230/2008 Sb.



LAW



of 5 April 2004. June 2008,



amending Act No. 256/2004 Coll., on the capital market,

as amended, and other related laws



Change: 241/Sb.



Change: 89/2009 Sb.



Parliament has passed the following Act of the United States:



PART THE FIRST



Amendment of the Act on capital market



Article. (I)



Act No. 256/2004 Coll., 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. and Act No.

126/2008 Coll., is amended as follows:



1. § 1, including title and footnotes 1 and 2 read as follows:



"§ 1



The subject of the edit



This law incorporates the relevant provisions of the European Communities ' ^ 1 '),

at the same time follows the directly applicable provisions of the European

Community ^ 2) and regulates the provision of services in the field of capital

market, capital market and the protection of investors and the public offering of securities

of papers.



1) European Parliament and Council Directive 97/9/EC of 3 June 2003. March 1997

on investor-compensation schemes.



European Parliament and Council Directive 98/26/EC of 19 June 2000. May 1998 on

settlement finality in payment systems and in systems

the settlement of securities transactions.



European Parliament and Council Directive 2001/34/EC of 28 June 1999. May 2001

on the admission of securities to listing on the stock exchange and the

the information to be disclosed to them, as amended by Directive

The European Parliament and of the Council 2003/6/EC.



Directive of the European Parliament and of the Council 2003/6/EC of 28 June 1999. January 2003 on the

insider dealing and market manipulation (market abuse).



Directive of the European Parliament and of the Council 2003/71/EC of 4 April 2003. November

2003 on the prospectus to be published when the public or

the admission of securities to trading, and amending Directive 2001/34/EC.



European Parliament and Council Directive 2004/39/EC of 21 June 1999. April 2004

on markets in financial instruments, as amended by the directive of the European Parliament and of the

Council 2006/31/EC.



Commission Directive 2004/72/EC of 29 April 2004. April 2004 implementing

Directive of the European Parliament and of the Council 2003/6/EC as regards accepted

market practices, the definition of inside information in relation to derivatives

derivatives, the establishment of lists of insiders, the notification of transactions

the responsible Directors and the reporting of suspicious transactions.



European Parliament and Council Directive 2006/48/EC of 14 July 1999. June 2006

about the access to the activity of credit institutions and on its performance

(recast).



European Parliament and Council Directive 2006/49/EC of 14 July 1999. June 2006

on the capital adequacy of investment firms and credit institutions

(recast).



Commission Directive 2006/73/EC of 10 June 1999. August 2006 implementing

European Parliament and Council Directive 2004/39/EC, as regards the

organisational requirements and operating conditions for investment firms and

defined terms for the purposes of that directive.



2) Commission Regulation (EC) no 2273/2003 of 22 July 2003. December 2003 laying

implementing European Parliament and Council Directive 2003/6/EC as regards the

exemptions for buy-back programmes and stabilisation of financial instruments.



Commission Regulation (EC) no 809/2004 of 29 April 2004. April 2004 laying

performed by European Parliament and Council Directive 2003/71/EC as regards the

the information contained in prospectuses as well as the format, incorporation, placing the data in the form of

reference, publication of such prospectuses and dissemination of advertisements, as amended by regulation

Commission Regulation (EC) no 1787/2006 and no 211/2007.



Commission Regulation (EC) no 1287/2006 of 10 March 2006. August 2006

performed by European Parliament and Council Directive 2004/39/EC, as regards the

record-keeping obligations for investment firms, transaction reporting,

market transparency, admission of financial instruments to trading, and about

defined terms for the purposes of that directive. ".



Former footnote No. 1a to 1 h are referred to as comments below

line no. 3 to 10, footnote No. 1f (article 107a, paragraph 2)

is referred to as a footnote No 11, footnote

No 1a [section 115 (1) (a))] is referred to as a footnote.

12, the existing footnote 1j and 1 k no are referred to as notes

footnote 13 and 14, the former footnote No. 2 and 3 are referred to

as footnote # 15 and 16, footnote # 1 l

is referred to as a footnote 17, footnotes so far

# 4, 4a, 4b and 4 c are referred to as footnote # 18 to 21 and

the existing footnote 5 and 6 are renumbered as notes under

line # 22 and 23, and including references to footnotes.



2. section 2 including title and footnotes # 2a and 2b:



"§ 2



The definition of some terms



(1) in this Act, means the



and the head of the person) of the statutory authority, statutory authority, Executive

the Director of the legal person, or a person who otherwise actually controls the

the activity of the legal person,



(b) a person with management powers)



1. the head of a person



2. the Supervisory Board or another supervisory body,



3. the Member of the Supervisory Board or another supervisory body,



4. a person who, within the issuer makes a decision that may affect the

the future development and the corporate strategy of the issuer, and that has access to

internal information,



(c) the person is a special relationship) to the trader in securities



1. the head of the person of the trader in securities



2. bound representative (section 32a) brokerage house and its head

of the person,



3. the investment intermediary (§ 29) brokerage house,



4. employee of the brokerage house, which is involved in the

the main provision of investment services,



5. an employee of the bound representative dealer of securities, which

involved in the provision of major investment services,



6. a natural person other than that referred to in points 1 to 4, which is involved in the

the main provision of investment services and securities trader

that their activities take place in accordance with the investment firm's commands

papers,



7. a natural person who is directly involved in the activities, the performance

securities dealer has charged a third person in connection with

the main provision of investment services,



8. a person who, in connection with the exercise of his employment, profession or

the function produces the substance of the analysis of investment opportunities,



(d)) share share held by indirect through another person or

a group of persons acting in concert,



e) qualifying holding direct or indirect share capital

the voting rights or of the person or their sum, which represents

at least 10% or exercise significant influence over its management,



f) close links the relationship between persons,



1. where one person has a direct or indirect participation in the

of the capital or voting rights of another person, which is at least

20%,



2. where one person controls another person, or 3. controlled by the same

person,



g) misleading information information eligible to invoke a false idea about

the subject matter to which it relates; misleading information, the information is true,

that, given the context in which it was used, may mislead,



h) customer's property funds and investment tools that

has a securities dealer in their power in order to provide

investment services, and cash and investment tools acquired

for these values to the customer; the property of the customer are not deposits in accordance with

the law governing the activity of the bank, which charged a trader in securities

the papers, which is a bank or a branch of a foreign bank,



I) initial capital sum



1. the paid-up capital,



2. the paid-up share premium,



3. mandatory reserves



4. other reserve funds created from profit after tax, with

the exception of purpose-built, reserve funds



5. the difference retained earnings from previous periods, referred to in the financial

statements verified by the auditor and approved by the general meeting, which

the distribution of the general meeting has not decided, and unpaid losses

period including losses for previous accounting periods,



(j) particulars of the person)



1. in the case of a legal entity business name or the name, registered office and identification

number, if assigned,



2. in the case of a natural person name and surname, date of birth, social security number,

If it was allocated, the address of the residence; for business to

commercial register business name, or place of business, and

the identification number, if assigned,



to trade trade) investment facility is enclosed by a person with

a special relationship to the trader in securities or on their behalf,

If a person with a special relationship to the trader in securities

This is beyond the scope of their employment or business concluded on the

account



1. this person,



2. persons under the civil code, in



3. a person that is closely linked, or



4. any other person, if the person has a special relationship to the merchant with the


Securities has a direct or indirect material interest in the outcome of the trade,

that is not a fee or remuneration for trade execution,



l) listed company investment tool investment instrument admitted to

trading on a regulated market in investment instruments (hereinafter referred to as

"regulated market") with registered office in a Member State of the European Union.



(2) the transfer is



and the regulated market)



(b)), the multilateral trading system,



c) a securities dealer carrying out the systematic internalisation of

(section 17a (1)),



d) market maker or other liquidity provider, if it's not working

on a regulated market or in a multilateral trading system, or for

securities trader carrying out the systematic internalisation of

(section 17a (1)), or



e) foreign transfer point, whose activity is similar to the

the scope of activities of any of the sites listed in the transfer (a))

to (d)).



(3) in this Act are further means



and commodity by commodity) directly to the applicable legislation of the European

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 2a),



b) portfolio trade portfolio business by directly applicable

Regulation of the European communities, implementing directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 2b).



2A) Article. 2 (2). 1 Commission Regulation (EC) no 1287/2006.



2B) Article. 2 (2). 6 of Commission Regulation (EC) no 1287/2006. ".



3. in article 2, the following new paragraph 2a to 2d, which including the following titles:



"§ 2a



Professional customer



(1) a professional customer is in this Act shall mean



and) Bank and the e-money institutions,



(b)), savings and credit cooperative,



c) a securities dealer,



d) insurance company,



(e)) the reinsurance undertaking,



f) investment company,



g) investment fund,



h) Pension Fund



I) person as its critical operations are performed by securitisation



j) a person who trades for his own account investment instruments for

to reduce the risk (hedging) of investment instruments

referred to in § 3 (1). 1 (b). (d)) to) and this activity is among its

critical activities



to) the person who trades for his own account investment instruments

referred to in § 3 (1). 1 (b). g) to (i)) or commodities and this activity

These include its critical activities,



l) legal person who is responsible to manage the property of the State, in the

ensuring the purchase, sale or management of receivables or other

assets or restructuring of commercial companies or other

legal persons, with the participation of the State,



m) a foreign person with similar activities as one of the persons referred to in

(a) to (l)))



n) State or a Member State of the Federation,



about) the Czech National Bank, foreign central bank or the European

the Central Bank and the



p) the World Bank, the International Monetary Fund, the European Investment Bank

or other international financial institutions.



(2) a professional customer is in this Act shall mean



and) a legal person founded for the purpose of business, which according to the last

financial statements at least 2 of the 3 criteria, which are



1. the total amount of assets corresponding to the amount of at least EUR 20 0000 0000



2. annual net turnover of at least EUR 40 0000 0000 corresponding to the amount,



3. own funds corresponding to the amount of at least EUR 2 0000 0000



(b)) a foreign person, formed for the purpose of a business that meets the

the conditions laid down in point (a)).



(3) the customer in accordance with paragraphs 1 and 2 shall be considered as a customer who is not

professional customer in the scope of the investment instrument shops

or investment services, on which the securities dealer

agree upon. The agreement must be clear out trade or trades

investment instrument or investment services are concerned. In the case of

that this agreement has not been concluded in writing, is a trader of securities

papers shall be issued to the customer on receipt of

the facts referred to in the second sentence.



(4) the customer referred to in paragraphs 1 and 2 shall be considered as a customer who

not a professional customer also in circumstances where the trader

securities without his request that it considered such customer

shall be considered. From communication to the customer must be clear out trade or

shops with an investment instrument or investment services are concerned.



Section 2b



Professional customer on request



(1) a professional customer, this Act also means the person



a) which securities dealer shall request that treated her like a

professional customer, agrees and



(b)), which meets at least 2 of the following 3 criteria:



1. background for each of the last 4 consecutive quarters on

the relevant regulated market established in a Member State of the European Union

or in the relevant multilateral trading system operated by the person

established in a Member State of the European Union trades with the investment

instrument, to which the application refers, in significant volume and the average

the number of at least 10 stores in the quarter,



2. the volume of its assets consisting of funds and investment

the corresponds to the amount of at least EUR 500 000,



3. performed for at least one year, or performing in the context

with the exercise of his employment, profession or function activities in the area

the financial market, which requires knowledge of the transactions or services covered by the

the application refers to.



(2) the request referred to in paragraph 1 (b). a) must be in writing and must

be clear out of trade or investment instrument or shops

What investment services is concerned. The annex to the application is a written statement

the applicant that he is aware that the



and) this change could mean the loss of entitlement to a refund of the foreign

the guarantee system similar to the system zabezpečovanému Guarantee

Fund securities traders,



(b)) the obligations laid down in § 15-15r in relation to professional

the customer holds the securities in a narrower range than in the

relationship to the customer who is not a professional customer; on these

the fact of trading in securities of the applicant specifically notifies.



(3) a securities dealer may consent referred to in paragraph 1 (b). and)

grant, if it is satisfied that the applicant meets the criteria referred to in paragraph

1 (b). (b)) and has about trade or investment instrument shops

or investment services to which the application relates, the necessary experience and

expertise, is capable of making his own investment decisions and

It understands the associated risks.



(4) the Professional customer, referred to in paragraph 1 shall be deemed to

a customer who is not a professional customer, provided that the trader

securities so requests. The request must be clear out of trade

or transactions with the investment instrument or investment service

such an application refers to. This request as a securities dealer.



(5) a securities dealer continuously validates and assesses, on a regular basis

whether a professional customer in accordance with paragraph 1 ceased to satisfy the conditions

referred to in paragraph 3.



(6) the customer referred to in paragraph 1 shall be considered as a customer who is not

professional customer also if the securities dealer

without his request, it shall be considered for such customer. From

communication from the customer must be clear out trade or trades

investment instrument or investment services are concerned.



section 2 c



(1) for the purpose of requesting information from a trader in securities

the customer, when providing investment services (section 15 h of up to 15 k) it is considered that,

that the customer has the professional expertise and experience in the field of

investment to make your own investment decisions and follow up

the risk, which is undergoing in connection with investment services or

trade with investment instrument, for which the professional

by the customer.



(2) For the purposes of the provision of investment advice, it is considered that the

professional customer referred to in § 2a para. 1 and 2 has the financial background to

hanjour was related to investment risks corresponding to its

investment goals.



section 2d



(1) a securities dealer is not required in the provision of major

investment services referred to in section 4, paragraph 4. 2 (a). a), b) or (c)) perform

in relation to a Professional client referred to in § 2a para. 1

the obligations provided for in § 15-15r. As the professional customer, in

relation to which the securities dealer is not in the provision of

the main investment services referred to in section 4, paragraph 4. 2 (a). and), (b)) or

(c)) shall be obliged to fulfil the obligations laid down in paragraph 15 to 15r, shall, if

with this expressly agrees (i) natural person resident or legal

person established in another Member State of the European Union, in relation to the

that under the law of that Member State, is not a foreign person

authorised in that Member State to provide investment

the services required without her request when providing the main investment

the services referred to in section 4, paragraph 4. 2 (a). a), b) or (c)) to perform the duties

similar obligations laid down in § 15-15r. Of consent must be


clear out the store or stores with an investment instrument or what

investment services is concerned.



(2) a securities dealer is not required in the provision of major

investment services referred to in section 4, paragraph 4. 2 (a). a), b) or (c)) perform

in relation to a Professional client referred to in § 2a para. 2 and § 2b

paragraph. 1 the obligations provided for in § 15-15r, provided that such

professional customer requests in writing. The request must be clear,

out trade or investment instrument shops or what

investment services is concerned.



(3) a securities dealer is obliged to provide the main

investment services referred to in section 4, paragraph 4. 2 (a). a), b) or (c)) perform

the obligations provided for in § 15-15r in relation to professional

the customer, in relation to which it is fulfilling in terms of paragraph 1 or

2, if this customer brokerage house in writing

so requests. Such a request must be clear out trade or trades

investment instrument or investment services are concerned.



(4) the obligations provided for in § 15-15r is a securities dealer

in the provision of major investment services referred to in section 4, paragraph 4. 2

(a). a), b) or (c)) shall be entitled to carry out even against the customer, in relation to the

which is within the meaning of paragraph 1 or 2 is not otherwise obliged to fulfill. In doing so,

must be clear out of trade or investment instrument shops

or what investment services this brokerage house

refers to.



(5) the Professional customer, in relation to which it is not a trader with

the investment firm shall, when providing the main investment services

referred to in section 4, paragraph 4. 2 (a). a), b) or (c)) perform within the meaning of paragraph 1

or 2 the obligations provided for in § 15-15r, is considered to be a customer,

that is not a professional customer, even if the trader

securities without his request that it considered such customer

shall be considered. It must be obvious, out trade or trades

investment instrument or investment service, the procedure

brokerage house refers to. ".



4. the heading of part two shall be: "INVESTMENT TOOLS and investment services".



5. In section 3, paragraph 3. 1 letter d) is added:



"(d)) options, futures, swaps, forwards and other instruments whose value is

refers to the exchange rate or the value of the securities, currency rates, interest

the interest rate or yield, as well as other derivatives contracts, financial indices

quantitatively expressed indicators or financial, and indicating the

a right to cash settlement and/or the right to delivery of the assets,

to which their value applies ".



6. In section 3, paragraph 3. 1 at the end of paragraph (d) is replaced by a comma and dot)

the following point (e))) are added:



"e) tools for the transfer of credit risk,



(f)) of the Treaty, the financial differential



g) options, futures, swaps, forwards and other instruments whose value is

apply to commodities and which imply a right to cash settlement

or the right to at least one party to choose whether it wishes to settle in

the money, if the use of this right depends on the insolvency of the

or other similar impossibility of performance,



h) options, futures, swaps and other instruments whose value is related to the

commodities and which imply the right to the supply of this commodity, and to which

are traded on a regulated market in a Member State of the European

the Union or in the multilateral trading system operated by a person with

established in a Member State of the European Union,



I) options, futures, swaps, forwards and other instruments whose value is

apply to commodities and which imply the right to the supply of this commodity,

that are not referred to in subparagraph (h)), they are not intended for commercial purposes, and

have the characteristics of other derivative investment instruments; in particular, those

that are cleared and settled through the securities settlement system

or is their part of the agreement on the invitation to tween to ensure



j) options, futures, swaps, forwards and other instruments whose value is

subject to climatic characteristics, transport fares, the emission

allowances or inflation and other economic indicators

published in the field of official statistics, and which imply the right to

cash settlement or the right to at least one party to choose whether you

wishes to cash settlement, if there is no usage of this right depends on

insolvency or other similar impossibility of performance,



for tools with a value) applies to property values, rights,

obligations, indices or quantitatively expressed indicators that

are not referred to in subparagraph (j)), they are not intended for commercial purposes and have

characteristics of other derivative investment instruments; in particular, those

which are traded on a regulated market in a Member State

The European Union, or in a multilateral trading system operated

by a person established in a Member State of the European Union, are cleared and

have been dealt with through a securities settlement system or is part of the

the agreement on the call to replenish collateral. ".



7. in section 3, paragraphs 2 to 5, including footnote No 2 c shall be added:



"(2) Investment Securities are securities which are

negotiable on the capital market. Investment securities are

in particular, the



and) shares or similar securities representing the share of the company

or other legal entity,



(b)) the bonds or similar securities representing the right to repayment of the

the amount due,



c) securities replacing the securities referred to in (a)), and (b)),



d) securities conferring the right to the acquisition or disposal of investment securities

papers referred to in points (a) and (b)),)



e) securities, which give a right to cash settlement and

whose value is determined by the value of the investment securities,

Exchange rates, interest rates, interest income, commodities or

financial indexes or other quantitatively expressed indicators.



(3) the investment vehicles are not payment instruments.



(4) one investment tool can kick characters according to their characteristics

more types of investment vehicles.



(5) in cases where the investment facility referred to in paragraph 1 (b). I) and k)

It is not intended for commercial purposes and which has the characteristics of other derivative

investment instruments, defines the directly applicable European regulation

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 2 c).



2 c) Article. 38 and 39 of Commission Regulation (EC) no 1287/2006. ".



8. In section 4, paragraph 4. 1, after the words "the main investment services ' shall be replaced

"and activities (hereinafter referred to as" the main investment services ")" and the words "the third

persons "shall be deleted.



9. in section 4, paragraph 4. 2 (a). (b)), the words "other persons" shall be replaced by

the "customer".



10. In section 4, paragraph 4. 2 (d)) and e) are added:



"(d) the management of the assets of the customer) if its part of the investment

a tool based on free thoughts in the context of contractual arrangements,



e) investment advice relating to investment instruments. ".



11. In paragraph 4, at the end of paragraph 2, the period is replaced by a comma and the following

the letters f) to (h)), which read as follows:



"(f)) the operation of the multilateral trading system,



g) underwriting or placement of investment instruments with a commitment to their

underwriting,



h) placement of investment instruments without their underwriting commitment. ".



12. in section 4, paragraph 4. 3 letter a) is added:



"a) safekeeping and administration of financial instruments, including related

services ".



13. in section 4, paragraph 4. 3 (b)) shall be deleted.



Subparagraph (c)) to (h)) shall be renumbered as subparagraph (b)) to (g)).



14. in section 4, paragraph 4. 3 (d)):



"(d)) the provision of investment advice and analysis of investment

opportunities or similar general recommendations relating to

trading in investment instruments, ".



15. in section 4, paragraph 4. 3 (b). (f)), the word "emission" shall be replaced by "or

by placing ".



16. in section 4, paragraph 4. 3 the letter g) is added:



"g) service similar to the investment service that relates to the property values,

to which the value of the investment facility referred to in section 3, paragraph 3. 1

(a). g) to) and that is related to the provision of investment services. ".



17. in § 4 paragraphs 4 to 6 shall be added:



"(4) the investment service of reception and transmission of instructions relating to

investment instruments includes the commercial agencies with investment

tool.



(5) the investment advice relating to investment instruments is

provide individualized advice, directly or

indirectly, to the purchase, sale, subscription, location, payment, held by or

another treatment with a particular investment instrument or instruments or

to exercise the right to such use, and irrespective of whether it is

provided by initiative of the customer or potential customer or

brokerage house.



(6) investment service of safekeeping and administration of financial instruments, including

related services include record-keeping, building on the

Central Register of securities (section 92), keeping separate records

investment instruments or to follow up on a separate record keeping

Register of investment instruments (section 93). ".



18. in paragraph 4, the following paragraph 7 to 9 shall be added:




"(7) analysis of investment opportunities means information



a) which directly or indirectly recommends investment strategy or

investment opportunity relating to a particular investment tool

or the issuer of the investment tool and



(b)) which may be the addressee under the circumstances be considered objective and

independent recommendations of such investment strategy or investment

opportunities.



(8) part of the analysis of investment opportunities, which is intended for

the public or the disclosure can reasonably be expected, must be

opinion on the present or future value or price of such

investment instruments.



(9) analysis of investment opportunities can be also an investment

recommendations. ".



19. in paragraph 4, the following new paragraph 4a and 4b, which including the title and notes

footnote No. 2d:



"§ 4a



The main investment services and supplementary investment service as referred to in paragraph 4 of the

paragraph. 3 (b). and nobody may provide) without a permit issued by the Czech

National Bank, unless this Act or other legislation does not provide for

otherwise.



§ 4b



Exemptions from the authorisation to provide investment services



(1) for the provision of investment services do not require authorisation under this

the law,



a) in the case of the main investment service or ancillary investment service

referred to in section 4, paragraph 4. 3 (b). and), and these services are provided



1. only persons who control the person providing an investment service

persons that are controlled by a person providing investment services or

persons controlled by the same person as the person providing investment

service, or



2. only occasionally, and in connection with the performance of other professional or

business activities if other legislation governing these

business of providing such investment services does not prohibit



(b)) in the case of the main investment service or ancillary investment service

referred to in section 4, paragraph 4. 3 (b). and) relating to investment instruments

referred to in § 3 (1). 1 (b). g) to), if these services are

provided in connection with the crucial activities of the provider, and



1. the critical activities of the provider is not providing the main

investment services and



2. the provision of the main investment services or ancillary investment

the services referred to in section 4, paragraph 4. 3 (b). and not one of the crucial activities)

the person who controls the ISP of the person who is the provider of

controlled by, or persons controlled by the same person as the supplier,



c) in the case of trading on their own account, investment instruments, if

It is performed by a person who does not provide another major investment service



d) in the case of proprietary trading with investment instruments

referred to in § 3 (1). 1 (b). g) to (i)), if the implementation of this activity

or dealing on own account in commodities is among the crucial

activities of the person, which is done, and if that person does not provide a different

the main investment service; This does not apply if the person trading on

own account investment instruments referred to in § 3 (1). 1 (b). (g))

-i) or commodities controlled by the person providing the main investment

the service is controlled by the person providing the main investment service or

If a person controlled by the same person as the person trading on

own account investment instruments referred to in § 3 (1). 1 (b). (g))

-i) or with the commodities, the main investment services or



e) in the case of collecting funds from the public for the purpose of

their joint investment or in the case of activities and services

the depositary, related to such a collection of 2d ^ ^).



(2) to trading on its own account investment instruments is required

permit under this Act, if it is carried out by the creator of market (paragraph

3); This does not apply if the market maker is trading with investment instruments



and on its own account) in the context of its critical activities and

trading on its own account, is not one of the crucial activities of the person,

that controls the market maker, a person who is controlled by a market maker, or

persons controlled by the same person as a market maker,



(b)) on its own account solely for the purpose of reducing the risk of

concluded on the market with investment instruments referred to in § 3 (1). 1

(a). (d)) to)



(c)) on its own behalf exclusively with participants in the relevant market investment

instruments and the settlement of transactions with these investment instruments is

guaranteed to the participants in the securities settlement system of such a market, or



(d)) on behalf of other market participants investment instruments referred to in section

3 (2). 1 (b). (d)) to) or for them creates a price and the settlement of these

shops is guaranteed to the participants in the securities settlement system of such a market.



(3) a market maker in this Act means a person who in the financial

the market trades on its own account investment instruments so that it continuously

offers participants the relevant market or its part to close the opportunity

with her trade relating to investment instruments for her a set price.

Market maker pursuant to paragraph 2 is always the person who regularly and

systematically outside a regulated market in a Member State of the European

the Union or outside the multilateral trading system operated by the person with the

established in a Member State of the European Union, offers third parties the opportunity to

conclude with her business of the investment facility.



2D) Law No. 189/2004 Coll., on collective investment, as amended by

amended.



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

about changes to certain laws related to its introduction, as amended by

amended. ".



20. under the second head of the second, the designation of the part 2 including title

repealed.



The existing parts 3-5 are known as parts 2 to 4.



21. in section 6 (1). 1 at the end of the introductory part of the text of the provisions complement

the words "or a company with limited liability".



22. in section 6 (1). 1, letter a) is added:



"and that, if) this is a joint stock company, issued only documentary

registered shares or dematerialised shares; This is without prejudice to the provisions of

another law on the form of preferred shares issued by the Bank

or, if this is a company with limited liability, which has services set up

the Supervisory Board and the Supervisory Board has such powers as are

the powers of the Supervisory Board of joint-stock companies under the commercial code ".



23. in section 6 (1). 1 (b). (c)), after the word "origin", the words

"initial capital including".



24. in section 6 (1). 1 (d)) to f) are added:



"(d)) which shall submit to the



1. business plan based on realistic economic calculations,



2. the application of the organizational arrangement of the brokerage house,



3. the draft rules of the prudent provision of investment services, which

meet the requirements of this Act,



4. the draft rules of conduct brokerage house with customers,

which meet the requirements of this Act,



(e)) that has, in the extent to which it intends to provide investment services,

material, personnel and organizational preconditions for the exercise of the activities of the

brokerage house and for the performance of his/her duties, in particular in the

the field of activities and management rules of the brokerage house,



(f)) which has a paid-up share capital of at least 2 persons and whose leader

the head of the person meeting the conditions of the approval of the heads of individuals provided for in §

10. "



25. In section 6 (1). 1 (b). (g)), the word "healthy" is replaced by

"proper".



26. in section 6 (1). 1 at the end of the letter h) dot is replaced by a comma and

the following letter i), which read as follows:



"i) which, if asking for permission to provide the main investment services

referred to in section 4, paragraph 4. 2 (a). (f)), it shall submit



1. the draft rules of trading in the multilateral trading system (section 69

paragraph. 2),



2. the application of the rules on the admission of investment instruments to trading on a

multilateral trading system (section 69 (3)),



3. the application of access rules into the multilateral trading system (section 69

paragraph. 4).“.



27. in section 6 (1). 2 at the end of the text of the first sentence, the words "and whether it is

entitled to receive funds or investment vehicles

customers ".



28. in article 6, paragraphs 3 to 6 shall be deleted.



29. in paragraph 6, the following new section 6a and 6b, which including the following title:



"§ 6a



Other business activities of the trader in securities



(1) other business activities as a securities dealer may,

It is not a Bank, to carry out only after it has been registered, the Czech national

by the Bank.



(2) other business activities of the trader in securities referred to in

§ 8a of the paragraph. 1 to 3 may consist simply in providing other services to

the financial market, in particular



and) in activities related to the building savings loan, mortgage or

other loans, insurance or pension insurance, if you are

in mediation, or other agency activities or in

advice,



(b)) in the rental of safes,



(c) activities and in the Exchange) non-cash foreign currency trade



(d)) in training activities in the field of financial market.



(3) the Czech National Bank for more business activities of the applicant

registers and without undue delay sends to the applicant a certificate of

registration.




(4) in the event that the performance of the other business activities hinders the proper

provision of investment services or the effective supervision of

as a dealer in securities or request does not meet the conditions referred to section 7 of the

paragraph. 2, the Czech National Bank may



and reject, or registration)



(b)) other business activities range limit, or may provide

conditions that the securities dealer must complete before you

each of the other business activities, where appropriate, which must

observe in the exercise.



(5) the Czech National Bank cancels the registration, if the trader in securities

papers writing about the cancellation of the Czech National Bank.



§ 6b



(1) the business brokerage house that is not a Bank,

activities can only be specified in the authorisation for activities

securities or registered the Czech National Bank in accordance with § 6a.



(2) the authorised dealer of securities can be granted, as well as

Register for more business can be done, even for

some. ".



30. paragraph 7, as follows:



"section 7 of the



(1) on the request of the authorised dealer of securities

the Czech National Bank will decide within 6 months from the date of its delivery.



(2) a request for authorisation to the activities of the brokerage house can be made

only on the prescribed form, to which the applicant shall be accompanied by documents

certifying that the conditions set out in section 6 (1). 1. the application for

registration of additional business activities can be made only on the prescribed

form, which shall be accompanied by documents certifying the fulfilment of the

the conditions referred to in section 6a of paragraph 1. 2 and 4. Forms and contents of their

Annexes laying down detailed legislation. ".



31. in section 8, paragraph 1 shall be deleted.



32. In part two, title II, part 2, the following new section 1, including

title and footnotes # 2e and 2f:



"Section 1



Initial capital



§ 8a



(1) the initial capital of the brokerage house, which is not a Bank and the

does not have the provision of investment services limited in accordance with paragraphs 2 to 9,

must be at least the amount corresponding to the 730 000 euros.



(2) the initial capital of the brokerage house, which is not a Bank and the

is not authorised to provide investment services referred to in section 4, paragraph 4. 2 (a).

(c)), and (g)), shall be at least the amount corresponding to 125 000 euros.



(3) the initial capital of the brokerage house, which is not a Bank and the

is not authorised to provide investment services referred to in section 4, paragraph 4. 2 (a).

