trading on a regulated market and is admitted to the

trading on a foreign regulated market or on a foreign market

similar to the regulated market ", the word" closing "shall be replaced by the word

"final" and the words "approved the foreign stock markets

"shall be replaced by the words" foreign regulated markets, or on the

foreign markets similar to the regulated market ".



10. In section 27. 5, the fifth sentence deleted.



PART SEVEN



Amendment of the Act on general health insurance company in the Czech Republic



Article. (IX)



In section 7 (2). 1 (a). (b)) of Act No. 551/1991 Coll., on general health

the insurance company of the Czech Republic, as amended by law No. 60/1995 Coll., Act No.

149/1996 Coll., Act No. 438/2004 Coll. and Act No. 261/2007 Coll., the words

"the stock exchange" shall be replaced by the words "regulated market" ^ 10). "



Footnote 10 is added:



"section 55, paragraph 10). 1 of Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. ".



PART EIGHT



Amendment of the Act on banks



Article. X



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., Act No. 189/2006 Coll.

Act No. 120/2007 Coll., Act No. 296/2007 Coll., Act No. 126/2008 Coll.,

the Act No. 216/2008 Coll., Act No. 230/2008 Coll., Act No. 254/2008 Coll.,

Act No. 433/2008 Coll., Act No. 215/2009 Coll., Act No. 227/2009 Sb.

law no 230/2009 Coll., Act No. 281/2009 Coll., Act No. 285/2009 Sb.

law no 287/2009 Coll., Act No. 156/2010 Coll., Act No. 160/2010 Sb.

Act No. 409/2010 Coll. and Act No. 41/2011 Coll., is hereby amended as follows:



1. In § 11a paragraph. 4 (b). (b)), the word "listed" be deleted and the end of the

the text of the letter with the words "are admitted to trading on the European

regulated market ^ 15) ".



Footnote 15:



"section 55, paragraph 15). 2 Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. and Act No. 188/2011 Sb. ".



2. In section 26bb paragraph 1 reads:



"(1) the Czech National Bank will issue measures of a general nature referred to in paragraph 2,



and if threatened) is the stability of the banking or financial system, and if

It is advisable to remove this threat, or



(b)) or the financial stability of the banking system was

impaired, if it is to mitigate the effects of this disruption appropriate. ".



3. In section 26bb of paragraphs 3 and 4 are added:



"(3) the measures of a general nature shall be issued without the control of the draft measures

of a general nature. Measures of a general nature shall enter into force on the date of publication of the

on the notice board of the Czech National Bank; publication on the official Board of another

the Office is not required. If nepozbylo the effectiveness of earlier measures shall cease to

the general nature of the effectiveness of the expiry of 6 months from the date of acquisition of the

efficiency.



(4) Persons whose rights, duties, or legitimate interests may be

measures of a general character issued by the Czech National Bank, are

only banks or branches of foreign banks. These persons are entitled to

to appeal against the measures by a written reasoned objections within a period of 5

working days from the date of its publication. Lodged objections do not have suspensory

effect. About submitted objections, decides against the Czech National Bank,

such a decision could not be appealed. ".



PART NINE



The amendment to the law on departmental, sectoral, Enterprise and other health

insurance companies



Article. XI



In § 18 paragraph. 1 law No. 280/1992 Coll., on the departmental, branch,

corporate and other health insurance companies, in the wording of Act No.

60/1995 Coll., Act No. 145/1996 Coll. and Act No. 438/2004 Coll., the words

"the stock exchange" shall be replaced by the words "regulated market" ^ 22) ".



Footnote No 22:



"section 55, paragraph 22). 1 of Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. ".



PART TEN



Amendment of the Act on income taxes



Article. XII



Act No. 586/1992 Coll., on income taxes, as amended by Act No. 35/1993

Coll., the Act No. 96/1993 Coll., Act No. 156/1993 Coll., Act No. 196/1993

Coll., Act No. 323/1993 Coll., Act No. 42/1994 Coll., Act No. 85/1994

Coll., Act No. 114/1994 Coll., Act No. 259/1994 Coll., Act No. 32/1995

Coll., Act No. 87/1995 Coll., Act No. 118/1995 Coll., Act No. 149/1995

Coll., Act No. 248/1995 Coll., Act No. 316/1996 Coll., Act No. 18/1997

Coll., Act No. 151/1997 Coll., Act No. 209/1997 Coll., Act No. 210/1997

Coll., Act No. 227/1997 Coll., Act No. 111/1998 Coll., Act No. 149/1998

Coll., Act No. 167/1998 Coll., Act No. 333/1998 Coll., Act No. 63/1999

Coll., Act No. 129/1999 Coll., Act No. 144/1999 Coll., Act No. 170/1999

Coll., Act No. 222/1999 Coll., the finding of the Constitutional Court declared under no.
3/2000 Coll., Act No. 17/2000 Coll., Act No. 27/2000 Coll., Act No.

72/2000 Coll., Act No. 100/2000 Coll., Act No. 103/2000 Coll., Act No.

121/2000 Coll., Act No. 132/2000 Coll., Act No. 241/2000 Coll., Act No.

340/2000 Coll., Act No. 492/2000 Coll., Act No. 115/2001 Coll., Act No.

120/2001 Coll., Act No. 239/2001 Coll., Act No. 453/2001 Coll., Act No.

483/2001 Coll., Act No. 50/2002 Coll., Act No. 128/2002 Coll., Act No.

198/2002 Coll., Act No. 210/2002 Coll., Act No. 260/2002 Coll., Act No.

308/2002 Coll., Act No. 575/2002 Coll., Act No. 162/2003 Coll., Act No.

362/2003 Coll., Act No. 438/2003 Coll., Act No. 19/2004 Coll., Act No.