(c)), and (g)) and at the same time is not entitled to receive funds or

investment tools customers must be at least the amount corresponding to

EUR 50 000.



(4) the initial capital of the brokerage house, which is not a Bank and the

is authorised to provide only the main investment services referred to in paragraph 4 of the

paragraph. 2 (a). and) and (e)) and at the same time is not entitled to receive cash

funds or investment vehicles of customers must be at least

amount equivalent to EUR 50 000.



(5) initial capital brokerage house may be lower than

provided for in paragraph 4, if the securities dealer

insured for liability for damage caused during the provision of the

investment services with the limit of indemnity



and) of at least EUR 1 0000 0000 corresponding to the amount of each

insured event and



(b) in the case of overlapping) more claims in one year in the amount of

corresponding to the amount of at least EUR 1 500 0000.



(6) the initial capital or indemnity limit for the case

liability may be lower than that provided for in paragraphs 4

and 5 if their combination corresponds to or is comparable with the level of coverage

referred to in paragraph 4 or 5.



(7) initial capital trader in securities referred to in paragraph

4, which is in accordance with the law of the European communities ^ 2e) entitled to

engage in brokering activities in the field of insurance and that

It is also insured for liability for damage caused by performance

the insurance provider in accordance with the requirements laid down

the law regulating the activities of insurance intermediaries ^ 2f) must

be at least the amount corresponding to € 25 000.



(8) the initial capital of brokerage house may be lower than

provided in paragraph 7, if the securities dealer

insured for liability for damage caused during the provision of the

investment services with the limit of indemnity



and) of the equivalent amount of at least EUR 500 000 each insurance

event and



(b) in the case of overlapping) more claims in one year in the amount of

corresponding to the amount of at least EUR 750 000.



(9) the initial capital or indemnity limit for the case

liability may be lower than that provided for in paragraphs 7

and 8, if the combination corresponds to or is comparable with the level of coverage

referred to in paragraph 7 or 8.



(10) to the trader in securities referred to in paragraphs 4 and 7, § 9

to section 12a 9b, paragraph 1(a). 3 and § 16a para. 3 to 5 do not apply.



2E) directive of the European Parliament and of the Council 2002/92/EC of 9 December 1999. December

2002 on insurance mediation.



2F) section 27 para. 2 and 3 of Act No. 38/2004 Coll., on insurance

intermediaries and separate likvidátorech of claims and

about the change of the Trade Licensing Act, as amended by Act No. 57/2006 Sb. ".



In part two, title II, part 2, sections 1 through 3 refer to as

sections 2 to 4.



33. In § 9 para. 1 the second sentence, the words "§ 6 para. 3 and 4 "shall be replaced by

"paragraph to section 8a. 1 to 3 ".



34. In paragraph 9 (a). (c)), the words "and of the annex to the application" shall be replaced by

the words "forms and the content of the annexes thereto, on which it is served

The Czech National Bank's request "and the words", to be submitted to the Czech national

the Bank "shall be deleted.



35. In section 10, paragraphs 2 to 4 shall be added:



"(2) the Czech National Bank will grant a consent referred to in paragraph 1 the person



and that has these assumptions) to perform its functions:



1. have reached the age of 18 years,



2. is fully competent to perform legal acts,



3. it was not caused by the fact, which is an obstacle to trade

under the law, which regulates the skilled trades,



4. is a trusted,



5. competence,



(b)) which is an appropriate person in terms of sound and prudent provision

investment services as a securities trader, which has

perform the functions of the head of the person; proper performance of the particular function does not prevent the

her trade, business or other similar activity, especially the activity of

for people with similar business.



(3) in the assessment of the facts referred to in paragraph 2 shall take the Czech

the National Bank in particular account of the extent of the powers associated with the performance of

features of the organisation of brokerage house and its

the total staffing of the equipment.



(4) the request for approval referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by documents certifying the fulfilment of the

the conditions laid down in paragraph 2. The pattern of the form and the content of its annexes

including attachments showing credibility and competence by

paragraph 2 (a). and points 4 and 5), lays down the law. ".



36. under section 10, the following section 10a is inserted:



"§ 10a



(1) the head of a person who has obtained prior consent to the performance of their duties,

shall be obliged to notify without undue delay the Czech National Bank each

change of the conditions referred to in section 10, paragraph 1. 2, in particular the end of the performance of their

function.



(2) If a person starts to head brokerage house to carry out his

function within 6 months from the date on which it was granted prior consent, or

If the person does not exercise a trader in securities of any

reasons for its function for longer than 6 months, the prior consent of the

ceases to exist. ".



37. In section 11 (1) 1 (b). a), the words "of ownership of a security

the paper "shall be deleted.



38. In section 11 (1) 1 (b). (b)), the words "of ownership of a security

the paper "shall be deleted.



39. In paragraph 11 (1) 1 (b). (c)), the words "the transition of ownership of the

valuable paper "shall be replaced by the words" as a result of the transition of ownership rights

securities, in the case of a public limited company, or as a result of

the transition of shares, in the case of a limited company

limited ".



40. In paragraph 11 (1) 2 at the end of the introductory text of the provisions of the following

"in the case of a public limited company, or from trading shares, if

This is a company with limited liability ".



41. In section 11 (1) 2 (a). c) after the word "papers", the words "or of the

shares in the company ".



42. In paragraph 11 (1) 2 (a). e), the words "and which" shall be replaced by ",

in the case of a corporation, or a share of the business that has this

on your property, if it is about the company in a private limited company

If "and after the word" papers ", the words" or from this

business share ".



43. In paragraph 11 (1) 2 (a). (f)), after the word "papers", the words "or of the

This business ".



44. In article 11, paragraph 4 reads:



"(4) the request for approval referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by the documents necessary for the assessment of

the suitability of the applicant in terms of sound and prudent management of the merchant with the


Securities and for an assessment of whether the applicant's links with dealer

do not prevent the effective exercise of the securities supervision of the trader

securities. The pattern of the form and the content of its annexes laying down detailed

legislation. ".



45. In paragraph 11 (1) 5, the word "healthy" is replaced with "proper".



46. In paragraph 11 (1) 7, after the words "can be", the words "in cases of

worthy of special consideration ".



47. In section 11 (1) 8, after the word "paper" the words "or by going

business share ".



48. In part two, title II, part 3, section 1 shall be inserted, which including

Title:



"Section 1



Professional care



§ 11a



A securities dealer is required to provide investment services with

professional care. ".



The existing sections 1 to 6 are known as sections 2 to 7.



49. In § 12 para. 1 (b)):



"(b)) the procedures for detection and management of conflict of interests between



1. a dealer in securities, its senior management, bound

Representative and his staff and customers brokerage house

or its potential customers,



2. a person that controls the brokerage house, is controlled by

as a dealer in securities or a person controlled by the same person as

a securities dealer and their senior management, and data-bound

representatives and customers brokerage house or its

potential customers,



3. customers or potential customers of the trader in securities

each other ".



50. In article 12, paragraph 2 shall be deleted and shall be deleted at the same time, paragraph

1.



51. In section 12a paragraph 1. 1 (b). and (2)) the words ", how to avoid

potential conflicts of interest "shall be deleted.



52. In section 12a paragraph 1. 1 (b). (b) the introductory part of the provision), the word "that"

replaced by the word "that".



53. In section 12a paragraph 1. 1 (b). (c)) (2) the word "law" be deleted and the

end of the text of paragraph 1, the words "arising out of this Act,

other legislation and internal regulations of the investment firm's

papers ".



54. In section 12a paragraph 1. 3, the word "control" is replaced by "control".



55. In section 12b of paragraph 1. 1 (b). and), after the words "closing" shall be replaced

"personal" and the words "on its own account or on behalf of people they

close ^ 3) "shall be deleted.



Footnote 3 is repealed.



56. In section 12b of paragraph 1. 1 at the end of the text of subparagraph (c)) the following words "and for

keeping records of assets from customers ".



57. In section 12b of paragraph 1. 1 at the end of the text of subparagraph (d)), the words ",

who are not professional customers and potential customers, who

they are not professional. "



58. In section 12b of paragraph 1. 1 at the end of paragraph (d) is replaced by a comma and dot)

the following point (e)), which read as follows:



"e) internal communication system.".



59. In paragraph 2 of section 12b. 2 of the introductory part of the provisions, the word "Mechanisms"

replaced by the word "rules".



60. In section 12b of paragraph 1. 2 (a). and the word "data)" shall be replaced by "information

and taking into account their character ".



61. In section 12b of paragraph 1. 2 (a). (b)), the word "mechanism" is replaced by

the "rules" and "intermediaries", the words "and bound

the representatives of ".



62. In section 12b, the following paragraphs 3 to 5 shall be added:



"(3) a securities dealer is required to continuously authenticate and

periodically assess the adequacy and effectiveness of the management and control

the system.



(4) a securities dealer shall establish within its control and

control system of measures and procedures to ensure the proper and smooth

the provision of investment services.



(5) providing analysis of investment opportunities is a trader with

securities in the context of its procedures for the management of conflicts of interest

to ensure the impartiality and independence of persons in connection with the performance of

of his employment, profession or function produces the substance analysis

investment opportunities, particularly on persons whose interests may be

in conflict with the interests of the people, which should be the analysis of the investment

opportunities extended. ".



63. In section 12 c of paragraph 1. 1 (b). c) to (e)), the words "which customers have entrusted"

replaced by the words "which had taken over from customers".



64. In article 12, paragraph 3 shall be deleted.



65. Section 12d including title and a footnote 3 is added:



' paragraph 12d



The activities carried out by other persons



(1) where a securities dealer shall instruct another person performance

significant operational activities, is obliged to implement measures to avoid

the emergence of undue operational risk.



(2) a securities dealer shall ensure that significant operating activities,

the performance was responsible for the other person, is not exercised in a manner

that would substantially reduce the quality of the management and control system or

the possibility of the Czech National Bank to exercise supervision over the compliance with the obligations

brokerage house ^ 3).



(3) the operating activities of the brokerage house is considered to be

an important, if the lack of performance in its seriously disrupted the proper and

smooth provision of investment services or performance of obligations

brokerage house, threaten its financial stability or

It represented a change of assumptions, on the basis of which it was the merchant with the

securities granted authorised dealer of securities.



(4) a significant operational activities of brokerage house,

does not consider the



and) legal or other advice, training its personnel, activities

associated with the billing of services rendered to him, protecting his space and

workers or other services provided by the merchant to the securities

If these services are not part of the investment services provided by the

as a dealer in securities,



(b)) removing the standardized services, including market information and

prices.



(5) the performance of activities related to the provision of the main investment

services pursuant to § 4 paragraph 2. 2 (a). (d) a customer who is not)

professional customer, you can authorize another person based in the State,

that is not a Member State of the European Union



and) this person has permission or registration to the pursuit of the activities in the

State in which it has its registered office, and subject to the supervision of compliance with the rules

a prudent provision of investment services, and



(b)), the Czech National Bank has concluded an agreement of cooperation with the competent

supervisory authority.



(6) are not complied with the conditions set out in paragraph 5, the

securities dealer delegate activities referred to in paragraph 5

another person located in a State which is not a Member State of the European

the Union, only in the case that the advance shall notify this intention to the Czech National Bank

and the Czech National Bank within 2 months from the date of receipt of the notification of this

does not disable the credentials because of impropriety in terms of sound and prudent

the provision of investment services. An appeal against this decision is not

means permitted.



(7) in connection with the conditions laid down in paragraph 5 is a Czech

the National Bank shall be entitled to conclude cooperation agreements with the supervisory authorities

States which are not Member State of the European Union. The Czech National Bank

publish in the journal of the Czech National Bank and a manner allowing remote

access a list of supervisors, with which it has concluded a cooperation agreement.



3) section 14 of Act No. 15/1998 Coll., on surveillance in the capital market and

amending and supplementing other acts, as amended by Act No. 312/2002 Coll.,

Act No. 256/2004 Coll. and Act No. 57/2006 Sb. ".



66. the following section shall be added after paragraph 12d 12e and 12f, that including the following title:



"§ 12e



Protection of property of the customer



(1) a securities dealer is required to when dealing with investment

the customer put in place measures for the protection of property rights

the customer, in particular in case of failure of a securities dealer, and

the exclusion of the use of the investment tools the customer shops on your own

account or for the account of another client, except in the case where a customer to

such a procedure has granted securities trader express consent.



(2) a securities dealer is required to cash management

client money to introduce measures to protect the rights of the customer to this

assets and, with the exception of deposits with brokerage house that is

the Bank, to the exclusion of the use of this asset to a business on their own account

or for the account of another customer.



(3) a securities dealer is obliged to ensure that its external

auditor or audit firm shall at least once a year, have submitted the United

the National Bank report on the adequacy of the measures taken to

protection of property of the customer.



§ 12f



The implementing legislation provides for



and compliance with individual rules) how the prudent provision

investment services referred to in section 12,



b) credential requirements and the performance of the activities of the trader in securities

another person under section 12d of the paragraph. 1 to 5, of ensuring



1. the responsibility of the dealer of securities for the performance of its

obligations in relation to customers,



2. the responsibility of the brokerage house for providing

investment services with professional care,



3. ability to perform effective oversight of the Czech National Bank,



4. sound and prudent conduct of the activities of the trader in securities

another person,




(c)) the requirements for measures brokerage house to ensure

asset protection customer set forth in § 12e involving



1. the rules for the storage of the assets of the customer with third parties,



2. the rules for the use of investment instruments of the customer



3. the accounting procedures in relation to the assets of the customer,



4. the rules for the registration of the customer's assets,



5. the formalities, deadlines and how the external auditor or messaging

the audit firm pursuant to § 12e para. 3. ".



67. In § 13 para. 1 the words "Journal dealer of securities"

replaced by the words "securities dealer leads which journal" and on the

end of the text of paragraph 1, the words ", as well as shops closed

as a dealer in securities for its own account ".



68. In article 13, paragraph 2 shall be deleted.



Paragraphs 3 and 4 shall become paragraphs 2 and 3.



69. In § 13 para. 3, the word "establishes" the words "in connection with

on the directly applicable European Community regulation laying down

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 3a) ".



Footnote # 3a is added:



"3a) Article. 7 and 8 of Commission Regulation (EC) No 1278/2006. ".



70. in part two, title II, part 3, the title of section 4 reads: "the expertise of the people,

through which the securities dealer shall carry out its activities. "



71. section 14 including the title reads as follows:



"section 14



Personnel equipment



(1) a securities dealer has personnel facilities appropriate to the nature,

the complexity and scope of activities carried out by it.



(2) in the case of employees, investment intermediaries, tied agents,

their staff, officers and other persons, that

securities dealer performs its activities, a trader with securities

papers shall ensure that this was the person trusted to

the knowledge and experience necessary for the performance of their assigned activities.

Trust, knowledge and experience, these persons are obliged to

Merchant securities demonstrate the relevant papers.



(3) the implementing legislation, in particular in relation to the provision of

investment services, risk management, internal audit and continuous performance

checks on compliance with the obligations resulting from this Act, other

legislation and of the internal regulations of the trader in securities

provides for the



and scope of necessary knowledge) persons referred to in paragraph 2 as regards the

the financial market, investment services, investment tools, transfer

places and settlement systems, securities trader's activities,

knowledge of the laws, regulations and professional standards governing the financial

the market, with an emphasis on the provision of investment services, the rules of their

a prudent provision and the rules dealing with customers,



(b) the necessary experience of those) the range referred to in paragraph 2 as regards the

the financial market, investment services, investment tools, transfer

places, and settlement systems and activities of the trader in securities and



(c) the proof of) the requirements for knowledge and experience of the persons referred to in

paragraph (2).



(4) a securities dealer shall ensure that the persons referred to in paragraph

2 should the knowledge of procedures and regulations necessary for the performance of their

obligations related to the activities of the brokerage house.



(5) a securities dealer shall ensure that the scope and nature of the activities

carried out by the persons referred to in paragraph 2 do not prevent the effective exercise of

the various activities of these people. ".



72. under section 14 shall be added to § 14a, which including the title reads as follows:



"§ 14a



Recognition of the expertise of the usual authentication method on the capital markets



(1) when assessing the knowledge or experience of the persons referred to in § 14 para.

2 takes into account the Czech National Bank authentication expertise usually on

capital markets.



(2) as a means of authentication, usually on the capital markets expertise

the Czech National Bank shall recognise professional exam performed before a domestic or

foreign professional organizations or other similar exam, or other

the usual method of verification expertise in capital markets, if

demonstrating knowledge or experience required for the performance of the

activity.



(3) the Czech National Bank publishes manner allowing remote access

opinion relating to the recognition of the expertise of the usual authentication method to

capital markets, including a description of this expertise and the reasons why the

This expertise meets the conditions laid down in paragraph 2. ".



73. section 15 including the title reads as follows:



"§ 15



General obligations when dealing with customers



(1) a securities dealer is an educated, honest and

fairly and in the best interest of customers, in particular, fulfil the responsibilities

set out in this section.



(2) for the conclusion of transactions between participants of the regulated market established in

Member State of the European Union or the multilateral trading system

operated by a person established in a Member State of the European Union

obligations under section 15 to 15 years do not apply. This is without prejudice to the obligation to

brokerage house, who is a member of or participant in this

the market system, or to comply with the obligations pursuant to § 15 to 15 years in relation to the

to your customers.



(3) a securities dealer shall, when providing investment

services to offer or accept a fee, reward or provide

advantage (hereinafter referred to as "incentive"), which may lead to violation of

the obligations laid down in paragraph 1.



(4) the obligations in relation to the customer specified in § 15a to 15 k satisfies the

securities dealer also in relation to the potential customer,

with the exception of the obligations laid down in paragraph 15 d of paragraph 1. 1 (b). h) and section 15 g.



(5) the implementing legislation lays down requirements for qualitative

the nature of acceptable incentives. ".



74. in article 15, the following new section 15a to 15s, including headings and

footnote # 3b:



"Communication with customers



section 15a



(1) a securities dealer when you communicate with the customer, including

personal meetings or promotional communication, relating to the investment

services or investment instruments must not use vague, untrue,

misleading or deceptive information. In the promotional communication with the trader

the investment firm shall ensure that its contents are in compliance with all

the information that the customer when providing investment services

and from its content and form, it was obvious that it is a promotional

the communication.



(2) when communicating with the customer, who is not a professional customer,

a securities dealer is required to further ensure that



and the content of communications) have been obvious to the person data brokerage

papers,



(b) the content of the communications was sufficient), precise and did the potential

income or benefits that are associated with the investment service or with

investment instrument, without at the same time significantly and objectively

neupozorňoval all material risks, which are or may be

investment service or investment instrument,



(c)) the content of communications didn't nezlehčoval or explained the important

facts, information or warning.



(3) Implementing legislation sets out the content and method of administration information

the customer, who is not a professional customer, if



and) the comparison of investment services, investment instruments, or of persons that

provide investment services



(b)) the data on the yield of the investment facility, a financial index or

investment services made in the past,



(c) the estimate or forecast) the yield of an investment instrument or financial

the index gained on the basis of historical data,



(d) the data on the expected future) yield,



e) tax advantage relating to the investment service provided

or investment instrument,



f) information on the Czech National Bank, another domestic or foreign

supervising authority or supervision over the financial market or its

parts.



section 15b



(1) analysis of investment opportunities, which the trader in securities

the papers make up or expanding, must be in accordance with all the information

which the securities dealer has provided to the customer.



(2) where a securities dealer is or extends the

the recommendation, which is not the analysis of investment opportunities or

investment recommendations, shall ensure that such recommendations contained

Note that when you create or spread trader with securities

the papers had not proceeded according to the requirements of this Act governing rules

for the analysis of investment opportunities or investment recommendations.



§ 15 c



A securities dealer shall carry out the duties provided for in § 15a and 15b,

at the same time takes into account how the explanation, promotion or

other information perceived by the person with an average intellectual levels,

the care and recognition capabilities in the position of the customer.



Informing customers



§ 15 d



(1) a securities dealer is required to inform in due time

the customer about



and about yourself) data and information related to it

provided investment services,



(b)) investment services that it provides,



c) investment instruments, which has investment service relate,



(d)) the potential risks that may be associated with the investment


service or investment instrument and possible zajištěních against them



(e)) the total cost of the investment services provided, including all fees,

taxes paid by brokerage house and other

related costs, as well as other financial commitments

arising from the provision of investment services; If an exact

the total price to determine a securities dealer is required to inform the

the customer about how to calculate the final price, enabling the customer to

to check the final price,



(f) the customer asset protection scheme), in particular on



1. the fact that the accounts to which they are or are kept investment tools

or cash, subject to the law of a State which is not a Member

State of the European Union, and that the rights to investment instruments or money

resources may vary as a result



2. the existence of all reinsurance claims and rights and rights of set-off,

that is a securities dealer in respect of investment tools

or the customer's money, including the existence of similar rights and

claims made by the depository, opatrovatele or persons in a similar

position,



(g)) the content of the obligation relationship, including terms and conditions relating to the

the required investment services



h) facts contained in § 2a to 2d,



I) their rules for the implementation of the guidelines laid down in accordance with § 15 l

paragraph. 3,



(j) any substantial change in the facts) referred to in points (a) to (i)))

If such a change has significance for the service, which the trader in securities

the papers provided to customer.



(2) If a marketing communication contains a proposal for the conclusion of the contract

concerning the investment instrument or investment service or call to

the submission of the proposal to conclude a contract relating to the investment facility

or the investment services in securities is, or

extends, the promotional communications contain information about

the facts contained in paragraph 1 (b). a) to (g)), unless it is of the

promotional communication, proposal or challenge the obvious, where you can make with

information about these facts.



(3) a securities dealer shall ensure that a substantial part of the contract of

the provision of the main investment services except for the services referred to in paragraph 4 of the

paragraph. 2 (a). (e)), the customer, who is not a professional customer,

or a reference to a substantial part of such a contract, have been captured in writing

or on the information medium in the manner prescribed in section 15e (b). (b)).



(4) Implementing law provides



and content of information) referred to in paragraph 1,



(b)) the time limits for the provision of information within the meaning of paragraph 1, and article 15 paragraph 1. 1

(a). (b)) to the customer.



section 15e



A securities dealer is required to provide the customer with the information

referred to in section 15 d of paragraph 1. 1, § 15q para. 1 and § 15r para. 1



and paper-based) or



(b)) on any data medium, which allows the customer retention

This information so that they can be used after a period of time adequate to their

the purpose of the information and which allows the unchanged reproduction,

only if the



1. is the provision of adequate information on this medium practice,

between a securities dealer and the customer have introduced or

decided to introduce; in the event that such information is provided on

the information medium in a manner allowing remote access, the condition is

appropriate practice are met, in particular if the customer may

information obtained in a way allowing remote access, and



2. with the provision of the information in that medium has granted the customer

consent.



section 15f



In the case that information about the facts referred to in section 15 d of paragraph 1. 1 (b).

a) to (g)), and i) and information about their material change, if such

change the importance for service as a securities dealer to the customer

provides,



and are not intended personally to the customer),



(b)) the provision in a manner allowing remote access is reasonable

practice between a securities dealer and the customer have introduced

or decide to implement; the condition reasonable practice is met, in particular

If the customer can retrieve this information in a manner allowing

remote access,



(c)) with their provision in a manner allowing remote access granted

customer consent



(d) the customer was communicated electronically) Internet address, including

data, where the customer can find the relevant information, and



(e) the customer has the option at any time) to use such information for

appropriate to its purpose,



can a securities dealer to provide such information to the customer

and in a way allowing remote access, which does not meet the conditions

referred to in section 15e (b). (b)).



§ 15 g



A securities dealer is required to inform professional

the customer of the facts referred to in section 15 d of paragraph 1. 1 (b). (c)), d), (f))

points 1 and 2, h) and (i)) and their substantial change, if such a change

importance to service you as a securities dealer to the customer

provides. About other matters set out in section 15 d of paragraph 1. 1 shall inform the

a Professional client only if professional customer

It requests.



Requesting information from the customer



§ 15 h



(1) upon provision of investment services referred to in section 4, paragraph 4. 2 (a). (d)), and

(e)) is a securities dealer shall obtain from the customer necessary

information about its



and) expertise in the area of investment,



(b) experience in the investment field),



(c)) the financial background and



d) investment objectives.



(2) the information referred to in paragraph 1 is a securities dealer shall

get on a scale that will allow him to evaluate whether the granting of investment

the services referred to in paragraph 1, the provision of investment advice

a tool or business done with the investment instrument under

investment services referred to in paragraph 1 corresponds to the financial facilities

the customer's investment goals and the expertise and experience

necessary for the understanding of the risks involved.



(3) a securities dealer shall not recommend investment service

referred to in section 4, paragraph 4. 2 (a). d) or (e)), or provide advice on the

investment instruments or to carry out trade with the investment tool in the

the context of the investment services listed in section 4, paragraph 4. 2 (a). (d)), and (e))

that he fails to get the extent of the information referred to in paragraph 2 or on the

the basis of the information received, the provision of investment services

the provision of advice or trade execution does not match the financial facilities

the customer's investment objectives, expertise or experience

necessary for an understanding of the associated risks; This prohibition shall apply by analogy,

even in cases of refusal to provide information or customer administration

the information seems incomplete, inaccurate or false.



(4) Implementing legislation shall define the content of the necessary information

referred to in paragraph 1, that is a securities dealer shall

get.



§ 15i



(1) in the provision of major investment services, with the exception of services

referred to in section 4, paragraph 4. 2 (a). (d)), and (e)), is a securities dealer

obliged to ask a customer for information about its



and) expertise in the area of investment and



(b) experience in the investment field).



(2) the information referred to in paragraph 1 is a securities dealer

obliged to apply to the extent that will allow him to evaluate whether the granting of

investment services referred to in paragraph 1 or of the investment advice

a tool or business done with the investment instrument under

investment services referred to in paragraph 1 corresponds to the expertise and

the experience necessary for the understanding of the risks involved.



(3) in the event that the securities dealer shall evaluate the acquired

the information referred to in paragraph 1 so that the provision of the relevant investment

services, investment advice or trade execution tools with

investment instrument in the context of the investment services referred to in paragraph 1

does not match its expertise or experience, notifies the customer

on such a finding.



(4) if the customer refuses the information referred to in paragraph 1

provide, or otherwise to the extent required;

securities customer will learn that such a stance will not allow him to

to evaluate whether the provision of the relevant investment services, advice on

investment tools or trade execution with an investment tool in the

under the investment services referred to in paragraph 1 corresponds to its professional

knowledge or experience necessary for the understanding of the risks involved.



(5) the implementing legislation sets out the content of the information that is

a securities dealer shall be obliged to ask the customer in accordance with paragraph 1.



§ 15j



(1) a securities Trader is prohibited to encourage the customer to

the information referred to in section 15 h and did not allow 15i.



(2) a securities dealer shall be entitled to rely on the reliability

information obtained pursuant to § 15 h and from the customer, unless the 15i knew or

know that such information is clearly incomplete, inaccurate or

false.



§ 15 k



(1) in the provision of the main investment services referred to in section 4, paragraph 4. 2

(a). and) or (b)), or even additional investment services with it

related, a securities dealer is not required to ask a customer

for information pursuant to § 15i, if the following conditions are met:




and the required investment service) is provided at the initiative of the customer, and

This applies only to simple investment tool,



(b)) a securities dealer to inform the customer within a specified period of

that is not required for the main investment service request

customer information pursuant to § 15i.



(2) a simple investment tool for the purposes of this provision,

means the



and) shares admitted to trading on a regulated market in a Member

State of the European Union, or a market equivalent to the regulated market in

a State which is not a Member State of the European Union, if this market

specified in the applicable list published by the Commission of the European communities,



(b)) the bonds or similar securities representing the right to repayment of the

the outstanding amount, the value of which does not derive from the investment facility

referred to in § 3 (1). 1 (b). (d)) to) or the investment facility referred to in

§ 3 para. 2 (a). (e)),



c) securities replacing the securities referred to in (a)), and (b)),



(d)) money market instruments,



(e)) the units of standard Fund or securities of a foreign

standard pool



(f)) other investment instruments referred to in § 3 (1). 1 (b). a) to (c))

the securities are referred to in points (a) to (e))), if



1. it can normally acquire or dispose of, or exercise the right to such

there with them for the price or the price of the regulated market established in

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

operated by a person established in a Member State of the European Union, or

the price of the specified valuation, which is independent of the issuer of such

investment instruments; in the case of securities of a collective

investing is the condition of collective security Awards

investment, independent of the issuer of the securities is satisfied when the

the depositary of the Fund is subject to supervision in the Member State of the European Union,



2. do not arise for the customer from them additional financial commitments and



3. information about them are commonly available and are understood by the

the customer, who is not a professional customer, so that on the basis of

they can make an informed assessment of whether the trade in such

the investment facility will take place.



The implementation of the guidelines under the best conditions



§ 15 l



(1) a securities dealer carries out the customer's instructions for the best

conditions, and, taking into account the criteria of the nature of the customer

in particular, the classification, the nature of the client order, nature and characteristics

the investment facility that is the subject of this guideline, as well as the nature of the

transfer locations, which may be directed, shall take into account



a) price that can be achieved at a transfer point,



(b)) the total amount of fees charged to the customer; custom volume

the fees charged to the customer shall take into account only if the customer's instruction

may be executed on more than one transfer place, which are

included in the rules for the implementation of the guidelines, and the total amount of fees

the customer would be charged to third parties for the customer was in these

cases as well,



(c)) the speed with which it can be instructed to perform,



(d)) the probability of execution of the order,



(e) the required volume of trade)



f) conditions for settlement,



g) type of instruction, or



(h) any other factor) of relevance to the implementation of the instructions of the customer

under the best conditions.



(2) the obligation referred to in paragraph 1, the securities dealer may

depart only within the limits set by the customer. To submit such

the securities dealer must not the customer directly or indirectly

encourage.



(3) to ensure the implementation of the guidelines on the best terms with the dealer

the investment firm shall establish and maintain the organizational arrangements and the rules for

implementation guidelines that shall include at least



and determine the relative importance of the trader) in securities of selected

the factors referred to in paragraph 1, or at least the identification of their

the relative importance,



(b)) the relevant information about the transfer areas, on which are the guidelines

the customer relating to the various investment instruments performed and description

the facts that influenced the securities dealer in the selection

the following conversion places.



(4) a securities dealer may establish their own reward posted

the customer in a way that would be some transfer places preferred

without objective reasons.



(5) a securities dealer is required to monitor the effectiveness of

organizational arrangements and the rules for the implementation of the guidelines for the purpose of

identify and remedy any deficiencies, in particular, is obliged to verify the

whether the transfer of space referred to in rules allow you to continue to be in accordance with the

paragraph 3 (b). and carry out the instructions of the customer) under the best conditions.



(6) the implementing legislation provides for



and rules for) the requirements for the implementation of the steps referred to in paragraph 3,



(b) the method and time limits) monitor the effectiveness of the organizational arrangement and

rules for the implementation of the steps referred to in paragraph 5 and the circumstances under which

This arrangement is carried out and these rules,



(c)) the relative importance of the factors referred to in paragraph 1 (b). a) and (b)), and

taking into account to the customer who is not a professional customer.



§ 15 m



A securities dealer to the customer on his request, showing that

performs or has performed his instruction or guidance in accordance with the rules for

the implementation of the orders set out in § 15 l of paragraph 1. 3.



§ 15n



The provisions of § 15 l shall apply mutatis mutandis also to major investment service

referred to in section 4, paragraph 4. 2 (a). and) when forwarding instructions relating to

investment instruments, § 4, paragraph 4. 2 (a). (c)), if provided by the

the customer and the section 4, paragraph 4. 2 (a). d). in the case that the trader in securities

papers relays in providing these services to instruct another person, that is

shall comply with comparable rules for the implementation of the instructions for

the best conditions, is not required to evaluate the rules for the implementation of the

the instructions for this person.



Processing instructions



§ 15 °



(1) a securities dealer handles the customer's instructions in relation to the

the instructions of the other customers or guidelines on their own account in a fair and

without unnecessary delays. A securities dealer shall establish and maintain

rules for processing instructions that ensure at least



and immediate and accurate record) the adoption and implementation of the guidelines,



(b) processing of comparable instructions) customers by the time priorities

their adoption, except where justified by the nature of the order,

current market conditions or interest of the customer,



(c)) the proper settlement of the executed order, if the trader in securities

papers ensures



(d)) the immediate and accurate distribution of investment instruments, acquired

of funds and the costs incurred in the case of Association guidelines

customers with each other or pooling orders with instructions on their own

account,



(e) in the case of the instructions) to provide for the purchase or sale of investment

instruments referred to in § 3 (1). 2 (a). and), which was adopted by the

trading on a regulated market in a Member State of the European

the Union, which include the limit price, for which such investment

tool purchased or sold, or limit the volume in which it has to be such a

the investment facility is purchased or sold, and which could not be carried out without

unnecessary delays due to the currently prevailing market conditions,

the disclosure of such information to the other participants of the market way

laid down by a regulation of the European communities directly applicable, which

implementing directive the European Parliament and of the Council to govern the markets

financial instruments ^ 3b).



(2) the implementing legislation lays down the conditions for the pooling and instructions

the conditions under which information may not be referred to in paragraph 1 (b). (e))

made available to other market participants.



(3) If during the processing of the order referred to in paragraph 1, first sentence

substantial difficulties, and in the case of the instruction of the customer who is not a professional

the customer, a securities dealer shall inform the customer without delay of the

These difficulties.



§ 15 p



(1) a securities dealer shall not use information relating to

missed the instructions of customers so that on the basis of such information

before executing the customer's instruction on your account has acquired or was hacked

the investment facility, which is an unrealized hint refers to, or acquired or

in fact another investment whose value is related to the

an investment tool, which is an unrealized hint refers to. This does not

without prejudice to the provisions on the protection of the information contained in this

the Act.



(2) a securities dealer shall take all reasonable steps to ensure

to prevent the use of information concerning missed the instructions

customers by a person with a special relationship to the trader in securities

the papers.



For information about guidelines and assets of the customer



section 15q



(1) a securities dealer is required to inform the customer in the

set time limit for completion of the order, and at his request, also on the State

yet neprovedeného handling instruction.



(2) Implementing law provides time limits for the submission of information in accordance with

paragraph 1 and the contents of the information referred to in paragraph 1 for a customer who is not

professional customer.



§ 15r



(1) a securities dealer is required to inform the customer in the


set a time limit on the balance of funds and investment vehicles,

which are the property of the customer, and if it is about investment service

referred to in section 4, paragraph 4. 2 (a). (d)), also about the stores that for him

He concluded.



(2) if the contract with the customer, who is not a professional customer,

allows you to manage the assets of the customer in a way that may, for

the customer arise potential extraordinary commitments, is a trader with

investment firms shall be obliged to inform the customer about any losses,

exceeding the limit agreed in advance.



(3) Implementing legislation sets out the content of the information referred to in paragraph 1 and

deadline for the submission of the information referred to in paragraphs 1 and 2.



§ 15s



Information about credit ratings



(1) the applicant is an entrepreneur on the provision of credit or loan referred to in paragraph 4 of the

paragraph. 3 (b). (b)), the securities dealer or the organizational folder

foreign persons, which provides investment services in the Czech Republic,

shall inform the applicant at his request, without undue delay, an explanation for its

credit rating, even in writing, if requested.

Securities dealer has against the applicant be entitled to reimbursement of reasonable

the costs associated with the communication an explanation of credit scores.



(2) paragraph 1 shall not apply to the brokerage house, which is

the Bank and acting in accordance with the law governing the activity of the bank.



3B) Article. 31 and 32 of Commission Regulation (EC) no 1287/2006. ".



75. In part two, title II, part 3, section 6 shall be added to § 15, which

including title and footnote No 3 c-3e:



"§ 15t



Transaction reporting



(1) a securities dealer shall inform the building on the right

applicable regulation of the European communities, implementing directive

The European Parliament and of the Council governing the markets for financial instruments ^ 3 c)

without undue delay, the Czech National Bank on the closed stores

quoted investment vehicles, but no later than the end of the first

working day following the conclusion of the trade; information obligation

does not apply to transactions concluded with the Czech National Bank.



(2) a securities dealer can meet the obligation laid down in

paragraph 1 by means of a regulated market or multilateral

trading system, in which the transaction is concluded, or through

of another person.



(3) the form and manner of information relating to transactions referred to in paragraph 1

down detailed legislation. Implementing legislation on

the data to be included in the information about the trade referred to in

paragraph 1 further to the directly applicable European regulation

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 3d). Part of the information on trade

referred to in paragraph 1 may also be an indication of the birth of the participant of the trade.



(4) the Czech National Bank passes the information on trade in the investment

the tool that has received pursuant to paragraph 1, the national supervisory authority of the Member

State of the European Union's most important market in terms of liquidity for this

the investment facility, specified in the wake of the directly applicable provision

Of the European communities, implementing directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 3e).



(5) in the case of information relating to transactions concluded the organizational component

a foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services and which provides

investment services on the territory of the Czech Republic (§ 24), Czech National Bank

shall transmit the information received under paragraph 1, the supervisory authority of the home

the State of the foreign person, unless the supervisory authority of the home State

such information is not required (section 135a).



3 c) Article. 12 and 13 of Commission Regulation (EC) no 1287/2006.



3D) Article. in article 13(3). 3 and 4 of Commission Regulation (EC) no 1287/2006.



3E) Article. 9 to 11 and 14 of Commission Regulation (EC) no 1287/2006. ".



76. In § 16 para. 1 the first sentence after the word "auditor", the words "and

an indication of the amount of the basis for calculating the contribution to the guarantee fund (§ 129

paragraph. 1) "and in the last sentence, after the words" company "shall be replaced

"or limited liability company".



77. In § 16 para. 2 (c)):



"(c)) received instructions and closed stores, and to the extent pursuant to §

13. "



78. In § 16 para. 2 letter d) is added:



"(d)) changes in the assets of the customer, and the balance of the assets of the customer".



79. In § 16 para. 3 (b). (h)), the number "4" is replaced by "5".



80. in § 16 para. 3 at the end of the letter h) dot is replaced by a comma and

the following letter i), which read as follows:



"i) that it has ceased to be a permission under another law for the performance of

activity, which has been registered under section 6a. ".



81. In section 16, paragraph 3, the following paragraph 4 is added:



"(4) a securities dealer that is not a Bank and is not entitled to

to provide a different service than the main investment investment service

referred to in section 4, paragraph 4. 2 (a). and) and (e)) and at the same time is not entitled to receive

funds or investment vehicles of customers, inform the Czech

National Bank of the facts referred to in paragraph 2 (a). a), c) and (e))

and paragraph 3 (b). a) to (c)), e) and (i)). ".



The current paragraph 4 shall become paragraph 5.



82. In § 16 para. 5 the first sentence, the words "paragraphs 1 to 3" are replaced by

the words ' paragraphs 1 to 4, "and in the second sentence, the words" paragraphs 2 and 3 "

replaced by the words "paragraphs 2 to 4.



83. In § 16 para. 5, the following sentence, the third and fourth indents are added:

"Part of the information referred to in paragraphs 2 and 4 may be an indication of the native

the number of the customer or the person with a qualifying holding or to a person with a narrow

by linking. As a securities dealer, for this purpose, to conduct

social security numbers of those people. ".



84. under article 16, the following text:



"Section 7



Disclosure of information by the dealer in securities ".



The existing section 7 is referred to as section 8.



85. the heading of section 16a is hereby repealed.



86. In article 16a, paragraph 2. 8 the first sentence, the word "information" is replaced by

"data".



87. the following section is inserted after section 16b, 16 c, which reads as follows:



"section 16 c



Securities dealer publishes data on trade with quoted

shares closed outside a regulated market in a Member State

The European Union or the multilateral trading system located in a Member

State of the European Union, under the conditions and to the extent directly

the applicable law of the European communities, implementing

Directive of the European Parliament and of the Council governing the financial markets

instruments, and adapted in a similar way to § 68. ".



88. In part two, title II, part 3, section 8 including the title reads as follows:



"Section 8



Retention of documents and records



§ 17



(1) a securities dealer shall keep the



a) documents relating to the investment services provided, including records in the

the trader's journal in securities referred to in section 13, and



(b) records of the communication with the customer), provided the investment

services, and records of the communication with a potential customer



at least for a period of 5 years from the time of the provision of investment services or

trade execution; This is also true for the person whose authorisation for activities

brokerage house were withdrawn or terminated, as well as for

its legal successor.



(2) records of the seems, including terms and conditions relating to the

the required investment services, securities dealer shall keep the following

the entire duration of the contract law of the relationship; This is without prejudice to the provisions of

of paragraph 1.



(3) part of the retained records referred to in paragraphs 1 and 2, it is also an indication of the

birth of the customer and trade participants.



(4) Implementing law provides



and document storage,) how the records and information referred to in paragraphs

1 to 3,



(b)) which records in respect of which the investment instruments, or

carried out business as a securities dealer keeps, for a period longer

than that referred to in paragraphs 1 and 2, if such a length of time

the retention of exceptional circumstances, justified by the nature of the investment

tools or carried out by the trade and essential for the performance of

surveillance. ".



89. In title II of part two is at the end of part 3, the following section 9, which

including headings and footnotes # 6a to 6j:



"Section 9



Systematic internalisation



§ 17a



(1) the systematic internalizací is an activity of the trader in securities

who regularly and systematically carries out the instructions of the customers

investment instruments so that trades with customers on their own account

outside a regulated market in a Member State of the European Union or

multilateral trading system operated by a person established in a Member

State of the European Union. The conditions under which the provision of investment

securities trader services systematic internalizací,

provides for the directly applicable European Community regulation laying

performed by European Parliament and Council directive regulating markets

^ financial instruments 6a).



(2) a securities dealer, which begins or terminates the systematic

internalisation on listed shares, it shall notify the

in writing without undue delay of the Czech National Bank.



section 17b



The obligation to publish the quotations




(1) a securities dealer publishes mandatory quotations for liquid

quoted shares, which carried out the systematic internalisation.

A securities dealer for the systematic internalisation of

listed shares that are not liquid, shall, on request of the quotation to your

to customers.



(2) the quotation represents the price at which the securities dealer

offers or demands by a predetermined number of shares. This price has

correspond to market conditions. When setting the price corresponding to the market

the conditions of a securities dealer shall proceed in accordance with the directly

the applicable law of the European communities, implementing

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 6b).



(3) a securities dealer is not required to publish quotations,

traded volume of liquid to listed shares, exceeding

the standard volume of business.



(4) a securities dealer publishes quotes continuously during your

the usual commercial time in a manner which is easily accessible to the participants of the capital

market and is entitled at any time to update their quotes. Access to these

quotes may charge at a price that shall not be higher than the price

the usual in the financial market. Specifying the conditions for the publication of

quotations of the directly applicable European regulation lays down a community

implementing directive the European Parliament and of the Council to govern the markets

financial instruments ^ 6 c).



(5) a securities dealer shall be entitled to suspend the publication of the

quotations for one or more liquid listed shares, if they do occur

exceptional market conditions. A securities dealer shall make provision in their

General terms and conditions, what it considers exceptional conditions on

the market.



(6) a securities dealer, who intends to terminate a systematic

internalisation for one or more liquid listed shares shall be obliged to

This fact in advance to publish in the manner laid down by the directly applicable

Regulation of the European communities, implementing directive

The European Parliament and of the Council governing the markets for financial instruments ^ 6 d).



(7) Liquid quoted shares are shares determined in accordance with the directly

the applicable law of the European communities, implementing

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 6e), and are listed on the list of supervisory authority of the Member State

Of the European Union.



(8) the Czech National Bank leads at least once a year and updates the list of



a) quoted shares, for which the Czech Republic is the most important market

in terms of their liquidity ^ 6f), divided into groups according to the average

trading volume, indicating the standard volume for each

the group,



b) liquid quoted shares, for which the Czech Republic market

the most important in terms of their liquidity ^ 6f).



(9) the procedure for the distribution of listed shares by the average

trading volume, a standard volume for each group

listed shares, way to determine liquid shares and the conditions and methods

the publication of a list of liquid listed shares down directly applicable

Regulation of the European communities, implementing directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 6 g). If there is a

the number of listed shares liquidity as determined by directly applicable

Regulation of the European communities, implementing directive of the European

Parliament and of the Council governing the markets for financial instruments ^ 6 h), less than 5,

The Czech National Bank may move up to the more liquid shares

quoted in accordance with regulation directly applicable European

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 6 h).



§ 17 c



Obligation to execute the instruction for the quoted price



(1) a securities dealer that carries out a systematic

internalisation, is obliged to execute the instruction of the customer who is not

professional customer regarding liquid listed shares,

the amount corresponds to the published listing, for the price of this quotation

published at the time of the adoption of the guideline.



(2) a securities dealer that carries out a systematic

internalisation, is obliged to execute the instruction of a professional customer

relating to liquid listed shares whose quantity corresponds to the

published listing, for the price of the corresponding published quoting at the moment

the adoption of the guideline, except in the cases referred to in paragraphs 3 and 4.



(3) a securities dealer that carries out a systematic

internalize, to instruct a Professional client may perform at a price for

a Professional client better than the published quotations, if



and it is a guideline) on the number of shares on volume of more than EUR 7 500

or equivalent of this amount in a different currency,



(b)) this price is in the range published in advance by the

securities, which corresponds to current market conditions.



(4) a securities dealer that carries out a systematic

internalize, to instruct a Professional client may perform for the price

different from the published quotations directly applicable, under the conditions laid down

Regulation of the European communities, implementing directive

The European Parliament and of the Council governing the markets for financial instruments ^ 6i)

If this instruction



and) is part of your portfolio to trade, or



(b)) should not be made at market price; This is without prejudice to the provisions on the

protection from abuse of the market.



(5) where a securities dealer receives the customer's instruction on the

the quantity of liquid listed shares, which is larger than its biggest

quoted quantity and at the same time smaller than the standard volume for these

shares, may make this for a price quotation for the largest it

quoted quantity.



(6) where a securities dealer receives the customer's instruction on the

the quantity of liquid listed shares, which falls between the quoted

the amount of this instruction may execute at a price corresponding to the quotation for

the nearest greater or less quantity of listed are met

the conditions laid down in § 15º and 15 p.



(7) the procedure for the implementation of the steps referred to in paragraphs 5 and 6 is a trader with

securities, which carries out systematic internalisation, is obliged to

Edit in their general terms and conditions.



§ 17 d



Restrict access to quotes



(1) a securities dealer may, on the basis of objective and

neupřednostňujících criteria to limit the use of their quotations



and some professional) only to customers or only on certain

customers who are not professional or



(b)) for individual consumers, because of their lack of financial

resources, their higher risk of failure as the Contracting Parties, the inadequacy

to ensure the settlement or from other similar reason.



(2) a securities dealer, in implementing the systematic

the internalisation of limit number of shops with one customer or the total

the number of trades for a particular listing. The total number of trades for a particular

listing can be limited only if the overall number or volume of trades

significantly exceeded the normal amount; the obligations provided for in § 15 ° and

15 p are not affected.



(3) the rules for limiting the use of the quotations referred to in paragraph 1 and

number of transactions referred to in paragraph 2 shall establish a securities dealer in

their terms and conditions. These rules lay down the objective conditions

for restrictions and correspond directly to the applicable legislation of the European

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 6j).



6a) Article. 21 of Commission Regulation (EC) no 1287/2006.



6B) Article. 24 of Commission Regulation (EC) no 1287/2006.



6 c) Article. 29 to 31 of Commission Regulation (EC) no 1287/2006.



Article 6 d). 21, art. 2 Commission Regulation (EC) no 1287/2006.



6E) Article. 22 paragraph 1. 1 Commission Regulation (EC) no 1287/2006.



6F) Article. 9 and 10 of Commission Regulation (EC) no 1287/2006.



6 g) Article. 9 to 11, 22, 23, 33 and table 3 of annex II to Commission Regulation (EC) No.

1287/2006.



6 h) Article. 22 paragraph 1. 3 of Commission Regulation (EC) no 1287/2006.



6i) Article. to in article 25(2). 1 Commission Regulation (EC) no 1287/2006.



6J) Article. to in article 25(2). 2 and 3 of Commission Regulation (EC) no 1287/2006. ".



90. in section 18 para. 1, after the word "or" the words "on the amendment of the statutes

consisting of ".



91. In paragraph 18, the following shall be added at the end of paragraph 1, the sentence "If the companions

Merchant securities, if this is a company with limited liability

restricted, shall decide on the liquidation or dissolution of the company of the change

the social contract or memorandum of change

business, the securities dealer must

contact the Czech National Bank, immediately after the decision

of the shareholders. The same requirement is even in the event that decides the General

company with limited liability. ".



92. In section 18 para. 2 the first sentence, the words "customer property" shall be replaced by

the words "customer property".



93. In section 18, paragraph 3 shall be deleted.



Paragraph 4 becomes paragraph 3.



94. In section 18 para. 3, after the words "permit (section 144)" the words "or

as a result of registering for more business or changing its

scope according to § 6a, 6b and 7 "and the words" paragraphs 1 and 3 shall not apply "


replaced by the words "paragraph 2 does not apply".



95. In § 19 para. 1 the first sentence, the words "with another trader in securities

papers, to the distribution of the securities dealer, or to transfer the

assets trader in securities on its shareholders '

replaced by the words "towards the Division of the brokerage house, to change the

the legal form of brokerage house, to the transfer of business assets

dealer of securities on its shareholder or a shareholder ".



96. In section 19 paragraph 2 reads as follows:



"(2) an application for an authorisation for the merger of brokerage house, for an authorisation

the distribution of the securities dealer, the authorization to change the legal form

brokerage house, for permission to transfer assets

dealer of securities on its shareholder or a shareholder or

enable the transfer of the assets of another person to the brokerage

papers can be submitted only on the prescribed form, to which the applicant

shall be accompanied by the documents necessary for the assessment of the effects of the merger, Division, change of

the legal form or a transfer of assets. The pattern of the forms and content of

their attachments, lays down implementing legislation. ".



97. In § 19 para. 3 the second sentence, the words "§ 4 paragraph 2. 1 "shall be replaced by the words" §

4 (4). 2. "



98. In article 19, paragraph 4 shall be deleted.



The present paragraph 5 shall become paragraph 4.



99. In § 19 para. 4 the first sentence with the number "4" is replaced by "3".



100. In § 20 paragraph 2 reads as follows:



"(2) the request for authorisation referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by the documents necessary for the assessment of

consequences of the transfer, stop, or lease business brokerage

papers or parts of it. The pattern of the forms and content of the annexes thereto lay down

implementing legislation. ".



101. In paragraph 20, paragraph 3 shall be deleted.



Paragraph 4 becomes paragraph 3.



102. In section 20 (2). 3 the first sentence with the number "3" is replaced by "2" and the

the second is hereby repealed.



103. In paragraph 21, at the end of paragraph 1, the following sentence "the provision of

investment services in the host Member State by the bound

representative established or domiciled in that host Member State, for

the purposes of this Act, be deemed to provide investment services

through the organizational folder. ".



104. In § 21 para. 2 (a). (b)), the words "the types and range of investment

services ' shall be replaced by "investment services" and at the end of the text of subparagraph (b))

shall be added the words ", and information about whether these activities

exercised by bound representative ".



105. In § 21 para. 2 (a). (c)), the word "structure" is replaced by

"the arrangement".



106. In § 21 para. 4, after the word "State", the words "as soon as the

receives notification of the supervisory authority of the host State that this

the Authority received from the Czech National Bank, the information referred to in paragraph 2, or ".



107. In § 21 para. 5 the first sentence, the words "organizational structure"

replaced by the words "organisation".



108. In § 21 para. 6 the first sentence, the words "and the supervisory authority of the host

the State "and are deleted at the end of paragraph 6, the following sentence" the Czech national

the Bank shall, without undue delay, this change to the supervisory authority

of the host State. ".



109. In article 21 paragraph 8 reads as follows:



"(8) the procedure referred to in paragraphs 1 to 7 shall not apply to the investment firm's

the papers, which is a bank. ".



110. In paragraph 22 of the paragraph. 2 (a). (b)), the words "the types and range of investment

services ' shall be replaced by "investment services" and at the end of the text of subparagraph (b))

the words "information about whether it will deliver the

investment services representative-bound "is used.



111. In paragraph 22 of the paragraph. 3 the words "and shall inform it of the terms of

compensation from the guarantee fund ' shall be deleted.



112. In paragraph 22 of the paragraph. 5, the words "and the supervisory authority of the host State"

be deleted and at the end of paragraph 5, the following sentence "the Czech National Bank

shall, without undue delay, this change in the supervisory authority of the host

State. ".



113. In section 22 paragraph 6 is added:



"(6) the procedure referred to in paragraphs 1 to 5 shall not apply to the investment firm's

the papers, which is a bank. ".



114. In section 22, paragraph 7 shall be deleted.



115. under section 22 shall be added to § 22a is inserted:



"§ 22a



(1) a securities dealer may be a participant in the regulated market

established in another Member State of the European Union, either using

access abroad or through their branches.

Participation of the trader in securities on a regulated market situated in another

Member State of the European Union is not the provision of investment services in

This state.



(2) a securities dealer may be a participant in the securities settlement system

established in another Member State of the European Union. ".



116. In the heading of part two, title III, part 2: "the provision of

investment services to a foreign person who is authorised by the supervisory authority

another Member State of the European Union on the territory of the Czech Republic. "



117. In § 24 para. 1 and 2, the words ' established in another Member State of the European

of the Union and "shall be deleted and the words" this State "shall be replaced by the words" another

the Member State of the European Union ".



118. In section 24 paragraph 4 is added:



"(4) the procedure referred to in paragraphs 1 to 3 shall not apply to the foreign person

advancing under the law governing the activity of the bank. ".



119. In paragraph 24, paragraphs 5 and 6 shall be deleted.



The present paragraph 7 shall become paragraph 5.



120. In § 24 para. 5 a) and (b)):



"and shall keep a journal) is a securities dealer under section 13;

evidence is concerning investment services person

provided through organizational folder



(b)) shall carry out information obligations of the trader in securities under this

law in the scope of § 16 para. 2 (a). a) to (d)), para. 3 (b). a), pursuant to section

16B and 16 c in accordance with §; information according to § 16 para. 2 (a). b) to (d)), pursuant to section

16B and 16 c shall be in accordance with section on investment services referred to

person provided through the organizational units, or in respect of

customers who provide the investment services in this way. ".



121. In § 24 para. 5 at the end of subparagraph (b)) is replaced by a comma and dot

the following subparagraph (c)) to (f)), which read as follows:



"c) adheres to the rules of conduct of the trader in securities with customers

provided for in section 15 and 15s,



d) fulfils the obligations for the reporting of trades set out in section 15,



e) documents and records kept in the manner prescribed in section 17,



f) carries out the obligations laid down in the systematic internalisation in section 17a-

17 d. ".



122. In section 24, the following paragraph 6 is added:



"(6) the provision of investment services by the bound representative

established or domiciled in the Czech Republic for the purposes of this Act,

It considers the provision of investment services through organizational

folder. ".



123. In § 25 para. 1 and 2, the words ' established in another Member State of the European

of the Union and "shall be deleted and the words" this State "shall be replaced by the words" another

the Member State of the European Union ".



124. In section 25 paragraphs 3 and 4 are added:



"(3) the procedure referred to in paragraphs 1 and 2 shall not apply to the foreign person

advancing under the law governing the activity of the bank.



(4) If a foreign person who is authorised by the supervisory authority of another

European Union Member State to provide investment services and intends to

to provide investment services in the Czech Republic through the bound

representatives who do not have a registered office or residence in the Czech Republic, the

The Czech National Bank to ask the supervisory authority of the home State to provide

the list of such representatives-bound. This list may the Czech national

the Bank shall publish the manner allowing remote access. ".



125. under section 25 shall be added to § 25a is inserted:



"§ 25a



A foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services may be

a participant in the regulated market, either with the use of access from abroad

or through their branches. Participation of the person to

regulated market is not the provision of investment services in the Czech

Republic. ".



126. In section 27 para. 1 at the end of subparagraph (b)) is replaced by a comma and dot

the following point (c)), which read as follows:



"(c)) data on bound representatives that a securities dealer intends to

in this use, the host Member State if the supervisory authority

the host State shall request. ".



127. In paragraph 27, paragraphs 2 to 10 shall be deleted and shall be deleted at the same time marking

of paragraph 1.



128. In § 28 para. 2, letter g) the following point (h)), which read as follows:



"(h)) the applicant complies with the requirements of capital equally under section 9 and 9a,".



Subparagraph (h)) to l) are known as letters i) to m).



129. In § 28 para. 2 (a). l), the word "healthy" is replaced by

"proper".



130. In § 28 paragraph 3 reads:



"(3) a request for authorisation to provide investment services

through organizational folders can be made only on the prescribed

form, to which the applicant shall be accompanied by documents certifying that it meets the

the conditions referred to in paragraph 2. The pattern of the form and the content of its annexes

down implementing legislation. ".



131. In paragraph 28 is at the end of paragraph 4, the following sentence "For the head of the

organizational folder § 10a accordingly. ".




132. In § 28 para. 7 letters a) to (c)):



"and adheres to a comparably capital requirements) as set out in section 9 and 9a,



b) abides by the activities and management of the trader in securities

provided for in § 11a up to 15t and section 17 to 17 d,



(c)) shall carry out information obligations to the extent provided in § 16 para. 2 (a).

a) to (d)), § 16 para. 3 (b). and) and publishes information under § 16a to

16 c; information according to § 16 para. 2 (a). a) to (d)), section 16b and 16 c shall be

on investment services, which he/she provides

through the organizational units, or in respect of the customers to whom

in this way the investment services. ".



133. In § 28 para. 7, points (d) to (f))) shall be deleted.



134. In section 29 para. 1 introductory part of the provisions, the words "provides

investment service of reception and transmission of instructions "are replaced by

the words "not entitled to provide a different service than the main investment

investment service as referred to in section 4, paragraph 4. 2 (a). and) or (e)) ".



135. section 30, including the title reads as follows:



"section 30



Registration of the investment intermediary



(1) investment broker who is a legal person, may

to carry out the activities referred to in section 29 para. 1 only a statutory body,

a statutory body, bound by a representative or by employees.



(2) investment broker who is a natural person, may

activities referred to in section 29 para. 1 only in person, the bound

Representative, or by the employees.



(3) the Czech National Bank registers as an investment

the provider is a legal person,



and) which is a company, a cooperative,



(b) the person whose head)



1. have reached the age of 18 years,



2. is fully competent to perform legal acts,



3. is a trusted,



4. has completed secondary education,



5. has the appropriate knowledge and experience in a range of business

the investment intermediary



6. is the person an appropriate in terms of sound and prudent provision

investment services investment, for which the provider has

perform the functions of the head of the person; proper performance of the particular function does not prevent the

her trade, business or other similar activity, especially the activity of

for people with similar business,



(c) the person for whose head) was not caused by the fact that it is an obstacle to the

trade under the law governing business



(d)) that has a transparent and safe the origin of capital,



e) whose close links with another person do not prevent the effective exercise of supervision

above the investment broker; When a narrow link with a person who

has its registered office or head office in a State which is not a Member State

The European Union must not rule of law of such State and the way it

application of including law enforcement hamper effective supervision

over investment intermediary.



(4) the Czech National Bank registers as an investment

a natural person, the provider



and that has reached the age of 18) years of age,



(b)) that is fully qualified to perform legal acts,



(c)) which was not caused by the fact, which is an obstacle to trade

under the law governing business



(d)) that is trusted,



e) who has completed secondary education,



(f)) that has the appropriate knowledge and experience in a range of business

the investment intermediary



g) which is an appropriate person in terms of sound and prudent provision

investment services investment provider; above all, the proper

the provision of investment services does not prevent its professional, business

or other similar activity, especially the activity of persons with similar

business.



(5) in the assessment of the facts referred to in paragraph 3 (b). (b)) and paragraph 5 of

paragraph 4 (b). (f)), the Czech National Bank will take into account, in particular, the range of

the powers associated with the performance of functions or activities, organizational

the arrangement of the investment and its overall staffing provider

assumptions.



(6) an application for the registration of the investment provider can be made only

on the prescribed form, to which the applicant shall be accompanied by documents

certifying that it meets the conditions referred to in paragraphs 3 and 4. Pattern

the form and the content of its annexes, including the annexes, showing

the trust referred to in paragraph 3 (b). (b)) and paragraph 4 of point 3 (a). (d)),

down detailed legislation.



(7) the Czech National Bank within 30 days from the date of receipt of the request of the applicant

registers and shall issue to him a certificate. If the applicant submits the fulfilment of

the conditions referred to in paragraph 3 or 4, the Czech National Bank in this period

initiate administrative proceedings and decide that the application for registration is rejected,

If the applicant submits the fulfilment of the conditions described in this procedure.



(8) the Czech National Bank cancels the registration, if the investment

the provider in writing of the cancellation of the Czech National Bank asks. ".