47/2004 Coll., Act No. 49/2004 Coll., Act No. 257/2004 Coll., Act No.

280/2004 Coll., Act No. 359/2004 Coll., Act No. 360/2004 Coll., Act No.

436/2004 Coll., Act No. 562/2004 Coll., Act No. 628/2004 Coll., Act No.

669/2004 Coll., Act No. 676/2004 Coll., Act No. 179/2005 Coll., Act No.

217/2005 Coll., Act No. 342/2005 Coll., Act No. 357/2005 Coll., Act No.

441/2005 Coll., Act No. 530/2005 Coll., Act No. 545/2005 Coll., Act No.

552/2005 Coll., Act No. 56/2006 Coll., Act No. 57/2006 Coll., Act No.

109/2006 Coll., Act No. 112/2006 Coll., Act No. 179/2006 Coll., Act No.

189/2006 Coll., Act No. 203/2006 Coll., Act No. 223/2006 Coll., Act No.

245/2006 Coll., Act No. 264/2006 Coll., Act No. 267/2006 Coll., Act No.

29/2007 Coll., Act No. 67/2007 Coll., Act No. 159/2007 Coll., Act No.

261/2007 Coll., Act No. 296/2007 Coll., Act No. 362/2007 Coll., Act No.

126/2008 Coll., Act No. 306/2008 Coll., Act No. 482/2008 Coll., Act No.

2/2009 Coll., Act No. 87/2009 Coll., the Act No. 216/2009 Coll., Act No.

221/2009 Coll., Act No. 227/2009 Coll., Act No. 281/2009 Coll., Act No.

289/2009 Coll., Act No. 303/2009 Coll., Act No. 304/2009 Coll., Act No.

326/2009 Coll., Act No. 362/2009 Coll., Act No. 199/2010 Coll., Act No.

346/2010 Coll. and Act No. 348/2010 Coll., shall be amended as follows:



1. In section 4, paragraph 4. 1 (a). ZD), the words "domestic or foreign

public market ' shall be replaced by the words "the European regulated market or on

foreign market similar to the regulated market ".



2. In section 17(2). 1 the words "and also" be deleted and the word "prescription" ^ 30b)

the words "and mutual funds".



3. In article 17, paragraph 3 shall be added at the end of the phrase "subject to the mutual

the Fund supervision of the Czech National Bank, it is considered that the mutual fund has to

the territory of the Czech Republic. ".



4. In article 20, paragraph 3:



"(3) if the transfer of the mutual fund to the management of other

the investment company, the investment company that converts

a mutual fund is obliged to notify this change to the tax within 30 days from the

the day when it happened. ".



5. In section 20a of the introductory part, the words "and of the provisions of section 20 (2). 8 "shall be deleted.



6. In section 20a (e). and the word "), after the words" attributable to "on the part of the

the reporting period "and the word" regulation "," ^ 19 d) shall be replaced by the word

"prescription ^ 16)".



7. In section 20a, the last sentence shall be deleted.



8. In § 21. 2 (a). (b)), the words "pursuant to section 20 (2). 3 "shall be replaced by

the words "of the items referred to in section 34".



9. In § 21. 5, the words "activities, ^ 19 d)" shall be replaced by the words

"he changed the course of business activity, and as the investment fund ^ 16)"

and the last sentence shall be deleted.



10. In section 25, paragraph. 3 the words "stock exchange ^ 28a)" shall be replaced by the words

"the organizer of the regulated market."



11. the footnote No. 28a shall be deleted.



12. In § 36 odst. 2 at the end of the letter) is replaced by a comma in the dot and

following is the letter w), which read:



"w) from the revenues accruing to individuals from a share of the revenue from the 16 ^ ^)

management of the assets in the mutual fund, which was paid to the shareholders of

regardless of the result of a mutual fund. ".



13. In § 36 odst. 3, the fourth sentence is inserted after the phrase "income tax

levied by special rate shall be rounded down to the whole of the Crown ".



14. In section 36, at the end of paragraph 4, the following sentence "For dividend income

of the participation certificates shall not share in revenues from management ^ 16) with

assets in the mutual fund, which was paid to the shareholders, regardless of the

the result of the management of a mutual fund. ".



15. In section 38d paragraph. 3, the third sentence shall be inserted the phrase "tax administrator may

tax payer on the basis of his application to exempt in justified cases

the obligation to report ".



16. In section 38fa paragraph. 1 (a). and (3)) the number "40" is replaced by

"25".



17. In paragraph 38 m. 2 at the end of subparagraph (d)) shall be replaced by a comma and dot

the following points (e) and (f))) are added:



"(e)) for the period prior to the reference date fusion or merger

mutual funds or mutual fund and foreign Fund

The CIU, which has not yet filed a tax return,

If this is not the day before the decisive day of the last day of the calendar year

or marketing year the investment company, which enveloped or

merged the Fund manages,



(f)) for the period from the vesting date of amalgamation or merger of mutual funds

or mutual fund and foreign collective investment fund in

the end of the calendar year or the marketing of the successor

the Fund managers, if not a decisive day on the first day of the calendar

year or year of the successor Fund of economic managers. ".



18. In paragraph 38 m. 3 of the introductory part of the provision, the word "end" is inserted

the word "third".



19. In paragraph 38 m. 3 at the end of subparagraph (d)) shall be replaced by a comma and dot

the following points (e) and (f))) are added:



"e) of the preceding reference date fusion or merger of mutual

funds or mutual fund and foreign Fund of collective

investing,



(f)) which is the last day of the calendar year or the marketing year,

If it is not the decisive day of the interweaving or merging mutual funds or

mutual fund and foreign collective investment fund of the first

on the day of the calendar year or the marketing of the successor

managers of the Fund. ".



20. In paragraph 38 m. 5, the first sentence shall be replaced by the phrase "Investment

the company, which manages mutual funds, is required to submit as

an integral part of the tax return and tax returns for each of the

mutual funds ".



21. In the second subparagraph of section 38 m. 5 the last sentence, the words "with the differences, of which expenditure

(the cost of) prepared pursuant to § 23 of the excess income adjusted under section 23,

reported by individual mutual funds ' shall be replaced by the words "with the tax

losses of individual mutual funds ".



22. In section 38 m, the following paragraph 9 is added:



"(9) if the merger or consolidation of mutual funds or

mutual fund and foreign collective investment fund,

passes the tax obligation for discontinuing a mutual fund on the newly emerging

or receiving a mutual fund or foreign Fund of collective

investing. The rights and obligations of the defunct mutual fund shall exercise the

the successor obhospodařovatel Fund. The successor to maturity

the Fund for the purposes of this Act, means the



and) investment company, which manages the newly established or

transposing a mutual fund or foreign Fund of collective

investing,



(b)) of the foreign investment company, which manages the newly established

or receiving a mutual fund or foreign Fund of collective

investment, or



(c)) the newly established or receiving foreign Fund of collective

the investment, which is not managed in an investment company, or

foreign investment company ".



23. In paragraph § 38n. 1, the last sentence shall be replaced by the phrase "for the investment

the company, which manages mutual funds, the tax loss

provides separately for the investment company and separately for each

mutual funds ".



24. In the section at the end of paragraph 38n 1 added the phrase "tax loss

mutual fund can be applied even in cases where the transfer of the

mutual fund to another investment company or to transform

the investment company. ".



25. § 38o:



"§ 38o



(1) the rights and obligations of mutual fund to manage the tax performs

an investment company that manages him. If in the course of the

the tax period or the period for which a tax return is served, to the

mutual fund transfer to other investment management

the company shall exercise the rights and obligations of transferred mutual fund

the investment company, which manages a mutual fund to the last

the date of the reporting period or the period for which a tax return is served.



(2) a foreign investment company, which manages the investment

the Fund, the determination of the tax base, tax, tax losses

mutual fund and in the management of the tax as investment

the company ".



26. In paragraph 38 trailer. 2, the words "or in converting the investment fund

the defunct without winding up on an open mutual fund ' shall be deleted.



Article. XIII



Transitional provisions



1. the provisions of section 17(2). 1 and 3, § 20. 3, § 21. 2 (a). b), §

38fa paragraph. 1 (a). and, § 3), paragraph 38 m. 5, § 38n paragraph. 1 and § 38o

Act No. 586/1992 Coll., as amended, effective from the date of entry into force of

This Act shall apply for the first time for the tax period, which began in the
the year 2011.



2. the difference of that expenditure (costs), modified by Act No. 586/1992

Coll., as amended, effective the date of the entry into force of this law, in excess of the

income adjusted pursuant to Act No. 586/1992 Coll., as amended, effective the day

the entry into force of this law, and which has not reduced the tax base

mutual fund by the end of the reporting period, which began in

2010, you can reduce the tax base in a mutual fund for a maximum of 5 tax

the following periods immediately after the period for which it was

This difference is recorded, similarly as in the application of the tax assessed

the losses.



3. The provisions of section 38fa paragraph. 1 (a). and section 3) of Act No. 586/1992 Coll., on the

the texts of the effective date of the entry into force of this law, shall apply for the first time

for the tax period, which began in the year 2011.



PART ELEVEN



Amendment of the Act on supplementary pension insurance with State contribution



Article. XIV



Act No. 42/1994 Coll. on supplementary pension insurance with State contribution and

about changes to certain laws related to its introduction, in the text of the

Act No. 61/1996 Coll., Act No. 15/1998 Coll., Act No. 167/1999 Coll.,

Act No. 353/2001 Coll., Act No. 309/2002 Coll., Act No. 36/2004 Coll.

Act No. 237/2004 Coll., Act No. 257/2004 Coll., Act No. 377/2005 Coll.

Act No 444/2005 Coll., Act No. 56/2006 Coll., Act No. 57/2006 Coll.

Act No. 70/2006 Coll., Act No. 342/2006 Coll., Act No. 296/2007 Coll.

Law No 26/2008 Coll., Act No. 124/2008 Coll., Act No. 126/2008 Coll.,

Act No. 254/2008 Coll., Act No. 306/2008 Coll., Act No. 227/2009 Sb.

law no 230/2009 Coll., Act No. 160/2010 Coll., Act No. 199/2010 Sb.

and Act No. 409/2010 Coll., shall be amended as follows:



1. In section 7 (2). 3 (b)), and (c)):



"(b) the authorities of another) the members of the Pension Fund, insurance company ^ 1 c), banks,

persons authorised to provide investment services, the members of the authorities

the organizer of the regulated market and the members of the organs of the Fund ^ 3) and

investment companies ^ 3a); It does not apply to members of the organs of people with

which Pension Fund make up the group,



(c)) to the employee a pension fund, the depositary, organizer

of the regulated market, central depository ^ 4) and persons, which

securities dealer performs its activities ".



2. Footnote 2 shall be deleted.



3. In article 7 (2). 3 (b). (d)), the words "special legislation"

shall be replaced by the word "Act".



4. In section 33, paragraph. 2 (a). (d)), the words "which are traded on the

regulated market ' shall be replaced by the words "are admitted to trading on the European

regulated market or foreign markets similar to the regulated market ^ 15) ".



Footnote 15:



"section 55, paragraph 15). 3 of Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. and Act No. 188/2011 Sb. ".