136. section 32, including the title reads as follows:



"§ 32



The obligations of the investment intermediary



(1) the investment provider is required to provide investment services

with professional care. Incurring professional care means that

investment intermediary is acting competently, honestly and fairly, and

in the best interest of customers, in particular, fulfil the responsibilities under this title.



(2) The referring broker is in the performance of the activities referred to

in § 29 para. 1 apply mutatis mutandis the provisions of this Act governing

the expertise of the people through which the securities dealer shall carry out their

activities (§ 14 and 14a).



(3) The investment intermediary shall exercise the activities referred to

in § 29 para. 1 shall apply mutatis mutandis to section 15a to 15 years governing the obligations for

dealing with customers; the provisions of § 15 para. 3 and 4 shall apply mutatis mutandis.



(4) to ensure a prudent provision of investment services investment

the provider due to the nature and extent of the services provided

implement and maintain



and with the proper organizational arrangements), a transparent and coherent definition of

activities and related responsibilities and decision-making powers,



(b)) the proper administrative procedures, including, in particular, the system of internal

communication and the rules for the handling of complaints, and the complaints of customers,

who are not professional customers



(c)) the procedures for detection and management of conflicts of interest between the investment

intermediary, including its officers, representatives, and bound

employees and its customers or prospective customers or to its

customers or potential customers to each other,



(d)) the control and safety measures when handling and registration

information,



e) internal control including ongoing compliance review

the obligations laid down by this Act, other legislation and the

the obligations resulting from the internal rules of the investment

provider.



(5) the investment provider keeps records of received and transmitted by the

the guidelines concerning investment instruments; investment broker

for the purposes of keeping the register shall be entitled to keep social security numbers of customers.



(6) investment provider stores the documents relating to the

investment services provided including records in the register referred to in paragraph 5

and records of the communication with the customer, provided the investment

services and with a potential customer for a minimum period of 5 years from the time

the provision of investment services or trade execution. This also applies to

a person whose registration has been cancelled, or its legal successor.

Records of the situation, including terms and conditions relating to the

the required investment service provider keeps investment after

the entire duration of the contract law of the relationship, but at least for a period of 5 years.



(7) the investment intermediary shall inform the Czech National Bank on the



species and range) of the services provided,



b) stores that closed or procured, to the extent referred to in

paragraph 5,



c) changes in the factors on the basis of the received permission to

the activities of the investment intermediary; for information about changing leaders

people must demonstrate compliance with the conditions laid down in § 30 paragraph 2. 3 (b).

(b)), and (c)),



(d)) the financial situation and results of the management,



e) performance rules laid down in paragraph 4,



f) persons with close links.



(8) the implementing legislation provides for



and) the scope of the obligations set out in paragraphs 3 and 4,



(b)) the details and method of keeping records referred to in paragraph 5,



(c) the content and method of preservation) the documents and records referred to in paragraph 6,



d) range, form, method, structure, periodicity and deadlines of performance

information obligations referred to in paragraph 7. ".



137. In part two, the following title VI, including headings:



' TITLE VI



BOUND OF THE REPRESENTATIVE



section 32a



Basic provisions



(1) a representative of the Bound is a natural or legal person who is entitled to

on the basis of a written contract is represented by its name



and, and where appropriate arrange) and closed shops on main

investment services referred to in section 4, paragraph 4. 2 (a). and) or h), if the

represented to provide authorized,



(b)) to provide investment service as referred to in section 4, paragraph 4. 2 (a). (e)),



(c) promote investment services), which is represented by the authorized

provide.



(2) Represented in this Act shall mean




and) a securities dealer,



(b)) a person who is authorised by the supervisory authority of another Member State

Of the European Union to provide investment services if it provides

investment services in the Czech Republic,



c) foreign person that has its registered office in a State which is not a Member

State of the European Union, and which provides investment services in the United

Republic through organizational folder



(d)) the investment provider.



(3) a bound representative may not accept funds or investment

customer tools.



(4) bound to the representative who is a natural person, may carry on business

referred to in paragraph 1 only in person or by employees. Bound representative,

that is a legal person, may exercise an activity referred to in paragraph 1

only the statutory authority, a statutory body, or by using the

employees.



(5) for the provision of investment services representative-bound corresponds to the

represented by. For damage caused in the performance of his representative-

activity corresponds to the represented person. Represented by has for damage caused by the bound

the representative of the prosecution.



(6) the shortcut-bound is obliged to pursue the activities referred to in paragraph

1 inform the customer or potential customer information about a person

represented, on whose behalf it acts, and information on the activities referred to in

section 32a para. 1, which he is entitled, and in respect of which

investment tools.



(7) Tied representative shall perform the activities to which it is obliged to

professional care. In relations with representative is represented by

obligation to act honestly and in good faith.



§ 32b



The requirements on the bound of the representative



(1) a bound delegate, may the activities referred to in paragraph 1(b), section 32a. 1 exercise

only for one person. That person can only be represented by,

unless otherwise provided by other law to the contrary.



(2)-representative who is a natural person, and senior management

the bound of the representative may be the only person who



and) has reached the age of 18,



(b)) is fully competent to perform legal acts,



c) meets the conditions of incompatibility of functions referred to in paragraph 4.



(3) a bound representative who is a natural person, and senior management

bound representative, may be the only person for whom the fact occurred

that is a barrier to trade under the law governing

skilled trades.



(4) the representative shall not be Bound



and) a securities dealer, a person who is authorised by the supervisory authority

another European Union Member State to provide investment services,

If provides investment services in the Czech Republic, a foreign person,

which has its registered office in a State which is not a Member State of the European Union, and

that provides investment services in the Czech Republic through the

business folder, and investment broker



(b) the person is a person referred to) in (a)),



(c)) the employee persons referred to in point (a)),



(d)) a partner dealer of securities,



(e)) the shareholder or the investment provider.



section 32 c



Registration and deletion of



(1) a representative of the represented-bound may start to exercise the activities referred to

in section 32a para. 1 from the date of registration, carried out on the basis of the request, the

list of tied agents. The Czech National Bank keeps a list of bound

representatives of the brokerage house and foreign persons that have

registered office in a State which is not a Member State of the European Union, and that

provide investment services in the Czech Republic through the

business folder, and a list of the representatives of the investment-bound

provider.



(2) an application under paragraph 1 shall be represented; tied agent is

must provide all necessary documents and synergy of the represented person.



(3) the Czech National Bank writes bound representative within 5 working days

from the date of receipt of the request for entry on the list of representatives and draw-bound him

about it through the applicant's certification.



(4) in the list referred to in paragraph 1 shall, where appropriate, the information and changes

These data, which are



and details of the person bound) representative with the exception of social security number,



(b) details of the person represented) with the exception of social security number,



(c)) the activities referred to in paragraph 1(b), section 32a. 1, which is bound to the representative shall be entitled to

exercise and in relation to which the investment tools,



(d) the date of entry in the list)-bound representatives.



(5) the Czech National Bank the request referred to in paragraphs 1 and 2 does not read from the

the perspective of the truth or accuracy of the information contained therein. Czech

the National Bank does not review the conditions for the registration of the bound

a shortcut to the list.



(6) the Principal for which you want to perform or performing representative-bound

activities referred to in paragraph 1(b), section 32a. 1,



a) verify the correctness and completeness of the particulars given in the application for registration to the

list the bound representatives and fulfilment of the conditions laid down in § 14 para. 2

and § 32b,



(b)) establish rules for checking the activities of the tied agents, to ensure

the proper performance of the activities bound representative referred to in section 32a para. 1,

in particular, the rules dealing with customers,



(c)) shall adopt measures to ensure that the performance of other activities than those specified in

section 32a para. 1 bound representative, will not jeopardize the proper performance of the activities referred to

in section 32a para. 1 bound representative,



d) without undue delay, notify the Czech National Bank, that the obligation

the relationship under section 32a of the paragraph. 1 has lapsed.



(7) the Czech National Bank shall delete the shortcut from the list, bound

If it receives notice in accordance with paragraph 6 (a). d). Czech National Bank

shall delete a shortcut from the list of bound, if bound to a representative of the

represented in writing of the cancellation by the Czech National Bank

so requests.



(8) the request for entry on the the list bound representatives can only be given on the

the prescribed form. The specimen and how it sent down

the implementing legislation.



§ 32d



Immediate termination



(1) the Principal shall be obliged to immediately terminate the contractual relationship under section

paragraph 32A. 1, if it finds that a representative or lead person-bound

bound representative does not meet the conditions referred to in section 14 para. 2 or §

32B; by delivering notice of termination that is represented by this obligation relationship ceases to exist.



(2) bound to the Prosecutor is obliged to immediately terminate the contractual relationship

section 32a para. 1 if it no longer meets the conditions referred to in section 14 para. 2

or in Section 32b; by delivering notice of termination to the represented this obligation relationship

ceases to exist. This obligation has bound the representative and, where the conditions

referred to in § 14 para. 2 or § 32b ceases to comply with its head

person. ".



138. In § 33 para. 1, after the words "§ 4 paragraph 2. 2 (a). (b)) "the words"

, or a foreign person who has permission to provide this

investment services ".



139. In paragraph 33, the following paragraph 9 is added:



"(9) the provisions of this section shall apply mutatis mutandis also to other species

investment instruments than the securities, if it is not apparent from the nature of things

otherwise. ".



140. In § 34 paragraph 1. 2 of the introductory part of the provisions of § 34 paragraph 1. 4, § 36 odst. 1

the first sentence of paragraph 36, para. 2 the first sentence and the second, § 36 odst. 5 the first sentence and

Second, § 36 odst. 6 second sentence, § 36 odst. 7 the first sentence, section 36 c of paragraph 1. 3

the introductory part of paragraph 1, the provisions, section 36f. 1, section 36f of paragraph 1. 2, section 36 h of paragraph 1. 3, §

36i para. 1 the first sentence of section 36j, para. 1 the first sentence of paragraph 1 and section 36 k. 3, the

the word "official" is replaced by the word "regulated".



141. In § 34 paragraph 1. 2 (a). (c)), the word "fungible" is deleted and

the word "sheet" with the words "other warrants."



142. In § 34 paragraph 1. 2 (a). (d)), paragraphs 1 to 4 shall be added:



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

a similar line of business,



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

a similar line of business,



3. a person whose activity is crucial to the acquisition of the participation on the other

companies,



4. the financial institution under the supervision of [section 151 (1) (a). j)] ".



143. In § 34 paragraph 1. 2 (a). (d)) the following point 5 is added:



"5. the person referred to in section 2a paragraph 2. 1 (b). n) to (p)), ".



Items 5 to 7 shall become points 6 to 8.



144. In § 34 paragraph 1. 2 (a). d) point 6, the words "annual reports or

consolidated annual report "shall be replaced by the words" financial statements or

the consolidated financial statements ".



145. In § 34 paragraph 1. 2 (a). d) point 8 in the sentence with a semicolon, the word

"transactions" shall be replaced by the word "stores" and the words "securities"

replaced by the words "established in the Member State of the European Union".



146. In § 34 paragraph 1. 2 at the end of paragraph (d) is replaced by a comma and dot)

the following point (e)), which read as follows:



"e) securities issued in a continuous or repeated securities

of the same type issued sequentially or in at least 2 emissions within 12

months. ".



147. In § 34 paragraph 1. 3 (b). e) and (f)) the introductory sections of the provisions, the words

"the Bank, a foreign person with similar business, savings

and úvěrním cooperative or a foreign person with similar

business "is replaced by" a person referred to in section 2a paragraph 2. 1 (b). a) and

(b)) or a foreign person with similar business ".



148. In § 34 paragraph 1. 3 (b). e) point 3 (a). f) point 3 shall be the word

"derivative" is replaced by "investment facility referred to in section 3, paragraph 3.

1 (b). (d))). ".




149. In section 34 para. 3 (b). g), the words "offered the sales price or

emission rate "shall be replaced by the words" value of consideration ".



150. In § 35 para. 1 the words "foreign supervisory authority" shall be replaced by

the words "supervisory authority of another Member State of the European Union".



151. In § 35 para. 3 (b). a) to (d)), the words "in the offices of the issuer"

replaced by the words "the addressees of the bid".



152. In § 35 para. 3 (b). (b)), the words "the transformation of the company" shall be replaced by

the word "merger".



153. In § 35 para. 3 (b). (d)), § 36 odst. 1 the first sentence of paragraph 36, para. 2

the first sentence and the second, § 36 odst. 5 second sentence, § 36 odst. the second sentence of § 6

paragraph 36. 7 the first sentence and section 36 c of paragraph 1. 5 the first sentence and the second after the word

"the market", the words "established in the Member State of the European Union".



154. In § 36 odst. 3 the first sentence, after the words "the Bank or" the words

"published and sent to the Czech National Bank as part of the eighth or".



155. In § 36 odst. 5 the first sentence after the word "market", the words "

established in a Member State of the European Union or regulated

the market, which intends to itself take a security to trading on it

an organized regulated market without the issuer's consent ".



156. In § 36a para. 1 (b). a), the words ' papers "the words",

including warrants, warrants, and other securities of the

These debt securities ".



157. In § 36a para. 1 (b). (b)) the introductory part of provisions, the words "by the Bank,

a foreign person with similar business, savings and úvěrním

cooperative or a foreign person with similar business "

shall be replaced by "referred to in § 34 paragraph 1. 2 (a). d) point 1 ".



158. In § 36a para. 1 (b). (b)) point 2, the words "of the Bank, foreign persons

with similar business, savings and credit cooperatives, or

foreign persons with similar business "shall be replaced by the words" persons

referred to in § 34 paragraph 1. 2 (a). d) point 1 ".



159. In section 36 c of paragraph 1. 6 (b)) shall be deleted.



Subparagraph (c)) shall become point (b)).



160. In section 36e (b). (c)), after the words "the issuer" is inserted after the word ",

the guarantor ".



161. In section 36f of paragraph 1. 1, the word "and" shall be deleted and the text at the end of paragraph 1

shall be added the words "and a copy of the summary of the prospectus in the Czech language".



162. In section 36 h of paragraph 1. 4, after the word "States" the words "and for

admission to trading on a regulated market ".



163. In § 36 k of paragraph 1. 2 the words "the information contained in the prospectus and may not

contain information that is inconsistent with its contents or which is

deceptive "are replaced by the words" the information contained in the prospectus and may not

contain information that is inconsistent with its contents or which is

the misleading ".



164. Part five, including headings and footnotes # 9, 10, 10a to 10 h

added:



"PART FIVE



MARKET INVESTMENT INSTRUMENTS



TITLE I OF THE



REGULATED MARKET



§ 37



Basic provisions



(1) the regulated market is a legal entity that organizes

regulated market with the permission of the Czech National Bank.



(2) to organize a regulated market in the Czech Republic can only the Organizer

of the regulated market.



§ 38



Enabling the business of the regulated market



(1) the Czech National Bank has granted permission to the organiser's activities

a regulated market only joint stock company or limited company

limited,



a) which, if it is a joint stock company, issued only shares certificated

or dematerialized shares, or if the companies with limited liability

has a supervisory board; the powers of the Supervisory Board shall be at least equivalent

such as the Supervisory Board of joint stock companies by sales

code,



(b)) which has its registered office and head office within the territory of the Czech Republic,



(c)) that has its own capital equal to at least the amount of 730 000 EUR,



(d)) that has a transparent and safe the origin of capital,



(e)) which presents a draft of the rules for trading on a regulated market (section

62), the draft rules of access to a regulated market (section 63) and draft rules

for the adoption of investment instruments to trading on a regulated market

(section 56),



(f)) that has the material, personnel and organizational prerequisites for the proper performance of

the activities of the regulated market in the range of activities that it intends to

exercise, and that is clear from the proposal on trading rules

on a regulated market and trading rules in a multilateral trading

System (hereinafter referred to as "trading rules"), the rules for adopting

of investment instruments to trading on a regulated market, and the rules for

admission of investment instruments to trading on a multilateral trading

System (hereinafter referred to as "the rules for admission of investment instruments to the

trading ") and the rules of access to a regulated market and access rules

in the multilateral trading system (hereinafter referred to as "access rules"),



g) which has a paid up share capital and whose senior management meet

conditions laid down, the approval of persons (section 43),



h) which have a qualifying holding the person in terms of proper and suitable

prudent management of the regulated market,



I) whose close links with another person do not prevent the effective exercise of supervision

over by the organizer of the regulated market; When the close links with the person

which has its registered office and head office in a State which is not a Member State

The European Union, not the rule of law and the method of its application including

law enforcement to hamper effective supervision of the Organizer

of the regulated market,



j) which, if requested, to enable the activities of the regulated

the market included permission to operate an MTF,

submit a proposal to the rules of trade in the multilateral trading system

(article 69, paragraph 2), design access rules into the multilateral trading

System (article 69, paragraph 4) and the proposal for the adoption of rules of investment

instruments to trading on a multilateral trading system (§ 69 para.

3).



(2) a request for authorisation to the activities of the regulated market can be

made only on the prescribed form, to which the applicant must be accompanied by a

documents certifying that the conditions referred to in paragraph 1. Pattern

the form and the content of its annexes laying down detailed legislation.



(3) the authorised regulated market the Czech national

the Bank will indicate whether it is authorized to operate a regulated market

the multilateral trading system.



(4) the Czech National Bank shall inform the supervisory authorities without undue delay

European Union Member States and the Commission through the Ministry of

Of the European communities that the



and) awarded or odejmula authorised the regulated

market,



(b)) the cancellation, change of business or the conversion of the Organizer

of the regulated market.



§ 39



Other business activities of the regulated market



(1) other business activities can regulated market

only after the registration from exercising the Czech National Bank.



(2) other business activities of the regulated market may

only involve the provision of services related to the financial market

or commodity market, in particular



and in the activities of the commodity exchange),



(b)) in providing other services on the financial market under other laws,

regulations,



(c)) in activities relating to the organisation of a regulated market or

the operation of the multilateral trading system,



(d)) in training activities.



(3) the Czech National Bank signs up for more business

the applicant and without undue delay, sends the applicant a certificate of

registration.



(4) an application for the registration of other business activities of the Organizer

the regulated market can be made only on the prescribed form, to which

the applicant shall be accompanied by documents certifying compliance with the conditions referred to in

paragraph (2). The pattern of the form and the content of its annexes laying down detailed legal

prescription.



(5) in the event that the performance of the other business activities hinders the proper

the organisation of a regulated market, the operation of the multilateral trading

system or the effective exercise of supervision of the Organizer

of the regulated market or the application does not satisfy the conditions referred to in paragraph 4,

The Czech National Bank may



and reject, or registration)



(b)) to limit the scope of other business activities, where appropriate,

specify the conditions that must be met before the regulated market

the start of each of the other business activities, where appropriate, to comply with them

in the exercise.



(6) the Czech National Bank cancels the registration, if the Organizer

of the regulated market in writing of the cancellation of the Czech National Bank.



section 40



(1) the business of the regulated market can only be

the activities referred to in the authorization of the business of the regulated market

or registered trademarks of the Czech National Bank pursuant to § 39.



(2) authorised regulated market, as well as

the registration of other business activities, may be granted for a fixed period.



§ 41



(1) regulated market shall be obliged to provide services with the

professional care and in accordance with the rules of trade, the rules for

admission of investment instruments to trading and rules of access.



(2) the Incurring of professional care means that the Organizer


the regulated market it competently, honestly and fairly, and in the

the best interest of the attendees it organized regulated market, in particular

fulfils the obligations laid down in this section.



§ 42



The representative of the Czech National Bank may participate in the general meeting

of the regulated market. Regulated market of the

the general meeting shall inform, in writing, the Czech National Bank.



§ 43



The head of the person of the regulated market



(1) the head of the person of the regulated market shall have to perform their

features of the Czech National Bank's prior consent except as specified in

paragraph 5.



(2) the Czech National Bank will grant a consent referred to in paragraph 1 the person



a) which satisfies the conditions referred to in section 10, paragraph 1. 2 (a). and)



(b)) which is an appropriate person in terms of sound and prudent management

of the regulated market, which is to carry out the function of the head of

of the person; above all, the function does not prevent the effective exercise of her trade,

business or other similar activity, especially the activity of persons with

similar business.



(3) in the assessment of the facts referred to in paragraph 2 shall take the Czech

the National Bank in particular account of the extent of the powers associated with the performance of

features of the organisation of the regulated market and its

the total staffing of the equipment.



(4) the request for approval referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by documents certifying the fulfilment of the

the conditions laid down in paragraph 2. The pattern of the form and the content of its annexes

including attachments showing credibility and competence by

paragraph 2 (a). and), lays down the law.



(5) if the State has the senior management of the regulated market

the person who is the head of the person in another regulated market

based in the Czech Republic or in a Member State of the European Union,

You may not have to perform their function of the consent of the Czech National Bank.



(6) the head of a person who has obtained prior consent to the performance of their duties,

is required to notify in writing without undue delay of the Czech National Bank

any change in the conditions referred to in paragraph 2, in particular the end of the performance

their functions.



(7) for the head of the person of the regulated market shall apply section article 10A(1).

2 accordingly.



§ 44



Cancellation or change of the business of the regulated market



(1) if the general meeting of the regulated market shall decide on the

the liquidation or dissolution of the company to amend the articles of

change in business, the regulated market shall be obliged to this

contact the Czech National Bank, immediately after the decision of the General

meeting. If the companions of the regulated market, if the

This is a company with limited liability, shall decide on the dissolution of the company

with the disposal or to change the social contract or memorandum

in terms of change in the business, is regulated

the market shall be obliged to notify the Commission without delay after the Czech National Bank

the decision of the shareholders. The same obligation is in the case that the

the general meeting shall decide the company with limited liability.



(2) the date of entry of the regulated market to liquidation or the date

date of the change of its business must not be a person who has entered into a

destruction or changed the nature of the business, to organize a regulated market

or engage in the multilateral trading system and can only deal

its claims and liabilities arising out of such activities; to settlement

receivables and liabilities are considered to be an organizer of such a person

of the regulated market. The entrance to the disposal or change of business

enabling the business of the regulated market shall cease to exist.



(3) in case of change of the subject business due to changes in scope

authorised regulated market issued under section 38

or as a result of registering for more business or changing its

scope according to § 39, paragraph 2 does not apply.



§ 45



The conversion of the regulated market



(1) the merger of the regulated market, for distribution to Organizer

of the regulated market, to transfer the assets of the regulated

the market for his companion, a change in the legal form of the Organizer

regulated market or to transfer the assets of the Organizer

of the regulated market on its shareholder or partner, or to transfer the

assets of another person on the regulated market

enabling the Czech National Bank.



(2) an application for an authorisation for the merger of the regulated market, the permission

transfer of the assets of the regulated market, the permission

change of legal status of the regulated market or to convert

assets of the regulated market to its shareholders or

partnership and enable the transfer of the assets of another person on

the regulated market can be made only on the prescribed

form, which are accompanied by the documents necessary for the assessment of

the consequences of mergers, changes of legal form or a transfer of assets. Pattern

the form and the content of its annexes laying down detailed legislation.



(3) the allocation of the regulated market or of a merger with the person

that is not the organizer of the regulated market or by an operator

the securities settlement system are not permitted.



§ 46



Conversion, stopping or rent business of the regulated market



(1) the contract for the transfer of the business of the regulated market

or part of a Treaty on the cessation of business of the regulated

market or a part or a Charter Business Organizer

a regulated market or a part thereof is subject to authorization by the Czech national

of the Bank.



(2) the request for authorisation referred to in paragraph 1 may be made only on the prescribed

form, which are accompanied by the documents necessary for the assessment of

consequences of the transfer or lease, stop business organizer

a regulated market or a part thereof. The pattern of the form and the content of its annexes

down detailed legislation.



§ 47



The acquisition of the participation to the organizer of the regulated market



(1) to acquire or increase qualifying holdings in the Organizer

regulated market or to the regulated market domination is

required the prior consent of the Czech National Bank. For granting this

the consent section 11 applies mutatis mutandis.



(2) For the loss or reduction of qualifying holding on the Organizer

of the regulated market shall apply mutatis mutandis to section 11 (1) 9 and 10.



(3) regulated market shall publish in a manner allowing

remote access data on persons who have a qualifying holding on it

or control, and the size of their participation.



(4) the time limits, the form and manner of publication of these data provides detailed

legal prescription.



§ 48



Organisational requirements on the regulated market



Regulated market shall be obliged to



and) establish procedures to enable the identify and troubleshoot potential negative

impact on the operation of the regulated market or for its participants, which would

could arise from the conflict between the interests of the regulated market

or his associates, and the proper functioning of the regulated market,



(b)) to establish procedures for managing risks which he faces; above all,

introduce appropriate measures to identify all significant risks to its operation

and effective measures to reduce such risks,



(c)) to establish policies and procedures to ensure the proper operation of its

commercial and other systems, including the adoption of effective measures for

disruption of system operation and emergency situations,



(d)) to introduce rules of trading on a regulated market, to ensure

fair and orderly trading and lays down the objective criteria for

the implementation of the guidelines,



(e) implement measures to enable proper) and early settlement made

shops,



(f)) establish measures to prevent market abuse,



g) maintain their own capital of at least the amount corresponding to the amount of 730 000

EUR,



h) have available sufficient financial resources to ensure the proper

the functioning of the market, having regard to the nature and extent of the trades concluded on the market

and the nature and degree of the risks to which it is exposed,



I) introduce measures to systematically monitor and track whether



1. the participants organised by the regulated market shall comply with the rules

trading on a regulated market and the rules of access to a regulated market,



2. investment instruments admitted to trading on an organised by

the regulated market comply with the conditions for admission to trading on

a regulated market established by this Act (para. 56) and the rules for

admission of investment instruments to trading on a regulated market and

the conditions for the admission of a security to trading on the official market (section

65),



3. the issuers of investment securities admitted to trading on it

organized regulated market shall carry out information obligations provided for in §

57, 118, 119, 120, 123 and section 125 paragraph. 1 and 3,



4. a person who subsequently asked for the adoption of the financial instrument on the

a regulated market without the issuer's consent, the information obligation pursuant to §

56 para. 8,



j) continuously monitor the trading on a regulated market, it organized

and evaluate whether there is violation of trading rules, the emergence of

the exceptional situation on the market, or actions which may be considered

use of inside information or market manipulation,




to establish procedures for the enforcement of) fulfilment of the obligations laid down in the rules of the

trading, the rules for admission of investment instruments to trading

and access by participants of organized regulated market and

issuers of financial instruments admitted to trading on it

an organized regulated market, including the possibility of penalties for

violation of these rules,



l) allow participants organised by the regulated market access

the information referred to in subparagraph i) point 3,



m) in the management of the property of the participant of a regulated market or

operated by the multilateral trading system to introduce measures to

protection of the rights of a participant to this property, in particular in case of bankruptcy

of the regulated market.



§ 49



(1) regulated market shall notify without delay the Czech national

Bank



and significant violations of trading rules) or extraordinary situation on the

It organized regulated market,



(b) the use of the reasonable suspicion) internal information or to manipulate the

It organized regulated market,



(c) the issuer's violation of information obligations) investment securities

admitted to trading on a regulated market, organized by the

the performance is obliged to monitor,



(d) violation of the obligation of the person) laid down in paragraph 48 (a). I) point

4, whose fulfilment is obliged to monitor,



(e) the reasonable suspicion of a violation of) of this Act by a person authorised

close sales on a regulated market.



(2) the form and method of informing the Czech National Bank referred to in paragraph 1

down detailed legislation.



§ 50



Information obligations of the regulated market



(1) regulated market shall submit to the Czech National Bank



and) no later than 4 months after the end of the accounting period, its annual

the report and the consolidated annual report referred to in the law governing

accounting, if under this Act shall be obliged to draw up this report,

which includes financial statements certified by the Auditor,



(b)) no later than 1 month after the end of the calendar quarter results

their management in the previous quarter.



(2) regulated market shall publish the reports and information referred to in

paragraph 1 without undue delay after their submission to the Czech national

the Bank in a manner allowing remote access.



(3) regulated market publishes in the current text of the way

allowing remote access trading rules, rules for

admission of investment instruments to trading and access rules.



(4) the regulated market shall be sent by the Czech National Bank also

For more information about participants, conditions, course and results of the

trading on an organised market, by investment instruments

admitted to trading on an organised market and by their issuers and

about the provided services, which are necessary for the exercise of supervision.



(5) the regulated market to the Czech National Bank shall notify without

undue delay



and any changes in the facts), on the basis of which he was granted

authorised regulated market,



(b) loss of privileges) under another law for the performance of additional

the activities, which have been registered pursuant to section 39.



(6) change of the trading rules, the rules for making investment

instruments to trading or access rules shall be sent by the Organizer

regulated market without undue delay after their approval note

The Czech National Bank.



(7) the implementing legislation sets out the content of the information obligations)

laid down in paragraphs 1 and 4, and the time limit, the form and the manner of their implementation,

(b)), the form and period manner within the meaning of paragraphs 2 and 3.



§ 51



Access to securities settlement systems



(1) regulated market allows it to participants of organized

of the regulated market to choose for the settlement of investment instruments

closed on this market the securities settlement system, central counterparty,

Clearing House and a settlement system of their choice, if

exists between the regulated market and selected securities settlement system,

a central counterparty, clearing and settlement system institutions

such a link, which will allow the proper and timely settlement of these transactions

without disproportionate cost.



(2) the use of another securities settlement system other than that which is usual for

the relevant regulated market referred to in paragraph 1, requires the prior consent of the

The Czech National Bank. The Czech National Bank has granted the consent of the participant

in the case of a regulated market that technical conditions for settlement of the

receivables and liabilities from investment instruments other than

the usual securities settlement system does not prevent the proper functioning of financial markets.



§ 52



The Czech National Bank may restrict or prohibit the organizer of regulated

the market for the use of securities settlement system, a central counterparty, settlement agent

or the clearing house from another Member State of the European Union to

settlement of all or only selected shops investment instruments

It concluded on an organized regulated market, if it is necessary

to the proper functioning of the regulated market; When deciding the Czech national

the Bank will take into account whether the conditions laid down in § 51 para.

1.



§ 53



The designation of "regulated market" or "stock exchange" or similar

designation in conjunction with investment instruments can when your business

use only regulated market in a Member State

Of the European Union.



§ 54



Permanent Court of arbitration of the regulated market



(1) the regulated market may set up permanent court of arbitration.