5. In section 33, paragraph. 7, the word "public" shall be replaced by the words "the European

regulated "and the words" regulated markets "are replaced by the words

"foreign market similar to the regulated market".



PART OF THE TWELFTH



Amendment of the Act on the valuation of assets



Article. XV



Act No. 151/1997 Coll., on the valuation of the assets and on the amendment of certain laws

(law on the valuation of assets), as amended by Act No. 121/2000 Coll., Act No.

237/2004 Coll., Act No. 257/2004 Coll. and Act No. 296/2007 Coll., amended

as follows:



1. § 19 including title and footnote No. 19 and 20 read as follows:



"§ 19



The valuation of securities traded on a regulated market, foreign

regulated market or foreign markets similar to the regulated market



(1) securities



and domestic or foreign), traded on a regulated market ^ 19)

valued at the final exchange rate published by the regulated market on the day of the awards,

and if the



1. on the day of the awards was not a security traded on a regulated market,

appreciate the last final exchange rate published by the regulated market in

period prior to 30 days before the date of the award,



2. not a security traded on the regulated market, on the day of the award and

not traded on this market, even in the previous 30 days

before the date of the award, will appreciate the lowest achieved the final rate

published in the same intermediate period on another transfer spot in the Czech

Republic,



(b)), domestic or foreign, traded only on foreign

regulated market ^ 20) or the foreign market similar to the regulated market

will appreciate, if a valuable paper



1. is traded on a foreign regulated market or the foreign market

similar to a regulated market in the State of the registered office of the issuer, the final exchange rate

published on the market on the date of valuation, and if not available, will appreciate the

the last time the final rate published on this market in the period

referred to in point (a)),



2. not traded on a foreign regulated market or the foreign market

similar to a regulated market in the State of the registered office of the issuer, the last

the final exchange rate published by the foreign regulated market or

foreign market similar to a regulated market in the period referred to in subparagraph (a)

and) in the State in which it has a security admitted to trading on the

the market; If it was the same day declared the course on the market in more States,

appreciate the lowest published the final rate.



(2) when the procedure referred to in paragraph 1 (b). (b)), point 2 shall apply as a priority

the rate announced by the Ministry of finance markets intended measures after

the agreement with the Czech National Bank. Rate securities in foreign currency

the foreign exchange market rate recalculates the Czech National Bank prevailing on the date of

Awards. For the conversion of currencies that are not listed in the ticket exchange

The Czech National Bank, the rate of the u.s. dollar to this currency

announced by the Central Bank of the State with this currency.



(3) if the rate of the security referred to in paragraph 1 has been declared in the

during the 30 days before the date of the award at any market, appreciated the valuable paper

pursuant to section 20.



section 55, paragraph 19). 1 of Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Sb.



section 55, paragraph 20). 3 of Act No. 256/2004 Coll., as amended by Act No. 230/2008

Coll. and Act No. 188/2011 Sb. ".



2. Footnote 21 is deleted.



3. the title of section 20 reads: "the valuation of securities not dealt in on

the European regulated market or foreign markets similar to the regulated

market and the securities admitted to trading on these markets ".



4. In section 20 (2). Part 1 introductory provisions:



"Securities that are not traded on a regulated European market

even on the foreign market similar to the regulated market and securities

not admitted to trading on these markets, are valued

as follows: ".



PART THIRTEEN



cancelled



Article. XVI



cancelled



PART OF THE FOURTEENTH



The amendment to the law on supervision in the field of capital market



Article. XVII



Law No. 15/1998 Coll., on surveillance in the capital market and amending and

supplement other laws, as amended by Act No. 30/2000 Coll., Act No.

362/2000 Coll., Act No. 370/2000 Coll., Act No. 308/2002 Coll., Act No.

309/2002 Coll., Act No. 257/2004 Coll., Act No. 626/2004 Coll., Act No.

381/2005 Coll., Act No. 56/2006 Coll., Act No. 57/2006 Coll., Act No.

70/2006 Coll., Act No. 224/2006 Coll., Act No. 324/2006 Coll., Act No.

296/2007 Coll., Act No. 104/2008 Coll., Act No. 230/2008 Coll., Act No.

250/2008 Coll., Act No. 254/2008 Coll., Act No. 227/2009 Coll., Act No.

230/2009 Coll., Act No. 281/2009 Coll. and Act No. 160/2010 Coll., shall be amended

as follows:



1. In section 6 (1). 3, the words ", or the Stock Exchange Chamber under the Special

the law ^ 24e) "are deleted.



2. Footnote. 24e is hereby repealed.



3. In section 13 (3). 1 (a). k), the words "special legislation"

shall be replaced by the word "Act".



4. In section 13 (3). 1 (a). n) and section 13 (3). 2 (a). (b) the words "the Commission")

Of the European communities "shall be replaced by ' European Commission '.



5. In section 13 (3). 1 the letter r) reads:



"r) foreign markets similar to the regulated market".



6. In section 13 (3). 1 (a). in), the words "Commission of the European communities"

shall be replaced by "European Commission".



7. In section 13 (3). 1 (a). ZB zc)) and the word "listed" is deleted and

the word "shares" shall be inserted after the words "are admitted to trading on a regulated

the market ".



8. In section 13 (3). 2 (a). and the words ") of regulated markets is headquartered in

Member State of the European Union, "shall be replaced by the words" regulated European

the markets ".



9. In article 13, the following paragraph 4 is added:



"(4) the Czech National Bank publishes and regularly updates the way

enabling remote access in the Czech and English language list of legal

the rules governing the capital market business area,

collective investments, bonds, company law in

the capital market and the placement of funds of pension

funds, and the official communication from the Czech National Bank to them. ".



PART FIFTEEN



Change the enforcement order



Article. XVIII



In § 33 paragraph. 3 of the law No 120/2001 Coll., on judicial executors and

enforcement activities (procedure) and amending other laws, as amended by

Act No. 360/2003 Coll., Act No. 257/2004 Coll. and Act No. 286/2009

Coll., the words "and the stock exchange" shall be replaced by the words "the Organizer

regulated market ^ 27) ".



Footnote 27 is added:
"§ 37, paragraph 27). 1 of Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. ".



PART SIXTEEN



Amendment of the Act on the protection of competition



Article. XIX



In § 18 paragraph. 2 of the Act No. 143/2001 Coll., on the protection of economic competition,

as amended by Act No. 340/2004 Coll. and Act No. 361/2005 Coll., the word

"the public" shall be deleted and the words "quoted securities" shall be replaced by

the words "securities admitted to trading on a regulated European

market ^ 19) ".



Footnote 19 is added:



"section 55, paragraph 19). 2 Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. and Act No. 188/2011 Sb. ".



PART SEVENTEEN:



Amendment of the Act on administrative fees



Article. XX



In part IV of the annex to the Act No 634/2004 Coll., on administrative fees,

the text of Act No. 217/2005 Coll., Act No. 228/2005 Coll., Act No.

361/2005 Coll., Act No. 444/2005 Coll., Act No. 545/2005 Coll., Act No.

553/2005 Coll., Act No. 48/2006 Coll., Act No. 56/2006 Coll., Act No.

57/2006 Coll., Act No. 81/2006 Coll., Act No. 109/2006 Coll., Act No.

112/2006 Coll., Act No. 130/2006 Coll., Act No. 137/2006 Coll., Act No.

138/2006 Coll., Act No. 159/2006 Coll., Act No. 179/2006 Coll., Act No.

186/2006 Coll., Act No 215/2006 Coll., Act No. 226/2006 Coll., Act No.

227/2006 Coll., Act No. 235/2006 Coll., Act No. 309/2006 Coll., Act No.

575/2006 Coll., Act No. 106/2007 Coll., the Act No. 261/2007 Coll., Act No.

269/2007 Coll., Act No. 374/2007 Coll., Act No. 379/2007 Coll., Act No.

38/2008 Coll., Act No. 130/2008 Coll., Act No. 140/2008 Coll., Act No.

182/2008 Coll., Act No. 189/2008 Coll., Act No. 230/2008 Coll., Act No.

239/2008 Coll., Act No. 254/2008 Coll., Act No. 296/2008 Coll., Act No.

297/2008 Coll., Act No. 301/2008 Coll., Act No. 309/2008 Coll., Act No.

312/2008 Coll., Act No. 382/2008 Coll., Act No. 9/2009 Coll., Act No.

141/2009 Coll., Act No. 197/2009 Coll., Act No. 206/2009 Coll., Act No.

227/2009 Coll., Act No. 281/2009 Coll., Act No. 291/2009 Coll., Act No.

301/2009 Coll., Act No. 346/2009 Coll., Act No. 420/2009 Coll., Act No.

132/2010 Coll., Act No. 148/2010 Coll., Act No. 153/2010 Coll., Act No.

160/2010 Coll., Act No. 343/2010 Coll., Act No. 427/2010 Coll. and act

No 30/2011 Coll. items 65 and 66:



"Item 65



1. acceptance of applications for the granting of



Bank banking license) based on

the territory of the Czech Republic Czk 200 000



(b) the banking licence of foreign bank),

based in a non-member

State of the European Union, which it intends to

establish a branch within the territory of

The Czech Republic is CZK 200 000



(c) permission to carry insurance)

the activities of domestic insurance company

or reinsurance activities, domestic

reinsurance undertaking Czk 200 000



d) permission to carry insurance

the activities of the insurance undertaking from a third State

on the territory of the Czech Republic on the basis of the

the rights to establish their branch Czk 200 000



e) permission to carry the lock

the activities of a reinsurance undertaking from a third State

on the territory of the Czech Republic on the basis of the

the rights to establish their branch Czk 200 000



2. Receipt of the application for authorisation



and) credit rating agencies, which has its registered office

on the territory of the Czech Republic Czk 200 000



(b)) to the activities of the central depository Czk 200 000



(c)) to the activities of the brokerage house

Czk 100 000 papers



(d)) to the provision of investment services

in the Czech Republic through the

organizational folder foreign persons,

which has its registered office in a State which is not

Member State of the European Union Eur 100 000



(e)) to the activities of the Organizer

Czk 100 000 of the regulated market



(f)) for the operation of the settlement

of Czk 100 000



(g)) to the activities of investment companies

or to the activities of the investment fund of CZK 100 000



(h)) to the operation of the payment system

with the finality of settlement Czk 100 000



I) to the emergence and business savings

and credit cooperatives Czk 100 000



(j)) to the emergence and the activities of the pension

the Fund is CZK 100 000



to the activities of payment institutions) $ 50 000



l) to the activities of the institution of electronic

money of CZK 50 000



3. Receipt of the application for registration



and the insurance provider) Czk 10 000



(b)) a separate insurance liquidator

Czk 10 000 events



(c)) of the investment intermediary Czk 10 000



(d) the payment service provider)

a small range of Czk 10 000



(e)), the Publisher of the electronic money

a small range of Czk 10 000



(f) foreign exchange activities) $ 10 000



4. Receipt of the application for authorisation

to the activity of the processor,

domestic notes and coins Czk 10 000



5. The adoption of the amendment request



the banking license of the Bank) established

on the territory of the Czech Republic Eur 70 000



(b) the banking licence of the branch)

foreign banks established

in another Member State than the Eur 70 000



(c) the extent of the permitted activities)

domestic insurance or reinsurance undertakings Eur 70 000



(d) the extent of the permitted activities)