(2) the Permanent Court of Arbitration disputes of the shops on a regulated market

organized by the founder and of the settlement of these transactions, as well as disputes

from shops in the multilateral trading system, operated by the founder and

from the settlement of such transactions. Permanent Court of Arbitration also decides disputes arising from

trades in commodities and disputes from other stores in the financial market, if

such trades result from other business activities of the founder

the Czech National Bank registered under section 39. Permanent Court of arbitration may

also disputes from other competitors with investment instruments or

commodities, disputes arising from the capital market, money market,

insurance market and pension fund market, if

parties agree.



(3) The procedure before the Permanent Arbitration Tribunal shall apply the law governing

the arbitration proceedings and enforcement of arbitral awards ^ 9). How to control and

deciding the method of appointment of arbitrators, their number, the organizational

the arrangement of the Permanent Court of arbitration, a schedule of fees of the arbitrators, the rules

on costs and other issues related to the activities of the Standing

the arbitral tribunal and its economic provision modifies the Statute and regulations

Permanent Court of arbitration.



TITLE II



TRADING ON A REGULATED MARKET



Part 1



Basic provisions



section 55



(1) the regulated market is a market with investment vehicles organized

the organizer of a regulated market in accordance with the permission of the Czech national

the Bank, which trades regularly and that has established rules

for the adoption of investment instruments to trading on a regulated market,

trading on a regulated market rules and access rules to

regulated market which are in accordance with this Act.



(2) the regulated market established in a Member State of the European Union is

a regulated market referred to in the list of regulated markets in the Member State

Of the European Union.



§ 56



The conditions for the admission of investment instruments to trading on a regulated

market



(1) the conditions for the admission of investment instruments to trading on a

regulated market provided by law. Other conditions or information

the obligations of the issuer than set out in this law can Organizer

of the regulated market provide for the adoption of rules of investment

instruments to trading on a regulated market.



(2) on a regulated market may be accepted just such an investment tool

be assigned an identification mark in accordance with the international

numbering system for the identification of securities (ISIN), and for which

are the conditions for fair, proper and effective trading for

the conditions laid down by a regulation directly applicable European

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 10). Those conditions must ensure

regulated market in the rules for making investment

instruments to trading on a regulated market.



(3) in the case of investment securities on the regulated market

rules for the admission of investment instruments to trading on a

regulated market shall further ensure that the trading on a regulated market

He was admitted only investment security, which is freely negotiable

under the conditions laid down in the applicable legislation of the European right

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 10a).



(4) in the case of investment instruments referred to in § 3 (1). 1 (b). (d)) to)

regulated market in the rules for making investment

instruments to trading on a regulated market shall ensure that the


trading on a regulated market has been accepted only investment tool

referred to in § 3 (1). 1 (b). (d)) to), which allows the proper determination of

prices and suitable method of settlement under the conditions laid down directly

the applicable law of the European communities, implementing

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 10b).



(5) the investment facility may be admitted to trading on a regulated

market without the issuer's consent. Investment securities may be admitted to the

trading on a regulated market without the issuer's consent, only if the

already quoted. Conditions for admission to trading on a regulated market

provided for in section 57 are not affected.



(6) regulated market shall inform without delay

the issuer of the financial instrument that is issued by the issuer of the investment facility

has taken to trading on a regulated market under an organised by

paragraph 5.



(7) the issuer of the investment securities admitted to trading on

a regulated market referred to in paragraph 5 is not obliged to fulfill the towards the

regulated market any information obligations.



(8) in the case that there has been a consequent adoption of investment securities

security to trading on a regulated market without the issuer's consent, according to

paragraph 5, is a person who has applied for the admission, or organizer

of the regulated market, which itself has received investment securities without the consent of

the issuer shall disclose in Czech or English language information

materials in the performance by the issuer of the information obligations laid down in

§ 118 to 120, 123 and section 125 paragraph. 1 and 3, if it is in these languages

the issuer shall not disclose. This obligation under the first sentence is true, if it is

information published without undue delay after its

publications in the language of the Member State of the European Union, and, by analogy, in the manner

laid down for the implementation of information obligations of the issuer.



§ 57



The conditions for the admission of investment securities to trading on a

regulated market



(1) the regulated market can accept investment securities

to trading on a regulated market, if a prospectus has been published

These investment securities and from his publication has passed at least

1 day.



(2) the obligation to publish a prospectus referred to in paragraph 1 shall not apply to



a) securities specified in § 34 paragraph 1. 3,



(b)) shares, which for the previous 12 months are less than

10% of the total number of shares of the same class already admitted to trading

on the same regulated market,



(c) shares offered free of charge to existing) shareholders and shares distributed

as a form of dividend, if the shares of the same class as the shares, of which

such non-cash dividends are paid, if it is delivered to the United

the National Bank and is available to participants of the regulated market, the document

containing information on the number and nature of the shares and the reasons for and details of the offer,



(d) securities issued by the employer), whose securities are admitted

to trading on a regulated market, or companies controlled by him or

its controlling shareholder or a company controlled by the same person as

employer and offered to current or former employees or

senior management of the employer, in the case of securities of the same kind

as the securities admitted to trading on a regulated market, and if it is

delivered to the Czech National Bank and is available to participants of the regulated

document containing the information about the market, the number and type of securities and the reasons for

and details of the offer,



e) shares issued in Exchange for other shares of the same class already admitted to

trading on the same regulated market, if it does not increase

the subscribed capital,



f) shares acquired in Exchange for another security or performance rights from the

other securities, provided that the shares are of the same

kind as the shares already admitted to trading on the same regulated market,



g) securities already admitted to trading on another regulated market in

Member State of the European Union, if the



1. these or fungible securities are admitted to trading on a

other regulated market for more than 18 months,



2. for securities first admitted to trading on a regulated market

after 31 December 2006. December 2003, admission to trading associated with the approval

prospectus and publication in accordance with the requirements of the law of the European

Community ^ 10 c),



3. in the case of securities which have been admitted to trading on a

regulated market after 30. June 1983, and do not meet the conditions laid down in point 2,

meet the requirements of Community law for the adoption of

securities on the official market ^ 10 d),



4. continue to meet the conditions for securities for trading on that other

a regulated market,



5. the person asking for admission to trading on a

a regulated market, it shall draw up a summary document in the Czech language

that contains the summary of the prospectus in the manner prescribed in § 36 odst. 4 and

information about where you can obtain the most recent prospectus and where are

available financial information published by the issuer; This document shall publish

in the manner specified in section 36 h.



§ 58



A transaction concluded on a regulated market



A transaction concluded on a regulated market in accordance with the rules of trading

regulated market regulated market cannot cancel. Mistake in

instruction at the conclusion of the trade on a regulated market shall not constitute its

annulment.



§ 59



Registration of securities issued by a collective investment fund on the

regulated market



(1) a security issued by a collective investment fund, which is not

listed company investment instrument, it may be for the purpose of disclosure of his

the value registered on the regulated market.



(2) the conditions for the registration of securities issued by the Fund of collective

investing and the method of determining its value provides the Organizer

of the regulated market in the rules for the adoption of investment tools for

trading on a regulated market.



section 60



The disposal of securities from trading on the regulated market



(1) an issuer which decided to dispose of the securities of the

trading on a regulated market without delay



and) notify the Czech National Bank and the organizer of the regulated market, on the

which the securities admitted to trading, and



(b)) shall publish in a way allowing remote access.



(2) the issuer referred to in paragraph 1 shall be sent to the organizer of the regulated market

application for the disposal of securities from trading on a regulated market without the

undue delay after fulfilling all the obligations resulting from the law

provides issuer when making decisions about the exclusion of

securities from trading on the regulated market, those persons. When

compulsory public draft contract on purchase of participating securities

papers under the law governing the procedure when making a decision of the issuer of the

exclusion of securities from trading on a regulated market

for the fulfilment of the obligation shall be deemed to comply with the obligation to the stockholders of the

the public proposal of the contract. Annexed to the application form of the decision on decommissioning

the security of the trading on a regulated market in accordance with the law

governing the procedure for deciding the issuer about the exclusion of

securities from trading on the regulated market and the evidence that the

the fact was announced by the Czech National Bank, and proof of compliance with all the

obligations arising from the law governing the procedure for decision making

of the issuer on the disposal of securities from trading on

a regulated market.



(3) if the foreign law in the case of a foreign issuer

similar obligations the obligations laid down in paragraph 1 shall send an issuer

before disposal of securities from trading on the regulated market

regulated market of the document proving the compliance with these

duties.



(4) the regulated market excludes securities from trading on

regulated market without undue delay after receipt of the request referred to in

paragraph 2 with all the attachments.



(5) regulated market shall immediately notify the disposal of valuable

paper from trading on the regulated market of the CSD and the United

the National Bank.



(6) if the disposal of a participating securities from trading of

the law, the organizer of the regulated market shall ensure that their trading

such securities on a regulated market.



§ 61



The suspension of trading in investment tool and exclusion

the investment instrument from trading on the regulated market



(1) the regulated market to suspend trading in investment

instrument on the regulated market or excludes the investment of

trading on a regulated market, if the investment does not meet the

the conditions for the admission of investment instruments to trading on a regulated

market under this Act and the rules for the admission of investment instruments

to trading on a regulated market or trading rules on

regulated market or are not fulfilled obligations relating to the information

This financial instrument arising from this Act and the rules for

admission of investment instruments to trading on a regulated market and

If it seriously will not jeopardize the interests of the investors or the orderly functioning of the market.



(2) regulated market shall publish the decision referred to in paragraph 1


and communicate to the Czech National Bank. The Czech National Bank shall inform the authorities of the

supervision of other Member States of the European Union.



§ 62



Rules of trading on a regulated market



Regulated market and adheres to transparent rules

trading on a regulated market, which lays down in particular the structure of the

of the regulated market, which it organises, and rules for the conclusion of transactions in

investment instruments on a regulated market.



§ 63



Rules of access to a regulated market



(1) regulated market shall be established and adheres to transparent

rules of access to a regulated market, which lays down the objective criteria

for this approach.



(2) the rules of access to a regulated market shall stipulate the obligations of the parties

of the regulated market, arising from the management and structure of a regulated market,

trading on a regulated market rules and the rules for clearing and

settlement of the transactions concluded on a regulated market.



(3) the rules of access to a regulated market shall moreover be adjusted to requirements

the expertise of the people, which used to operate on a regulated market

traders in securities and foreign persons with the permission of the foreign

supervisory authority to provide investment services, who are parties to the

This market, and the rules for access of persons referred to in paragraph 4 (b). (b)).



(4) a participant in the regulated market can be



and) a securities dealer and a foreign person with permission

a foreign supervisory authority to provide investment services or



b) any other person who



1. is a trusted and competent,



2. has sufficient ability and the capacity to trade,



3. have the appropriate organizational assumptions and



4. has sufficient financial resources, in particular with regard to the

ensure settlement of trades.



(5) the regulated market to be sent regularly to the Czech National Bank

changes in the list of the participants organised by the regulated market. Time limits,

the content, form and manner of sending down detailed legislation.



(6) the rules of access to a regulated market will allow a foreign person with

the external supervisory authority authorisation to provide investment services

access from abroad.



(7) the regulated market situated in another Member State

The European Union may in the Czech Republic to introduce technical and organizational

measures to enable the participants organised by the regulated market

established or domiciled in the Czech Republic access to the regulated

the market. The Czech National Bank may ask the supervisor of the Organizer

regulated market of the information about the participants of the regulated market

established or domiciled in the Czech Republic.



(8) the regulated market established in the Czech Republic shall notify the

The Czech National Bank, the Member State in which the European Union intends to

the implementation of technical and organizational measures to enable participants

of the regulated market established or residing in another Member State

The European Union organised by access to a regulated market. Czech national

the Bank shall communicate this information to the competent authority within one month of supervision

of that Member State of the European Union. The Czech National Bank shall notify the

the request of the supervisory authority of the Member State of the European Union details of the

the participants of the regulated market established or resident in that Member

State of the European Union.



Part 2



The official securities market



§ 64



Regulated market can organize as part of

of a regulated market the official securities market (hereinafter referred to as the "official

the market "), which satisfies the conditions laid down by law (section 65).



§ 65



The conditions for the admission of a security to trading on the official market



(1) the regulated market can to trading on the official market

accept only equities or bonds, if



and) conditions are met under section 56 and 57,



(b)) the issuer of the legal position of the shares or bonds is in accordance with the

the law of the State in which the issuer has its registered office,



(c)) course or its projected course shares multiplied by the number of issued

shares in Czech crowns the amount corresponding to at least 1 0000 0000

EUR; If you cannot determine a predicted rate estimated qualitatively

at least the amount of the issuer's equity shares; condition

the lowest amount need not be met if the issuer has already issued shares

of the same kind, and the shares were admitted to trading on a regulated

the market in which the admission to trading is sought, or if the

to ensure trouble-free trading in such shares,



(d)) the total nominal value of the bond issue in the crowns

Czech values corresponding to at least 200 000 euros; the lowest condition

total nominal value need not be met if will be provided

trouble-free trading with these bonds,



(e) the issuer of the shares or) bonds has published financial statements according to

special legal regulation governing the accounting for at least three

subsequent accounting period previous accounting period in which the

a request for admission to trading on a regulated

market; the condition of publication of financial statements for three consecutive

the accounting period may not be fulfilled if the issuer of a

registration in the relevant register less than 3 years and the acceptance of shares or

bonds to trading on the official market is in the interest of the issuer or

investors and if investors have sufficient information necessary to

the assessment of the issuer and of the securities,



f) these shares or bonds meet the requirements of the law of the State in accordance with

which have been issued,



(g)) is not excluded or limited transferability of the shares or

bonds; shares may also be admitted to trading on the official

market, if their transferability limited only by the requirement of the consent of the

Directors and if their admission to trading does not interfere with

trading in this market,



h) is fully paid the emission rate of the shares or debentures; the emission rate

may not be fully paid, if a special law allows and

If it is to ensure trouble-free trading with them and if it is in their

the prospectus explicitly stated that the emission rate has not been repaid and are listed

measures that have been taken in this context,



I) at least 25% of the shares to be admitted to trading on a

the official market, is owned by the public of the Member States of the European

Union, or if it is owned by the public of the Member States of the European

the Union at least that percentage of shares that ensures trouble-free

trading on the official market; It is not necessary, if



1. the ownership of the shares of the public member States of the European Union is to be

ensure only trading on this market and regulated

the market considers that the required ownership of the public will be achieved during the

a short time after admission to trading, or



2. the shares of the same issuer and type are admitted to trading on a similar

the official market of the State which is not a Member State of the European Union, and in

This State is owned by the public, such a volume that

guarantees trouble-free trading on the official market,



(j)), the application for admission to trading, to apply to all bonds

the same emissions or on all shares of the same type; application for admission to

trading may not include shares held for the purpose of control of the issuer

or on the shares, which cannot be based on the agreement after a period of time

trade, if trading with only part of the shares of the same class

There are no disadvantages to investors; the fact that the application for

admission to trading on the official market covers only part of the shares

of the same kind, it must be expressly stated in the prospectus, together with an indication of

because,



k) equities or bonds, which are items of documentary securities, are

printed in accordance with the printing requirements of documentary securities

papers under the law of the State in which the issuer has its registered office,



l) by the issuer of the shares or bonds is headquartered in the State,

that is not a Member State of the European Union, and these shares or bonds

not admitted to trading on the official market in the State in which the

the issuer of the registered office and head office, or in the State in which it is in the

the largest share of public ownership of such shares or debentures, and

the organizer of the regulated market where admission is sought, it is

convinced that the reason for non-acceptance to trading is not the protection of investors,



m) this is a removable bonds, bonds or bonds

debentures with warrants, to be exchanged for shares, and shares the same

the species are already admitted to trading on the official market or investors

available all information necessary to assess the value of these

shares,



n) issuing of such shares or debentures have been issued in the same form and

all the pieces have the same nominal value and the same

the identification mark according to the international numbering system for

identification of securities (ISIN)



o) regulated market are not aware of circumstances which, in the

the case of the adoption of these shares or bonds to trading on the official

the market could lead to damage to investors, to the threat to their interests or to

the threat to important public interests.




(2) securities representing shares may be admitted to trading on a

the official market, if



and) the issuer of shares that represent securities satisfies the conditions

laid down in paragraph 1 (b). (b)), and (e)) and to the shares represented

information obligations of the issuer of shares admitted to trading on a

the official market,



(b)) meet the requirements of paragraph 1 (b). f), (g)), i) to) and in

paragraph 4,



c) shares, which represents security, meet the condition laid down in the

paragraph 1 (b). (c)).



(3) if the subject of an application for admission to trading on the official

market securities which carry the right to acquire securities

representing the share of the company is established in another Member

State of the European Union, and securities representing the share of the company

are admitted to trading on the official market in the State in which the

the registered office of the issuer, a regulated market before the decision's

on the application requests the opinion of the authority, which decided on their acceptance to the

trading.



(4) if the shares or bonds are called upon to subscribe based on public

menu, you can start trading with them until after the expiry of the period for

underwriting referred to in a public offering; This does not apply if the period has not been

established.



(5) the conditions for admission of securities to trading on the official

the market laid down in paragraph 1 (b). b) to (f)), h), (i) and (l))) up to)

do not apply to government bonds issued by the Czech Republic, Member

State of the European Union or a Member State of the Organisation for economic

cooperation and development, municipal bonds or bonds issued by entities

of international law.



§ 66



Admission of a security to trading on the official market



Regulated market shall, within 6 months from the date of delivery of the

or complete the request for admission to trading on a

the official market to tell the applicant whether the securities to trading on a

the official market.



Part 3



Transparency of the regulated market



§ 67



The transparency of a regulated market before closing shop



(1) regulated market publishes under the terms of

a directly applicable regulation of the European communities, implementing

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 10e), the current bid and ask prices and the current offered by the

and demand at these prices for shares admitted to trading on a

This regulated market.



(2) regulated market shall publish the information referred to in

paragraph 1 continuously during their normal business hours easy manner

available to the participants of the capital market; access to this information may

to charge a price that shall not be higher than usual in the financial

the market.



(3) a regulated market may not disclose the information referred to

in paragraph 1, that it lays down implementing legislation in accordance with

the conditions laid down by a regulation directly applicable European

the community, implementing the directive of the European Parliament and of the Council

regulating markets of financial instruments ^ 10f).



§ 68



Transparency of the regulated market, after closing the deal



(1) regulated market publishes data on trade with shares

closed on a regulated market, under the conditions and to the extent directly

the applicable law of the European communities, implementing

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 10 g).



(2) regulated market shall publish the information referred to in

paragraph 1 immediately after the conclusion of the trade in a manner which is easily accessible

participants of the capital market; access to this information may

to charge a price that shall not be higher than usual in the financial

the market.



(3) the Czech National Bank may, under the conditions laid down in the

the applicable legislation of the European communities, implementing

Directive of the European Parliament and of the Council governing the financial markets

toolbar ^ 10 h), at the request of the regulated market grant

prior consent to postponing the publication of the information referred to in paragraph

1. information about the grant of such consent is a regulated market

obliged to disclose in a manner which is easily accessible to the participants of the capital

the market.



(4) for the investment vehicles, with the exception of shares of regulated

market publishes



and the current exchange rate) of the investment facility, which is traded at the

an organised market,



b) closing rate of the investment facility, which is traded at the

the organized market; closing rate shall be published after the end of the business

in the quotation of the day ticket.



(5) the time limits, the form and manner of publication of courses of investment tools

in accordance with paragraph 4 lays down detailed legislation.



TITLE III



TRADING IN THE MULTILATERAL TRADING SYSTEM



§ 69



(1) the multilateral trade system means the market with investment

instruments operated by the trader in securities or organizer

of the regulated market that has established rules for the adoption of

of investment instruments to trading on a multilateral trading system,

trading rules in the multilateral trading system and the rules

access to the multilateral trading system, which are in accordance with the

This Act.



(2) the operator of a multilateral trading system is required to deploy

transparent trading rules in the multilateral trading system,

to ensure fair and orderly trading and establishes objective

the criteria for the implementation of the guidelines.



(3) the operator of a multilateral trading system is required to deploy

transparent rules for making investment tools to

trading in the multilateral trading system, which sets out the objective

the criteria for determining whether an investment instrument can be traded in this

the system. Rules for the admission of investment instruments to trading on a

multilateral trading system may provide for the information

the obligations of issuers of financial instruments admitted to trading or

people who have applied for the adoption of investment instruments to trading on a

multilateral trading system without the consent of the issuer.



(4) the operator of a multilateral trading system is required to deploy

transparent access rules into the multilateral trading system,

which lays down the objective criteria for this approach. § 63 para. 4 and 6

apply for access to the multilateral trading system by analogy.



(5) the operator of a multilateral trading system is required to ensure

to the participants in the multilateral trading system operated by it and access

to the publicly available information on investment instruments admitted to

trading in the multilateral trading system.



(6) the investment facility may be admitted to trading on a multilateral

trading system without the consent of the issuer.



(7) the issuer of the investment instrument admitted to trading on a

multilateral trading system referred to in paragraph 6 is not obliged to fulfill the

towards the multilateral trading system, any information

obligations.



(8) the operator of a multilateral trading system based on a different

Member State of the European Union may in the Czech Republic to introduce technical and

organizational measures to allow persons established or resident in a

The Czech Republic access to the multilateral trading system.

The Czech National Bank may request the institution of the surveillance of the operator

the multilateral trading system on the data about the participants of this

the multilateral trading system established or resident in the United

Republic.



(9) the operator of a multilateral trading system based in the Czech

Republic Česká národní banka shall notify the Member State in which the European

the Union intends to introduce technical and organisational measures to

persons established or resident in a Member State of the European Union

access to this multilateral trading system. Czech national

the Bank shall communicate this information to the competent authority within one month of supervision

of that Member State of the European Union. The Czech National Bank shall notify the

the request of the supervisory authority of the Member State of the European Union details of the

participating in the multilateral trading system established or

resident in that Member State of the European Union.



section 70



Access to securities settlement systems



(1) the operator of a multilateral trading system is required to ensure

the proper settlement of the transactions concluded in the multilateral trading system and

to inform the participants in the multilateral trading system on its scope of

and obligations, and about the scope and obligations of the participants, while ensuring

settlement of the transactions concluded in the multilateral trading system.



(2) the Czech National Bank may restrict or prohibit the operator

the multilateral trading system the use of a securities settlement system,

a central counterparty, settlement agent or clearing house of another

the Member State of the European Union to settle all or just selected

investment instruments of closed shops in this multilateral

trading system, if it is necessary for the proper functioning of the

System; When deciding the Czech National Bank will take into account whether

circumstances referred to in section 49.



§ 71




(1) the operator of a multilateral trading system is required to deploy

measures for continuous monitoring, whether



and this) the participants in the multilateral trading system comply with the rules

trading in the multilateral trading system provided for in § 69 para. 2,



(b)) investment instruments admitted to trading in this multilateral

trading system comply with the rules for the admission of investment instruments

to trading on a multilateral trading system provided for in § 69 para.

3.



(2) the operator of a multilateral trading system continuously monitors the

shops in this multilateral trading system, and assesses whether the

There is no violation of trading rules in a multilateral trading

system, the emergence of the exceptional market situation, or actions which may be

considered the use of inside information or market manipulation.



(3) the operator of a multilateral trading system is obliged to

immediately notify the Czech National Bank



and significant violations of trading rules) in the multilateral trading

system or an exceptional situation on the market,



(b) the use of the reasonable suspicion) internal information or to manipulate the

market,



(c) the reasonable suspicion of a violation of) of this Act by a person authorised

close sales in the multilateral trading system.



(4) the operator of a multilateral trading system is sent by the Czech national

the Bank also for more information about participants, conditions, course and

the results of the trading system, operated by the investment

instruments admitted to trading in his operating system and their

issuers and the provided services, which are necessary for the performance of

supervision.



(5) the form and method of informing the Czech National Bank referred to in paragraph 3 and

time limit, content, form and manner of the sending of the information referred to in paragraph 4

down detailed legislation.



§ 72



The operator of a multilateral trading system is obliged to comply with the

transparency in relation to the listed company shares by analogy with § § 67 and 68

paragraph. 1 to 3 and in relation to other investment instruments, by analogy with the

§ 68 para. 4.



section 73



A transaction concluded in the multilateral trading system



A transaction concluded in the multilateral trading system based on rules

trading in the multilateral trading system, the operator cannot

cancel the multilateral trading system. A mistake in the instruction at the conclusion of the

trade in the multilateral trading system, shall not entail its annulment.



9) Act No. 216/1994, Coll., on arbitration proceedings and enforcement of arbitral

the findings, in the wording of later regulations.



10) Article. 35 para. 4, art. 36 and article. 37 para. 1 of Commission Regulation (EC) No.

1287/2006.



10A) Article. 35 para. 1 to 3 of Commission Regulation (EC) no 1287/2006.



10B) Article. 37 Commission Regulation (EC) no 1287/2006.



10 c) directive of the European Parliament and of the Council 2003/71/EC.



10 d) European Parliament and Council Directive 2001/34/EC.



Council Directive 80/390/EEC of 17 May. March 1980 coordinating the requirements of the

at the Assembly, control and distribution of the prospectus of securities that have

be disclosed during the admission of securities to listing on stock exchange

of papers.



10E) Article. 17, 29, 30, 32 to 34 of Commission Regulation (EC) no 1287/2006.



Article 10F). 18 and 20 of Commission Regulation (EC) no 1287/2006.



10 g) Article. 27, 29, 30, 32 to 34 of Commission Regulation (EC) no 1287/2006.



10 h) Article. 28 of Commission Regulation (EC) no 1287/2006. ".



165. § 74 to 81 are hereby repealed.



166. In § 82 para. 4 c) and (d)):



"(c)) as a securities dealer,



(d)) for the purposes of the investment company deals with investment

instruments concluded in the framework of the provision of investment services

management of the assets of the customer ".



167. In § 83 para. 3 (b). a) after the word "only" is added to the word

"the documentary".



168. In § 83 para. 3 at the end of subparagraph (a)) the following words "or

book-entry shares ".



169. In § 83 para. 4, the words "shall contain the information and attached thereto

papers must prove the facts presented "are replaced by the words" can be

made only on the prescribed form, to which the applicant shall be accompanied by documents

certifying the conditions of "and the words" requirements for an application and

its annex "shall be replaced by the words" the pattern of the form and the content of its annexes ".



170. In § 83 paragraph 9 the following paragraph 10 is added:



"(10) the rules of securities settlement system shall be objective, in particular

disadvantage of a person established abroad from other than economic

reasons. ".



Paragraphs 10 to 13 shall be renumbered as paragraphs 11 to 14.



171. In § 85 para. 2, the words "shall contain the information and attached thereto

papers must prove the facts "are replaced by the words" can be made only

on a specified form, to which the applicant shall attach documents ", the word

"reasons" is replaced by the word "consequences" and the words "requirements for an application and

its annex "shall be replaced by the words" the pattern of the form and the content of its annexes ".



172. the heading of section 88 reads as follows: "information about participating in the securities settlement system".



173. In § 88 para. 2 the words "(a). (b)) "shall be replaced by" paragraph. 1 (b).

(j)) ".



174. In paragraph 90, para. 3 the number "12" is replaced by "13".



175. In paragraph 91, § 92 para. 1 (b). and, § 94 paragraph 1). 7 the second sentence and article 94

paragraph. 9 the first sentence, the words "mutual investment certificates

the Fund "shall be replaced by" collective investment securities ".



176. In § 92 para. 3 (b). a) and b), section 93 para. 2 (a). a), b) and (d)) and in section

93 para. 3 (b). a), b) and d), the words "storage investment tools"

replaced by the words "the safekeeping and administration of financial instruments, including

related services ".



177. In section 93 para. 1 (b). (c)), the words "entrusted to the trader" are replaced by

the words "which has in its power trader".



178. In section 93 para. 1 (b). and) and § 112 para. 10, the words "the units of the

Open mutual fund "shall be replaced by" collective securities

investments ".



179. In paragraph 93, paragraph 4 reads:



"(4) a person referred to in paragraph 2 or paragraph 3 (b). a) to (e))

separate registers of investment instruments or recording the follow-up to

separate registers of investment instruments in the manner prescribed

an implementing regulation. The implementing legislation further provides

requirements for organizational and technical security management of such evidence

and the particulars of the statement of the evidence. ".



180. In § 94 paragraph. 4, the words "their owners have entrusted the account holder"

replaced by the words "the owner of the account took over from their owners".



181. In § 94 paragraph. 7, the second sentence shall be deleted.



182. In § 94 paragraph 8 reads as follows:



"(8) a person who keeps records of building on separate registers

investment instruments, leads this recording in the accounts of the owners or

the accounts of the customers. Customer account can lead only to the person referred to in section

93 para. 3 (b). e) or (f)), which leads the follow-up registration abroad

According to the foreign law; a condition of the granting of permission to the

investment services in the Czech Republic may not be in this situation,

met. ".



183. In paragraph 94, the following paragraph 10 is added:



"(10) for a person who leads a separate register of securities

collective investment undertakings, and the person who keeps records, building on the

separate registers of securities for collective investment §

paragraph 111. 2 and 3 reasonably; the range of the data disclosed lays down detailed

legislation under section 93 para. 4. ".



184. In § 97 para. 1 (b). and), the word "sold" is replaced by

"converted".



185. In § 97 para. 4, after the word "authority" the words "or the Court".



186. In § 100 para. 1 (b). (b)), the term "securities" shall be replaced by

"investment tools".



187. In § 100 para. 1 (b). (c)), the number "13" is replaced by "14".



188. In § 103 para. 2 (a). a) after the word "only" is added to the word

"the documentary".



189. In § 103 para. 2 at the end of the text of subparagraph (a)) the following words "or

book-entry shares ".



190. In § 103 para. 2 (a). e), the words "organizational structure"

replaced by the words "organisation".



191. In § 103 para. 3, the words "shall contain the information and attached thereto

papers must prove the facts "are replaced by the words" can be made only

on a specified form, to which the applicant shall attach documents "and the words

"Requirements for an application and its annexes ' shall be replaced by" the specimen

and the content of its annexes ".



192. Under Section 104a of the paragraph. 2 (a). e), the words "publicly declared" are replaced by

the words "that in at least one nationally distributed journal publishes

information about it ".



193. In paragraph 104a is at the end of paragraph 3 the following sentence "the Czech National Bank

before a decision to ask the opinion of the supervisory authority, which also

shall exercise supervision on a consolidated basis over the consolidation, total

the central depository is a member, on which the applicant wishes to acquire the participation,

other supervisory authorities, where this refers to, unless

the decision does not tolerate delay, or a request for an opinion could

compromise the purpose of the decision; in this case, inform the relevant authorities

supervision without undue delay after the issuance of the decision. ".