branches of insurance or reinsurance undertakings

from a third State $ 70 000



e) authorization of the Central

the depositary $ 70 000



(f) activities of the trader's permit)

with $ 35 000 securities



(g)) the authorisation to provide investment

services in the Czech Republic

through the organizational folder

foreign persons, which has its registered office

in a State which is not a Member State of the

The European Union Eur 35 000



(h) authorization of the Organizer)

regulated market to 35 000 Czk



6. Receipt of the application for approval of changes to the

the rules of the settlement system 35 000 Czk



7. The adoption of the amendment request



and investment activities permit)

the company's $ 35 000



(b)) rules of the payment system

with the finality of settlement $ 35 000



(c) the activities of the country permit)

and credit cooperatives 35 000 Czk



(d) the registration of the payment provider)

the services of a small range of Czk 5 000



(e) the Publisher of the electronic registration)

money of CZK 5 000 small scale



f) authorised payment institution Czk 20 000



g) authorised electronic money institutions Czk 20 000



8. Receipt of the application



and approval of the transfer of the insurance premium)

the tribe or its parts to Czk 20 000



(b) on approval of transfer)

reinsurance contracts or parts of 20 000 Czk



(c) the transfer of the authorization management)

mutual fund to the management

another investment company Czk 20 000



(d)) to grant consent management

the assets of the branch of a reinsurance undertaking from a third

the State as the principal on the account

specifically set up by Czk 20 000



Item 66



1. acceptance of applications for the granting of



and prior informed consent to the acquisition)

or increase of qualifying holding

to the Bank or to have become

the persons controlling the Bank Czk 20 000



(b)) with the prior consent of the acquisition

qualifying holding or increase

participation in domestic insurance undertaking or

her mastery of the Czk 20 000



(c)) with the prior consent of the acquisition

qualifying holding or increase

participation in the domestic reinsurance undertaking, or

her mastery of the Czk 20 000



d) prior consent to the acquisition of

or increase of qualifying holding

the organizer of the regulated market

or to become persons

the controlling of the Organizer

regulated market Czk 20 000



e) prior consent to the acquisition of

or increase of qualifying holding

the securities dealer

or to become persons

the controlling stock trader

papers Czk 20 000



(f) prior informed consent to the acquisition)

or increase of qualifying holding

on the Central Depositary or

to do so, to become parties

controlling the Central Depositary Czk 20 000



g) prior consent to the acquisition of

or increase of qualifying holding

the investment company, or

Investment Fund or

to become the controlling persons

the investment company, or

Investment Fund Czk 20 000



h) prior consent to the acquisition of

or increase of qualifying holding

on savings and the úvěrním team

or to become persons

controlling savings and credit

the cooperative $ 20 000



2. acceptance of applications for the granting of



and the prior consent of the change)

in the person of a member of the statutory or

the supervisory authority or person

authorized domestic insurance companies

or reinsurance undertaking Czk 5 000



(b)), the prior consent of the change

in the person of the head of the branch

insurance or reinsurance undertaking

from a third State Czk 5 000



(c)) prior consent to the exercise of
leading the charge of the Organizer features

regulated market Czk 5 000



d) prior consent to the exercise of

features the head of the person of the trader

of securities of CZK 5 000



e) prior consent to the exercise of

the head of the organizational features of the person

the folder foreign persons, who

provides investment services on the territory of the

The Czech Republic, which has its registered office

in a State which is not a Member State of the

The European Union is Czk 5 000



(f)) prior consent to the exercise of

the head of the person of the central function

Depositary Czk 5 000



g) prior consent to the exercise of

the head of the person of the investment function

company or investment fund of Czk 5 000



h) prior consent to the exercise of

the head of the person of the financial function

holding persons Czk 5 000



3. Receipt of the application for approval of a



and the person in the management of insurance)

holding persons Czk 5 000



(b) persons in the leadership of the country)

and credit cooperatives Czk 5 000



(c) persons in bodies) Pension Fund, Czk 5 000



4. acceptance of applications for the granting of



and the Bank's consent to the closure) of the Treaty,

on the basis of experience

to any available with the enterprise

or parts of 20 000 Czk



(b)) the consent to the merger or Division

Bank or transfer of assets to the Bank

as a companion to CZK 20 000



(c) consent to the reduction of the Basic)

capital of the Bank or to cover the loss of Czk 20 000



d) prior consent to transform the

domestic insurance undertaking or

domestic reinsurance Czk 20 000



5. Receipt of the application for authorisation



and) the merger or Division of the investment

the company's $ 20 000



(b)) to the merger or Division of the investment

the Fund is CZK 20 000



(c)) to the merger, the Division or to change the

the legal form or to transfer the

assets trader

securities to its shareholders

or partnership or to transfer the

the assets of other persons on the merchant's

of securities of CZK 20 000



(d)) to the merger, Division or transfer

asset Organizer

of the regulated market on its

Companion or to change the legal

form or to transfer a business

the assets of the organizer of the regulated

the market on its shareholder or

partnership or to transfer the

assets of another person

the organizer of the regulated market to Czk 20 000



(e)) to the Division or merger of the operator

the settlement of 20 000 Czk



(f)) for the merger of the Central Depositary

with the settlement

system or to a transfer of assets

the other person on the central depository Czk 20 000



6. Receipt of the application for the grant of



and consent to) the merger or Division

the savings and credit cooperatives Czk 20 000



(b) consent to the conclusion of the contract),

on the basis of experiencing any

available with the undertaking or its part

the savings and credit cooperatives Czk 20 000



(c) consent to the transfer of the Member)

rights of the member savings and credit

the cooperative $ 20 000



(d) the consent with the decision of the Member)

meetings on the reduction of the amount of the basic

a member of the savings deposit

and credit cooperatives Czk 20 000



7. Receipt of the application



and) for permission to merger pursuant to § 100

the law governing collective

the investment of Czk 20 000



(b)) for permission to merge under section 100 k

the law governing collective

the investment of Czk 20 000



(c)) on the consent to transfer

shares of the Pension Fund to the extent

more than 10% of the capital

the Pension Fund is CZK 20 000



(d)) for authorization to the Division or merger

pension funds $ 20 000



8. Receipt of the application



and) for permission to create a mutual

the Fund is CZK 30 000



(b)) to the activities of the investment

the Fund, whose assets will be

maintained on the basis of the Treaty

about the asset management

Investment Fund Czk 30 000



(c) the approval of an amendment of the Statute)

Investment Fund or

mutual fund Czk 10 000



(d) the approval of an amendment of the Statute)

pension plan and pension fund, Czk 10 000



(e)) for permission to public bidding

securities issued by

Foreign Special Fund

on the territory of the Czech Republic Czk 50 000



(f) the amendment of the authorisation for) public

offering of securities issued by

Foreign Special Fund

on the territory of the Czech Republic Czk 50 000



(g) approval or Amendment) auction

order of auction of securities of CZK 3 000



(h)) on the approval of amendments to the depositary

Investment Fund or

mutual fund Czk 5 000



I) for approval of changes to the depositary

Pension Fund, Czk 5 000



(j)) on the issue of the certificate of the Middle

or higher qualification level

professional competence of CZK 1 000



to grant time-limited) concerning the consent of the

insurance or reinsurance undertaking

to increase the limits for individual

financial items, Czk 5 000 songs



9. Receipt of the application



and approval of the prospectus) of the security

paper or issue conditions

a bond or bond

the program, including the combined

Czk 10 000 applications



(b) the approval of the prospectus) of the Appendix

security, or for

bond program or changes

the bond issue conditions Czk 5 000



(c)) for authorization to a narrowing of the prospectus

the securities of CZK 5 000



(d)) to grant consent to the publication of

an invitation to tender document required

takeover bids $ 5 000



e) to grant consent to the publication of

tender document for implementation of the

additional tender duties 3 000 Czk



(f)) to defer the implementation of the obligations of the

to publish information on the decision

make a bid acceptance or

of tender obligations of Czk 1 000



(g)) of the extension of the deadline for the submission of

design of tender document Czk 1 000



(h)) on the extension of the deadline for the publication of the

an invitation to tender document Czk 1 000



I) for approval of an extension of time

binding takeover bids $ 1 000



j) for authorization exceptions from the prohibition, do

legal acts seeking to contract

acquisition or disposal of participating

securities of the offeree company

for binding takeover bids $ 3 000



to) for permission exceptions from the prohibition

acquire participating securities

target company after their

time binding takeover bids $ 3 000



l) of shortening or remission period

1 year, after which the ban on the make

Another takeover offer of CZK 3 000



m) on the issue of the decision, which will be

allowed to exercise the voting

the rights of the person who determined the share of

on the voting rights of the target

the company entered into as a result of

its own negotiations and could not reasonably

assume that it takes a decisive

share of the target company Czk 3 000



n) on the issue of the decision on the dissolution of

the tender obligation Czk 3 000



on the issue of the decision) that will be

allowed to exercise voting rights

the person who is in delay with the performance of

the tender obligation Czk 3 000



p) on the issue of prior consent of the

together with the above consideration

When you squeeze-out stock

securities admitted to trading

on a regulated market Czk 10 000



Exemption



1. the fees referred to in point 9 (a) of this item. and) to p) are exempted

the Bank, based in the Czech Republic, if the release of mortgage

bonds.



2. the fees referred to in point 9 (a) of this item. and) to p) is exempt

Czech Export Bank, a. s.



PART EIGHTEEN



To change insolvency law



Article. XXI



Law No. 182/2006 Coll., on bankruptcy and the ways of its solution (insolvency

Act), as amended by Act No 312/2006 Coll., Act No. 108/2007 Coll., Act

No 296/2007 Coll., Act No. 362/2007 Coll., Act No. 301/2008 Coll., Act

No 458/2008 Coll., Act No. 7/2009 Coll., Act No. 163//2009 Coll., Act

No 217/2009 Coll., Act No. 227/2009 Coll., Act No. 285/2009 Coll., the award

The Constitutional Court declared under no 241/2010 Coll., the finding of the Constitutional Court

declared under the no 260/2010 Coll., Act No. 409/2010 Coll. and Act No.

69/2011 Coll., is hereby amended as follows:



1. In section 254, the words "or a stock market ' shall be deleted.



2. In paragraph 345. 1, the words "listed, under a special rule

code ^ 18) "shall be replaced by the words" to be admitted to trading on a regulated

^ 18) market ".



Footnote 18 is added:



"section 55, paragraph 18). 2 Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. and Act No. 188/2011 Sb. ".



PART OF THE NINETEENTH



The amendment to the law on takeover bids



Article. XXII



Act No. 104/2008 Coll., on takeover bids and change some other

laws, as amended by Act No 420/2009 Coll. and Act No 281/2009 Coll.,

amended as follows:



1. In article 1, the words "market in the Czech Republic" shall be replaced by the word "market" ^ 6) ".
Footnote 6 is added:



"6) section 55, paragraph. 1 of Act No. 256/2004 Coll., on business in the capital

market, as amended by Act No. 230/2008 Coll. ".



2. In section 2, paragraph 8 shall be deleted.



Paragraphs 9 to 11 shall be renumbered as paragraphs 8 to 10.



3. In section 5 (3). 1 the words "regulated market in one or in several

Member States, in addition to the Czech Republic "shall be replaced by the words" one or

more foreign regulated markets ^ 7) ".