194. In Section 104a of paragraph 4 is added:



"(4) the request for approval referred to in paragraph 1 may be made only on the prescribed

form, to which the applicant shall be accompanied by documents certifying the fulfilment of the


the conditions referred to in paragraph 1, and which are necessary for the assessment of

the suitability of the applicant in terms of sound and prudent management of the Central

the depositary and to assess whether the applicant's links with the Central

the depositary shall not prevent the effective exercise of supervision over the Central

by the depositary. The pattern of the form and the content of its annexes laying down detailed

legislation. ".



195. Under Section 104a of the paragraph. 5, the word "healthy" is replaced with "proper".



196. Under Section 104a of the paragraph. 7, after the words "can be", the words "in cases of

worthy of special consideration ".



197. In article 104b, paragraph 1 shall be deleted and shall be deleted at the same time marking

of paragraph 2.



198. In section 104b is a text "paragraph 10", the words "and 10a."



199. In § 106 paragraph. 2 and § 107 para. 2 the word "reasons" is replaced by

"consequences".



200. In § 106 paragraph. 2 the first sentence, the words ' contains the data and "are replaced by

the words "can be made only on the prescribed form, to which they are

accompanied by ".



201. In § 106 paragraph. 2 the second sentence of § 107 and in the paragraph. 2 the second sentence, the words

"Requirements for an application and its annexes shall be replaced by the specimen and

the contents of its annexes ".



202. In paragraph 107 para. 2, the words "shall contain the information and attached thereto

papers must prove the facts "are replaced by the words" can be made only

on the prescribed form, which shall be accompanied by documents ".



203. the footnote No 11:



"11) § 291 of Act No. 182/2006 Coll., on bankruptcy and the ways of its solution

(insolvency law). ".



204. In § 111 paragraph. 2 the first sentence, after the words "the number of pieces of securities"

the words "data on ^ 12) Manager, or other person authorized to

to exercise the rights attached to the securities in question ".



Footnote 12 reads as follows:



"12) section 36 of Act No. 586/1992 Coll., of the Securities Act, as amended by

amended. ".



205. In article 113, paragraph 11 shall be deleted.



Paragraphs 12 to 15 shall be renumbered as paragraphs 11 to 14.



206. In section 113 para. 14, the number "2" is replaced by "13" and the words

"open-end mutual fund" shall be replaced by the words "valuable

collective investment securities ".



207. In paragraph 115 paragraph. 1 (b). h) after the word "activities", the words "and

the financing of terrorism ".



208. section 116 shall be repealed.



209. In § 117 paragraph 1. 1 the words "printer operator authorised to

printing of listed securities "shall be deleted.



210. In § 117 paragraph 1. 2 (a). f), the words "Ministry of finance" shall be replaced by

the word "Ministry" and after the word "activities" with the words "and

the financing of terrorism ".



211. In § 118 paragraph. 3 (b). (c)), the words "senior management and members of the

supervisory boards "shall be replaced by" persons with control of powers "and the words

"other leading persons and collectively for all the members of the Supervisory Board"

replaced by the words "the members of the Supervisory Board or another supervisory body and

collectively for all other persons with management powers ".



212. In § 118 paragraph. 3 (b). (d)), the words "of the heads of the issuer and the members of the

the Supervisory Board "shall be replaced by the words" persons with control of the powers of the issuer "and

the words "other leading persons, collectively for all the members of the Supervisory Board"

shall be replaced by the words "the members of the Supervisory Board or another supervisory body,

collectively for all other persons with management powers ".



213. In § 118 paragraph. 3 (b). (e)), the words "of the heads of the issuer and the members of the

the Supervisory Board "shall be replaced by the words" persons with control of the powers of the issuer ".



214. In § 120 paragraph 1. 6 the first sentence, the words "without undue delay"

replaced by the words "within the period provided for a directly applicable regulation

Of the European communities, implementing directive of the European

Parliament and of the Council governing prospectus ^ 12a) ".



Footnote No. 12a is inserted:



"Article 12a). 27 para. 2 Commission Regulation (EC) no 809/2004. ";



215. In paragraph 121 (b). and) and d), the word "data" shall be replaced by

"information".



216. In paragraph 122, paragraph 1 reads:



"(1) a person who reaches or exceeds the share of all voting

the rights of the issuer with its registered office in the Czech Republic, whose shares are

quoted, in the amount of 3% If the share capital of the issuer more than 100

0000 0000 Czk, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50% or 75%,

or it will reduce its share to all voting rights under these boundaries,

shall notify the issuer and the Czech National Bank. The same

the obligation of a person, whose share of the voting rights of the company

based in the Czech Republic, whose shares were first admitted to trading

on a regulated market in a Member State of the European Union, the

at least 5%. ".



217. In § 122 para. 11 (a). and a member of) the words "Exchange in the Czech Republic

or in another "is replaced by" member of the regulated market established

in the ".



218. In § 122 para. 13 the second sentence of paragraph 14, introductory part the provisions and

in § 123 paragraph. 2 the first and second sentence, the words "official market"

replaced by the words "a regulated market in a Member State of the European

the Union ".



219. the heading of section 123: "the annual report and the half-yearly report of the issuer

securities admitted to trading on a regulated market established in

Member State of the European Union ".



220. In § 123 paragraph. 1, after the words "listed companies" shall be replaced

"investment".



221. In paragraph 123 of paragraph 1. 2 the second sentence after the word "were" is inserted after

"investment".



222. In section 124 para. 5 the first sentence in paragraph 126 and paragraph. 5 the first sentence for

the words "securities dealer", the words "foreign person

to enable the supervisory authority of another Member State of the European Union to

provision of investment services and provides investment services in the United

Republic "and after the word" Bank "with the words" a foreign bank,

who performs on the territory of the Czech Republic of its activities through the

branch ".



223. In paragraph 125 at the end of the text of paragraph 3 shall be added the words "or, if

the issuer of a financial instrument which was to trading on a regulated

the market in the manner prescribed in § 56 para. 5 adopted without his consent ".



224. In paragraph 125, paragraph 5, including footnote No. 14a is inserted:



"(5) the person with control of the powers of the issuer, her husband or partner ^ 14a),

other relatives who live in the same household for at least

one year on, and also other persons who, to the person with management powers

the issuer or the equivalent in the ratio of family, living with her in the common

the home for at least one year, and the injuries they suffered, one would

of them, the other would reasonably have felt it as detrimental to their own, or legal

persons, in which these persons are persons with control of the powers

are controlled by such persons or whose economic interests are

to a significant degree consistent with the economic interests of these persons, shall send to the United

the National Bank a notice of a transaction in shares or zatímními leaves

certificated by the issuer or investment instruments whose value

applies to those shares or provisional worksheets that you have made to the

own account, within 5 working days from the date of implementation of the transaction.

The Czech National Bank this notification without undue delay shall publish

manner allowing remote access.



14A) Act No. 115/2006 Coll., on registered partnerships as

amended. ".



225. In paragraph 125 of paragraph 1. 7 (b). (f)), the word "stores" is replaced by

"transaction".



226. In paragraph 125 of paragraph 1. 7 the letter g) is added:



"(g)) the quality requirements of internal information."



227. In section 126 at the end of the text of paragraph 11 is added to the reference to the note below

line # 17a is inserted:



"17a) (EC) Commission decision 2001/527/EC of 6 May 1999. June 2001 on

the establishment of the Committee of European securities regulators. ".



228. section 127 shall be deleted.



229. In section 128 paragraph 11, insert a new paragraph 12, which reads as follows:



(12) for the purposes of this title, the customer's property, means monetary

resources and investment tools that a securities dealer

He took over in order to provide investment services, and cash and

investment tools for those values obtained for the customer. The second sentence of §

2 (2). 1 (b). (h)) shall apply mutatis mutandis. ";"



Paragraphs 12 and 13 shall become paragraphs 13 and 14.



230. In § 130 paragraph 1. 9, the word "invention" is replaced by "EUR".



231. In paragraph 131 of paragraph 1. 3 the first sentence after the word "compensation", the words "with the

Accessories, or to cover the cost of the action ".



232. In article 135, paragraph 1 reads:



"(1) Supervision over compliance with the rights and obligations provided for in this law

and the conditions laid down in the decision issued pursuant to this Act

the Czech National Bank carries out. The Czech National Bank is subject to supervision



and) a securities dealer (section 5),



(b)) a person who was a securities trader responsible for performance

significant operational activities, within the scope of this mandate (Section 12d of the paragraph.

1),



(c)) with the permission of a foreign person to provide investment services,

which provides services in the Czech Republic through the organizational

folder, and respect the investment services provided via

This branch in the territory of the Czech Republic (§ 24 para. 2),



(d)) the investment intermediary (§ 29 (1)),



e) person, which takes guidance from the investment intermediary (§

31),



f) bound representative-represented (section 32a (1)),




g) a person who publicly offered investment securities (section 35 (1)),



h) person who pursuant to § 36 odst. 5 is made by prospectus,



I) regulated market (§ 37 para. 1),



(j) the operator of a securities settlement system) (§ 83 para. 1),



to) participant securities settlement system (article 88, paragraph 2, and 3),



l) a person who has his registered office in the Czech Republic and is a participant in the settlement

system operated under the law of another Member State

The European Union (article 88, paragraph 4),



m) a person who keeps records of building on the central register of securities

(§ 92 para. 3),



n) person who keeps separate registers of investment instruments (§ 93

paragraph. 2),



about) a person who keeps records of building on separate registers

investment tools (article 93 (3)),



p) Central Depository (article 100, paragraph 1),



q) the issuer of the investment securities quoted in the performance of duties

under section 118 to 121 and 123,



r) dedicated to a person (section 124 (3)),



with) the person who has the obligation to report suspicions to the Czech National Bank

the use of insider information (§ 124 (5)),



t) a person with management powers, which has the obligation to inform the Czech

National Bank of their transactions with investment instruments (§ 125 paragraph.

5),



for) the person disseminating investment recommendations (section 125 (6)),



in) a person whose conduct may be market manipulation (article 126, paragraph 1),



w) the person who has the obligation to report suspicions to the Czech National Bank

market manipulation (article 126 (5)),



x) fiduciary brokerage house that is not a Bank,

of the regulated market, the operator of a securities settlement system or

CSD in fulfilment of obligations pursuant to § 139 paragraph 2. 7,



y) lead person persons subject to supervision (§ 10 para 1, § 28, paragraph 4,

§ 43 para. 1, section 104b and basic equipment),



from) a person who unlawfully or carries out the activity in accordance with this offer

of the law. ".



233. In paragraph 135, paragraphs 3 and 4 shall be deleted.



The present paragraph 5 shall become paragraph 3.



234. in paragraph 135, the following new section 135a, which including the footnotes No.

22A and 22b:



"section 135a



Cooperation with supervisory authorities of other Member States of the European Union



(1) if it is necessary for the exercise of supervision pursuant to this Act, the

The Czech National Bank to ask the supervisory authority of another Member State

The European Union for cooperation in the supervision or control of the

persons subject to its supervision.



(2) the Czech National Bank may require information and documents from the

foreign participants of the regulated market; about this procedure shall inform the

supervisory authority of their home Member State.



(3) the Czech National Bank on the request of the supervisory authority of another

the Member State of the European Union on cooperation in the exercise of supervision or

check on the spot, performs the activity itself or provide

in its implementation of this supervisory authority or his authorized

experts and Auditors.



(4) the Czech National Bank without undue delay shall furnish on request

^ 22a) supervisory authority of another Member State of the European Union to that authority

all required information related to the performance of the supervision of

the capital market; The Czech National Bank may make the granting of

information by the information provided may not be granted without

its prior consent.



(5) the Czech National Bank is obliged to inform the supervisory authority

another Member State of the European Union about each time about the suspected

violation of obligations when providing investment services, the organisation of

of the regulated market or the protection from abuse the market in that Member

State.



(6) if the Czech National Bank receives from the authority of another

the Member State of the European Union to reports of suspected violations of the

obligations when providing investment services, the organisation of

of the regulated market or the protection against abuse of the market in the Czech Republic

the notifier shall be kept informed of the measures taken and of the

the result of their activities.



(7) the Czech National Bank may refuse a request for cooperation

in the exercise of supervision pursuant to paragraph 3 or to provide the information referred to in

paragraph 4, if



and would such a provision) could adversely affect the sovereignty or

the security of the United States or public order in the Czech Republic,



(b)) was in the Czech Republic initiated legal proceedings in the same matter against

the persons to which it relates, or



c) became legally valid judgment concerning the same subject matter and the persons to whom

refers to both the application.



(8) the denial of the request referred to in paragraph 7 is the Czech National Bank

shall inform the requesting authority of the grounds for refusing

his application.



(9) in the event that the regulated market of a Member State operating in

The Czech Republic and its activity has taken by directly applicable legislation

Of the European communities, implementing directive of the European

Parliament and of the Council to govern the markets in financial instruments, a substantial

the importance of ^ 22b) for the functioning of markets, investment instruments and protection

investors in the Czech Republic, the Czech National Bank agreed, without undue

delay, reasonable way of cooperation with the supervisory authority of the home State

of the regulated market.



Article 22a). 15 Commission Regulation (EC) no 1287/2006.



Article 22b). 16 of Commission Regulation (EC) no 1287/2006. ".



235. In the ninth, title I, title of part 2, the words "withdrawal"

replaced by the words "other measures".



236. In § 136 paragraph. 1 the words "this Act or the decision issued pursuant to

This Act "are replaced by the words" this Act, decisions issued pursuant to

of this Act or a regulation of the European communities directly applicable in

the provision of investment services and activities on markets in financial

toolbar ^ 2) ".



237. In § 136 paragraph. 1 (b). (c)), the words "one year" shall be replaced by

"5 years".



238. In § 136 paragraph. 1 (b). e), the words "securities" shall be replaced by

"investment vehicles pursuant to § 137".



239. In § 136 paragraph. 1 (b). (f)), after the word "Managing" the words

"pursuant to § 138 to 143".



240. In § 136 paragraph. 1 (b). (g)), after the words "the law", the words

"pursuant to section 144".



241. In § 136 paragraph. 1 (b). (h)), the words "granted under this Act"

replaced by the words "or approval, cancel the registration or perform expungement

representatives from the list-bound pursuant to § 145 ".



242. In § 136 paragraph. 1 (b). I) after the word "serve" is inserted after

"investment", after the word "acceptance" shall be inserted after the word "investment" and

the words "official market" shall be replaced by the words "of a regulated market or in a

multilateral trading system ".



243. In § 136 paragraph. 1 (b). (j)), after the word "acceptance" shall be replaced

"investment".



244. In § 136 paragraph. 1 at the end of subparagraph (j)) is replaced by a comma and dot

the letter k is added), which read as follows:



"to Exchange leading the charge) requires persons subject to supervision under section 135

paragraph. 1 (b). y).“.



245. In § 136 paragraph. 2 (a). a) and b), the word "mechanisms" is replaced by

the word "rules".



246. In § 136 paragraph 4 is added:



"(4) the Czech National Bank will disable the person or persons acting in concert,

which has granted consent to the acquisition of the participation of the trader in securities

According to § 11, regulated market pursuant to section 47 and Central

the depositary pursuant to Section 104a, which no longer fulfil the conditions for the grant of

consent, exercise such voting rights or otherwise exercise significant

impact on their proceedings. ".



247. In the heading of section 137, the words "securities" shall be replaced by

"investment instruments".



248. In § 138 para. 1, the words "of the Exchange, the organizer of the OTC

the market "is replaced by" regulated market ".



249. In § 138 para. 1, letter a) is added:



"and this person repeatedly) or seriously infringed the obligation

This law or directly applicable provisions of the European

Community ^ 2) or has breached a condition or obligation laid down in

the enforceable decision issued under this Act, or ".



250. In § 144 paragraph. 1, letter a) is added:



"a) serious or repeated breach of obligations established by this Act

or directly applicable provisions of the European communities ^ 2) or

violation of the conditions or obligations laid down in enforceable decisions

issued pursuant to this Act, or ".



251. the heading of § 145 added: "the withdrawal of authorisation or consent and revocation

registration or perform the deletion from the list of shortcuts-bound ".



252. In paragraph 145 of paragraph 1. 2 letter d) is added:



"(d)) a person that has been granted, has repeatedly or seriously violated the

the obligation laid down by law or directly applicable provisions

Of the European communities ^ 2) or breached a condition or obligation

set in the enforceable decision issued under this Act,

or ".



253. In paragraph 145 of paragraph 1. 2 (a). e), the words ' serious ' shall be replaced by

"to".



254. In paragraph 145 of paragraph 1. 3 the first sentence after the word "day", the words

"enforceability of".



255. In paragraph 145 paragraph 5 to 8 are added:



"(5) the Czech National Bank may withdraw the consent or cancel registration

made under this Act, if there is a serious change in the

the facts on the basis of which has been granted consent or performed

registration.




(6) the Czech National Bank cancels the registration made under this Act,

person,



and in respect of which it was issued) the bankruptcy decision or the Court rejected

insolvency petition because its assets will not be sufficient to cover the

the costs of the insolvency proceedings, or



(b)) which the Court or administrative authority Act,



(c)) by which he learns that her disappeared under a special legal privileges

Regulation of business, which has been registered under section 6a or §

39.



(7) the Czech National Bank may cancel a registration made under this

the law, if



and) a person who has been registered, has not begun within 12 months from the date of

a registration is made to carry out the activity for which it was registered,



(b)) a person who has been registered, does not longer than 6 months

the activity for which it was registered,



(c)) registration was carried out on the basis of false or incomplete

data,



(d)) a person who has been registered, repeatedly or seriously

violates the obligations laid down in this Act,



e) there was a change the facts on the basis was made

registration.



(8) the Czech National Bank can perform the erasure of the bound shortcut from the

the list, the entry on the list bound representatives was done at

the basis of false or incomplete information, or there is a serious change

the facts on the basis of which was entered in the list the bound

representatives. The provisions of § 32 c of paragraph 1. 7, the first sentence shall not be affected thereby. ".



256. § 146:



"§ 146



(1) in the event that a foreign person that has its registered office in another Member

State of the European Union and the State supervisory authority authorisation to

provision of investment services and provides investment services in the United

Republic without placing the business folder, does not comply with the obligations

imposed by this Act on the basis of the law of the European communities

securities trader, the Czech National Bank on the fact

notify the supervisory authority of the home State.



(2) in the event that a foreign person that has its registered office in another Member

State of the European Union and the State supervisory authority authorisation to

provision of investment services and which provides investment services in

The Czech Republic through a branch, does not comply with

the duty imposed by this Act on the basis of the law of the European

Community trader in securities, other than that is required to

follow under section 24, the Czech National Bank notifies you

supervisory authority of the home State.



(3) in the event that a foreign person pursuant to paragraph 1 or 2 and over

measures taken by the supervisory authority of the home State harms or

the conduct threatens the interests of the investors or the orderly functioning of

capital market, Czech National Bank notifies you

supervisory authority of the home State and then take corrective measures under section

136.



(4) in the event that the foreign person who provides investment services in

The Czech Republic on the basis of home country authorisation through

business folder, does not comply with the obligations of the trader in securities

that must follow under section 24, the Czech National Bank it on this

warn you and ask you to rectify the situation.



(5) If a person fails to take in accordance with paragraph 4, the Czech national

Bank impose measures to remedy under section 136. About stored measures to

remedy the Czech National Bank shall inform the supervisory authority of the home State.



(6) if the corrective measures taken pursuant to paragraph 5 has not led to

remedy, the Czech National Bank, after informing the supervisory authority of the home

State may impose further measures to remedy under section 136, or penalty

under section 157.



(7) the Czech National Bank shall inform without delay

through the Department of the Commission of the European communities on

the measures taken under paragraphs 3 and 6. ".



257. In § 147 the first sentence, the words "Act or the information obligations"

replaced by the words "for the provision of investment services" and in the second sentence of the

After the word "remedy", the words "or a fine for an administrative offence

According to § 157 paragraph. 5. "



258. In the ninth title of title I of part 5: "the supervision over foreign

the person in the Czech Republic operates as a regulated

the market ".



259. section 148 including title:



"section 148



The supervision of the foreign person in the Czech Republic acts as

regulated market on the basis of another supervisory authority authorisation

the Member State of the European Union



(1) If a foreign person in the Czech Republic acts as

regulated market on the basis of another supervisory authority authorisation

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

of the regulated market established by this Act on the basis of the law of the European

community, the Czech National Bank notifies the authority

oversight by the State.



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

supervisory authority of the home State, harms or threatens its behaviour

investors ' interests or the orderly functioning of the capital market, the Czech national

notifies the bank supervisory authority of the home State and then

shall take the corrective measures under section 136.



(3) the Czech National Bank shall inform without delay

through the Department of the Commission of the European communities on

the measures taken pursuant to paragraph 2 ".



260. section 149 is hereby repealed.



261. In paragraph 150, the following paragraph 3 is added:



"(3) for the purposes of supervision on a consolidated basis, the dealer

securities means the only securities dealer pursuant to section 8a of the paragraph.

1 to 3 ".



262. In paragraph 154 para. 1 (b). (b)), the words "rules" shall be replaced by

"fiduciary duties" and the word "information" is replaced by the word "data".



263. In § 155 para. 1 the words "forming a consolidated" are replaced by

the words "included in the consolidated Group."



264. in the section basic equipment is at the end of paragraph 1, the following sentence "the provisions of section 10 (a)

apply accordingly. ".



265. in the section basic equipment of paragraph 1. 2 the first sentence, the words ' contains the data and "are replaced by

the words "can be made only on the prescribed form, to which the applicant

accompanied by ".



266. in the section basic equipment of paragraph 1. 2 the second sentence, the words "requirements for an application and its

Annex "shall be replaced by the words" the pattern of the form and the content of its annexes ".



267. section 157 to 167, including headings and footnotes, No 23:



"§ 157



Administrative offences, persons who provide investment services



(1) a securities dealer or a foreign person providing

investment services in the Czech Republic through the organizational folder

committing an administrative offense, by



does the journal) dealer of securities pursuant to section 13,



(b) breach of the obligation to inform) the Czech National Bank in accordance with § 15 para.

1,



(c) does not publish the information pursuant to §) 16b or 16 c §,



d) notifies the start or stop systematic internalisation pursuant to §

17A. 2,



(e) systematic internalisation does) when the binding quotes according to §

17B,



(f) systematic internalisation does not) when instructed under section 17 c



g) when systematic internalisation restricts access to quotes in violation of

§ 17 d,



h) as auctioneer securities organizes public auction of valuable

in contrary to section 33, or i) fails to pay the contribution to the Guarantee

the Fund under section 129.



(2) a securities dealer, a foreign person providing investment

services in the Czech Republic through a branch or

investment provider is guilty of an administrative offense, by



and) to provide investment services with professional care under section 11a or § 32

paragraph. 1,



(b)) breaks when dealing with customers obligation under § 15 para. 1 or §

32 para. 3,



(c)) does not retain the documents or records referred to in section 17 or section 32 para. 6, or



d) breach of an obligation to provide the consumer prior to the conclusion of the Treaty on

financial services concluded at a distance information under a special

^ law 23).



(3) a securities dealer or a foreign person that has its head office in

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

investment services in the Czech Republic through a branch,

committing an administrative offense, that the breach of an obligation of the prudent

provision of investment services in accordance with § 12, 12 c, 12d or 12e.



(4) a securities dealer, a foreign person that has its head office in

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

investment services in the Czech Republic through a branch,

or investment provider is guilty of an administrative offense, by

performs its operation by a person who does not meet the conditions referred to in section 14.



(5) the investment provider is guilty of an administrative offense, by



and) performs its operation by a person who does not meet the conditions under section

30 paragraph 2. 1 or 2,



(b)) does not ensure prudent provision of investment services pursuant to § 32 para.

4,



(c)) does not register the received or transmitted by the instructions provided for in § 32 para. 5,

or



(d) violates any of the information requirements under) § 32 para. 7.



(6) is guilty of an administrative offense, represented by violation

carrying out their activities, representatives of the obligation under section-bound 32 c of paragraph 1.

6 or § 32d para. 1.




(7) a securities dealer is guilty of an administrative offense, by



and) consent pursuant to section 2b, paragraph 1. 1 assess the fulfilment of the conditions without

pursuant to section 2b, paragraph 1. 3,



(b)) does not present the Czech National Bank or does in a manner allowing

remote access annual report pursuant to § 16 para. 1,



(c) violates any of the information requirements under) § 16 para. 2, or



(d) the guarantee fund does not provide supporting documentation) pursuant to § 130 paragraph 1. 11.



(8) a securities dealer that is not a bank or a merchant with the

securities, which is referred to in § 9 para. 2, is guilty of an

the administrative offense by that, on an individual or consolidated basis



apply or change) a special approach for the calculation of capital

requirements without prior approval in accordance with § 9 para. 4 or 5,



(b) does not accept or does not apply) strategies or practices pursuant to § 9a,



(c)) does not maintain a capital adequacy set by the implementing

Regulation on the basis of § 9 c (c). and)



(d)) breaks the rules of engagement laid down in an implementing regulation

on the basis of § 9 c (c). (d)),



e) violates any of the information obligation according to § 16 para. 3 and 4,



(f)), pursuant to section 16a does not publish the data, or



g) breach of an obligation under section 155 para. 3.



(9) a securities dealer that is not a Bank, is guilty of an administrative

tort by



and entrepreneurial activity) contrary to section 6b of the paragraph. 1,



(b)) breaks the obligation of notification under § 21 para. 1, § 21, art. 6, section 22

paragraph. 1 or § 22 para. 5, or



c) it places its organizational folder in the host State, despite the

the decision of the Czech National Bank pursuant to § 21 para. 5.



(10) a securities dealer that is not a bank or a foreign

a person who provides investment services in the Czech Republic

through the organizational units, is guilty of an administrative offense by

not to provide without undue delay to the applicant for the loan or loan

explanation about its credit rating, according to § 15s.



(11) a securities dealer that is referred to in § 9 para.

2, committing an administrative offense by that, on an individual or

a consolidated basis does not load, or does not maintain command and control

system in accordance with § 12 para. 1 (b). and).



(12) a foreign person providing investment services in the Czech Republic

through the organizational units of the administrative offense committed by

breach of information duties according to § 16 para. 2 (a). a), b), c) or (d))

or § 16 para. 3 (b). and).



(13) a foreign person, who is registered in a State which is not a Member

State of the European Union, and which provides investment services in the United

Republic through the organizational units, is guilty of an administrative

tort by notify without undue delay the Czech National Bank

a change in the facts on the basis of the authorisation has been granted in

contrary to § 28 para. 6.



(14) an administrative offense shall be fined in the



1 0000 0000 Czk), in the case of an administrative offence under paragraph 7 (b). and)



(b)) 10 0000 0000 CZK in the case of an administrative offence referred to in paragraph 1 (b). g), (h))

or i), paragraph 2 (a). (d)), paragraph 5, paragraph 6, paragraph 7 (b).

(d)), paragraph 9 (a). b) or c) or paragraph 13,



(c) 20 0000 0000 Czk), in the case of an administrative offence referred to in paragraph 1 (b). and)

b), c), (d)), e) or (f)), paragraph 2 (a). a), b) or (c)), paragraph 3,

paragraph 4, paragraph 7 (b). (b)), or (c)), paragraph 8, paragraph 9 (a).

a), paragraph 10, paragraph 11 or paragraph 12.



§ 158



Administrative offenses of the regulated market



(1) the regulated market is guilty of an administrative offense, by



and entrepreneurial activity) contrary to section 40 para. 1,



b) provide service in violation of trading rules, rules for

admission of investment instruments to trading, or the rules of access,

or



(c)) with professional care does not provide the service pursuant to § 41 para. 1 and 2.



(2) for the administrative offence referred to in paragraph 1 shall be fined up to 20 0000 0000

CZK.



§ 159



Administrative offenses of the operator of the multilateral trading system



(1) the operator of a multilateral trading system is guilty of an administrative

tort by



and) fails to comply with the transparency rules under section 67 or 68, §



(b)) does not load, or violates the rules of § 69 para. 2, 3 or 4,



(c)) does not ensure settlement of trades or does not inform the participants of the

the multilateral trading system in accordance with § 70 para. 1,



d) violates the restriction or prohibition of the Czech National Bank in accordance with § 70 para. 2,



e) breach of an obligation systematically monitor and evaluate trades pursuant to §

paragraph 71. 2,



(f) breach of the obligation of notification) pursuant to § 71 para. 3, or



g) breach of information duties according to § 71 para. 4.



(2) for the administrative offence referred to in paragraph 1 shall be fined up to 20 0000 0000

CZK.



§ 160



Administrative offences related to the operation of the securities settlement system



(1) the operator of a securities settlement system is guilty of an administrative offense by

that



and entrepreneurial activity) in violation of § 83 para. 2,



(b)) changes the rules of the securities settlement system without the prior consent of the Czech

National Bank in violation of § 83 para. 7,



(c)) does not load, or violates the rules the securities settlement system according to § 83 para.

12,



(d) violates any of the information requirements under) § 87,



(e) breach of the obligation of notification) pursuant to § 88 para. 1, or



(f)) does not provide its services with professional care pursuant to § 83 para. 14.



(2) the securities settlement system of the administrative offense committed by



and to notify the operator of a securities settlement system) change in the particulars under section

88 para. 2, or



(b) fails to provide the information to the person) who proves a legal interest under section 88

paragraph. 3.



(3) a person who is registered in the Czech Republic and is a participant in

the securities settlement system operated under the law of another Member

State of the Union, committing an administrative offense, by



and does not provide the information to the person) who proves a legal interest under section 88

paragraph. 4 (b). a), or



(b) breach of the obligation of notification) pursuant to § 88 para. 4 (b). (b)), or (c)).



(4) an administrative offense shall be fined in the



and $ 10 0000 0000), in the case of an administrative offence referred to in paragraph 1 (b). (b)),

d), (e)), or (f)), paragraph 2 or paragraph 3,



(b) 20 0000 0000 Czk), in the case of an administrative offence referred to in paragraph 1 (b). and)

or (c)).



§ 161



Administrative offences of the person who keeps records of investment tools



(1) a person who keeps records of investment instruments, is guilty of an

the administrative offense by that breach of the obligation to keep a record or

documents under section 99a.



(2) CSD is committed by the administrative offense by



and entrepreneurial activity) in violation of § 103 para. 6,



(b) breach of the obligation of notification) pursuant to § 103 para. 7,



(c) violates any of the information requirements under) § 104 paragraph. 2, § 108 or section 115

paragraph. 1, or



(d)) does not provide its services with professional care under § 103 para. 8.