Footnote 7 is added:



"7) § 55 paragraph. 3 of Act No. 256/2004 Coll., as amended by law no 230//2008

Coll. and Act No. 188/2011 Sb. ".



4. In section 5 (3). 2 (a). and), the words "in the Czech Republic" shall be deleted.



5. In section 5 (3). 2 (a). (b)) the introductory part of the provisions, the words

"regulated markets in more than one Member State including the Czech

of the Republic, unless they are admitted to ' shall be replaced by the words "more European

regulated markets ^ 8) including the regulated market, unless they are admitted to

also trading on the European ".



Footnote 8 is added:



"8) section 55, paragraph. 2 Act No. 256/2004 Coll., as amended by Act No. 230/2008

Coll. and Act No. 188/2011 Sb. ".



6. In section 5 (3). 2 (a). (b)) (2) the words "regulated markets in more

than one Member State including the Czech Republic "shall be replaced by the words" more

regulated European markets including the regulated market "and the words

"the regulated markets in the Member States" shall be replaced by the words

"these European regulated markets".



7. In section 10, paragraph 1. 1 (a). (h)), the word "mark" is the word

"European".



8. In section 13 (3). 4, the last sentence shall be replaced by the phrase "in the case of

the subject of takeover bids participating securities admitted to

trading on a foreign regulated market, discloses the bidding

document whether or not in the Member State in which the foreign market

organized, the way for the publication of an invitation to tender document

lays down the law of that Member State. '.



9. In section 17(2). 1 (a). e), the words "of the market, according to a special legal

Regulation ' shall be replaced by the word "market" ^ 9) "and the words" the public market of securities

"shall be replaced by the words" the European regulated market ".



Footnote 9 is added:



"9) § 3b of the paragraph. 4 Act No. 256/2004 Coll., as amended by law no 230//2008

Coll. and Act No. 188/2011 Sb. ".



10. In section 25, paragraph. 1, after the words "acceptance of the word" European ".



11. In section 25, paragraph. 2 and in section, paragraph 44. 1 (a). (c)), for the word "outside" is inserted

the word "European".



12. In section 27. 1, § 28, § 30 paragraph. 1 (a). (b)), § 32 paragraph. 1 sentence

third, section 43, paragraph. 3 and 44, paragraph in the section. 2 (a). (b)), after the word "on" is inserted

the word "European".



13. In section 30, paragraph. 1 (a). and), after the words "closed on" Word

"European".



14. Footnote 2 shall be deleted, and that including links to note

under the line.



15. In section 35, paragraph. 1 and § 49 paragraph. 1, after the words "trading"

the word "European".



16. In section 38, paragraph. 1 (a). and (2)), the words "the public market

the papers "shall be replaced by" the European regulated market ".



17. In section 38, paragraph. 1 (a). (b)), the words "special legislation"

replaced by the words "the law governing the capital market supervision".



18. In section 43, paragraph. 2, after the words "traded on" Word

"European".



19. In paragraph 44. 5, after the words "the resolution", the words "to establish

Another expert to handle the next valuation ".



20. In § 64 paragraph. 3, the first sentence shall be replaced by the phrase "the target company,

the participating securities are not admitted to trading on the European

regulated market in the State of its registered office and its participating securities

at the same time have been accepted for trading on more regulated European

markets, which the supervisory authority of the Member State to 20. June 2006

not that it is responsible for the supervision of takeover bids,

determine which of the supervisory authorities of the Member States in which they are

the European regulated markets organized, will be competent to exercise supervision

above the take-over bid. ".



21. In § 64 paragraph. 3 last sentence, after the words "the organizers"

the word "European".



PART TWENTY-



Amendment of the Act on Auditors



Article. XXIII



Act No. 93/2009 Coll. on Auditors and amendment to certain laws, as amended by

Act No. 227/2009 Coll., is hereby amended as follows:



1. In section 2 (a). m), the words "a regulated market of any Member

State of the European Union or "shall be replaced by the words" the European regulated market

or foreign market similar to the regulated market ".



2. In section 47, paragraph. 1, the words "in the Czech Republic" shall be deleted.



PART OF THE TWENTY-FIRST



Amendment of the Act on insurance



Article. XXIV



Act No. 277/2009 Coll., on insurance, as amended by law no 409/2010

Coll., is hereby amended as follows:



1. In section 70 paragraph. 1 (a). (c)), e) and (j)), the word "listed" be deleted and the

the end of the text of the letter c), (e)), and (j)), the following words "admitted to trading

on a regulated European market ^ 38) or the foreign market similar

the regulated market ".



Footnote No. 38:



"section 55, paragraph 38). 2 Act No. 256/2004 Coll., as amended by Act No. 230/2008

Coll. and Act No. 188/2011 Sb. ".



2. In section 70 paragraph. 1 (a). p) with the word "unquoted" be deleted and the end of the

the text of the letter shall be added the words ", which are not admitted to trading

on a regulated European market ^ 38) or the foreign market similar

the regulated market ".



3. In section 70 paragraph. 2 (a). and the words ") regulated market ^ 8) Member

States ' shall be replaced by the words "foreign market similar to the regulated market in

the Member States ".



4. In section 73, paragraph. 4 (b). (c)), the words "a regulated financial market"

replaced by the words "the European regulated market ^ 38) or the foreign market

similar to the regulated market ".



5. In section 128 paragraph. 6, the words "persons working for an insurance company, or

reinsurance undertaking "shall be replaced by the words" insurance or reinsurance undertakings or persons for

her acting ".



PART TWENTY-TWO



The EFFECTIVENESS of the



Article. XXV



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



Němcová in r.



Klaus r.



Nečas in r.