(3) a person who keeps separate registers of investment instruments, or

a person who keeps records of building on separate registers

investment instruments, is guilty of an administrative offense that does not

separate registers of investment instruments, or recording the follow-up to

separate registers of investment instruments in the manner prescribed

an implementing regulation on the basis of § 93 para. 4.



(4) a person who keeps separate registers of investment instruments, the

committing an administrative offense by the Czech National Bank has not sent the information

or documents under section 93 para. 6.



(5) the CSD, CSD participant or the person

who keeps records of building on the central register of securities

committing an administrative offense that violates the rules of operation of the Central

the depositary pursuant to section 104.



(6) an administrative offense shall be fined in the



and $ 10 0000 0000), in the case of an administrative offence referred to in paragraph 1, paragraph 2

(a). b), c) or (d)), paragraph 3, paragraph 4 or paragraph 5,



(b) 20 0000 0000 Czk), in the case of an administrative offence referred to in paragraph 2 (a). and).



§ 162



Administrative offenses of the issuer of the investment securities



(1) the issuer of the securities quoted investment committed by administrative

tort by



and does the annual message) according to § 118 paragraph. 1, 4, 5, 6 or 7 or

half-yearly report pursuant to section 119 paragraph 1. 1 or 4,



(b)) has not sent the Czech National Bank annual report pursuant to § 118 paragraph. 1 or

7 or the half-yearly report referred to in section 119 paragraph 1. 1 or 4,



(c)) does not ensure equal treatment pursuant to § 120 paragraph 1. 1 (b). and)



(d) does not guarantee the payment of the proceeds) pursuant to § 120 paragraph 1. 1 (b). (b)),



(e) regulated market) do not submit a proposal in accordance with § 120 paragraph 1.

1 (b). (d)),



(f)) does not inform the regulated market pursuant to § 120 paragraph 1. 1 (b).

(e)),



(g)), pursuant to section 120 does not publish the information paragraph. 1 (b). c), (e)), para. 2 (a). and)

paragraph. 3 or paragraph. 4 or internal information pursuant to § 125 paragraph. 1,



h) has not sent the information to the Czech National Bank pursuant to § 120 paragraph 1. 2 (a). and)

or § 120 paragraph 1. 3, or internal information pursuant to § 125 paragraph. 1,



I have not made a request for) admission to trading of the shares pursuant to § 120 paragraph 1. 2

(a). (b)),



j) does or does not send the Czech National Bank document in accordance with § 120

paragraph. 6,



the breach in the performance information) obligations of prohibition pursuant to § 121, or



l) contrary to section 125 paragraph. 4 does not ensure the maintenance of a list of people or its

the provision of the Czech National Bank.



(2) the issuer of the investment securities admitted to trading on

a regulated market in a Member State of the European Union is guilty of an administrative


the fact that the offence contrary to section 123 does not publish an annual report or

half-yearly report or an annual or half-yearly report has not sent the United

the National Bank.



(3) for the administrative offence referred to in paragraph 1 or 2 shall be fined up to 10 000

000.



§ 163



Administrative offences, individuals included in the consolidated Group



(1) a person to be included in the consolidated Group is guilty of an administrative offense

by



and breach of information requirements under) § 154 para. 2,



b) breach of an obligation to create adequate control mechanisms in accordance with §

paragraph 155. 1,



(c) breach of the obligation to notify their) auditor or the obligation to provide

audit information according to § 155 para. 2, or



(d)) does not perform within the period prescribed corrective measures under section 156.



(2) for the administrative offence referred to in paragraph 1 shall be fined up to 10 0000 0000

CZK.



Other administrative offences



§ 164



(1) a legal entity or individual entrepreneur is committed by the administrative

tort by



and unlawfully carries out or offer) activity under this Act,



(b) incorrect information) or conceal any fact in the context of

with an application under this Act,



(c)) does not have the prior consent of the Czech National Bank in accordance with § 11 para. 1, § 47

paragraph. 1 or Section 104a of the paragraph. 1,



(d) the breach of the obligation of notification) pursuant to section 11 (1) 8 or 9, § 47 para. 2,

Section 104a of the paragraph. 8 or 9 or section 122,



(e)) as the person referred to in section 17 para. 1 the final part of the provision violates

the obligation to keep documents and records pursuant to § 17 para. 1,



f) publicly offered investment securities without prior publication of a prospectus

under section 35,



g) publish a prospectus contrary to section 36 h or publish a prospectus that

does not meet the requirements of § 36, § § 36a, 36b or § 36 g, or

does the prospectus supplement pursuant to section 36j para. 1,



h) breach of an obligation laid down for promotional or other communications pursuant to §

36 k,



I) wrongly uses the designation of "regulated market", "Stock Exchange

"or a similar designation in violation of § 53 or the designation" Central

securities depository "in violation of § 101 paragraph. 2, or



(j) breach of the prohibition) of market manipulation in violation of § 126 paragraph. 4.



(2) a legal or natural person conducting business under the supervision of the United

the National Bank has committed the administrative offence that does not in

time limit laid down measures to remedy under section 136.



(3) an administrative offense shall be fined in the



and $ 10 0000 0000), in the case of an administrative offence referred to in paragraph 1 (b). (b)),

(c)), d), (e)), f), (g)), h) or (i)),



(b) 20 0000 0000 Czk), in the case of an administrative offence referred to in paragraph 1 (b). and)

or (j)) or paragraph 2.



(4) for the administrative offence referred to in paragraph 1 (b). (b)) can be saved also ban

activities within 5 years. By the time of the disqualification period is counted after

which the offender on the basis of the measures made by the administrative authority in the

the context of the present administrative tort was not allowed to have this activity

perform.



§ 165



(1) the person referred to in section 29 para. 1 (b). (b)), which takes guidance from

the investment intermediary, is guilty of an administrative offense, by



and does not inform the referring broker by) section 31 (a). and) or

(c)), or



(b) fails to provide the investment provider synergies) pursuant to § 31 of the

(a). (b)).



(2) a legal entity or individual entrepreneur who has applied for the subsequent

the adoption of the investment securities to trading on a regulated market without the

the issuer's consent, or regulated market, which itself received

investment securities without the issuer's consent, is guilty of an administrative

tort by breach of information duties according to § 56 para. 8.



(3) a securities dealer, a foreign person who is authorised by the

the national supervisory authority of another Member State of the European Union to provide

investment services and provides investment services in the Czech Republic,

the Bank, a foreign bank that carries on the territory of the Czech Republic for its

activities through a branch, savings or credit cooperative,

electronic money institutions or institutional investor, the

committing an administrative offense, by



and) does not inform the Czech National Bank on suspicion of use of internal

information pursuant to section 124 para. 5,



(b) the breach of an obligation of confidentiality), pursuant to section 124 para. 5 or § 126 paragraph.

5, or



(c)) does not inform the Czech National Bank on suspicion of market manipulation

According to § 126 paragraph. 5.



(4) a legal entity or individual entrepreneur referred to in § 125 of paragraph 1. 5,

committing an administrative offense by that breach of the obligation of notification under

§ 125 paragraph. 5.



(5) dedicated to the person committing an administrative offense, by



and makes use of internal information) pursuant to section 124 para. 4 (b). and)



(b) another person) to take recommendations to the acquisition or disposal of financial

instruments under section 124 para. 4 (b). (b)), or



(c) breach of an obligation of confidentiality of) internal information or obligation

avoid the other person access to that information under section 124 para. 4 (b).

(c)).



(6) a legal entity or individual entrepreneur, in connection with the

the exercise of their profession or business form or extends the investment

recommendations, or person linked with it, is guilty of an administrative offense

the fact that breach of an obligation in the creation or dissemination of investment recommendations

pursuant to § 125 paragraph. 6.



(7) an administrative offense shall be fined in the



and $ 10 0000 0000), in the case of an administrative offence referred to in paragraph 1, paragraph 2,

paragraph 3 (b). and) or (b)), paragraph 4, paragraph 5 or paragraph 6,



(b) 20 0000 0000 Czk), in the case of an administrative offence under paragraph 3 (b). (c)).



Misdemeanors



§ 166



(1) a natural person has committed the offence by



and unlawfully carries out or offer) activity under this Act,



(b)) shall act as the head of the person or the head of the organizational folder without

the prior consent of the Czech National Bank pursuant to § 10 para. 1, § 28 para.

4, § 43 para. 1, section 104b or § the basic equipment of paragraph 1. 1,



(c)) shall be forged or conceal any fact in the context of

with an application under this Act,



(d)) does not have the prior consent of the Czech National Bank in accordance with § 11 para. 1, § 47

paragraph. 1 or Section 104a of the paragraph. 1,



(e) breach of the obligation of notification) pursuant to section 11 (1) 8 or 9, § 47 para. 2,

Section 104a of the paragraph. 8 or 9 or section 122,



f) publicly offered investment securities without prior publication of a prospectus

under section 35,



g) publish a prospectus contrary to section 36 h or publish a prospectus that

does not meet the requirements of § 36, 36a or 36b, 36 g, or does

the prospectus supplement pursuant to section 36j para. 1,



h) breach of an obligation laid down for promotional or other communications pursuant to §

36 k or



I) violate the prohibition of market manipulation in violation of § 126 paragraph. 4.



(2) a natural person subject to supervision by the Czech National Bank commits

the offense that does not perform within the period prescribed corrective measures in accordance with

section 136.



(3) a fine may be imposed for the offense to



and $ 10 0000 0000), in the case of a misdemeanor pursuant to paragraph 1. b), c), (d)),

(e)), f), (g) or (h)))



(b) 20 0000 0000 Czk), if it is a misdemeanor pursuant to paragraph 1. and) or i)

or paragraph 2.



(4) for the offense referred to in paragraph 1 (b). b) or c), you can save the ban

activities within 5 years.



§ 167



(1) a person is guilty of an offence that has notified the Czech national

the Bank change the facts in accordance with § article 10A(1). 1, § 28 para. 4, § 43 para.

6, section 104b or § the basic equipment of paragraph 1. 1.



(2) is guilty of an offence-bound representative, that the breach of an obligation

immediately terminate the contractual relationship under section 32d para. 2.



(3) a natural person referred to in section 117 is guilty of an offence that violates

obligation of confidentiality under section 117.



(4) a natural person referred to in section paragraph 125. 5 is guilty of an offence by

breach of the obligation of notification according to § 125 paragraph. 5.



(5) the fiduciary securities trader, organizer

of the regulated market, the operator of a securities settlement system or central

the CSD has committed the offence by



and the guarantee fund does not provide supporting documentation) pursuant to § 130 paragraph 1. 11,



(b)) breaks the restrictions pursuant to § 139 paragraph 2. 6,



c) takes measures pursuant to § 139 paragraph 2. 7 (b). and)



(d) does not ensure the protection of the rights of persons) pursuant to § 139 paragraph 2. 7 (b). (b)),



e) breach of an obligation under § 139 paragraph 2. 7 (b). (c)), or



(f)) does not request the prior approval to its decision the Czech national

Bank pursuant to § 139 paragraph 2. 8.



(6) a natural person who has applied for the subsequent adoption of the investment

of securities to trading on a regulated market without the issuer's consent,

is guilty of an offence by that breach the information obligation pursuant to § 56

paragraph. 8.



(7) a person is guilty of an offence, dedicated by



and makes use of internal information) pursuant to section 124 para. 4 (b). and)



(b) another person) to take recommendations to the acquisition or disposal of financial

instruments under section 124 para. 4 (b). (b)), or



(c) breach of an obligation of confidentiality of) internal information or obligation

avoid the other person access to that information under section 124 para. 4 (b).

(c)).



(8) a natural person who, in connection with the exercise of their profession or

business forms or extends the investment recommendations, or a person with her

linked, is guilty of an offence by the breach of an obligation in the making

or dissemination of investment recommendations pursuant to § 125 paragraph. 6.



(9) for the offense of physical persons can impose a fine of up to



and 500 000 CZK), if the offence referred to in paragraph 2 or of paragraph 3,



(b) 5 0000 0000 Czk), if the offence referred to in paragraph 1, paragraph 4, or

paragraph 5,



(c) Eur 10 0000 0000), if the offence referred to in paragraph 6, paragraph 7 or

paragraph 8.




23) § 53 para. 1 to 3 and 5, § 53a, 54a-56 of Act No. 40/1964 Coll.,

the civil code, as amended by Act No 56/2006 Sb. ".



268. section 168 to 191 are deleted.



269. In § 192 paragraph 2. 3, after the words "shall cease to exist", the words "and the offense

natural persons cannot be discussed ".



270. In § 192 paragraph 2. 4, after the words "the law", the words "in the first

the degree of ".



271. In § 192 paragraph 2. 6, the first sentence is replaced by the phrase "Fines collected and

the competent Customs Office shall recover. ".



272. In § 193 para. 1 the words "whose business is" be replaced by

the words "that performs the activity".



273. In section 194 para. 3 the words "stock exchange, OTC market" are replaced by

the words "of the investment intermediary, bound representative, organizer

the regulated market ".



274. In paragraph 194, the following paragraphs 4 and 5 are added:



"(4) the liability for damage caused by the violation of the obligations under this

the law is governed by modifying the compensation under the commercial code.



(5) the obligations of the securities dealer, the regulated

market, an investment broker, bound representative, operator

the securities settlement system and central depository under the law governing

the protection of competition are not affected by this Act. ".



275. In paragraph 196, the following paragraphs 3 and 4 are added:



"(3) If this does not jeopardise the proper verification of prerequisites

decision, the Czech National Bank in the proceedings on the application in accordance with this

law



and submission of annex) allow to replace a sworn declaration, or



(b) require submission of the annex); the Declaration of this case

the administrative authority may be made on their notice board for an indefinite number of proceedings in

the future.



(4) the Documents drawn up in a foreign language, Czech National Bank

be submitted in the original texts and at the same time in an officially certified translation

in the Czech language. The Czech National Bank may allow the submission of the

documents drawn up in a foreign language only in the original version.

Declaration on the use of the option referred to in the previous sentence, the Czech national

the Bank made on its notice board for an indefinite number of persons or control

in the future. ".



276. In section 198 paragraph 1. 1 (b). and) the words "Exchange, organizer

the OTC market "shall be replaced by the words" regulated market ".



277. In section 198 paragraph 1. 2, after the word "is" is inserted after the word "fully".



278. In section 198 paragraph 1. 3 the first sentence, the words ' contains data and documents

necessary for the assessment of the facts referred to in paragraph 1 "shall be replaced by

the words "can be made only on the prescribed form, to which the applicant

shall be accompanied by the documents necessary for the assessment of the conditions referred to in

paragraph 2 ".



279. In section 198 paragraph 3, second sentence, the words "requirements for an application and its

Annex "shall be replaced by the words" the pattern of the form and the content of its annexes ".



280. the following section is inserted after section 198a 198b, which reads as follows:



"§ 198b



(1) authorised regulated market in relation to the

investment instruments referred to in § 3 (1). 1 (b). g) to (i)) has granted Czech

National Bank and commodity exchange, which otherwise meets the prerequisites for

the granting of the authorization; commodities exchange may organise a regulated market or

operate multilateral trading system only in relation to those

investment tools. For the capital of an se shall be deemed for these purposes to the

commodity exchange deposits and other resources provided by the commodity exchange

the founders or members of the Supervisory Board of the organizer's rule

of the regulated market, which is a company with limited liability, shall apply

by analogy.



(2) the trading rules, the rules for admission, access rules, and

additional rules relating to regulated markets and multilateral

trading system not the content of the Statute of commodity exchange.



(3) the activities of commodity exchange registers the Czech National Bank pursuant to § 38

no design at the date of acquisition of the decision on the authorisation for activities

of the regulated market. Other business commodity

the stock market can be registered only under the conditions laid down in other legal

prescription.



(4) the Czech National Bank and the competent authority of the supervision of commodity

exchanges, cooperate in licensing activities and supervision of

commodity exchange, which carries on or intends to carry on business

of the regulated market. Permits are issued, by mutual agreement. "



281. In paragraph 199, paragraph 2 reads as follows:



"(2) the Czech National Bank issues a notice pursuant to § 7 para. 2, § 9, § 10

paragraph. 4, § 11 (1) 4, section 12f, § 13 para. 3, § 14 para. 3, article 15, paragraph 2. 5,

§ 15a paragraph 1. 3, § 15 d of paragraph 1. 4, section 15 h of paragraph 1. 4, § 15i para. 5, § 15 l of paragraph 1.

6, § 15 ° of paragraph 1. 2, section 15q para. 2, § 15r para. 3, § 15 para. 3, section 16 of the

paragraph. 5, section 16a para. 10, section 16b, para. 2, § 17 para. 4, § 19 para. 2, §

20 (2). 2, § 28 para. 3, § 30 paragraph 2. 6, § 32 para. 8, § 32 c of paragraph 1. 8, §

38 para. 2, § 39 para. 4, § 43 para. 4, § 45 para. 2, § 46 para. 2, §

paragraph 47. 4, § 49 para. 2, § 50 para. 7, § 63 para. 5, section 67 para. 3, §

paragraph 68. 5, § 71 para. 5, § 83 para. 4, § 85 para. 2, § 87, section 93 para.

4, section 93 para. 6, § 103 para. 3, Section 104a of the paragraph. 4, § 106 paragraph. 2, § 107

paragraph. 2, § 108 paragraph. 1, § 118 paragraph. 7, section 119 paragraph 1. 4, § 122 para. 15, §

paragraph 125. 7, § 126 paragraph. 6, § 132 paragraph. 5, § 139 paragraph 2. 11, § 151 paragraph 1.

3, § 154 para. 3, § the basic equipment of paragraph 1. 2 and section 198 paragraph 1. 3. ".



282. In paragraph 199, the following paragraph 3 is added:



"(3) where the Czech National Bank by decree under paragraph 2, provide

period or frequency, such period or frequency in the range

necessary for the exercise of effective supervision according to this law; This does not apply

for the period or for the periodicity, which is their length or frequency of

the law of the European communities. '.



283. In § 202 of paragraph 1. 1 at the end of subparagraph (c)) is replaced by a comma and dot

the following point (d)), which read as follows:



"(d)), the Centre of securities is subject to supervision of the Czech National Bank.".



284. under § 202a is added to § 202b, which reads as follows:



"§ 202b



(1) the securities Centre commits an administrative offense that by

keeping records of dematerialized and immobilized securities,

keeping records of decision of the Commission and the Czech National Bank or in the performance of

information obligations [§ 202, paragraph 1 (b))] violates the obligations of the

set by the current law.



(2) for the administrative offence referred to in paragraph 1 shall be fined up to 20 0000 0000

CZK.



(3) The administrative offence referred to in paragraph 1 shall apply to § 192 paragraph 2. 1 to 4 and

6. ".



Article. (II)



Transitional provisions



1. the authorised dealer of securities granted by the

securities trader, according to the existing legislation, the

It considers the authorisation granted under Act No. 256/2004 Coll., on business

on the capital market, in the version in force from the date of entry into force of this

the law.



2. Permission to provide the main investment services referred to in section 4, paragraph 4.

2 (a). b) of Act No. 256/2004 Coll., on the capital market, in

the text of before the date of entry into force of this Act shall be deemed to

permission to provide the main investment services pursuant to § 4 paragraph 2. 2 (a).

b) of Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act.



3. Permission to provide the main investment services referred to in section 4, paragraph 4.

2 (a). d) of Act No. 256/2004 Coll., on the capital market, in

the text of before the date of entry into force of this Act shall be deemed to

permission to provide the main investment services pursuant to § 4 paragraph 2. 2 (a).

d) of Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act.



4. Permission to provide the main investment services referred to in section 4, paragraph 4.

2 (a). e) of Act No. 256/2004 Coll., on the capital market, in

the text of before the date of entry into force of this Act shall be deemed to

permission to provide the main investment services pursuant to § 4 paragraph 2. 2

(a). g) and (h)) Act No. 256/2004 Coll., on the capital market,

in the version in force from the date of entry into force of this Act.



5. the authorisation for the provision of ancillary investment services referred to in paragraph 4 of the

paragraph. 3 (b). and) Act No. 256/2004 Coll., on capital

the market, in the version prior to the effective date of this Act, shall be deemed to

for authorisation to provide ancillary investment services pursuant to § 4 paragraph 2. 3

(a). and) Act No. 256/2004 Coll., on the capital market, in

the version in force from the date of entry into force of this Act.



6. Permission to provide additional investment services referred to in paragraph 4 of the

paragraph. 3 (b). b) of Act No. 256/2004 Coll., on capital

the market, in the version prior to the effective date of this Act, shall be deemed to

for authorisation to provide ancillary investment services pursuant to § 4 paragraph 2. 3

(a). and) Act No. 256/2004 Coll., on the capital market, in

the version in force from the date of entry into force of this Act.



7. Authorisation to provide ancillary investment services referred to in paragraph 4 of the

paragraph. 3 (b). c) of Act No. 256/2004 Coll., on capital

the market, in the version prior to the effective date of this Act, shall be deemed to

for authorisation to provide ancillary investment services pursuant to § 4 paragraph 2. 3

(a). b) of Act No. 256/2004 Coll., on the capital market, in


the version in force from the date of entry into force of this Act.



8. the authorisation for the provision of ancillary investment services referred to in paragraph 4 of the

paragraph. 3 (b). d) of Act No. 256/2004 Coll., on capital

the market, in the version prior to the effective date of this Act, shall be deemed to

for authorisation to provide ancillary investment services pursuant to § 4 paragraph 2. 3

(a). c) of Act No. 256/2004 Coll., on the capital market, in

the version in force from the date of entry into force of this Act.



9. Authorisation to provide ancillary investment services pursuant to § 4 paragraph 2. 3

(a). f) of Act No. 256/2004 Coll., on the capital market, in

the text of before the date of entry into force of this Act shall be deemed to

authorisation to provide ancillary investment services pursuant to § 4 paragraph 2. 3

(a). e) of Act No. 256/2004 Coll., on the capital market, in

the version in force from the date of entry into force of this Act.



10. Authorisation to provide ancillary investment services referred to in paragraph 4 of the

paragraph. 3 (b). g) Act No. 256/2004 Coll., on capital

the market, in the version prior to the effective date of this Act, shall be deemed to

for authorisation to provide ancillary investment services pursuant to § 4 paragraph 2. 3

(a). f) of Act No. 256/2004 Coll., on the capital market, in

the version in force from the date of entry into force of this Act.



11. Authorisation to provide ancillary investment services referred to in paragraph 4 of the

paragraph. 3 (b). e) of Act No. 256/2004 Coll., on capital

the market, in the version prior to the effective date of this Act, shall be deemed to

for permission to provide the main investment services pursuant to § 4 paragraph 2. 2

(a). (e)) and supplementary investment services pursuant to § 4 paragraph 2. 3 (b). (d))

Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act.



12. Authorisation to provide ancillary investment services referred to in paragraph 4 of the

paragraph. 3 (b). h) Act No. 256/2004 Coll., on capital

the market, in the version prior to the effective date of this Act, shall be deemed to

for other business activities in accordance with § 6a of paragraph 1. 2 (a). b) of law No.

256/2004 Coll., on the capital market, in the version in force from the date of

entry into force of this Act, registered by Czech National Bank.



13. the authorisation granted to the trader in securities prior to the date of acquisition

the effectiveness of this law in relation to investment securities are

It considers the authorization pursuant to Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

the Act, in relation to investment securities.



14. the authorisation granted to the trader in securities prior to the date of acquisition

the effectiveness of this law in relation to derivatives is considered authorization

pursuant to Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act, in relation to the investment

instruments in accordance with § 3 (1). 1 (b). (d)) to).



15. A securities dealer shall give its ratios in accordance with the law

No. 256/2004 Coll., on the capital market, in the version in force from

the effective date of this Act, not later than 5 months after the date of

entry into force of this Act. In the meantime, abides by the activities and

management provided for in Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

the law adequately.



16. A foreign person who is authorised by the supervisory authority of another Member

State of the European Union to provide investment services and which provides

investment services in the Czech Republic through a branch,

their ratios in accordance with Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

law, not later than 5 months after the date of entry into force of this Act.

In the meantime, activities and management complies with the rules laid down in the Act

No. 256/2004 Coll., on the capital market, in the version in force from

the effective date of this Act apply mutatis mutandis.



17. foreign person established in another Member State of the European Union,

that is based on a single licence according to a special legal

the regulation, which governs the activities of the bank, shall be entitled to provide in the United

Republic investment services, giving its ratios in accordance with law No.

256/2004 Coll., on the capital market, in the version in force from the date of

entry into force of this Act, not later than 6 months from the date of acquisition

the effectiveness of this Act. In the meantime, abides by the activities and

management provided for in Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

the law adequately.



18. A foreign person, who is registered in a State which is not a Member

State of the European Union, and the Czech National Bank to permit the provision of

investment services through departments setting out its ratios

in accordance with Act No. 256/2004 Coll., on the capital market,

in the version in force from the date of entry into force of this Act, not later than

5 months from the date of entry into force of this Act. In the meantime, adheres to the

activities and management rules set out in Act No. 256/2004 Coll., on

the capital market, in the version in force from the date of acquisition

the effectiveness of this Act apply mutatis mutandis.



19. the securities dealer is not required for contractual obligations, which

they insist the effective date of this law, to ensure compliance with the requirement

provided for in section 15 d of paragraph 1. 3 of Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

the law. This applies mutatis mutandis in respect of investment services

provided on the territory of the Czech Republic, as well as for foreign person referred to

in paragraphs 16 to 18 and the investment provider.



20. Securities dealer who has been granted a residence permit

activities under the existing legislation, it shall, within a period of 5

months from the date of entry into force of this Act for each of its

the customer that the customer is at the date of entry into force of this law, in

accordance with § 2a through 2d Act No. 256/2004 Coll., on capital

the market, in the version in force from the date of entry into force of this Act



and) establish whether the professional customer, a customer who is not

professional customer, or a Professional client, against which

securities dealer is not obliged to provide some

the main investment services to comply with the obligations laid down in articles 15 to

15r Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act,



(b) notify each of your customer) about this classification and



(c) learn it on the right) to request a change to its inclusion and the limitations of the

of protection that are related with it, in the manner set out in section 15e of the law

No. 256/2004 Coll., on the capital market, in the version in force from

the effective date of this Act. A similar obligation to respect

investment services provided in the territory of the United States, has

foreign person referred to in paragraphs 16 to 18.



21. Regulated market shall give its ratios in accordance with the

Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act, not later than 5 months

from the date of entry into force of this Act. In the meantime, adheres to the rules

activities and management laid down in Act No. 256/2004 Coll., on business

on the capital market, in the version in force from the date of entry into force of this

the law adequately.



22. Authorization and permission to organize exchanges of OTC

the market granted in accordance with the existing legislation shall be considered as

authorised regulated market granted in accordance with the law

No. 256/2004 Coll., on the capital market, in the version in force from

the effective date of this law, which also includes the permissions

engage in the multilateral trading system. Statutory body

of the regulated market, which it has been granted a residence permit

the activities of the stock exchange according to the existing legislation, the Stock Exchange Chamber.

The Stock Exchange Chamber performs the function of Board of Directors.



23. the investment intermediary shall give its ratios in accordance with the law

No. 256/2004 Coll., on the capital market, in the version in force from

the effective date of this Act, not later than 5 months after the date of

entry into force of this Act. In the meantime, abides by the activities and

management provided for in Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

the law adequately.



24. a person who has passed the examination in accordance with the existing laws, brokerage

regulations, for a period of 21 months from the date of entry into force of this Act

considered a person with the knowledge and experience necessary for the performance of her

assigned tasks according to § 14 para. 2 Act No. 256/2004 Coll., on

the capital market, in the version in force from the date of acquisition

the effectiveness of this law, in the range of category compound brokerage test,

If



and) pursues a professional business activities according to the existing legal

regulations on the date of entry into force of this Act,




(b)) carried out the professional business activities according to the existing legal

the provisions in the summary length of at least 12 months in the last 5 years prior to the

the effective date of this Act,



(c) has passed the examination in accordance with brokerage) of the existing legislation during the

18 months before the date of entry into force of this Act, or



(d) has not been withdrawn) her authorised agent according to present

the legislation on the grounds referred to in § 145 paragraph. 1 or § 145 paragraph.

2 (a). c) to (e)) of Act No. 256/2004 Coll., on capital

the market, in the version in force before the date of entry into force of this Act.



25. A person that has been granted authorisation for the activities of the broker in accordance with

the existing legislation, such authorization shall cease. Czech national

the Bank exercises supervision over it, if it pursues a professional business

When providing investment services in accordance with the existing legislation.



26. a person who, at the date of this Act shall exercise the activity, to

that need permits pursuant to Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

the law, and do not apply to it the exception referred to in § 4b of the Act No. 256/2004

Coll. on the capital market, in the version in force from the date of acquisition

the effectiveness of this law may continue in this activity for a maximum of

for 9 months from the date of entry into force of this Act.



27. the investment provider, that the effective date of this Act,

performs activities in accordance with § 29 para. 1 of Act No. 256/2004 Coll., on business

on the capital market, in the version in force before the date of entry into force of

This Act, for another investment intermediary, in this

activities continue for a maximum period of 9 months from the date of entry into force of

of this Act.



28. the registration of an investment referred to in the previous

the legislation is considered as a registration under the Act No. 256/2004

Coll. on the capital market, in the version in force from the date of acquisition

the effectiveness of this Act.



29. the investment provider, operating under the conditions

laid down by the existing legislation, may be subject to the conditions

laid down by Act No. 256/2004 Coll., on the capital market,

in the version in force from the date of entry into force of this law, written as

bound-bound to the list of representatives of the representative, if the application for registration of the

to the list within the time limit of 9 months from the date of acquisition of the effectiveness of this

the law. Registration in the list terminates the registration granted to this

the investment intermediary pursuant to the existing legislation.



30. the procedure for the imposition of corrective measures or sanctions that was

initiated before the date of entry into force of this law shall be completed in accordance with

the existing legislation. Corrective measures or sanctions is stored

According to the existing legislation.



31. The negotiations which have taken place until the date of entry into force of this Act,

be assessed according to Act No. 256/2004 Coll., on the capital market,

in the version in force before the date of entry into force of this Act. Measures to

remedy or sanctions for breaches of Act No. 256/2004 Coll., on business

capital market, in the version in force before the date of entry into force of this

the law shall be imposed pursuant to Act No. 256/2004 Coll., on business

capital market, in the version in force before the date of entry into force of this

the law.



32. the procedure for granting an authorisation, registration proceedings or proceedings for the

consent to the initiated before the date of entry into force of this Act shall be

completed pursuant to Act No. 256/2004 Coll., on the capital market,

in the version in force from the date of entry into force of this Act; the time limit, the

the run began under Act No. 256/2004 Coll., on capital

the market, in the version in force the effective date of this Act, running from

the effective date of this Act again. The procedure for granting an authorisation to

the activities of the broker initiated before the date of entry into force of this Act shall be

stop the effective date of this Act.



33. The issuer of the book-entry securities for collective investment,

that are recorded directly in the Centre of the securities may Center

Securities and the Czech National Bank to announce that the securities

will continue to be recorded in a separate register of investment instruments,

led by the person designated by the issuer of these securities, which is

pursuant to Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act, entitled to leadership

a separate registration. Securities Centre passes the person designated

issuer of listing pursuant to § 113 paragraph by analogy. 2 Act No. 256/2004 Coll., on

the capital market, in the version in force from the date of acquisition

the effectiveness of this Act. From the extract may not Center for securities

do this in your papers, no registration records relating to securities

referred to in this statement. On the date of receipt of the statement of the securities Centre

Unregisters a security paper in its records and registration

securities for collective investment becomes a separate registries

pursuant to Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act. On the day following the

acceptance excerpt with securities on securities accounts and shall be entered in the

issue in a separate register. An issuer may make the notification

under this provision, no later than the date of the transfer of registration Centres

securities central depository.



34. For requests received before 1 October the Czech National Bank. January 2009

the time limit under section 32 c of paragraph 1. 3 of Act No. 256/2004 Coll., on business

capital market, in the version in force from the date of entry into force of this

the law does not apply.



35. The Czech National Bank's prior consent to the performance of the senior management

granted in accordance with the existing legislation is considered to be the previous

the Czech National Bank's consent to the performance of the Manager of the person granted pursuant to

Act No. 256/2004 Coll., on the capital market, as amended by

effective from the date of entry into force of this Act.



Article. (III)



Regulation (EEC)



Shall be deleted:



1. Decree No. 260/2004 Coll., on the elements of the technical implementation

quoted securities.



2. Decree No. 59/2007 Coll., on the types of professional trade activities

dealer of securities carried out through a broker, the

types of specialization of the broker and brokerage test.



Article. (IV)



The publication of the full text



The Prime Minister shall be empowered, in the collection of laws promulgated the full text

Act No. 256/2004 Coll., on the capital market, as is clear from

the laws of it changing.



PART TWO



Changing the law on supervision in the field of capital market and to modify other

the laws of the



Article. In



Law No. 15/1998 Coll., on surveillance in the capital market and amending and

additional laws, as amended by Act No. 30/2000 Coll., Act No.

362/2000 Coll., Act No. 366/2000 Coll., Act No. 312/2002 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. and act

No 104/2008 Coll., is amended as follows:



1. in § 5 para. 2 the words "authorized to print the printer operator

securities, "are deleted.



2. In article 6 (1). 2 the second sentence after the word "negotiations", the words "and

any procedure of a person suspected of violating legal obligations for

the removal of consequences of the infringement ".



3. In paragraph 7, at the end of subparagraph (c)), the dot is replaced by "and" and the following

(d)), including footnote No. 9a is added:



"(d)) the obligations set out directly applicable provisions

Of the European communities ^ 9a).



9A) Commission Regulation (EC) no 2273/2003 of 22 July 2003. December 2003 laying

implementing European Parliament and Council Directive 2003/6/EC as regards the

exemptions for buy-back programmes and stabilisation of financial instruments.



Commission Regulation (EC) no 809/2004 of 29 April 2004. April 2004 laying

performed by European Parliament and Council Directive 2003/71/EC as regards the

the information contained in prospectuses as well as the format, incorporation, placing the data in the form of

reference, publication of such prospectuses and dissemination of advertisements.



Commission Regulation (EC) no 1287/2006 of 10 March 2006. August 2006

performed by European Parliament and Council Directive 2004/39/EC as regards the

about archiving obligations securities transaction reporting,

transparency of the markets, the conditions for the admission of financial instruments to

trading, as well as the definition of some terms. ".



Footnote No. 9a to 9 c are referred to as footnotes.

9B-9 d, and including references to footnotes.



4. In Section 7a of the paragraph. 1, point (d)) shall be deleted.



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



5. In section 8 paragraph 1. 1 introductory part of the provision, after the word "may"

the words "for the purposes of exercising supervision over the capital market".



6. In section 8 paragraph 1. 1, letter a) is added:



"and to require such information from each), including Auditors,".



7. In § 8 para. 1, point (b)), and (g)) be deleted.



Former points (c) to (f))) shall become point (b)) to (e)).




8. In section 8 paragraph 1. 1 (b). (b)), the words ", the condition is satisfied by

subparagraph (b)) "shall be deleted.



9. In section 8 paragraph 1. 1 (b). (d)), the words "for the condition under subparagraph

(b)) "shall be deleted.



10. In § 8 para. 1 (b). (e)) at the end of the text, the words "; Czech

the National Bank may invite the auditor to perform the checks, audit

company or expert ".



11. In § 8 para. 2 the words "(a). b) to (e)) and in the case of an investigation

the fact other than referred to in paragraph 1 (b). (b)) "shall be deleted.



12. In section 8 paragraph 1. 3 the first sentence after the word "Bank", the words "or

her designee, "and in the second sentence, the words" information or evidence

or records and data "shall be replaced by" information, handouts, clarification

facts, records, reports, or data associated with them ".



13. in § 8 para. 4 first sentence and section 8 para. 5 after the word "Bank"

the words "or her delegatee".



14. in paragraph 8, the following paragraph 6 is added:



"(6) the person whom a securities dealer commissioned the exercise of certain

activities under a special legal regulation ^ 2), is the Czech National Bank

allowed in the scope in which the person responsible for

the performance of the activities and controlled person is required to provide the

synergy. ".



15. section 9a to 9 c shall be inserted:



"§ 9a



Fine won



(1) legal or natural person who is subject to the supervision of the Czech national

banks and that breach of an obligation under section 8 (2) interoperability. 3, 5 or 6,

the Czech National Bank may impose a fine of up to 5 0000 0000 CZK.



(2) fined pursuant to paragraph 1 can be saved and reused. The sum of the

the fines imposed for the same offence shall not exceed 20 000

000.



(3) fined can store within 1 year from the date on which the

the negotiations took place.



(4) fine collected and enforced by the Customs Office. Income from fines is

State budget revenue.



§ 9b



Administrative offences of legal persons and natural persons-entrepreneurs



(1) a legal entity or individual entrepreneur is committed by the administrative

tort by



and does not provide the information, handouts), clarification of the facts, records,

the message or data associated with them, pursuant to section 8 (2). 3, or



b) breach of an obligation under section 7A(1). 1 (b). and) or (c)).



(2) an administrative offence referred to in paragraph 1 (b). and) saves a penalty up to 5

0000 0000 CZK for the administrative offence referred to in paragraph 1 (b). (b)) is saved

a fine of up to 50 0000 0000 CZK.



§ 9 c



Misdemeanors



(1) a natural person has committed the offence by



and does not provide the information, handouts), clarification of the facts, records,

the message or data associated with them, pursuant to section 8 (2). 3, or



b) breach of an obligation under section 7A(1). 1 (b). and) or (c)).



(2) for the offense referred to in paragraph 1 (b). and you can impose a fine to a) 5 000

EUR and for the offense referred to in paragraph 1 (b). b) or c), you can save

a fine of up to $ 50 0000 0000. ".



16. the following section is inserted after section 9 c, 9 d, which reads as follows:



"section 9 d



Provisions common to administrative offences



(1) a legal person for an administrative offence is not liable if he proves that

made every effort, that it was possible to require that the infringement of the

a legal obligation is prevented.



(2) in determining the amount of the fine on a legal person shall take account of the seriousness of the

the administrative offense, in particular, the way a criminal offence and its consequences, and

the circumstances under which it was committed, and the process of legal persons in

the removal of consequences of the infringement.



(3) the responsibility for the administrative offence and the offence of physical persons

cannot be discussed, if the administrative authority has commenced proceedings about him to 1

year from the date on which it learned, but not later than 5 years from the date of

When it was committed.



(4) administrative offences under this law are heard at first instance

The Czech National Bank.



(5) The liability for the acts, which took place in the business

person ^ 10) or in direct connection with the applicable provisions of the Act

on the liability of legal persons and sanctions.



(6) the Fines collected and enforced by the competent Customs Office. Income from fines

deposited securities traders is the reception of the guarantee fund

traders in securities, income from other fines is tv

the State budget ".



Footnote # 10 reads as follows:



"10) § 2 (2). 2 of the commercial code. ".



17. in paragraph 11 of the text of paragraph 1 the following sentence "the interim measure

under paragraph 2, the Czech National Bank is entitled to save, even if

that requested by supervisory authority of another Member State of the European Union or

The European economic area. "



18. in section 13 paragraph 1 including the footnotes # 5, 16, 18, 19, 20 and

20A to 20 c is inserted:



"(1) the Czech National Bank leads lists



and securities traders), which granted a permit under the Act

governing business on the capital market,



(b)), the organizers of the regulated market, which granted a permit under the Act

governing business on the capital market,



(c)) the persons making the settlement of trades in securities, which

granted a permit under the law governing business in the capital

market,



d) investment companies, mutual and investment funds operating

under the law governing collective investment ^ 16),



e) forced administrators and liquidators ^ 5),



f) depositaries of investment funds ^ 18),



g) pension funds and the depositaries of pension funds ^ 19),



h) insurers ^ 20),



I) investment intermediaries



j) investment companies established in a Member State of the European Union

or the European economic area, which provide their services on

the territory of the United States, containing all information about the possible organizational folder

located on the territory of the Czech Republic,



Foreign standard) funds that publicly offer their valuable

papers on the territory of the United States, containing all information about the Bank, with which

they have concluded a contract under a special legal regulation, the Governing

the collective investment ^ 10 c),



l) foreign special funds that can publicly offer its

securities on the territory of the United States, containing all information about the Bank,

you have concluded a contract similar to the Treaty referred to in subparagraph (k)),



m) the securities settlement systems and the participants of the securities settlement systems



n) participants in securities settlement systems, conducted in the Commission of the European

the community, which have their registered office or place of business in the Czech Republic,



about) the participants of the CSD,



p) credit rating agencies,



q) persons authorized to conduct separate registers of investment instruments,



r) regulated markets is headquartered in a State which is not a Member State

The European Union,



s) categories of institutions referred to in the standard funds ' statutes in

the meaning of the law governing collective investment ^ 20a),



t) of the securities prospectus approved by the Czech National Bank, including

electronic link to the prospectus, published in a manner

allowing remote access to the website of the issuer, or

of the regulated market, at least for a period of 12 months from the approval



u) companies and natural persons that are, at their request

registered as qualified investors under the law governing

the capital market,



in the) financial holding companies; These lists shall be sent by the Czech

National Bank through the Ministry of the Commission of the European

the community and the competent authorities of the Member States of the European Union or

The European economic area,



w) securities traders established in a Member State of the European Union

or the European economic area, who provide their services on

the territory of the United States, containing all information about the possible organizational folder

located on the territory of the Czech Republic,



x) bound representatives securities dealers and foreign persons,

which are located in a State which is not a Member State of the European Union, and

that provide investment services in the Czech Republic through the

organizational folder



s) bound representatives of investment companies



from representatives of investment intermediaries-bound),



for) securities dealers who carry out systematic

internalize ^ 20b),



zb) listed shares divided into groups according to the average of the volume

shops, indicating the standard volume for each group ^ 20 c),



ZC) liquid quoted shares ^ 20 c).



5) Act No. 256/2004 Coll., on the capital market.



16) Act No. 189/2004 Sb.



18) section 25 of Act No. 189/2004 Sb.



19) Act No. 42/1994 Coll., as amended.



20) Act No. 363/1999 Coll., on insurance, as amended

regulations.



20A) § 26 para. 1 (b). g) point 2 of Act No. 189/2004 Coll., on collective

investment as amended by law No 224/2006 Sb.



20b) § 17a of the Act No. 256/2004 Coll., as amended by Act No. 230/2008 Sb.



20 c) § 17b para. 7 of Act No. 256/2004 Coll., as amended by Act No. 230/2008

Coll. ".



Former footnote No. 20a to 20 d are known as notes

footnote No. 20 d up to 20f, including references to footnotes.



19. in § 13 para. 2 (a). and), the word ' international ' shall be deleted and the word

"the markets" with the words "established in the Member State of the European Union".




20. In article 13a of para. 1 the term "the Commission" shall be replaced by "Czech national

the Bank "and the word" Commission "with" Czech National Bank ".



21. in § 14 para. 1, letter a) is repealed.



Subparagraph (b)) to e) shall become letters and) to (d)).



22. in § 14 para. 1 (b). a) after the word "final", the words

"or enforceable" and the words "the fact which is covered by a special

the law ^ 21); "shall be replaced by the words" the information covered by the

a special law ^ 21); ". At the end of the text of the letters and words ") this

the decision may be published, if the full anonymizovaně

the publication could be vulnerable to the stock market or caused by excessive

injury to the persons concerned, and such decisions shall always be published with

anonymised data of third parties ".



Footnote 21 reads as follows:



"21) Act No. 148/1998 Coll., on the protection of classified information and amending

certain acts, as amended. ".



23. in § 14 para. 1 (b). (b)), after the word "final", the words

"or enforceable".



24. in article 14, paragraph 1, the following paragraph 2 is added:



"(2) the Czech National Bank is entitled to disclose the manner referred to in paragraph

1 final or enforceable decisions pursuant to this Act or the

specific legislation in the field of capital market (paragraph 3) and other

than referred to in paragraph 1 (b). and this decision) may be published

anonymizovaně, if the full publication could be vulnerable to capital

the market or caused by disproportionate damage to the parties involved and this decision shall

always be published with anonymised data of third parties. ".



The former paragraph 2 becomes paragraph 3.



25. in section 26 para. 1, the second sentence is inserted after the sentence "this information can

also be used for purposes other than in accordance with the second sentence, provided that the said

the consent of the person who provided the information. ".



26. in section 26 para. 2 (a). (d)) after the semicolon sentence, after the words "monitoring

above the ", the words" settlement and ".



27. in section 26 para. 2 (a). g) sentence after the semicolon, "of a person who

She tried to save a bankrupt "shall be replaced by the words" relating to the third-

people ".



28. in section 26 paragraph 7, including footnote # 26:



"(7) the authority, which acts in the performance of financial market supervision in the

a State which is a Member State of the European Union or the European

economic area, can be used to provide information for the purposes of the performance of its

tasks only on the basis of the agreement and only if the system for him

confidentiality obligations at least comparable with the arrangements referred to in

of this Act. The obligations laid down by the law on protection of personal data

This does not affect ^ 26).



26) section 27 of Act No. 101/2002 Coll., on the protection of personal data, as amended by

Act No. 435/2004 Coll. ".



29. in paragraph 26, the following paragraph 8 is added:



"(8) If a system for them to confidentiality obligations

at least comparable with the regime under this Act, on the basis of

the agreement to provide information for the purposes of carrying out their duties also



and) residents or based in the State, which is not

Member State of the European Union or the European economic area,

they perform in the body that acts on the financial market and subject to

the supervisory function of the content and nature of the function of a liquidator,

a receiver, trustee, provisional insolvency

administrator or auditor



(b)) Office based in the State, which is not a Member State of the European Union

or the European economic area, with a supervising person under

(a)),



c) to a person established or resident in a State which is not a Member

State of the European Union or the European economic area,

operating system to guarantee the protection of investors,



(d)) law enforcement authority based in the State, which is not

Member State of the European Union or the European economic area, and



e) authority, based in the State, which is not a Member State of the European Union

or the European economic area, covering the fight against

the legalization of the proceeds of crime, or the implementation of the international

penalties for the purpose of maintaining international peace and security, the protection of

fundamental human rights and the fight against terrorism; the obligations laid down

the law on the protection of personal data, this does not affect ^ 26). ".



PART THREE



Amendment of the Act on banks



Article. (VI)



Act No. 21/1992 Coll., on banks, as amended by Act No. 265/1992 Coll.,

Act No. 92/1993 Coll., Act No. 154/1994 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. 125/1998 Coll., Act No. 167/1998 Coll.,

Act No 120/2001 Coll., Act No. 239/2001 Coll., Act No. 320/2001 Coll.

Act No. 126/2002 Coll., Act No. 461/2003 Coll., Act No. 38/2004 Coll.,

Act No. 256/2004 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.

Law No 443/2006 Coll., Act No. 120/2007 Coll., Act No. 296/2007 Sb.

and Act No. 126/2008 Coll., is amended as follows:



1. In article 1 (1). 3 (b). h) after the word "main" the words

"investment services and activities".



2. In section d (b). g) point 3 is added:



"3. the futures, options and instruments whose value is related to monetary

rates, interest rate, or yield, the interest rate ".



3. In section 5 d (a). (g)), paragraph 4, the word "transferable" shall be replaced by

"investment".



4. In section d (b). k), the words "(portfolio management) ' are deleted.



5. In section d (b). n) is replaced with a comma and dot is added the letter o),

that including a reference to footnote No. 1a is added:



"about) the provision of investment services and activities under the Special

^ law 1a). ".



6. In article 8b paragraph. 1 (b). a) in point 1, the word "Bank" is deleted.



7. In article 8b paragraph. 1 (b). (b) the introductory part of the provisions of the will) before the word

"control" is inserted after the word "system" and the word "which" shall be replaced by the word

"that".



8. In article 8b paragraph. 1 (b). c) point 2 is added:



"2. the ongoing review of compliance with the legal obligations and obligations

resulting from the internal regulations of the Bank. ".



9. in section 19b paragraph 1 reads:



"(1) the Bank is required to avoid when conducting business with investment

the use of the information obtained in the context of its credit

shops and vice versa. ".



10. In section 19b paragraph 2. 2, the term "investment" shall be replaced by

"investment instruments".



11. in section 19b paragraph 4 is added:



"(4) the provisions of paragraphs 1 to 3 shall also apply to foreign branch

Bank. ".



12. in section 19b, paragraphs 5 to 7 shall be deleted.



13. in section 26 d, the following paragraph 4 is added:



"(4) the supervision of consolidation total are excluded merchants

securities that are not referred to in paragraph 2(b) to section 8a. 1 to 3 of the law on

the capital market. "



PART FOUR



cancelled



Article. (VII)



cancelled



Article. (VIII)



cancelled



PART FIVE



cancelled



Article. (IX)



cancelled



PART SIX



cancelled



Article. X



cancelled



PART SEVEN



Amendment to the Trade Licensing Act



Article. XI



Act No. 455/1991 Coll., on trades (Trade Act),

as amended by Act No. 234/1992 Coll., Act No. 586/1992 Coll., Act No.

600/1992 Coll., Act No. 273/1993 Coll., Act No. 303/1993 Coll., Act No.

38/1994 Coll., Act No. 42/1994 Coll., Act No. 133/1994 Coll., Act No.

200/1994 Coll., Act No. 237/1995 Coll., Act No. 283/1995 Coll., Act No.

94/1996 Coll., Act No. 95/1996 Coll., Act No. 147/1996 Coll., Act No.

19/1997 Coll., Act No. 49/1997 Coll., Act No. 61/1997 Coll., Act No.

79/1997 Coll., Act No. 217/1997 Coll., Act No. 277/1997 Coll., Act No.

15/1998 Coll., Act No. 82/1998 Coll., Act No. 157/1998 Coll., Act No.

167/1998 Coll., Act No. 159/1999 Coll., Act No. 359/1999 Coll., Act No.

363/1999 Coll., Act No. 360/1999 Coll., Act No. 363/1999 Coll., Act No.

27/2000 Coll., Act No. 29/2000 Coll., Act No. 121/2000 Coll., Act No.

122/2000 Coll., Act No. 121/2000 Coll., Act No. 128/2000 Coll., Act No.

149/2000 Coll., Act No. 151/2000 Coll., Act No. 155/2000 Coll., Act No.

247/2000 Coll., Act No. 247/2000 Coll., Act No. 258/2000 Coll., Act No.

308/2000 Coll., Act No. 367/2000 Coll., Act No. 406/2000 Coll., Act No.

458/2000 Coll., Act No. 61/2001 Coll., Act No. 100/2001 Coll., Act No.

120/2001 Coll., Act No. 164/2001 Coll., Act No. 257/2001 Coll., Act No.

273/2001 Coll., Act No. 477/2001 Coll., Act No. 483/2001 Coll., Act No.

501/2001 Coll., Act No. 86/2002 Coll., Act No. 119/2002 Coll., Act No.

174/2002 Coll., Act No. 281/2002 Coll., Act No. 312/2002 Coll., Act No.

320/2002 Coll., Constitutional Court declared under no. 476/2002 Coll.

Act No. 88/2003 Coll., Act No. 130/2003 Coll., Act No. 162/2003 Coll.

Law No 224/2003 Coll., Act No. 228/2003 Coll., Act No. 274/2003 Coll.

Act No. 356/2003 Coll., Act No. 441/2003 Coll., Act No. 119/2004 Coll.

Act No. 167/2004 Coll., Act No. 256/2004 Coll., the Act No. 326/2004 Coll.

Law No. 499/2004 Coll., Act No. 633/2004 Coll., Act No. 695/2004 Coll.,

Law No 58/2005 Coll., Act No. 95/2005 Coll., Act No. 127/2005 Coll.


Act No 215/2005 Coll., Act No. 251/2005 Coll., Act No. 361/2005 Coll.

Act No. 428/2005 Coll., Act No 444/2005 Coll., Act No. 62/2006 Coll.

Act No. 76/2006 Coll., Act No. 109/2006 Coll., Act No. 115/2006 Coll.

Act No. 137/2006 Coll., Act No. 159/2006 Coll., Act No. 165/2006 Coll.

Act No. 179/2006 Coll., Act No. 186/2006 Coll., Act No. 191/2006 Coll.

Act No. 216/2006 Coll., Act No. 216/2006 Coll., Act No. 225/2006 Coll.

Act No. 309/2006 Coll., Act No. 315/2006 Coll., Act No. 160/2007 Coll.

Act No. 296/2007 Coll. and Act No. 130/2008 Coll., is amended as follows:



1. In article 3, paragraph 3. 2 letter f) including footnote No. 8b:



"(f)) ^ 8b) conciliators of the stock exchange,



8B) Act No. 229/1992 Coll., on the commodity exchanges, as amended

regulations. ".



2. In article 3, paragraph 3. 3 (b). and) the words "exchanges, the organizers of the OTC

markets, securities traders ^ 8b) "shall be replaced by the words" commodity

bursae ^ 8b), the organizers of the regulated markets ^ 13b), traders in securities

papers ^ 13b) and their representatives-bound ^ 13b) ".



3. In article 3, paragraph 3. 3 (b). a) after the word "instructions", the words "or

investment advice ".



4. In article 3, paragraph 3. 3 (b). and), the word "related" is replaced by

"about".



5. In section 3, paragraph 3. 3 at the end of the text of subparagraph (a)), the words "and their

representatives-bound ^ 13b) ".



PART EIGHT



Amendment of the Act on the bonds



Article. (XII)



Act No. 190/2004 Coll. on bonds, as amended by law No 378/2005 Coll.

Act No 56/2006 Coll., Act No. 57/2006 Coll. and Act No. 296/2007 Coll.

is amended as follows:



1. In article 7 (2). 1 (b). m), the words "free market" shall be replaced by

"the multilateral trading system".



2. In article 12 paragraph 2. 6, the words "or the free market" shall be replaced by "market

or in the multilateral trading system ".



3. in section 21 para. 1 (b). (f)), the word "official" is replaced by

"regulated".



4. in section 28 para. 3 the first sentence, after the words "even" dot

be replaced by a comma and the words "are added when the receivable from the loan

does not exceed twice the value of the mortgaged property pledge. ".



PART NINE



Amendment of the Act on commodity exchanges



Article. XIII



Act No. 229/1992 Coll., on the commodity exchanges, as amended by Act No.

216/1994 Coll., Act No. 103/1995 Coll., Act No. 70/2000 Coll., Act No.

285/2005 Coll., Act No 444/2005 Coll. and Act No. 296/2007 Coll., is amended

as follows:



1. In article 1 (1). 1, after the words "(hereinafter referred to as" commodity derivatives ") ' shall be

the words "if they are not investment instrument under a special legal

code ^ 1).



Footnote 1:



"1) Act No. 256/2004 Coll., on the capital market, as amended by

amended. ".



2. In article 2 (2). 1, after the words "commodity derivatives" the words ",

that are not investment instrument under a special legal

code ^ 1).



3. in paragraph 5, the following paragraph 6 is added:



"(6) the Exchange may, under the conditions stipulated by special legislation

to organize and operate the regulated market of the multilateral trading system

under a special legal regulation with the commodity derivatives that are

the investment facility under a special legal regulation ^ 1). ".



4. in section 26 para. 1, after the words "commodity derivatives," the words "

that are not investment instrument under a special legal

code ^ 1).



5. In paragraph 33, the following paragraphs 3 and 4 are added:



"(3) supervision over the operation of regulated markets and multilateral

trading system stock exchange carries on under a special legal regulation

The Czech National Bank.



(4) the competent authority of the State Administration cooperates with the Czech National Bank

When granting the licence, and the performance of supervision over commodity exchange, which

carries on or intends to carry on business of the regulated market.

A permit issued under this Act after the agreement with the Czech National Bank.

The competent authority shall inform the Czech National Bank always on save

sanctions, of the withdrawal of authorisation for the operation of the stock market and measures

stock Commissioner. ".



6. in paragraph 44, the following new section 44a is inserted:



"§ 44a



(1) a commodity exchange can be founded as a public limited company pursuant to

the commercial code.



(2) on the commodity exchange, which is the joint-stock companies in accordance with paragraph 1,

the provisions of this Act, with the exception of § 1 (1). 2 and 3, § 3, 8,

§ 9 para. 1, § 10 para. 1, 2 and 5, § 16 para. 2, § 18 para. 1 and section 40

paragraph. 1.



(3) the members of the Exchange, which is a joint-stock company, are subject to the conditions

as defined by law and the statutes of the right to be elected to the organs of the Exchange and

attend a stock rally.



(4) the stock exchange Commissioner under section 33 has the right to participate in the meetings of all bodies

commodity exchange, which is a joint-stock company.



(5) the amendment of the statutes, which refers to the rules for the convening and proceedings of the General

meeting, requires the prior consent of the competent supervisory authority.



(6) the Commodity Exchange may be converted into a public limited company.



(7) the supervision Authority pursuant to section 33 shall be entitled to initiate the administrative procedure

the review of permit conditions in accordance with § 5 within three months after the conversion of the

joint-stock company ".



PART TEN



cancelled



Article. XIV



cancelled



PART ELEVEN



Amendment of the Act on Auditors



Article. XV



Act No. 254/2000 Coll. on Auditors and amending Act No. 167/1998 Coll.,

as amended by law no 209/2002 Coll., Act No. 169/2004 Coll., Act No.

284/2004 Coll., Act No. 56/2006 Coll., Act No. 57/2006 Coll., Act No.

70/2006 Coll. and Act No. 296/2007 Coll., is amended as follows:



1. In section 15, at the end of paragraph 1, the following sentence "the violation of the obligations of the

confidentiality is not fulfilling the obligations to the competent authority referred to in

a special law on surveillance in the capital market. "



2. in article 15, paragraph 2. 3 of the introductory part of the provisions, the words "banking supervision"

replaced by the words "financial market supervision".



3. in article 15, paragraph 2. 3 the final part of the provision, the words "banking

supervision "shall be replaced by the words" financial market supervision ".



PART TWELVE



Amendment of the Act on administrative fees



Article. XVI



The annex to the Act No 634/2004 Coll., on administrative fees, as amended by

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. 137/2006 Coll.,

Act No. 159/2006 Coll., Act No. 179/2006 Coll., Act No. 186/2006 Coll.

Act No 215/2006 Coll., Act No. 227/2006 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., Act No. 296/2007 Coll., Act No. 379/2007 Sb.

and Act No. 130/2008 Coll., is amended as follows:



1. in part IV, item 65 a) to (c)):



"and the acceptance of application for approval) prospectus or emission

the terms of the bond or debenture programme including combined

request € 10 000,



(b)) the adoption of the request for approval of Appendix prospectus or

for the bond program or change of issue conditions of the bond

EUR 5 000,



(c) the receipt of the request for authorisation) a narrowing of the content of the prospectus CZK 3 000 ".



2. in part IV, item 65 (d)), and (f)) repealed.



Letter e) is renumbered as paragraph (d)) and the letter g)

is renumbered as paragraph (f)).



3. in part IV, item 66 (d)) to (g)):



"(d)) of receipt of the



-authorised regulated market of $ 200 000



-permission to carry $ 100 000 a securities settlement system



-authorization of $ 100 000 of the CSD



-authorised dealer of securities that is not a Bank,

or to provide investment services through organizational

folders-$ 50,000



-registration of the investment intermediary CZK 2 000



-authorised investment companies, to the activities of an investment

Fund Eur 50 000



-permission to the public offering of securities of foreign special

the pool on the territory of the Czech Republic Eur 50 000



-enable to create a mutual fund of $ 20 000



-the authorisation for the acquisition of the participation of the trader in securities

regulated market, a securities settlement system, Central

the depositary of an investment company and investment fund of $ 1 000



-the authorisation for the trader in securities, of the regulated

the market, the securities settlement system, central depository, investment

the company and investment fund to the merger, transfer, or lease to stop

the company, a transfer of business assets and change of legal form Czk 20 000



(e)) the adoption of a change request permission to



-the activities of the regulated market Eur 100 000



-operation of a securities settlement system-$ 50 000



-the activities of the CSD 50 000 Czk



-the activities of investment companies to the activities of the investment fund of $ 10

000



-the public offering of securities of foreign Special Fund in

The Czech Republic CZK 10 000



-the activities of the brokerage house, which is not a Bank, or to

the provision of investment services through organizational units of Eur


10 000



(f) receipt of the withdrawal) the authorisation referred to in point (d)) $ 3,000



(g)) of receipt of prior consent to the appointment of the head of the choice or

the person of the investment company, investment fund, investment firm's

the papers, which is not a Bank, the organizer of a regulated market the securities settlement

system, CSD, head of the organizational folder

foreign persons authorised to provide investment services and

the head of the person of the financial holding of the person is CZK 1,000. "



PART THIRTEEN



The EFFECTIVENESS of the



Article. XVII



This Act shall take effect on the first day of the first calendar month

following the date of its publication, with the exception of article. I, point 72, which

shall take effect on 1 January 2000. January 1, 2009.



Vaidya in the r.



Klaus r.



Topolanek in r.